Gavin Swartzman To Join Christie's International Real Estate as President
Swartzman will oversee global expansion and strategy for the luxury real estate network, which currently has more than 100 member-firms in over 50 countries and territories. Christie's International Real Estate has been on a steady growth trajectory, adding nearly four dozen new affiliates around the world since Golden and Wong acquired the network from Christie's at the end of 2021. In early 2025, Christie's International Real Estate came under the ownership of Compass (NYSE: COMP), a move expected to further accelerate growth.
For the past 11 years, Swartzman was CEO of Peerage Realty Partners, a Toronto-based holding company that owns and operates brokerage firms in the US and Canada. Its companies include franchise affiliates of Christie's International Real Estate, Sotheby's International Realty and other brands. According to the latest T360 Mega 1000 report, Peerage was the 10th largest real estate company in America in 2024. Swartzman is also recognized as one of the industry's 50 most influential leaders in the 2025 Swanepoel Power 200 (SP200) report.
'My initial exposure to the distinctive enterprise of luxury real estate was through my work with long-time Christie's International Real Estate Affiliate Chestnut Park. This formative experience, early in my industry career, established my passion for this specialized segment of the business and the people who support it. Christie's International Real Estate has the opportunity to be the preeminent luxury real estate brand in the world, and I'm very much looking forward to collaborating with our affiliates, agents, and management team to realize that vision,' Swartzman said.
'Gavin brings a resume and skillset to Christie's International Real Estate that is one of one. I can't name another leader in this industry who has overseen multiple brokerage firms; has walked in the shoes of our affiliates; has experience with some of the most respected brands in luxury real estate; has an extensive background in M&A and has managed in both public and private companies. Gavin has done it all with a track record for growth and success that is unmatched. It's a dream scenario for the network,' said Wong.
'As impressive as Gavin's background is, what stands out even more is how the people who have worked with him talk about his character and his human qualities as a leader. From our first conversations with Gavin, Thad and I knew he was a perfect fit for our culture and our top choice to help take Christie's International Real Estate where we want to go,' added Golden.
Prior to his tenure at Peerage, Swartzman worked in senior leadership roles in finance, franchise development, mergers and acquisitions, asset management, and management consulting, across a variety of industries.
Swartzman earned a master's degree in finance and accounting from the University of Waterloo in Ontario, Canada.
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About Christie's International Real Estate
Christie's International Real Estate has successfully marketed high-value real estate around the world for more than 30 years. Through its invitation-only Affiliate network spanning nearly 50 countries and territories, Christie's International Real Estate offers incomparable services to a global clientele at the luxury end of the residential property market. Christie's International Real Estate operates as a distinct luxury brand under the ownership of Compass (NYSE: COMP), the largest residential real estate brokerage in the United States by sales volume.
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27 minutes ago
- Business Wire
IDACORP, Inc. Announces Second Quarter 2025 Results, Increases Lower-End of Earnings Guidance Range
BOISE, Idaho--(BUSINESS WIRE)--IDACORP, Inc. (NYSE: IDA) reported second quarter 2025 net income attributable to IDACORP of $95.8 million, or $1.76 per diluted share, compared with $89.5 million, or $1.71 per diluted share, in the second quarter of 2024. 'IDACORP's strong second quarter results were driven by higher than anticipated customer usage, continued customer growth, rate changes, and the expected use of tax credits under the company's Idaho regulatory mechanism,' said IDACORP President and Chief Executive Officer Lisa Grow. "Partially offsetting those benefits were higher depreciation and financing costs, as Idaho Power continues to build infrastructure for reliability and to respond to rapidly growing customer needs," Grow added. 'This has been a busy year on a number of fronts, and I particularly want to highlight that after nearly 19 years of permitting efforts, last month we broke ground on our Boardman-to-Hemingway 500kV transmission line project. We are excited for the benefits this project will bring to our customers,' Grow added. IDACORP is increasing the lower-end of its previously reported full-year 2025 earnings guidance to the range of $5.70 to $5.85 per diluted share, with the expectation that Idaho Power will use between $60 million and $77 million of additional tax credits available under the Idaho regulatory mechanism in 2025. The earnings guidance also assumes normal weather conditions and power supply expenses for the remainder of 2025. Summary of Financial Results The following is a summary of net income attributable to IDACORP and IDACORP's earnings per diluted share for the three and six months ended June 30, 2025 and 2024 (in thousands, except earnings per share amounts): The table below provides a reconciliation of net income attributable to IDACORP for the three and six months ended June 30, 2025, from the same periods in 2024 (items are in millions and are before related income tax impact unless otherwise noted): Net Income - Second Quarter 2025 IDACORP's net income increased $6.3 million for the second quarter of 2025 compared with the second quarter of 2024, due primarily to higher net income at Idaho Power. A net increase in retail revenues per MWh, net of power cost adjustment mechanisms, increased operating income by $8.8 million in the second quarter of 2025 compared with the second quarter of 2024. This benefit was due primarily to an overall increase in Idaho base rates, effective January 1, 2025, from the outcome of the limited-issue rate case Idaho Power filed with the Idaho Public Utilities Commission (IPUC) finalized by order of the IPUC in December 2024 (2024 Idaho Limited-Issue Rate Case). Customer growth increased operating income by $6.0 million in the second quarter of 2025 compared with the second quarter of 2024, as the number of Idaho Power customers grew by approximately 16,000, or 2.5 percent, during the twelve months ended June 30, 2025. Usage per retail customer, net of associated power supply costs and power cost adjustment and FCA mechanisms, increased operating income by $5.5 million in the second quarter of 2025 compared with the second quarter of 2024. Irrigation usage per customer increased most significantly, as lower precipitation in the second quarter of 2025 compared with the second quarter of 2024 led irrigation customers to use more energy for operating irrigation pumps. Other O&M expenses in the second quarter of 2025 were $11.1 million higher than the second quarter of 2024. This increase was primarily driven by higher variable employee costs based on the expected achievement level of performance-based targets, as well as inflationary pressures on labor-related costs, professional services, and an increase in wildfire mitigation program and related insurance expenses. Depreciation and amortization expense increased $6.4 million in the second quarter of 2025 compared with the second quarter of 2024, due primarily to an increase in plant-in-service. Additionally, the start of operations at a leased battery storage facility in the second quarter of 2025 contributed modestly to the increase through the amortization of a related right-of-use asset. Other changes in operating revenues and expenses, net, decreased operating income by $5.6 million in the second quarter of 2025 compared with the second quarter of 2024, due primarily to the timing of recording and adjusting regulatory accruals and deferrals during the second quarter of 2024 that did not reoccur in 2025. This was partially offset by a decrease in net power supply expenses that were not deferred for future recovery in rates through Idaho Power's power cost adjustment mechanisms, which increased operating income compared with the second quarter of 2024. Non-operating expense, net, increased $7.0 million in the second quarter of 2025 compared with the second quarter of 2024. 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Based on Idaho Power's current expectations of full-year 2025 financial results, Idaho Power recorded $17.2 million of additional ADITC amortization under its Idaho regulatory settlement stipulation during the second quarter of 2025, compared with $7.5 million of additional ADITC amortization during the same period in 2024. Net Income - Year-To-Date 2025 IDACORP's net income increased $17.7 million for the first six months of 2025 compared with the first six months of 2024, due primarily to higher net income at Idaho Power. The net increase in retail revenues per MWh, net of power cost adjustment mechanisms, increased operating income by $20.3 million in the first six months of 2025 compared with the first six months of 2024. This benefit was due primarily to an overall increase in Idaho base rates, effective January 1, 2025, from the outcome of the 2024 Idaho Limited-Issue Rate Case. Customer growth increased operating income by $11.8 million in the first six months of 2025 compared with the first six months of 2024. Usage per retail customer, net of associated power supply costs and power cost adjustment and FCA mechanisms, increased operating income by $4.6 million in the first six months of 2025 compared with the first six months of 2024. Irrigation usage per customer increased most significantly, as lower precipitation in the first six months of 2025 compared with the first six months of 2024 led irrigation customers to use more energy for operating irrigation pumps. An increase in the deferral of residential and small commercial customer revenues through the FCA mechanism negatively affected retail revenues by $2.3 million. Total other O&M expenses in the first six months of 2025 were $18.2 million higher than the first six months of 2024. This increase was primarily driven by higher variable employee costs based on the expected achievement level of performance-based targets, as well as inflationary pressures on labor-related costs, professional services, and an increase in wildfire mitigation program and related insurance expenses. In addition, a decrease in grant funding received for maintenance work in the first six months of 2025 increased other O&M expenses as compared to the first six months of 2024. Depreciation and amortization expense increased $12.2 million for the first half of 2025 compared with the first half of 2024, due primarily to an increase in plant-in-service. Additionally, the start of operations at a leased battery storage facility in the second quarter of 2025 contributed modestly to the increase through the amortization of a related right-of-use asset. Other changes in operating revenues and expenses, net, decreased operating income by $3.7 million in the first six months of 2025 compared with the first six months of 2024, due primarily to the timing of recording and adjusting of regulatory accruals and deferrals during the first half of 2024 that did not reoccur in 2025. This was partially offset by a decrease in net power supply expenses that were not deferred for future recovery in rates through Idaho Power's power cost adjustment mechanisms, which increased operating income compared with the second quarter of 2024. Non-operating expense, net, increased $9.1 million in the first six months of 2025 compared with the first six months of 2024. Higher long-term debt balances and an increase in transmission customer deposits, on which Idaho Power must pay interest to the customer, led to an increase in interest expense. Interest on a new finance lease also contributed to the increase compared with the first six months of 2024. This increase was partially offset by an increase in AFUDC in the first six months of 2025 compared with the first six months of 2024, as the average construction work in progress balance was higher. In addition, interest income increased due to higher cash and cash equivalent balances in the first six months of 2025 compared with the first six months of 2024. The decrease in income tax expense was principally the result of an increase in additional ADITC amortization and variances in flow-through tax adjustments. Based on Idaho Power's current expectations of full-year 2025 financial results, Idaho Power recorded $36.5 million of additional ADITC amortization under its Idaho regulatory settlement stipulation during the first six months of 2025, compared with $20.0 million of additional ADITC amortization during the same period in 2024. Annual Earnings Guidance and Key Operating and Financial Metrics IDACORP is increasing the lower-end of its earnings guidance estimate for 2025. The 2025 guidance incorporates all of the key operating and financial assumptions listed in the table that follows (in millions, except per share amounts): (1) As of July 31, 2025. Assumes normal weather conditions and power supply expenses for the remainder of 2025. (2) As of May 1, 2025, the date of filing IDACORP's and Idaho Power's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. Expand More detailed financial and operational information is provided in IDACORP's Quarterly Report on Form 10-Q filed today with the U.S. Securities and Exchange Commission, which is also available for review on IDACORP's website at Web Cast / Conference Call IDACORP will hold an analyst conference call today at 2:30 p.m. Mountain Time (4:30 p.m. Eastern Time). All parties interested in listening may do so through a live webcast on IDACORP's website ( or by calling (855) 761-5600 for listen-only mode. The passcode for the call is 9290150. The conference call logistics are also posted on IDACORP's website. Slides will be included during the conference call. To access the slide deck, please visit A replay of the conference call will be available on the company's website for 12 months and will be available shortly after the call. Background Information IDACORP, Inc. (NYSE: IDA), Boise, Idaho-based and formed in 1998, is a holding company comprised of Idaho Power, a regulated electric utility; IDACORP Financial, an investor in affordable housing and other real estate tax credit investments; and Ida-West Energy, an operator of small hydroelectric generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978. Idaho Power, headquartered in vibrant and fast-growing Boise, Idaho, has been a locally operated energy company since 1916. Today, it serves a 24,000-square-mile service area in Idaho and Oregon. With 17 low-cost hydropower projects at the core of its diverse energy mix, Idaho Power's residential, business, and agricultural customers pay among the nation's lowest prices for electricity. Its 2,100 employees proudly serve more than 650,000 customers with a culture of safety first, integrity always, and respect for all. To learn more about IDACORP or Idaho Power, visit or Forward-Looking Statements In addition to the historical information contained in this press release, this press release contains (and oral communications made by IDACORP, Inc. (IDACORP) and Idaho Power Company (Idaho Power) may contain) statements that relate to future events and expectations, such as statements regarding projected or future financial performance, power generation, cash flows, capital expenditures, regulatory filings, dividends, capital structure or ratios, load forecasts, strategic goals, challenges, objectives, and plans for future operations. Such statements constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, or future events or performance, often, but not always, through the use of words or phrases such as "anticipates," "believes," "could," "estimates," "expects," "intends," "potential," "plans," "predicts," "preliminary," "projects," "targets," "may," "may result," or similar expressions, are not statements of historical facts and may be forward-looking. Forward-looking statements are not guarantees of future performance, involve estimates, assumptions, risks, and uncertainties, and may differ materially from actual results, performance, or outcomes. In addition to any assumptions and other factors and matters referred to specifically in connection with such forward-looking statements, factors that could cause actual results or outcomes to differ materially from those contained in forward-looking statements include those factors set forth in this press release, IDACORP's and Idaho Power's most recent Annual Report on Form 10-K, particularly Part I, Item 1A - "Risk Factors" and Part II, Item 7 - "Management's Discussion and Analysis of Financial Condition and Results of Operations" of that report, subsequent reports filed by IDACORP and Idaho Power with the U.S. Securities and Exchange Commission (SEC), and the following important factors: (a) decisions or actions by the Idaho and Oregon public utilities commissions and the Federal Energy Regulatory Commission that impact Idaho Power's ability to recover costs and earn a return on investment; (b) changes to or the elimination of Idaho Power's regulatory cost recovery mechanisms; (c) expenses and risks associated with capital expenditures and contractual obligations for, and the permitting and construction of, utility infrastructure projects that Idaho Power may be unable to complete, are delayed, have cost increases due to tariffs or other factors, or that may not be deemed prudent by regulators for cost recovery or return on investment; (d) expenses and risks associated with supplier and contractor delays and failure to satisfy project quality and performance standards on utility infrastructure projects, including as a result of tariffs and permitting, and the potential impacts of those delays and failures on Idaho Power's ability to serve customers and generate revenues; (e) the rapid addition of new industrial and commercial customer load and the volatility and timing of such new load demand, resulting in increased risks and costs of power demand potentially exceeding available supply; (f) the potential financial impacts of industrial customers not meeting forecasted power usage ramp rates or volumes; (g) impacts of economic conditions, including an inflationary or recessionary environment and interest rates, on items such as operations and capital investments, supply costs and delivery delays, supply scarcity and shortages, population growth or decline in Idaho Power's service area, changes in customer demand for electricity, revenue from sales of excess power, credit quality of counterparties and suppliers and their ability to meet financial and operational commitments and on the timing and extent of counterparties' power usage, and collection of receivables; (h) changes in residential, commercial, and industrial growth and demographic patterns within Idaho Power's service area, and the associated impacts on loads and load growth; (i) employee workforce factors, including the operational and financial costs of unionization or the attempt to unionize all or part of the companies' workforce, the cost and ability to attract and retain skilled workers and third-party contractors and suppliers, the cost of living and the related impact on recruiting employees, and the ability to adjust to fluctuations in labor costs; (j) changes in, failure to comply with, and costs of compliance with laws, regulations, policies, orders, and licenses, which may result in penalties and fines, increase compliance and operational costs, and impact recovery associated with increased costs through rates; (k) abnormal or severe weather conditions, wildfires, droughts, earthquakes, and other natural phenomena and natural disasters, which affect customer sales, hydropower generation, repair costs, service interruptions, public safety power shutoffs and de-energization, liability for damage caused by utility property, and the availability and cost of fuel for generation plants or purchased power to serve customers; (l) advancement and adoption of self-generation, energy storage, energy efficiency, alternative energy sources, and other technologies that may reduce Idaho Power's sale or delivery of electric power or introduce operational vulnerabilities to the power grid; (m) variable hydrological conditions and over-appropriation of surface and groundwater in the Snake River Basin, which may impact the amount of power generated by Idaho Power's hydropower facilities and power supply costs; (n) ability to acquire equipment, materials, fuel, power, and transmission capacity on reasonable terms and prices, particularly in the event of unanticipated or abnormally high resource demands, price volatility (including as a result of new or increased tariffs), lack of physical availability, transportation constraints, outages due to maintenance or repairs to generation or transmission facilities, disruptions in the supply chain, or reduced credit quality or lack of counterparty and supplier credit; (o) inability to timely obtain and the cost of obtaining and complying with required governmental permits and approvals, licenses, rights-of-way, and siting for transmission and generation projects and hydropower facilities; (p) disruptions or outages of Idaho Power's generation or transmission systems or of any interconnected transmission systems, which can result in liability for Idaho Power, increased power supply costs and repair expenses, and reduced revenues; (q) accidents, electrical contacts, fires (either affecting or caused by Idaho Power facilities or infrastructure), explosions, infrastructure failures, general system damage or dysfunction, and other unplanned events that may occur while operating and maintaining assets, which can cause unplanned outages; reduce generating output; damage company assets, operations, or reputation; subject Idaho Power to third-party claims for property damage, personal injury, or loss of life; or result in the imposition of fines and penalties; (r) acts or threats of terrorism, acts of war, social unrest, cyber or physical security attacks, and other malicious acts of individuals or groups seeking to disrupt Idaho Power's operations or the electric power grid or compromise data, or the disruption or damage to the companies' business, operations, or reputation resulting from such events; (s) Idaho Power's concentration in one industry and one region, and the resulting exposure to regional economic conditions and regional legislation and regulation; (t) unaligned goals and positions with co-owners of Idaho Power's existing and planned generation and transmission assets; (u) changes in tax laws or related regulations or interpretations of applicable laws or regulations by federal, state, or local taxing jurisdictions, and the availability of expected tax credits or other tax benefits; (v) ability to obtain debt and equity financing or refinance existing debt when necessary and on satisfactory terms, which can be affected by factors such as credit ratings, reputational harm, volatility or disruptions in the financial markets, interest rates, decisions by the Idaho, Oregon, or Wyoming public utility commissions, and the companies' past or projected financial performance; (w) ability to enter into financial and physical commodity hedges with creditworthy counterparties to manage price and commodity risk for fuel, power, and transmission, and the failure of any such risk management and hedging strategies to work as intended, and the potential losses and cash flow impacts the companies may incur on those hedges; (x) changes in actuarial assumptions, changes in interest rates, increasing health care costs, and the actual and projected return on plan assets for pension and other postretirement plans, which can affect future pension and other postretirement plan funding obligations, costs, and liabilities and the companies' cash flows; (y) remediation costs associated with planned cessation of coal-fired operations at Idaho Power's co-owned coal plants and conversion of the plants to natural gas; (z) ability to continue to pay dividends and achieve target dividend payout ratios based on financial performance and capital requirements, and in light of credit rating considerations, contractual covenants and restrictions, cash flows, and regulatory limitations; (aa) adoption of or changes in accounting policies and principles, changes in accounting estimates, and new SEC or New York Stock Exchange requirements or new interpretations of existing requirements; and (bb) changing market dynamics due to the emergence of day ahead or other energy and transmission markets in the western United States and surrounding regions. Any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time and it is not possible for the companies to predict all such factors, nor can they assess the impact of any such factor on the business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. IDACORP and Idaho Power disclaim any obligation to update publicly any forward-looking information, whether in response to new information, future events, or otherwise, except as required by applicable law.
Business Wire
27 minutes ago
- Business Wire
Utz Brands Reports Second Quarter 2025 Results
HANOVER, Pa.--(BUSINESS WIRE)--Utz Brands, Inc. (NYSE: UTZ) ('Utz' or the 'Company'), a leading U.S. manufacturer of branded Salty Snacks and a small-cap value Staples equity, today reported financial results for the Company's second fiscal quarter ended June 29, 2025. 2Q'25 Summary (1) Net Sales increased 2.9% to $366.7 million Total Organic Net Sales increased 2.9%; Branded Salty Snacks increased 5.4% Gross Profit Margin decline of 40bps Adjusted Gross Profit Margin expansion of 220bps Net Income decreased 60.2% to $10.1 million Adjusted Net Income decreased 14.2% to $23.6 million Adjusted EBITDA decreased 2.0% to $48.7 million Diluted Earnings Per Share decreased 47.8% to $0.12 Adjusted Earnings Per Share decreased 10.5% to $0.17 (1) All comparisons for the second quarter of 2025 are to the second quarter of 2024 (ended June 30, 2024). Expand 'I am pleased with our strong performance in the second quarter, with Organic Net Sales growth of nearly 3% (1). Our Branded Salty Snacks portfolio is accelerating, with 5.4% growth in the quarter (1). We gained value and volume shares in both our Core and Expansion Geographies (3). Our proactive approach to cost management and operational excellence has enabled us to achieve significant Adjusted Gross Profit Margin expansion,' said Howard Friedman, Chief Executive Officer of Utz. Mr. Friedman continued, 'We're encouraged by our summer sales performance thus far, as we successfully capitalize on seasonal demand and snacking occasions. Our strong performance illustrates our ability to deliver growth independent of the category in a rational competitive environment. Looking ahead to the remainder of 2025, we expect our strong productivity cost savings will continue to provide us with the flexibility to invest in our brands, while expanding profit margins. With geographic expansion driving much of our growth strategy, we remain on track to deliver solid results in 2025 and continue to create long-term shareholder value.' 'We are raising our 2025 Organic Net Sales outlook to reflect stronger revenue trends through the first half and our confidence in the growth drivers ahead,' said Bill Kelley, EVP and Chief Financial Officer of Utz. 'We now expect Organic Net Sales growth of 2.5% or better, driven by our advantaged portfolio of brands and expansion geographies. We are also tightening our Adjusted EBITDA range to 7% to 10% growth, reflecting our confidence in the significant productivity programs ramping in the second half. We are lowering our Adjusted Earnings Per Share guidance to 7 to 10% growth due to higher interest and depreciation & amortization linked to our accelerated capex investments. We believe these strategic investments in our manufacturing network and automation capabilities will position us for sustained Adjusted EBITDA margin expansion and continued geographic expansion in 2026 and beyond.' Second Quarter 2025 Results Second quarter Net Sales increased 2.9% to $366.7 million compared to $356.2 million in the prior year period. Organic Net Sales also increased 2.9% year-over-year, driven by a favorable volume/mix contribution of 3.9%, or 3.1% excluding a 0.8 percentage point benefit from bonus packs in April. This was partially offset by lower net price realization of (1.0)%, which included a (0.8) percentage point impact from bonus packs and other net price impacts of (0.2) percentage points. The net impact on second quarter sales from bonus packs was neutral. Branded Salty Snacks Organic Net Sales (3) (representing 88% of total Net Sales) increased 5.4% led by our Power Four Brands, offset by an 11.8% decline in Non-Branded & Non-Salty Snacks Organic Net Sales (3), primarily due to Partner Brands and Dips & Salsas. For the 13-week period ended June 29, 2025, the Company's Branded Salty Snacks Retail Sales increased 3.3% versus the prior year period compared to a 1.5% decline for the Salty Snack category overall (3). The Company's Retail Volumes increased by 4.3% compared to a 1.5% decline for the Salty Snack category, and the Company drove volume share gains in both its Core and Expansion geographies (2)(3). The Company's Power Four Brands of Utz ®, On The Border ®, Zapp's ® and Boulder Canyon ® Retail Sales increased by 5.7%. Gross Profit Margin of 34.6% declined 40bps compared to 35.0% in the prior year period. Adjusted Gross Profit Margin of 39.8% expanded 220bps compared to 37.6% in the prior year period. The increase was driven by productivity savings, which more than offset increased investments to support capacity expansion and growth. Selling, Distribution, and Administrative Expenses ('SD&A Expenses') were $119.5 million, or 32.6% of Net Sales, compared to $104.6 million, or 29.4% of Net Sales, in the prior year period. Adjusted SD&A Expenses were $97.3 million, or 26.5% of Net Sales, compared to $84.5 million, or 23.7% of Net Sales, in the prior year period. The increase as a percentage of Net Sales was primarily due to adding capabilities, selling, and delivery costs to support the Company's geographic expansion and growth initiatives. The Company reported Net Income of $10.1 million compared to Net Income of $25.4 million in the prior year period. Adjusted Net Income in the quarter decreased 14.2% to $23.6 million compared to $27.5 million in the prior year period. Adjusted Earnings Per Share decreased 10.5% to $0.17 compared to $0.19 in the prior year period. The Adjusted Earnings Per Share decline in the second quarter was the result of higher SD&A expenses, higher depreciation and amortization, and higher interest expense. Adjusted EBITDA decreased 2.0% to $48.7 million, or 13.3% as a percentage of Net Sales, compared to $49.7 million, or 14.0% as a percentage of Net Sales, in the prior year period. The decline in Adjusted EBITDA was driven by increased SD&A expenses, which more than offset the positive impact of Adjusted Gross Profit Margin expansion. Balance Sheet and Cash Flow Highlights As of June 29, 2025 Total liquidity of $170.9 million, consisting of cash on hand of $54.6 million and $116.3 million available under the Company's revolving credit facility. Net debt of $826.3 million resulting in a Net Leverage Ratio of 4.1x based on trailing twelve months Normalized Adjusted EBITDA of $200.9 million. For the twenty-six weeks ended June 29, 2025 Cash flow used in operations was $3.9 million, which reflects the seasonal use of working capital. Capital expenditures were $65.7 million, and dividends and distributions paid were $20.1 million. Supply Chain Transformation Plan Update As part of Utz's ongoing supply chain transformation, the Company is announcing the strategic decision to consolidate its manufacturing footprint from eight primary (1) plants to seven, with the closure of its Grand Rapids, Michigan manufacturing facility. This decision is a key component of the Company's long-term strategic roadmap, and is expected to generate cost savings during the second half of 2025. These savings are part of Utz's previously communicated target of approximately 6% productivity savings as a percentage of Adjusted COGS in fiscal year 2025. This transition is planned to begin in August and be completed by early 2026. The consolidation should enable the Company to allocate more volume to its larger, more efficient facilities, while driving fixed cost leverage and enhanced automation capabilities across its remaining network. In addition to the expected cost savings, the Company expects the optimized footprint to support its ongoing geographic expansion. 'The decision is a reflection of our commitment to operational excellence and ongoing transformation,' said Friedman. 'While these types of decisions are never easy, they are necessary steps to streamline our operations and strengthen our supply chain for the long-term. We are deeply grateful for the contributions of our Grand Rapids team and are committed to supporting them through this transition.' All impacted associates will be encouraged to apply for opportunities at other Utz facilities, and provided transition assistance including on-site job fairs and severance pay if they cannot relocate. (1) Excludes Plant 1 in Hanover given limited production. Expand Fiscal Year 2025 Outlook The Company is updating its 2025 fiscal year outlook to reflect stronger top-line trends and higher Adjusted EBITDA. The company is lowering expected Adjusted EPS growth due to higher capital expenditures, depreciation and amortization, and interest expense. The Company now expects: Organic Net Sales growth of 2.5% or better, compared to the prior expectation of low-single digits. We expect Organic Net Sales growth will be led by Branded Salty Snacks growth, particularly the Power Four Brands, and less decline in Non-Branded & Non-Salty Snacks; Adjusted EBITDA growth of 7% to 10%, compared to the prior expectation of 6% to 10%. The Company expects Adjusted EBITDA Margin expansion of approximately 100bps, which is consistent with the Company's previously provided guidance. We expect Adjusted EBITDA Margin expansion will be led by Adjusted Gross Profit Margin expansion fueled by strong productivity cost savings and improved product mix; and Adjusted Earnings Per Share growth of 7% to 10%, compared to the prior expectation of 10% to 15%, due to higher interest expense and depreciation and amortization linked to accelerated capital expenditures related to the Company's network optimization and facility consolidation efforts. Key assumptions for the Company's fiscal 2025 outlook include: An effective tax rate (normalized GAAP basis tax expense, which excludes one-time items) in the range of 17% to 19%, consistent with the Company's previously provided expectation; Interest Expense of approximately $46 million, compared to the prior expectation of $43 million; Capital Expenditures are now expected to be approximately $100 million, the high end of the previously provided range of $90 to $100 million, with the majority focused on building increased supply chain network capabilities and delivering accelerated productivity savings; and Net Leverage Ratio approaching 3x at year-end fiscal 2025. Quantitative reconciliations are not available for the forward-looking non-GAAP financial measures used herein without unreasonable efforts due to the high variability, complexity, and low visibility with respect to certain items which are excluded from Organic Net Sales, Adjusted EBITDA, Net Leverage Ratio, normalized GAAP basis tax expense, excluding one-time items, and Adjusted Earnings Per Share, respectively. We expect the variability of these items to have a potentially unpredictable, and potentially significant, impact on our future financial results. Conference Call and Webcast Presentation The Company has also posted a pre-recorded management discussion of its second quarter results to its website at In addition, the Company will host a live question and answer session with analysts at 9:30 a.m. Eastern Time today. Please visit the 'Events & Presentations' section of Utz's Investor Relations website at to access the live listen-only webcast. Participants can also dial in over the phone by calling 1-888-596-4144. The Event Plus passcode is 3860587. The Company has also posted presentation slides and additional supplemental financial information, which are available now on Utz's Investor Relations website. About Utz Brands, Inc. Utz Brands, Inc. (NYSE: UTZ) manufactures a diverse portfolio of savory snacks through popular brands, including Utz ®, On The Border ® Chips & Dips, Zapp's ®, and Boulder Canyon ®, among others. After over a century with a strong family heritage, Utz continues to have a passion for exciting and delighting consumers with delicious snack foods made from top-quality ingredients. Utz's products are distributed nationally through grocery, mass merchandisers, club, convenience, drug, and other channels. Based in Hanover, Pennsylvania, Utz has multiple manufacturing facilities located across the U.S. to serve our growing customer base. For more information, please visit the Company's website or call 1‐800‐FOR‐SNAX. Investors and others should note that Utz announces material financial information to its investors using its Investor Relations website, U.S. Securities and Exchange Commission (the 'Commission') filings, press releases, public conference calls, and webcasts. Utz uses these channels, as well as social media, to communicate with our stockholders and the public about the Company, the Company's products, and other Company information. It is possible that the information that Utz posts on social media could be deemed to be material information. Therefore, Utz encourages investors, the media, and others interested in the Company to review the information posted on the social media channels listed on Utz's Investor Relations website. Forward-Looking Statements This press release includes certain statements made herein that are not historical facts but are 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995, as amended. The forward-looking statements generally are accompanied by or include, without limitation, statements such as 'may,' 'can,' 'should,' 'will,' 'estimate,' 'plan,' 'project,' "forecast,' "intend,' "expect,' 'anticipate,' 'believe,' 'seek,' 'target' 'goal', 'on track''. These forward-looking statements include future plans for the Company, including outlook for fiscal 2025, plans related to the transformation of the Company's supply chain, the Company's product mix, the Company's expectations regarding its level of indebtedness and associated interest expense impacts; the estimated or anticipated future results and benefits of the Company's future plans and operations; the Company's cost savings plans and the Company's logistics optimization efforts; the estimated or anticipated future results and benefits of the Company's plans and operations; the effects of tariffs, inflation or supply chain disruptions on the Company or its business; the benefits of the Company's productivity initiatives; the effects of the Company's marketing and innovation initiatives; the Company's future capital structure; future opportunities for the Company's growth; statements regarding the Company's projected balance sheet and liabilities, including net leverage; and other statements that are not historical facts. These statements are based on the current expectations of the Company's management and are not predictions of actual performance. These statements are subject to a number of risks and uncertainties and the Company's business and actual results may differ materially. Some factors that could cause actual results to differ include, without limitation: our operation in an industry with high levels of competition and consolidation; our reliance on key customers and ability to obtain favorable contractual terms and protections with customers; changes in demand for our products driven by changes in consumer preferences and tastes or our ability to innovate or market our products effectively; changes in consumers' loyalty to our brands due to factors beyond our control; impacts on our reputation caused by concerns relating to the quality and safety of our products, ingredients, packaging, or processing techniques; the potential that our products might need to be recalled if they become adulterated or are mislabeled; the loss of retail shelf space and disruption to sales of food products due to changes in retail distribution arrangements; our reliance on third parties to effectively operate both our direct-to-warehouse delivery system and our direct-store-delivery network system; the evolution of e-commerce retailers and sales channels; disruption to our manufacturing operations, supply chain, or distribution channels; the effects of inflation, including rising labor costs; shortages of raw materials, energy, water, and other supplies; changes in the legal and regulatory environments in which we operate, including with respect to tax legislation such as the One Big Beautiful Bill Act; potential liabilities and costs from litigation, claims, legal or regulatory proceedings, inquiries, or investigations into our business; potential adverse effects or unintended consequences related to the implementation of our growth strategy; our ability to successfully identify and execute acquisitions or dispositions and to manage integration or carve out issues following such transactions; the geographic concentration of our markets; our ability to attract and retain highly skilled personnel (including risks associated with our recently announced executive leadership transition); impairment in the carrying value of goodwill or other intangible assets; our ability to protect our intellectual property rights; disruptions, failures, or security breaches of our information technology infrastructure; climate change or legal, regulatory or market measures to address climate change; our exposure to liabilities, claims or new laws or regulations with respect to environmental matters; the increasing focus and opposing views, legislation and expectations with respect to ESG initiatives; restrictions on our operations imposed by covenants in our debt instruments; our exposure to changes in interest rates; adverse impacts from disruptions in the worldwide financial markets, including on our ability to obtain new credit; our exposure to any new or increased income or product taxes; pandemics, epidemics or other disease outbreaks; our exposure to changes to trade policies and tariff and import/export regulations by the United States and other jurisdictions; potential volatility in our Class A Common Stock caused by resales thereof; our dependence on distributions made by our subsidiaries; our payment obligations pursuant to a tax receivable agreement, which in certain cases may exceed the tax benefits we realize or be accelerated; provisions of Delaware law and our governing documents and other agreements that could limit the ability of stockholders to take certain actions or delay or discourage takeover attempts that stockholders may consider favorable; our exclusive forum provisions in our governing documents; the influence of certain significant stockholders and members of Utz Brands Holdings, LLC, whose interests may differ from those of our other stockholders; and the effects of our private placement warrants on the market price of our Class A Common Stock and our net income; and other risks and uncertainties set forth in Part I, Item 1A 'Risk Factors' in our Annual Report on Form 10-K filed with the Commission for the fiscal year ended December 29, 2024 and in other reports we file with the U.S. Securities and Exchange Commission from time to time. Forward-looking statements provide the Company's expectations, plans or forecasts of future events and views as of the date of this communication. These forward-looking statements should not be relied upon as representing the Company's assessments as of any date subsequent to the date of this communication. The Company cautions investors not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as otherwise required by law. Non-GAAP Financial Measures: Utz uses non-GAAP financial information and believes it is useful to investors as it provides additional information to facilitate comparisons of historical operating results and identify trends in our underlying operating results, and it provides additional insight and transparency on how we evaluate the business. We use non-GAAP financial measures to budget, make operating and strategic decisions, and evaluate our performance. These non-GAAP financial measures do not represent financial performance in accordance with generally accepted accounted principles in the United States ('GAAP') and may exclude items that are significant to understanding and assessing financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations, earnings per share or other measures of profitability, liquidity, or performance under GAAP. You should be aware that the presentation of these measures may not be comparable to similarly titled measures used by other companies. Management believes that non-GAAP financial measures should be considered as supplements to the GAAP measures reported, should not be considered replacements for, or superior to, the GAAP measures, and may not be comparable to similarly named measures used by other companies. The Company's calculation of the non-GAAP financial measures may differ from methods used by other companies. We believe that these non-GAAP financial measures provide useful information to investors regarding certain financial and business trends relating to the financial condition and results of operations of the Company to date when considered with both the GAAP results and the reconciliations to the most comparable GAAP measures, and that the presentation of non-GAAP financial measures is useful to investors in the evaluation of our operating performance compared to other companies in the Salty Snack industry, as similar measures are commonly used by the companies in this industry. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of management judgment about which items of expense and income are excluded or included in determining these non-GAAP financial measures. The non-GAAP financial measures are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures. As new events or circumstances arise, these definitions could change. When the definitions change, we will provide the updated definitions and present the related non-GAAP historical results on a comparable basis. Utz uses the following non-GAAP financial measures in its financial communications, and in the future could use others: Organic Net Sales Adjusted Gross Profit Adjusted Gross Profit as % of Net Sales (Adjusted Gross Profit Margin) Adjusted Selling, Distribution, and Administrative Expense Adjusted Selling, Distribution, and Administrative Expense as % of Net Sales (Adjusted Selling, Distribution, and Administrative Expense Margin) Adjusted Net Income Adjusted Earnings Per Share Adjusted Earnings Before Taxes EBITDA Adjusted EBITDA Adjusted EBITDA as % of Net Sales (Adjusted EBITDA Margin) Normalized Adjusted EBITDA Effective Normalized Tax Rate Net Leverage Ratio Adjusted COGS Organic Net Sales is defined as Net Sales excluding the impacts of acquisitions, divestitures and independent operator ('IO') route conversions that took place after 1Q'2024. Adjusted Gross Profit represents Gross Profit excluding Depreciation and Amortization expense, a non-cash item. In addition, Adjusted Gross Profit excludes the impact of costs that fall within the categories of non-cash adjustments and/or other cash adjustment items such as those related to stock-based compensation, hedging and purchase commitments adjustments, asset impairments, acquisition and integration costs, business transformation initiatives, and financing-related costs. Adjusted Gross Profit is one of the key performance indicators that our management uses to evaluate operating performance. We also report Adjusted Gross Profit as a percentage of Net Sales as an additional measure for investors to evaluate our Adjusted Gross Profit Margin. Adjusted Selling, Distribution, and Administrative Expense is defined as all Selling, Distribution, and Administrative expense excluding Depreciation and Amortization expense, a non-cash item. In addition, Adjusted Selling, Distribution, and Administrative Expense excludes the impact of costs that fall within the categories of non-cash adjustments and/or other cash adjustment items such as those related to stock-based compensation, hedging and purchase commitments adjustments, asset impairments, acquisition and integration costs, business transformation initiatives, and financing-related costs. We also report Adjusted Selling, Distribution, and Administrative Expense as a percentage of Net Sales as an additional measure for investors to evaluate our Adjusted Selling, Distribution, and Administrative Margin. Adjusted Net Income is defined as Net Income excluding Depreciation and Amortization expense, a non-cash item, related to fair value adjustments on property, plant, and equipment, and definite-lived intangibles relating to business combinations recorded in prior periods. In addition, Adjusted Net Income excludes deferred financing fees, interest income, and expense relating to IO loans and certain non-cash adjustments and/or other cash adjustment items such as those related to stock-based compensation, hedging, and purchase commitments adjustments, asset impairments, acquisition and integration costs, business transformation initiatives, remeasurement of warrant liabilities and financing-related costs. Lastly, Adjusted Net Income normalizes the income tax provision to account for the above-mentioned adjustments. Adjusted Earnings Before Taxes is defined as Adjusted Net Income before normalized GAAP basis tax expense. Adjusted Earnings Per Share is defined as Adjusted Net Income divided by the weighted average shares outstanding for each period on a fully diluted basis, assuming the private placement warrants are net settled and the shares of Class V Common Stock of the Company are converted to Class A Common Stock. EBITDA is defined as Net Income Before Interest, Income Taxes, and Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA further adjusted to exclude certain non-cash adjustments and/or other cash adjustment items, such as stock-based compensation, hedging and purchase commitments adjustments, asset impairments, acquisition and integration costs, business transformation initiatives, and financing-related costs. Adjusted EBITDA is one of the key performance indicators we use in evaluating our operating performance and in making financial, operating, and planning decisions. We believe Adjusted EBITDA is useful to the users of this release because the financial information contained in the release can be used in the evaluation of Utz's operating performance compared to other companies in the Salty Snack industry, as similar measures are commonly used by companies in this industry. In this release, we also provide Adjusted EBITDA as a percentage of Net Sales as an additional measure for readers to evaluate our Adjusted EBITDA Margin. Normalized Adjusted EBITDA is defined as Adjusted EBITDA after giving effect to pre-acquisition Adjusted EBITDA for certain acquisitions and dispositions from time to time. Effective Normalized Tax Rate is defined as normalized GAAP basis tax expense, which excludes one-time items, divided by Adjusted Earnings before Taxes. Net Leverage Ratio is defined as trailing twelve month Normalized Adjusted EBITDA divided by Net Debt. Net Debt is defined as Gross Debt less Cash and Cash Equivalents. Other Defined Terms: Branded Salty Snacks is defined as Power Four Brands and Other Brands. Power Four Brands consist of the Utz ® brand, On The Border ®, Zapp's ®, and Boulder Canyon ®. Other Brands include Golden Flake ®, TORTIYAHS! ®, Hawaiian ®, Bachman ®, Tim's Cascade ®, Dirty Potato Chips ®, TGI Fridays ® and Vitner's ®. Non-Branded & Non-Salty Snacks is defined as partner brands, private label, co-manufacturing for which we are the manufacturer, Utz branded non-salty snacks such as On The Border ® Dips and Salsa, and sales not attributable to specific brands. Utz Brands, Inc. For the twenty-six weeks ended June 29, 2025 and June 30, 2024 (In millions, except share information) (Unaudited) Twenty-six weeks ended June 29, 2025 Twenty-six weeks ended June 30, 2024 Net sales $ 718.8 $ 702.7 Cost of goods sold 473.8 458.4 Gross profit 245.0 244.3 Selling, distribution, and administrative expenses Selling and distribution 163.1 147.4 Administrative 69.6 66.6 Total selling, distribution, and administrative expenses 232.7 214.0 (Loss) gain on sale of assets, net (0.2 ) 1.9 Income from operations 12.1 32.2 Other (loss) income, net Gain on sale of business — 44.0 Interest expense (22.9 ) (24.0 ) Loss on debt extinguishment (0.5 ) (1.3 ) Other (loss) income (0.2 ) 1.0 Gain on remeasurement of warrant liability 23.5 1.1 Other (loss) income, net (0.1 ) 20.8 Income before taxes 12.0 53.0 Income tax (benefit) expense (3.8 ) 25.2 Net income 15.8 27.8 Net loss (income) attributable to noncontrolling interest 2.2 (12.0 ) Net income attributable to controlling interest $ 18.0 $ 15.8 Income per Class A Common stock: (in dollars) Basic $ 0.21 $ 0.19 Diluted $ 0.21 $ 0.19 Weighted-average shares of Class A Common stock outstanding Basic 85,919,842 81,423,240 Diluted 87,604,543 84,762,662 Net income $ 15.8 $ 27.8 Other comprehensive income: Change in fair value of interest rate swap (10.2 ) 2.5 Comprehensive income 5.6 30.3 Net comprehensive loss (income) attributable to noncontrolling interest 6.2 (13.0 ) Net comprehensive income attributable to controlling interest $ 11.8 $ 17.3 Expand Utz Brands, Inc. CONSOLIDATED BALANCE SHEETS June 29, 2025 and December 29, 2024 (In millions, except per share information) As of June 29, 2025 As of December 29, 2024 (Unaudited) ASSETS Current Assets Cash and cash equivalents $ 54.6 $ 56.1 Accounts receivable, less allowance of $3.6 and $3.3, respectively 161.3 119.9 Inventories 125.5 101.4 Prepaid expenses and other assets 44.0 35.3 Current portion of notes receivable 5.1 4.6 Total current assets 390.5 317.3 Non-current Assets Property, plant and equipment, net 389.7 345.2 Goodwill 870.7 870.7 Intangible assets, net 983.0 996.5 Non-current portion of notes receivable 11.5 9.2 Other assets 191.9 189.5 Total non-current assets 2,446.8 2,411.1 Total assets $ 2,837.3 $ 2,728.4 LIABILITIES AND EQUITY Current Liabilities Current portion of term debt $ 23.2 $ 16.1 Current portion of other notes payable 7.0 6.9 Accounts payable 188.5 151.0 Accrued expenses and other 75.1 78.3 Current portion of warrant liability 9.5 33.0 Total current liabilities 303.3 285.3 Non-current portion of term debt and revolving credit facility 842.7 752.5 Non-current portion of other notes payable 16.8 15.0 Non-current accrued expenses and other 174.0 164.2 Deferred tax liability 122.6 123.7 Total non-current liabilities 1,156.1 1,055.4 Total liabilities 1,459.4 1,340.7 Commitments and Contingencies Equity Shares of Class A Common Stock, $0.0001 par value; 1,000,000,000 shares authorized; 86,145,254 and 83,537,542 shares issued and outstanding as of June 29, 2025 and December 29, 2024, respectively — — Shares of Class V Common Stock, $0.0001 par value; 61,249,000 shares authorized; 55,349,000 and 57,349,000 shares issued and outstanding as of June 29, 2025 and December 29, 2024, respectively — — Additional paid-in capital 1,017.2 988.5 Accumulated deficit (298.4 ) (304.7 ) Accumulated other comprehensive income 12.4 18.6 Total stockholders' equity 731.2 702.4 Noncontrolling interest 646.7 685.3 Total equity 1,377.9 1,387.7 Total liabilities and equity $ 2,837.3 $ 2,728.4 Expand Utz Brands, Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS For the thirteen weeks ended June 29, 2025 and June 30, 2024 (In millions) (Unaudited) Twenty-six weeks ended June 29, 2025 Twenty-six weeks ended June 30, 2024 Cash flows from operating activities Net income $ 15.8 $ 27.8 Adjustments to reconcile net income to net cash used in operating activities: Impairment and other charges 0.6 — Depreciation and amortization 40.0 35.9 Gain on sale of business — (44.0 ) Gain on remeasurement of warrant liability (23.5 ) (1.1 ) Loss (gain) on sale of assets 0.2 (1.9 ) Loss on debt extinguishment 0.5 1.3 Share-based compensation 7.0 9.2 Deferred taxes (1.1 ) 6.4 Deferred financing costs 0.7 2.5 Changes in assets and liabilities: Accounts receivable, net (41.4 ) (9.6 ) Inventories (24.2 ) (4.0 ) Prepaid expenses and other assets (17.5 ) (15.1 ) Accounts payable and accrued expenses and other 39.0 (7.6 ) Net cash used in operating activities (3.9 ) (0.2 ) Cash flows from investing activities Purchases of property and equipment (65.7 ) (37.8 ) Purchases of intangibles — (9.2 ) Proceeds from sale of property and equipment 0.8 24.1 Proceeds from sale of business — 167.5 Proceeds from sale of routes 11.7 13.7 Proceeds from the sale of IO notes 3.9 1.5 Notes receivable (22.0 ) (18.8 ) Net cash (used in) provided by investing activities (71.3 ) 141.0 Cash flows from financing activities Borrowings on line of credit 135.0 92.0 Repayments on line of credit (74.5 ) (47.2 ) Borrowings on term debt and notes payable 50.8 16.6 Repayments on term debt and notes payable (13.6 ) (166.6 ) Payment of debt issuance cost (1.7 ) (0.7 ) Payments of tax withholding requirements for employee stock awards (2.2 ) (1.4 ) Dividends paid (11.6 ) (9.4 ) Distribution to noncontrolling interest (8.5 ) (9.5 ) Net cash provided by (used in) financing activities 73.7 (126.2 ) Net (decrease) increase in cash and cash equivalents (1.5 ) 14.6 Cash and cash equivalents at beginning of period 56.1 52.0 Cash and cash equivalents at end of period $ 54.6 $ 66.6 Expand Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures (Amounts may not sum due to rounding) Net Sales Growth Drivers 13-Weeks Ended June 29, 2025 26-Weeks Ended June 29, 2025 (% change in prior year net sales) Branded Salty Snacks (1) Non-Branded & Non-Salty Snacks (2) Total Branded Salty Snacks (1) Non-Branded & Non-Salty Snacks (2) Total Net Sales as Reported $ 322.0 $ 44.7 $ 366.7 $ 627.9 $ 90.9 $ 718.8 Net Sales as Reported Growth Versus Prior Year 5.4 % (11.8 )% 2.9 % 5.2 % (9.9 )% 2.3 % Volume/mix 6.9 % (13.4 )% 3.9 % 7.6 % (9.8 )% 5.1 % Pricing (1.5 ) 1.6 (1.0 ) (2.4 ) (0.5 ) (2.2 ) Organic Net Sales Growth Versus Prior Year 5.4 % (11.8 )% 2.9 % 5.2 % (10.3 )% 2.9 % Divestiture — — — — (3.7 ) (0.6 ) Net Sales as Reported Growth Versus Prior Year 5.4 % (11.8 )% 2.9 % 5.2 % (14.0 )% 2.3 % (1) Branded Salty Snacks sales excluding IO unreported sales. (2) Non-Branded & Non-Salty Snacks including IO unreported sales. Expand Gross Profit and Adjusted Gross Profit 13-Weeks Ended 26-Weeks Ended (dollars in millions) June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 Gross Profit $ 126.8 $ 124.7 $ 245.0 $ 244.3 Gross Profit as a % of Net Sales 34.6 % 35.0 % 34.1 % 34.8 % Depreciation and Amortization 9.4 6.7 17.0 13.9 Non-Cash and Other Cash Adjustments (1) 9.9 2.6 18.6 4.6 Adjusted Gross Profit $ 146.1 $ 134.0 $ 280.6 $ 262.8 Adjusted Gross Profit as a % of Net Sales 39.8 % 37.6 % 39.0 % 37.4 % (1) Non-cash and other cash adjustments includes non-cash costs related to incentive programs, asset impairments and write-offs, purchase commitments, other non-cash items, acquisition, divestiture, and integration, business transformation initiatives, and financing-related costs. Expand Adjusted Selling, Distribution, and Administrative Expense 13-Weeks Ended 26-Weeks Ended (dollars in millions) June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 Selling, Distribution, and Administrative Expense $ 119.5 $ 104.6 $ 232.7 $ 214.0 Less: Depreciation and Amortization in SD&A Expense 11.9 10.9 23.0 22.0 Non-Cash and Other Cash Adjustments (1) 10.3 9.2 23.0 22.1 Adjusted Selling, Distribution, and Administrative Expense $ 97.3 $ 84.5 $ 186.7 $ 169.9 Adjusted SD&A Expense as a % of Net Sales 26.5 % 23.7 % 26.0 % 24.2 % (1) Non-cash and other cash adjustments includes non-cash costs related to incentive programs, asset impairments and write-offs, purchase commitments, other non-cash items, acquisition, divestiture, and integration, business transformation initiatives, and financing-related costs. Expand Adjusted Net Income 13-Weeks Ended 26-Weeks Ended (dollars in millions, except per share data) June 29, 2025 June 30, 2024 % Change June 29, 2025 June 30, 2024 % Change Net Income $ 10.1 $ 25.4 (60.2 )% $ 15.8 $ 27.8 (43.2 )% Income Tax (Benefit) Expense (3.2 ) (1.3 ) (3.8 ) 25.2 Income Before Taxes 6.9 24.1 12.0 53.0 Deferred Financing Fees 0.4 0.7 0.7 2.5 Acquisition Step-Up Depreciation and Amortization 11.3 10.8 22.1 22.3 Certain Non-Cash Adjustments 5.7 4.9 12.1 8.9 Acquisitions, Divestitures and Investments 9.6 1.1 17.0 (37.3 ) Business Transformation Initiatives 7.1 4.5 14.5 10.3 Financing-Related Costs — 0.3 0.8 0.3 Gain on Remeasurement of Warrant Liability (12.5 ) (12.9 ) (23.5 ) (1.1 ) Other Non-Cash and/or Cash Adjustments (1) 21.6 9.4 43.7 5.9 Adjusted Earnings before Taxes 28.5 33.5 55.7 58.9 Taxes on Earnings as Reported 3.2 1.3 3.8 (25.2 ) Income Tax Adjustments (2) (8.1 ) (7.3 ) (5.5 ) 14.6 Adjusted Taxes on Earnings (4.9 ) (6.0 ) (9.7 ) (10.6 ) Adjusted Net Income $ 23.6 $ 27.5 (14.2 )% $ 46.0 $ 48.3 (4.8 )% Average Weighted Basic Shares Outstanding on an As-Converted Basis 141.5 140.8 141.4 140.8 Fully Diluted Shares on an As-Converted Basis 143.0 144.3 143.1 144.1 Adjusted Earnings Per Share $ 0.17 $ 0.19 (10.5 )% $ 0.32 $ 0.34 (5.9 )% (1) Non-cash and other cash adjustments includes non-cash costs related to incentive programs, asset impairments and write-offs, purchase commitments, other non-cash items, acquisitions, divestitures, and investments, business transformation initiatives, and financing-related costs. (2) Income Tax Adjustment calculated as Income before taxes plus (i) Acquisition, Step-Up Depreciation and Amortization and (ii) Other non-cash and/or cash adjustments, multiplied by a normalized GAAP effective tax rate, minus the actual tax provision recorded in the Consolidated Statement of Operations and Comprehensive Income (Loss). The normalized GAAP effective tax rate excludes one-time items such as the impact of tax rate changes on deferred taxes and changes in valuation allowances. Expand EBITDA and Adjusted EBITDA 13-Weeks Ended 26-Weeks Ended (dollars in millions) June 29, 2025 June 30, 2024 % Change June 29, 2025 June 30, 2024 % Change Net Income $ 10.1 $ 25.4 (60.2 )% $ 15.8 $ 27.8 (43.2 )% Plus non-GAAP adjustments: Income Tax (Benefit) Expense (3.2 ) (1.3 ) (3.8 ) 25.2 Depreciation and Amortization 21.3 17.6 40.0 35.9 Interest Expense, Net 11.4 10.2 22.9 24.0 Interest Income (IO loans) (1) (0.5 ) (0.1 ) (1.0 ) (0.9 ) EBITDA 39.1 51.8 (24.5 )% 73.9 112.0 (34.0 )% Certain Non-Cash Adjustments (2) 5.4 4.9 11.1 8.9 Acquisitions, Divestitures and Investments (3) 9.6 1.1 17.0 (37.3 ) Business Transformation Initiatives (4) 7.1 4.5 14.5 10.3 Financing-Related Costs (5) — 0.3 0.8 0.3 Gain on Remeasurement of Warrant Liability (6) (12.5 ) (12.9 ) (23.5 ) (1.1 ) Adjusted EBITDA $ 48.7 $ 49.7 (2.0 )% $ 93.8 $ 93.1 0.8 % Net income as a % of Net Sales 2.8 % 7.1 % (430)bps 2.2 % 4.0 % (180)bps Adjusted EBITDA as a % of Net Sales 13.3 % 14.0 % (70)bps 13.0 % 13.2 % (20)bps Expand (1) Interest Income (IO loans) refers to interest income that we earn from IO notes receivable that has resulted from our initiatives to transition from RSP distribution to IO distribution ("Business Transformation Initiatives"). There is a notes payable recorded that mirrors most of the 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 $2.7 million and $4.5 million of share-based compensation expense for awards to employees and directors, and compensation expense associated with the Omnibus Equity Incentive Plan (the "OEIP") for the thirteen weeks ended June 29, 2025 and June 30, 2024, respectively. The Company incurred $6.2 million and $8.4 million of share-based compensation expense for awards to employees and directors, and compensation expense associated with the OEIP for the twenty-six weeks ended June 29, 2025 and June 30, 2024, respectively. Loss on impairment - The Company recorded an impairment charge of $.0.6 million during the thirteen weeks ended June 29, 2025. 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 commitment related unrealized gains and losses. The adjustment related to purchase commitments and other adjustments, including cloud computing amortization, was expense of $2.1 million and $0.4 million for the thirteen weeks ended June 29, 2025 and June 30, 2024, respectively. The adjustment related to purchase commitments and other adjustments, including cloud computing amortization, was expense of $4.3 million and $0.5 million for the twenty-six weeks ended June 29, 2025 and June 30, 2024, respectively. (3) Acquisitions, Divestitures and Investments – This is comprised of consulting, transaction services, and legal fees incurred for acquisitions and certain potential acquisitions, in addition to expenses associated with integrating recent acquisitions. Such expenses were $8.6 million and $1.1 million for the thirteen weeks ended June 29, 2025 and June 30, 2024, respectively; and $16.0 million and $6.7 million for the twenty-six weeks ended June 29, 2025 and June 30, 2024, respectively. Also included in the thirteen weeks ended June 29, 2025 was expense of $1.0 million related to the change in the liability association with a Tax Receivable Agreement. Also included for the twenty-six weeks ended June 30, 2024 was a gain of $44.0 million related to the Good Health and R.W. Garcia Sale. (4) Business Transformation Initiatives – This adjustment is related to consultancy, professional and legal fees incurred for specific initiatives and structural changes to the business that do not reflect the cost of normal business operations. In addition, gains and losses realized from the sale of distribution rights to IOs and the subsequent disposal of trucks, severance costs associated with the elimination of RSP positions, and enterprise resource planning system transition costs fall into this category. The Company incurred such costs of $7.1 million and $4.5 million for the thirteen weeks ended June 29, 2025 and June 30, 2024, respectively; and $14.5 million and $10.3 million for the twenty-six weeks ended June 29, 2025 and June 30, 2024, respectively. (5) Financing-Related Costs – These costs include adjustments for various items related to raising debt and equity capital or debt extinguishment costs. (6) Gains on Remeasurement of Warrant Liability - These liabilities are not expected to be settled in cash, and when exercised would result in a cash inflow to the Company with the warrants converting to Class A Common Stock with the liability being extinguished and the fair value of the warrants at the time of exercise being recorded as an increase to equity. Expand Net Debt and Leverage Ratio (dollars in millions) Term Loan $ 630.3 Real Estate Loan 58.4 ABL Facility 60.7 Equipment Loans and Finance Leases (1) 131.5 Gross Debt (2) 880.9 Cash and Cash Equivalents 54.6 Total Net Debt $ 826.3 Last 52-Weeks Normalized Adjusted EBITDA $ 200.9 Net Leverage Ratio (3) 4.1x (1) Equipment loans and finance leases include leases accounted for as finance leases under US GAAP and loans for equipment. (2) Includes Term Loan B, ABL Facility, Equipment Loans, and Finance Leases. Excludes amounts related to guarantees on IO loans which are collateralized by routes. The Company has the ability to recover substantially all of the outstanding IO loan value in the event of a default scenario, which historically has been uncommon. (3) Based on trailing twelve month Normalized Adjusted EBITDA of $200.9 million. Expand
Business Wire
27 minutes ago
- Business Wire
PROS and Commerce Announce Strategic Partnership to Redefine B2B Digital Commerce
HOUSTON & AUSTIN, Texas--(BUSINESS WIRE)-- PROS Holdings, Inc. (NYSE: PRO), a leading provider of AI-powered SaaS pricing and selling solutions, and Commerce (Nasdaq: BIGC) (formerly BigCommerce Holdings, Inc.), an open, intelligent ecosystem of technology solutions that empower businesses to unlock data potential and deliver seamless, personalized experiences at scale, today announced a strategic partnership to redefine B2B digital commerce. "The future of B2B commerce is not just digital, it's dynamic, intelligent and deeply contextualized.' Today's B2B buyers demand accuracy, speed and transparency at every step of the purchase journey. However, the complexity of large-scale B2B operations can push the boundaries of typical ecommerce platforms. By integrating PROS enterprise-grade pricing and CPQ with Commerce's portfolio of industry-leading applications, businesses can meet these demands head-on, resulting in fewer delays, reducing errors and accelerating time to revenue. 'Pricing is the heartbeat of every commercial interaction, and when it's disconnected or overly complex, it disrupts the entire buying experience,' said Jeff Cotten, President and Chief Executive Officer, PROS. 'By embedding our AI-powered pricing and selling capabilities directly into the ecommerce experience, we're enabling businesses to optimize pricing and product recommendations, streamline complex quoting and deliver real-time, market-relevant offers that build buyer confidence, accelerate decision-making and drive profitability. The future of B2B commerce is not just digital, it's dynamic, intelligent and deeply contextualized.' The combined power of PROS and Commerce delivers on the promise of intelligent commerce, reshaping how companies engage buyers, drive revenue and scale in a digital-first world. This collaboration equips businesses to anticipate customer needs, respond to real-time market dynamics and deliver buying experiences that are both seamless and relevant. For B2B organizations selling with complex catalogs, global operations and diverse sales channels, it translates into faster time-to-value, higher conversion rates and a distinct competitive advantage in an increasingly dynamic market. 'B2B companies are no longer asking whether they should go digital — they're asking how quickly they can get there,' said Travis Hess, Chief Executive Officer, Commerce. 'By partnering with PROS, we're giving our customers, from mid-market to global enterprises, the tools to not only sell online, but to do so intelligently, competitively and at scale. And we see this impact going beyond B2B to B2C retailers managing large, dynamic catalogs across multiple channels to improve margin and drive conversion across storefronts and marketplaces. This collaboration sets a new standard for what modern commerce can achieve.' To learn more about the PROS and Commerce partnership, visit About PROS PROS Holdings, Inc. (NYSE: PRO) is a leading provider of SaaS solutions that optimize omnichannel shopping and selling experiences, powering intelligent commerce. Leveraging leadership in revenue and pricing science, the PROS Platform combines predictive AI, real-time analytics, and powerful automation to dynamically match offers to buyers and prices to products. Businesses win more with PROS. Learn how at About Commerce Commerce empowers businesses to innovate, grow, and thrive by providing an open, AI-driven commerce ecosystem. As the parent company of BigCommerce, Feedonomics, and Makeswift, Commerce connects the tools and systems that power growth, enabling businesses to unlock the full potential of their data, deliver seamless and personalized experiences across every channel, and adapt swiftly to an ever-changing market. Trusted by leading businesses like Coldwater Creek, Cole Haan, Harvey Nichols, King Arthur Baking Co., Melissa & Doug, Mizuno, Patagonia, Perry Ellis, Puma, SportsShoes, and Uplift Desk, Commerce delivers the storefront control, optimized data, and AI-ready tools businesses need to grow, serve diverse buyers, and operate with confidence in an increasingly intelligent, multi-surface world. For more information, visit or follow us on X and LinkedIn.
