| Cayman Islands* (State or other jurisdiction of incorporation or organization) | | | 6770 (Primary Standard Industrial Classification Code Number) | | | 98-1425274 (I.R.S. Employer Identification No.) | |
| Chinh E. Chu 200 Park Avenue, 58th Floor New York, New York 10166 (212) 355-5515 | | | Roger K. Deromedi 200 Park Avenue, 58th Floor New York, New York 10166 (212) 355-5515 | | | Jason K. Giordano 200 Park Avenue, 58th Floor New York, New York 10166 (212) 355-5515 | |
| Christian O. Nagler, Esq. Peter Seligson, Esq. Kirkland & Ellis LLP 601 Lexington Avenue New York, New York 10022 (212) 446-4800 | | | Larry P. Laubach, Esq. Jeremiah G. Garvey, Esq. Cozen O’Connor P.C. One Liberty Place 1650 Market Street Suite 2800 Philadelphia, Pennsylvania 19103 (215) 665-2000 | |
| Large accelerated filer ☐ | | | Accelerated filer ☒ | |
| Non-accelerated ☐ | | | Smaller reporting company ☒ | |
| | | | Emerging growth company ☒ | |
| CALCULATION OF REGISTRATION FEE | | CALCULATION OF REGISTRATION FEE | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Title of Each Class of Securities to be Registered | | Amount to be Registered(5) | | Proposed Maximum Offering Price Per Share | | Proposed Maximum Aggregate Offering Price | | Amount of Registration Fee | | Title of Each Class of Securities to be Registered | | Amount to be Registered(5) | | Proposed Maximum Offering Price Per Share | | Proposed Maximum Aggregate Offering Price | | Amount of Registration Fee | | ||||||||||||||||||||||||||||||||
| Class A common stock(1) | | | | 55,875,000 | | | | $ | 13.19(6) | | | | $ | 736,991,250 | | | | $ | 95,662(9) | | | Class A common stock(1) | | | | 55,875,000 | | | | $ | 13.19(6) | | | | $ | 736,991,250 | | | | $ | 95,662(9) | | | ||||||||
| Class A common stock issuable upon exercise of warrants(2) | | | | 21,866,666 | | | | $ | 11.50(7) | | | | $ | 251,466,659 | | | | $ | 32,641(9) | | | Class A common stock issuable upon exercise of warrants(2) | | | | 21,866,666 | | | | $ | 11.50(7) | | | | $ | 251,466,659 | | | | $ | 32,641(9) | | | ||||||||
| Warrants to purchase Class A common stock(3) | | | | 21,866,666 | | | | $ | 3.65(8) | | | | $ | 79,813,331 | | | | | —(10) | | | Warrants to purchase Class A common stock(3) | | | | 21,866,666 | | | | $ | 3.65(8) | | | | $ | 79,813,331 | | | | | —(10) | | | ||||||||
| Class B common stock(4) | | | | 2,000,000 | | | | $ | 13.19(6) | | | | $ | 26,380,000 | | | | | —(11) | | | Class B common stock(4) | | | | 2,000,000 | | | | $ | 13.19(6) | | | | $ | 26,380,000 | | | | | —(11) | | | ||||||||
| Total | | | | | | | | | | | | | | | | | | $ | 128,303 | | | Total | | | | | | | | | | | | | | | | | | $ | 128,303(12) | | |
| | | | Sincerely, | |
| | | | Jason K. Giordano Co-Executive Chairman | |
| By Order of the Board of Directors | | | | |
| Jason K. Giordano | | | | |
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| | Assuming No Redemptions | | Assuming Maximum Redemptions(1) | | | Assuming No Redemptions | | Assuming Maximum Redemptions(1) | | ||||||||||||||||||||||||||||||||||||||||
| | Shares | | % | | Shares | | % | | | Shares | | % | | Shares | | % | | ||||||||||||||||||||||||||||||||
Collier Creek’s Public Shareholders | | | | 44,000,000 | | | | | 38.2% | | | | | 25,160,000 | | | | | 26.1% | | | | | | 44,000,000 | | | | | 38.2% | | | | | 25,708,738 | | | | | 26.5% | | | ||||||||
Sponsor and Independent Directors (Including Forward Purchase)(2)(3) | | | | 13,375,000 | | | | | 11.6% | | | | | 13,375,000 | | | | | 13.9% | | | | | | 13,375,000 | | | | | 11.6% | | | | | 13,375,000 | | | | | 13.8% | | | ||||||||
Sellers(4) | | | | 57,765,978 | | | | | 50.2% | | | | | 57,765,978 | | | | | 60.0% | | | | | | 57,765,978 | | | | | 50.2% | | | | | 57,765,978 | | | | | 59.7% | | | ||||||||
Closing | | | | 115,140,978 | | | | | 100% | | | | | 96,300,978 | | | | | 100% | | | | | | 115,140,978 | | | | | 100% | | | | | 96,849,716 | | | | | 100% | | |
Sources | | | | | | | | | Uses | | | | | | | |
Collier Creek Cash Held in Trust(1)(3) | | | | $ | 453 | | | | Debt Repayment(4) | | | | $ | 237 | | |
| | | | | | | | | UPA Seller Preferred Units Acquisition(5) | | | | | 139 | | |
Collier Creek Forward Purchase Agreement(2) | | | | | 35 | | | | Cash Consideration to Existing Utz Owners(6) | | | | | 60 | | |
| | | | | | | | | Transaction Fees(7) | | | | | 52 | | |
Total Sources | | | | $ | 488 | | | | Total Uses | | | | $ | 488 | | |
Sources | | | | | | | | | Uses | | | | | | | |
Collier Creek Cash Held in Trust(1)(3) | | | | $ | 453 | | | | Debt Repayment(4) | | | | $ | 49 | | |
| | | | | | | | | UPA Seller Preferred Units Acquisition(5) | | | | | 139 | | |
Collier Creek Forward Purchase Agreement(2) | | | | | 35 | | | | Cash Consideration to Existing Utz Owners(6) | | | | | 60 | | |
| | | | | | | | | Transaction Fees(7) | | | | | 52 | | |
| | | | | | | | | Shareholder Redemptions(8) | | | | | 188 | | |
Total Sources | | | | $ | 488 | | | | Total Uses | | | | $ | 488 | | |
| | | As of | | |||||||||||||||
| | | March 31, 2020 (Unaudited) | | | December 31, 2019 | | | December 31, 2018 | | |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | |
Cash | | | | $ | 585,123 | | | | | $ | 585,253 | | | | | $ | 944,890 | | |
Prepaid expenses | | | | | 154,625 | | | | | | 136,313 | | | | | | 321,529 | | |
Total current assets | | | | | 739,748 | | | | | | 721,566 | | | | | | 1,266,419 | | |
Cash and marketable securities held in Trust Account | | | | | 452,430,869 | | | | | | 451,020,841 | | | | | | 442,048,296 | | |
Total Assets | | | | $ | 453,170,617 | | | | | $ | 451,742,407 | | | | | $ | 443,314,715 | | |
Liabilities and Shareholders’ Equity: | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | |
Accounts payable | | | | $ | 161,579 | | | | | $ | 11,654 | | | | | $ | 115,112 | | |
Accrued expenses | | | | | 1,514,828 | | | | | | 444,337 | | | | | | 7,500 | | |
Accrued expenses – related parties | | | | | 176,774 | | | | | | 146,774 | | | | | | 26,774 | | |
Total current liabilities | | | | | 1,853,181 | | | | | | 602,765 | | | | | | 149,386 | | |
Deferred underwriting commissions and legal fees | | | | | 15,450,000 | | | | | | 15,450,000 | | | | | | 15,450,000 | | |
Total liabilities | | | | $ | 17,303,181 | | | | | $ | 16,052,765 | | | | | $ | 15,599,386 | | |
Commitments: | | | | | | | | | | | | | | | | | | | |
Class A ordinary shares, $0.0001 par value, subject to redemption | | | | | 430,867,428 | | | | | | 430,689,635 | | | | | | 422,715,321 | | |
Shareholders’ Equity: | | | | | | | | | | | | | | | | | | | |
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | | | | | — | | | | | | — | | | | | | — | | |
Class A ordinary shares, $0.0001 par value; 400,000,000 shares authorized | | | | | 209 | | | | | | 198 | | | | | | 194 | | |
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized | | | | | 1,188 | | | | | | 1,188 | | | | | | 1,188 | | |
Additional paid-in capital | | | | | — | | | | | | — | | | | | | 3,087,484 | | |
Retained earnings | | | | | 4,998,611 | | | | | | 4,998,621 | | | | | | 1,911,142 | | |
Total Shareholders’ Equity | | | | | 5,000,008 | | | | | | 5,000,007 | | | | | | 5,000,008 | | |
Total Liabilities and Shareholders’ Equity | | | | $ | 453,170,617 | | | | | $ | 451,742,407 | | | | | $ | 443,314,715 | | |
|
| | | For the Three Months Ended March 31, | | | For the Year Ended December 31, 2019 | | | For the Period from April 30, 2018 (inception) through December 31, 2018 | | |||||||||||||||
| | | 2020 (Unaudited) | | | 2019 (Unaudited) | | ||||||||||||||||||
General and administrative expenses | | | | $ | 1,232,234 | | | | | $ | 159,706 | | | | | $ | 998,232 | | | | | $ | 137,154 | | |
Loss from operations | | | | | (1,232,234) | | | | | | (159,706) | | | | | | (998,232) | | | | | | (137,154) | | |
Investment income on Trust Account | | | | | 1,410,028 | | | | | | 2,461,634 | | | | | | 8,972,545 | | | | | | 2,048,296 | | |
Net income | | | | $ | 177,794 | | | | | $ | 2,301,928 | | | | | $ | 7,974,313 | | | | | $ | 1,911,142 | | |
Weighted average shares outstanding of Class A ordinary shares | | | | | 44,000,000 | | | | | | 44,000,000 | | | | | | 44,000,000 | | | | | | 44,000,000 | | |
Basic and diluted net income per share, Class A | | | | $ | 0.03 | | | | | $ | 0.06 | | | | | $ | 0.20 | | | | | $ | 0.05 | | |
Weighted average shares outstanding of Class B ordinary shares | | | | | 11,875,000 | | | | | | 11,875,000 | | | | | | 11,875,000 | | | | | | 11,875,000 | | |
Basic and diluted net loss per share, Class B | | | | $ | (0.10) | | | | | $ | (0.01) | | | | | $ | (0.08) | | | | | $ | (0.01) | | |
| | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Net sales | | | | $ | 228,029 | | | | | $ | 178,412 | | | | | $ | 768,228 | | | | | $ | 772,035 | | | | | $ | 707,035 | | |
Cost of goods sold | | | | | 148,015 | | | | | | 121,880 | | | | | | 514,430 | | | | | | 505,330 | | | | | | 445,548 | | |
Gross profit | | | | | 80,014 | | | | | | 56,532 | | | | | | 253,798 | | | | | | 266,705 | | | | | | 261,487 | | |
Selling and administrative expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling | | | | | 48,333 | | | | | | 37,136 | | | | | | 163,589 | | | | | | 183,374 | | | | | | 180,956 | | |
Administrative | | | | | 19,940 | | | | | | 13,394 | | | | | | 64,723 | | | | | | 68,018 | | | | | | 69,982 | | |
Total selling and administrative expenses | | | | | 68,273 | | | | | | 50,530 | | | | | | 228,312 | | | | | | 251,392 | | | | | | 250,938 | | |
Gain (loss) on sale of assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gain (loss) on disposal of property, plant and equipment | | | | | 68 | | | | | | 729 | | | | | | 6,028 | | | | | | (2,312) | | | | | | (11,813) | | |
Gain on sale of routes, net | | | | | 404 | | | | | | 2,442 | | | | | | 7,232 | | | | | | 6,382 | | | | | | 11,364 | | |
Total gain (loss) on sale of assets | | | | | 472 | | | | | | 3,171 | | | | | | 13,260 | | | | | | 4,070 | | | | | | (449) | | |
Income from operations | | | | | 12,213 | | | | | | 9,173 | | | | | | 38,746 | | | | | | 19,383 | | | | | | 10,100 | | |
Other (expense) income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | | | (9,643) | | | | | | (12,545) | | | | | | (48,388) | | | | | | (45,715) | | | | | | (11,067) | | |
Other (expense) income | | | | | 580 | | | | | | 1,134 | | | | | | (576) | | | | | | 607 | | | | | | 1,921 | | |
Other (expense) income, net | | | | | (9,063) | | | | | | (11,411) | | | | | | (48,964) | | | | | | (45,108) | | | | | | (9,146) | | |
(Loss) income before taxes | | | | | 3,150 | | | | ��� | | (2,238) | | | | | | (10,218) | | | | | | (25,725) | | | | | | 954 | | |
Income tax expense (benefit) | | | | | 1,458 | | | | | | 377 | | | | | | 3,146 | | | | | | 1,919 | | | | | | (16,146) | | |
Net (loss) income | | | | | 1,692 | | | | | | (2,615) | | | | | | (13,364) | | | | | | (27,644) | | | | | | 17,100 | | |
Net (loss) income attributable to noncontrolling interest | | | | | — | | | | | | (705) | | | | | | (2,808) | | | | | | (2,856) | | | | | | (3,497) | | |
Net (loss) income attributable to controlling interest | | | | $ | 1,692 | | | | | $ | (3,320) | | | | | $ | (16,172) | | | | | $ | (30,500) | | | | | $ | 13,603 | | |
|
| | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Net cash provided by (used in) operating activities | | | | $ | (2,773) | | | | | $ | (17,179) | | | | | $ | 27,992 | | | | | $ | 15,747 | | | | | $ | 49,776 | | |
Net cash provided by (used in) investing activities | | | | | (14,464) | | | | | | 24,004 | | | | | | (115,882) | | | | | | (2,169) | | | | | | (171,148) | | |
Net cash provided by (used in) financing activities | | | | | 7,815 | | | | | | (5,423) | | | | | | 96,029 | | | | | | (16,366) | | | | | | 129,004 | | |
| | | March 29, 2020 | | | December 29, 2019 | | | December 30, 2018 | | |||||||||
Total assets | | | | $ | 784,905 | | | | | $ | 778,547 | | | | | $ | 640,670 | | |
Total liabilities | | | | | 826,430 | | | | | | 811,899 | | | | | | 771,986 | | |
Total (deficit) equity | | | | | (41,525) | | | | | | (33,352) | | | | | | (131,316) | | |
| | Thirteen Weeks Ended | | Fiscal Year Ended | | | Thirteen Weeks Ended | | Fiscal Year Ended | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | | March 29, 2020 | | March 31, 2019 | | December 29, 2019 | | December 30, 2018 | | December 31, 2017 | | | March 29, 2020 | | March 31, 2019 | | December 29, 2019 | | December 30, 2018 | | December 31, 2017 | | ||||||||||||||||||||||||||||||||||||||||
Adjusted Net Sales | | | | 248.8 | | | | | 195.8 | | | | | 845.4 | | | | | 830.0 | | | | | 747.4 | | | | | | 248.8 | | | | | 195.8 | | | | | 845.4 | | | | | 830.0 | | | | | 747.4 | | | ||||||||||
Pro Forma Adjusted Net Sales | | | | 248.8 | | | | | 221.6 | | | | | 942.7 | | | | | N/A | | | | | N/A | | | ||||||||||||||||||||||||||||||||||||
Further Adjusted Net Sales | | | | 248.8 | | | | | 221.6 | | | | | 942.7 | | | | | N/A | | | | | N/A | | | ||||||||||||||||||||||||||||||||||||
Pro Forma Net Sales | | | | 228.0 | | | | | 204.2 | | | | | 865.5 | | | | | N/A | | | | | N/A | | | | | | 228.0 | | | | | 204.2 | | | | | 865.5 | | | | | N/A | | | | | N/A | | | ||||||||||
Adjusted Gross Profit | | | | 106.1 | | | | | 77.8 | | | | | 347.8 | | | | | 342.9 | | | | | 315.8 | | | | | | 106.1 | | | | | 77.8 | | | | | 347.8 | | | | | 342.9 | | | | | 315.8 | | | ||||||||||
Adjusted Gross Profit as a % of Adjusted Net Sales | | | | 42.6% | | | | | 39.7% | | | | | 41.1% | | | | | 41.3% | | | | | 42.3% | | | | | | 42.6% | | | | | 39.7% | | | | | 41.1% | | | | | 41.3% | | | | | 42.3% | | | ||||||||||
Pro Forma Adjusted Gross Profit | | | | 106.1 | | | | | 87.1 | | | | | 383.0 | | | | | N/A | | | | | N/A | | | ||||||||||||||||||||||||||||||||||||
Pro Forma Adjusted Gross Profit as a % of Pro Forma Adjusted Net Sales | | | | 42.6% | | | | | 39.3% | | | | | 40.6% | | | | | N/A | | | | | N/A | | | ||||||||||||||||||||||||||||||||||||
Further Adjusted Gross Profit | | | | 106.1 | | | | | 87.1 | | | | | 383.0 | | | | | N/A | | | | | N/A | | | ||||||||||||||||||||||||||||||||||||
Further Adjusted Gross Profit as a % of Further Adjusted Net Sales | | | | 42.6% | | | | | 39.3% | | | | | 40.6% | | | | | N/A | | | | | N/A | | |
| | Thirteen Weeks Ended | | Fiscal Year Ended | | | Thirteen Weeks Ended | | Fiscal Year Ended | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | | March 29, 2020 | | March 31, 2019 | | December 29, 2019 | | December 30, 2018 | | December 31, 2017 | | | March 29, 2020 | | March 31, 2019 | | December 29, 2019 | | December 30, 2018 | | December 31, 2017 | | ||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | | | | 29.2 | | | | | 18.0 | | | | | 93.3 | | | | | 80.2 | | | | | 73.2 | | | | | | 29.2 | | | | | 18.0 | | | | | 93.3 | | | | | 80.2 | | | | | 73.2 | | | ||||||||||
Adjusted EBITDA as a % of Net Sales | | | | 12.8% | | | | | 10.1% | | | | | 12.1% | | | | | 10.4% | | | | | 10.4% | | | | | | 12.8% | | | | | 10.1% | | | | | 12.1% | | | | | 10.4% | | | | | 10.4% | | | ||||||||||
Pro Forma Adjusted EBITDA | | | | 30.1 | | | | | 21.5 | | | | | 107.7 | | | | | N/A | | | | | N/A | | | ||||||||||||||||||||||||||||||||||||
Pro Forma Adjusted EBITDA as a % of Pro Forma Net Sales | | | | 13.2% | | | | | 10.5% | | | | | 12.4% | | | | | N/A | | | | | N/A | | | ||||||||||||||||||||||||||||||||||||
Further Adjusted EBITDA | | | | 30.1 | | | | | 21.5 | | | | | 107.7 | | | | | N/A | | | | | N/A | | | ||||||||||||||||||||||||||||||||||||
Further Adjusted EBITDA as a % of Pro Forma Net Sales | | | | 13.2% | | | | | 10.5% | | | | | 12.4% | | | | | N/A | | | | | N/A | | |
| | Thirteen Weeks Ended | | Fiscal Year Ended | | | Thirteen Weeks Ended | | Fiscal Year Ended | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | | March 29, 2020 | | March 31, 2019 | | December 29, 2019 | | December 30, 2018 | | December 31, 2017 | | | March 29, 2020 | | March 31, 2019 | | December 29, 2019 | | December 30, 2018 | | December 31, 2017 | | ||||||||||||||||||||||||||||||||||||||||
Net Sales | | | | 228.0 | | | | | 178.4 | | | | | 768.2 | | | | | 772.0 | | | | | 707.0 | | | | | | 228.0 | | | | | 178.4 | | | | | 768.2 | | | | | 772.0 | | | | | 707.0 | | | ||||||||||
IO Discounts | | | | 20.8 | | | | | 17.4 | | | | | 77.2 | | | | | 58.0 | | | | | 40.4 | | | | | | 20.8 | | | | | 17.4 | | | | | 77.2 | | | | | 58.0 | | | | | 40.4 | | | ||||||||||
Adjusted Net Sales | | | | 248.8 | | | | | 195.8 | | | | | 845.4 | | | | | 830.0 | | | | | 747.4 | | | | | | 248.8 | | | | | 195.8 | | | | | 845.4 | | | | | 830.0 | | | | | 747.4 | | | ||||||||||
Kennedy Pro Forma Net Sales | | | | — | | | | | 23.8 | | | | | 88.8 | | | | |||||||||||||||||||||||||||||||||||||||||||||
Kitchen Cooked Pro Forma Net Sales | | | | — | | | | | 2.0 | | | | | 8.5 | | | | |||||||||||||||||||||||||||||||||||||||||||||
Pro Forma Adjusted Net Sales | | | | 248.8 | | | | | 221.6 | | | | | 942.7 | | | | |||||||||||||||||||||||||||||||||||||||||||||
Pro Forma Net Sales | | | | 228.0 | | | | | 204.2 | | | | | 865.5 | | | | |||||||||||||||||||||||||||||||||||||||||||||
IO Discounts | | | | (20.8) | | | | | (17.4) | | | | | (77.2) | | | | | | | 20.8 | | | | | 17.4 | | | | | 77.2 | | | | ||||||||||||||||||||||||||||
Pro Forma Net Sales | | | | 228.0 | | | | | 204.2 | | | | | 865.5 | | | | |||||||||||||||||||||||||||||||||||||||||||||
Further Adjusted Net Sales | | | | 248.8 | | | | | 221.6 | | | | | 942.7 | | | |
| | Thirteen Weeks Ended | | Fiscal Year Ended | | | Thirteen Weeks Ended | | Fiscal Year Ended | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | | March 29, 2020 | | March 31, 2019 | | December 29, 2019 | | December 30, 2018 | | December 31, 2017 | | | March 29, 2020 | | March 31, 2019 | | December 29, 2019 | | December 30, 2018 | | December 31, 2017 | | ||||||||||||||||||||||||||||||||||||||||
Gross Profit | | | | 80.0 | | | | | 56.5 | | | | | 253.8 | | | | | 266.7 | | | | | 261.5 | | | | | | 80.0 | | | | | 56.5 | | | | | 253.8 | | | | | 266.7 | | | | | 261.5 | | | ||||||||||
IO Discounts | | | | 20.8 | | | | | 17.4 | | | | | 77.2 | | | | | 58.0 | | | | | 40.4 | | | | | | 20.8 | | | | | 17.4 | | | | | 77.2 | | | | | 58.0 | | | | | 40.4 | | | ||||||||||
Depreciation and Amortization | | | | 5.3 | | | | | 3.9 | | | | | 16.8 | | | | | 18.2 | | | | | 13.9 | | | | | | 5.3 | | | | | 3.9 | | | | | 16.8 | | | | | 18.2 | | | | | 13.9 | | | ||||||||||
Adjusted Gross Profit | | | | 106.1 | | | | | 77.8 | | | | | 347.8 | | | | | 342.9 | | | | | 315.8 | | | | | | 106.1 | | | | | 77.8 | | | | | 347.8 | | | | | 342.9 | | | | | 315.8 | | | ||||||||||
Adjusted Gross Profit as a % of Adjusted Net Sales | | | | 42.6% | | | | | 39.7% | | | | | 41.1% | | | | | 41.3% | | | | | 42.3% | | | ||||||||||||||||||||||||||||||||||||
Kennedy Pro Forma Gross Profit Ex Depreciation and Amortization | | | | — | | | | | 8.1 | | | | | 30.0 | | | | |||||||||||||||||||||||||||||||||||||||||||||
Kitchen Cooked Pro Forma Gross Profit | | | | — | | | | | 1.2 | | | | | 5.2 | | | | |||||||||||||||||||||||||||||||||||||||||||||
Pro Forma Adjusted Gross Profit | | | | 106.1 | | | | | 87.1 | | | | | 383.0 | | | | |||||||||||||||||||||||||||||||||||||||||||||
Pro Forma Adjusted Gross Profit as a % of Pro Forma Adjusted Net Sales | | | | 42.6% | | | | | 39.3% | | | | | 40.6% | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Pro Forma Gross Profit | | | | 80.0 | | | | | 56.5 | | | | | 287.0 | | | | |||||||||||||||||||||||||||||||||||||||||||||
IO Discounts | | | | 20.8 | | | | | 17.4 | | | | | 77.2 | | | | |||||||||||||||||||||||||||||||||||||||||||||
Depreciation and Amortization | | | | 5.3 | | | | | 3.9 | | | | | 18.8 | | | | |||||||||||||||||||||||||||||||||||||||||||||
Further Adjusted Gross Profit | | | | 106.1 | | | | | 87.1 | | | | | 383.0 | | | | |||||||||||||||||||||||||||||||||||||||||||||
Further Adjusted Gross Profit as a % of Further Adjusted Net Sales | | | | 42.6% | | | | | 39.7% | | | | | 40.6% | | | |
| | Thirteen Weeks Ended | | Fiscal Year Ended | | | Thirteen Weeks Ended | | Fiscal Year Ended | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | | March 29, 2020 | | March 31, 2019 | | December 29, 2019 | | December 30, 2018 | | December 31, 2017 | | | March 29, 2020 | | March 31, 2019 | | December 29, 2019 | | December 30, 2018 | | December 31, 2017 | | ||||||||||||||||||||||||||||||||||||||||
Net Income (loss) | | | | 1.7 | | | | | (2.6) | | | | | (13.4) | | | | | (27.6) | | | | | 17.1 | | | | | | 1.7 | | | | | (2.6) | | | | | (13.4) | | | | | (27.6) | | | | | 17.1 | | | ||||||||||
Plus non-GAAP adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Income Tax (Benefit) or Expense | | | | 1.5 | | | | | 0.4 | | | | | 3.2 | | | | | 1.9 | | | | | (16.1) | | | | | | 1.5 | | | | | 0.4 | | | | | 3.2 | | | | | 1.9 | | | | | (16.1) | | | ||||||||||
Depreciation and Amortization | | | | 8.9 | | | | | 6.9 | | | | | 29.3 | | | | | 30.4 | | | | | 29.0 | | | | | | 8.9 | | | | | 6.9 | | | | | 29.3 | | | | | 30.4 | | | | | 29.0 | | | ||||||||||
Interest Expense, Net | | | | 9.6 | | | | | 12.5 | | | | | 48.4 | | | | | 45.7 | | | | | 11.1 | | | | | | 9.6 | | | | | 12.5 | | | | | 48.4 | | | | | 45.7 | | | | | 11.1 | | | ||||||||||
Interest Income (IO loans)(1) | | | | (0.5) | | | | | (0.9) | | | | | (3.5) | | | | | (2.6) | | | | | (2.1) | | | | | | (0.5) | | | | | (0.9) | | | | | (3.5) | | | | | (2.6) | | | | | (2.1) | | | ||||||||||
EBITDA | | | | 21.2 | | | | | 16.3 | | | | | 64.0 | | | | | 47.8 | | | | | 39.0 | | | | | | 21.2 | | | | | 16.3 | | | | | 64.0 | | | | | 47.8 | | | | | 39.0 | | | ||||||||||
Certain Non-Cash Adjustments(2) | | | | 1.1 | | | | | 0.8 | | | | | 16.2 | | | | | 17.2 | | | | | 12.1 | | | | | | 1.1 | | | | | 0.4 | | | | | 9.4 | | | | | 12.6 | | | | | 12.1 | | | ||||||||||
Acquisition and Integration(3) | | | | 5.2 | | | | | 0.7 | | | | | 3.3 | | | | | 11.3 | | | | | 5.6 | | | ||||||||||||||||||||||||||||||||||||
Business Transformation Initiatives(4) | | | | 1.6 | | | | | 0.2 | | | | | 5.1 | | | | | 3.0 | | | | | 12.6 | | | ||||||||||||||||||||||||||||||||||||
Financing-Related Costs(5) | | | | 0.1 | | | | | 0.0 | | | | | 4.7 | | | | | 0.9 | | | | | 3.9 | | | ||||||||||||||||||||||||||||||||||||
Change in Accounting Policy and Estimate(3) | | | | — | | | | | 0.4 | | | | | 6.8 | | | | | 4.6 | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Acquisition and Integration(4) | | | | 5.2 | | | | | 0.7 | | | | | 3.3 | | | | | 11.3 | | | | | 5.6 | | | ||||||||||||||||||||||||||||||||||||
Business Transformation Initiatives(5) | | | | 1.6 | | | | | 0.2 | | | | | 5.1 | | | | | 3.0 | | | | | 12.6 | | | ||||||||||||||||||||||||||||||||||||
Financing-Related Costs(6) | | | | 0.1 | | | | | 0.0 | | | | | 4.7 | | | | | 0.9 | | | | | 3.9 | | | ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | | | | 29.2 | | | | | 18.0 | | | | | 93.3 | | | | | 80.2 | | | | | 73.2 | | | | | | 29.2 | | | | | 18.0 | | | | | 93.3 | | | | | 80.2 | | | | | 73.2 | | | ||||||||||
Adjusted EBITDA as a % of Net Sales | | | | 12.8% | | | | | 10.1% | | | | | 12.1% | | | | | 10.4% | | | | | 10.4% | | | | | | 12.8% | | | | | 10.1% | | | | | 12.1% | | | | | 10.4% | | | | | 10.4% | | | ||||||||||
Kennedy Pre-Acquisition Adjusted EBITDA(6) | | | | — | | | | | 2.5 | | | | | 9.9 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Kennedy Synergies(7) | | | | 1.5 | | | | | 1.6 | | | | | 6.3 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Kitchen Cooked Pre-Acquisition Adjusted EBITDA | | | | — | | | | | — | | | | | 0.5 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Kennedy Pre-Acquisition EBITDA(7) | | | | — | | | | | 2.5 | | | | | 9.9 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Kennedy Synergies(8) | | | | 1.5 | | | | | 1.6 | | | | | 6.3 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Kitchen Cooked Pre-Acquisition Net Income | | | | — | | | | | — | | | | | 0.5 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Kitchen Cooked Synergies | | | | 0.2 | | | | | 0.2 | | | | | 0.7 | | | | | | | | | | | | | | | | 0.2 | | | | | 0.2 | | | | | 0.7 | | | | | | | | | | | | | ||||||||||
Collier Creek EBITDA(8) | | | | — | | | | | — | | | | | — | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Public Company Costs(9) | | | | (0.8) | | | | | (0.8) | | | | | (3.0) | | | | |||||||||||||||||||||||||||||||||||||||||||||
Pro Forma Adjusted EBITDA | | | | 30.1 | | | | | 21.5 | | | | | 107.7 | | | | |||||||||||||||||||||||||||||||||||||||||||||
Pro Forma Adjusted EBITDA as a % of Pro Forma Net Sales | | | | 13.2% | | | | | 10.5% | | | | | 12.4% | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Collier Creek EBITDA(9) | | | | — | | | | | — | | | | | — | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Public Company Costs(10) | | | | (0.8) | | | | | (0.8) | | | | | (3.0) | | | | |||||||||||||||||||||||||||||||||||||||||||||
Further Adjusted EBITDA | | | | 30.1 | | | | | 21.5 | | | | | 107.7 | | | | |||||||||||||||||||||||||||||||||||||||||||||
Further Adjusted EBITDA as a % of Pro Forma Net Sales | | | | 13.2% | | | | | 10.5% | | | | | 12.4% | | | | | | | | | | | | |
| | March 29, 2020 | | March 31, 2019 | | December 29, 2019 | | | March 29, 2020 | | March 31, 2019 | | December 29, 2019 | | ||||||||||||||||||||||||
Pro Forma Kennedy Net Income Before Pro Forma Merger Adjustments | | | | — | | | | | 2.1 | | | | | 7.1 | | | ||||||||||||||||||||||
Kennedy Pre-Acquisition Net Income | | | | — | | | | | 2.1 | | | | | 7.1 | | | ||||||||||||||||||||||
Plus: Pro Forma Pre-Acquisition Depreciation and Amortization | | | | — | | | | | 0.4 | | | | | 2.8 | | | | | | — | | | | | 0.4 | | | | | 2.8 | | | ||||||
Kennedy Pre-Acquisition Adjusted EBITDA | | | | — | | | | | 2.5 | | | | | 9.9 | | | ||||||||||||||||||||||
Kennedy Pre-Acquisition EBITDA | | | | — | | | | | 2.5 | | | | | 9.9 | | |
| | Assuming No Redemptions | | Assuming Maximum Redemptions(1) | | | Assuming No Redemptions | | Assuming Maximum Redemptions(1) | | ||||||||||||||||||||||||||||||||||||||||
| | Shares | | % | | Shares | | % | | | Shares | | % | | Shares | | % | | ||||||||||||||||||||||||||||||||
Collier Creek’s Public Shareholders | | | | 44,000,000 | | | | | 38.2% | | | | | 25,160,000 | | | | | 26.1% | | | | | | 44,000,000 | | | | | 38.2% | | | | | 25,708,738 | | | | | 26.5% | | | ||||||||
Sponsor and Independent Directors (including Forward Purchases)(2)(3) | | | | 13,375,000 | | | | | 11.6% | | | | | 13,375,000 | | | | | 13.9% | | | | | | 13,375,000 | | | | | 11.6% | | | | | 13,375,000 | | | | | 13.8% | | | ||||||||
Sellers(4) | | | | 57,765,978 | | | | | 50.2% | | | | | 57,765,978 | | | | | 60.0% | | | | | | 57,765,978 | | | | | 50.2% | | | | | 57,765,978 | | | | | 59.7% | | | ||||||||
Closing shares | | | | 115,140,978 | | | | | 100% | | | | | 96,300,978 | | | | | 100% | | | | | | 115,140,978 | | | | | 100% | | | | | 96,849,716 | | | | | 100% | | |
| | | As of March 31, 2020 | | | As of March 29, 2020 | | | As of March 31, 2020 | | |||||||||||||||
Unaudited Pro Forma Condensed Balance Sheet Data | | | Pro Forma | | |||||||||||||||||||||
| No Redemptions | | | Maximum Redemptions | | ||||||||||||||||||||
(in thousands) | | | Collier Creek | | | Utz | | ||||||||||||||||||
Total current assets | | | | $ | 1,000 | | | | | $ | 188,000 | | | | | $ | 188,000 | | | | | $ | 188,000 | | |
Total assets | | | | $ | 453,000 | | | | | $ | 785,000 | | | | | $ | 831,000 | | | | | $ | 827,000 | | |
Total liabilities | | | | $ | 17,000 | | | | | $ | 827,000 | | | | | $ | 624,000 | | | | | $ | 801,000 | | |
Total equity | | | | $ | 5,000 | | | | | $ | (42,000) | | | | | $ | 207,000 | | | | | $ | 26,000 | | |
Unaudited Pro Forma Condensed Combined Statement of Operations Data (in thousands, except per share data) | | | For the Three Months Ended March 31, 2020 | | | For the Quarterly Period Ended March 29, 2020 | | | Pro Forma | | |||||||||||||||
| Collier Creek | | | Utz | | | No Redemptions | | | Maximum Redemptions | | ||||||||||||||
Total revenues | | | | $ | — | | | | | $ | 228,000 | | | | | $ | 228,000 | | | | | $ | 228,000 | | |
Operating income (loss) | | | | $ | (1,000) | | | | | $ | 12,000 | | | | | $ | 14,000 | | | | | $ | 14,000 | | |
Net income | | | | $ | — | | | | | $ | 2,000 | | | | | $ | 7,000 | | | | | $ | 5,000 | | |
Net income per share basic, Class A | | | | $ | 0.03 | | | | | | N/A | | | | | $ | 0.05 | | | | | $ | 0.05 | | |
Net income per share diluted, Class A | | | | $ | 0.03 | | | | | | N/A | | | | | $ | 0.05 | | | | | $ | 0.05 | | |
Net loss per share (basic and diluted), Class B | | | | $ | (0.10) | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
| | | As of March 31, 2020 | | | As of March 29, 2020 | | | As of March 31, 2020 | | |||||||||||||||
Unaudited Pro Forma Condensed Balance Sheet Data | | | Pro Forma | | |||||||||||||||||||||
| No Redemptions | | | Maximum Redemptions | | ||||||||||||||||||||
(in thousands) | | | Collier Creek | | | Utz | | ||||||||||||||||||
Total current assets | | | | $ | 1,000 | | | | | $ | 188,000 | | | | | $ | 190,000 | | | | | $ | 190,000 | | |
Total assets | | | | $ | 453,000 | | | | | $ | 785,000 | | | | | $ | 1,762,000 | | | | | $ | 1,727,000 | | |
Total liabilities | | | | $ | 17,000 | | | | | $ | 827,000 | | | | | $ | 666,000 | | | | | $ | 830,000 | | |
Total equity | | | | $ | 5,000 | | | | | $ | (42,000) | | | | | $ | 1,096,000 | | | | | $ | 897,000 | | |
Unaudited Pro Forma Condensed Combined Statement of Operations Data (in thousands, except per share data) | | | For the Three Months Ended March 31, 2020 | | | For the Quarterly Period Ended March 29, 2020 | | | Pro Forma | | |||||||||||||||
| Collier Creek | | | Utz | | | No Redemptions | | | Maximum Redemptions | | ||||||||||||||
Total revenues | | | | $ | — | | | | | $ | 228,000 | | | | | $ | 228,000 | | | | | $ | 228,000 | | |
Operating income (loss) | | | | $ | (1,000) | | | | | $ | 12,000 | | | | | $ | 1,000 | | | | | $ | 1,000 | | |
Net income (loss) | | | | $ | — | | | | | $ | 2,000 | | | | | $ | (4,000) | | | | | $ | (6,000) | | |
Net income (loss) per share basic, Class A | | | | $ | 0.03 | | | | | | N/A | | | | | $ | (0.02) | | | | | $ | (0.03) | | |
Net income (loss) per share diluted, Class A | | | | $ | 0.03 | | | | | | N/A | | | | | $ | (0.02) | | | | | $ | (0.03) | | |
Net loss per share (basic and diluted), Class B | | | | $ | (0.10) | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Unaudited Pro Forma Condensed Combined Statement of Operations Data (in thousands, except per share or unit data) | | | For the Year Ended December 31, 2019 | | For the Year Ended December 29, 2019 | | Pro Forma | | | | For the Year Ended December 31, 2019 | | For the Year Ended December 29, 2019 | | Pro Forma | | ||||||||||||||||||||||||||||||||||
| Collier Creek | | Utz | | No Redemptions | | Maximum Redemptions | | | Collier Creek | | Utz | | No Redemptions | | Maximum Redemptions | | |||||||||||||||||||||||||||||||||
Total revenues | | | $ | — | | | | $ | 866,000 | | | | $ | 866,000 | | | | $ | 866,000 | | | | | $ | — | | | | $ | 866,000 | | | | $ | 866,000 | | | | $ | 866,000 | | | ||||||||
Operating (loss) income | | | $ | (1,000) | | | | $ | 45,000 | | | | $ | 44,000 | | | | $ | 44,000 | | | | | $ | (1,000) | | | | $ | 45,000 | | | | $ | (9,000) | | | | $ | (9,000) | | | ||||||||
Net income (loss) | | | $ | 8,000 | | | | $ | (14,000) | | | | $ | 13,000 | | | | $ | 1,000 | | | | | $ | 8,000 | | | | $ | (14,000) | | | | $ | (32,000) | | | | $ | (46,000) | | | ||||||||
Net income per share basic, Class A | | | $ | 0.20 | | | | | N/A | | | | $ | 0.10 | | | | $ | 0.03 | | | |||||||||||||||||||||||||||||
Net income per share diluted, Class A | | | $ | 0.20 | | | | | N/A | | | | $ | 0.10 | | | | $ | 0.02 | | | |||||||||||||||||||||||||||||
Net income (loss) per share basic, Class A | | | $ | 0.20 | | | | | N/A | | | | $ | (0.21) | | | | $ | (0.36) | | | |||||||||||||||||||||||||||||
Net income (loss) per share diluted, Class A | | | $ | 0.20 | | | | | N/A | | | | $ | (0.21) | | | | $ | (0.36) | | | |||||||||||||||||||||||||||||
Net loss per share (basic and diluted), Class B | | | $ | (0.08) | | | | | N/A | | | | | N/A | | | | | N/A | | | | | $ | (0.08) | | | | | N/A | | | | | N/A | | | | | N/A | | |
| | | | | | | | | | | | | | | Pro Forma Combined | | |||||||||
| | | Collier Creek | | | Utz(2) | | | No Redemptions | | | Maximum Redemptions | | ||||||||||||
Book Value per Share as of the last day of the first fiscal quarter of 2020(1) | | | | $ | 0.11 | | | | | | N/A | | | | | $ | 1.83 | | | | | $ | 0.31 | | |
Net Income per Common Share – Basic for fiscal year 2019 | | | | $ | 0.20 | | | | | | N/A | | | | | $ | 0.10 | | | | | $ | 0.03 | | |
Net Income per Common Share – Diluted for fiscal year 2019 | | | | $ | 0.20 | | | | | | N/A | | | | | $ | 0.10 | | | | | $ | 0.02 | | |
Net Income per Common Share – Basic for the first fiscal quarter of 2020 | | | | $ | 0.03 | | | | | | N/A | | | | | $ | 0.05 | | | | | $ | 0.05 | | |
Net Income per Common Share – Diluted for the first fiscal quarter of 2020 | | | | $ | 0.03 | | | | | | N/A | | | | | $ | 0.05 | | | | | $ | 0.05 | | |
| | | | | | | | | | | | | | | Pro Forma Combined | | |||||||||
| | | Collier Creek | | | Utz(2) | | | No Redemptions | | | Maximum Redemptions | | ||||||||||||
Book Value per Share as of the last day of the first fiscal quarter of 2020(1) | | | | $ | 0.11 | | | | | | N/A | | | | | $ | 9.15 | | | | | $ | 8.75 | | |
Net Income (loss) per Common Share – Basic for fiscal year 2019 | | | | $ | 0.20 | | | | | | N/A | | | | | $ | (0.21) | | | | | $ | (0.36) | | |
Net Income (loss) per Common Share – Diluted for fiscal year 2019 | | | | $ | 0.20 | | | | | | N/A | | | | | $ | (0.21) | | | | | $ | (0.36) | | |
Net Income (loss) per Common Share – Basic for the first fiscal quarter of 2020 | | | | $ | 0.03 | | | | | | N/A | | | | | $ | (0.02) | | | | | $ | (0.03) | | |
Net Income (loss) per Common Share – Diluted for the first fiscal quarter of 2020 | | | | $ | 0.03 | | | | | | N/A | | | | | $ | (0.02) | | | | | $ | (0.03) | | |
| | | Existing Organizational Documents | | | Proposed Organizational Documents | |
Authorized Shares (Organizational Documents Proposal A) | | | The Existing Organizational Documents authorize 451,000,000 shares, consisting of 400,000,000 Class A ordinary shares, 50,000,000 Class B ordinary shares and 1,000,000 preferred shares. | | | The Proposed Organizational Documents authorize 1,064,249,000 shares, consisting of 1,000,000,000 shares of Class A common stock, | |
| | | See paragraph 5 of our Existing Organizational Documents. | | | See Article 4 of the Certificate of | |
Authorize the Company to Make Issuances of Preferred Stock Without Stockholder Consent (Organizational Documents Proposal B) | | | The Existing Organizational Documents authorize the issuance of 1,000,000 preferred shares with such | | | The Proposed Organizational Documents authorize the | |
| | | Existing Organizational Documents | | | Proposed Organizational Documents | |
| | | | | | | |
| | | See Article 51 of our Existing Organizational Documents | | | See Article 4 subsection 2 of the Certificate of Incorporation. | |
Investor Rights Agreement (Organizational Documents Proposal C) | | | The Existing Organizational Documents are not subject to any director composition agreement or investor rights agreement. | | | The Proposed Organizational Documents provide that certain provisions therein are subject to the director nomination provisions of the Investor Rights Agreement. | |
| | | | | | See Article 6 subsection 1 of the Certificate of Incorporation. | |
Shareholder/Stockholder Written Consent In Lieu of a Meeting (Organizational Documents Proposal D) | | | The Existing Organizational Documents provide that resolutions may be passed by a vote in person, by proxy at a general meeting, or by unanimous written resolution. | | | The Proposed Organizational Documents allow stockholders to vote in person or by proxy at a meeting of stockholders, but prohibit the ability of stockholders to act by written consent in lieu of a meeting, unless such action is recommended or approved by all directors then in office. | |
| | | See Article 23 of our Existing Organizational Documents. | | | See Article 7 subsection 1 of the Certificate of Incorporation. | |
Classified Board (Organizational Documents Proposal E) | | | The Existing Organizational Documents provide that the Collier Creek Board be divided into three classes with only one class of directors being elected in each year and each class serving for a three-year term. | | | The Proposed Organizational Documents will provide that the Company Board continue to be divided into three classes with only one class of directors being elected in each year and each class serving for a three-year term. | |
| | | | | | See Article 6 subsection 1 of the Certificate of Incorporation. | |
Exclusive Forum (Organizational Documents Proposal F) | | | The Existing Organizational Documents do not contain a provision adopting an exclusive forum for certain shareholder litigation. | | | The Proposed Organizational Documents adopt Delaware as the exclusive forum for certain stockholder litigation and the U.S. federal district courts as the exclusive forum for the resolution of any complaint asserting a cause of action under the Securities Act. | |
| | | | | | See Article 12 subsection 1 of the Certificate of Incorporation. | |
Corporate Name (Organizational Documents Proposal | | | The Existing Organizational Documents provide the name of the company is “Collier Creek Holdings” | | | The Proposed Organizational Documents will provide that the name of the | |
| | | See paragraph 1 of our Existing Organizational Documents. | | | | |
| | | Existing Organizational Documents | | | Proposed Organizational Documents | |
Perpetual Existence (Organizational Documents Proposal | | | The Existing Organizational Documents provide that if we do not consummate a business combination (as defined in the Existing Organizational Documents) by October 10, 2020, Collier Creek shall cease all operations except for the purposes of winding up and shall redeem the shares issued in our IPO and liquidate our trust account. | | | The Proposed Organizational Documents do not include any provisions relating to the Company’s ongoing existence; the default under the DGCL will make Utz Brands, Inc.’s existence perpetual. | |
| | | See Article 51 of our Existing Organizational Documents. | | | This is the default rule under the DGCL. | |
Takeovers by Interested Stockholders (Organizational Documents Proposal | | | The Existing Organizational Documents do not provide restrictions on takeovers of | | | The Proposed Organizational Documents will have the Company elect not to be governed by Section 203 of the DGCL relating to takeovers by interested stockholders but will provide other restrictions regarding takeovers by interested | |
| | | | | | See Article 9 of the Certificate of Incorporation | |
Waiver of Corporate Opportunities (Organizational Documents Proposal | | | The Existing Organizational Documents do not provide an explicit waiver of corporate opportunities for Collier Creek or its directors. | | | The Proposed Organizational Documents will explicitly waive corporate opportunities | |
| | | | | See Article 10 of the Certificate of Incorporation. | | |
Provisions Related to Status as Blank Check Company (Organizational Documents Proposal | | | The Existing Organizational Documents set forth various provisions related to our status as a blank check company prior to the consummation of a business combination. | | | The Proposed Organizational Documents do not include such provisions related to our status as a blank check company, which no longer will apply upon consummation of the Business Combination, as we will cease to be a blank check company at such time. | |
| | | See Article 51 of our Existing Organizational Documents. | | | | |
Sources | | | | | | | | | Uses | | | | | | | |
Collier Creek Cash Held in Trust(1)(3) | | | | $ | 453 | | | | Debt Repayment(4) | | | | $ | 237 | | |
| | | | | | | | | UPA Seller Preferred Units Acquisition(5) | | | | | 139 | | |
Collier Creek Forward Purchase Agreement(2) | | | | | 35 | | | | Cash Consideration to Existing Utz Owners(6) | | | | | 60 | | |
| | | | | | | | | Transaction Fees(7) | | | | | 52 | | |
Total Sources | | | | $ | 488 | | | | Total Uses | | | | $ | 488 | | |
Sources | | | | | | | | | Uses | | | | | | | |
Collier Creek Cash Held in Trust(1)(3) | | | | $ | 453 | | | | Debt Repayment(4) | | | | $ | 49 | | |
| | | | | | | | | UPA Seller Preferred Units Acquisition(5) | | | | | 139 | | |
Collier Creek Forward Purchase Agreement(2) | | | | | 35 | | | | Cash Consideration to Existing Utz Owners(6) | | | | | 60 | | |
| | | | | | | | | Transaction Fees(7) | | | | | 52 | | |
| | | | | | | | | Shareholder Redemptions(8) | | | | | 188 | | |
Total Sources | | | | $ | 488 | | | | Total Uses | | | | $ | 488 | | |
| | | As of | | |||||||||||||||
| | | March 31, 2020 (Unaudited) | | | December 31, 2019 | | | December 31, 2018 | | |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | |
Cash | | | | $ | 585,123 | | | | | $ | 585,253 | | | | | $ | 944,890 | | |
Prepaid expenses | | | | | 154,625 | | | | | | 136,313 | | | | | | 321,529 | | |
Total current assets | | | | | 739,748 | | | | | | 721,566 | | | | | | 1,266,419 | | |
Cash and marketable securities held in Trust Account | | | | | 452,430,869 | | | | | | 451,020,841 | | | | | | 442,048,296 | | |
Total Assets | | | | $ | 453,170,617 | | | | | $ | 451,742,407 | | | | | $ | 443,314,715 | | |
Liabilities and Shareholders’ Equity: | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | |
Accounts payable | | | | $ | 161,579 | | | | | $ | 11,654 | | | | | $ | 115,112 | | |
Accrued expenses | | | | | 1,514,828 | | | | | | 444,337 | | | | | | 7,500 | | |
Accrued expenses – related parties | | | | | 176,774 | | | | | | 146,774 | | | | | | 26,774 | | |
Total current liabilities | | | | | 1,853,181 | | | | | | 602,765 | | | | | | 149,386 | | |
Deferred underwriting commissions and legal fees | | | | | 15,450,000 | | | | | | 15,450,000 | | | | | | 15,450,000 | | |
Total liabilities | | | | $ | 17,303,181 | | | | | $ | 16,052,765 | | | | | $ | 15,599,386 | | |
Commitments: | | | | | | | | | | | | | | | | | | | |
Class A ordinary shares, $0.0001 par value, subject to redemption | | | | | 430,867,428 | | | | | | 430,689,635 | | | | | | 422,715,321 | | |
Shareholders’ Equity: | | | | | | | | | | | | | | | | | | | |
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | | | | | — | | | | | | — | | | | | | — | | |
Class A ordinary shares, $0.0001 par value; 400,000,000 shares authorized | | | | | 209 | | | | | | 198 | | | | | | 194 | | |
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized | | | | | 1,188 | | | | | | 1,188 | | | | | | 1,188 | | |
Additional paid-in capital | | | | | — | | | | | | — | | | | | | 3,087,484 | | |
Retained earnings | | | | | 4,998,611 | | | | | | 4,998,621 | | | | | | 1,911,142 | | |
Total Shareholders’ Equity | | | | | 5,000,008 | | | | | | 5,000,007 | | | | | | 5,000,008 | | |
Total Liabilities and Shareholders’ Equity | | | | $ | 453,170,617 | | | | | $ | 451,742,407 | | | | | $ | 443,314,715 | | |
|
| | | For the Three Months Ended March 31, | | | For the Year Ended December 31, 2019 | | | For the Period from April 30, 2018 (inception) through December 31, 2018 | | |||||||||||||||
| | | 2020 (Unaudited) | | | 2019 (Unaudited) | | ||||||||||||||||||
General and administrative expenses | | | | $ | 1,232,234 | | | | | $ | 159,706 | | | | | $ | 998,232 | | | | | $ | 137,154 | | |
Loss from operations | | | | | (1,232,234) | | | | | | (159,706) | | | | | | (998,232) | | | | | | (137,154) | | |
Investment income on Trust Account | | | | | 1,410,028 | | | | | | 2,461,634 | | | | | | 8,972,545 | | | | | | 2,048,296 | | |
Net income | | | | $ | 177,794 | | | | | $ | 2,301,928 | | | | | $ | 7,974,313 | | | | | $ | 1,911,142 | | |
Weighted average shares outstanding of Class A ordinary shares | | | | | 44,000,000 | | | | | | 44,000,000 | | | | | | 44,000,000 | | | | | | 44,000,000 | | |
Basic and diluted net income per share, Class A | | | | $ | 0.03 | | | | | $ | 0.06 | | | | | $ | 0.20 | | | | | $ | 0.05 | | |
Weighted average shares outstanding of Class B ordinary shares | | | | | 11,875,000 | | | | | | 11,875,000 | | | | | | 11,875,000 | | | | | | 11,875,000 | | |
Basic and diluted net loss per share, Class B | | | | $ | (0.10) | | | | | $ | (0.01) | | | | | $ | (0.08) | | | | | $ | (0.01) | | |
| | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Net sales | | | | $ | 228,029 | | | | | $ | 178,412 | | | | | $ | 768,228 | | | | | $ | 772,035 | | | | | $ | 707,035 | | |
Cost of goods sold | | | | | 148,015 | | | | | | 121,880 | | | | | | 514,430 | | | | | | 505,330 | | | | | | 445,548 | | |
Gross profit | | | | | 80,014 | | | | | | 56,532 | | | | | | 253,798 | | | | | | 266,705 | | | | | | 261,487 | | |
Selling and administrative expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling | | | | | 48,333 | | | | | | 37,136 | | | | | | 163,589 | | | | | | 183,374 | | | | | | 180,956 | | |
Administrative | | | | | 19,940 | | | | | | 13,394 | | | | | | 64,723 | | | | | | 68,018 | | | | | | 69,982 | | |
Total selling and administrative expenses | | | | | 68,273 | | | | | | 50,530 | | | | | | 228,312 | | | | | | 251,392 | | | | | | 250,938 | | |
Gain (loss) on sale of assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gain (loss) on disposal of property, plant and equipment | | | | | 68 | | | | | | 729 | | | | | | 6,028 | | | | | | (2,312) | | | | | | (11,813) | | |
Gain on sale of routes, net | | | | | 404 | | | | | | 2,442 | | | | | | 7,232 | | | | | | 6,382 | | | | | | 11,364 | | |
Total gain (loss) on sale of assets | | | | | 472 | | | | | | 3,171 | | | | | | 13,260 | | | | | | 4,070 | | | | | | (449) | | |
Income from operations | | | | | 12,213 | | | | | | 9,173 | | | | | | 38,746 | | | | | | 19,383 | | | | | | 10,100 | | |
Other (expense) income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | | | (9,643) | | | | | | (12,545) | | | | | | (48,388) | | | | | | (45,715) | | | | | | (11,067) | | |
Other (expense) income | | | | | 580 | | | | | | 1,134 | | | | | | (576) | | | | | | 607 | | | | | | 1,921 | | |
Other (expense) income, net | | | | | (9,063) | | | | | | (11,411) | | | | | | (48,964) | | | | | | (45,108) | | | | | | (9,146) | | |
(Loss) income before taxes | | | | | 3,150 | | | | ��� | | (2,238) | | | | | | (10,218) | | | | | | (25,725) | | | | | | 954 | | |
Income tax expense (benefit) | | | | | 1,458 | | | | | | 377 | | | | | | 3,146 | | | | | | 1,919 | | | | | | (16,146) | | |
Net (loss) income | | | | | 1,692 | | | | | | (2,615) | | | | | | (13,364) | | | | | | (27,644) | | | | | | 17,100 | | |
Net (loss) income attributable to noncontrolling interest | | | | | — | | | | | | (705) | | | | | | (2,808) | | | | | | (2,856) | | | | | | (3,497) | | |
Net (loss) income attributable to controlling interest | | | | $ | 1,692 | | | | | $ | (3,320) | | | | | $ | (16,172) | | | | | $ | (30,500) | | | | | $ | 13,603 | | |
|
| | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Net cash provided by (used in) operating activities | | | | $ | (2,773) | | | | | $ | (17,179) | | | | | $ | 27,992 | | | | | $ | 15,747 | | | | | $ | 49,776 | | |
Net cash provided by (used in) investing activities | | | | | (14,464) | | | | | | 24,004 | | | | | | (115,882) | | | | | | (2,169) | | | | | | (171,148) | | |
Net cash provided by (used in) financing activities | | | | | 7,815 | | | | | | (5,423) | | | | | | 96,029 | | | | | | (16,366) | | | | | | 129,004 | | |
| | | March 29, 2020 | | | December 29, 2019 | | | December 30, 2018 | | |||||||||
Total assets | | | | $ | 784,905 | | | | | $ | 778,547 | | | | | $ | 640,670 | | |
Total liabilities | | | | | 826,430 | | | | | | 811,899 | | | | | | 771,986 | | |
Total (deficit) equity | | | | | (41,525) | | | | | | (33,352) | | | | | | (131,316) | | |
| | | Thirteen Weeks Ended | | | Fiscal Year Ended | | ||||||||||||||||||||||||
(dollars in millions) | | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Adjusted Net Sales | | | | | 248.8 | | | | | | 195.8 | | | | | | 845.4 | | | | | | 830.0 | | | | | | 747.4 | | |
Further Adjusted Net Sales | | | | | 248.8 | | | | | | 221.6 | | | | | | 942.7 | | | | | | N/A | | | | | | N/A | | |
Pro Forma Net Sales | | | | | 228.0 | | | | | | 204.2 | | | | | | 865.5 | | | | | | N/A | | | | | | N/A | | |
Adjusted Gross Profit | | | | | 106.1 | | | | | | 77.8 | | | | | | 347.8 | | | | | | 342.9 | | | | | | 315.8 | | |
Adjusted Gross Profit as a % of Adjusted Net Sales | | | | | 42.6% | | | | | | 39.7% | | | | | | 41.1% | | | | | | 41.3% | | | | | | 42.3% | | |
Further Adjusted Gross Profit | | | | | 106.1 | | | | | | 87.1 | | | | | | 383.0 | | | | | | N/A | | | | | | N/A | | |
Further Adjusted Gross Profit as a % of Further Adjusted Net Sales | | | | | 42.6% | | | | | | 39.3% | | | | | | 40.6% | | | | | | N/A | | | | | | N/A | | |
| | | Thirteen Weeks Ended | | | Fiscal Year Ended | | ||||||||||||||||||||||||
(dollars in millions) | | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Adjusted EBITDA | | | | | 29.2 | | | | | | 18.0 | | | | | | 93.3 | | | | | | 80.2 | | | | | | 73.2 | | |
Adjusted EBITDA as a % of Net Sales | | | | | 12.8% | | | | | | 10.1% | | | | | | 12.1% | | | | | | 10.4% | | | | | | 10.4% | | |
Further Adjusted EBITDA | | | | | 30.1 | | | | | | 21.5 | | | | | | 107.7 | | | | | | N/A | | | | | | N/A | | |
Further Adjusted EBITDA as a % of Pro Forma Net Sales | | | | | 13.2% | | | | | | 10.5% | | | | | | 12.4% | | | | | | N/A | | | | | | N/A | | |
| | | Thirteen Weeks Ended | | | Fiscal Year Ended | | ||||||||||||||||||||||||
(In millions) | | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Net Sales | | | | | 228.0 | | | | | | 178.4 | | | | | | 768.2 | | | | | | 772.0 | | | | | | 707.0 | | |
IO Discounts | | | | | 20.8 | | | | | | 17.4 | | | | | | 77.2 | | | | | | 58.0 | | | | | | 40.4 | | |
Adjusted Net Sales | | | | | 248.8 | | | | | | 195.8 | | | | | | 845.4 | | | | | | 830.0 | | | | | | 747.4 | | |
Pro Forma Net Sales | | | | | 228.0 | | | | | | 204.2 | | | | | | 865.5 | | | | | ||||||||||
IO Discounts | | | | | 20.8 | | | | | | 17.4 | | | | | | 77.2 | | | | | ||||||||||
Further Adjusted Net Sales | | | | | 248.8 | | | | | | 221.6 | | | | | | 942.7 | | | | |
| | | Thirteen Weeks Ended | | | Fiscal Year Ended | | ||||||||||||||||||||||||
(dollars in millions) | | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Gross Profit | | | | | 80.0 | | | | | | 56.5 | | | | | | 253.8 | | | | | | 266.7 | | | | | | 261.5 | | |
IO Discounts | | | | | 20.8 | | | | | | 17.4 | | | | | | 77.2 | | | | | | 58.0 | | | | | | 40.4 | | |
Depreciation and Amortization | | | | | 5.3 | | | | | | 3.9 | | | | | | 16.8 | | | | | | 18.2 | | | | | | 13.9 | | |
Adjusted Gross Profit | | | | | 106.1 | | | | | | 77.8 | | | | | | 347.8 | | | | | | 342.9 | | | | | | 315.8 | | |
Pro Forma Gross Profit | | | | | 80.0 | | | | | | 56.5 | | | | | | 287.0 | | | | | ||||||||||
IO Discounts | | | | | 20.8 | | | | | | 17.4 | | | | | | 77.2 | | | | | ||||||||||
Depreciation and Amortization | | | | | 5.3 | | | | | | 3.9 | | | | | | 18.8 | | | | | ||||||||||
Further Adjusted Gross Profit | | | | | 106.1 | | | | | | 87.1 | | | | | | 383.0 | | | | | ||||||||||
Further Adjusted Gross Profit as a % of Further Adjusted Net Sales | | | | | 42.6% | | | | | | 39.7% | | | | | | 40.6% | | | | |
| | | Thirteen Weeks Ended | | | Fiscal Year Ended | | ||||||||||||||||||||||||
(dollars in millions) | | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Net Income (loss) | | | | | 1.7 | | | | | | (2.6) | | | | | | (13.4) | | | | | | (27.6) | | | | | | 17.1 | | |
Plus non-GAAP adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income Tax (Benefit) or Expense | | | | | 1.5 | | | | | | 0.4 | | | | | | 3.2 | | | | | | 1.9 | | | | | | (16.1) | | |
Depreciation and Amortization | | | | | 8.9 | | | | | | 6.9 | | | | | | 29.3 | | | | | | 30.4 | | | | | | 29.0 | | |
Interest Expense, Net | | | | | 9.6 | | | | | | 12.5 | | | | | | 48.4 | | | | | | 45.7 | | | | | | 11.1 | | |
Interest Income (IO loans)(1) | | | | | (0.5) | | | | | | (0.9) | | | | | | (3.5) | | | | | | (2.6) | | | | | | (2.1) | | |
EBITDA | | | | | 21.2 | | | | | | 16.3 | | | | | | 64.0 | | | | | | 47.8 | | | | | | 39.0 | | |
Certain Non-Cash Adjustments(2) | | | | | 1.1 | | | | | | 0.4 | | | | | | 9.4 | | | | | | 12.6 | | | | | | 12.1 | | |
Change in Accounting Policy and Estimate(3) | | | | | — | | | | | | 0.4 | | | | | | 6.8 | | | | | | 4.6 | | | | | | — | | |
Acquisition and Integration(4) | | | | | 5.2 | | | | | | 0.7 | | | | | | 3.3 | | | | | | 11.3 | | | | | | 5.6 | | |
Business Transformation Initiatives(5) | | | | | 1.6 | | | | | | 0.2 | | | | | | 5.1 | | | | | | 3.0 | | | | | | 12.6 | | |
Financing-Related Costs(6) | | | | | 0.1 | | | | | | 0.0 | | | | | | 4.7 | | | | | | 0.9 | | | | | | 3.9 | | |
Adjusted EBITDA | | | | | 29.2 | | | | | | 18.0 | | | | | | 93.3 | | | | | | 80.2 | | | | | | 73.2 | | |
Adjusted EBITDA as a % of Net Sales | | | | | 12.8% | | | | | | 10.1% | | | | | | 12.1% | | | | | | 10.4% | | | | | | 10.4% | | |
Kennedy Pre-Acquisition EBITDA(7) | | | | | — | | | | | | 2.5 | | | | | | 9.9 | | | | | | | | | | | | | | |
Kennedy Synergies(8) | | | | | 1.5 | | | | | | 1.6 | | | | | | 6.3 | | | | | | | | | | | | | | |
Kitchen Cooked Pre-Acquisition Net Income | | | | | — | | | | | | — | | | | | | 0.5 | | | | | | | | | | | | | | |
Kitchen Cooked Synergies | | | | | 0.2 | | | | | | 0.2 | | | | | | 0.7 | | | | | | | | | | | | | | |
Collier Creek EBITDA(9) | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | |
Public Company Costs(10) | | | | | (0.8) | | | | | | (0.8) | | | | | | (3.0) | | | | | ||||||||||
Further Adjusted EBITDA | | | | | 30.1 | | | | | | 21.5 | | | | | | 107.7 | | | | | ||||||||||
Further Adjusted EBITDA as a % of Pro Forma Net Sales | | | | | 13.2% | | | | | | 10.5% | | | | | | 12.4% | | | | | | | | | | | | | | |
| | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | |||||||||
Kennedy Pre-Acquisition Net Income | | | | | — | | | | | | 2.1 | | | | | | 7.1 | | |
Plus: Pro Forma Pre-Acquisition Depreciation and Amortization | | | | | — | | | | | | 0.4 | | | | | | 2.8 | | |
Kennedy Pre-Acquisition EBITDA | | | | | — | | | | | | 2.5 | | | | | | 9.9 | | |
| | | Assuming No Redemptions | | | Assuming Maximum Redemptions(1) | | ||||||||||||||||||
| | | Shares | | | % | | | Shares | | | % | | ||||||||||||
Collier Creek’s Public Shareholders | | | | | 44,000,000 | | | | | | 38.2% | | | | | | 25,708,738 | | | | | | 26.5% | | |
Sponsor and Independent Directors (including Forward Purchases)(2)(3) | | | | | 13,375,000 | | | | | | 11.6% | | | | | | 13,375,000 | | | | | | 13.8% | | |
Sellers(4) | | | | | 57,765,978 | | | | | | 50.2% | | | | | | 57,765,978 | | | | | | 59.7% | | |
Closing shares | | | | | 115,140,978 | | | | | | 100% | | | | | | 96,849,716 | | | | | | 100% | | |
| | | As of March 31, 2020 | | | As of March 29, 2020 | | | As of March 31, 2020 | | |||||||||||||||
Unaudited Pro Forma Condensed Balance Sheet Data | | | Pro Forma | | |||||||||||||||||||||
| No Redemptions | | | Maximum Redemptions | | ||||||||||||||||||||
(in thousands) | | | Collier Creek | | | Utz | | ||||||||||||||||||
Total current assets | | | | $ | 1,000 | | | | | $ | 188,000 | | | | | $ | 190,000 | | | | | $ | 190,000 | | |
Total assets | | | | $ | 453,000 | | | | | $ | 785,000 | | | | | $ | 1,762,000 | | | | | $ | 1,727,000 | | |
Total liabilities | | | | $ | 17,000 | | | | | $ | 827,000 | | | | | $ | 666,000 | | | | | $ | 830,000 | | |
Total equity | | | | $ | 5,000 | | | | | $ | (42,000) | | | | | $ | 1,096,000 | | | | | $ | 897,000 | | |
Unaudited Pro Forma Condensed Combined Statement of Operations Data (in thousands, except per share data) | | | For the Three Months Ended March 31, 2020 | | | For the Quarterly Period Ended March 29, 2020 | | | Pro Forma | | |||||||||||||||
| Collier Creek | | | Utz | | | No Redemptions | | | Maximum Redemptions | | ||||||||||||||
Total revenues | | | | $ | — | | | | | $ | 228,000 | | | | | $ | 228,000 | | | | | $ | 228,000 | | |
Operating income (loss) | | | | $ | (1,000) | | | | | $ | 12,000 | | | | | $ | 1,000 | | | | | $ | 1,000 | | |
Net income (loss) | | | | $ | — | | | | | $ | 2,000 | | | | | $ | (4,000) | | | | | $ | (6,000) | | |
Net income (loss) per share basic, Class A | | | | $ | 0.03 | | | | | | N/A | | | | | $ | (0.02) | | | | | $ | (0.03) | | |
Net income (loss) per share diluted, Class A | | | | $ | 0.03 | | | | | | N/A | | | | | $ | (0.02) | | | | | $ | (0.03) | | |
Net loss per share (basic and diluted), Class B | | | | $ | (0.10) | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Unaudited Pro Forma Condensed Combined Statement of Operations Data (in thousands, except per share or unit data) | | | For the Year Ended December 31, 2019 | | | For the Year Ended December 29, 2019 | | | Pro Forma | | |||||||||||||||
| Collier Creek | | | Utz | | | No Redemptions | | | Maximum Redemptions | | ||||||||||||||
Total revenues | | | | $ | — | | | | | $ | 866,000 | | | | | $ | 866,000 | | | | | $ | 866,000 | | |
Operating (loss) income | | | | $ | (1,000) | | | | | $ | 45,000 | | | | | $ | (9,000) | | | | | $ | (9,000) | | |
Net income (loss) | | | | $ | 8,000 | | | | | $ | (14,000) | | | | | $ | (32,000) | | | | | $ | (46,000) | | |
Net income (loss) per share basic, Class A | | | | $ | 0.20 | | | | | | N/A | | | | | $ | (0.21) | | | | | $ | (0.36) | | |
Net income (loss) per share diluted, Class A | | | | $ | 0.20 | | | | | | N/A | | | | | $ | (0.21) | | | | | $ | (0.36) | | |
Net loss per share (basic and diluted), Class B | | | | $ | (0.08) | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
| | | | | | | | | | | | | | | Pro Forma Combined | | |||||||||
| | | Collier Creek | | | Utz(2) | | | No Redemptions | | | Maximum Redemptions | | ||||||||||||
Book Value per Share as of the last day of the first fiscal quarter of 2020(1) | | | | $ | 0.11 | | | | | | N/A | | | | | $ | 9.15 | | | | | $ | 8.75 | | |
Net Income (loss) per Common Share – Basic for fiscal year 2019 | | | | $ | 0.20 | | | | | | N/A | | | | | $ | (0.21) | | | | | $ | (0.36) | | |
Net Income (loss) per Common Share – Diluted for fiscal year 2019 | | | | $ | 0.20 | | | | | | N/A | | | | | $ | (0.21) | | | | | $ | (0.36) | | |
Net Income (loss) per Common Share – Basic for the first fiscal quarter of 2020 | | | | $ | 0.03 | | | | | | N/A | | | | | $ | (0.02) | | | | | $ | (0.03) | | |
Net Income (loss) per Common Share – Diluted for the first fiscal quarter of 2020 | | | | $ | 0.03 | | | | | | N/A | | | | | $ | (0.02) | | | | | $ | (0.03) | | |
| | | Existing Organizational Documents | | | Proposed Organizational Documents | |
Authorized Shares (Organizational Documents Proposal A) | | | The Existing Organizational Documents authorize 451,000,000 shares, consisting of 400,000,000 Class A ordinary shares, 50,000,000 Class B ordinary shares and 1,000,000 preferred shares. | | | The Proposed Organizational Documents authorize 1,064,249,000 shares, consisting of 1,000,000,000 shares of Class A common stock, 1,000,000 shares of Series B-1 common stock, 1,000,000 shares of Series B-2 common stock, 61,249,000 shares of Class V common stock and 1,000,000 shares of Preferred Stock. | |
| | | See paragraph 5 of our Existing Organizational Documents. | | | See Article 4 of the Certificate of Incorporation. | |
Authorize the Company to Make Issuances of Preferred Stock Without Stockholder Consent (Organizational Documents Proposal B) | | | The Existing Organizational Documents authorize the issuance of 1,000,000 preferred shares with such designations, rights and preferences as may be determined from time to time by our board of directors. Accordingly, our board of directors is empowered under the Existing Organizational Documents, without shareholder approval, to issue preferred shares with dividend, liquidation, redemption, voting or other rights which could | | | The Proposed Organizational Documents authorize the Company Board to make issuances of all or any shares of Preferred Stock in one or more classes or series, with such terms and conditions and at such future dates as may be expressly determined by the Company Board and as may be permitted by the DGCL. | |
| | | Existing Organizational Documents | | | Proposed Organizational Documents | |
| | | adversely affect the voting power or other rights of the holders of ordinary shares. | | | | |
| | | See Article 51 of our Existing Organizational Documents | | | See Article 4 subsection 2 of the Certificate of Incorporation. | |
Investor Rights Agreement (Organizational Documents Proposal C) | | | The Existing Organizational Documents are not subject to any director composition agreement or investor rights agreement. | | | The Proposed Organizational Documents provide that certain provisions therein are subject to the director nomination provisions of the Investor Rights Agreement. | |
| | | | | | See Article 6 subsection 1 of the Certificate of Incorporation. | |
Shareholder/Stockholder Written Consent In Lieu of a Meeting (Organizational Documents Proposal D) | | | The Existing Organizational Documents provide that resolutions may be passed by a vote in person, by proxy at a general meeting, or by unanimous written resolution. | | | The Proposed Organizational Documents allow stockholders to vote in person or by proxy at a meeting of stockholders, but prohibit the ability of stockholders to act by written consent in lieu of a meeting, unless such action is recommended or approved by all directors then in office. | |
| | | See Article 23 of our Existing Organizational Documents. | | | See Article 7 subsection 1 of the Certificate of Incorporation. | |
Classified Board (Organizational Documents Proposal E) | | | The Existing Organizational Documents provide that the Collier Creek Board be divided into three classes with only one class of directors being elected in each year and each class serving for a three-year term. | | | The Proposed Organizational Documents will provide that the Company Board continue to be divided into three classes with only one class of directors being elected in each year and each class serving for a three-year term. | |
| | | | | | See Article 6 subsection 1 of the Certificate of Incorporation. | |
Exclusive Forum (Organizational Documents Proposal F) | | | The Existing Organizational Documents do not contain a provision adopting an exclusive forum for certain shareholder litigation. | | | The Proposed Organizational Documents adopt Delaware as the exclusive forum for certain stockholder litigation and the U.S. federal district courts as the exclusive forum for the resolution of any complaint asserting a cause of action under the Securities Act. | |
| | | | | | See Article 12 subsection 1 of the Certificate of Incorporation. | |
Corporate Name (Organizational Documents Proposal G) | | | The Existing Organizational Documents provide the name of the company is “Collier Creek Holdings” | | | The Proposed Organizational Documents will provide that the name of the Company will be “Utz Brands, Inc.” | |
| | | See paragraph 1 of our Existing Organizational Documents. | | | | |
| | | Existing Organizational Documents | | | Proposed Organizational Documents | |
Perpetual Existence (Organizational Documents Proposal G) | | | The Existing Organizational Documents provide that if we do not consummate a business combination (as defined in the Existing Organizational Documents) by October 10, 2020, Collier Creek shall cease all operations except for the purposes of winding up and shall redeem the shares issued in our IPO and liquidate our trust account. | | | The Proposed Organizational Documents do not include any provisions relating to the Company’s ongoing existence; the default under the DGCL will make Utz Brands, Inc.’s existence perpetual. | |
| | | See Article 51 of our Existing Organizational Documents. | | | This is the default rule under the DGCL. | |
Takeovers by Interested Stockholders (Organizational Documents Proposal G) | | | The Existing Organizational Documents do not provide restrictions on takeovers of Collier Creek by a related shareholder following a business combination. | | | The Proposed Organizational Documents will have the Company elect not to be governed by Section 203 of the DGCL relating to takeovers by interested stockholders but will provide other restrictions regarding takeovers by interested stockholders. | |
| | | | | | See Article 9 of the Certificate of Incorporation | |
Waiver of Corporate Opportunities (Organizational Documents Proposal G) | | | The Existing Organizational Documents do not provide an explicit waiver of corporate opportunities for Collier Creek or its directors. | | | The Proposed Organizational Documents will explicitly waive corporate opportunities for the non-employee directors of the Company. | |
| | | �� | | | See Article 10 of the Certificate of Incorporation. | |
Provisions Related to Status as Blank Check Company (Organizational Documents Proposal G) | | | The Existing Organizational Documents set forth various provisions related to our status as a blank check company prior to the consummation of a business combination. | | | The Proposed Organizational Documents do not include such provisions related to our status as a blank check company, which no longer will apply upon consummation of the Business Combination, as we will cease to be a blank check company at such time. | |
| | | See Article 51 of our Existing Organizational Documents. | | | | |
Sources | | | | | | | | | Uses | | | | | | | |
Collier Creek Cash Held in Trust(1)(3) | | | | $ | 453 | | | | Debt Repayment(4) | | | | $ | 237 | | |
| | | | | | | | | UPA Seller Preferred Units Acquisition(5) | | | | | 139 | | |
Collier Creek Forward Purchase Agreement(2) | | | | | 35 | | | | Cash Consideration to Existing Utz Owners(6) | | | | | 60 | | |
| | | | | | | | | Transaction Fees(7) | | | | | 52 | | |
Total Sources | | | | $ | 488 | | | | Total Uses | | | | $ | 488 | | |
Sources | | | | | | | | | Uses | | | | | | | |
Collier Creek Cash Held in Trust(1)(3) | | | | $ | 453 | | | | Debt Repayment(4) | | | | $ | 49 | | |
| | | | | | | | | UPA Seller Preferred Units Acquisition(5) | | | | | 139 | | |
Collier Creek Forward Purchase Agreement(2) | | | | | 35 | | | | Cash Consideration to Existing Utz Owners(6) | | | | | 60 | | |
| | | | | | | | | Transaction Fees(7) | | | | | 52 | | |
| | | | | | | | | Shareholder Redemptions(8) | | | | | 188 | | |
Total Sources | | | | $ | 488 | | | | Total Uses | | | | $ | 488 | | |
| | | As of | | |||||||||||||||
| | | March 31, 2020 (Unaudited) | | | December 31, 2019 | | | December 31, 2018 | | |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | |
Cash | | | | $ | 585,123 | | | | | $ | 585,253 | | | | | $ | 944,890 | | |
Prepaid expenses | | | | | 154,625 | | | | | | 136,313 | | | | | | 321,529 | | |
Total current assets | | | | | 739,748 | | | | | | 721,566 | | | | | | 1,266,419 | | |
Cash and marketable securities held in Trust Account | | | | | 452,430,869 | | | | | | 451,020,841 | | | | | | 442,048,296 | | |
Total Assets | | | | $ | 453,170,617 | | | | | $ | 451,742,407 | | | | | $ | 443,314,715 | | |
Liabilities and Shareholders’ Equity: | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | |
Accounts payable | | | | $ | 161,579 | | | | | $ | 11,654 | | | | | $ | 115,112 | | |
Accrued expenses | | | | | 1,514,828 | | | | | | 444,337 | | | | | | 7,500 | | |
Accrued expenses – related parties | | | | | 176,774 | | | | | | 146,774 | | | | | | 26,774 | | |
Total current liabilities | | | | | 1,853,181 | | | | | | 602,765 | | | | | | 149,386 | | |
Deferred underwriting commissions and legal fees | | | | | 15,450,000 | | | | | | 15,450,000 | | | | | | 15,450,000 | | |
Total liabilities | | | | $ | 17,303,181 | | | | | $ | 16,052,765 | | | | | $ | 15,599,386 | | |
Commitments: | | | | | | | | | | | | | | | | | | | |
Class A ordinary shares, $0.0001 par value, subject to redemption | | | | | 430,867,428 | | | | | | 430,689,635 | | | | | | 422,715,321 | | |
Shareholders’ Equity: | | | | | | | | | | | | | | | | | | | |
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | | | | | — | | | | | | — | | | | | | — | | |
Class A ordinary shares, $0.0001 par value; 400,000,000 shares authorized | | | | | 209 | | | | | | 198 | | | | | | 194 | | |
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized | | | | | 1,188 | | | | | | 1,188 | | | | | | 1,188 | | |
Additional paid-in capital | | | | | — | | | | | | — | | | | | | 3,087,484 | | |
Retained earnings | | | | | 4,998,611 | | | | | | 4,998,621 | | | | | | 1,911,142 | | |
Total Shareholders’ Equity | | | | | 5,000,008 | | | | | | 5,000,007 | | | | | | 5,000,008 | | |
Total Liabilities and Shareholders’ Equity | | | | $ | 453,170,617 | | | | | $ | 451,742,407 | | | | | $ | 443,314,715 | | |
|
| | | For the Three Months Ended March 31, | | | For the Year Ended December 31, 2019 | | | For the Period from April 30, 2018 (inception) through December 31, 2018 | | |||||||||||||||
| | | 2020 (Unaudited) | | | 2019 (Unaudited) | | ||||||||||||||||||
General and administrative expenses | | | | $ | 1,232,234 | | | | | $ | 159,706 | | | | | $ | 998,232 | | | | | $ | 137,154 | | |
Loss from operations | | | | | (1,232,234) | | | | | | (159,706) | | | | | | (998,232) | | | | | | (137,154) | | |
Investment income on Trust Account | | | | | 1,410,028 | | | | | | 2,461,634 | | | | | | 8,972,545 | | | | | | 2,048,296 | | |
Net income | | | | $ | 177,794 | | | | | $ | 2,301,928 | | | | | $ | 7,974,313 | | | | | $ | 1,911,142 | | |
Weighted average shares outstanding of Class A ordinary shares | | | | | 44,000,000 | | | | | | 44,000,000 | | | | | | 44,000,000 | | | | | | 44,000,000 | | |
Basic and diluted net income per share, Class A | | | | $ | 0.03 | | | | | $ | 0.06 | | | | | $ | 0.20 | | | | | $ | 0.05 | | |
Weighted average shares outstanding of Class B ordinary shares | | | | | 11,875,000 | | | | | | 11,875,000 | | | | | | 11,875,000 | | | | | | 11,875,000 | | |
Basic and diluted net loss per share, Class B | | | | $ | (0.10) | | | | | $ | (0.01) | | | | | $ | (0.08) | | | | | $ | (0.01) | | |
| | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Net sales | | | | $ | 228,029 | | | | | $ | 178,412 | | | | | $ | 768,228 | | | | | $ | 772,035 | | | | | $ | 707,035 | | |
Cost of goods sold | | | | | 148,015 | | | | | | 121,880 | | | | | | 514,430 | | | | | | 505,330 | | | | | | 445,548 | | |
Gross profit | | | | | 80,014 | | | | | | 56,532 | | | | | | 253,798 | | | | | | 266,705 | | | | | | 261,487 | | |
Selling and administrative expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling | | | | | 48,333 | | | | | | 37,136 | | | | | | 163,589 | | | | | | 183,374 | | | | | | 180,956 | | |
Administrative | | | | | 19,940 | | | | | | 13,394 | | | | | | 64,723 | | | | | | 68,018 | | | | | | 69,982 | | |
Total selling and administrative expenses | | | | | 68,273 | | | | | | 50,530 | | | | | | 228,312 | | | | | | 251,392 | | | | | | 250,938 | | |
Gain (loss) on sale of assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gain (loss) on disposal of property, plant and equipment | | | | | 68 | | | | | | 729 | | | | | | 6,028 | | | | | | (2,312) | | | | | | (11,813) | | |
Gain on sale of routes, net | | | | | 404 | | | | | | 2,442 | | | | | | 7,232 | | | | | | 6,382 | | | | | | 11,364 | | |
Total gain (loss) on sale of assets | | | | | 472 | | | | | | 3,171 | | | | | | 13,260 | | | | | | 4,070 | | | | | | (449) | | |
Income from operations | | | | | 12,213 | | | | | | 9,173 | | | | | | 38,746 | | | | | | 19,383 | | | | | | 10,100 | | |
Other (expense) income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | | | (9,643) | | | | | | (12,545) | | | | | | (48,388) | | | | | | (45,715) | | | | | | (11,067) | | |
Other (expense) income | | | | | 580 | | | | | | 1,134 | | | | | | (576) | | | | | | 607 | | | | | | 1,921 | | |
Other (expense) income, net | | | | | (9,063) | | | | | | (11,411) | | | | | | (48,964) | | | | | | (45,108) | | | | | | (9,146) | | |
(Loss) income before taxes | | | | | 3,150 | | | | ��� | | (2,238) | | | | | | (10,218) | | | | | | (25,725) | | | | | | 954 | | |
Income tax expense (benefit) | | | | | 1,458 | | | | | | 377 | | | | | | 3,146 | | | | | | 1,919 | | | | | | (16,146) | | |
Net (loss) income | | | | | 1,692 | | | | | | (2,615) | | | | | | (13,364) | | | | | | (27,644) | | | | | | 17,100 | | |
Net (loss) income attributable to noncontrolling interest | | | | | — | | | | | | (705) | | | | | | (2,808) | | | | | | (2,856) | | | | | | (3,497) | | |
Net (loss) income attributable to controlling interest | | | | $ | 1,692 | | | | | $ | (3,320) | | | | | $ | (16,172) | | | | | $ | (30,500) | | | | | $ | 13,603 | | |
|
| | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Net cash provided by (used in) operating activities | | | | $ | (2,773) | | | | | $ | (17,179) | | | | | $ | 27,992 | | | | | $ | 15,747 | | | | | $ | 49,776 | | |
Net cash provided by (used in) investing activities | | | | | (14,464) | | | | | | 24,004 | | | | | | (115,882) | | | | | | (2,169) | | | | | | (171,148) | | |
Net cash provided by (used in) financing activities | | | | | 7,815 | | | | | | (5,423) | | | | | | 96,029 | | | | | | (16,366) | | | | | | 129,004 | | |
| | | March 29, 2020 | | | December 29, 2019 | | | December 30, 2018 | | |||||||||
Total assets | | | | $ | 784,905 | | | | | $ | 778,547 | | | | | $ | 640,670 | | |
Total liabilities | | | | | 826,430 | | | | | | 811,899 | | | | | | 771,986 | | |
Total (deficit) equity | | | | | (41,525) | | | | | | (33,352) | | | | | | (131,316) | | |
| | | Thirteen Weeks Ended | | | Fiscal Year Ended | | ||||||||||||||||||||||||
(dollars in millions) | | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Adjusted Net Sales | | | | | 248.8 | | | | | | 195.8 | | | | | | 845.4 | | | | | | 830.0 | | | | | | 747.4 | | |
Further Adjusted Net Sales | | | | | 248.8 | | | | | | 221.6 | | | | | | 942.7 | | | | | | N/A | | | | | | N/A | | |
Pro Forma Net Sales | | | | | 228.0 | | | | | | 204.2 | | | | | | 865.5 | | | | | | N/A | | | | | | N/A | | |
Adjusted Gross Profit | | | | | 106.1 | | | | | | 77.8 | | | | | | 347.8 | | | | | | 342.9 | | | | | | 315.8 | | |
Adjusted Gross Profit as a % of Adjusted Net Sales | | | | | 42.6% | | | | | | 39.7% | | | | | | 41.1% | | | | | | 41.3% | | | | | | 42.3% | | |
Further Adjusted Gross Profit | | | | | 106.1 | | | | | | 87.1 | | | | | | 383.0 | | | | | | N/A | | | | | | N/A | | |
Further Adjusted Gross Profit as a % of Further Adjusted Net Sales | | | | | 42.6% | | | | | | 39.3% | | | | | | 40.6% | | | | | | N/A | | | | | | N/A | | |
| | | Thirteen Weeks Ended | | | Fiscal Year Ended | | ||||||||||||||||||||||||
(dollars in millions) | | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Adjusted EBITDA | | | | | 29.2 | | | | | | 18.0 | | | | | | 93.3 | | | | | | 80.2 | | | | | | 73.2 | | |
Adjusted EBITDA as a % of Net Sales | | | | | 12.8% | | | | | | 10.1% | | | | | | 12.1% | | | | | | 10.4% | | | | | | 10.4% | | |
Further Adjusted EBITDA | | | | | 30.1 | | | | | | 21.5 | | | | | | 107.7 | | | | | | N/A | | | | | | N/A | | |
Further Adjusted EBITDA as a % of Pro Forma Net Sales | | | | | 13.2% | | | | | | 10.5% | | | | | | 12.4% | | | | | | N/A | | | | | | N/A | | |
| | | Thirteen Weeks Ended | | | Fiscal Year Ended | | ||||||||||||||||||||||||
(In millions) | | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Net Sales | | | | | 228.0 | | | | | | 178.4 | | | | | | 768.2 | | | | | | 772.0 | | | | | | 707.0 | | |
IO Discounts | | | | | 20.8 | | | | | | 17.4 | | | | | | 77.2 | | | | | | 58.0 | | | | | | 40.4 | | |
Adjusted Net Sales | | | | | 248.8 | | | | | | 195.8 | | | | | | 845.4 | | | | | | 830.0 | | | | | | 747.4 | | |
Pro Forma Net Sales | | | | | 228.0 | | | | | | 204.2 | | | | | | 865.5 | | | | | ||||||||||
IO Discounts | | | | | 20.8 | | | | | | 17.4 | | | | | | 77.2 | | | | | ||||||||||
Further Adjusted Net Sales | | | | | 248.8 | | | | | | 221.6 | | | | | | 942.7 | | | | |
| | | Thirteen Weeks Ended | | | Fiscal Year Ended | | ||||||||||||||||||||||||
(dollars in millions) | | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Gross Profit | | | | | 80.0 | | | | | | 56.5 | | | | | | 253.8 | | | | | | 266.7 | | | | | | 261.5 | | |
IO Discounts | | | | | 20.8 | | | | | | 17.4 | | | | | | 77.2 | | | | | | 58.0 | | | | | | 40.4 | | |
Depreciation and Amortization | | | | | 5.3 | | | | | | 3.9 | | | | | | 16.8 | | | | | | 18.2 | | | | | | 13.9 | | |
Adjusted Gross Profit | | | | | 106.1 | | | | | | 77.8 | | | | | | 347.8 | | | | | | 342.9 | | | | | | 315.8 | | |
Pro Forma Gross Profit | | | | | 80.0 | | | | | | 56.5 | | | | | | 287.0 | | | | | ||||||||||
IO Discounts | | | | | 20.8 | | | | | | 17.4 | | | | | | 77.2 | | | | | ||||||||||
Depreciation and Amortization | | | | | 5.3 | | | | | | 3.9 | | | | | | 18.8 | | | | | ||||||||||
Further Adjusted Gross Profit | | | | | 106.1 | | | | | | 87.1 | | | | | | 383.0 | | | | | ||||||||||
Further Adjusted Gross Profit as a % of Further Adjusted Net Sales | | | | | 42.6% | | | | | | 39.7% | | | | | | 40.6% | | | | |
| | | Thirteen Weeks Ended | | | Fiscal Year Ended | | ||||||||||||||||||||||||
(dollars in millions) | | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Net Income (loss) | | | | | 1.7 | | | | | | (2.6) | | | | | | (13.4) | | | | | | (27.6) | | | | | | 17.1 | | |
Plus non-GAAP adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income Tax (Benefit) or Expense | | | | | 1.5 | | | | | | 0.4 | | | | | | 3.2 | | | | | | 1.9 | | | | | | (16.1) | | |
Depreciation and Amortization | | | | | 8.9 | | | | | | 6.9 | | | | | | 29.3 | | | | | | 30.4 | | | | | | 29.0 | | |
Interest Expense, Net | | | | | 9.6 | | | | | | 12.5 | | | | | | 48.4 | | | | | | 45.7 | | | | | | 11.1 | | |
Interest Income (IO loans)(1) | | | | | (0.5) | | | | | | (0.9) | | | | | | (3.5) | | | | | | (2.6) | | | | | | (2.1) | | |
EBITDA | | | | | 21.2 | | | | | | 16.3 | | | | | | 64.0 | | | | | | 47.8 | | | | | | 39.0 | | |
Certain Non-Cash Adjustments(2) | | | | | 1.1 | | | | | | 0.4 | | | | | | 9.4 | | | | | | 12.6 | | | | | | 12.1 | | |
Change in Accounting Policy and Estimate(3) | | | | | — | | | | | | 0.4 | | | | | | 6.8 | | | | | | 4.6 | | | | | | — | | |
Acquisition and Integration(4) | | | | | 5.2 | | | | | | 0.7 | | | | | | 3.3 | | | | | | 11.3 | | | | | | 5.6 | | |
Business Transformation Initiatives(5) | | | | | 1.6 | | | | | | 0.2 | | | | | | 5.1 | | | | | | 3.0 | | | | | | 12.6 | | |
Financing-Related Costs(6) | | | | | 0.1 | | | | | | 0.0 | | | | | | 4.7 | | | | | | 0.9 | | | | | | 3.9 | | |
Adjusted EBITDA | | | | | 29.2 | | | | | | 18.0 | | | | | | 93.3 | | | | | | 80.2 | | | | | | 73.2 | | |
Adjusted EBITDA as a % of Net Sales | | | | | 12.8% | | | | | | 10.1% | | | | | | 12.1% | | | | | | 10.4% | | | | | | 10.4% | | |
Kennedy Pre-Acquisition EBITDA(7) | | | | | — | | | | | | 2.5 | | | | | | 9.9 | | | | | | | | | | | | | | |
Kennedy Synergies(8) | | | | | 1.5 | | | | | | 1.6 | | | | | | 6.3 | | | | | | | | | | | | | | |
Kitchen Cooked Pre-Acquisition Net Income | | | | | — | | | | | | — | | | | | | 0.5 | | | | | | | | | | | | | | |
Kitchen Cooked Synergies | | | | | 0.2 | | | | | | 0.2 | | | | | | 0.7 | | | | | | | | | | | | | | |
Collier Creek EBITDA(9) | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | |
Public Company Costs(10) | | | | | (0.8) | | | | | | (0.8) | | | | | | (3.0) | | | | | ||||||||||
Further Adjusted EBITDA | | | | | 30.1 | | | | | | 21.5 | | | | | | 107.7 | | | | | ||||||||||
Further Adjusted EBITDA as a % of Pro Forma Net Sales | | | | | 13.2% | | | | | | 10.5% | | | | | | 12.4% | | | | | | | | | | | | | | |
| | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | |||||||||
Kennedy Pre-Acquisition Net Income | | | | | — | | | | | | 2.1 | | | | | | 7.1 | | |
Plus: Pro Forma Pre-Acquisition Depreciation and Amortization | | | | | — | | | | | | 0.4 | | | | | | 2.8 | | |
Kennedy Pre-Acquisition EBITDA | | | | | — | | | | | | 2.5 | | | | | | 9.9 | | |
| | | Assuming No Redemptions | | | Assuming Maximum Redemptions(1) | | ||||||||||||||||||
| | | Shares | | | % | | | Shares | | | % | | ||||||||||||
Collier Creek’s Public Shareholders | | | | | 44,000,000 | | | | | | 38.2% | | | | | | 25,708,738 | | | | | | 26.5% | | |
Sponsor and Independent Directors (including Forward Purchases)(2)(3) | | | | | 13,375,000 | | | | | | 11.6% | | | | | | 13,375,000 | | | | | | 13.8% | | |
Sellers(4) | | | | | 57,765,978 | | | | | | 50.2% | | | | | | 57,765,978 | | | | | | 59.7% | | |
Closing shares | | | | | 115,140,978 | | | | | | 100% | | | | | | 96,849,716 | | | | | | 100% | | |
| | | As of March 31, 2020 | | | As of March 29, 2020 | | | As of March 31, 2020 | | |||||||||||||||
Unaudited Pro Forma Condensed Balance Sheet Data | | | Pro Forma | | |||||||||||||||||||||
| No Redemptions | | | Maximum Redemptions | | ||||||||||||||||||||
(in thousands) | | | Collier Creek | | | Utz | | ||||||||||||||||||
Total current assets | | | | $ | 1,000 | | | | | $ | 188,000 | | | | | $ | 190,000 | | | | | $ | 190,000 | | |
Total assets | | | | $ | 453,000 | | | | | $ | 785,000 | | | | | $ | 1,762,000 | | | | | $ | 1,727,000 | | |
Total liabilities | | | | $ | 17,000 | | | | | $ | 827,000 | | | | | $ | 666,000 | | | | | $ | 830,000 | | |
Total equity | | | | $ | 5,000 | | | | | $ | (42,000) | | | | | $ | 1,096,000 | | | | | $ | 897,000 | | |
Unaudited Pro Forma Condensed Combined Statement of Operations Data (in thousands, except per share data) | | | For the Three Months Ended March 31, 2020 | | | For the Quarterly Period Ended March 29, 2020 | | | Pro Forma | | |||||||||||||||
| Collier Creek | | | Utz | | | No Redemptions | | | Maximum Redemptions | | ||||||||||||||
Total revenues | | | | $ | — | | | | | $ | 228,000 | | | | | $ | 228,000 | | | | | $ | 228,000 | | |
Operating income (loss) | | | | $ | (1,000) | | | | | $ | 12,000 | | | | | $ | 1,000 | | | | | $ | 1,000 | | |
Net income (loss) | | | | $ | — | | | | | $ | 2,000 | | | | | $ | (4,000) | | | | | $ | (6,000) | | |
Net income (loss) per share basic, Class A | | | | $ | 0.03 | | | | | | N/A | | | | | $ | (0.02) | | | | | $ | (0.03) | | |
Net income (loss) per share diluted, Class A | | | | $ | 0.03 | | | | | | N/A | | | | | $ | (0.02) | | | | | $ | (0.03) | | |
Net loss per share (basic and diluted), Class B | | | | $ | (0.10) | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Unaudited Pro Forma Condensed Combined Statement of Operations Data (in thousands, except per share or unit data) | | | For the Year Ended December 31, 2019 | | | For the Year Ended December 29, 2019 | | | Pro Forma | | |||||||||||||||
| Collier Creek | | | Utz | | | No Redemptions | | | Maximum Redemptions | | ||||||||||||||
Total revenues | | | | $ | — | | | | | $ | 866,000 | | | | | $ | 866,000 | | | | | $ | 866,000 | | |
Operating (loss) income | | | | $ | (1,000) | | | | | $ | 45,000 | | | | | $ | (9,000) | | | | | $ | (9,000) | | |
Net income (loss) | | | | $ | 8,000 | | | | | $ | (14,000) | | | | | $ | (32,000) | | | | | $ | (46,000) | | |
Net income (loss) per share basic, Class A | | | | $ | 0.20 | | | | | | N/A | | | | | $ | (0.21) | | | | | $ | (0.36) | | |
Net income (loss) per share diluted, Class A | | | | $ | 0.20 | | | | | | N/A | | | | | $ | (0.21) | | | | | $ | (0.36) | | |
Net loss per share (basic and diluted), Class B | | | | $ | (0.08) | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
| | | | | | | | | | | | | | | Pro Forma Combined | | |||||||||
| | | Collier Creek | | | Utz(2) | | | No Redemptions | | | Maximum Redemptions | | ||||||||||||
Book Value per Share as of the last day of the first fiscal quarter of 2020(1) | | | | $ | 0.11 | | | | | | N/A | | | | | $ | 9.15 | | | | | $ | 8.75 | | |
Net Income (loss) per Common Share – Basic for fiscal year 2019 | | | | $ | 0.20 | | | | | | N/A | | | | | $ | (0.21) | | | | | $ | (0.36) | | |
Net Income (loss) per Common Share – Diluted for fiscal year 2019 | | | | $ | 0.20 | | | | | | N/A | | | | | $ | (0.21) | | | | | $ | (0.36) | | |
Net Income (loss) per Common Share – Basic for the first fiscal quarter of 2020 | | | | $ | 0.03 | | | | | | N/A | | | | | $ | (0.02) | | | | | $ | (0.03) | | |
Net Income (loss) per Common Share – Diluted for the first fiscal quarter of 2020 | | | | $ | 0.03 | | | | | | N/A | | | | | $ | (0.02) | | | | | $ | (0.03) | | |
| | | Existing Organizational Documents | | | Proposed Organizational Documents | |
Authorized Shares (Organizational Documents Proposal A) | | | The Existing Organizational Documents authorize 451,000,000 shares, consisting of 400,000,000 Class A ordinary shares, 50,000,000 Class B ordinary shares and 1,000,000 preferred shares. | | | The Proposed Organizational Documents authorize 1,064,249,000 shares, consisting of 1,000,000,000 shares of Class A common stock, 1,000,000 shares of Series B-1 common stock, 1,000,000 shares of Series B-2 common stock, 61,249,000 shares of Class V common stock and 1,000,000 shares of Preferred Stock. | |
| | | See paragraph 5 of our Existing Organizational Documents. | | | See Article 4 of the Certificate of Incorporation. | |
Authorize the Company to Make Issuances of Preferred Stock Without Stockholder Consent (Organizational Documents Proposal B) | | | The Existing Organizational Documents authorize the issuance of 1,000,000 preferred shares with such designations, rights and preferences as may be determined from time to time by our board of directors. Accordingly, our board of directors is empowered under the Existing Organizational Documents, without shareholder approval, to issue preferred shares with dividend, liquidation, redemption, voting or other rights which could | | | The Proposed Organizational Documents authorize the Company Board to make issuances of all or any shares of Preferred Stock in one or more classes or series, with such terms and conditions and at such future dates as may be expressly determined by the Company Board and as may be permitted by the DGCL. | |
| | | Existing Organizational Documents | | | Proposed Organizational Documents | |
| | | adversely affect the voting power or other rights of the holders of ordinary shares. | | | | |
| | | See Article 51 of our Existing Organizational Documents | | | See Article 4 subsection 2 of the Certificate of Incorporation. | |
Investor Rights Agreement (Organizational Documents Proposal C) | | | The Existing Organizational Documents are not subject to any director composition agreement or investor rights agreement. | | | The Proposed Organizational Documents provide that certain provisions therein are subject to the director nomination provisions of the Investor Rights Agreement. | |
| | | | | | See Article 6 subsection 1 of the Certificate of Incorporation. | |
Shareholder/Stockholder Written Consent In Lieu of a Meeting (Organizational Documents Proposal D) | | | The Existing Organizational Documents provide that resolutions may be passed by a vote in person, by proxy at a general meeting, or by unanimous written resolution. | | | The Proposed Organizational Documents allow stockholders to vote in person or by proxy at a meeting of stockholders, but prohibit the ability of stockholders to act by written consent in lieu of a meeting, unless such action is recommended or approved by all directors then in office. | |
| | | See Article 23 of our Existing Organizational Documents. | | | See Article 7 subsection 1 of the Certificate of Incorporation. | |
Classified Board (Organizational Documents Proposal E) | | | The Existing Organizational Documents provide that the Collier Creek Board be divided into three classes with only one class of directors being elected in each year and each class serving for a three-year term. | | | The Proposed Organizational Documents will provide that the Company Board continue to be divided into three classes with only one class of directors being elected in each year and each class serving for a three-year term. | |
| | | | | | See Article 6 subsection 1 of the Certificate of Incorporation. | |
Exclusive Forum (Organizational Documents Proposal F) | | | The Existing Organizational Documents do not contain a provision adopting an exclusive forum for certain shareholder litigation. | | | The Proposed Organizational Documents adopt Delaware as the exclusive forum for certain stockholder litigation and the U.S. federal district courts as the exclusive forum for the resolution of any complaint asserting a cause of action under the Securities Act. | |
| | | | | | See Article 12 subsection 1 of the Certificate of Incorporation. | |
Corporate Name (Organizational Documents Proposal G) | | | The Existing Organizational Documents provide the name of the company is “Collier Creek Holdings” | | | The Proposed Organizational Documents will provide that the name of the Company will be “Utz Brands, Inc.” | |
| | | See paragraph 1 of our Existing Organizational Documents. | | | | |
| | | Existing Organizational Documents | | | Proposed Organizational Documents | |
Perpetual Existence (Organizational Documents Proposal G) | | | The Existing Organizational Documents provide that if we do not consummate a business combination (as defined in the Existing Organizational Documents) by October 10, 2020, Collier Creek shall cease all operations except for the purposes of winding up and shall redeem the shares issued in our IPO and liquidate our trust account. | | | The Proposed Organizational Documents do not include any provisions relating to the Company’s ongoing existence; the default under the DGCL will make Utz Brands, Inc.’s existence perpetual. | |
| | | See Article 51 of our Existing Organizational Documents. | | | This is the default rule under the DGCL. | |
Takeovers by Interested Stockholders (Organizational Documents Proposal G) | | | The Existing Organizational Documents do not provide restrictions on takeovers of Collier Creek by a related shareholder following a business combination. | | | The Proposed Organizational Documents will have the Company elect not to be governed by Section 203 of the DGCL relating to takeovers by interested stockholders but will provide other restrictions regarding takeovers by interested stockholders. | |
| | | | | | See Article 9 of the Certificate of Incorporation | |
Waiver of Corporate Opportunities (Organizational Documents Proposal G) | | | The Existing Organizational Documents do not provide an explicit waiver of corporate opportunities for Collier Creek or its directors. | | | The Proposed Organizational Documents will explicitly waive corporate opportunities for the non-employee directors of the Company. | |
| | | �� | | | See Article 10 of the Certificate of Incorporation. | |
Provisions Related to Status as Blank Check Company (Organizational Documents Proposal G) | | | The Existing Organizational Documents set forth various provisions related to our status as a blank check company prior to the consummation of a business combination. | | | The Proposed Organizational Documents do not include such provisions related to our status as a blank check company, which no longer will apply upon consummation of the Business Combination, as we will cease to be a blank check company at such time. | |
| | | See Article 51 of our Existing Organizational Documents. | | | | |
| Provision | | | Delaware | | | Cayman Islands | |
| Applicable legislation | | | General Corporation Law of the State of Delaware. | | | The Companies Law ((2020) Revision). | |
| General Vote Required for Combinations with Interested Stockholders/Shareholders | | | Generally a corporation may not engage in a business combination with an interested stockholder for a period of three years after the time of the transaction in which the person became an interested stockholder, unless the corporation opts out of the statutory provision. | | | No Similar Provision. | |
| Appraisal Rights | | | Generally a stockholder of a publicly traded corporation does not have appraisal rights in connection with a merger. Stockholders of a publicly traded corporation do, however, generally have appraisal rights in connection with a merger if they are required by the terms of a Business Combination Agreement to accept for their shares anything except: (a) shares or depository receipts of the corporation surviving or resulting from such merger; (b) shares of stock or depository receipts that will be either listed on a national securities exchange or held of record by more than 2,000 holders; (c) cash in lieu of fractional shares or fractional depository receipts described in (a) and (b) above; or (d) any combination of the shares of stock, depository receipts and cash in lieu of fractional shares or fractional depository receipts described in (a), (b) and (c) above. | | | Shareholders that dissent from a merger are entitled to be paid the fair market value of their shares, which if necessary may ultimately be determined by the court. | |
| Requirements for Stockholder/Shareholder Approval | | | Subject to the certificate of incorporation, stockholder approval of mergers, a sale of all or substantially all the assets of the corporation, dissolution and amendments of constitutional documents require a majority of outstanding shares; most other | | | Subject to the articles of association, matters which require shareholder approval, whether under Cayman Islands statute or the company’s articles of association, are determined (subject to quorum requirements) by simple majority of the shares | |
| Provision | | | Delaware | | | Cayman Islands | |
| | | | stockholder approvals require a majority of those present and voting, provided a quorum is present. | | | present and voting at a meeting. Where the proposed action requires approval by “Special Resolution” (such as the amendment of the company’s constitutional documents) the approval of not less than two-thirds of the shares present and voting at a meeting is required, subject to any additional higher thresholds that may be included in an entity’s articles of association. | |
| Requirement for Quorum | | | Quorum is a majority of shares entitled to vote at the meeting unless otherwise set in the constitutional documents, but cannot be less than one-third of shares entitled to vote at the meeting. | | | Quorum is set in the company’s memorandum and articles of association. | |
| Stockholder/Shareholder Consent to Action Without Meeting | | | Unless otherwise provided in the certificate of incorporation, stockholders may act by written consent. | | | Shareholder action by written resolutions (whether unanimous or otherwise) may be permitted by the articles of association. The articles of association may provide that shareholders may not act by written resolutions. | |
| Inspection of Books and Records | | | Any stockholder may inspect the corporation’s books and records for a proper purpose during the usual hours for business. | | | Shareholders generally do not have any rights to inspect or obtain copies of the register of shareholders or other corporate records of a company. | |
| Stockholder/Shareholder Lawsuits | | | A stockholder may bring a derivative suit subject to procedural requirements. | | | In the Cayman Islands, the decision to institute proceedings on behalf of a company is generally taken by the company’s board of directors. A shareholder may be entitled to bring a derivative action on behalf of the company only in certain limited circumstances. | |
| Removal of Directors | | | Any director or the entire board may be removed, with or without cause, by the holders of a majority of the shares then entitled to vote at an election of directors, except as follows: (1) unless the charter otherwise provides, in the case of a | | | A company’s memorandum and articles of association may provide that a director may be removed for any or no reason and that, in addition to shareholders, boards may be granted the power to remove a director. | |
| Provision | | | Delaware | | | Cayman Islands | |
| | | | corporation with a classified board, stockholders may effect such removal only for cause; or (2) in the case of a corporation having cumulative voting, if less than the entire board is to be removed, no director may be removed without cause if the votes cast against such director’s removal would be sufficient to elect such director if then cumulatively voted at an election of the entire board. Because the corporation board will be classified after the closing of the Business Combination, a director may be removed from office only for cause and only by the affirmative vote of at least a majority of the total voting power of the outstanding shares of capital stock of the corporation entitled to vote in any annual election of directors or class of directors, voting together as a single class. | | | | |
| Number of Directors | | | The number of directors is fixed by the Bylaws, unless the certificate of incorporation fixes the number of directors, in which case a change in the number of directors shall be made only by amendment of the certificate of incorporation. The Bylaws may provide that the board may increase the size of the board and fill any vacancies. | | | Subject to the memorandum and articles of association, the board may increase the size of the board and fill any vacancies. | |
| Classified or Staggered Boards | | | Classified boards are permitted. | | | Classified boards are permitted. | |
| Fiduciary Duties of Directors | | | Directors must exercise a duty of care and duty of loyalty and good faith to the company and its stockholders. | | | A director owes a fiduciary duty to exercise loyalty, honesty and good faith to the company as a whole. | |
| | | | | | | In addition to fiduciary duties, directors owe a duty of care, diligence and skill. | |
| | | | | | | Such duties are owed to the company but may be owed directly to creditors or shareholders in certain limited circumstances. | |
| Provision | | | Delaware | | | Cayman Islands | |
| Indemnification of Directors and Officers | | | A corporation shall have the power to indemnify any person who was or is a party to any proceeding because such person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another entity against expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred if the person acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal proceeding, had no reasonable cause to believe their conduct was unlawful. If the action was brought by or on behalf of the corporation, no indemnification is made when a person is adjudged liable to the corporation unless a court determines such person is fairly and reasonably entitled to indemnity for expenses the court deems proper. | | | A Cayman Islands exempted company generally may indemnify its directors or officers, except with regard to fraud or willful default. | |
| Limited Liability of Directors | | | Permits the limiting or eliminating of the monetary liability of a director to a corporation or its stockholders, except with regard to breaches of duty of loyalty, intentional misconduct, unlawful stock repurchases or dividends, or improper personal benefit. | | | Liability of directors may be limited, except with regard to their own fraud or willful default. | |
| Delaware Certificate of Incorporation and Bylaws | | | Cayman Islands Amended and Restated Memorandum and Articles of Association | |
| Corporate Purpose | | |||
| The purpose shall be to engage in any lawful act or activity for which corporations may be organized under the DGCL. | | | The objects for which Collier Creek was established are unrestricted and it shall have full power and authority to carry out any object not prohibited by the laws of the Cayman Islands. | |
| Capital Stock | | |||
| The total number of shares of all classes of capital stock which the Company shall have authority to issue is 1,064,249,000 of which 1,000,000,000 shares shall be Class A common stock, par value $0.0001 per share, 1,000,000 shares shall be Series B-1 common stock, par value $0.0001 per share. 1,000,000 shares shall be Series B-2 common stock, par value $0.0001 per share, 61,249,000 shares shall be Class V common stock, par value $0.0001 per share, and 1,000,000 shall be Preferred Stock, par value $0.0001 per share. | | | Collier Creek’s authorized share capital is $45,100, which consists of 451,000,000 shares, consisting of 400,000,000 Class A ordinary shares, par value $0.0001 per share, 50,000,000 Class B ordinary shares, par value $0.0001 per share and 1,000,000 preferred shares, par value $0.0001 per share. | |
| Preferred Stock. The Board of Directors is expressly granted authority to issue shares of Preferred Stock, in one or more series, and to fix for each such series the number of shares constituting such series and the designation, the voting powers (if any), and the powers, preferences and relative, participating, optional, or other special rights and such qualifications, limitations or restrictions thereof as shall be stated and expressed in the resolution or resolutions adopted by the Board of Directors providing for the issue of such series (a “Preferred Stock Designation”) and as may be permitted by the DGCL. The number of authorized shares of Preferred Stock may be increased or decreased (but not below the number of shares thereof then outstanding) by the affirmative vote of the holders of a majority of the voting power of all of the then outstanding shares of the capital stock of the Company entitled to vote thereon, without a separate vote of the holders of the Class A common stock, Class V common stock or Preferred Stock, unless a vote of any such holders is required pursuant to the Certificate of Incorporation or any Preferred Stock Designation. | | | Preferred Shares. The Directors may allot, issue, grant options over or otherwise dispose of preferred shares (including fractions of a preferred share) with or without preferred, deferred or other rights or restrictions, whether in regard to dividends or other distribution, voting, return of capital or otherwise and to such persons, at such times and on such other terms as they think proper, and may also (subject to the Cayman Islands Companies Law and the articles of association) vary such rights. | |
| Common Stock. Each holder of Class A common stock and Class V common stock is entitled to one vote for each share of Class A common stock and Class V common stock, respectively, held of record | | | Ordinary Shares. The Directors may allot, issue, grant options over or otherwise dispose of Ordinary Shares (including fractions of an Ordinary Share) with or without preferred, deferred or other rights | |
| Delaware Certificate of Incorporation and Bylaws | | | Cayman Islands Amended and Restated Memorandum and Articles of Association | |
| by such holder on all matters on which stockholders generally are entitled to vote. | | | or restrictions, whether in regard to dividends or other distribution, voting, return of capital or otherwise and to such persons, at such times and on such other terms as they think proper, and may also (subject to the Cayman Islands Companies Law and the articles of association) vary such rights. | |
| Directors; Classes | | |||
| Subject to the Certificate of Incorporation and the Investor Rights Agreement, the Board of Directors will determine the number of directors who will serve on the board. The exact number of directors will be fixed from time to time by a majority of the Board of Directors. The Board of Directors will be divided into three classes designated as Class I, Class II and Class III. Class I directors will initially serve for a term expiring at the first annual meeting of stockholders following the closing of the Business Combination. Class II and Class III directors shall initially serve for a term expiring at the second and third annual meeting of stockholders following the closing of the Business Combination, respectively. At each succeeding annual meeting, successors to the class of directors whose term expires at that annual meeting will be elected for a term expiring at the third succeeding annual meeting of stockholders. There will be no limit on the number of terms a director may serve on the Board of Directors. | | | The holders of the Class B ordinary shares may, by ordinary resolution, increase or decrease the number of directors. The Board of Directors are | |
| Board Vacancies; Removal | | |||
| Any vacancy on the Board of Directors, including a vacancy that results from an increase in the number of directors or a vacancy that results from the removal of a director with cause, may be filled only by a majority of the directors then in office. | | | Except as the Cayman Islands Companies Law or other applicable law may otherwise require, in the interim between annual general meetings or extraordinary general meetings called for the election of Directors and/or the removal of one or more Directors and the filling of any vacancy in that connection, additional Directors and any vacancies in the board of Directors, including unfilled vacancies resulting from the removal of Directors for cause, may be filled by the vote of a majority of the remaining Directors then in office, although less than a quorum (as defined in the charter documents), or by the sole remaining Director. A Director elected to fill a vacancy resulting from the death, resignation or removal of a Director shall serve for the remainder of the full term of the Director whose death, resignation or removal shall have created such vacancy and until his successor shall have been elected and qualified. | |
| Delaware Certificate of Incorporation and Bylaws | | | Cayman Islands Amended and Restated Memorandum and Articles of Association | |
| Stockholder/Shareholder Voting | | |||
| Election of directors need not be by ballot unless the Bylaws so provide. Subject to the rights of holders of any series of Preferred Stock, special meetings of the stockholders of the Company may be called only by or at the direction of the board, the chairman of the board or the chief executive officer of the Company. Stockholders must comply with certain advance notice procedures to nominate candidates to the Company Board or to propose matters to be acted upon at a stockholders’ meeting. Except with respect to any action required or permitted to be taken by the holders of Class V common stock, voting separately as a class, or pursuant to a certificate of designation by the holders of one or more series of Preferred stock, voting separately as a series or separately as a class with one or more other such series, any action required or permitted to be taken by the holders of stock of the Company must be effected at a duly called annual or special meeting of such holders and may not be effected by any consent in writing by such holders unless such action is recommended by all directors of the Company then in office. | | | Votes of shareholders shall be decided on a poll. | |
| Amendments to the Governing Documents | | |||
| The Board of Directors shall have the power, without the assent or vote of the stockholders, to make, alter, amend, change, add to, or repeal the Bylaws. The affirmative vote of the holders of at least 662∕3% of the total voting power of all the then outstanding shares of stock of the Company entitled to vote generally in the election of directors, voting together as a single class, shall be required to alter, amend, repeat or rescind, in whole or in part, any provision of Article I, Article II or Article IV of the Bylaws of the Company, or to adopt any provision inconsistent therewith and, with respect to any other provision of the Bylaws, the affirmative vote of the holders of at least a majority of the total voting power of all the then outstanding shares of stock of the Company entitled to vote generally in the election of directors, voting together as a single class, shall be required in order for the stockholders of the Company to alter, amend, repeal or rescind, in whole or in part, any provision of the Bylaws of | | | The Amended and Restated Memorandum and Articles of Association may only be amended by a special resolution of the shareholders. | |
| Delaware Certificate of Incorporation and Bylaws | | | Cayman Islands Amended and Restated Memorandum and Articles of Association | |
| the Company, or to adopt any provision inconsistent therewith. Certain provisions of the Certificate of Incorporation may only be amended, altered, repealed, or rescinded by the affirmative vote of the holders of at least 66-2/3% of the total voting power of all the then outstanding shares of stock of the Company entitled to vote generally in the election of directors, voting together as a single class. | | | | |
| Authority of the Directors | | |||
| The directors are empowered to exercise all such powers and do all such acts and things as may be exercised or done by the Company; subject, nevertheless, to the provisions of the statutes of Delaware, of the Certificate of Incorporation, and to any Bylaws from time to time made by the stockholders; provided, however, that no Bylaw so made shall invalidate any prior act of the directors which would have been valid if such Bylaw had not been made. | | | The business shall be managed by the Directors who may exercise all the powers of the company. | |
| Liability of Directors | | |||
| A director of the Company shall not be personally liable to the Company or its stockholders for monetary damages for any breach of fiduciary duty as a director, except for liability (i) for any breach of the director’s duty of loyalty to the Company or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of the DGCL, or (iv) for any transaction from which the director derived an improper personal benefit. If the DGCL is amended to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of a director of the Company shall be eliminated or limited to the fullest extent permitted by the DGCL, as so amended. Any repeal or modification of this provision by the stockholders of the Company shall not adversely affect any right or protection of a director of the Company with respect to events occurring prior to the time of such repeal or modification. | | | Cayman Islands law does not limit the extent to which a company’s memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against | |
| Indemnification of Directors, Officers, Employees and Others | | |||
| Each person who was or is made a party or is threatened to be made a party to or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative or any | | | See “Liability of Directors” above | |
| Delaware Certificate of Incorporation and Bylaws | | | Cayman Islands Amended and Restated Memorandum and Articles of Association | |
| other type whatsoever, by reason of the fact that he or she is or was a director or an officer of the Company or, while a director or officer of the Company, is or was serving at the request of the Company as a director, officer, employee, agent or trustee of another corporation or of a partnership, joint venture, trust or other enterprise, shall be indemnified and held harmless by the Company to the fullest extent permitted by Delaware law against all expense, liability and loss reasonably incurred or suffered by such indemnitee in connection therewith, provided, however, that, except in certain circumstances, the Company shall indemnify any such indemnitee in connection with a proceeding (or part thereof) initiated by such indemnitee only if such proceeding (or part thereof) was authorized by the Company Board. An indemnitee shall also have the right to be paid by the Company the expenses (including attorney’s fees) incurred in appearing at, participating in or defending any such proceeding in advance of its final disposition or in connection with a proceeding brought to establish or enforce a right to indemnification or advancement of expenses under the Bylaws. | | | | |
| Exclusive Forum | | |||
| Unless the Company consents in writing to the selection of an alternative forum, (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim of breach of a fiduciary duty owed by any current or former director, officer, other employee, agent or stockholder of the Company to the Company or the Company’s stockholders, or any claim for aiding and abetting such alleged breach, (iii) any action asserting a claim against the Company or any current or former director, officer, other employee, agent or stockholder of the Company (a) arising pursuant to any provision of the DGCL, | | | No Similar Provision | |
| Delaware Certificate of Incorporation and Bylaws | | | Cayman Islands Amended and Restated Memorandum and Articles of Association | |
| however, that the foregoing shall not apply to any claim (a) as to which the Delaware Court of Chancery determines that there is an indispensable party not subject to the jurisdiction of the Delaware Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten days following such determination), (b) which is vested in the exclusive jurisdiction of a court or forum other than the Delaware Court of Chancery, or (c) arising under federal securities laws, including the Securities Act as to which the federal district courts of the United States of America shall, to the fullest extent permitted by law, be the sole and exclusive forum. Notwithstanding the foregoing, the provisions of Article XII of the Certificate of Incorporation will not apply to suits brought to enforce any liability or duty created by the Exchange Act, or any other claim for which the federal district courts of the United States of America shall be the sole and exclusive forum. | | | | |
| Business Opportunities | | |||
| The | | | No Similar Provision | |
| Delaware Certificate of Incorporation and Bylaws | | | Cayman Islands Amended and Restated Memorandum and Articles of Association | |
| business opportunity that (i) the Company is neither financially or legally, nor contractually permitted to undertake, (ii) from its nature, is not in the line of the Company’s business or is of no practical advantage to the Company, | | | | |
| Transactions with Certain Stockholders/Shareholders | | |||
| The Company has elected not to be subject to provisions Section 203 of the DGCL, which generally prohibits “interested stockholders” (stockholders holding 15% or more of the outstanding stock) from engaging in business combinations with the Company for a period of time unless certain conditions are met. However, the Certificate of Incorporation includes a provision that is substantially similar to Section 203 of the DGCL, but excludes certain stockholders | | | No Similar Provision | |
| | | Assuming No Redemptions | | | Assuming Maximum Redemptions(1) | | ||||||||||||||||||
| | | Shares | | | % | | | Shares | | | % | | ||||||||||||
Collier Creek’s Public Shareholders | | | | | 44,000,000 | | | | | | 38.2% | | | | | | 25,708,738 | | | | | | 26.5% | | |
Sponsor and Independent Directors (Including Forward Purchase)(2)(3) | | | | | 13,375,000 | | | | | | 11.6% | | | | | | 13,375,000 | | | | | | 13.8% | | |
Sellers(4) | | | | | 57,765,978 | | | | | | 50.2% | | | | | | 57,765,978 | | | | | | 59.7% | | |
Closing | | | | | 115,140,978 | | | | | | 100% | | | | | | 96,849,716 | | | | | | 100% | | |
Sources | | | | | | | | | Uses | | | | | | | |
Collier Creek Cash Held in Trust(1)(3) | | | | $ | 453 | | | | Debt Repayment(4) | | | | $ | 237 | | |
| | | | | | | | | UPA Seller Preferred Units Acquisition(5) | | | | | 139 | | |
Collier Creek Forward Purchase Agreement(2) | | | | | 35 | | | | Cash Consideration to Existing Utz Owners(6) | | | | | 60 | | |
| | | | | | | | | Transaction Fees(7) | | | | | 52 | | |
Total Sources | | | | $ | 488 | | | | Total Uses | | | | $ | 488 | | |
Sources | | | | | | | | | Uses | | | | | | | |
Collier Creek Cash Held in Trust(1)(3) | | | | $ | 453 | | | | Debt Repayment(4) | | | | $ | 49 | | |
| | | | | | | | | UPA Seller Preferred Units Acquisition(5) | | | | | 139 | | |
Collier Creek Forward Purchase Agreement(2) | | | | | 35 | | | | Cash Consideration to Existing Utz Owners(6) | | | | | 60 | | |
| | | | | | | | | Transaction Fees(7) | | | | | 52 | | |
| | | | | | | | | Shareholder Redemptions(8) | | | | | 188 | | |
Total Sources | | | | $ | 488 | | | | Total Uses | | | | $ | 488 | | |
| | | As of | | |||||||||||||||
| | | March 31, 2020 (Unaudited) | | | December 31, 2019 | | | December 31, 2018 | | |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | |
Cash | | | | $ | 585,123 | | | | | $ | 585,253 | | | | | $ | 944,890 | | |
Prepaid expenses | | | | | 154,625 | | | | | | 136,313 | | | | | | 321,529 | | |
Total current assets | | | | | 739,748 | | | | | | 721,566 | | | | | | 1,266,419 | | |
Cash and marketable securities held in Trust Account | | | | | 452,430,869 | | | | | | 451,020,841 | | | | | | 442,048,296 | | |
Total Assets | | | | $ | 453,170,617 | | | | | $ | 451,742,407 | | | | | $ | 443,314,715 | | |
Liabilities and Shareholders’ Equity: | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | |
Accounts payable | | | | $ | 161,579 | | | | | $ | 11,654 | | | | | $ | 115,112 | | |
Accrued expenses | | | | | 1,514,828 | | | | | | 444,337 | | | | | | 7,500 | | |
Accrued expenses – related parties | | | | | 176,774 | | | | | | 146,774 | | | | | | 26,774 | | |
Total current liabilities | | | | | 1,853,181 | | | | | | 602,765 | | | | | | 149,386 | | |
Deferred underwriting commissions and legal fees | | | | | 15,450,000 | | | | | | 15,450,000 | | | | | | 15,450,000 | | |
Total liabilities | | | | $ | 17,303,181 | | | | | $ | 16,052,765 | | | | | $ | 15,599,386 | | |
Commitments: | | | | | | | | | | | | | | | | | | | |
Class A ordinary shares, $0.0001 par value, subject to redemption | | | | | 430,867,428 | | | | | | 430,689,635 | | | | | | 422,715,321 | | |
Shareholders’ Equity: | | | | | | | | | | | | | | | | | | | |
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | | | | | — | | | | | | — | | | | | | — | | |
Class A ordinary shares, $0.0001 par value; 400,000,000 shares authorized | | | | | 209 | | | | | | 198 | | | | | | 194 | | |
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized | | | | | 1,188 | | | | | | 1,188 | | | | | | 1,188 | | |
Additional paid-in capital | | | | | — | | | | | | — | | | | | | 3,087,484 | | |
Retained earnings | | | | | 4,998,611 | | | | | | 4,998,621 | | | | | | 1,911,142 | | |
Total Shareholders’ Equity | | | | | 5,000,008 | | | | | | 5,000,007 | | | | | | 5,000,008 | | |
Total Liabilities and Shareholders’ Equity | | | | $ | 453,170,617 | | | | | $ | 451,742,407 | | | | | $ | 443,314,715 | | |
|
| | | For the Three Months Ended March 31, | | | For the Year Ended December 31, 2019 | | | For the Period from April 30, 2018 (inception) through December 31, 2018 | | |||||||||||||||
| | | 2020 (Unaudited) | | | 2019 (Unaudited) | | ||||||||||||||||||
General and administrative expenses | | | | $ | 1,232,234 | | | | | $ | 159,706 | | | | | $ | 998,232 | | | | | $ | 137,154 | | |
Loss from operations | | | | | (1,232,234) | | | | | | (159,706) | | | | | | (998,232) | | | | | | (137,154) | | |
Investment income on Trust Account | | | | | 1,410,028 | | | | | | 2,461,634 | | | | | | 8,972,545 | | | | | | 2,048,296 | | |
Net income | | | | $ | 177,794 | | | | | $ | 2,301,928 | | | | | $ | 7,974,313 | | | | | $ | 1,911,142 | | |
Weighted average shares outstanding of Class A ordinary shares | | | | | 44,000,000 | | | | | | 44,000,000 | | | | | | 44,000,000 | | | | | | 44,000,000 | | |
Basic and diluted net income per share, Class A | | | | $ | 0.03 | | | | | $ | 0.06 | | | | | $ | 0.20 | | | | | $ | 0.05 | | |
Weighted average shares outstanding of Class B ordinary shares | | | | | 11,875,000 | | | | | | 11,875,000 | | | | | | 11,875,000 | | | | | | 11,875,000 | | |
Basic and diluted net loss per share, Class B | | | | $ | (0.10) | | | | | $ | (0.01) | | | | | $ | (0.08) | | | | | $ | (0.01) | | |
| | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Net sales | | | | $ | 228,029 | | | | | $ | 178,412 | | | | | $ | 768,228 | | | | | $ | 772,035 | | | | | $ | 707,035 | | |
Cost of goods sold | | | | | 148,015 | | | | | | 121,880 | | | | | | 514,430 | | | | | | 505,330 | | | | | | 445,548 | | |
Gross profit | | | | | 80,014 | | | | | | 56,532 | | | | | | 253,798 | | | | | | 266,705 | | | | | | 261,487 | | |
Selling and administrative expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling | | | | | 48,333 | | | | | | 37,136 | | | | | | 163,589 | | | | | | 183,374 | | | | | | 180,956 | | |
Administrative | | | | | 19,940 | | | | | | 13,394 | | | | | | 64,723 | | | | | | 68,018 | | | | | | 69,982 | | |
Total selling and administrative expenses | | | | | 68,273 | | | | | | 50,530 | | | | | | 228,312 | | | | | | 251,392 | | | | | | 250,938 | | |
Gain (loss) on sale of assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gain (loss) on disposal of property, plant and equipment | | | | | 68 | | | | | | 729 | | | | | | 6,028 | | | | | | (2,312) | | | | | | (11,813) | | |
Gain on sale of routes, net | | | | | 404 | | | | | | 2,442 | | | | | | 7,232 | | | | | | 6,382 | | | | | | 11,364 | | |
Total gain (loss) on sale of assets | | | | | 472 | | | | | | 3,171 | | | | | | 13,260 | | | | | | 4,070 | | | | | | (449) | | |
Income from operations | | | | | 12,213 | | | | | | 9,173 | | | | | | 38,746 | | | | | | 19,383 | | | | | | 10,100 | | |
Other (expense) income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | | | (9,643) | | | | | | (12,545) | | | | | | (48,388) | | | | | | (45,715) | | | | | | (11,067) | | |
Other (expense) income | | | | | 580 | | | | | | 1,134 | | | | | | (576) | | | | | | 607 | | | | | | 1,921 | | |
Other (expense) income, net | | | | | (9,063) | | | | | | (11,411) | | | | | | (48,964) | | | | | | (45,108) | | | | | | (9,146) | | |
(Loss) income before taxes | | | | | 3,150 | | | | ��� | | (2,238) | | | | | | (10,218) | | | | | | (25,725) | | | | | | 954 | | |
Income tax expense (benefit) | | | | | 1,458 | | | | | | 377 | | | | | | 3,146 | | | | | | 1,919 | | | | | | (16,146) | | |
Net (loss) income | | | | | 1,692 | | | | | | (2,615) | | | | | | (13,364) | | | | | | (27,644) | | | | | | 17,100 | | |
Net (loss) income attributable to noncontrolling interest | | | | | — | | | | | | (705) | | | | | | (2,808) | | | | | | (2,856) | | | | | | (3,497) | | |
Net (loss) income attributable to controlling interest | | | | $ | 1,692 | | | | | $ | (3,320) | | | | | $ | (16,172) | | | | | $ | (30,500) | | | | | $ | 13,603 | | |
|
| | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Net cash provided by (used in) operating activities | | | | $ | (2,773) | | | | | $ | (17,179) | | | | | $ | 27,992 | | | | | $ | 15,747 | | | | | $ | 49,776 | | |
Net cash provided by (used in) investing activities | | | | | (14,464) | | | | | | 24,004 | | | | | | (115,882) | | | | | | (2,169) | | | | | | (171,148) | | |
Net cash provided by (used in) financing activities | | | | | 7,815 | | | | | | (5,423) | | | | | | 96,029 | | | | | | (16,366) | | | | | | 129,004 | | |
| | | March 29, 2020 | | | December 29, 2019 | | | December 30, 2018 | | |||||||||
Total assets | | | | $ | 784,905 | | | | | $ | 778,547 | | | | | $ | 640,670 | | |
Total liabilities | | | | | 826,430 | | | | | | 811,899 | | | | | | 771,986 | | |
Total (deficit) equity | | | | | (41,525) | | | | | | (33,352) | | | | | | (131,316) | | |
| | | Thirteen Weeks Ended | | | Fiscal Year Ended | | ||||||||||||||||||||||||
(dollars in millions) | | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Adjusted Net Sales | | | | | 248.8 | | | | | | 195.8 | | | | | | 845.4 | | | | | | 830.0 | | | | | | 747.4 | | |
Further Adjusted Net Sales | | | | | 248.8 | | | | | | 221.6 | | | | | | 942.7 | | | | | | N/A | | | | | | N/A | | |
Pro Forma Net Sales | | | | | 228.0 | | | | | | 204.2 | | | | | | 865.5 | | | | | | N/A | | | | | | N/A | | |
Adjusted Gross Profit | | | | | 106.1 | | | | | | 77.8 | | | | | | 347.8 | | | | | | 342.9 | | | | | | 315.8 | | |
Adjusted Gross Profit as a % of Adjusted Net Sales | | | | | 42.6% | | | | | | 39.7% | | | | | | 41.1% | | | | | | 41.3% | | | | | | 42.3% | | |
Further Adjusted Gross Profit | | | | | 106.1 | | | | | | 87.1 | | | | | | 383.0 | | | | | | N/A | | | | | | N/A | | |
Further Adjusted Gross Profit as a % of Further Adjusted Net Sales | | | | | 42.6% | | | | | | 39.3% | | | | | | 40.6% | | | | | | N/A | | | | | | N/A | | |
| | | Thirteen Weeks Ended | | | Fiscal Year Ended | | ||||||||||||||||||||||||
(dollars in millions) | | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Adjusted EBITDA | | | | | 29.2 | | | | | | 18.0 | | | | | | 93.3 | | | | | | 80.2 | | | | | | 73.2 | | |
Adjusted EBITDA as a % of Net Sales | | | | | 12.8% | | | | | | 10.1% | | | | | | 12.1% | | | | | | 10.4% | | | | | | 10.4% | | |
Further Adjusted EBITDA | | | | | 30.1 | | | | | | 21.5 | | | | | | 107.7 | | | | | | N/A | | | | | | N/A | | |
Further Adjusted EBITDA as a % of Pro Forma Net Sales | | | | | 13.2% | | | | | | 10.5% | | | | | | 12.4% | | | | | | N/A | | | | | | N/A | | |
| | | Thirteen Weeks Ended | | | Fiscal Year Ended | | ||||||||||||||||||||||||
(In millions) | | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Net Sales | | | | | 228.0 | | | | | | 178.4 | | | | | | 768.2 | | | | | | 772.0 | | | | | | 707.0 | | |
IO Discounts | | | | | 20.8 | | | | | | 17.4 | | | | | | 77.2 | | | | | | 58.0 | | | | | | 40.4 | | |
Adjusted Net Sales | | | | | 248.8 | | | | | | 195.8 | | | | | | 845.4 | | | | | | 830.0 | | | | | | 747.4 | | |
Pro Forma Net Sales | | | | | 228.0 | | | | | | 204.2 | | | | | | 865.5 | | | | | ||||||||||
IO Discounts | | | | | 20.8 | | | | | | 17.4 | | | | | | 77.2 | | | | | ||||||||||
Further Adjusted Net Sales | | | | | 248.8 | | | | | | 221.6 | | | | | | 942.7 | | | | |
| | | Thirteen Weeks Ended | | | Fiscal Year Ended | | ||||||||||||||||||||||||
(dollars in millions) | | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Gross Profit | | | | | 80.0 | | | | | | 56.5 | | | | | | 253.8 | | | | | | 266.7 | | | | | | 261.5 | | |
IO Discounts | | | | | 20.8 | | | | | | 17.4 | | | | | | 77.2 | | | | | | 58.0 | | | | | | 40.4 | | |
Depreciation and Amortization | | | | | 5.3 | | | | | | 3.9 | | | | | | 16.8 | | | | | | 18.2 | | | | | | 13.9 | | |
Adjusted Gross Profit | | | | | 106.1 | | | | | | 77.8 | | | | | | 347.8 | | | | | | 342.9 | | | | | | 315.8 | | |
Pro Forma Gross Profit | | | | | 80.0 | | | | | | 56.5 | | | | | | 287.0 | | | | | ||||||||||
IO Discounts | | | | | 20.8 | | | | | | 17.4 | | | | | | 77.2 | | | | | ||||||||||
Depreciation and Amortization | | | | | 5.3 | | | | | | 3.9 | | | | | | 18.8 | | | | | ||||||||||
Further Adjusted Gross Profit | | | | | 106.1 | | | | | | 87.1 | | | | | | 383.0 | | | | | ||||||||||
Further Adjusted Gross Profit as a % of Further Adjusted Net Sales | | | | | 42.6% | | | | | | 39.7% | | | | | | 40.6% | | | | |
| | | Thirteen Weeks Ended | | | Fiscal Year Ended | | ||||||||||||||||||||||||
(dollars in millions) | | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Net Income (loss) | | | | | 1.7 | | | | | | (2.6) | | | | | | (13.4) | | | | | | (27.6) | | | | | | 17.1 | | |
Plus non-GAAP adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income Tax (Benefit) or Expense | | | | | 1.5 | | | | | | 0.4 | | | | | | 3.2 | | | | | | 1.9 | | | | | | (16.1) | | |
Depreciation and Amortization | | | | | 8.9 | | | | | | 6.9 | | | | | | 29.3 | | | | | | 30.4 | | | | | | 29.0 | | |
Interest Expense, Net | | | | | 9.6 | | | | | | 12.5 | | | | | | 48.4 | | | | | | 45.7 | | | | | | 11.1 | | |
Interest Income (IO loans)(1) | | | | | (0.5) | | | | | | (0.9) | | | | | | (3.5) | | | | | | (2.6) | | | | | | (2.1) | | |
EBITDA | | | | | 21.2 | | | | | | 16.3 | | | | | | 64.0 | | | | | | 47.8 | | | | | | 39.0 | | |
Certain Non-Cash Adjustments(2) | | | | | 1.1 | | | | | | 0.4 | | | | | | 9.4 | | | | | | 12.6 | | | | | | 12.1 | | |
Change in Accounting Policy and Estimate(3) | | | | | — | | | | | | 0.4 | | | | | | 6.8 | | | | | | 4.6 | | | | | | — | | |
Acquisition and Integration(4) | | | | | 5.2 | | | | | | 0.7 | | | | | | 3.3 | | | | | | 11.3 | | | | | | 5.6 | | |
Business Transformation Initiatives(5) | | | | | 1.6 | | | | | | 0.2 | | | | | | 5.1 | | | | | | 3.0 | | | | | | 12.6 | | |
Financing-Related Costs(6) | | | | | 0.1 | | | | | | 0.0 | | | | | | 4.7 | | | | | | 0.9 | | | | | | 3.9 | | |
Adjusted EBITDA | | | | | 29.2 | | | | | | 18.0 | | | | | | 93.3 | | | | | | 80.2 | | | | | | 73.2 | | |
Adjusted EBITDA as a % of Net Sales | | | | | 12.8% | | | | | | 10.1% | | | | | | 12.1% | | | | | | 10.4% | | | | | | 10.4% | | |
Kennedy Pre-Acquisition EBITDA(7) | | | | | — | | | | | | 2.5 | | | | | | 9.9 | | | | | | | | | | | | | | |
Kennedy Synergies(8) | | | | | 1.5 | | | | | | 1.6 | | | | | | 6.3 | | | | | | | | | | | | | | |
Kitchen Cooked Pre-Acquisition Net Income | | | | | — | | | | | | — | | | | | | 0.5 | | | | | | | | | | | | | | |
Kitchen Cooked Synergies | | | | | 0.2 | | | | | | 0.2 | | | | | | 0.7 | | | | | | | | | | | | | | |
Collier Creek EBITDA(9) | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | |
Public Company Costs(10) | | | | | (0.8) | | | | | | (0.8) | | | | | | (3.0) | | | | | ||||||||||
Further Adjusted EBITDA | | | | | 30.1 | | | | | | 21.5 | | | | | | 107.7 | | | | | ||||||||||
Further Adjusted EBITDA as a % of Pro Forma Net Sales | | | | | 13.2% | | | | | | 10.5% | | | | | | 12.4% | | | | | | | | | | | | | | |
| | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | |||||||||
Kennedy Pre-Acquisition Net Income | | | | | — | | | | | | 2.1 | | | | | | 7.1 | | |
Plus: Pro Forma Pre-Acquisition Depreciation and Amortization | | | | | — | | | | | | 0.4 | | | | | | 2.8 | | |
Kennedy Pre-Acquisition EBITDA | | | | | — | | | | | | 2.5 | | | | | | 9.9 | | |
| | | Assuming No Redemptions | | | Assuming Maximum Redemptions(1) | | ||||||||||||||||||
| | | Shares | | | % | | | Shares | | | % | | ||||||||||||
Collier Creek’s Public Shareholders | | | | | 44,000,000 | | | | | | 38.2% | | | | | | 25,708,738 | | | | | | 26.5% | | |
Sponsor and Independent Directors (including Forward Purchases)(2)(3) | | | | | 13,375,000 | | | | | | 11.6% | | | | | | 13,375,000 | | | | | | 13.8% | | |
Sellers(4) | | | | | 57,765,978 | | | | | | 50.2% | | | | | | 57,765,978 | | | | | | 59.7% | | |
Closing shares | | | | | 115,140,978 | | | | | | 100% | | | | | | 96,849,716 | | | | | | 100% | | |
| | | As of March 31, 2020 | | | As of March 29, 2020 | | | As of March 31, 2020 | | |||||||||||||||
Unaudited Pro Forma Condensed Balance Sheet Data | | | Pro Forma | | |||||||||||||||||||||
| No Redemptions | | | Maximum Redemptions | | ||||||||||||||||||||
(in thousands) | | | Collier Creek | | | Utz | | ||||||||||||||||||
Total current assets | | | | $ | 1,000 | | | | | $ | 188,000 | | | | | $ | 190,000 | | | | | $ | 190,000 | | |
Total assets | | | | $ | 453,000 | | | | | $ | 785,000 | | | | | $ | 1,762,000 | | | | | $ | 1,727,000 | | |
Total liabilities | | | | $ | 17,000 | | | | | $ | 827,000 | | | | | $ | 666,000 | | | | | $ | 830,000 | | |
Total equity | | | | $ | 5,000 | | | | | $ | (42,000) | | | | | $ | 1,096,000 | | | | | $ | 897,000 | | |
Unaudited Pro Forma Condensed Combined Statement of Operations Data (in thousands, except per share data) | | | For the Three Months Ended March 31, 2020 | | | For the Quarterly Period Ended March 29, 2020 | | | Pro Forma | | |||||||||||||||
| Collier Creek | | | Utz | | | No Redemptions | | | Maximum Redemptions | | ||||||||||||||
Total revenues | | | | $ | — | | | | | $ | 228,000 | | | | | $ | 228,000 | | | | | $ | 228,000 | | |
Operating income (loss) | | | | $ | (1,000) | | | | | $ | 12,000 | | | | | $ | 1,000 | | | | | $ | 1,000 | | |
Net income (loss) | | | | $ | — | | | | | $ | 2,000 | | | | | $ | (4,000) | | | | | $ | (6,000) | | |
Net income (loss) per share basic, Class A | | | | $ | 0.03 | | | | | | N/A | | | | | $ | (0.02) | | | | | $ | (0.03) | | |
Net income (loss) per share diluted, Class A | | | | $ | 0.03 | | | | | | N/A | | | | | $ | (0.02) | | | | | $ | (0.03) | | |
Net loss per share (basic and diluted), Class B | | | | $ | (0.10) | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Unaudited Pro Forma Condensed Combined Statement of Operations Data (in thousands, except per share or unit data) | | | For the Year Ended December 31, 2019 | | | For the Year Ended December 29, 2019 | | | Pro Forma | | |||||||||||||||
| Collier Creek | | | Utz | | | No Redemptions | | | Maximum Redemptions | | ||||||||||||||
Total revenues | | | | $ | — | | | | | $ | 866,000 | | | | | $ | 866,000 | | | | | $ | 866,000 | | |
Operating (loss) income | | | | $ | (1,000) | | | | | $ | 45,000 | | | | | $ | (9,000) | | | | | $ | (9,000) | | |
Net income (loss) | | | | $ | 8,000 | | | | | $ | (14,000) | | | | | $ | (32,000) | | | | | $ | (46,000) | | |
Net income (loss) per share basic, Class A | | | | $ | 0.20 | | | | | | N/A | | | | | $ | (0.21) | | | | | $ | (0.36) | | |
Net income (loss) per share diluted, Class A | | | | $ | 0.20 | | | | | | N/A | | | | | $ | (0.21) | | | | | $ | (0.36) | | |
Net loss per share (basic and diluted), Class B | | | | $ | (0.08) | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
| | | | | | | | | | | | | | | Pro Forma Combined | | |||||||||
| | | Collier Creek | | | Utz(2) | | | No Redemptions | | | Maximum Redemptions | | ||||||||||||
Book Value per Share as of the last day of the first fiscal quarter of 2020(1) | | | | $ | 0.11 | | | | | | N/A | | | | | $ | 9.15 | | | | | $ | 8.75 | | |
Net Income (loss) per Common Share – Basic for fiscal year 2019 | | | | $ | 0.20 | | | | | | N/A | | | | | $ | (0.21) | | | | | $ | (0.36) | | |
Net Income (loss) per Common Share – Diluted for fiscal year 2019 | | | | $ | 0.20 | | | | | | N/A | | | | | $ | (0.21) | | | | | $ | (0.36) | | |
Net Income (loss) per Common Share – Basic for the first fiscal quarter of 2020 | | | | $ | 0.03 | | | | | | N/A | | | | | $ | (0.02) | | | | | $ | (0.03) | | |
Net Income (loss) per Common Share – Diluted for the first fiscal quarter of 2020 | | | | $ | 0.03 | | | | | | N/A | | | | | $ | (0.02) | | | | | $ | (0.03) | | |
| | | Existing Organizational Documents | | | Proposed Organizational Documents | |
Authorized Shares (Organizational Documents Proposal A) | | | The Existing Organizational Documents authorize 451,000,000 shares, consisting of 400,000,000 Class A ordinary shares, 50,000,000 Class B ordinary shares and 1,000,000 preferred shares. | | | The Proposed Organizational Documents authorize 1,064,249,000 shares, consisting of 1,000,000,000 shares of Class A common stock, 1,000,000 shares of Series B-1 common stock, 1,000,000 shares of Series B-2 common stock, 61,249,000 shares of Class V common stock and 1,000,000 shares of Preferred Stock. | |
| | | See paragraph 5 of our Existing Organizational Documents. | | | See Article 4 of the Certificate of Incorporation. | |
Authorize the Company to Make Issuances of Preferred Stock Without Stockholder Consent (Organizational Documents Proposal B) | | | The Existing Organizational Documents authorize the issuance of 1,000,000 preferred shares with such designations, rights and preferences as may be determined from time to time by our board of directors. Accordingly, our board of directors is empowered under the Existing Organizational Documents, without shareholder approval, to issue preferred shares with dividend, liquidation, redemption, voting or other rights which could | | | The Proposed Organizational Documents authorize the Company Board to make issuances of all or any shares of Preferred Stock in one or more classes or series, with such terms and conditions and at such future dates as may be expressly determined by the Company Board and as may be permitted by the DGCL. | |
| | | Existing Organizational Documents | | | Proposed Organizational Documents | |
| | | adversely affect the voting power or other rights of the holders of ordinary shares. | | | | |
| | | See Article 51 of our Existing Organizational Documents | | | See Article 4 subsection 2 of the Certificate of Incorporation. | |
Investor Rights Agreement (Organizational Documents Proposal C) | | | The Existing Organizational Documents are not subject to any director composition agreement or investor rights agreement. | | | The Proposed Organizational Documents provide that certain provisions therein are subject to the director nomination provisions of the Investor Rights Agreement. | |
| | | | | | See Article 6 subsection 1 of the Certificate of Incorporation. | |
Shareholder/Stockholder Written Consent In Lieu of a Meeting (Organizational Documents Proposal D) | | | The Existing Organizational Documents provide that resolutions may be passed by a vote in person, by proxy at a general meeting, or by unanimous written resolution. | | | The Proposed Organizational Documents allow stockholders to vote in person or by proxy at a meeting of stockholders, but prohibit the ability of stockholders to act by written consent in lieu of a meeting, unless such action is recommended or approved by all directors then in office. | |
| | | See Article 23 of our Existing Organizational Documents. | | | See Article 7 subsection 1 of the Certificate of Incorporation. | |
Classified Board (Organizational Documents Proposal E) | | | The Existing Organizational Documents provide that the Collier Creek Board be divided into three classes with only one class of directors being elected in each year and each class serving for a three-year term. | | | The Proposed Organizational Documents will provide that the Company Board continue to be divided into three classes with only one class of directors being elected in each year and each class serving for a three-year term. | |
| | | | | | See Article 6 subsection 1 of the Certificate of Incorporation. | |
Exclusive Forum (Organizational Documents Proposal F) | | | The Existing Organizational Documents do not contain a provision adopting an exclusive forum for certain shareholder litigation. | | | The Proposed Organizational Documents adopt Delaware as the exclusive forum for certain stockholder litigation and the U.S. federal district courts as the exclusive forum for the resolution of any complaint asserting a cause of action under the Securities Act. | |
| | | | | | See Article 12 subsection 1 of the Certificate of Incorporation. | |
Corporate Name (Organizational Documents Proposal G) | | | The Existing Organizational Documents provide the name of the company is “Collier Creek Holdings” | | | The Proposed Organizational Documents will provide that the name of the Company will be “Utz Brands, Inc.” | |
| | | See paragraph 1 of our Existing Organizational Documents. | | | | |
| | | Existing Organizational Documents | | | Proposed Organizational Documents | |
Perpetual Existence (Organizational Documents Proposal G) | | | The Existing Organizational Documents provide that if we do not consummate a business combination (as defined in the Existing Organizational Documents) by October 10, 2020, Collier Creek shall cease all operations except for the purposes of winding up and shall redeem the shares issued in our IPO and liquidate our trust account. | | | The Proposed Organizational Documents do not include any provisions relating to the Company’s ongoing existence; the default under the DGCL will make Utz Brands, Inc.’s existence perpetual. | |
| | | See Article 51 of our Existing Organizational Documents. | | | This is the default rule under the DGCL. | |
Takeovers by Interested Stockholders (Organizational Documents Proposal G) | | | The Existing Organizational Documents do not provide restrictions on takeovers of Collier Creek by a related shareholder following a business combination. | | | The Proposed Organizational Documents will have the Company elect not to be governed by Section 203 of the DGCL relating to takeovers by interested stockholders but will provide other restrictions regarding takeovers by interested stockholders. | |
| | | | | | See Article 9 of the Certificate of Incorporation | |
Waiver of Corporate Opportunities (Organizational Documents Proposal G) | | | The Existing Organizational Documents do not provide an explicit waiver of corporate opportunities for Collier Creek or its directors. | | | The Proposed Organizational Documents will explicitly waive corporate opportunities for the non-employee directors of the Company. | |
| | | �� | | | See Article 10 of the Certificate of Incorporation. | |
Provisions Related to Status as Blank Check Company (Organizational Documents Proposal G) | | | The Existing Organizational Documents set forth various provisions related to our status as a blank check company prior to the consummation of a business combination. | | | The Proposed Organizational Documents do not include such provisions related to our status as a blank check company, which no longer will apply upon consummation of the Business Combination, as we will cease to be a blank check company at such time. | |
| | | See Article 51 of our Existing Organizational Documents. | | | | |
| Provision | | | Delaware | | | Cayman Islands | |
| Applicable legislation | | | General Corporation Law of the State of Delaware. | | | The Companies Law ((2020) Revision). | |
| General Vote Required for Combinations with Interested Stockholders/Shareholders | | | Generally a corporation may not engage in a business combination with an interested stockholder for a period of three years after the time of the transaction in which the person became an interested stockholder, unless the corporation opts out of the statutory provision. | | | No Similar Provision. | |
| Appraisal Rights | | | Generally a stockholder of a publicly traded corporation does not have appraisal rights in connection with a merger. Stockholders of a publicly traded corporation do, however, generally have appraisal rights in connection with a merger if they are required by the terms of a Business Combination Agreement to accept for their shares anything except: (a) shares or depository receipts of the corporation surviving or resulting from such merger; (b) shares of stock or depository receipts that will be either listed on a national securities exchange or held of record by more than 2,000 holders; (c) cash in lieu of fractional shares or fractional depository receipts described in (a) and (b) above; or (d) any combination of the shares of stock, depository receipts and cash in lieu of fractional shares or fractional depository receipts described in (a), (b) and (c) above. | | | Shareholders that dissent from a merger are entitled to be paid the fair market value of their shares, which if necessary may ultimately be determined by the court. | |
| Requirements for Stockholder/Shareholder Approval | | | Subject to the certificate of incorporation, stockholder approval of mergers, a sale of all or substantially all the assets of the corporation, dissolution and amendments of constitutional documents require a majority of outstanding shares; most other | | | Subject to the articles of association, matters which require shareholder approval, whether under Cayman Islands statute or the company’s articles of association, are determined (subject to quorum requirements) by simple majority of the shares | |
| Provision | | | Delaware | | | Cayman Islands | |
| | | | stockholder approvals require a majority of those present and voting, provided a quorum is present. | | | present and voting at a meeting. Where the proposed action requires approval by “Special Resolution” (such as the amendment of the company’s constitutional documents) the approval of not less than two-thirds of the shares present and voting at a meeting is required, subject to any additional higher thresholds that may be included in an entity’s articles of association. | |
| Requirement for Quorum | | | Quorum is a majority of shares entitled to vote at the meeting unless otherwise set in the constitutional documents, but cannot be less than one-third of shares entitled to vote at the meeting. | | | Quorum is set in the company’s memorandum and articles of association. | |
| Stockholder/Shareholder Consent to Action Without Meeting | | | Unless otherwise provided in the certificate of incorporation, stockholders may act by written consent. | | | Shareholder action by written resolutions (whether unanimous or otherwise) may be permitted by the articles of association. The articles of association may provide that shareholders may not act by written resolutions. | |
| Inspection of Books and Records | | | Any stockholder may inspect the corporation’s books and records for a proper purpose during the usual hours for business. | | | Shareholders generally do not have any rights to inspect or obtain copies of the register of shareholders or other corporate records of a company. | |
| Stockholder/Shareholder Lawsuits | | | A stockholder may bring a derivative suit subject to procedural requirements. | | | In the Cayman Islands, the decision to institute proceedings on behalf of a company is generally taken by the company’s board of directors. A shareholder may be entitled to bring a derivative action on behalf of the company only in certain limited circumstances. | |
| Removal of Directors | | | Any director or the entire board may be removed, with or without cause, by the holders of a majority of the shares then entitled to vote at an election of directors, except as follows: (1) unless the charter otherwise provides, in the case of a | | | A company’s memorandum and articles of association may provide that a director may be removed for any or no reason and that, in addition to shareholders, boards may be granted the power to remove a director. | |
| Provision | | | Delaware | | | Cayman Islands | |
| | | | corporation with a classified board, stockholders may effect such removal only for cause; or (2) in the case of a corporation having cumulative voting, if less than the entire board is to be removed, no director may be removed without cause if the votes cast against such director’s removal would be sufficient to elect such director if then cumulatively voted at an election of the entire board. Because the corporation board will be classified after the closing of the Business Combination, a director may be removed from office only for cause and only by the affirmative vote of at least a majority of the total voting power of the outstanding shares of capital stock of the corporation entitled to vote in any annual election of directors or class of directors, voting together as a single class. | | | | |
| Number of Directors | | | The number of directors is fixed by the Bylaws, unless the certificate of incorporation fixes the number of directors, in which case a change in the number of directors shall be made only by amendment of the certificate of incorporation. The Bylaws may provide that the board may increase the size of the board and fill any vacancies. | | | Subject to the memorandum and articles of association, the board may increase the size of the board and fill any vacancies. | |
| Classified or Staggered Boards | | | Classified boards are permitted. | | | Classified boards are permitted. | |
| Fiduciary Duties of Directors | | | Directors must exercise a duty of care and duty of loyalty and good faith to the company and its stockholders. | | | A director owes a fiduciary duty to exercise loyalty, honesty and good faith to the company as a whole. | |
| | | | | | | In addition to fiduciary duties, directors owe a duty of care, diligence and skill. | |
| | | | | | | Such duties are owed to the company but may be owed directly to creditors or shareholders in certain limited circumstances. | |
| Provision | | | Delaware | | | Cayman Islands | |
| Indemnification of Directors and Officers | | | A corporation shall have the power to indemnify any person who was or is a party to any proceeding because such person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another entity against expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred if the person acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal proceeding, had no reasonable cause to believe their conduct was unlawful. If the action was brought by or on behalf of the corporation, no indemnification is made when a person is adjudged liable to the corporation unless a court determines such person is fairly and reasonably entitled to indemnity for expenses the court deems proper. | | | A Cayman Islands exempted company generally may indemnify its directors or officers, except with regard to fraud or willful default. | |
| Limited Liability of Directors | | | Permits the limiting or eliminating of the monetary liability of a director to a corporation or its stockholders, except with regard to breaches of duty of loyalty, intentional misconduct, unlawful stock repurchases or dividends, or improper personal benefit. | | | Liability of directors may be limited, except with regard to their own fraud or willful default. | |
| Delaware Certificate of Incorporation and Bylaws | | | Cayman Islands Amended and Restated Memorandum and Articles of Association | |
| Corporate Purpose | | |||
| The purpose shall be to engage in any lawful act or activity for which corporations may be organized under the DGCL. | | | The objects for which Collier Creek was established are unrestricted and it shall have full power and authority to carry out any object not prohibited by the laws of the Cayman Islands. | |
| Capital Stock | | |||
| The total number of shares of all classes of capital stock which the Company shall have authority to issue is 1,064,249,000 of which 1,000,000,000 shares shall be Class A common stock, par value $0.0001 per share, 1,000,000 shares shall be Series B-1 common stock, par value $0.0001 per share. 1,000,000 shares shall be Series B-2 common stock, par value $0.0001 per share, 61,249,000 shares shall be Class V common stock, par value $0.0001 per share, and 1,000,000 shall be Preferred Stock, par value $0.0001 per share. | | | Collier Creek’s authorized share capital is $45,100, which consists of 451,000,000 shares, consisting of 400,000,000 Class A ordinary shares, par value $0.0001 per share, 50,000,000 Class B ordinary shares, par value $0.0001 per share and 1,000,000 preferred shares, par value $0.0001 per share. | |
| Preferred Stock. The Board of Directors is expressly granted authority to issue shares of Preferred Stock, in one or more series, and to fix for each such series the number of shares constituting such series and the designation, the voting powers (if any), and the powers, preferences and relative, participating, optional, or other special rights and such qualifications, limitations or restrictions thereof as shall be stated and expressed in the resolution or resolutions adopted by the Board of Directors providing for the issue of such series (a “Preferred Stock Designation”) and as may be permitted by the DGCL. The number of authorized shares of Preferred Stock may be increased or decreased (but not below the number of shares thereof then outstanding) by the affirmative vote of the holders of a majority of the voting power of all of the then outstanding shares of the capital stock of the Company entitled to vote thereon, without a separate vote of the holders of the Class A common stock, Class V common stock or Preferred Stock, unless a vote of any such holders is required pursuant to the Certificate of Incorporation or any Preferred Stock Designation. | | | Preferred Shares. The Directors may allot, issue, grant options over or otherwise dispose of preferred shares (including fractions of a preferred share) with or without preferred, deferred or other rights or restrictions, whether in regard to dividends or other distribution, voting, return of capital or otherwise and to such persons, at such times and on such other terms as they think proper, and may also (subject to the Cayman Islands Companies Law and the articles of association) vary such rights. | |
| Common Stock. Each holder of Class A common stock and Class V common stock is entitled to one vote for each share of Class A common stock and Class V common stock, respectively, held of record | | | Ordinary Shares. The Directors may allot, issue, grant options over or otherwise dispose of Ordinary Shares (including fractions of an Ordinary Share) with or without preferred, deferred or other rights | |
| Delaware Certificate of Incorporation and Bylaws | | | Cayman Islands Amended and Restated Memorandum and Articles of Association | |
| by such holder on all matters on which stockholders generally are entitled to vote. | | | or restrictions, whether in regard to dividends or other distribution, voting, return of capital or otherwise and to such persons, at such times and on such other terms as they think proper, and may also (subject to the Cayman Islands Companies Law and the articles of association) vary such rights. | |
| Directors; Classes | | |||
| Subject to the Certificate of Incorporation and the Investor Rights Agreement, the Board of Directors will determine the number of directors who will serve on the board. The exact number of directors will be fixed from time to time by a majority of the Board of Directors. The Board of Directors will be divided into three classes designated as Class I, Class II and Class III. Class I directors will initially serve for a term expiring at the first annual meeting of stockholders following the closing of the Business Combination. Class II and Class III directors shall initially serve for a term expiring at the second and third annual meeting of stockholders following the closing of the Business Combination, respectively. At each succeeding annual meeting, successors to the class of directors whose term expires at that annual meeting will be elected for a term expiring at the third succeeding annual meeting of stockholders. There will be no limit on the number of terms a director may serve on the Board of Directors. | | | The holders of the Class B ordinary shares may, by ordinary resolution, increase or decrease the number of directors. The Board of Directors are divided into three classes designated as Class I, Class II and Class III. Class I directors initially served for a term expiring at the 2019 annual general meeting of the company. Class II and Class III directors’ terms expire at the 2020 and 2021 annual general meeting, respectively. At each succeeding annual meeting, successors to the class of directors whose term expires at that annual meeting are elected for a term of three years. There is no limit on the number of terms a director may serve on the board of Directors. | |
| Board Vacancies; Removal | | |||
| Any vacancy on the Board of Directors, including a vacancy that results from an increase in the number of directors or a vacancy that results from the removal of a director with cause, may be filled only by a majority of the directors then in office. | | | Except as the Cayman Islands Companies Law or other applicable law may otherwise require, in the interim between annual general meetings or extraordinary general meetings called for the election of Directors and/or the removal of one or more Directors and the filling of any vacancy in that connection, additional Directors and any vacancies in the board of Directors, including unfilled vacancies resulting from the removal of Directors for cause, may be filled by the vote of a majority of the remaining Directors then in office, although less than a quorum (as defined in the charter documents), or by the sole remaining Director. A Director elected to fill a vacancy resulting from the death, resignation or removal of a Director shall serve for the remainder of the full term of the Director whose death, resignation or removal shall have created such vacancy and until his successor shall have been elected and qualified. | |
| Delaware Certificate of Incorporation and Bylaws | | | Cayman Islands Amended and Restated Memorandum and Articles of Association | |
| Stockholder/Shareholder Voting | | |||
| Election of directors need not be by ballot unless the Bylaws so provide. Subject to the rights of holders of any series of Preferred Stock, special meetings of the stockholders of the Company may be called only by or at the direction of the board, the chairman of the board or the chief executive officer of the Company. Stockholders must comply with certain advance notice procedures to nominate candidates to the Company Board or to propose matters to be acted upon at a stockholders’ meeting. Except with respect to any action required or permitted to be taken by the holders of Class V common stock, voting separately as a class, or pursuant to a certificate of designation by the holders of one or more series of Preferred stock, voting separately as a series or separately as a class with one or more other such series, any action required or permitted to be taken by the holders of stock of the Company must be effected at a duly called annual or special meeting of such holders and may not be effected by any consent in writing by such holders unless such action is recommended by all directors of the Company then in office. | | | Votes of shareholders shall be decided on a poll. | |
| Amendments to the Governing Documents | | |||
| The Board of Directors shall have the power, without the assent or vote of the stockholders, to make, alter, amend, change, add to, or repeal the Bylaws. The affirmative vote of the holders of at least 662∕3% of the total voting power of all the then outstanding shares of stock of the Company entitled to vote generally in the election of directors, voting together as a single class, shall be required to alter, amend, repeat or rescind, in whole or in part, any provision of Article I, Article II or Article IV of the Bylaws of the Company, or to adopt any provision inconsistent therewith and, with respect to any other provision of the Bylaws, the affirmative vote of the holders of at least a majority of the total voting power of all the then outstanding shares of stock of the Company entitled to vote generally in the election of directors, voting together as a single class, shall be required in order for the stockholders of the Company to alter, amend, repeal or rescind, in whole or in part, any provision of the Bylaws of | | | The Amended and Restated Memorandum and Articles of Association may only be amended by a special resolution of the shareholders. | |
| Delaware Certificate of Incorporation and Bylaws | | | Cayman Islands Amended and Restated Memorandum and Articles of Association | |
| the Company, or to adopt any provision inconsistent therewith. Certain provisions of the Certificate of Incorporation may only be amended, altered, repealed, or rescinded by the affirmative vote of the holders of at least 66-2/3% of the total voting power of all the then outstanding shares of stock of the Company entitled to vote generally in the election of directors, voting together as a single class. | | | | |
| Authority of the Directors | | |||
| The directors are empowered to exercise all such powers and do all such acts and things as may be exercised or done by the Company; subject, nevertheless, to the provisions of the statutes of Delaware, of the Certificate of Incorporation, and to any Bylaws from time to time made by the stockholders; provided, however, that no Bylaw so made shall invalidate any prior act of the directors which would have been valid if such Bylaw had not been made. | | | The business shall be managed by the Directors who may exercise all the powers of the company. | |
| Liability of Directors | | |||
| A director of the Company shall not be personally liable to the Company or its stockholders for monetary damages for any breach of fiduciary duty as a director, except for liability (i) for any breach of the director’s duty of loyalty to the Company or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of the DGCL, or (iv) for any transaction from which the director derived an improper personal benefit. If the DGCL is amended to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of a director of the Company shall be eliminated or limited to the fullest extent permitted by the DGCL, as so amended. Any repeal or modification of this provision by the stockholders of the Company shall not adversely affect any right or protection of a director of the Company with respect to events occurring prior to the time of such repeal or modification. | | | Cayman Islands law does not limit the extent to which a company’s memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against willful default, fraud or the consequences of committing a crime. The Amended and Restated Memorandum and Articles of Association provides for indemnification of officers and directors, including for any liability incurred in their capacities as such, except through their own actual fraud or willful default. | |
| Indemnification of Directors, Officers, Employees and Others | | |||
| Each person who was or is made a party or is threatened to be made a party to or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative or any | | | See “Liability of Directors” above | |
| Delaware Certificate of Incorporation and Bylaws | | | Cayman Islands Amended and Restated Memorandum and Articles of Association | |
| other type whatsoever, by reason of the fact that he or she is or was a director or an officer of the Company or, while a director or officer of the Company, is or was serving at the request of the Company as a director, officer, employee, agent or trustee of another corporation or of a partnership, joint venture, trust or other enterprise, shall be indemnified and held harmless by the Company to the fullest extent permitted by Delaware law against all expense, liability and loss reasonably incurred or suffered by such indemnitee in connection therewith, provided, however, that, except in certain circumstances, the Company shall indemnify any such indemnitee in connection with a proceeding (or part thereof) initiated by such indemnitee only if such proceeding (or part thereof) was authorized by the Company Board. An indemnitee shall also have the right to be paid by the Company the expenses (including attorney’s fees) incurred in appearing at, participating in or defending any such proceeding in advance of its final disposition or in connection with a proceeding brought to establish or enforce a right to indemnification or advancement of expenses under the Bylaws. | | | | |
| Exclusive Forum | | |||
| Unless the Company consents in writing to the selection of an alternative forum, (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim of breach of a fiduciary duty owed by any current or former director, officer, other employee, agent or stockholder of the Company to the Company or the Company’s stockholders, or any claim for aiding and abetting such alleged breach, (iii) any action asserting a claim against the Company or any current or former director, officer, other employee, agent or stockholder of the Company (a) arising pursuant to any provision of the DGCL, the Certificate of Incorporation (as it may be amended or restated) or the Bylaws or (b) as to which the DGCL confers jurisdiction on the Delaware Court of Chancery or (iv) any action asserting a claim against the Company or any current or former director, officer, other employee, agent or stockholder of the Company governed by the internal affairs doctrine of the law of the State of Delaware shall, as to any action in the foregoing clauses (i) through (iv), to the fullest extent permitted by law, be solely and exclusively brought in the Delaware Court of Chancery; provided, | | | No Similar Provision | |
| Delaware Certificate of Incorporation and Bylaws | | | Cayman Islands Amended and Restated Memorandum and Articles of Association | |
| however, that the foregoing shall not apply to any claim (a) as to which the Delaware Court of Chancery determines that there is an indispensable party not subject to the jurisdiction of the Delaware Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten days following such determination), (b) which is vested in the exclusive jurisdiction of a court or forum other than the Delaware Court of Chancery, or (c) arising under federal securities laws, including the Securities Act as to which the federal district courts of the United States of America shall, to the fullest extent permitted by law, be the sole and exclusive forum. Notwithstanding the foregoing, the provisions of Article XII of the Certificate of Incorporation will not apply to suits brought to enforce any liability or duty created by the Exchange Act, or any other claim for which the federal district courts of the United States of America shall be the sole and exclusive forum. | | | | |
| Business Opportunities | | |||
| The Company renounces any interest or expectancy that it has in, or right to be offered an opportunity to participate in, any business opportunities that may be a corporate opportunity for its directors or their respective affiliates, other than those officers, directors, stockholders or affiliates who are our employees. Non-employee directors or his or her affiliates have no duty to refrain from (i) engaging in a corporate opportunity in the same or similar lines of business in which the Company or its affiliates now engage or propose to engage or (ii) otherwise competing with the Company or its affiliates. In the event that any non-employee director or any of his or her affiliates acquires knowledge of a potential transaction or other business opportunity which may be a corporate opportunity for itself or himself or herself or its or his or her affiliates or for the Company or its affiliates, such person will have no duty to communicate or offer such transaction or business opportunity to the Company or any of its affiliates and they may take any such opportunity for themselves or offer it to another person or entity. The Company does not renounce its interest in any business opportunity that is expressly offered to a non-employee director solely in his or her capacity as a director or officer of the Company. A business opportunity will not be deemed to be a potential corporate opportunity for the Company if it is a | | | No Similar Provision | |
| Delaware Certificate of Incorporation and Bylaws | | | Cayman Islands Amended and Restated Memorandum and Articles of Association | |
| business opportunity that (i) the Company is neither financially or legally, nor contractually permitted to undertake, (ii) from its nature, is not in the line of the Company’s business or is of no practical advantage to the Company, (iii) is one in which the Company has no interest or expectancy or (iv) is presented to any account for the benefit of a member of the Board or such member’s Affiliate over which such member of the Board has no direct or indirect influence or control, including, but not limited to, a blind trust. | | | | |
| Transactions with Certain Stockholders/Shareholders | | |||
| The Company has elected not to be subject to provisions Section 203 of the DGCL, which generally prohibits “interested stockholders” (stockholders holding 15% or more of the outstanding stock) from engaging in business combinations with the Company for a period of time unless certain conditions are met. However, the Certificate of Incorporation includes a provision that is substantially similar to Section 203 of the DGCL, but excludes certain stockholders as specified in the Investor Rights Agreement from the definition of “interested stockholder.” | | | No Similar Provision | |
| | | Assuming No Redemptions | | | Assuming Maximum Redemptions(1) | | ||||||||||||||||||
| | | Shares | | | % | | | Shares | | | % | | ||||||||||||
Collier Creek’s Public Shareholders | | | | | 44,000,000 | | | | | | 38.2% | | | | | | 25,708,738 | | | | | | 26.5% | | |
Sponsor and Independent Directors (Including Forward Purchase)(2)(3) | | | | | 13,375,000 | | | | | | 11.6% | | | | | | 13,375,000 | | | | | | 13.8% | | |
Sellers(4) | | | | | 57,765,978 | | | | | | 50.2% | | | | | | 57,765,978 | | | | | | 59.7% | | |
Closing | | | | | 115,140,978 | | | | | | 100% | | | | | | 96,849,716 | | | | | | 100% | | |
Sources | | | | | | | | | Uses | | | | | | | |
Collier Creek Cash Held in Trust(1)(3) | | | | $ | 453 | | | | Debt Repayment(4) | | | | $ | 237 | | |
| | | | | | | | | UPA Seller Preferred Units Acquisition(5) | | | | | 139 | | |
Collier Creek Forward Purchase Agreement(2) | | | | | 35 | | | | Cash Consideration to Existing Utz Owners(6) | | | | | 60 | | |
| | | | | | | | | Transaction Fees(7) | | | | | 52 | | |
Total Sources | | | | $ | 488 | | | | Total Uses | | | | $ | 488 | | |
Sources | | | | | | | | | Uses | | | | | | | |
Collier Creek Cash Held in Trust(1)(3) | | | | $ | 453 | | | | Debt Repayment(4) | | | | $ | 49 | | |
| | | | | | | | | UPA Seller Preferred Units Acquisition(5) | | | | | 139 | | |
Collier Creek Forward Purchase Agreement(2) | | | | | 35 | | | | Cash Consideration to Existing Utz Owners(6) | | | | | 60 | | |
| | | | | | | | | Transaction Fees(7) | | | | | 52 | | |
| | | | | | | | | Shareholder Redemptions(8) | | | | | 188 | | |
Total Sources | | | | $ | 488 | | | | Total Uses | | | | $ | 488 | | |
| | | As of | | |||||||||||||||
| | | March 31, 2020 (Unaudited) | | | December 31, 2019 | | | December 31, 2018 | | |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | |
Cash | | | | $ | 585,123 | | | | | $ | 585,253 | | | | | $ | 944,890 | | |
Prepaid expenses | | | | | 154,625 | | | | | | 136,313 | | | | | | 321,529 | | |
Total current assets | | | | | 739,748 | | | | | | 721,566 | | | | | | 1,266,419 | | |
Cash and marketable securities held in Trust Account | | | | | 452,430,869 | | | | | | 451,020,841 | | | | | | 442,048,296 | | |
Total Assets | | | | $ | 453,170,617 | | | | | $ | 451,742,407 | | | | | $ | 443,314,715 | | |
Liabilities and Shareholders’ Equity: | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | |
Accounts payable | | | | $ | 161,579 | | | | | $ | 11,654 | | | | | $ | 115,112 | | |
Accrued expenses | | | | | 1,514,828 | | | | | | 444,337 | | | | | | 7,500 | | |
Accrued expenses – related parties | | | | | 176,774 | | | | | | 146,774 | | | | | | 26,774 | | |
Total current liabilities | | | | | 1,853,181 | | | | | | 602,765 | | | | | | 149,386 | | |
Deferred underwriting commissions and legal fees | | | | | 15,450,000 | | | | | | 15,450,000 | | | | | | 15,450,000 | | |
Total liabilities | | | | $ | 17,303,181 | | | | | $ | 16,052,765 | | | | | $ | 15,599,386 | | |
Commitments: | | | | | | | | | | | | | | | | | | | |
Class A ordinary shares, $0.0001 par value, subject to redemption | | | | | 430,867,428 | | | | | | 430,689,635 | | | | | | 422,715,321 | | |
Shareholders’ Equity: | | | | | | | | | | | | | | | | | | | |
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | | | | | — | | | | | | — | | | | | | — | | |
Class A ordinary shares, $0.0001 par value; 400,000,000 shares authorized | | | | | 209 | | | | | | 198 | | | | | | 194 | | |
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized | | | | | 1,188 | | | | | | 1,188 | | | | | | 1,188 | | |
Additional paid-in capital | | | | | — | | | | | | — | | | | | | 3,087,484 | | |
Retained earnings | | | | | 4,998,611 | | | | | | 4,998,621 | | | | | | 1,911,142 | | |
Total Shareholders’ Equity | | | | | 5,000,008 | | | | | | 5,000,007 | | | | | | 5,000,008 | | |
Total Liabilities and Shareholders’ Equity | | | | $ | 453,170,617 | | | | | $ | 451,742,407 | | | | | $ | 443,314,715 | | |
|
| | | For the Three Months Ended March 31, | | | For the Year Ended December 31, 2019 | | | For the Period from April 30, 2018 (inception) through December 31, 2018 | | |||||||||||||||
| | | 2020 (Unaudited) | | | 2019 (Unaudited) | | ||||||||||||||||||
General and administrative expenses | | | | $ | 1,232,234 | | | | | $ | 159,706 | | | | | $ | 998,232 | | | | | $ | 137,154 | | |
Loss from operations | | | | | (1,232,234) | | | | | | (159,706) | | | | | | (998,232) | | | | | | (137,154) | | |
Investment income on Trust Account | | | | | 1,410,028 | | | | | | 2,461,634 | | | | | | 8,972,545 | | | | | | 2,048,296 | | |
Net income | | | | $ | 177,794 | | | | | $ | 2,301,928 | | | | | $ | 7,974,313 | | | | | $ | 1,911,142 | | |
Weighted average shares outstanding of Class A ordinary shares | | | | | 44,000,000 | | | | | | 44,000,000 | | | | | | 44,000,000 | | | | | | 44,000,000 | | |
Basic and diluted net income per share, Class A | | | | $ | 0.03 | | | | | $ | 0.06 | | | | | $ | 0.20 | | | | | $ | 0.05 | | |
Weighted average shares outstanding of Class B ordinary shares | | | | | 11,875,000 | | | | | | 11,875,000 | | | | | | 11,875,000 | | | | | | 11,875,000 | | |
Basic and diluted net loss per share, Class B | | | | $ | (0.10) | | | | | $ | (0.01) | | | | | $ | (0.08) | | | | | $ | (0.01) | | |
| | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Net sales | | | | $ | 228,029 | | | | | $ | 178,412 | | | | | $ | 768,228 | | | | | $ | 772,035 | | | | | $ | 707,035 | | |
Cost of goods sold | | | | | 148,015 | | | | | | 121,880 | | | | | | 514,430 | | | | | | 505,330 | | | | | | 445,548 | | |
Gross profit | | | | | 80,014 | | | | | | 56,532 | | | | | | 253,798 | | | | | | 266,705 | | | | | | 261,487 | | |
Selling and administrative expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling | | | | | 48,333 | | | | | | 37,136 | | | | | | 163,589 | | | | | | 183,374 | | | | | | 180,956 | | |
Administrative | | | | | 19,940 | | | | | | 13,394 | | | | | | 64,723 | | | | | | 68,018 | | | | | | 69,982 | | |
Total selling and administrative expenses | | | | | 68,273 | | | | | | 50,530 | | | | | | 228,312 | | | | | | 251,392 | | | | | | 250,938 | | |
Gain (loss) on sale of assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gain (loss) on disposal of property, plant and equipment | | | | | 68 | | | | | | 729 | | | | | | 6,028 | | | | | | (2,312) | | | | | | (11,813) | | |
Gain on sale of routes, net | | | | | 404 | | | | | | 2,442 | | | | | | 7,232 | | | | | | 6,382 | | | | | | 11,364 | | |
Total gain (loss) on sale of assets | | | | | 472 | | | | | | 3,171 | | | | | | 13,260 | | | | | | 4,070 | | | | | | (449) | | |
Income from operations | | | | | 12,213 | | | | | | 9,173 | | | | | | 38,746 | | | | | | 19,383 | | | | | | 10,100 | | |
Other (expense) income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | | | (9,643) | | | | | | (12,545) | | | | | | (48,388) | | | | | | (45,715) | | | | | | (11,067) | | |
Other (expense) income | | | | | 580 | | | | | | 1,134 | | | | | | (576) | | | | | | 607 | | | | | | 1,921 | | |
Other (expense) income, net | | | | | (9,063) | | | | | | (11,411) | | | | | | (48,964) | | | | | | (45,108) | | | | | | (9,146) | | |
(Loss) income before taxes | | | | | 3,150 | | | | ��� | | (2,238) | | | | | | (10,218) | | | | | | (25,725) | | | | | | 954 | | |
Income tax expense (benefit) | | | | | 1,458 | | | | | | 377 | | | | | | 3,146 | | | | | | 1,919 | | | | | | (16,146) | | |
Net (loss) income | | | | | 1,692 | | | | | | (2,615) | | | | | | (13,364) | | | | | | (27,644) | | | | | | 17,100 | | |
Net (loss) income attributable to noncontrolling interest | | | | | — | | | | | | (705) | | | | | | (2,808) | | | | | | (2,856) | | | | | | (3,497) | | |
Net (loss) income attributable to controlling interest | | | | $ | 1,692 | | | | | $ | (3,320) | | | | | $ | (16,172) | | | | | $ | (30,500) | | | | | $ | 13,603 | | |
|
| | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Net cash provided by (used in) operating activities | | | | $ | (2,773) | | | | | $ | (17,179) | | | | | $ | 27,992 | | | | | $ | 15,747 | | | | | $ | 49,776 | | |
Net cash provided by (used in) investing activities | | | | | (14,464) | | | | | | 24,004 | | | | | | (115,882) | | | | | | (2,169) | | | | | | (171,148) | | |
Net cash provided by (used in) financing activities | | | | | 7,815 | | | | | | (5,423) | | | | | | 96,029 | | | | | | (16,366) | | | | | | 129,004 | | |
| | | March 29, 2020 | | | December 29, 2019 | | | December 30, 2018 | | |||||||||
Total assets | | | | $ | 784,905 | | | | | $ | 778,547 | | | | | $ | 640,670 | | |
Total liabilities | | | | | 826,430 | | | | | | 811,899 | | | | | | 771,986 | | |
Total (deficit) equity | | | | | (41,525) | | | | | | (33,352) | | | | | | (131,316) | | |
| | | Thirteen Weeks Ended | | | Fiscal Year Ended | | ||||||||||||||||||||||||
(dollars in millions) | | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Adjusted Net Sales | | | | | 248.8 | | | | | | 195.8 | | | | | | 845.4 | | | | | | 830.0 | | | | | | 747.4 | | |
Further Adjusted Net Sales | | | | | 248.8 | | | | | | 221.6 | | | | | | 942.7 | | | | | | N/A | | | | | | N/A | | |
Pro Forma Net Sales | | | | | 228.0 | | | | | | 204.2 | | | | | | 865.5 | | | | | | N/A | | | | | | N/A | | |
Adjusted Gross Profit | | | | | 106.1 | | | | | | 77.8 | | | | | | 347.8 | | | | | | 342.9 | | | | | | 315.8 | | |
Adjusted Gross Profit as a % of Adjusted Net Sales | | | | | 42.6% | | | | | | 39.7% | | | | | | 41.1% | | | | | | 41.3% | | | | | | 42.3% | | |
Further Adjusted Gross Profit | | | | | 106.1 | | | | | | 87.1 | | | | | | 383.0 | | | | | | N/A | | | | | | N/A | | |
Further Adjusted Gross Profit as a % of Further Adjusted Net Sales | | | | | 42.6% | | | | | | 39.3% | | | | | | 40.6% | | | | | | N/A | | | | | | N/A | | |
| | | Thirteen Weeks Ended | | | Fiscal Year Ended | | ||||||||||||||||||||||||
(dollars in millions) | | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Adjusted EBITDA | | | | | 29.2 | | | | | | 18.0 | | | | | | 93.3 | | | | | | 80.2 | | | | | | 73.2 | | |
Adjusted EBITDA as a % of Net Sales | | | | | 12.8% | | | | | | 10.1% | | | | | | 12.1% | | | | | | 10.4% | | | | | | 10.4% | | |
Further Adjusted EBITDA | | | | | 30.1 | | | | | | 21.5 | | | | | | 107.7 | | | | | | N/A | | | | | | N/A | | |
Further Adjusted EBITDA as a % of Pro Forma Net Sales | | | | | 13.2% | | | | | | 10.5% | | | | | | 12.4% | | | | | | N/A | | | | | | N/A | | |
| | | Thirteen Weeks Ended | | | Fiscal Year Ended | | ||||||||||||||||||||||||
(In millions) | | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Net Sales | | | | | 228.0 | | | | | | 178.4 | | | | | | 768.2 | | | | | | 772.0 | | | | | | 707.0 | | |
IO Discounts | | | | | 20.8 | | | | | | 17.4 | | | | | | 77.2 | | | | | | 58.0 | | | | | | 40.4 | | |
Adjusted Net Sales | | | | | 248.8 | | | | | | 195.8 | | | | | | 845.4 | | | | | | 830.0 | | | | | | 747.4 | | |
Pro Forma Net Sales | | | | | 228.0 | | | | | | 204.2 | | | | | | 865.5 | | | | | ||||||||||
IO Discounts | | | | | 20.8 | | | | | | 17.4 | | | | | | 77.2 | | | | | ||||||||||
Further Adjusted Net Sales | | | | | 248.8 | | | | | | 221.6 | | | | | | 942.7 | | | | |
| | | Thirteen Weeks Ended | | | Fiscal Year Ended | | ||||||||||||||||||||||||
(dollars in millions) | | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Gross Profit | | | | | 80.0 | | | | | | 56.5 | | | | | | 253.8 | | | | | | 266.7 | | | | | | 261.5 | | |
IO Discounts | | | | | 20.8 | | | | | | 17.4 | | | | | | 77.2 | | | | | | 58.0 | | | | | | 40.4 | | |
Depreciation and Amortization | | | | | 5.3 | | | | | | 3.9 | | | | | | 16.8 | | | | | | 18.2 | | | | | | 13.9 | | |
Adjusted Gross Profit | | | | | 106.1 | | | | | | 77.8 | | | | | | 347.8 | | | | | | 342.9 | | | | | | 315.8 | | |
Pro Forma Gross Profit | | | | | 80.0 | | | | | | 56.5 | | | | | | 287.0 | | | | | ||||||||||
IO Discounts | | | | | 20.8 | | | | | | 17.4 | | | | | | 77.2 | | | | | ||||||||||
Depreciation and Amortization | | | | | 5.3 | | | | | | 3.9 | | | | | | 18.8 | | | | | ||||||||||
Further Adjusted Gross Profit | | | | | 106.1 | | | | | | 87.1 | | | | | | 383.0 | | | | | ||||||||||
Further Adjusted Gross Profit as a % of Further Adjusted Net Sales | | | | | 42.6% | | | | | | 39.7% | | | | | | 40.6% | | | | |
| | | Thirteen Weeks Ended | | | Fiscal Year Ended | | ||||||||||||||||||||||||
(dollars in millions) | | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Net Income (loss) | | | | | 1.7 | | | | | | (2.6) | | | | | | (13.4) | | | | | | (27.6) | | | | | | 17.1 | | |
Plus non-GAAP adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income Tax (Benefit) or Expense | | | | | 1.5 | | | | | | 0.4 | | | | | | 3.2 | | | | | | 1.9 | | | | | | (16.1) | | |
Depreciation and Amortization | | | | | 8.9 | | | | | | 6.9 | | | | | | 29.3 | | | | | | 30.4 | | | | | | 29.0 | | |
Interest Expense, Net | | | | | 9.6 | | | | | | 12.5 | | | | | | 48.4 | | | | | | 45.7 | | | | | | 11.1 | | |
Interest Income (IO loans)(1) | | | | | (0.5) | | | | | | (0.9) | | | | | | (3.5) | | | | | | (2.6) | | | | | | (2.1) | | |
EBITDA | | | | | 21.2 | | | | | | 16.3 | | | | | | 64.0 | | | | | | 47.8 | | | | | | 39.0 | | |
Certain Non-Cash Adjustments(2) | | | | | 1.1 | | | | | | 0.4 | | | | | | 9.4 | | | | | | 12.6 | | | | | | 12.1 | | |
Change in Accounting Policy and Estimate(3) | | | | | — | | | | | | 0.4 | | | | | | 6.8 | | | | | | 4.6 | | | | | | — | | |
Acquisition and Integration(4) | | | | | 5.2 | | | | | | 0.7 | | | | | | 3.3 | | | | | | 11.3 | | | | | | 5.6 | | |
Business Transformation Initiatives(5) | | | | | 1.6 | | | | | | 0.2 | | | | | | 5.1 | | | | | | 3.0 | | | | | | 12.6 | | |
Financing-Related Costs(6) | | | | | 0.1 | | | | | | 0.0 | | | | | | 4.7 | | | | | | 0.9 | | | | | | 3.9 | | |
Adjusted EBITDA | | | | | 29.2 | | | | | | 18.0 | | | | | | 93.3 | | | | | | 80.2 | | | | | | 73.2 | | |
Adjusted EBITDA as a % of Net Sales | | | | | 12.8% | | | | | | 10.1% | | | | | | 12.1% | | | | | | 10.4% | | | | | | 10.4% | | |
Kennedy Pre-Acquisition EBITDA(7) | | | | | — | | | | | | 2.5 | | | | | | 9.9 | | | | | | | | | | | | | | |
Kennedy Synergies(8) | | | | | 1.5 | | | | | | 1.6 | | | | | | 6.3 | | | | | | | | | | | | | | |
Kitchen Cooked Pre-Acquisition Net Income | | | | | — | | | | | | — | | | | | | 0.5 | | | | | | | | | | | | | | |
Kitchen Cooked Synergies | | | | | 0.2 | | | | | | 0.2 | | | | | | 0.7 | | | | | | | | | | | | | | |
Collier Creek EBITDA(9) | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | |
Public Company Costs(10) | | | | | (0.8) | | | | | | (0.8) | | | | | | (3.0) | | | | | ||||||||||
Further Adjusted EBITDA | | | | | 30.1 | | | | | | 21.5 | | | | | | 107.7 | | | | | ||||||||||
Further Adjusted EBITDA as a % of Pro Forma Net Sales | | | | | 13.2% | | | | | | 10.5% | | | | | | 12.4% | | | | | | | | | | | | | | |
| | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | |||||||||
Kennedy Pre-Acquisition Net Income | | | | | — | | | | | | 2.1 | | | | | | 7.1 | | |
Plus: Pro Forma Pre-Acquisition Depreciation and Amortization | | | | | — | | | | | | 0.4 | | | | | | 2.8 | | |
Kennedy Pre-Acquisition EBITDA | | | | | — | | | | | | 2.5 | | | | | | 9.9 | | |
| | | Assuming No Redemptions | | | Assuming Maximum Redemptions(1) | | ||||||||||||||||||
| | | Shares | | | % | | | Shares | | | % | | ||||||||||||
Collier Creek’s Public Shareholders | | | | | 44,000,000 | | | | | | 38.2% | | | | | | 25,708,738 | | | | | | 26.5% | | |
Sponsor and Independent Directors (including Forward Purchases)(2)(3) | | | | | 13,375,000 | | | | | | 11.6% | | | | | | 13,375,000 | | | | | | 13.8% | | |
Sellers(4) | | | | | 57,765,978 | | | | | | 50.2% | | | | | | 57,765,978 | | | | | | 59.7% | | |
Closing shares | | | | | 115,140,978 | | | | | | 100% | | | | | | 96,849,716 | | | | | | 100% | | |
| | | As of March 31, 2020 | | | As of March 29, 2020 | | | As of March 31, 2020 | | |||||||||||||||
Unaudited Pro Forma Condensed Balance Sheet Data | | | Pro Forma | | |||||||||||||||||||||
| No Redemptions | | | Maximum Redemptions | | ||||||||||||||||||||
(in thousands) | | | Collier Creek | | | Utz | | ||||||||||||||||||
Total current assets | | | | $ | 1,000 | | | | | $ | 188,000 | | | | | $ | 190,000 | | | | | $ | 190,000 | | |
Total assets | | | | $ | 453,000 | | | | | $ | 785,000 | | | | | $ | 1,762,000 | | | | | $ | 1,727,000 | | |
Total liabilities | | | | $ | 17,000 | | | | | $ | 827,000 | | | | | $ | 666,000 | | | | | $ | 830,000 | | |
Total equity | | | | $ | 5,000 | | | | | $ | (42,000) | | | | | $ | 1,096,000 | | | | | $ | 897,000 | | |
Unaudited Pro Forma Condensed Combined Statement of Operations Data (in thousands, except per share data) | | | For the Three Months Ended March 31, 2020 | | | For the Quarterly Period Ended March 29, 2020 | | | Pro Forma | | |||||||||||||||
| Collier Creek | | | Utz | | | No Redemptions | | | Maximum Redemptions | | ||||||||||||||
Total revenues | | | | $ | — | | | | | $ | 228,000 | | | | | $ | 228,000 | | | | | $ | 228,000 | | |
Operating income (loss) | | | | $ | (1,000) | | | | | $ | 12,000 | | | | | $ | 1,000 | | | | | $ | 1,000 | | |
Net income (loss) | | | | $ | — | | | | | $ | 2,000 | | | | | $ | (4,000) | | | | | $ | (6,000) | | |
Net income (loss) per share basic, Class A | | | | $ | 0.03 | | | | | | N/A | | | | | $ | (0.02) | | | | | $ | (0.03) | | |
Net income (loss) per share diluted, Class A | | | | $ | 0.03 | | | | | | N/A | | | | | $ | (0.02) | | | | | $ | (0.03) | | |
Net loss per share (basic and diluted), Class B | | | | $ | (0.10) | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Unaudited Pro Forma Condensed Combined Statement of Operations Data (in thousands, except per share or unit data) | | | For the Year Ended December 31, 2019 | | | For the Year Ended December 29, 2019 | | | Pro Forma | | |||||||||||||||
| Collier Creek | | | Utz | | | No Redemptions | | | Maximum Redemptions | | ||||||||||||||
Total revenues | | | | $ | — | | | | | $ | 866,000 | | | | | $ | 866,000 | | | | | $ | 866,000 | | |
Operating (loss) income | | | | $ | (1,000) | | | | | $ | 45,000 | | | | | $ | (9,000) | | | | | $ | (9,000) | | |
Net income (loss) | | | | $ | 8,000 | | | | | $ | (14,000) | | | | | $ | (32,000) | | | | | $ | (46,000) | | |
Net income (loss) per share basic, Class A | | | | $ | 0.20 | | | | | | N/A | | | | | $ | (0.21) | | | | | $ | (0.36) | | |
Net income (loss) per share diluted, Class A | | | | $ | 0.20 | | | | | | N/A | | | | | $ | (0.21) | | | | | $ | (0.36) | | |
Net loss per share (basic and diluted), Class B | | | | $ | (0.08) | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
| | | | | | | | | | | | | | | Pro Forma Combined | | |||||||||
| | | Collier Creek | | | Utz(2) | | | No Redemptions | | | Maximum Redemptions | | ||||||||||||
Book Value per Share as of the last day of the first fiscal quarter of 2020(1) | | | | $ | 0.11 | | | | | | N/A | | | | | $ | 9.15 | | | | | $ | 8.75 | | |
Net Income (loss) per Common Share – Basic for fiscal year 2019 | | | | $ | 0.20 | | | | | | N/A | | | | | $ | (0.21) | | | | | $ | (0.36) | | |
Net Income (loss) per Common Share – Diluted for fiscal year 2019 | | | | $ | 0.20 | | | | | | N/A | | | | | $ | (0.21) | | | | | $ | (0.36) | | |
Net Income (loss) per Common Share – Basic for the first fiscal quarter of 2020 | | | | $ | 0.03 | | | | | | N/A | | | | | $ | (0.02) | | | | | $ | (0.03) | | |
Net Income (loss) per Common Share – Diluted for the first fiscal quarter of 2020 | | | | $ | 0.03 | | | | | | N/A | | | | | $ | (0.02) | | | | | $ | (0.03) | | |
| | | Existing Organizational Documents | | | Proposed Organizational Documents | |
Authorized Shares (Organizational Documents Proposal A) | | | The Existing Organizational Documents authorize 451,000,000 shares, consisting of 400,000,000 Class A ordinary shares, 50,000,000 Class B ordinary shares and 1,000,000 preferred shares. | | | The Proposed Organizational Documents authorize 1,064,249,000 shares, consisting of 1,000,000,000 shares of Class A common stock, 1,000,000 shares of Series B-1 common stock, 1,000,000 shares of Series B-2 common stock, 61,249,000 shares of Class V common stock and 1,000,000 shares of Preferred Stock. | |
| | | See paragraph 5 of our Existing Organizational Documents. | | | See Article 4 of the Certificate of Incorporation. | |
Authorize the Company to Make Issuances of Preferred Stock Without Stockholder Consent (Organizational Documents Proposal B) | | | The Existing Organizational Documents authorize the issuance of 1,000,000 preferred shares with such designations, rights and preferences as may be determined from time to time by our board of directors. Accordingly, our board of directors is empowered under the Existing Organizational Documents, without shareholder approval, to issue preferred shares with dividend, liquidation, redemption, voting or other rights which could | | | The Proposed Organizational Documents authorize the Company Board to make issuances of all or any shares of Preferred Stock in one or more classes or series, with such terms and conditions and at such future dates as may be expressly determined by the Company Board and as may be permitted by the DGCL. | |
| | | Existing Organizational Documents | | | Proposed Organizational Documents | |
| | | adversely affect the voting power or other rights of the holders of ordinary shares. | | | | |
| | | See Article 51 of our Existing Organizational Documents | | | See Article 4 subsection 2 of the Certificate of Incorporation. | |
Investor Rights Agreement (Organizational Documents Proposal C) | | | The Existing Organizational Documents are not subject to any director composition agreement or investor rights agreement. | | | The Proposed Organizational Documents provide that certain provisions therein are subject to the director nomination provisions of the Investor Rights Agreement. | |
| | | | | | See Article 6 subsection 1 of the Certificate of Incorporation. | |
Shareholder/Stockholder Written Consent In Lieu of a Meeting (Organizational Documents Proposal D) | | | The Existing Organizational Documents provide that resolutions may be passed by a vote in person, by proxy at a general meeting, or by unanimous written resolution. | | | The Proposed Organizational Documents allow stockholders to vote in person or by proxy at a meeting of stockholders, but prohibit the ability of stockholders to act by written consent in lieu of a meeting, unless such action is recommended or approved by all directors then in office. | |
| | | See Article 23 of our Existing Organizational Documents. | | | See Article 7 subsection 1 of the Certificate of Incorporation. | |
Classified Board (Organizational Documents Proposal E) | | | The Existing Organizational Documents provide that the Collier Creek Board be divided into three classes with only one class of directors being elected in each year and each class serving for a three-year term. | | | The Proposed Organizational Documents will provide that the Company Board continue to be divided into three classes with only one class of directors being elected in each year and each class serving for a three-year term. | |
| | | | | | See Article 6 subsection 1 of the Certificate of Incorporation. | |
Exclusive Forum (Organizational Documents Proposal F) | | | The Existing Organizational Documents do not contain a provision adopting an exclusive forum for certain shareholder litigation. | | | The Proposed Organizational Documents adopt Delaware as the exclusive forum for certain stockholder litigation and the U.S. federal district courts as the exclusive forum for the resolution of any complaint asserting a cause of action under the Securities Act. | |
| | | | | | See Article 12 subsection 1 of the Certificate of Incorporation. | |
Corporate Name (Organizational Documents Proposal G) | | | The Existing Organizational Documents provide the name of the company is “Collier Creek Holdings” | | | The Proposed Organizational Documents will provide that the name of the Company will be “Utz Brands, Inc.” | |
| | | See paragraph 1 of our Existing Organizational Documents. | | | | |
| | | Existing Organizational Documents | | | Proposed Organizational Documents | |
Perpetual Existence (Organizational Documents Proposal G) | | | The Existing Organizational Documents provide that if we do not consummate a business combination (as defined in the Existing Organizational Documents) by October 10, 2020, Collier Creek shall cease all operations except for the purposes of winding up and shall redeem the shares issued in our IPO and liquidate our trust account. | | | The Proposed Organizational Documents do not include any provisions relating to the Company’s ongoing existence; the default under the DGCL will make Utz Brands, Inc.’s existence perpetual. | |
| | | See Article 51 of our Existing Organizational Documents. | | | This is the default rule under the DGCL. | |
Takeovers by Interested Stockholders (Organizational Documents Proposal G) | | | The Existing Organizational Documents do not provide restrictions on takeovers of Collier Creek by a related shareholder following a business combination. | | | The Proposed Organizational Documents will have the Company elect not to be governed by Section 203 of the DGCL relating to takeovers by interested stockholders but will provide other restrictions regarding takeovers by interested stockholders. | |
| | | | | | See Article 9 of the Certificate of Incorporation | |
Waiver of Corporate Opportunities (Organizational Documents Proposal G) | | | The Existing Organizational Documents do not provide an explicit waiver of corporate opportunities for Collier Creek or its directors. | | | The Proposed Organizational Documents will explicitly waive corporate opportunities for the non-employee directors of the Company. | |
| | | �� | | | See Article 10 of the Certificate of Incorporation. | |
Provisions Related to Status as Blank Check Company (Organizational Documents Proposal G) | | | The Existing Organizational Documents set forth various provisions related to our status as a blank check company prior to the consummation of a business combination. | | | The Proposed Organizational Documents do not include such provisions related to our status as a blank check company, which no longer will apply upon consummation of the Business Combination, as we will cease to be a blank check company at such time. | |
| | | See Article 51 of our Existing Organizational Documents. | | | | |
| Provision | | | Delaware | | | Cayman Islands | |
| Applicable legislation | | | General Corporation Law of the State of Delaware. | | | The Companies Law ((2020) Revision). | |
| General Vote Required for Combinations with Interested Stockholders/Shareholders | | | Generally a corporation may not engage in a business combination with an interested stockholder for a period of three years after the time of the transaction in which the person became an interested stockholder, unless the corporation opts out of the statutory provision. | | | No Similar Provision. | |
| Appraisal Rights | | | Generally a stockholder of a publicly traded corporation does not have appraisal rights in connection with a merger. Stockholders of a publicly traded corporation do, however, generally have appraisal rights in connection with a merger if they are required by the terms of a Business Combination Agreement to accept for their shares anything except: (a) shares or depository receipts of the corporation surviving or resulting from such merger; (b) shares of stock or depository receipts that will be either listed on a national securities exchange or held of record by more than 2,000 holders; (c) cash in lieu of fractional shares or fractional depository receipts described in (a) and (b) above; or (d) any combination of the shares of stock, depository receipts and cash in lieu of fractional shares or fractional depository receipts described in (a), (b) and (c) above. | | | Shareholders that dissent from a merger are entitled to be paid the fair market value of their shares, which if necessary may ultimately be determined by the court. | |
| Requirements for Stockholder/Shareholder Approval | | | Subject to the certificate of incorporation, stockholder approval of mergers, a sale of all or substantially all the assets of the corporation, dissolution and amendments of constitutional documents require a majority of outstanding shares; most other | | | Subject to the articles of association, matters which require shareholder approval, whether under Cayman Islands statute or the company’s articles of association, are determined (subject to quorum requirements) by simple majority of the shares | |
| Provision | | | Delaware | | | Cayman Islands | |
| | | | stockholder approvals require a majority of those present and voting, provided a quorum is present. | | | present and voting at a meeting. Where the proposed action requires approval by “Special Resolution” (such as the amendment of the company’s constitutional documents) the approval of not less than two-thirds of the shares present and voting at a meeting is required, subject to any additional higher thresholds that may be included in an entity’s articles of association. | |
| Requirement for Quorum | | | Quorum is a majority of shares entitled to vote at the meeting unless otherwise set in the constitutional documents, but cannot be less than one-third of shares entitled to vote at the meeting. | | | Quorum is set in the company’s memorandum and articles of association. | |
| Stockholder/Shareholder Consent to Action Without Meeting | | | Unless otherwise provided in the certificate of incorporation, stockholders may act by written consent. | | | Shareholder action by written resolutions (whether unanimous or otherwise) may be permitted by the articles of association. The articles of association may provide that shareholders may not act by written resolutions. | |
| Inspection of Books and Records | | | Any stockholder may inspect the corporation’s books and records for a proper purpose during the usual hours for business. | | | Shareholders generally do not have any rights to inspect or obtain copies of the register of shareholders or other corporate records of a company. | |
| Stockholder/Shareholder Lawsuits | | | A stockholder may bring a derivative suit subject to procedural requirements. | | | In the Cayman Islands, the decision to institute proceedings on behalf of a company is generally taken by the company’s board of directors. A shareholder may be entitled to bring a derivative action on behalf of the company only in certain limited circumstances. | |
| Removal of Directors | | | Any director or the entire board may be removed, with or without cause, by the holders of a majority of the shares then entitled to vote at an election of directors, except as follows: (1) unless the charter otherwise provides, in the case of a | | | A company’s memorandum and articles of association may provide that a director may be removed for any or no reason and that, in addition to shareholders, boards may be granted the power to remove a director. | |
| Provision | | | Delaware | | | Cayman Islands | |
| | | | corporation with a classified board, stockholders may effect such removal only for cause; or (2) in the case of a corporation having cumulative voting, if less than the entire board is to be removed, no director may be removed without cause if the votes cast against such director’s removal would be sufficient to elect such director if then cumulatively voted at an election of the entire board. Because the corporation board will be classified after the closing of the Business Combination, a director may be removed from office only for cause and only by the affirmative vote of at least a majority of the total voting power of the outstanding shares of capital stock of the corporation entitled to vote in any annual election of directors or class of directors, voting together as a single class. | | | | |
| Number of Directors | | | The number of directors is fixed by the Bylaws, unless the certificate of incorporation fixes the number of directors, in which case a change in the number of directors shall be made only by amendment of the certificate of incorporation. The Bylaws may provide that the board may increase the size of the board and fill any vacancies. | | | Subject to the memorandum and articles of association, the board may increase the size of the board and fill any vacancies. | |
| Classified or Staggered Boards | | | Classified boards are permitted. | | | Classified boards are permitted. | |
| Fiduciary Duties of Directors | | | Directors must exercise a duty of care and duty of loyalty and good faith to the company and its stockholders. | | | A director owes a fiduciary duty to exercise loyalty, honesty and good faith to the company as a whole. | |
| | | | | | | In addition to fiduciary duties, directors owe a duty of care, diligence and skill. | |
| | | | | | | Such duties are owed to the company but may be owed directly to creditors or shareholders in certain limited circumstances. | |
| Provision | | | Delaware | | | Cayman Islands | |
| Indemnification of Directors and Officers | | | A corporation shall have the power to indemnify any person who was or is a party to any proceeding because such person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another entity against expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred if the person acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal proceeding, had no reasonable cause to believe their conduct was unlawful. If the action was brought by or on behalf of the corporation, no indemnification is made when a person is adjudged liable to the corporation unless a court determines such person is fairly and reasonably entitled to indemnity for expenses the court deems proper. | | | A Cayman Islands exempted company generally may indemnify its directors or officers, except with regard to fraud or willful default. | |
| Limited Liability of Directors | | | Permits the limiting or eliminating of the monetary liability of a director to a corporation or its stockholders, except with regard to breaches of duty of loyalty, intentional misconduct, unlawful stock repurchases or dividends, or improper personal benefit. | | | Liability of directors may be limited, except with regard to their own fraud or willful default. | |
| Delaware Certificate of Incorporation and Bylaws | | | Cayman Islands Amended and Restated Memorandum and Articles of Association | |
| Corporate Purpose | | |||
| The purpose shall be to engage in any lawful act or activity for which corporations may be organized under the DGCL. | | | The objects for which Collier Creek was established are unrestricted and it shall have full power and authority to carry out any object not prohibited by the laws of the Cayman Islands. | |
| Capital Stock | | |||
| The total number of shares of all classes of capital stock which the Company shall have authority to issue is 1,064,249,000 of which 1,000,000,000 shares shall be Class A common stock, par value $0.0001 per share, 1,000,000 shares shall be Series B-1 common stock, par value $0.0001 per share. 1,000,000 shares shall be Series B-2 common stock, par value $0.0001 per share, 61,249,000 shares shall be Class V common stock, par value $0.0001 per share, and 1,000,000 shall be Preferred Stock, par value $0.0001 per share. | | | Collier Creek’s authorized share capital is $45,100, which consists of 451,000,000 shares, consisting of 400,000,000 Class A ordinary shares, par value $0.0001 per share, 50,000,000 Class B ordinary shares, par value $0.0001 per share and 1,000,000 preferred shares, par value $0.0001 per share. | |
| Preferred Stock. The Board of Directors is expressly granted authority to issue shares of Preferred Stock, in one or more series, and to fix for each such series the number of shares constituting such series and the designation, the voting powers (if any), and the powers, preferences and relative, participating, optional, or other special rights and such qualifications, limitations or restrictions thereof as shall be stated and expressed in the resolution or resolutions adopted by the Board of Directors providing for the issue of such series (a “Preferred Stock Designation”) and as may be permitted by the DGCL. The number of authorized shares of Preferred Stock may be increased or decreased (but not below the number of shares thereof then outstanding) by the affirmative vote of the holders of a majority of the voting power of all of the then outstanding shares of the capital stock of the Company entitled to vote thereon, without a separate vote of the holders of the Class A common stock, Class V common stock or Preferred Stock, unless a vote of any such holders is required pursuant to the Certificate of Incorporation or any Preferred Stock Designation. | | | Preferred Shares. The Directors may allot, issue, grant options over or otherwise dispose of preferred shares (including fractions of a preferred share) with or without preferred, deferred or other rights or restrictions, whether in regard to dividends or other distribution, voting, return of capital or otherwise and to such persons, at such times and on such other terms as they think proper, and may also (subject to the Cayman Islands Companies Law and the articles of association) vary such rights. | |
| Common Stock. Each holder of Class A common stock and Class V common stock is entitled to one vote for each share of Class A common stock and Class V common stock, respectively, held of record | | | Ordinary Shares. The Directors may allot, issue, grant options over or otherwise dispose of Ordinary Shares (including fractions of an Ordinary Share) with or without preferred, deferred or other rights | |
| Delaware Certificate of Incorporation and Bylaws | | | Cayman Islands Amended and Restated Memorandum and Articles of Association | |
| by such holder on all matters on which stockholders generally are entitled to vote. | | | or restrictions, whether in regard to dividends or other distribution, voting, return of capital or otherwise and to such persons, at such times and on such other terms as they think proper, and may also (subject to the Cayman Islands Companies Law and the articles of association) vary such rights. | |
| Directors; Classes | | |||
| Subject to the Certificate of Incorporation and the Investor Rights Agreement, the Board of Directors will determine the number of directors who will serve on the board. The exact number of directors will be fixed from time to time by a majority of the Board of Directors. The Board of Directors will be divided into three classes designated as Class I, Class II and Class III. Class I directors will initially serve for a term expiring at the first annual meeting of stockholders following the closing of the Business Combination. Class II and Class III directors shall initially serve for a term expiring at the second and third annual meeting of stockholders following the closing of the Business Combination, respectively. At each succeeding annual meeting, successors to the class of directors whose term expires at that annual meeting will be elected for a term expiring at the third succeeding annual meeting of stockholders. There will be no limit on the number of terms a director may serve on the Board of Directors. | | | The holders of the Class B ordinary shares may, by ordinary resolution, increase or decrease the number of directors. The Board of Directors are divided into three classes designated as Class I, Class II and Class III. Class I directors initially served for a term expiring at the 2019 annual general meeting of the company. Class II and Class III directors’ terms expire at the 2020 and 2021 annual general meeting, respectively. At each succeeding annual meeting, successors to the class of directors whose term expires at that annual meeting are elected for a term of three years. There is no limit on the number of terms a director may serve on the board of Directors. | |
| Board Vacancies; Removal | | |||
| Any vacancy on the Board of Directors, including a vacancy that results from an increase in the number of directors or a vacancy that results from the removal of a director with cause, may be filled only by a majority of the directors then in office. | | | Except as the Cayman Islands Companies Law or other applicable law may otherwise require, in the interim between annual general meetings or extraordinary general meetings called for the election of Directors and/or the removal of one or more Directors and the filling of any vacancy in that connection, additional Directors and any vacancies in the board of Directors, including unfilled vacancies resulting from the removal of Directors for cause, may be filled by the vote of a majority of the remaining Directors then in office, although less than a quorum (as defined in the charter documents), or by the sole remaining Director. A Director elected to fill a vacancy resulting from the death, resignation or removal of a Director shall serve for the remainder of the full term of the Director whose death, resignation or removal shall have created such vacancy and until his successor shall have been elected and qualified. | |
| Delaware Certificate of Incorporation and Bylaws | | | Cayman Islands Amended and Restated Memorandum and Articles of Association | |
| Stockholder/Shareholder Voting | | |||
| Election of directors need not be by ballot unless the Bylaws so provide. Subject to the rights of holders of any series of Preferred Stock, special meetings of the stockholders of the Company may be called only by or at the direction of the board, the chairman of the board or the chief executive officer of the Company. Stockholders must comply with certain advance notice procedures to nominate candidates to the Company Board or to propose matters to be acted upon at a stockholders’ meeting. Except with respect to any action required or permitted to be taken by the holders of Class V common stock, voting separately as a class, or pursuant to a certificate of designation by the holders of one or more series of Preferred stock, voting separately as a series or separately as a class with one or more other such series, any action required or permitted to be taken by the holders of stock of the Company must be effected at a duly called annual or special meeting of such holders and may not be effected by any consent in writing by such holders unless such action is recommended by all directors of the Company then in office. | | | Votes of shareholders shall be decided on a poll. | |
| Amendments to the Governing Documents | | |||
| The Board of Directors shall have the power, without the assent or vote of the stockholders, to make, alter, amend, change, add to, or repeal the Bylaws. The affirmative vote of the holders of at least 662∕3% of the total voting power of all the then outstanding shares of stock of the Company entitled to vote generally in the election of directors, voting together as a single class, shall be required to alter, amend, repeat or rescind, in whole or in part, any provision of Article I, Article II or Article IV of the Bylaws of the Company, or to adopt any provision inconsistent therewith and, with respect to any other provision of the Bylaws, the affirmative vote of the holders of at least a majority of the total voting power of all the then outstanding shares of stock of the Company entitled to vote generally in the election of directors, voting together as a single class, shall be required in order for the stockholders of the Company to alter, amend, repeal or rescind, in whole or in part, any provision of the Bylaws of | | | The Amended and Restated Memorandum and Articles of Association may only be amended by a special resolution of the shareholders. | |
| Delaware Certificate of Incorporation and Bylaws | | | Cayman Islands Amended and Restated Memorandum and Articles of Association | |
| the Company, or to adopt any provision inconsistent therewith. Certain provisions of the Certificate of Incorporation may only be amended, altered, repealed, or rescinded by the affirmative vote of the holders of at least 66-2/3% of the total voting power of all the then outstanding shares of stock of the Company entitled to vote generally in the election of directors, voting together as a single class. | | | | |
| Authority of the Directors | | |||
| The directors are empowered to exercise all such powers and do all such acts and things as may be exercised or done by the Company; subject, nevertheless, to the provisions of the statutes of Delaware, of the Certificate of Incorporation, and to any Bylaws from time to time made by the stockholders; provided, however, that no Bylaw so made shall invalidate any prior act of the directors which would have been valid if such Bylaw had not been made. | | | The business shall be managed by the Directors who may exercise all the powers of the company. | |
| Liability of Directors | | |||
| A director of the Company shall not be personally liable to the Company or its stockholders for monetary damages for any breach of fiduciary duty as a director, except for liability (i) for any breach of the director’s duty of loyalty to the Company or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of the DGCL, or (iv) for any transaction from which the director derived an improper personal benefit. If the DGCL is amended to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of a director of the Company shall be eliminated or limited to the fullest extent permitted by the DGCL, as so amended. Any repeal or modification of this provision by the stockholders of the Company shall not adversely affect any right or protection of a director of the Company with respect to events occurring prior to the time of such repeal or modification. | | | Cayman Islands law does not limit the extent to which a company’s memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against willful default, fraud or the consequences of committing a crime. The Amended and Restated Memorandum and Articles of Association provides for indemnification of officers and directors, including for any liability incurred in their capacities as such, except through their own actual fraud or willful default. | |
| Indemnification of Directors, Officers, Employees and Others | | |||
| Each person who was or is made a party or is threatened to be made a party to or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative or any | | | See “Liability of Directors” above | |
| Delaware Certificate of Incorporation and Bylaws | | | Cayman Islands Amended and Restated Memorandum and Articles of Association | |
| other type whatsoever, by reason of the fact that he or she is or was a director or an officer of the Company or, while a director or officer of the Company, is or was serving at the request of the Company as a director, officer, employee, agent or trustee of another corporation or of a partnership, joint venture, trust or other enterprise, shall be indemnified and held harmless by the Company to the fullest extent permitted by Delaware law against all expense, liability and loss reasonably incurred or suffered by such indemnitee in connection therewith, provided, however, that, except in certain circumstances, the Company shall indemnify any such indemnitee in connection with a proceeding (or part thereof) initiated by such indemnitee only if such proceeding (or part thereof) was authorized by the Company Board. An indemnitee shall also have the right to be paid by the Company the expenses (including attorney’s fees) incurred in appearing at, participating in or defending any such proceeding in advance of its final disposition or in connection with a proceeding brought to establish or enforce a right to indemnification or advancement of expenses under the Bylaws. | | | | |
| Exclusive Forum | | |||
| Unless the Company consents in writing to the selection of an alternative forum, (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim of breach of a fiduciary duty owed by any current or former director, officer, other employee, agent or stockholder of the Company to the Company or the Company’s stockholders, or any claim for aiding and abetting such alleged breach, (iii) any action asserting a claim against the Company or any current or former director, officer, other employee, agent or stockholder of the Company (a) arising pursuant to any provision of the DGCL, the Certificate of Incorporation (as it may be amended or restated) or the Bylaws or (b) as to which the DGCL confers jurisdiction on the Delaware Court of Chancery or (iv) any action asserting a claim against the Company or any current or former director, officer, other employee, agent or stockholder of the Company governed by the internal affairs doctrine of the law of the State of Delaware shall, as to any action in the foregoing clauses (i) through (iv), to the fullest extent permitted by law, be solely and exclusively brought in the Delaware Court of Chancery; provided, | | | No Similar Provision | |
| Delaware Certificate of Incorporation and Bylaws | | | Cayman Islands Amended and Restated Memorandum and Articles of Association | |
| however, that the foregoing shall not apply to any claim (a) as to which the Delaware Court of Chancery determines that there is an indispensable party not subject to the jurisdiction of the Delaware Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten days following such determination), (b) which is vested in the exclusive jurisdiction of a court or forum other than the Delaware Court of Chancery, or (c) arising under federal securities laws, including the Securities Act as to which the federal district courts of the United States of America shall, to the fullest extent permitted by law, be the sole and exclusive forum. Notwithstanding the foregoing, the provisions of Article XII of the Certificate of Incorporation will not apply to suits brought to enforce any liability or duty created by the Exchange Act, or any other claim for which the federal district courts of the United States of America shall be the sole and exclusive forum. | | | | |
| Business Opportunities | | |||
| The Company renounces any interest or expectancy that it has in, or right to be offered an opportunity to participate in, any business opportunities that may be a corporate opportunity for its directors or their respective affiliates, other than those officers, directors, stockholders or affiliates who are our employees. Non-employee directors or his or her affiliates have no duty to refrain from (i) engaging in a corporate opportunity in the same or similar lines of business in which the Company or its affiliates now engage or propose to engage or (ii) otherwise competing with the Company or its affiliates. In the event that any non-employee director or any of his or her affiliates acquires knowledge of a potential transaction or other business opportunity which may be a corporate opportunity for itself or himself or herself or its or his or her affiliates or for the Company or its affiliates, such person will have no duty to communicate or offer such transaction or business opportunity to the Company or any of its affiliates and they may take any such opportunity for themselves or offer it to another person or entity. The Company does not renounce its interest in any business opportunity that is expressly offered to a non-employee director solely in his or her capacity as a director or officer of the Company. A business opportunity will not be deemed to be a potential corporate opportunity for the Company if it is a | | | No Similar Provision | |
| Delaware Certificate of Incorporation and Bylaws | | | Cayman Islands Amended and Restated Memorandum and Articles of Association | |
| business opportunity that (i) the Company is neither financially or legally, nor contractually permitted to undertake, (ii) from its nature, is not in the line of the Company’s business or is of no practical advantage to the Company, (iii) is one in which the Company has no interest or expectancy or (iv) is presented to any account for the benefit of a member of the Board or such member’s Affiliate over which such member of the Board has no direct or indirect influence or control, including, but not limited to, a blind trust. | | | | |
| Transactions with Certain Stockholders/Shareholders | | |||
| The Company has elected not to be subject to provisions Section 203 of the DGCL, which generally prohibits “interested stockholders” (stockholders holding 15% or more of the outstanding stock) from engaging in business combinations with the Company for a period of time unless certain conditions are met. However, the Certificate of Incorporation includes a provision that is substantially similar to Section 203 of the DGCL, but excludes certain stockholders as specified in the Investor Rights Agreement from the definition of “interested stockholder.” | | | No Similar Provision | |
| | Fiscal Year, | | | Fiscal Year, | | ||||||||||||||||||||
($ in millions) | | 2020 | | 2021 | | | 2020 | | 2021 | | ||||||||||||||||
Net Sales | | | $ | 910 | | | | $ | 928 | | | | | $ | 910 | | | | $ | 928 | | | ||||
% Growth | | | | 5.1% | | | | | 2.0% | | | | | | 5.1% | | | | | 2.0% | | | ||||
Pro Forma Adjusted EBITDA(1) | | | $ | 124 | | | | $ | 134 | | | |||||||||||||||
Further Adjusted EBITDA(1) | | | $ | 124 | | | | $ | 134 | | | |||||||||||||||
% Margin | | | | 13.6% | | | | | 14.4% | | | | | | 13.6% | | | | | 14.4% | | | ||||
% Growth | | | | 9.5% | | | | | 5.9% | | | | | | 9.5% | | | | | 5.9% | | | ||||
Pro Forma Adjusted EBITDA(1) | | | $ | 124 | | | | $ | 134 | | | |||||||||||||||
Further Adjusted EBITDA(1) | | | $ | 124 | | | | $ | 134 | | | |||||||||||||||
Less: Operational Depreciation & Amortization(2) | | | | (26) | | | | | (27) | | | | | | (26) | | | | | (27) | | | ||||
Less: Run-rate Stock-Based Compensation | | | | (5) | | | | | (5) | | | | | | (5) | | | | | (5) | | | ||||
Less: Pro Forma Cash Interest Expense, Net | | | | (20) | | | | | (18) | | | | | | (20) | | | | | (18) | | | ||||
Adjusted Profit Before Taxes | | | $ | 73 | | | | $ | 84 | | | | | $ | 73 | | | | $ | 84 | | | ||||
Less: Corporate Tax Expense(3) | | | | (16) | | | | | (19) | | | | | | (16) | | | | | (19) | | | ||||
Adjusted Net Income | | | $ | 57 | | | | $ | 65 | | | | | $ | 57 | | | | $ | 65 | | | ||||
Basic Shares Outstanding(4) | | | | | | | | | 115.1 | | | | | | | | | | | 115.1 | | | ||||
Adjusted Earnings Per Share | | | | | | | | $ | 0.56 | | | | | | | | | | $ | 0.56 | | |
| | | Fiscal Year | | |||||||||
($ in millions) | | | 2020 | | | 2021 | | ||||||
Maintenance | | | | $ | 10 | | | | | $ | 10 | | |
Profit Enhancing | | | | | 8 | | | | | | 15 | | |
Total Recurring Capital Expenditures | | | | $ | 18 | | | | | $ | 25 | | |
One-Time New ERP Implementation | | | | | 10 | | | | | | — | | |
Total Capital Expenditures (Including ERP Implementation) | | | | $ | 28 | | | | | $ | 25 | | |
| | | Existing Organizational Documents | | | Proposed Organizational Documents | |
Authorized Shares (Organizational Documents Proposal A) | | | The Existing Organizational Documents authorize 451,000,000 shares, consisting of 400,000,000 Class A ordinary shares, 50,000,000 Class B ordinary shares and 1,000,000 preferred shares. | | | The Proposed Organizational Documents authorize 1,064,249,000 shares, consisting of 1,000,000,000 shares of Class A common stock, 1,000,000 shares of Series B-1 common stock, 1,000,000 shares of Series B-2 common stock, 61,249,000 shares of Class V common stock and 1,000,000 shares of Preferred Stock. | |
| | | See paragraph 5 of our Existing Organizational Documents. | | | See Article 4 of the Certificate of Incorporation. | |
| | | Existing Organizational Documents | | | Proposed Organizational Documents | |
Authorize the Company to Make Issuances of Preferred Stock Without Stockholder Consent (Organizational Documents Proposal B) | | | The Existing Organizational Documents authorize the issuance of 1,000,000 preferred shares with such | | | The Proposed Organizational Documents authorize the Company Board to make issuances of all or any shares of Preferred Stock in one or more classes or series, with such terms and conditions and at such future dates as may be expressly determined by the Company Board and as may be permitted by the DGCL. | |
| | | See Article 51 of our Existing Organizational Documents | | | See Article 4 subsection 2 of the Certificate of Incorporation. | |
Investor Rights Agreement (Organizational Documents Proposal C) | | | The Existing Organizational Documents are not subject to any director composition agreement or investor rights agreement. | | | The Proposed Organizational Documents provide that certain provisions therein are subject to the director nomination provisions of the Investor Rights Agreement. | |
| | | | | | See Article 6 subsection 1 of the Certificate of Incorporation. | |
Shareholder/Stockholder Written Consent In Lieu of a Meeting (Organizational Documents Proposal D) | | | The Existing Organizational Documents provide that resolutions may be passed by a vote in person, by proxy at a general meeting, or by unanimous written resolution. | | | The Proposed Organizational Documents allow stockholders to vote in person or by proxy at a meeting of stockholders, but prohibit the ability of stockholders to act by written consent in lieu of a meeting, unless such action is recommended or approved by all directors then in office. | |
| | | See Article 23 of our Existing Organizational Documents. | | | See Article 7 subsection 1 of the Certificate of Incorporation. | |
Classified Board (Organizational Documents Proposal E) | | | The Existing Organizational Documents provide that the Collier Creek Board be divided into three classes with only one class of directors being elected in each year and each class serving for a three-year term. | | | The Proposed Organizational Documents will provide that the Company Board continue to be divided into three classes with only one class of directors being elected in each year and each class serving for a three-year term. | |
| | | Existing Organizational Documents | | | Proposed Organizational Documents | |
| | | | | | See Article 6 subsection 1 of the Certificate of Incorporation. | |
Exclusive Forum (Organizational Documents Proposal F) | | | The Existing Organizational Documents do not contain a provision adopting an exclusive forum for certain shareholder litigation. | | | The Proposed Organizational Documents adopt Delaware as the exclusive forum for certain stockholder litigation and the U.S. federal district courts as the exclusive forum for the resolution of any complaint asserting a cause of action under the Securities Act. | |
| | | | | | See Article 12 subsection 1 of the Certificate of Incorporation. | |
Corporate Name (Organizational Documents Proposal | | | The Existing Organizational Documents provide the name of the company is “Collier Creek Holdings” | | | The Proposed Organizational Documents will provide that the name of the | |
| | | See paragraph 1 of our Existing Organizational Documents. | | | | |
Perpetual Existence (Organizational Documents Proposal | | | The Existing Organizational Documents provide that if we do not consummate a business combination (as defined in the Existing Organizational Documents) by October 10, 2020, Collier Creek shall cease all operations except for the purposes of winding up and shall redeem the shares issued in our IPO and liquidate our trust account. | | | The Proposed Organizational Documents do not include any provisions relating to the Company’s ongoing existence; the default under the DGCL will make Utz Brands, Inc.’s existence perpetual. | |
| | | See Article 51 of our Existing Organizational Documents. | | | This is the default rule under the DGCL. | |
Takeovers by Interested Stockholders (Organizational Documents Proposal | | | The Existing Organizational Documents do not provide restrictions on takeovers of | | | The Proposed Organizational Documents will have the Company elect not to be governed by Section 203 of the DGCL relating to takeovers by interested stockholders but will provide other restrictions regarding takeovers by interested stockholders. | |
| | | | | | See Article 9 of the Certificate of Incorporation | |
| | | Existing Organizational Documents | | | Proposed Organizational Documents | |
Waiver of Corporate Opportunities (Organizational Documents Proposal | | | The Existing Organizational Documents do not provide an explicit waiver of corporate opportunities for Collier Creek or its directors. | | | The Proposed Organizational Documents will explicitly waive corporate opportunities | |
| | | | | | See Article 10 of the Certificate of Incorporation. | |
Provisions Related to Status as Blank Check Company (Organizational Documents Proposal | | | The Existing Organizational Documents set forth various provisions related to our status as a blank check company prior to the consummation of a business combination. | | | The Proposed Organizational Documents do not include such provisions related to our status as a blank check company, which no longer will apply upon consummation of the Business Combination, as we will cease to be a blank check company at such time. | |
| | | See Article 51 of our Existing Organizational Documents. | | | | |
| | Assuming No Redemptions | | Assuming Maximum Redemptions(1) | | | Assuming No Redemptions | | Assuming Maximum Redemptions(1) | | ||||||||||||||||||||||||||||||||||||||||
| | Shares | | % | | Shares | | % | | | Shares | | % | | Shares | | % | | ||||||||||||||||||||||||||||||||
Collier Creek’s Public Shareholders | | | | 44,000,000 | | | | | 38.2% | | | | | 25,160,000 | | | | | 26.1% | | | | | | 44,000,000 | | | | | 38.2% | | | | | 25,708,738 | | | | | 26.5% | | | ||||||||
Sponsor and Independent Directors (including Forward Purchases)(2)(3) | | | | 13,375,000 | | | | | 11.6% | | | | | 13,375,000 | | | | | 13.9% | | | | | | 13,375,000 | | | | | 11.6% | | | | | 13,375,000 | | | | | 13.8% | | | ||||||||
Sellers(4) | | | | 57,765,978 | | | | | 50.2% | | | | | 57,765,978 | | | | | 60.0% | | | | | | 57,765,978 | | | | | 50.2% | | | | | 57,765,978 | | | | | 59.7% | | | ||||||||
Closing shares | | | | 115,140,978 | | | | | 100% | | | | | 96,300,978 | | | | | 100% | | | | | | 115,140,978 | | | | | 100% | | | | | 96,849,716 | | | | | 100% | | |
| | | Collier Creek Holdings (Historical as of 3/31/20) | | Utz Brands Holdings, LLC and Subsidiaries and Affiliates (Formerly UM-U Intermediate, LLC, as of 3/29/20) | | | ASSUMING NO REDEMPTIONS | | ASSUMING MAXIMUM REDEMPTIONS | | | | Collier Creek Holdings (Historical as of 3/31/20) | | Utz Brands Holdings, LLC and Subsidiaries and Affiliates (Formerly UM-U Intermediate, LLC, as of 3/29/20) | | | ASSUMING NO REDEMPTIONS | | ASSUMING MAXIMUM REDEMPTIONS | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(amounts in millions) | | Pro Forma Adjustments | | Footnote Reference | | Pro Forma | | Redemption Adjustment | | Footnote Reference | | Pro Forma | | | Pro Forma Adjustments | | Footnote Reference | | Pro Forma | | Redemption Adjustment | | Footnote Reference | | Pro Forma | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||
Cash and cash equivalents | | | $ | 1 | | | | $ | 6 | | | | $ | 452 | | | (a) | | | $ | 6 | | | | $ | — | | | | | | $ | 6 | | | | | $ | 1 | | | | $ | 6 | | | | $ | 453 | | | (a) | | | $ | 7 | | | | $ | — | | | | | | $ | 7 | | | ||||||||||||||||
| | | | | | | | | | | | | | (377) | | | (g), (m) | | | | | | | | | — | | | | | | | — | | | | | | | | | | | | | | | | (376) | | | (g), (l) | | | | | | | | | — | | | | | | | — | | | ||||||||||||||||
| | | | | | | | | | | | | | (47) | | | (b), (c) | | | | | | | | | — | | | | | | | — | | | | | | | | | | | | | | | | (52) | | | (b), (c) | | | | | | | | | — | | | | | | | — | | | ||||||||||||||||
| | | | | | | | | | | | | | 35 | | | (k) | | | | | | | | | — | | | | | | | — | | | | | | | | | | | | | | | | 35 | | | (j) | | | | | | | | | — | | | | | | | — | | | ||||||||||||||||
| | | | | | | | | | | | | | (4) | | | (i) | | | | | | | | | — | | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | | — | | | ||||||||||||||||
| | | | | | | | | | | | | | (60) | | | (l) | | | | | | | | | — | | | | | | | — | | | | | | | | | | | | | | | | (60) | | | (k) | | | | | | | | | — | | | | | | | — | | | ||||||||||||||||
Accounts receivable, net | | | | — | | | | | 123 | | | | | — | | | | | | | 123 | | | | | — | | | | | | | 123 | | | | | | — | | | | | 123 | | | | | — | | | | | | | 123 | | | | | — | | | | | | | 123 | | | ||||||||||||||||
Inventories, net | | | | — | | | | | 48 | | | | | — | | | | | | | 48 | | | | | — | | | | | | | 48 | | | | | | — | | | | | 48 | | | | | 1 | | | (p) | | | | 49 | | | | | — | | | | | | | 49 | | | ||||||||||||||||
Prepaid and other assets | | | | — | | | | | 4 | | | | | — | | | | | | | 4 | | | | | — | | | | | | | 4 | | | | | | — | | | | | 4 | | | | | — | | | | | | | 4 | | | | | — | | | | | | | 4 | | | ||||||||||||||||
Current portion of notes receivable | | | | — | | | | | 7 | | | | | — | | | | | | | 7 | | | | | — | | | | | | | 7 | | | | | | — | | | | | 7 | | | | | — | | | | | | | 7 | | | | | — | | | | | | | 7 | | | ||||||||||||||||
Total current assets | | | $ | 1 | | | | $ | 188 | | | | $ | (1) | | | | | | $ | 188 | | | | $ | — | | | | | | $ | 188 | | | | | $ | 1 | | | | $ | 188 | | | | $ | 1 | | | | | | $ | 190 | | | | $ | — | | | | | | $ | 190 | | | ||||||||||||||||
Goodwill | | | | — | | | | | 206 | | | | | — | | | (q) | | | | 206 | | | | | — | | | | | | | 206 | | | | | | — | | | | | 206 | | | | | 76 | | | (d) | | | | 366 | | | | | (8) | | | (d) | | | | 331 | | | ||||||||||||||||
| | | | | | | | | | | | | | 84 | | | (p) | | | | | | | | | (27) | | | (p) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets, net | | | | — | | | | | 187 | | | | | — | | | (q) | | | | 187 | | | | | — | | | | | | | 187 | | | | | | — | | | | | 187 | | | | | 711 | | | (p) | | | | 898 | | | | | — | | | | | | | 898 | | | ||||||||||||||||
Property, plant, and equipment, net | | | | — | | | | | 170 | | | | | — | | | (q) | | | | 170 | | | | | — | | | | | | | 170 | | | | | | — | | | | | 170 | | | | | 104 | | | (p) | | | | 274 | | | | | — | | | | | | | 274 | | | ||||||||||||||||
Non-current portion of notes receivable | | | | — | | | | | 27 | | | | | — | | | | | | | 27 | | | | | — | | | | | | | 27 | | | | | | — | | | | | 27 | | | | | — | | | | | | | 27 | | | | | — | | | | | | | 27 | | | ||||||||||||||||
Deferred tax assets | | | | — | | | | | — | | | | | 46 | | | (j) | | | | 46 | | | | | (4) | | | (j) | | | | 42 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable securities held in Trust Account | | | | 452 | | | | | — | | | | | (452) | | | (a) | | | | — | | | | | — | | | | | | | — | | | | | | 452 | | | | | — | | | | | (452) | | | (a) | | | | — | | | | | — | | | | | | | — | | | ||||||||||||||||
Other assets | | | | — | | | | | 7 | | | | | — | | | | | | | 7 | | | | | — | | | | | | | 7 | | | | | | — | | | | | 7 | | | | | — | | | | | | | 7 | | | | | — | | | | | | | 7 | | | ||||||||||||||||
Total assets | | | $ | 453 | | | | $ | 785 | | | | $ | (407) | | | | | | $ | 831 | | | | $ | (4) | | | | | | $ | 827 | | | | | $ | 453 | | | | $ | 785 | | | | $ | 524 | | | | | | $ | 1,762 | | | | $ | (35) | | | | | | $ | 1,727 | | | ||||||||||||||||
LIABILITIES AND EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||
Accounts payable | | | $ | — | | | | $ | 49 | | | | $ | — | | | | | | $ | 49 | | | | $ | — | | | | | | $ | 49 | | | | | $ | — | | | | $ | 49 | | | | $ | — | | | | | | $ | 49 | | | | $ | — | | | | | | $ | 49 | | | ||||||||||||||||
Accrued expenses | | | | 2 | | | | | 45 | | | | | (3) | | | (c) | | | | 44 | | | | | — | | | | | | | 44 | | | | | | 2 | | | | | 45 | | | | | (3) | | | (c) | | | | 44 | | | | | — | | | | | | | 44 | | | ||||||||||||||||
Current portion of other notes payable | | | | — | | | | | 9 | | | | | — | | | | | | | 9 | | | | | — | | | | | | | 9 | | | | | | — | | | | | 9 | | | | | — | | | | | | | 9 | | | | | — | | | | | | | 9 | | | ||||||||||||||||
Current portion of term debt | | | | — | | | | | 6 | | | | | — | | | (g) | | | | 6 | | | | | — | | | | | | | 6 | | | | | | — | | | | | 6 | | | | | — | | | | | | | 6 | | | | | — | | | | | | | 6 | | | ||||||||||||||||
Total current liabilities | | | $ | 2 | | | | $ | 109 | | | | $ | (3) | | | | | | $ | 108 | | | | $ | — | | | | | | $ | 108 | | | | | $ | 2 | | | | $ | 109 | | | | $ | (3) | | | | | | $ | 108 | | | | $ | — | | | | | | $ | 108 | | | ||||||||||||||||
Long-term liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||
Non-current portion of term debt | | | | — | | | | | 643 | | | | | (228) | | | (g) | | | | 415 | | | | | 180 | | | (h) | | | | 595 | | | | | | — | | | | | 643 | | | | | (227) | | | (g) | | | | 416 | | | | | 180 | | | (h) | | | | 596 | | | ||||||||||||||||
Deferred underwriting commissions and legal fees | | | | 15 | | | | | — | | | | | (15) | | | (b) | | | | — | | | | | — | | | | | | | — | | | | | | 15 | | | | | — | | | | | (15) | | | (b) | | | | — | | | | | — | | | | | | | — | | | ||||||||||||||||
Non-current portion of other notes payable | | | | — | | | | | 31 | | | | | — | | | | | | | 31 | | | | | — | | | | | | | 31 | | | | | | — | | | | | 31 | | | | | — | | | | | | | 31 | | | | | — | | | | | | | 31 | | | ||||||||||||||||
Non-current accrued expenses and other | | | | — | | | | | 24 | | | | | (4) | | | (i) | | | | 50 | | | | | (3) | | | (o) | | | | 47 | | | | | | — | | | | | 24 | | | | | (15) | | | (m) | | | | 50 | | | | | (3) | | | (n) | | | | 47 | | | ||||||||||||||||
| | | | | | | | | | | | | | (11) | | | (n) | | | | | | | | | — | | | | | | | — | | | | | | | | | | | | | | | | 41 | | | (n) | | | | | | | | | — | | | | | | | — | | | ||||||||||||||||
| | | | | | | | | | | | | | 41 | | | (o) | | | | | | | | | — | | | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liability | | | | — | | | | | 20 | | | | | — | | | | | | | 20 | | | | | — | | | | | | | 20 | | | | | | — | | | | | 20 | | | | | 41 | | | (i) | | | | 61 | | | | | (13) | | | (i) | | | | 48 | | | ||||||||||||||||
Total liabilities | | | $ | 17 | | | | $ | 827 | | | | $ | (220) | | | | | | $ | 624 | | | | $ | 177 | | | | | | $ | 801 | | | | | $ | 17 | | | | $ | 827 | | | | $ | (178) | | | | | | $ | 666 | | | | $ | 164 | | | | | | $ | 830 | | | ||||||||||||||||
Commitments and contingencies: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||
Class A ordinary shares, $0.0001 par value; 41,913,174 shares subject to possible redemption at $10.28 per share at March 31, 2020 | | | | 431 | | | | | — | | | | | (431) | | | (e) | | | | — | | | | | — | | | | | | | — | | | | | | 431 | | | | | — | | | | | (431) | | | (e) | | | | — | | | | | — | | | | | | | — | | | ||||||||||||||||
Shareholders’ Equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Collier Creek Holdings (Historical as of 3/31/20) | | Utz Brands Holdings, LLC and Subsidiaries and Affiliates (Formerly UM-U Intermediate, LLC, as of 3/29/20) | | | ASSUMING NO REDEMPTIONS | | ASSUMING MAXIMUM REDEMPTIONS | | | | Collier Creek Holdings (Historical as of 3/31/20) | | Utz Brands Holdings, LLC and Subsidiaries and Affiliates (Formerly UM-U Intermediate, LLC, as of 3/29/20) | | | ASSUMING NO REDEMPTIONS | | ASSUMING MAXIMUM REDEMPTIONS | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(amounts in millions) | | Pro Forma Adjustments | | Footnote Reference | | Pro Forma | | Redemption Adjustment | | Footnote Reference | | Pro Forma | | | Pro Forma Adjustments | | Footnote Reference | | Pro Forma | | Redemption Adjustment | | Footnote Reference | | Pro Forma | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | | | | — | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | | | — | | | ||||||||||||||||
Class A ordinary shares, $0.0001 par value; 400,000,000 shares authorized; 2,086,826 shares issued and outstanding (excluding 41,913,174 shares subject to possible redemption) at March 31, 2020 | | | | — | | | | | — | | | | | — | | | (e), (f), (k), (n) | | | | — | | | | | — | | | | | | | — | | | | | | — | | | | | — | | | | | — | | | (e), (f), (l), (k) | | | | — | | | | | — | | | | | | | — | | | ||||||||||||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 11,875,000 shares issued and outstanding as of March 31, 2020 | | | | — | | | | | — | | | | | — | | | (f) | | | | — | | | | | — | | | | | | | — | | | | | | — | | | | | — | | | | | — | | | (f) | | | | — | | | | | — | | | | | | | — | | | ||||||||||||||||
Additional paid-in capital | | | | — | | | | | — | | | | | 431 | | | (e) | | | | 132 | | | | | (182) | | | (h) | | | | 37 | | | | | | — | | | | | — | | | | | 431 | | | (e) | | | | 529 | | | | | (188) | | | (h) | | | | 341 | | | ||||||||||||||||
| | | | — | | | | | — | | | | | (42) | | | (d) | | | | | | | | | 88 | | | (p) | | | | — | | | | | | — | | | | | — | | | | | 35 | | | (j) | | | | | | | | | | | | | | | | — | | | ||||||||||||||||
| | | | — | | | | | — | | | | | 35 | | | (k) | | | | | | | | | (1) | | | (j) | | | | — | | | | | | | | | | | | | | | | 48 | | | (q) | | | | | | | | | | | | | | | | | | | ||||||||||||||||
| | | | | | | | | | | | | | (7) | | | (g) | | | | | | | | | — | | | | | | | | | | | | | — | | | | | — | | | | | 15 | | | (m) | | | | | | | | | — | | | | | | | — | | | ||||||||||||||||
| | | | | | | | | | | | | | 5 | | | (j), (o) | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | — | | | | | — | | | | | (60) | | | (l) | | | | | | | | | — | | | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | — | | | | | — | | | | | (139) | | | (m) | | | | | | | | | — | | | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | — | | | | | — | | | | | 11 | | | (n) | | | | | | | | | — | | | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | — | | | | | — | | | | | (102) | | | (p) | | | | | | | | | — | | | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Retained Earnings | | | | 5 | | | | | — | | | | | (29) | | | (c) | | | | (27) | | | | | 2 | | | (h) | | | | (25) | | | | | | 5 | | | | | — | | | | | (10) | | | (c) | | | | (4) | | | | | — | | | | | | | (4) | | | ||||||||||||||||
| | | | — | | | | | — | | | | | (3) | | | (g) | | | | | | | | | — | | | | | | | — | | | | | | — | | | | | — | | | | | 1 | | | (a) | | | | | | | | | — | | | | | | | — | | | ||||||||||||||||
Members deficit | | | | — | | | | | (36) | | | | | 36 | | | (d) | | | | — | | | | | — | | | | | | | — | | | | | | — | | | | | (36) | | | | | (24) | | | (b), (c) | | | | — | | | | | 8 | | | (h) | | | | — | | | ||||||||||||||||
| | | | | | | | | | | | | | (10) | | | (g) | | | | | | | | | (8) | | | (d) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | 70 | | | (d) | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | | | | — | | | | | (6) | | | | | 6 | | | (d) | | | | — | | | | | — | | | | | | | — | | | | | | — | | | | | (6) | | | | | 6 | | | (d) | | | | — | | | | | — | | | | | | | — | | | ||||||||||||||||
Total Collier Creek’s shareholders’ equity and UM-U’s members’ deficit | | | $ | 5 | | | | $ | (42) | | | | $ | — | | | | | | $ | — | | | | $ | — | | | | | | $ | — | | | | | $ | 5 | | | | $ | (42) | | | | $ | — | | | | | | $ | — | | | | $ | — | | | | | | $ | — | | | ||||||||||||||||
Total shareholders' equity | | | $ | — | | | | $ | — | | | | $ | 142 | | | | | | $ | 105 | | | | $ | (93) | | | | | | $ | 12 | | | | | $ | — | | | | $ | — | | | | $ | 562 | | | | | | $ | 525 | | | | $ | (188) | | | | | | $ | 337 | | | ||||||||||||||||
Noncontrolling interest | | | $ | — | | | | $ | — | | | | $ | 102 | | | (p) | | | $ | 102 | | | | $ | (88) | | | (p) | | | $ | 14 | | | | | $ | — | | | | $ | — | | | | $ | 571 | | | (o) | | | $ | 571 | | | | $ | (11) | | | (o) | | | $ | 560 | | | ||||||||||||||||
Total equity | | | $ | 5 | | | | $ | (42) | | | | $ | 244 | | | | | | $ | 207 | | | | $ | (181) | | | | | | $ | 26 | | | | | $ | 5 | | | | $ | (42) | | | | $ | 1,133 | | | | | | $ | 1,096 | | | | $ | (199) | | | | | | $ | 897 | | | ||||||||||||||||
Total liabilities and equity | | | $ | 453 | | | | $ | 785 | | | | $ | (407) | | | | | | $ | 831 | | | | $ | (4) | | | | | | $ | 827 | | | | | $ | 453 | | | | $ | 785 | | | | $ | 524 | | | | | | $ | 1,762 | | | | $ | (35) | | | | | | $ | 1,727 | | | |
| | | Collier Creek Holdings (Historical as of 3/31/20) | | Utz Brands Holdings, LLC and Subsidiaries and Affiliates (Formerly UM-U Intermediate, LLC, as of 3/29/20) | | | ASSUMING NO REDEMPTIONS | | ASSUMING MAXIMUM REDEMPTIONS | | | | Collier Creek Holdings (Historical as of 3/31/20) | | Utz Brands Holdings, LLC and Subsidiaries and Affiliates (Formerly UM-U Intermediate, LLC, as of 3/29/20) | | | ASSUMING NO REDEMPTIONS | | ASSUMING MAXIMUM REDEMPTIONS | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(amounts in millions, except for per share information) | | Pro Forma Adjustments | | Footnote Reference | | Pro Forma | | Redemption Adjustment | | Footnote Reference | | Pro Forma | | | Pro Forma Adjustments | | Footnote Reference | | Pro Forma | | Redemption Adjustment | | Footnote Reference | | Pro Forma | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | | | | — | | | | | 228 | | | | | — | | | | | | | | | | 228 | | | | | — | | | | | | | | | | 228 | | | | | | — | | | | | 228 | | | | | — | | | | | | | | | | 228 | | | | | — | | | | | | | | | | 228 | | | ||||||||||||||||
Cost of goods sold | | | | — | | | | | 148 | | | | | — | | | | | | | | | | 148 | | | | | — | | | | | | | | | | 148 | | | | | | — | | | | | 148 | | | | | 3 | | | | | (gg) | | | | | 151 | | | | | — | | | | | | | | | | 151 | | | ||||||||||||||||
Gross profit | | | | — | | | | | 80 | | | | | — | | | | | | | | | | 80 | | | | | — | | | | | | | | | | 80 | | | | | | — | | | | | 80 | | | | | (3) | | | | | | | | | | 77 | | | | | — | | | | | | | | | | 77 | | | ||||||||||||||||
Selling and administrative expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||
Selling | | | | — | | | | | 48 | | | | | — | | | | | | | | | | 48 | | | | | — | | | | | | | | | | 48 | | | | | | — | | | | | 48 | | | | | — | | | | | | | | | | 48 | | | | | — | | | | | | | | | | 48 | | | ||||||||||||||||
Administrative | | | | 1 | | | | | 20 | | | | | (3) | | | | | (bb) | | | | | 18 | | | | | — | | | | | | | | | | 18 | | | | | | 1 | | | | | 20 | | | | | (3) | | | | | (bb) | | | | | 28 | | | | | — | | | | | | | | | | 28 | | | ||||||||||||||||
| | | | | | | | | | | | | | — | | | | | (gg) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10 | | | | | (gg) | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||
Total selling and administrative expenses | | | | 1 | | | | | 68 | | | | | (3) | | | | | | | | | | 66 | | | | | — | | | | | | | | | | 66 | | | | | | 1 | | | | | 68 | | | | | 7 | | | | | | | | | | 76 | | | | | — | | | | | | | | | | 76 | | | ||||||||||||||||
Gain on sale of assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||
Gain on disposal of property, plant and equipment | | | | — | | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | | | | | | — | | | ||||||||||||||||
Gain on sale of routes, net | | | | — | | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | | | | | | — | | | ||||||||||||||||
Total gain on sale of assets | | | | — | | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | | | | | | — | | | ||||||||||||||||
(Loss) income from operations | | | | (1) | | | | | 12 | | | | | 3 | | | | | | | | | | 14 | | | | | — | | | | | | | | | | 14 | | | | | | (1) | | | | | 12 | | | | | 10 | | | | | | | | | | 1 | | | | | — | | | | | | | | | | 1 | | | ||||||||||||||||
Other income (expense) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||
Interest income (expense) | | | | 1 | | | | | (9) | | | | | (1) | | | | | (aa) | | | | | (7) | | | | | (2) | | | | | | | | | | (9) | | | | | | 1 | | | | | (9) | | | | | (1) | | | | | (aa) | | | | | (7) | | | | | (2) | | | | | (cc) | | | | | (9) | | | ||||||||||||||||
| | | | | | | | | | | | | | 2 | | | | | (cc) | | | | | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | 2 | | | | | (cc) | | | | | | | | | | — | | | | | | | | | | | | | ||||||||||||||||
Other income (expense), net | | | | — | | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | | | | | | — | | | ||||||||||||||||
Other income (expense), net | | | | 1 | | | | | (9) | | | | | 1 | | | | | | | | | | (7) | | | | | (2) | | | | | | | | | | (9) | | | | | | 1 | | | | | (9) | | | | | 1 | | | | | | | | | | (7) | | | | | (2) | | | | | | | | | | (9) | | | ||||||||||||||||
Income (loss) before taxes | | | | — | | | | | 3 | | | | | 4 | | | | | | | | | | 7 | | | | | (2) | | | | | | | | | | 5 | | | | | | — | | | | | 3 | | | | | (9) | | | | | | | | | | (6) | | | | | (2) | | | | | | | | | | (8) | | | ||||||||||||||||
Income tax expense | | | | — | | | | | 1 | | | | | (1) | | | | | (dd) | | | | | — | | | | | — | | | | | (dd) | | | | | — | | | | | | — | | | | | 1 | | | | | (3) | | | | | (dd) | | | | | (2) | | | | | — | | | | | (dd) | | | | | (2) | | | ||||||||||||||||
Net income (loss) | | | | — | | | | | 2 | | | | | 5 | | | | | | | | | | 7 | | | | | (2) | | | | | | | | | | 5 | | | | | | — | | | | | 2 | | | | | (6) | | | | | | | | | | (4) | | | | | (2) | | | | | | | | | | (6) | | | ||||||||||||||||
Net income attributable to noncontrolling interest | | | | — | | | | | — | | | | | (4) | | | | | (ff) | | | | | (4) | | | | | 1 | | | | | (ff) | | | | | (3) | | | | | | — | | | | | — | | | | | 3 | | | | | (ff) | | | | | 3 | | | | | 2 | | | | | (ff) | | | | | 5 | | | ||||||||||||||||
Net income attributable to controlling interest | | | | — | | | | | 2 | | | | | 1 | | | | | | | | | | 3 | | | | | (1) | | | | | | | | | | 2 | | | | | | — | | | | | 2 | | | | | (3) | | | | | | | | | | (1) | | | | | — | | | | | | | | | | (1) | | | ||||||||||||||||
Other comprehensive income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||
Interest rate swap | | | | — | | | | | (7) | | | | | — | | | | | | | | | | (7) | | | | | — | | | | | | | | | | (7) | | | | | | — | | | | | (7) | | | | | — | | | | | | | | | | (7) | | | | | — | | | | | | | | | | (7) | | | ||||||||||||||||
Comprehensive (loss) income | | | | — | | | | | (5) | | | | | 1 | | | | | | | | | | (4) | | | | | (1) | | | | | | | | | | (5) | | | | | | — | | | | | (5) | | | | | (3) | | | | | | | | | | (8) | | | | | — | | | | | | | | | | (8) | | | ||||||||||||||||
Earnings per Share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||
Weighted average shares outstanding of Class A ordinary shares/common stock, basic | | | | 44,000,000 | | | | | | | | | | 13,375,000 | | | | | (ee) | | | | | 57,375,000 | | | | | (18,840,000) | | | | | (ee) | | | | | 38,535,000 | | | | | | 44,000,000 | | | | | | | | | | 13,375,000 | | | | | (ee) | | | | | 57,375,000 | | | | | (18,291,262) | | | | | (ee) | | | | | 39,083,738 | | | ||||||||||||||||
Basic net income per share, Class A | | | | 0.03 | | | | | | | | | | | | | | | | | | | | 0.05 | | | | | | | | | | | | | | | 0.05 | | | | | | 0.03 | | | | | | | | | | | | | | | | | | | | (0.02) | | | | | | | | | | | | | | | (0.03) | | | ||||||||||||||||
Weighted average shares outstanding of Class A ordinary shares/common stock, diluted | | | | 44,000,000 | | | | | | | | | | 15,375,000 | | | | | (ee) | | | | | 59,375,000 | | | | | (18,840,000) | | | | | (ee) | | | | | 40,535,000 | | | | | | 44,000,000 | | | | | | | | | | 13,375,000 | | | | | (ee) | | | | | 57,375,000 | | | | | (18,291,262) | | | | | (ee) | | | | | 39,083,738 | | | ||||||||||||||||
Diluted net income per share, Class A | | | | 0.03 | | | | | | | | | | | | | | | | | | | | 0.05 | | | | | | | | | | | | | | | 0.05 | | | | | | 0.03 | | | | | | | | | | | | | | | | | | | | (0.02) | | | | | | | | | | | | | | | (0.03) | | | ||||||||||||||||
Weighted average shares outstanding of Class B ordinary shares/common stock | | | | 11,875,000 | | | | | | | | | | (11,875,000) | | | | | (ee) | | | | | — | | | | | | | | | | | | | | | — | | | | | | 11,875,000 | | | | | | | | | | (11,875,000) | | | | | (ee) | | | | | — | | | | | | | | | | | | | | | — | | | ||||||||||||||||
Basic and diluted net loss per share, Class B | | | | (0.10) | | | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | | | | — | | | | | | (0.10) | | | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | | | | — | | |
| | | Collier Creek Holdings (Historical as of 12/31/19) | | Utz Brands Holdings, LLC and Subsidiaries and Affiliates (Formerly UM-U Intermediate, LLC, as of 12/29/19) | | | ASSUMING NO REDEMPTIONS | | ASSUMING MAXIMUM REDEMPTIONS | | | | Collier Creek Holdings (Historical as of 12/31/19) | | Utz Brands Holdings, LLC and Subsidiaries and Affiliates (Formerly UM-U Intermediate, LLC, as of 12/29/19)(A) | | | ASSUMING NO REDEMPTIONS | | ASSUMING MAXIMUM REDEMPTIONS | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions, except for per share information) | | Pro Forma Adjustments | | Footnote Reference | | Pro Forma | | Redemption Adjustment | | Footnote Reference | | Pro Forma | | | Pro Forma Adjustments | | Footnote Reference | | Pro Forma | | Redemption Adjustment | | Footnote Reference | | Pro Forma | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | | | | — | | | | | 866 | | | | | — | | | | | | | | | | 866 | | | | | — | | | | | | | | | | 866 | | | | | | — | | | | | 866 | | | | | — | | | | | | | | | | 866 | | | | | — | | | | | | | | | | 866 | | | ||||||||||||||||
Cost of goods sold | | | | — | | | | | 579 | | | | | — | | | | | | | | | | 579 | | | | | — | | | | | | | | | | 579 | | | | | | — | | | | | 579 | | | | | 9 | | | | | (gg) | | | | | 588 | | | | | — | | | | | | | | | | 588 | | | ||||||||||||||||
Gross profit | | | | — | | | | | 287 | | | | | — | | | | | | | | | | 287 | | | | | — | | | | | | | | | | 287 | | | | | | — | | | | | 287 | | | | | (9) | | | | | | | | | | 278 | | | | | — | | | | | | | | | | 278 | | | ||||||||||||||||
Selling and administrative expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||
Selling | | | | — | | | | | 184 | | | | | — | | | | | | | | | | 184 | | | | | — | | | | | | | | | | 184 | | | | | | — | | | | | 184 | | | | | 2 | | | | | (gg) | | | | | 186 | | | | | — | | | | | | | | | | 186 | | | ||||||||||||||||
Administrative | | | | 1 | | | | | 71 | | | | | — | | | | | (bb) | | | | | 72 | | | | | — | | | | | | | | | | 72 | | | | | | 1 | | | | | 71 | | | | | — | | | | | (bb) | | | | | 114 | | | | | — | | | | | | | | | | 114 | | | ||||||||||||||||
| | | | | | | | | | | | | | — | | | | | (gg) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 42 | | | | | (gg) | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||
Total selling and administrative expenses | | | | 1 | | | | | 255 | | | | | — | | | | | | | | | | 256 | | | | | — | | | | | | | | | | 256 | | | | | | 1 | | | | | 255 | | | | | 44 | | | | | | | | | | 300 | | | | | — | | | | | | | | | | 300 | | | ||||||||||||||||
Gain on sale of assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||
Gain on disposal of property, plant and equipment | | | | — | | | | | 6 | | | | | — | | | | | | | | | | 6 | | | | | — | | | | | | | | | | 6 | | | | | | — | | | | | 6 | | | | | — | | | | | | | | | | 6 | | | | | — | | | | | | | | | | 6 | | | ||||||||||||||||
Gain on sale of routes, net | | | | — | | | | | 7 | | | | | — | | | | | | | | | | 7 | | | | | — | | | | | | | | | | 7 | | | | | | — | | | | | 7 | | | | | — | | | | | | | | | | 7 | | | | | — | | | | | | | | | | 7 | | | ||||||||||||||||
Total gain on sale of assets | | | | — | | | | | 13 | | | | | — | | | | | | | | | | 13 | | | | | — | | | | | | | | | | 13 | | | | | | — | | | | | 13 | | | | | — | | | | | | | | | | 13 | | | | | — | | | | | | | | | | 13 | | | ||||||||||||||||
(Loss) income from operations | | | | (1) | | | | | 45 | | | | | — | | | | | | | | | | 44 | | | | | — | | | | | | | | | | 44 | | | | | | (1) | | | | | 45 | | | | | (53) | | | | | | | | | | (9) | | | | | — | | | | | | | | | | (9) | | | ||||||||||||||||
Other (expense) income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||
Interest income (expense) | | | | 9 | | | | | (55) | | | | | (9) | | | | | (aa) | | | | | (29) | | | | | (14) | | | | | (cc) | | | | | (43) | | | | | | 9 | | | | | (55) | | | | | (9) | | | | | (aa) | | | | | (29) | | | | | (14) | | | | | (cc) | | | | | (43) | | | ||||||||||||||||
| | | | | | | | | | | | | | 26 | | | | | (cc) | | | | | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | 26 | | | | | (cc) | | | | | | | | | | — | | | | | | | | | | | | | ||||||||||||||||
Other (expense) income, net | | | | — | | | | | (1) | | | | | — | | | | | | | | | | (1) | | | | | — | | | | | | | | | | (1) | | | | | | — | | | | | (1) | | | | | — | | | | | | | | | | (1) | | | | | — | | | | | | | | | | (1) | | | ||||||||||||||||
Other income (expense), net | | | | 9 | | | | | (56) | | | | | 17 | | | | | | | | | | (30) | | | | | (14) | | | | | | | | | | (44) | | | | | | 9 | | | | | (56) | | | | | 17 | | | | | | | | | | (30) | | | | | (14) | | | | | | | | | | (44) | | | ||||||||||||||||
Income (loss) before taxes | | | | 8 | | | | | (11) | | | | | 17 | | | | | | | | | | 14 | | | | | (14) | | | | | | | | | | — | | | | | | 8 | | | | | (11) | | | | | (36) | | | | | | | | | | 39 | | | | | (14) | | | | | | | | | | (53) | | | ||||||||||||||||
Income tax expense (benefit) | | | | — | | | | | 3 | | | | | (2) | | | | | (dd) | | | | | 1 | | | | | (2) | | | | | (dd) | | | | | (1) | | | | | | — | | | | | 3 | | | | | (10) | | | | | (dd) | | | | | (7) | | | | | — | | | | | (dd) | | | | | (7) | | | ||||||||||||||||
Net income (loss) | | | | 8 | | | | | (14) | | | | | 19 | | | | | | | | | | 13 | | | | | (12) | | | | | | | | | | 1 | | | | | | 8 | | | | | (14) | | | | | (26) | | | | | | | | | | (32) | | | | | (14) | | | | | | | | | | (46) | | | ||||||||||||||||
Net income attributable to noncontrolling interest | | | | — | | | | | (3) | | | | | (4) | | | | | (ff) | | | | | (7) | | | | | 7 | | | | | (ff) | | | | | — | | | | | | — | | | | | (3) | | | | | 23 | | | | | (ff) | | | | | 20 | | | | | 12 | | | | | (ff) | | | | | 32 | | | ||||||||||||||||
Net income (loss) attributable to controlling interest | | | | 8 | | | | | (17) | | | | | 15 | | | | | | | | | | 6 | | | | | (5) | | | | | | | | | | 1 | | | | | | 8 | | | | | (17) | | | | | (3) | | | | | | | | | | (12) | | | | | (2) | | | | | | | | | | (14) | | | ||||||||||||||||
Other comprehensive income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||
Interest rate swap | | | | — | | | | | 1 | | | | | — | | | | | | | | | | 1 | | | | | — | | | | | | | | | | 1 | | | | | | — | | | | | 1 | | | | | — | | | | | | | | | | 1 | | | | | — | | | | | | | | | | 1 | | | ||||||||||||||||
Comprehensive income (loss) | | | | 8 | | | | | (16) | | | | | 15 | | | | | | | | | | 7 | | | | | (5) | | | | | | | | | | 2 | | | | | | 8 | | | | | (16) | | | | | (3) | | | | | | | | | | (11) | | | | | (2) | | | | | | | | | | (13) | | | ||||||||||||||||
Earnings per Share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||
Weighted average shares outstanding of Class A ordinary shares/common stock, basic | | | | 44,000,000 | | | | | | | | | | 13,375,000 | | | | | (ee) | | | | | 57,375,000 | | | | | (18,840,000) | | | | | (ee) | | | | | 38,535,000 | | | | | | 44,000,000 | | | | | | | | | | 13,375,000 | | | | | (ee) | | | | | 57,375,000 | | | | | (18,291,262) | | | | | (ee) | | | | | 39,083,738 | | | ||||||||||||||||
Basic net income per share, Class A | | | | 0.20 | | | | | | | | | | | | | | | | | | | | 0.10 | | | | | | | | | | | | | | | 0.03 | | | | | | 0.20 | | | | | | | | | | | | | | | | | | | | (0.21) | | | | | | | | | | | | | | | (0.36) | | | ||||||||||||||||
Weighted average shares outstanding of Class A ordinary shares/common stock, diluted | | | | 44,000,000 | | | | | | | | | | 15,375,000 | | | | | (ee) | | | | | 59,375,000 | | | | | (18,840,000) | | | | | (ee) | | | | | 40,535,000 | | | | | | 44,000,000 | | | | | | | | | | 13,375,000 | | | | | (ee) | | | | | 57,375,000 | | | | | (18,291,262) | | | | | (ee) | | | | | 39,083,738 | | | ||||||||||||||||
Diluted net income per share, Class A | | | | 0.20 | | | | | | | | | | | | | | | | | | | | 0.10 | | | | | | | | | | | | | | | 0.02 | | | | | | 0.20 | | | | | | | | | | | | | | | | | | | | (0.21) | | | | | | | | | | | | | | | (0.36) | | | ||||||||||||||||
Weighted average shares outstanding of Class B ordinary shares/common stock | | | | 11,875,000 | | | | | | | | | | (11,875,000) | | | | | (ee) | | | | | — | | | | | | | | | | | | | | | — | | | | | | 11,875,000 | | | | | | | | | | (11,875,000) | | | | | (ee) | | | | | — | | | | | | | | | | | | | | | — | | | ||||||||||||||||
Basic and diluted net loss per share, Class B | | | | (0.08) | | | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | | | | — | | | | | | (0.08) | | | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | | | | — | | |
Sources | | | Uses | | ||||||||||||
Collier Creek Cash Held in Trust(1)(3) | | | | $ | 453 | | | | Debt Paydown + Prepayment Fees(4) | | | | $ | 237 | | |
| | | | | | | | | UPA Seller Preferred Units Acquisition(5) | | | | | 139 | | |
Collier Creek Forward Purchase Agreement(2) | | | | | 35 | | | | Cash Consideration to Existing Utz Owners(6) | | | | | 60 | | |
| | | | | | | | | Transaction Fees(7) | | | | | 52 | | |
Total Sources | | | | $ | 488 | | | | Total Uses | | | | $ | 488 | | |
Sources | | | Uses | | ||||||||||||
Collier Creek Cash Held in Trust(1)(3) | | | | $ | 453 | | | | Debt Paydown + Prepayment Fees(4) | | | | $ | 49 | | |
| | | | | | | | | UPA Seller Preferred Units Acquisition(5) | | | | | 139 | | |
Collier Creek Forward Purchase Agreement(2) | | | | | 35 | | | | Cash Consideration to Existing Utz Owners(6) | | | | | 60 | | |
| | | | | | | | | Transaction Fees(7) | | | | | 52 | | |
| | | | | | | | | Shareholder Redemptions(8) | | | | | 188 | | |
Total Sources | | | | $ | 488 | | | | Total Uses | | | | $ | 488 | | |
|
| Long-term debt, net of current portion adjustment | | | | | | | Long-term debt, net of current portion adjustment | | | | | | | ||
| Debt paydown on Utz Secured First Lien Note | | | $ | (125) | | | Debt paydown on Utz Secured First Lien Note | | | $ | (125) | | | ||
| Debt paydown on Utz First Lien Term Loan | | | $ | (110) | | | Debt paydown on Utz First Lien Term Loan | | | $ | (109) | | | ||
| Less: Unamortized debt issuance costs | | | $ | 7 | | | Less: Unamortized debt issuance costs | | | $ | 7 | | | ||
| Total long-term debt, net of current portion adjustment | | | $ | (228) | | | Total long-term debt, net of current portion adjustment | | | $ | (227) | | |
(in millions except share data) | | | Total Equity (100%) | | | Noncontrolling Interest (50.2%) | | | Controlling Interest (49.8%) | | |||||||||
Historical Utz members’ deficit | | | | $ | (42) | | | | | $ | (21) | | | | | $ | (21) | | |
Historical Collier Creek shareholders’ equity | | | | | 5 | | | | | | 3 | | | | | | 2 | | |
Payment of transaction costs | | | | | (29) | | | | | | (15) | | | | | | (14) | | |
Utz LTIP Reclass from liability to equity | | | | | 11 | | | | | | 6 | | | | | | 5 | | |
Class A Shares issued pursuant to Forward Purchase Agreement | | | | | 35 | | | | | | 18 | | | | | | 17 | | |
Reclass of Redeemable Public Shares to permanent equity | | | | | 431 | | | | | | 216 | | | | | | 215 | | |
Collier Creek purchase of certain Common Company Units | | | | | (60) | | | | | | (30) | | | | | | (30) | | |
Collier Creek purchase of UPA Seller preferred units | | | | | (139) | | | | | | (70) | | | | | | (69) | | |
Other | | | | | (10) | | | | | | (5) | | | | | | (5) | | |
Deferred taxes, net of tax receivable agreement | | | | | 5 | | | | | | — | | | | | | 5 | | |
Total equity | | | | $ | 207 | | | | | $ | 102 | | | | | $ | 105 | | |
| | | Total | | | Common Company Units | | | | | | | | | Shares of Class A Common Stock | | | | | | | | |||||||||
Legacy Utz members | | | | | 57,765,978 | | | | | | 57,765,978 | | | | | | | | | | | | — | | | | | | | | |
Collier Creek shareholders | | | | | 57,375,000 | | | | | | — | | | | | | | | | | | | 57,375,000 | | | | | | | | |
| | | | | 115,140,978 | | | | | | 57,765,978 | | | | | | 50.2% | | | | | | 57,375,000 | | | | | | 49.8% | | |
|
(in millions except share data) | | | Total Equity (100%) | | | Noncontrolling Interest (60%) | | | Controlling Interest (40%) | | |||||||||
Historical Utz members’ deficit | | | | $ | (42) | | | | | $ | (25) | | | | | $ | (17) | | |
Historical Collier Creek shareholders’ equity | | | | | 5 | | | | | | 3 | | | | | | 2 | | |
Payment of transaction costs | | | | | (29) | | | | | | (17) | | | | | | (12) | | |
Utz LTIP Reclass from liability to equity | | | | | 11 | | | | | | 7 | | | | | | 4 | | |
Class A Shares issued pursuant to Forward Purchase Agreement | | | | | 35 | | | | | | 21 | | | | | | 14 | | |
Reclass of Redeemable Public Shares to permanent equity | | | | | 249 | | | | | | 149 | | | | | | 100 | | |
Collier Creek purchase of certain Common Company Units | | | | | (60) | | | | | | (36) | | | | | | (24) | | |
Collier Creek purchase of UPA Seller preferred units | | | | | (139) | | | | | | (83) | | | | | | (56) | | |
Other | | | | | (8) | | | | | | (5) | | | | | | (3) | | |
Deferred taxes, net of tax receivable agreement | | | | | 4 | | | | | | — | | | | | | 4 | | |
Total equity | | | | $ | 26 | | | | | $ | 14 | | | | | $ | 12 | | |
| | | Total | | | Common Company Units | | | | | | | | | Shares of Class A Common Stock | | | | | | | | |||||||||
Legacy Utz members | | | | | 57,765,978 | | | | | | 57,765,978 | | | | | | | | | | | | — | | | | | | | | |
Collier Creek shareholders | | | | | 38,535,000 | | | | | | — | | | | | | | | | | | | 38,535,000 | | | | | | | | |
| | | | | 96,300,978 | | | | | | 57,765,978 | | | | | | 60.0% | | | | | | 38,535,000 | | | | | | 40.0% | | |
Calculation of consideration per the Business Combination Agreement | | | | | | | | | | | | | |
| | | No Redemption | | | Max Redemption | | ||||||
Estimated cash held in trust | | | | $ | 453 | | | | | $ | 453 | | |
Proceed from the sale of 3,500,000 Class A ordinary shares through forward purchase agreement | | | | | 35 | | | | | | 35 | | |
Less: shareholder redemption | | | | | — | | | | | | (188) | | |
Less: transaction costs incurred by CCH | | | | | (25) | | | | | | (25) | | |
Total cash consideration | | | | $ | 463 | | | | | $ | 275 | | |
Tax Receivable Agreement obligations to the Seller | | | | | 41 | | | | | | 41 | | |
Replacement LTIP | | | | | 15 | | | | | | 15 | | |
Seller’s Retained Restricted Units | | | | | 48 | | | | | | 48 | | |
Total consideration | | | | $ | 567 | | | | | $ | 379 | | |
Non-controlling interest | | | | | 571 | | | | | | 560 | | |
Net debt assumed | | | | | 422 | | | | | | 602 | | |
Total business enterprise value | | | | $ | 1,560 | | | | | $ | 1,541 | | |
Recognized amounts of identifiable assets acquired and liabilities assumed | | | | | | | | | | | | | |
Cash and cash equivalent | | | | $ | 6 | | | | | $ | 6 | | |
Accounts receivable, net | | | | | 123 | | | | | | 123 | | |
Inventories, net | | | | | 49 | | | | | | 49 | | |
Prepaid and other assets | | | | | 4 | | | | | | 4 | | |
Notes receivable | | | | | 34 | | | | | | 34 | | |
Property, plant and equipment, net | | | | | 274 | | | | | | 274 | | |
Goodwill | | | | | 366 | | | | | | 331 | | |
Identifiable intangible assets | | | | | 898 | | | | | | 898 | | |
Deferred tax liabilities | | | | | (61) | | | | | | (48) | | |
Other assets | | | | | 7 | | | | | | 7 | | |
Accounts payable | | | | | (49) | | | | | | (49) | | |
Accrued expenses | | | | | (42) | | | | | | (42) | | |
Notes payable | | | | | (40) | | | | | | (40) | | |
Non-current accrued expenses and other | | | | | (9) | | | | | | (6) | | |
Net assets acquired | | | | $ | 1,560 | | | | | $ | 1,541 | | |
Identifiable intangible assets | | | Fair Value (in millions) | | | Useful life (in years) | | ||||||
Indefinite lived trade names | | | | $ | 213 | | | | | | n/a | | |
Finite lived trade names | | | | | 111 | | | | | | 15 – 20 | | |
Customer relationships | | | | | 554 | | | | | | 15 | | |
Technology | | | | | 1 | | | | | | n/a | | |
Master distribution rights | | | | | 16 | | | | | | n/a | | |
IO routes | | | | | 3 | | | | | | n/a | | |
Total | | | | $ | 898 | | | | | | | | |
For the twelve months ended December 31, 2019 | | | Assuming No Redemptions | | | Assuming Maximum Redemptions | | ||||||
Outstanding Utz First Lien Term Loan | | | | $ | 420 | | | | | $ | 531 | | |
Interest rate | | | | | 5.6% | | | | | | 5.6% | | |
Interest on Utz First Lien Term Loan | | | | $ | 23 | | | | | $ | 30 | | |
Outstanding Utz Secured First Lien Note | | | | | — | | | | | | 73 | | |
Interest rate | | | | | | | | | | | 7.6% | | |
Interest on Utz Secured First Lien Note | | | | $ | — | | | | | $ | 6 | | |
Total pro forma interest on Utz debt | | | | $ | 23 | | | | | $ | 36 | | |
Other interest expense | | | | | 6 | | | | | | 7 | | |
Total pro forma interest expense | | | | | 29 | | | | | | 43 | | |
Less: Interest on Utz historical debt and Kennedy pro forma interest adjustment | | | | | (55) | | | | | | (55) | | |
Pro forma adjustment | | | | $ | (26) | | | | | $ | (12) | | |
For the three months ended March 31, 2020 | | | Assuming No Redemptions | | | Assuming Maximum Redemptions | | ||||||
Outstanding Utz First Lien Term Loan | | | | $ | 416 | | | | | $ | 526 | | |
Interest rate | | | | | 4.8% | | | | | | 4.8% | | |
Interest on Utz First Lien Term Loan | | | | $ | 5 | | | | | $ | 6 | | |
Outstanding Utz Secured First Lien Note | | | | | — | | | | | | 73 | | |
Interest rate | | | | | | | | | | | 7.0% | | |
Interest on Utz Secured First Lien Note | | | | $ | — | | | | | $ | 1 | | |
Total pro forma interest on Utz debt | | | | | 5 | | | | | | 7 | | |
Other interest expense | | | | | 2 | | | | | | 2 | | |
Total pro forma interest expense | | | | | 7 | | | | | | 9 | | |
Less: Interest on Utz historical debt | | | | | (9) | | | | | | (9) | | |
Pro forma adjustment | | | | $ | (2) | | | | | $ | — | | |
| | | Collier Creek Holdings (Historical for the twelve months ended 12/31/19) | | | ASSUMING NO REDEMPTIONS | | | ASSUMING MAXIMUM REDEMPTIONS | | |||||||||||||||||||||||||||||||||
For the twelve months ended December 31, 2019 | | | Pro Forma Adjustments | | | Reference | | | Pro Forma Consolidated | | | Pro Forma Adjustments | | | Reference | | | Pro Forma Consolidated | | ||||||||||||||||||||||||
Earnings per Share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding of Class A common stock, basic | | | | | 44,000,000 | | | | | | 9,875,000 | | | | | | (i) | | | | | | 57,375,000 | | | | | | (18,291,262) | | | | | | | | | | | | 39,083,738 | | |
| | | | | | | | | | | 3,500,000 | | | | | | (ii) | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic net income per share, Class A | | | | | 0.20 | | | | | | — | | | | | | | | | | | | (0.21) | | | | | | | | | | | | | | | | | | (0.36) | | |
Weighted average shares outstanding of Class A common stock, diluted | | | | | 44,000,000 | | | | | | 9,875,000 | | | | | | (i) | | | | | | 57,375,000 | | | | | | (18,291,262) | | | | | | | | | | | | 39,083,738 | | |
| | | | | | | | | | | 3,500,000 | | | | | | (ii) | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted net income per share, Class A | | | | | 0.20 | | | | | | — | | | | | | | | | | | | (0.21) | | | | | | | | | | | | | | | | | | (0.36) | | |
Weighted average shares outstanding of Class B common stock | | | | | 11,875,000 | | | | | | (9,875,000) | | | | | | (i) | | | | | | — | | | | | | | | | | | | — | | | | | | | | |
| | | | | | | | | | | (2,000,000) | | | | | | (iii) | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted net loss per share, Class B | | | | | (0.08) | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | — | | | | | | | | |
| | | Collier Creek Holdings (Historical for the twelve months ended 12/31/19) | | | ASSUMING NO REDEMPTIONS | | | ASSUMING MAXIMUM REDEMPTIONS | | |||||||||||||||||||||||||||||||||
For the twelve months ended December 31, 2019 | | | Pro Forma Adjustments | | | Reference | | | Pro Forma Consolidated | | | Pro Forma Adjustments | | | Reference | | | Pro Forma Consolidated | | ||||||||||||||||||||||||
Earnings per Share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding of Class A common stock, basic | | | | | 44,000,000 | | | | | | 9,875,000 | | | | | | (i) | | | | | | 57,375,000 | | | | | | (18,840,000) | | | | | | | | | | | | 38,535,000 | | |
| | | | | | | | | | | 3,500,000 | | | | | | (ii) | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic net income per share, Class A | | | | | 0.20 | | | | | | — | | | | | | | | | | | | 0.10 | | | | | | | | | | | | | | | | | | 0.03 | | |
Weighted average shares outstanding of Class A common stock, diluted | | | | | 44,000,000 | | | | | | 9,875,000 | | | | | | (i) | | | | | | 59,375,000 | | | | | | (18,840,000) | | | | | | | | | | | | 40,535,000 | | |
| | | | | | | | | | | 3,500,000 | | | | | | (ii) | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | 2,000,000 | | | | | | (iii) | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted net income per share, Class A | | | | | 0.20 | | | | | | — | | | | | | | | | | | | 0.10 | | | | | | | | | | | | | | | | | | 0.02 | | |
Weighted average shares outstanding of Class B common stock | | | | | 11,875,000 | | | | | | (9,875,000) | | | | | | (i) | | | | | | — | | | | | | | | | | | | — | | | | | | | | |
| | | | | | | | | | | (2,000,000) | | | | | | (iii) | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted net loss per share, Class B | | | | | (0.08) | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | — | | | | | | | | |
| | | Collier Creek Holdings (Historical for the three months ended 3/31/20) | | | ASSUMING NO REDEMPTIONS | | | ASSUMING MAXIMUM REDEMPTIONS | | | | | |||||||||||||||||||||||||||||||||
For the three months ended March 31, 2020 | | | Pro Forma Adjustments | | | Reference | | | Pro Forma Consolidated | | | Pro Forma Adjustments | | | Reference | | | Pro Forma Consolidated | | | ||||||||||||||||||||||||||
Earnings per Share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Weighted average shares outstanding of Class A common stock, basic | | | | | 44,000,000 | | | | | | 9,875,000 | | | | | | (i) | | | | | | 57,375,000 | | | | | | (18,840,000) | | | | | | | | | | | | 38,535,000 | | | | ||
| | | | | | | | | | | 3,500,000 | | | | | | (ii) | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Basic net income per share, Class A | | | | | 0.03 | | | | | | — | | | | | | | | | | | | 0.05 | | | | | | | | | | | | | | | | | | 0.05 | | | | ||
Weighted average shares outstanding of Class A common stock, diluted | | | | | 44,000,000 | | | | | | 9,875,000 | | | | | | (i) | | | | | | 59,375,000 | | | | | | (18,840,000) | | | | | | | | | | | | 40,535,000 | | | | ||
| | | | | | | | | | | 3,500,000 | | | | | | (ii) | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | | | | | | | | | 2,000,000 | | | | | | (iii) | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Diluted net income per share, Class A | | | | | 0.03 | | | | | | — | | | | | | | | | | | | 0.05 | | | | | | | | | | | | | | | | | | 0.05 | | | | ||
Weighted average shares outstanding of Class B common stock | | | | | 11,875,000 | | | | | | (9,875,000) | | | | | | (i) | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | ||
| | | | | | | | | | | (2,000,000) | | | | | | (iii) | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Basic and diluted net loss per share, Class B | | | | | (0.10) | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | |
| | | Collier Creek Holdings (Historical for the three months ended 3/31/20) | | | ASSUMING NO REDEMPTIONS | | | ASSUMING MAXIMUM REDEMPTIONS | | | | | |||||||||||||||||||||||||||||||||
For the three months ended March 31, 2020 | | | Pro Forma Adjustments | | | Reference | | | Pro Forma Consolidated | | | Pro Forma Adjustments | | | Reference | | | Pro Forma Consolidated | | | ||||||||||||||||||||||||||
Earnings per Share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Weighted average shares outstanding of Class A common stock, basic | | | | | 44,000,000 | | | | | | 9,875,000 | | | | | | (i) | | | | | | 57,375,000 | | | | | | (18,291,262) | | | | | | | | | | | | 39,083,738 | | | | ||
| | | | | | | | | | | 3,500,000 | | | | | | (ii) | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Basic net income per share, Class A | | | | | 0.03 | | | | | | — | | | | | | | | | | | | (0.02) | | | | | | | | | | | | | | | | | | (0.03) | | | | ||
Weighted average shares outstanding of Class A common stock, diluted | | | | | 44,000,000 | | | | | | 9,875,000 | | | | | | (i) | | | | | | 57,375,000 | | | | | | (18,291,262) | | | | | | | | | | | | 39,083,738 | | | | ||
| | | | | | | | | | | 3,500,000 | | | | | | (ii) | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Diluted net income per share, Class A | | | | | 0.03 | | | | | | — | | | | | | | | | | | | (0.02) | | | | | | | | | | | | | | | | | | (0.03) | | | | ||
Weighted average shares outstanding of Class B common stock | | | | | 11,875,000 | | | | | | (9,875,000) | | | | | | (i) | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | ||
| | | | | | | | | | | (2,000,000) | | | | | | (iii) | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Basic and diluted net loss per share, Class B | | | | | (0.10) | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | |
(in millions) | | For the Three Months Ended March 31, 2020 | | For the Twelve Months Ended December 31, 2019 | | | For the Three Months Ended March 31, 2020 | | For the Twelve Months Ended December 31, 2019 | | ||||||||||||||||
Pro forma income before taxes | | | | | | | | | | | | | | | | | | | | | | | ||||
No redemptions | | | $ | 7 | | | | $ | 14 | | | | | $ | (6) | | | | $ | (39) | | | ||||
Maximum redemptions | | | $ | 5 | | | | $ | — | | | | | $ | (8) | | | | $ | (53) | | | ||||
Pro forma income (loss) attributable to noncontrolling interest | | | | | | | | | | | | | | | | | | | | | | | ||||
No redemptions (50.2%) | | | $ | 4 | | | | $ | 7 | | | | | $ | (3) | | | | $ | (20) | | | ||||
Maximum redemptions (60.0%) | | | $ | 3 | | | | $ | — | | | | | $ | (5) | | | | $ | (32) | | |
Pro forma adjustments for depreciation expenses to cost of goods sold, and selling and administrative expenses are $8 million and $6 million, and $3 million and $1 million, respective, for the twelve months ended December 31, 2019 and the three months ended March 31, 2020. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | | | Utz Brands Holdings, LLC (Formerly UM-U Intermediate, LLC, for the twelve months ended 12/29/19) | | | Kennedy Endeavors Inc. Acquisition (Unaudited for the period 12/31/18 to 10/20/19) | | | Kitchen Cooked Inc. Acquisition (Unaudited for the twelve months ended 12/31/19) | | | Pro Forma Adjustments | | | Footnote Reference | | | Utz Brands Holdings, LLC Pro Forma Combined (Formerly UM- U Intermediate, LLC, for the twelve months ended 12/29/19) | | ||||||||||||||||||
Net sales | | | | | 768 | | | | | | 89 | | | | | | 9 | | | | | | — | | | | | | | | | | | | 866 | | |
Cost of goods sold | | | | | 514 | | | | | | 61 | | | | | | 4 | | | | | | — | | | | | | | | | | | | 579 | | |
Gross profit | | | | | 254 | | | | | | 28 | | | | | | 5 | | | | | | — | | | | | | | | | | | | 287 | | |
Selling and administrative expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling | | | | | 163 | | | | | | 18 | | | | | | 3 | | | | | | — | | | | | | | | | | | | 184 | | |
Administrative | | | | | 65 | | | | | | 3 | | | | | | 3 | | | | | | 3 | | | | | | (aaa) | | | | | | 71 | | |
| | | | | | | | | | | | | | | | | | | | | | | (3) | | | | | | (bbb) | | | | | | | | |
Total selling and administrative expenses | | | | | 228 | | | | | | 21 | | | | | | 6 | | | | | | — | | | | | | | | | | | | 255 | | |
Gain on sale of assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gain on disposal of property, plant and equipment | | | | | 6 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | 6 | | |
Gain on sale of routes, net | | | | | 7 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | 7 | | |
Total gain on sale of assets | | | | | 13 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | 13 | | |
Income from operations | | | | | 39 | | | | | | 7 | | | | | | (1) | | | | | | — | | | | | | | | | | | | 45 | | |
Other expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | | | (48) | | | | | | — | | | | | | — | | | | | | (7) | | | | | | (ccc) | | | | | | (55) | | |
Other expense | | | | | (1) | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | (1) | | |
Other expense, net | | | | | (49) | | | | | | — | | | | | | — | | | | | | (7) | | | | | | | | | | | | (56) | | |
Income (loss) before taxes | | | | | (10) | | | | | | 7 | | | | | | (1) | | | | | | (7) | | | | | | | | | | | | (11) | | |
Income tax expense | | | | | 3 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | 3 | | |
Net (loss) income | | | | | (13) | | | | | | 7 | | | | | | (1) | | | | | | (7) | | | | | | | | | | | | (14) | | |
Net income attributable to noncontrolling interest | | | | | (3) | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | (3) | | |
Net (loss) income attributable to controlling interest | | | | | (16) | | | | | | 7 | | | | | | (1) | | | | | | (7) | | | | | | | | | | | | (17) | | |
Other comprehensive income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest rate swap | | | | | 1 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | 1 | | |
Comprehensive (loss) income | | | | | (15) | | | | | | 7 | | | | | | (1) | | | | | | (7) | | | | | | | | | | | | (16) | | |
(in millions) | | | Estimated Fair Value | | | Estimated Useful Life in Years | | | Amortization Expense for the period 12/31/18-10/20/19 | | |||||||||
Customer Relationships | | | | $ | 13 | | | | | | 15 years | | | | | $ | 1 | | |
Trade Name and Trademark | | | | | 21 | | | | | | 15-20 years | | | | | | 1 | | |
Property, Plant, and Equipment | | | | | 13 | | | | | | 1-20 years | | | | | | 4 | | |
Building Improvement and Site Improvement | | | | | 4 | | | | | | 2-40 years | | | | | | — | | |
| | | | $ | 51 | | | | | | | | | | | | 6 | | |
Less: Historical amortization expense | | | | | | | | | | | | | | | | $ | (3) | | |
Pro forma adjustment | | | | | | | | | | | | | | | | $ | 3 | | |
Name | | | Age | | | Title | | |||
Roger K. Deromedi | | | | | 66 | | | | Co-Executive Chairman | |
Jason K. Giordano | | | | | 41 | | | | Co-Executive Chairman | |
Chinh E. Chu | | | | | 55 | | | | Vice Chairman | |
Antonio F. Fernandez | | | | | 60 | | | | Director | |
Matthew M. Mannelly | | | | | 62 | | | | Director | |
Craig D. Steeneck | | | | | 62 | | | | Director | |
William D. Toler | | | | | 60 | | | | Director | |
| | Fair Market Value of Class A Common Stock | | | Fair Market Value of Class A Common Stock | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption Date (period to expiration of warrants) | | $10.00 | | $11.00 | | $12.00 | | $13.00 | | $14.00 | | $15.00 | | $16.00 | | $17.00 | | $18.00 | | | $10.00 | | $11.00 | | $12.00 | | $13.00 | | $14.00 | | $15.00 | | $16.00 | | $17.00 | | $18.00 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
57 months | | | | 0.257 | | | | | 0.277 | | | | | 0.294 | | | | | 0.310 | | | | | 0.324 | | | | | 0.337 | | | | | 0.348 | | | | | 0.358 | | | | | 0.365 | | | | | | 0.257 | | | | | 0.277 | | | | | 0.294 | | | | | 0.310 | | | | | 0.324 | | | | | 0.337 | | | | | 0.348 | | | | | 0.358 | | | | | 0.365 | | | ||||||||||||||||||
54 months | | | | 0.252 | | | | | 0.272 | | | | | 0.291 | | | | | 0.307 | | | | | 0.322 | | | | | 0.335 | | | | | 0.347 | | | | | 0.357 | | | | | 0.365 | | | | | | 0.252 | | | | | 0.272 | | | | | 0.291 | | | | | 0.307 | | | | | 0.322 | | | | | 0.335 | | | | | 0.347 | | | | | 0.357 | | | | | 0.365 | | | ||||||||||||||||||
51 months | | | | 0.246 | | | | | 0.268 | | | | | 0.287 | | | | | 0.304 | | | | | 0.320 | | | | | 0.333 | | | | | 0.346 | | | | | 0.357 | | | | | 0.365 | | | | | | 0.246 | | | | | 0.268 | | | | | 0.287 | | | | | 0.304 | | | | | 0.320 | | | | | 0.333 | | | | | 0.346 | | | | | 0.357 | | | | | 0.365 | | | ||||||||||||||||||
48 months | | | | 0.241 | | | | | 0.263 | | | | | 0.283 | | | | | 0.301 | | | | | 0.317 | | | | | 0.332 | | | | | 0.344 | | | | | 0.356 | | | | | 0.365 | | | | | | 0.241 | | | | | 0.263 | | | | | 0.283 | | | | | 0.301 | | | | | 0.317 | | | | | 0.332 | | | | | 0.344 | | | | | 0.356 | | | | | 0.365 | | | ||||||||||||||||||
45 months | | | | 0.235 | | | | | 0.258 | | | | | 0.279 | | | | | 0.298 | | | | | 0.315 | | | | | 0.330 | | | | | 0.343 | �� | | | | 0.356 | | | | | 0.365 | | | | | | 0.235 | | | | | 0.258 | | | | | 0.279 | | | | | 0.298 | | | | | 0.315 | | | | | 0.330 | | | | | 0.343 | | | | | 0.356 | | | | | 0.365 | | | ||||||||||||||||||
42 months | | | | 0.228 | | | | | 0.252 | | | | | 0.274 | | | | | 0.294 | | | | | 0.312 | | | | | 0.328 | | | | | 0.342 | | | | | 0.355 | | | | | 0.364 | | | | | | 0.228 | | | | | 0.252 | | | | | 0.274 | | | | | 0.294 | | | | | 0.312 | | | | | 0.328 | | | | | 0.342 | | | | | 0.355 | | | | | 0.364 | | | ||||||||||||||||||
39 months | | | | 0.221 | | | | | 0.246 | | | | | 0.269 | | | | | 0.290 | | | | | 0.309 | | | | | 0.325 | | | | | 0.340 | | | | | 0.354 | | | | | 0.364 | | | | | | 0.221 | | | | | 0.246 | | | | | 0.269 | | | | | 0.290 | | | | | 0.309 | | | | | 0.325 | | | | | 0.340 | | | | | 0.354 | | | | | 0.364 | | | ||||||||||||||||||
36 months | | | | 0.213 | | | | | 0.239 | | | | | 0.263 | | | | | 0.285 | | | | | 0.305 | | | | | 0.323 | | | | | 0.339 | | | | | 0.353 | | | | | 0.364 | | | | | | 0.213 | | | | | 0.239 | | | | | 0.263 | | | | | 0.285 | | | | | 0.305 | | | | | 0.323 | | | | | 0.339 | | | | | 0.353 | | | | | 0.364 | | | ||||||||||||||||||
33 months | | | | 0.205 | | | | | 0.232 | | | | | 0.257 | | | | | 0.280 | | | | | 0.301 | | | | | 0.320 | | | | | 0.337 | | | | | 0.352 | | | | | 0.364 | | | | | | 0.205 | | | | | 0.232 | | | | | 0.257 | | | | | 0.280 | | | | | 0.301 | | | | | 0.320 | | | | | 0.337 | | | | | 0.352 | | | | | 0.364 | | | ||||||||||||||||||
30 months | | | | 0.196 | | | | | 0.224 | | | | | 0.250 | | | | | 0.274 | | | | | 0.297 | | | | | 0.316 | | | | | 0.335 | | | | | 0.351 | | | | | 0.364 | | | | | | 0.196 | | | | | 0.224 | | | | | 0.250 | | | | | 0.274 | | | | | 0.297 | | | | | 0.316 | | | | | 0.335 | | | | | 0.351 | | | | | 0.364 | | | ||||||||||||||||||
27 months | | | | 0.185 | | | | | 0.214 | | | | | 0.242 | | | | | 0.268 | | | | | 0.291 | | | | | 0.313 | | | | | 0.332 | | | | | 0.350 | | | | | 0.364 | | | | | | 0.185 | | | | | 0.214 | | | | | 0.242 | | | | | 0.268 | | | | | 0.291 | | | | | 0.313 | | | | | 0.332 | | | | | 0.350 | | | | | 0.364 | | | ||||||||||||||||||
24 months | | | | 0.173 | | | | | 0.204 | | | | | 0.233 | | | | | 0.260 | | | | | 0.285 | | | | | 0.308 | | | | | 0.329 | | | | | 0.348 | | | | | 0.364 | | | | | | 0.173 | | | | | 0.204 | | | | | 0.233 | | | | | 0.260 | | | | | 0.285 | | | | | 0.308 | | | | | 0.329 | | | | | 0.348 | | | | | 0.364 | | | ||||||||||||||||||
21 months | | | | 0.161 | | | | | 0.193 | | | | | 0.223 | | | | | 0.252 | | | | | 0.279 | | | | | 0.304 | | | | | 0.326 | | | | | 0.347 | | | | | 0.364 | | | | | | 0.161 | | | | | 0.193 | | | | | 0.223 | | | | | 0.252 | | | | | 0.279 | | | | | 0.304 | | | | | 0.326 | | | | | 0.347 | | | | | 0.364 | | | ||||||||||||||||||
18 months | | | | 0.146 | | | | | 0.179 | | | | | 0.211 | | | | | 0.242 | | | | | 0.271 | | | | | 0.298 | | | | | 0.322 | | | | | 0.345 | | | | | 0.363 | | | | | | 0.146 | | | | | 0.179 | | | | | 0.211 | | | | | 0.242 | | | | | 0.271 | | | | | 0.298 | | | | | 0.322 | | | | | 0.345 | | | | | 0.363 | | | ||||||||||||||||||
15 months | | | | 0.130 | | | | | 0.164 | | | | | 0.197 | | | | | 0.230 | | | | | 0.262 | | | | | 0.291 | | | | | 0.317 | | | | | 0.342 | | | | | 0.363 | | | | | | 0.130 | | | | | 0.164 | | | | | 0.197 | | | | | 0.230 | | | | | 0.262 | | | | | 0.291 | | | | | 0.317 | | | | | 0.342 | | | | | 0.363 | | | ||||||||||||||||||
12 months | | | | 0.111 | | | | | 0.146 | | | | | 0.181 | | | | | 0.216 | | | | | 0.250 | | | | | 0.282 | | | | | 0.312 | | | | | 0.339 | | | | | 0.363 | | | | | | 0.111 | | | | | 0.146 | | | | | 0.181 | | | | | 0.216 | | | | | 0.250 | | | | | 0.282 | | | | | 0.312 | | | | | 0.339 | | | | | 0.363 | | | ||||||||||||||||||
9 months | | | | 0.090 | | | | | 0.125 | | | | | 0.162 | | | | | 0.199 | | | | | 0.237 | | | | | 0.272 | | | | | 0.305 | | | | | 0.336 | | | | | 0.362 | | | | | | 0.090 | | | | | 0.125 | | | | | 0.162 | | | | | 0.199 | | | | | 0.237 | | | | | 0.272 | | | | | 0.305 | | | | | 0.336 | | | | | 0.362 | | | ||||||||||||||||||
6 months | | | | 0.065 | | | | | 0.099 | | | | | 0.137 | | | | | 0.178 | | | | | 0.219 | | | | | 0.259 | | | | | 0.296 | | | | | 0.331 | | | | | 0.362 | | | | | | 0.065 | | | | | 0.099 | | | | | 0.137 | | | | | 0.178 | | | | | 0.219 | | | | | 0.259 | | | | | 0.296 | | | | | 0.331 | | | | | 0.362 | | | ||||||||||||||||||
3 months | | | | 0.034 | | | | | 0.065 | | | | | 0.104 | | | | | 0.150 | | | | | 0.197 | | | | | 0.243 | | | | | 0.286 | | | | | 0.326 | | | | | 0.361 | | | | | | 0.034 | | | | | 0.065 | | | | | 0.104 | | | | | 0.150 | | | | | 0.197 | | | | | 0.243 | | | | | 0.286 | | | | | 0.326 | | | | | 0.361 | | | ||||||||||||||||||
0 months | | | | — | | | | | — | | | | | 0.042 | | | | | 0.115 | | | | | 0.179 | | | | | 0.233 | | | | | 0.281 | | | | | 0.323 | | | | | 0.361 | | | | | | — | | | | | — | | | | | 0.042 | | | | | 0.115 | | | | | 0.179 | | | | | 0.233 | | | | | 0.281 | | | | | 0.323 | | | | | 0.361 | | |
| | | | | | | | | | | | Company Shares Post-Business Combination | | | | | | | | | | | | | Company Shares Post-Business Combination | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Collier Creek Shares | | Assuming No Redemption | | Assuming Maximum Redemption | | | Collier Creek Shares | | Assuming No Redemption | | Assuming Maximum Redemption | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name of Beneficial Owner | | Number of Shares Beneficially Owned(1) | | % of Voting Control | | Shares of Class A Common Stock(2) | | Shares of Class V Common Stock(3) | | Shares of Class B Common Stock | | % of Total Voting Power(4) | | Shares of Class A Common Stock | | Shares of Class V Common Stock (3) | | Shares of Class B Common Stock | | % of Total Voting Power(4) | | | Number of Shares Beneficially Owned(1) | | % of Voting Control | | Shares of Class A Common Stock(2) | | Shares of Class V Common Stock(3) | | Shares of Class B Common Stock | | % of Total Voting Power(4) | | Shares of Class A Common Stock | | Shares of Class V Common Stock (3) | | Shares of Class B Common Stock | | % of Total Voting Power(4) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collier Creek Partners LLC(5) | | | | 11,680,000 | | | | | 20.90% | | | | | 12,712,840 | | | | | — | | | | | 1,967,160 | | | | | 11.04% | | | | | 12,712,840 | | | | | — | | | | | 1,967,160 | | | | | 13.2% | | | | | | 11,680,000 | | | | | 20.90% | | | | | 12,712,840 | | | | | — | | | | | 1,967,160 | | | | | 11.04% | | | | | 12,712,840 | | | | | — | | | | | 1,967,160 | | | | | 13.2% | | | ||||||||||||||||||||
Roger K. Deromedi(5) | | | | 11,680,000 | | | | | 20.90% | | | | | 12,712,840 | | | | | — | | | | | 1,967,160 | | | | | 11.04% | | | | | 12,712,840 | | | | | — | | | | | 1,967,160 | | | | | 13.2% | | | | | | 11,680,000 | | | | | 20.90% | | | | | 12,712,840 | | | | | — | | | | | 1,967,160 | | | | | 11.04% | | | | | 12,712,840 | | | | | — | | | | | 1,967,160 | | | | | 13.2% | | | ||||||||||||||||||||
Jason K. Giordano(5) | | | | 11,680,000 | | | | | 20.90% | | | | | 12,712,840 | | | | | — | | | | | 1,967,160 | | | | | 11.04% | | | | | 12,712,840 | | | | | — | | | | | 1,967,160 | | | | | 13.2% | | | | | | 11,680,000 | | | | | 20.90% | | | | | 12,712,840 | | | | | — | | | | | 1,967,160 | | | | | 11.04% | | | | | 12,712,840 | | | | | — | | | | | 1,967,160 | | | | | 13.2% | | | ||||||||||||||||||||
Chinh E. Chu(5) | | | | 11,680,000 | | | | | 20.90% | | | | | 12,712,840 | | | | | — | | | | | 1,967,160 | | | | | 11.04% | | | | | 12,712,840 | | | | | — | | | | | 1,967,160 | | | | | 13.2% | | | | | | 11,680,000 | | | | | 20.90% | | | | | 12,712,840 | | | | | — | | | | | 1,967,160 | | | | | 11.04% | | | | | 12,712,840 | | | | | — | | | | | 1,967,160 | | | | | 13.2% | | | ||||||||||||||||||||
Antonio F. Fernandez(6) | | | | 45,000 | | | | | * | | | | | 137,422 | | | | | — | | | | | 7,578 | | | | | * | | | | | 137,422 | | | | | — | | | | | 7,578 | | | | | * | | | | | | 45,000 | | | | | * | | | | | 137,422 | | | | | — | | | | | 7,578 | | | | | * | | | | | 137,422 | | | | | — | | | | | 7,578 | | | | | * | | | ||||||||||||||||||||
Matthew M. Mannelly(6) | | | | 45,000 | | | | | * | | | | | 137,422 | | | | | — | | | | | 7,578 | | | | | * | | | | | 137,422 | | | | | — | | | | | 7,578 | | | | | * | | | | | | 45,000 | | | | | * | | | | | 137,422 | | | | | — | | | | | 7,578 | | | | | * | | | | | 137,422 | | | | | — | | | | | 7,578 | | | | | * | | | ||||||||||||||||||||
Craig D. Steeneck(6) | | | | 52,500 | | | | | * | | | | | 193,658 | | | | | — | | | | | 8,842 | | | | | * | | | | | 193,658 | | | | | — | | | | | 8,842 | | | | | * | | | | | | 52,500 | | | | | * | | | | | 193,658 | | | | | — | | | | | 8,842 | | | | | * | | | | | 193,658 | | | | | — | | | | | 8,842 | | | | | * | | | ||||||||||||||||||||
William D. Toler(6) | | | | 52,500 | | | | | * | | | | | 193,658 | | | | | — | | | | | 8,842 | | | | | * | | | | | 193,658 | | | | | — | | | | | 8,842 | | | | | * | | | | | | 52,500 | | | | | * | | | | | 193,658 | | | | | — | | | | | 8,842 | | | | | * | | | | | 193,658 | | | | | — | | | | | 8,842 | | | | | * | | | ||||||||||||||||||||
T. Rowe Price Associates, Inc(7). | | | | 5,185,983 | | | | | 9.28% | | | | | 5,185,983 | | | | | — | | | | | — | | | | | 4.50% | | | | | 5,185,983 | | | | | — | | | | | — | | | | | 5.39% | | | | | | 5,185,983 | | | | | 9.28% | | | | | 5,185,983 | | | | | — | | | | | — | | | | | 4.50% | | | | | 5,185,983 | | | | | — | | | | | — | | | | | 5.39% | | | ||||||||||||||||||||
Manulife Investment Management Limited(8) | | | | 3,181,677 | | | | | 5.69% | | | | | 3,181,677 | | | | | — | | | | | — | | | | | 2.76% | | | | | 3,181,677 | | | | | — | | | | | — | | | | | 3.30% | | | | | | 3,181,677 | | | | | 5.69% | | | | | 3,181,677 | | | | | — | | | | | — | | | | | 2.76% | | | | | 3,181,677 | | | | | — | | | | | — | | | | | 3.30% | | | ||||||||||||||||||||
HGC Investment Management Inc(9) | | | | 3,480,035 | | | | | 6.23% | | | | | 3,480,035 | | | | | — | | | | | — | | | | | 3.02% | | | | | 3,480,035 | | | | | — | | | | | — | | | | | 3.61% | | | | | | 3,480,035 | | | | | 6.23% | | | | | 3,480,035 | | | | | — | | | | | — | | | | | 3.02% | | | | | 3,480,035 | | | | | — | | | | | — | | | | | 3.61% | | | ||||||||||||||||||||
Series U of UM Partners, LLC(10) | | | | — | | | | | — | | | | | — | | | | | 49,101,081 | | | | | — | | | | | 42.64% | | | | | — | | | | | 49,101,081 | | | | | — | | | | | 50.99% | | | | | | — | | | | | — | | | | | — | | | | | 49,101,081 | | | | | — | | | | | 42.64% | | | | | — | | | | | 49,101,081 | | | | | — | | | | | 50.99% | | | ||||||||||||||||||||
Series R of UM Partners LLC(10) | | | | — | | | | | — | | | | | — | | | | | 8,664,897 | | | | | — | | | | | 7.53% | | | | | — | | | | | 8,664,897 | | | | | — | | | | | 9.0% | | | | | | — | | | | | — | | | | | — | | | | | 8,664,897 | | | | | — | | | | | 7.53% | | | | | — | | | | | 8,664,897 | | | | | — | | | | | 9.0% | | | ||||||||||||||||||||
All pre-Business Combination directors and 1 officer as a group (7 individuals) | | | | 11,875,000 | | | | | 21.25% | | | | | 13,375,000 | | | | | — | | | | | 2,000,000 | | | | | 11.62% | | | | | 13,375,000 | | | | | — | | | | | 2,000,000 | | | | | 13.89% | | | | | | 11,875,000 | | | | | 21.25% | | | | | 13,375,000 | | | | | — | | | | | 2,000,000 | | | | | 11.62% | | | | | 13,375,000 | | | | | — | | | | | 2,000,000 | | | | | 13.89% | | | ||||||||||||||||||||
Directors Nominees and Named Executive Officers of the Company Post-Business Combination | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Christina Choi | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | * | | | | | — | | | | | — | | | | | — | | | | | * | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||
Dylan Lissette | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||
Michael Rice | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||
Timothy Brown | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||
John Lindeman | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||
John Altmeyer | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | |
| # | | | Property Physical Address | | | Approximate Size | | | Function | | | Owned/Leased | |
| 1. | | | 7545 Penn Dr. Allentown, PA 18103 | | | 21,960 | | | DSD Warehouse | | | Owned | |
| 2. | | | 1331 Butler Street Anniston, AL 36203 | | | 5,000 | | | DSD Warehouse | | | Owned | |
| 3. | | | 1313 Stadium Street Berlin, PA 15530 | | | 180,000 | | | Manufacturing Facility/Warehouse/ DSD Warehouse | | | Owned | |
| 4. | | | 8615 W Oaklawn Rd. Biloxi, MS 39532 | | | 8,000 | | | DSD Warehouse | | | Owned | |
| 5. | | | 1 Golden Flake Dr S Birmingham, AL 35205 | | | 350,000 | | | Manufacturing Facility/Warehouse/Office/ DSD Warehouse | | | Owned | |
| 6. | | | 705 W Dustman Road Bluffton, IN 46714 | | | 133,524 | | | Manufacturing Facility/Warehouse/Office/ DSD Warehouse | | | Owned | |
| 7. | | | 3832 Holland Blvd Chesapeake, VA 23323 | | | 36,960 | | | DSD Warehouse | | | Owned | |
| 8. | | | 110 Industrial Park South Demopolis, AL 36732 | | | 5,500 | | | DSD Warehouse | | | Owned | |
| 9. | | | 632 N. Main St Farmington, IL 61531 | | | 20,550 | | | Manufacturing Facility/Warehouse/DSD Warehouse | | | Owned | |
| 10. | | | 759 Water Street Fitchburg, MA 01420 | | | 52,121 | | | Manufacturing Facility/Warehouse/Office | | | Owned | |
| 11. | | | 105 23rd Street SE Fort Payne, AL 35697 | | | 2,850 | | | DSD Warehouse | | | Owned | |
| 12. | | | 11 South Bacton Hill Road Frazer, PA 19355 | | | 21,113 | | | DSD Warehouse | | | Owned | |
| 13. | | | 3500 S La Cometa Dr Goodyear, AZ 85338 | | | 59,891 | | | Manufacturing Facility/Warehouse/Office | | | Owned | |
| 14. | | | 307-308 E Airline Hwy Gramercy, LA 70052 | | | 87,927 | | | Manufacturing Facility/Warehouse/Office | | | Owned | |
| 15. | | | 1040 High Street Hanover, PA 1773 | | | 16,020 | | | Office | | | Owned | |
| 16. | | | 350 Kindig Lane Hanover, PA 1773 | | | 87,056 | | | Warehouse/Office | | | Owned | |
| 17. | | | 240 Kindig Lane Hanover, PA 1773 | | | 357,000 | | | Warehouse/Office | | | Owned | |
| 18. | | | 861 Carlisle St Hanover, PA 1773 | | | 314,252 | | | Manufacturing Facility/Warehouse/Outlet Store | | | Owned | |
| 19. | | | 101 Kindig Lane Hanover, PA 1773 | | | 274,787 | | | Manufacturing Facility/Warehouse/Office | | | Owned | |
| 20. | | | 1437-1455 Broadway Hanover, PA 1773 | | | 119,613 | | | Manufacturing Facility/Warehouse/Office | | | Owned | |
| 21. | | | 900 High Street Hanover, PA 17331 | | | 515,189 | | | Manufacturing Facility/Warehouse/Office/ DSD Warehouse | | | Owned | |
| 22. | | | 1722 Highway 72 East Huntsville, AL 35811 | | | 4,500 | | | DSD Warehouse | | | Owned | |
| # | | | Property Physical Address | | | Approximate Size | | | Function | | | Owned/Leased | |
| 23. | | | 5270 Greenway Drive Jackson, MS 39204 | | | 4,000 | | | DSD Warehouse | | | Owned | |
| 24. | | | 2439 Marietta Street Kenner, LA 70602 | | | 11,040 | | | DSD Warehouse | | | Owned | |
| 25. | | | 28651 Sussex Hwy Laurel, DE 19956 | | | 13,250 | | | DSD Warehouse | | | Owned | |
| 26. | | | 124 West Airport Road Lititz, PA 17543 | | | 48.820 | | | Manufacturing Facility/Warehouse/Office | | | Owned | |
| 27. | | | 8561 Virginia Meadow Dr. Manassas, VA 22110 | | | 47,518 | | | DSD Warehouse | | | Owned | |
| 28. | | | 1576 3 Place Memphis, TN 38116 | | | 6,500 | | | DSD Warehouse | | | Owned | |
| 29. | | | 3553 Desirrah Dr. Mobile, AL 36618 | | | 7,300 | | | DSD Warehouse | | | Owned | |
| 30. | | | 4731 41st St Moline, IL 61265 | | | 4,800 | | | DSD Warehouse | | | Owned | |
| 31. | | | 3220 Money Rd. Montgomery, AL 36108 | | | 8,000 | | | DSD Warehouse | | | Owned | |
| 32. | | | 90 Choate Circle Montoursville, PA 17754 | | | 15,936 | | | DSD Warehouse | | | Owned | |
| 33. | | | 103 Peachtree Street Muscle Shoals, AL 35661 | | | 4,000 | | | DSD Warehouse | | | Owned | |
| 34. | | | 1550 Grandview Avenue Paulsboro, NJ 08086 | | | 36,000 | | | DSD Warehouse | | | Owned | |
| 35. | | | 800 Industrial Circle Phoenix City, AL 36869 | | | 6,000 | | | DSD Warehouse | | | Owned | |
| 36. | | | 151 Pennant Drive Pittsburgh, PA 15239 | | | 15,200 | | | DSD Warehouse | | | Owned | |
| 37. | | | 5619 Pride Road Richmond, VA 23224 | | | 16,173 | | | DSD Warehouse | | | Owned | |
| 38. | | | 3678 Peddie Drive Tallahassee, FL 32303 | | | 4,000 | | | DSD Warehouse | | | Owned | |
| 39. | | | 4715 Jug Factory Road Tuscaloosa, AL 35405 | | | 7,500 | | | DSD Warehouse | | | Owned | |
| 40. | | | 936 S. Third St. Vinton, VA 24179 | | | 11,617 | | | DSD Warehouse | | | Owned | |
| 41. | | | 74 Industrial Park Drive Waldorf, MD 20602 | | | 39,904 | | | DSD Warehouse | | | Owned | |
| 42. | | | 200 Stewart Rd Wilkes-Barre, PA 16708 | | | 40,300 | | | Manufacturing Facility/Warehouse/Office | | | Owned | |
| 43. | | | 1150 Industry Drive North Algona, WA 98001 | | | 97,690 | | | Manufacturing Facility/Warehouse/Office | | | Leased | |
| 44. | | | 13 Chocksett Rd Sterling, MA 01564 | | | 60,000 | | | DSD Warehouse | | | Leased | |
| # | | | Property Physical Address | | | Approximate Size | | | Function | | | Owned/Leased | |
| 45. | | | 101 N 104th Avenue, Ste. C Tolleson, AZ 85353 | | | 67,380 | | | DSD Warehouse | | | Leased | |
| 46. | | | 1955 West Lancaster St., Ste. 1 Bluffton, IN 46714 | | | 150,000 | | | DSD Warehouse | | | Leased | |
| | | Thirteen Weeks Ended | | |||||||||||||||||||||
| | | March 29, 2020 | | | % of sales | | | March 31, 2019 | | | % of sales | | ||||||||||||
Net sales | | | | | 228,029 | | | | | | 100.0% | | | | | | 178,412 | | | | | | 100.0% | | |
Cost of goods sold | | | | | 148,015 | | | | | | 64.9% | | | | | | 121,880 | | | | | | 68.3% | | |
Gross profit | | | | | 80,014 | | | | | | 35.1% | | | | | | 56,532 | | | | | | 31.7% | | |
Selling and administrative expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling | | | | | 48,333 | | | | | | 21.2% | | | | | | 37,136 | | | | | | 20.8% | | |
Administrative | | | | | 19,940 | | | | | | 8.7% | | | | | | 13,394 | | | | | | 7.5% | | |
Total Selling and Administrative expenses | | | | | 68,273 | | | | | | 29.9% | | | | | | 50,530 | | | | | | 28.3% | | |
Gain on sale of assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Gain on disposal of PP&E | | | | | 68 | | | | | | 0.0% | | | | | | 729 | | | | | | 0.4% | | |
Gain on sale of routes, net | | | | | 404 | | | | | | 0.2% | | | | | | 2,442 | | | | | | 1.4% | | |
Total gain on sale of assets | | | | | 472 | | | | | | 0.2% | | | | | | 3,171 | | | | | | 1.8% | | |
Income from operations | | | | | 12,213 | | | | | | 5.4% | | | | | | 9,173 | | | | | | 5.1% | | |
Other (expense) income | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | | | (9,643) | | | | | | -4.2% | | | | | | (12,545) | | | | | | -7.0% | | |
Other income, net | | | | | 580 | | | | | | 0.3% | | | | | | 1,134 | | | | | | 0.6% | | |
Other (expense), net | | | | | (9,063) | | | | | | -4.0% | | | | | | (11,411) | | | | | | -6.4% | | |
Income (loss) before taxes | | | | | 3,150 | | | | | | 1.4% | | | | | | (2,238) | | | | | | -1.3% | | |
Income tax expense | | | | | 1,458 | | | | | | 0.6% | | | | | | 377 | | | | | | 0.2% | | |
Net income (loss) | | | | | 1,692 | | | | | | 0.7% | | | | | | (2,615) | | | | | | -1.5% | | |
Net income (loss) attributable to noncontrolling interest | | | | | 0 | | | | | | 0.0% | | | | | | (705) | | | | | | -0.4% | | |
Net income (loss) attributable to controlling interest | | | | | 1,692 | | | | | | 0.7% | | | | | | (3,320) | | | | | | -1.9% | | |
Adjusted EBITDA | | | | | 29,257 | | | | | | 12.8% | | | | | | 18,113 | | | | | | 10.2% | | |
| | | Fiscal Year Ended | | |||||||||||||||||||||||||||||||||
| | | December 29, 2019 | | | % of sales | | | December 30, 2018 | | | % of sales | | | December 31, 2017 | | | % of sales | | ||||||||||||||||||
Net sales | | | | | 768,228 | | | | | | 100.0% | | | | | | 772,035 | | | | | | 100.0% | | | | | | 707,035 | | | | | | 100.0% | | |
Cost of goods sold | | | | | 514,430 | | | | | | 67.0% | | | | | | 505,330 | | | | | | 65.5% | | | | | | 445,548 | | | | | | 63.0% | | |
Gross profit | | | | | 253,798 | | | | | | 33.0% | | | | | | 266,705 | | | | | | 34.5% | | | | | | 261,487 | | | | | | 37.0% | | |
Selling and administrative expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling | | | | | 163,589 | | | | | | 21.3% | | | | | | 183,374 | | | | | | 23.8% | | | | | | 180,956 | | | | | | 25.6% | | |
Administrative | | | | | 64,723 | | | | | | 8.4% | | | | | | 68,018 | | | | | | 8.8% | | | | | | 69,982 | | | | | | 9.9% | | |
Total selling and administrative expenses | | | | | 228,312 | | | | | | 29.7% | | | | | | 251,392 | | | | | | 32.6% | | | | | | 250,938 | | | | | | 35.5% | | |
Gain (loss) on sale of assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gain (loss) on disposal of PP&E | | | | | 6,028 | | | | | | 0.8% | | | | | | (2,312) | | | | | | -0.3% | | | | | | (11,813) | | | | | | -1.7% | | |
Gain on sale of routes, net | | | | | 7,232 | | | | | | 0.9% | | | | | | 6,382 | | | | | | 0.8% | | | | | | 11,364 | | | | | | 1.6% | | |
Total gain (loss) on sale of assets | | | | | 13,260 | | | | | | 1.7% | | | | | | 4,070 | | | | | | 0.5% | | | | | | (449) | | | | | | -0.1% | | |
Income from operations | | | | | 38,746 | | | | | | 5.0% | | | | | | 19,383 | | | | | | 2.5% | | | | | | 10,100 | | | | | | 1.4% | | |
Other (expense) income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | | | (48,388) | | | | | | -6.3% | | | | | | (45,715) | | | | | | -5.9% | | | | | | (11,067) | | | | | | -1.6% | | |
Other (expense) income, net | | | | | (576) | | | | | | -0.1% | | | | | | 607 | | | | | | 0.1% | | | | | | 1,921 | | | | | | 0.3% | | |
Other (expense) income, net | | | | | (48,964) | | | | | | -6.4% | | | | | | (45,108) | | | | | | -5.8% | | | | | | (9,146) | | | | | | -1.3% | | |
(Loss) income before taxes | | | | | (10,218) | | | | | | -1.3% | | | | | | (25,725) | | | | | | -3.3% | | | | | | 954 | | | | | | 0.1% | | |
Income tax expense (benefit) | | | | | 3,146 | | | | | | 0.4% | | | | | | 1,919 | | | | | | 0.2% | | | | | | (16,146) | | | | | | -2.3% | | |
Net (loss) income | | | | | (13,364) | | | | | | -1.7% | | | | | | (27,644) | | | | | | -3.6% | | | | | | 17,100 | | | | | | 2.4% | | |
Net income attributable to noncontrolling interest | | | | | (2,808) | | | | | | -0.4% | | | | | | (2,856) | | | | | | -0.4% | | | | | | (3,497) | | | | | | -0.5% | | |
Net (loss) income attributable to controlling interest | | | | | (16,172) | | | | | | -2.1% | | | | | | (30,500) | | | | | | -4.0% | | | | | | 13,603 | | | | | | 1.9% | | |
Adjusted EBITDA | | | | | 93,313 | | | | | | 12.1% | | | | | | 80,149 | | | | | | 10.4% | | | | | | 73,181 | | | | | | 10.4% | | |
| | Thirteen Weeks Ended | | Fiscal Year Ended | | | Thirteen Weeks Ended | | Fiscal Year Ended | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | | March 29, 2020 | | March 31, 2019 | | December 29, 2019 | | December 30, 2018 | | December 31, 2017 | | | March 29, 2020 | | March 31, 2019 | | December 29, 2019 | | December 30, 2018 | | December 31, 2017 | | ||||||||||||||||||||||||||||||||||||||||
Net Sales | | | | 228.0 | | | | | 178.4 | | | | | 768.2 | | | | | 772.0 | | | | | 707.0 | | | | | | 228.0 | | | | | 178.4 | | | | | 768.2 | | | | | 772.0 | | | | | 707.0 | | | ||||||||||
IO Discounts | | | | 20.8 | | | | | 17.4 | | | | | 77.2 | | | | | 58.0 | | | | | 40.4 | | | | | | 20.8 | | | | | 17.4 | | | | | 77.2 | | | | | 58.0 | | | | | 40.4 | | | ||||||||||
Adjusted Net Sales | | | | 248.8 | | | | | 195.8 | | | | | 845.4 | | | | | 830.0 | | | | | 747.4 | | | | | | 248.8 | | | | | 195.8 | | | | | 845.4 | | | | | 830.0 | | | | | 747.4 | | | ||||||||||
Kennedy Pro Forma Net Sales | | | | — | | | | | 23.8 | | | | | 88.8 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Kitchen Cooked Pro Forma Net Sales | | | | — | | | | | 2.0 | | | | | 8.5 | | | | |||||||||||||||||||||||||||||||||||||||||||||
Pro Forma Adjusted Net Sales | | | | 248.8 | | | | | 221.6 | | | | | 942.7 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Pro Forma Net Sales | | | | 228.0 | | | | | 204.2 | | | | | 865.5 | | | | |||||||||||||||||||||||||||||||||||||||||||||
IO Discounts | | | | (20.8) | | | | | (17.4) | | | | | (77.2) | | | | | | | 20.8 | | | | | 17.4 | | | | | 77.2 | | | | ||||||||||||||||||||||||||||
Pro Forma Net Sales | | | | 228.0 | | | | | 204.2 | | | | | 865.5 | | | | |||||||||||||||||||||||||||||||||||||||||||||
Further Adjusted Net Sales | | | | 248.8 | | | | | 221.6 | | | | | 942.7 | | | |
| | Thirteen Weeks Ended | | Fiscal Year Ended | | | Thirteen Weeks Ended | | Fiscal Year Ended | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | | March 29, 2020 | | March 31, 2019 | | December 29, 2019 | | December 30, 2018 | | December 31, 2017 | | | March 29, 2020 | | March 31, 2019 | | December 29, 2019 | | December 30, 2018 | | December 31, 2017 | | ||||||||||||||||||||||||||||||||||||||||
Gross Profit | | | | 80.0 | | | | | 56.5 | | | | | 253.8 | | | | | 266.7 | | | | | 261.5 | | | | | | 80.0 | | | | | 56.5 | | | | | 253.8 | | | | | 266.7 | | | | | 261.5 | | | ||||||||||
IO Discounts | | | | 20.8 | | | | | 17.4 | | | | | 77.2 | | | | | 58.0 | | | | | 40.4 | | | | | | 20.8 | | | | | 17.4 | | | | | 77.2 | | | | | 58.0 | | | | | 40.4 | | | ||||||||||
Depreciation and Amortization | | | | 5.3 | | | | | 3.9 | | | | | 16.8 | | | | | 18.2 | | | | | 13.9 | | | | | | 5.3 | | | | | 3.9 | | | | | 16.8 | | | | | 18.2 | | | | | 13.9 | | | ||||||||||
Adjusted Gross Profit | | | | 106.1 | | | | | 77.8 | | | | | 347.8 | | | | | 342.9 | | | | | 315.8 | | | | | | 106.1 | | | | | 77.8 | | | | | 347.8 | | | | | 342.9 | | | | | 315.8 | | | ||||||||||
Adjusted Gross Profit as a % of Adjusted Net Sales | | | | 42.6% | | | | | 39.7% | | | | | 41.1% | | | | | 41.3% | | | | | 42.3% | | | | | | 42.6% | | | | | 39.7% | | | | | 41.1% | | | | | 41.3% | | | | | 42.3% | | | ||||||||||
Kennedy Pro Forma Gross Profit Ex Depreciation and Amortization | | | | | | | | | 8.1 | | | | | 30.0 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Kitchen Cooked Pro Forma Gross Profit | | | | | | | | | 1.2 | | | | | 5.2 | | | | |||||||||||||||||||||||||||||||||||||||||||||
Pro Forma Adjusted Gross Profit | | | | 106.1 | | | | | 87.1 | | | | | 383.0 | | | | |||||||||||||||||||||||||||||||||||||||||||||
Pro Forma Adjusted Gross Profit as a % of Pro Forma Adjusted Net Sales | | | | 42.6% | | | | | 39.3% | | | | | 40.6% | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Pro Forma Gross Profit | | | | 80.0 | | | | | 56.5 | | | | | 287.0 | | | | |||||||||||||||||||||||||||||||||||||||||||||
IO Discounts | | | | 20.8 | | | | | 17.4 | | | | | 77.2 | | | | |||||||||||||||||||||||||||||||||||||||||||||
Depreciation and Amortization | | | | 5.3 | | | | | 3.9 | | | | | 18.8 | | | | |||||||||||||||||||||||||||||||||||||||||||||
Further Adjusted Gross Profit | | | | 106.1 | | | | | 87.1 | | | | | 383.0 | | | | |||||||||||||||||||||||||||||||||||||||||||||
Further Adjusted Gross Profit as a % of Further Adjusted Net Sales | | | | 42.6% | | | | | 39.7% | | | | | 40.6% | | | |
| | Thirteen Weeks Ended | | Fiscal Year Ended | | | Thirteen Weeks Ended | | Fiscal Year Ended | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | | March 29, 2020 | | March 31, 2019 | | December 29, 2019 | | December 30, 2018 | | December 31, 2017 | | | March 29, 2020 | | March 31, 2019 | | December 29, 2019 | | December 30, 2018 | | December 31, 2017 | | ||||||||||||||||||||||||||||||||||||||||
Net Income (loss) | | | | 1.7 | | | | | (2.6) | | | | | (13.4) | | | | | (27.6) | | | | | 17.1 | | | | | | 1.7 | | | | | (2.6) | | | | | (13.4) | | | | | (27.6) | | | | | 17.1 | | | ||||||||||
Plus non-GAAP adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Income Tax (Benefit) or Expense | | | | 1.5 | | | | | 0.4 | | | | | 3.2 | | | | | 1.9 | | | | | (16.1) | | | | | | 1.5 | | | | | 0.4 | | | | | 3.2 | | | | | 1.9 | | | | | (16.1) | | | ||||||||||
Depreciation and Amortization | | | | 8.9 | | | | | 6.9 | | | | | 29.3 | | | | | 30.4 | | | | | 29.0 | | | | | | 8.9 | | | | | 6.9 | | | | | 29.3 | | | | | 30.4 | | | | | 29.0 | | | ||||||||||
Interest Expense, Net | | | | 9.6 | | | | | 12.5 | | | | | 48.4 | | | | | 45.7 | | | | | 11.1 | | | | | | 9.6 | | | | | 12.5 | | | | | 48.4 | | | | | 45.7 | | | | | 11.1 | | | ||||||||||
Interest Income (IO loans)(1) | | | | (0.5) | | | | | (0.9) | | | | | (3.5) | | | | | (2.6) | | | | | (2.1) | | | | | | (0.5) | | | | | (0.9) | | | | | (3.5) | | | | | (2.6) | | | | | (2.1) | | | ||||||||||
EBITDA | | | | 21.2 | | | | | 16.3 | | | | | 64.0 | | | | | 47.8 | | | | | 39.0 | | | | | | 21.2 | | | | | 16.3 | | | | | 64.0 | | | | | 47.8 | | | | | 39.0 | | | ||||||||||
Certain Non-Cash Adjustments(2) | | | | 1.1 | | | | | 0.8 | | | | | 16.2 | | | | | 17.2 | | | | | 12.1 | | | | | | 1.1 | | | | | 0.4 | | | | | 9.4 | | | | | 12.6 | | | | | 12.1 | | | ||||||||||
Acquisition and Integration(3) | | | | 5.2 | | | | | 0.7 | | | | | 3.3 | | | | | 11.3 | | | | | 5.6 | | | ||||||||||||||||||||||||||||||||||||
Business Transformation Initiatives(4) | | | | 1.6 | | | | | 0.2 | | | | | 5.1 | | | | | 3.0 | | | | | 12.6 | | | ||||||||||||||||||||||||||||||||||||
Financing-Related Costs(5) | | | | 0.1 | | | | | 0.0 | | | | | 4.7 | | | | | 0.9 | | | | | 3.9 | | | ||||||||||||||||||||||||||||||||||||
Change in Accounting Policy and Estimate(3) | | | | — | | | | | 0.4 | | | | | 6.8 | | | | | 4.6 | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Acquisition and Integration(4) | | | | 5.2 | | | | | 0.7 | | | | | 3.3 | | | | | 11.3 | | | | | 5.6 | | | ||||||||||||||||||||||||||||||||||||
Business Transformation Initiatives(5) | | | | 1.6 | | | | | 0.2 | | | | | 5.1 | | | | | 3.0 | | | | | 12.6 | | | ||||||||||||||||||||||||||||||||||||
Financing-Related Costs(6) | | | | 0.1 | | | | | 0.0 | | | | | 4.7 | | | | | 0.9 | | | | | 3.9 | | | ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | | | | 29.2 | | | | | 18.0 | | | | | 93.3 | | | | | 80.2 | | | | | 73.2 | | | | | | 29.2 | | | | | 18.0 | | | | | 93.3 | | | | | 80.2 | | | | | 73.2 | | | ||||||||||
Adjusted EBITDA as a % of Net Sales | | | | 12.8% | | | | | 10.1% | | | | | 12.1% | | | | | 10.4% | | | | | 10.4% | | | | | | 12.8% | | | | | 10.1% | | | | | 12.1% | | | | | 10.4% | | | | | 10.4% | | | ||||||||||
Kennedy Pre-Acquisition Adjusted EBITDA(6) | | | | — | | | | | 2.5 | | | | | 9.9 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Kennedy Synergies(7) | | | | 1.5 | | | | | 1.6 | | | | | 6.3 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Kitchen Cooked Pre-Acquisition Adjusted EBITDA | | | | — | | | | | — | | | | | 0.5 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Kennedy Pre-Acquisition EBITDA(7) | | | | — | | | | | 2.5 | | | | | 9.9 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Kennedy Synergies(8) | | | | 1.5 | | | | | 1.6 | | | | | 6.3 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Kitchen Cooked Pre-Acquisition Net Income | | | | — | | | | | — | | | | | 0.5 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Kitchen Cooked Synergies | | | | 0.2 | | | | | 0.2 | | | | | 0.7 | | | | | | | | | | | | | | | | 0.2 | | | | | 0.2 | | | | | 0.7 | | | | | | | | | | | | | ||||||||||
Collier Creek EBITDA(8) | | | | — | | | | | — | | | | | — | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Public Company Costs(9) | | | | (0.8) | | | | | (0.8) | | | | | (3.0) | | | | |||||||||||||||||||||||||||||||||||||||||||||
Pro Forma Adjusted EBITDA | | | | 30.1 | | | | | 21.5 | | | | | 107.7 | | | | |||||||||||||||||||||||||||||||||||||||||||||
Pro Forma Adjusted EBITDA as a % of Pro Forma Net Sales | | | | 13.2% | | | | | 10.5% | | | | | 12.4% | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Collier Creek EBITDA(9) | | | | — | | | | | — | | | | | — | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Public Company Costs(10) | | | | (0.8) | | | | | (0.8) | | | | | (3.0) | | | | |||||||||||||||||||||||||||||||||||||||||||||
Further Adjusted EBITDA | | | | 30.1 | | | | | 21.5 | | | | | 107.7 | | | | |||||||||||||||||||||||||||||||||||||||||||||
Further Adjusted EBITDA as a % of Pro Forma Net Sales | | | | 13.2% | | | | | 10.5% | | | | | 12.4% | | | | | | | | | | | | |
| | March 29, 2020 | | March 31, 2019 | | December 29, 2019 | | | March 29, 2020 | | March 31, 2019 | | December 29, 2019 | | ||||||||||||||||||||||||
Pro Forma Kennedy Net Income Before Pro Forma Merger Adjustments | | | | — | | | | | 2.1 | | | | | 7.1 | | | ||||||||||||||||||||||
Kennedy Pre-Acquisition Net Income | | | | — | | | | | 2.1 | | | | | 7.1 | | | ||||||||||||||||||||||
Plus: Pro Forma Pre-Acquisition Depreciation and Amortization | | | | — | | | | | 0.4 | | | | | 2.8 | | | | | | — | | | | | 0.4 | | | | | 2.8 | | | ||||||
Kennedy Pre-Acquisition Adjusted EBITDA | | | | — | | | | | 2.5 | | | | | 9.9 | | | ||||||||||||||||||||||
Kennedy Pre-Acquisition EBITDA | | | | — | | | | | 2.5 | | | | | 9.9 | | |
| | | Thirteen Weeks Ended | | | Fiscal Year Ended | | ||||||||||||||||||||||||
| | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Net cash provided by / (used in) operating activities | | | | | (2,773) | | | | | | (17,179) | | | | | | 27,992 | | | | | | 15,747 | | | | | | 49,776 | | |
Net cash provided by / (used in) investing activities | | | | | (14,464) | | | | | | 24,004 | | | | | | (115,882) | | | | | | (2,169) | | | | | | (171,148) | | |
Net cash provided by (used in) financing activities | | | | | 7,815 | | | | | | (5,423) | | | | | | 96,029 | | | | | | (16,366) | | | | | | 129,004 | | |
Contractual Obligations | | | Total | | | Less than 1 year | | | 1 – 3 Years | | | 4 – 5 Years | | ||||||||||||
Term Loan | | | | $ | 652,700 | | | | | $ | 6,299 | | | | | $ | 16,984 | | | | | $ | 629,417 | | |
Capital lease obligations | | | | | 6,055 | | | | | | 1,518 | | | | | | 3,437 | | | | | | 1,100 | | |
Operating leases | | | | | 33,355 | | | | | | 8,195 | | | | | | 16,578 | | | | | | 8,582 | | |
Other long-term obligations, including current portion | | | | | 33,729 | | | | | | 6,466 | | | | | | 18,067 | | | | | | 9,196 | | |
Purchase commitments | | | | | 35,000 | | | | | | 35,000 | | | | | | — | | | | | | — | | |
Total Contractual Obligations | | | | $ | 760,839 | | | | | $ | 57,478 | | | | | $ | 55,066 | | | | | $ | 648,295 | | |
Name and Principal Position | | | Fiscal Year | | | Salary ($) | | | Stock Awards ($)(1) | | | Bonus ($)(2) | | | All Other Compensation ($)(3) | | | Total ($) | | ||||||||||||||||||
Dylan B. Lissette, President & Chief Executive Officer | | | | | 2019 | | | | | $ | 1,512,469(4) | | | | | $ | ― | | | | | $ | 625,030 | | | | | $ | 98,844 | | | | | $ | 2,236,343 | | |
Cary Devore, Executive Vice President, Chief Financial Officer | | | | | 2019 | | | | | $ | 387,366 | | | | | $ | 843,955 | | | | | $ | 481,610 | | | | | $ | 33,673 | | | | | $ | 1,746,604 | | |
Ajay Kataria, Executive Vice President, Finance & Accounting | | | | | 2019 | | | | | $ | 310,217 | | | | | $ | 482,260 | | | | | $ | 100,185 | | | | | $ | 18,670 | | | | | $ | 911,332 | | |
Name | | | Contributions under Profit Sharing/401(k) Plan ($)(a) | | | Utz Contributions under Excess Benefit to Nonqualified Deferred Compensation Plan ($) | | | Other ($) | | | Total ($) | | ||||||||||||
Dylan B. Lissette | | | | $ | 12,339 | | | | | $ | 80,231 | | | | | $ | 6,274(b) | | | | | $ | 98,844 | | |
Cary Devore | | | | $ | 11,200 | | | | | $ | 22,473 | | | | | $ | ― | | | | | $ | 33,673 | | |
Ajay Kataria | | | | $ | 13,512 | | | | | $ | 5,158 | | | | | $ | ― | | | | | $ | 18,670 | | |
Name | | | Number of Phantom Units | | |||
Dylan B. Lissette | | | | | 37.5 | | |
Cary Devore | | | | | 37.5 | | |
Ajay Kataria | | | | | 25.0 | | |
| Assumptions: | | | | |
| Time to liquidity event | | | 2 years | |
| Volatility | | | 35.00% | |
| Risk-free rate | | | 1.60% | |
| Dividend yield | | | 0.00% | |
| Lack of marketability discount | | | 10.00% | |
| | Stock Awards | | | Stock Awards | | ||||||||||||||||||||
Name | | Number of shares or units of stock that have not vested (#)(1) | | Market value of shares or units of stock that have not vested ($)(2) | | | Number of shares of stock or units that have not vested (#)(1) | | Market value of shares of stock or units that have not vested ($)(2) | | ||||||||||||||||
Dylan B. Lissette | | | | 37.5 | | | | $ | 1,808,475 | | | | | | 37.5 | | | | $ | 1,808,475 | | | ||||
Cary Devore | | | | 37.5 | | | | $ | 1,808,475 | | | | | | 37.5 | | | | $ | 1,808,475 | | | ||||
Ajay Kataria | | | | 25.0 | | | | $ | 1,205,650 | | | | | | 25.0 | | | | $ | 1,205,650 | | |
Director Name | | | Fees earned or paid in cash ($) | | | All other Compensation ($) | | | Total ($) | | |||||||||
Michael W. Rice | | | | $ | 205,050(1) | | | | | $ | 32,255(2) | | | | | $ | 237,305 | | |
Timothy P. Brown | | | | $ | 4,800(3) | | | | | $ | ― | | | | | $ | 4,800 | | |
Name | | | Age | | | Position(s) | |
Dylan B. Lissette | | | 48 | | | Chief Executive Officer | |
Cary Devore | | | 48 | | | Executive Vice President, Chief Financial Officer | |
Todd M. Staub | | | 54 | | | Executive Vice President & Chief Administrative Officer | |
Thomas (Tucker) Lawrence | | | 52 | | | Executive Vice President & Chief Supply Chain Officer | |
Mark Schreiber | | | 56 | | | Executive Vice President & Chief Customer Officer, Sales and Marketing | |
Ajay Kataria | | | 43 | | | Executive Vice President, Finance & Accounting | |
Eric Aumen | | | 43 | | | Vice President and Chief Accounting Officer | |
James Sponaugle | | | 44 | | | Senior Vice President Human Resources and Personnel Development | |
Name | | | Age | | | Position(s) | |
Roger K. Deromedi | | | 66 | | | Chairman; Director | |
Dylan B. Lissette | | | 48 | | | Chief Executive Officer; Director | |
Michael W. Rice | | | 77 | | | Director; Chairman Emeritus; Special Advisor | |
Craig D. Steeneck | | | 62 | | | Director; Chair, Audit Committee | |
John W. Altmeyer | | | 61 | | | Director; Chair, Nominating and Corporate Governance Committee | |
Timothy P. Brown | | | 57 | | | Director | |
Christina Choi | | | 42 | | | Director | |
Antonio F. Fernandez | | | 60 | | | Director | |
Jason K. Giordano | | | 41 | | | Director; Chair, Compensation Committee | |
B. John Lindeman | | | 50 | | | Director | |
| | | Fair Market Value of Class A Common Stock | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption Date (period to expiration of warrants) | | | $10.00 | | | $11.00 | | | $12.00 | | | $13.00 | | | $14.00 | | | $15.00 | | | $16.00 | | | $17.00 | | | $18.00 | | |||||||||||||||||||||||||||
57 months | | | | | 0.257 | | | | | | 0.277 | | | | | | 0.294 | | | | | | 0.310 | | | | | | 0.324 | | | | | | 0.337 | | | | | | 0.348 | | | | | | 0.358 | | | | | | 0.365 | | |
54 months | | | | | 0.252 | | | | | | 0.272 | | | | | | 0.291 | | | | | | 0.307 | | | | | | 0.322 | | | | | | 0.335 | | | | | | 0.347 | | | | | | 0.357 | | | | | | 0.365 | | |
51 months | | | | | 0.246 | | | | | | 0.268 | | | | | | 0.287 | | | | | | 0.304 | | | | | | 0.320 | | | | | | 0.333 | | | | | | 0.346 | | | | | | 0.357 | | | | | | 0.365 | | |
48 months | | | | | 0.241 | | | | | | 0.263 | | | | | | 0.283 | | | | | | 0.301 | | | | | | 0.317 | | | | | | 0.332 | | | | | | 0.344 | | | | | | 0.356 | | | | | | 0.365 | | |
45 months | | | | | 0.235 | | | | | | 0.258 | | | | | | 0.279 | | | | | | 0.298 | | | | | | 0.315 | | | | | | 0.330 | | | | | | 0.343 | | | | | | 0.356 | | | | | | 0.365 | | |
42 months | | | | | 0.228 | | | | | | 0.252 | | | | | | 0.274 | | | | | | 0.294 | | | | | | 0.312 | | | | | | 0.328 | | | | | | 0.342 | | | | | | 0.355 | | | | | | 0.364 | | |
39 months | | | | | 0.221 | | | | | | 0.246 | | | | | | 0.269 | | | | | | 0.290 | | | | | | 0.309 | | | | | | 0.325 | | | | | | 0.340 | | | | | | 0.354 | | | | | | 0.364 | | |
36 months | | | | | 0.213 | | | | | | 0.239 | | | | | | 0.263 | | | | | | 0.285 | | | | | | 0.305 | | | | | | 0.323 | | | | | | 0.339 | | | | | | 0.353 | | | | | | 0.364 | | |
33 months | | | | | 0.205 | | | | | | 0.232 | | | | | | 0.257 | | | | | | 0.280 | | | | | | 0.301 | | | | | | 0.320 | | | | | | 0.337 | | | | | | 0.352 | | | | | | 0.364 | | |
30 months | | | | | 0.196 | | | | | | 0.224 | | | | | | 0.250 | | | | | | 0.274 | | | | | | 0.297 | | | | | | 0.316 | | | | | | 0.335 | | | | | | 0.351 | | | | | | 0.364 | | |
27 months | | | | | 0.185 | | | | | | 0.214 | | | | | | 0.242 | | | | | | 0.268 | | | | | | 0.291 | | | | | | 0.313 | | | | | | 0.332 | | | | | | 0.350 | | | | | | 0.364 | | |
24 months | | | | | 0.173 | | | | | | 0.204 | | | | | | 0.233 | | | | | | 0.260 | | | | | | 0.285 | | | | | | 0.308 | | | | | | 0.329 | | | | | | 0.348 | | | | | | 0.364 | | |
21 months | | | | | 0.161 | | | | | | 0.193 | | | | | | 0.223 | | | | | | 0.252 | | | | | | 0.279 | | | | | | 0.304 | | | | | | 0.326 | | | | | | 0.347 | | | | | | 0.364 | | |
18 months | | | | | 0.146 | | | | | | 0.179 | | | | | | 0.211 | | | | | | 0.242 | | | | | | 0.271 | | | | | | 0.298 | | | | | | 0.322 | | | | | | 0.345 | | | | | | 0.363 | | |
15 months | | | | | 0.130 | | | | | | 0.164 | | | | | | 0.197 | | | | | | 0.230 | | | | | | 0.262 | | | | | | 0.291 | | | | | | 0.317 | | | | | | 0.342 | | | | | | 0.363 | | |
12 months | | | | | 0.111 | | | | | | 0.146 | | | | | | 0.181 | | | | | | 0.216 | | | | | | 0.250 | | | | | | 0.282 | | | | | | 0.312 | | | | | | 0.339 | | | | | | 0.363 | | |
9 months | | | | | 0.090 | | | | | | 0.125 | | | | | | 0.162 | | | | | | 0.199 | | | | | | 0.237 | | | | | | 0.272 | | | | | | 0.305 | | | | | | 0.336 | | | | | | 0.362 | | |
6 months | | | | | 0.065 | | | | | | 0.099 | | | | | | 0.137 | | | | | | 0.178 | | | | | | 0.219 | | | | | | 0.259 | | | | | | 0.296 | | | | | | 0.331 | | | | | | 0.362 | | |
3 months | | | | | 0.034 | | | | | | 0.065 | | | | | | 0.104 | | | | | | 0.150 | | | | | | 0.197 | | | | | | 0.243 | | | | | | 0.286 | | | | | | 0.326 | | | | | | 0.361 | | |
0 months | | | | | — | | | | | | — | | | | | | 0.042 | | | | | | 0.115 | | | | | | 0.179 | | | | | | 0.233 | | | | | | 0.281 | | | | | | 0.323 | | | | | | 0.361 | | |
| | | | | | | | | | | | | | | Company Shares Post-Business Combination | | |||||||||||||||||||||||||||||||||||||||||||||
| | | Collier Creek Shares | | | Assuming No Redemption | | | Assuming Maximum Redemption | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Name of Beneficial Owner | | | Number of Shares Beneficially Owned(1) | | | % of Voting Control | | | Shares of Class A Common Stock(2) | | | Shares of Class V Common Stock(3) | | | Shares of Class B Common Stock | | | % of Total Voting Power(4) | | | Shares of Class A Common Stock | | | Shares of Class V Common Stock (3) | | | Shares of Class B Common Stock | | | % of Total Voting Power(4) | | ||||||||||||||||||||||||||||||
Collier Creek Partners LLC(5) | | | | | 11,680,000 | | | | | | 20.90% | | | | | | 12,712,840 | | | | | | — | | | | | | 1,967,160 | | | | | | 11.04% | | | | | | 12,712,840 | | | | | | — | | | | | | 1,967,160 | | | | | | 13.2% | | |
Roger K. Deromedi(5) | | | | | 11,680,000 | | | | | | 20.90% | | | | | | 12,712,840 | | | | | | — | | | | | | 1,967,160 | | | | | | 11.04% | | | | | | 12,712,840 | | | | | | — | | | | | | 1,967,160 | | | | | | 13.2% | | |
Jason K. Giordano(5) | | | | | 11,680,000 | | | | | | 20.90% | | | | | | 12,712,840 | | | | | | — | | | | | | 1,967,160 | | | | | | 11.04% | | | | | | 12,712,840 | | | | | | — | | | | | | 1,967,160 | | | | | | 13.2% | | |
Chinh E. Chu(5) | | | | | 11,680,000 | | | | | | 20.90% | | | | | | 12,712,840 | | | | | | — | | | | | | 1,967,160 | | | | | | 11.04% | | | | | | 12,712,840 | | | | | | — | | | | | | 1,967,160 | | | | | | 13.2% | | |
Antonio F. Fernandez(6) | | | | | 45,000 | | | | | | * | | | | | | 137,422 | | | | | | — | | | | | | 7,578 | | | | | | * | | | | | | 137,422 | | | | | | — | | | | | | 7,578 | | | | | | * | | |
Matthew M. Mannelly(6) | | | | | 45,000 | | | | | | * | | | | | | 137,422 | | | | | | — | | | | | | 7,578 | | | | | | * | | | | | | 137,422 | | | | | | — | | | | | | 7,578 | | | | | | * | | |
Craig D. Steeneck(6) | | | | | 52,500 | | | | | | * | | | | | | 193,658 | | | | | | — | | | | | | 8,842 | | | | | | * | | | | | | 193,658 | | | | | | — | | | | | | 8,842 | | | | | | * | | |
William D. Toler(6) | | | | | 52,500 | | | | | | * | | | | | | 193,658 | | | | | | — | | | | | | 8,842 | | | | | | * | | | | | | 193,658 | | | | | | — | | | | | | 8,842 | | | | | | * | | |
T. Rowe Price Associates, Inc(7). | | | | | 5,185,983 | | | | | | 9.28% | | | | | | 5,185,983 | | | | | | — | | | | | | — | | | | | | 4.50% | | | | | | 5,185,983 | | | | | | — | | | | | | — | | | | | | 5.39% | | |
Manulife Investment Management Limited(8) | | | | | 3,181,677 | | | | | | 5.69% | | | | | | 3,181,677 | | | | | | — | | | | | | — | | | | | | 2.76% | | | | | | 3,181,677 | | | | | | — | | | | | | — | | | | | | 3.30% | | |
HGC Investment Management Inc(9) | | | | | 3,480,035 | | | | | | 6.23% | | | | | | 3,480,035 | | | | | | — | | | | | | — | | | | | | 3.02% | | | | | | 3,480,035 | | | | | | — | | | | | | — | | | | | | 3.61% | | |
Series U of UM Partners, LLC(10) | | | | | — | | | | | | — | | | | | | — | | | | | | 49,101,081 | | | | | | — | | | | | | 42.64% | | | | | | — | | | | | | 49,101,081 | | | | | | — | | | | | | 50.99% | | |
Series R of UM Partners LLC(10) | | | | | — | | | | | | — | | | | | | — | | | | | | 8,664,897 | | | | | | — | | | | | | 7.53% | | | | | | — | | | | | | 8,664,897 | | | | | | — | | | | | | 9.0% | | |
All pre-Business Combination directors and 1 officer as a group (7 individuals) | | | | | 11,875,000 | | | | | | 21.25% | | | | | | 13,375,000 | | | | | | — | | | | | | 2,000,000 | | | | | | 11.62% | | | | | | 13,375,000 | | | | | | — | | | | | | 2,000,000 | | | | | | 13.89% | | |
Directors Nominees and Named Executive Officers of the Company Post-Business Combination | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Christina Choi | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Dylan Lissette | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Michael Rice | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Timothy Brown | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
John Lindeman | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
John Altmeyer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| # | | | Property Physical Address | | | Approximate Size | | | Function | | | Owned/Leased | |
| 1. | | | 7545 Penn Dr. Allentown, PA 18103 | | | 21,960 | | | DSD Warehouse | | | Owned | |
| 2. | | | 1331 Butler Street Anniston, AL 36203 | | | 5,000 | | | DSD Warehouse | | | Owned | |
| 3. | | | 1313 Stadium Street Berlin, PA 15530 | | | 180,000 | | | Manufacturing Facility/Warehouse/ DSD Warehouse | | | Owned | |
| 4. | | | 8615 W Oaklawn Rd. Biloxi, MS 39532 | | | 8,000 | | | DSD Warehouse | | | Owned | |
| 5. | | | 1 Golden Flake Dr S Birmingham, AL 35205 | | | 350,000 | | | Manufacturing Facility/Warehouse/Office/ DSD Warehouse | | | Owned | |
| 6. | | | 705 W Dustman Road Bluffton, IN 46714 | | | 133,524 | | | Manufacturing Facility/Warehouse/Office/ DSD Warehouse | | | Owned | |
| 7. | | | 3832 Holland Blvd Chesapeake, VA 23323 | | | 36,960 | | | DSD Warehouse | | | Owned | |
| 8. | | | 110 Industrial Park South Demopolis, AL 36732 | | | 5,500 | | | DSD Warehouse | | | Owned | |
| 9. | | | 632 N. Main St Farmington, IL 61531 | | | 20,550 | | | Manufacturing Facility/Warehouse/DSD Warehouse | | | Owned | |
| 10. | | | 759 Water Street Fitchburg, MA 01420 | | | 52,121 | | | Manufacturing Facility/Warehouse/Office | | | Owned | |
| 11. | | | 105 23rd Street SE Fort Payne, AL 35697 | | | 2,850 | | | DSD Warehouse | | | Owned | |
| 12. | | | 11 South Bacton Hill Road Frazer, PA 19355 | | | 21,113 | | | DSD Warehouse | | | Owned | |
| 13. | | | 3500 S La Cometa Dr Goodyear, AZ 85338 | | | 59,891 | | | Manufacturing Facility/Warehouse/Office | | | Owned | |
| 14. | | | 307-308 E Airline Hwy Gramercy, LA 70052 | | | 87,927 | | | Manufacturing Facility/Warehouse/Office | | | Owned | |
| 15. | | | 1040 High Street Hanover, PA 1773 | | | 16,020 | | | Office | | | Owned | |
| 16. | | | 350 Kindig Lane Hanover, PA 1773 | | | 87,056 | | | Warehouse/Office | | | Owned | |
| 17. | | | 240 Kindig Lane Hanover, PA 1773 | | | 357,000 | | | Warehouse/Office | | | Owned | |
| 18. | | | 861 Carlisle St Hanover, PA 1773 | | | 314,252 | | | Manufacturing Facility/Warehouse/Outlet Store | | | Owned | |
| 19. | | | 101 Kindig Lane Hanover, PA 1773 | | | 274,787 | | | Manufacturing Facility/Warehouse/Office | | | Owned | |
| 20. | | | 1437-1455 Broadway Hanover, PA 1773 | | | 119,613 | | | Manufacturing Facility/Warehouse/Office | | | Owned | |
| 21. | | | 900 High Street Hanover, PA 17331 | | | 515,189 | | | Manufacturing Facility/Warehouse/Office/ DSD Warehouse | | | Owned | |
| 22. | | | 1722 Highway 72 East Huntsville, AL 35811 | | | 4,500 | | | DSD Warehouse | | | Owned | |
| # | | | Property Physical Address | | | Approximate Size | | | Function | | | Owned/Leased | |
| 23. | | | 5270 Greenway Drive Jackson, MS 39204 | | | 4,000 | | | DSD Warehouse | | | Owned | |
| 24. | | | 2439 Marietta Street Kenner, LA 70602 | | | 11,040 | | | DSD Warehouse | | | Owned | |
| 25. | | | 28651 Sussex Hwy Laurel, DE 19956 | | | 13,250 | | | DSD Warehouse | | | Owned | |
| 26. | | | 124 West Airport Road Lititz, PA 17543 | | | 48.820 | | | Manufacturing Facility/Warehouse/Office | | | Owned | |
| 27. | | | 8561 Virginia Meadow Dr. Manassas, VA 22110 | | | 47,518 | | | DSD Warehouse | | | Owned | |
| 28. | | | 1576 3 Place Memphis, TN 38116 | | | 6,500 | | | DSD Warehouse | | | Owned | |
| 29. | | | 3553 Desirrah Dr. Mobile, AL 36618 | | | 7,300 | | | DSD Warehouse | | | Owned | |
| 30. | | | 4731 41st St Moline, IL 61265 | | | 4,800 | | | DSD Warehouse | | | Owned | |
| 31. | | | 3220 Money Rd. Montgomery, AL 36108 | | | 8,000 | | | DSD Warehouse | | | Owned | |
| 32. | | | 90 Choate Circle Montoursville, PA 17754 | | | 15,936 | | | DSD Warehouse | | | Owned | |
| 33. | | | 103 Peachtree Street Muscle Shoals, AL 35661 | | | 4,000 | | | DSD Warehouse | | | Owned | |
| 34. | | | 1550 Grandview Avenue Paulsboro, NJ 08086 | | | 36,000 | | | DSD Warehouse | | | Owned | |
| 35. | | | 800 Industrial Circle Phoenix City, AL 36869 | | | 6,000 | | | DSD Warehouse | | | Owned | |
| 36. | | | 151 Pennant Drive Pittsburgh, PA 15239 | | | 15,200 | | | DSD Warehouse | | | Owned | |
| 37. | | | 5619 Pride Road Richmond, VA 23224 | | | 16,173 | | | DSD Warehouse | | | Owned | |
| 38. | | | 3678 Peddie Drive Tallahassee, FL 32303 | | | 4,000 | | | DSD Warehouse | | | Owned | |
| 39. | | | 4715 Jug Factory Road Tuscaloosa, AL 35405 | | | 7,500 | | | DSD Warehouse | | | Owned | |
| 40. | | | 936 S. Third St. Vinton, VA 24179 | | | 11,617 | | | DSD Warehouse | | | Owned | |
| 41. | | | 74 Industrial Park Drive Waldorf, MD 20602 | | | 39,904 | | | DSD Warehouse | | | Owned | |
| 42. | | | 200 Stewart Rd Wilkes-Barre, PA 16708 | | | 40,300 | | | Manufacturing Facility/Warehouse/Office | | | Owned | |
| 43. | | | 1150 Industry Drive North Algona, WA 98001 | | | 97,690 | | | Manufacturing Facility/Warehouse/Office | | | Leased | |
| 44. | | | 13 Chocksett Rd Sterling, MA 01564 | | | 60,000 | | | DSD Warehouse | | | Leased | |
| # | | | Property Physical Address | | | Approximate Size | | | Function | | | Owned/Leased | |
| 45. | | | 101 N 104th Avenue, Ste. C Tolleson, AZ 85353 | | | 67,380 | | | DSD Warehouse | | | Leased | |
| 46. | | | 1955 West Lancaster St., Ste. 1 Bluffton, IN 46714 | | | 150,000 | | | DSD Warehouse | | | Leased | |
| | | Thirteen Weeks Ended | | |||||||||||||||||||||
| | | March 29, 2020 | | | % of sales | | | March 31, 2019 | | | % of sales | | ||||||||||||
Net sales | | | | | 228,029 | | | | | | 100.0% | | | | | | 178,412 | | | | | | 100.0% | | |
Cost of goods sold | | | | | 148,015 | | | | | | 64.9% | | | | | | 121,880 | | | | | | 68.3% | | |
Gross profit | | | | | 80,014 | | | | | | 35.1% | | | | | | 56,532 | | | | | | 31.7% | | |
Selling and administrative expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling | | | | | 48,333 | | | | | | 21.2% | | | | | | 37,136 | | | | | | 20.8% | | |
Administrative | | | | | 19,940 | | | | | | 8.7% | | | | | | 13,394 | | | | | | 7.5% | | |
Total Selling and Administrative expenses | | | | | 68,273 | | | | | | 29.9% | | | | | | 50,530 | | | | | | 28.3% | | |
Gain on sale of assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Gain on disposal of PP&E | | | | | 68 | | | | | | 0.0% | | | | | | 729 | | | | | | 0.4% | | |
Gain on sale of routes, net | | | | | 404 | | | | | | 0.2% | | | | | | 2,442 | | | | | | 1.4% | | |
Total gain on sale of assets | | | | | 472 | | | | | | 0.2% | | | | | | 3,171 | | | | | | 1.8% | | |
Income from operations | | | | | 12,213 | | | | | | 5.4% | | | | | | 9,173 | | | | | | 5.1% | | |
Other (expense) income | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | | | (9,643) | | | | | | -4.2% | | | | | | (12,545) | | | | | | -7.0% | | |
Other income, net | | | | | 580 | | | | | | 0.3% | | | | | | 1,134 | | | | | | 0.6% | | |
Other (expense), net | | | | | (9,063) | | | | | | -4.0% | | | | | | (11,411) | | | | | | -6.4% | | |
Income (loss) before taxes | | | | | 3,150 | | | | | | 1.4% | | | | | | (2,238) | | | | | | -1.3% | | |
Income tax expense | | | | | 1,458 | | | | | | 0.6% | | | | | | 377 | | | | | | 0.2% | | |
Net income (loss) | | | | | 1,692 | | | | | | 0.7% | | | | | | (2,615) | | | | | | -1.5% | | |
Net income (loss) attributable to noncontrolling interest | | | | | 0 | | | | | | 0.0% | | | | | | (705) | | | | | | -0.4% | | |
Net income (loss) attributable to controlling interest | | | | | 1,692 | | | | | | 0.7% | | | | | | (3,320) | | | | | | -1.9% | | |
Adjusted EBITDA | | | | | 29,257 | | | | | | 12.8% | | | | | | 18,113 | | | | | | 10.2% | | |
| | | Fiscal Year Ended | | |||||||||||||||||||||||||||||||||
| | | December 29, 2019 | | | % of sales | | | December 30, 2018 | | | % of sales | | | December 31, 2017 | | | % of sales | | ||||||||||||||||||
Net sales | | | | | 768,228 | | | | | | 100.0% | | | | | | 772,035 | | | | | | 100.0% | | | | | | 707,035 | | | | | | 100.0% | | |
Cost of goods sold | | | | | 514,430 | | | | | | 67.0% | | | | | | 505,330 | | | | | | 65.5% | | | | | | 445,548 | | | | | | 63.0% | | |
Gross profit | | | | | 253,798 | | | | | | 33.0% | | | | | | 266,705 | | | | | | 34.5% | | | | | | 261,487 | | | | | | 37.0% | | |
Selling and administrative expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling | | | | | 163,589 | | | | | | 21.3% | | | | | | 183,374 | | | | | | 23.8% | | | | | | 180,956 | | | | | | 25.6% | | |
Administrative | | | | | 64,723 | | | | | | 8.4% | | | | | | 68,018 | | | | | | 8.8% | | | | | | 69,982 | | | | | | 9.9% | | |
Total selling and administrative expenses | | | | | 228,312 | | | | | | 29.7% | | | | | | 251,392 | | | | | | 32.6% | | | | | | 250,938 | | | | | | 35.5% | | |
Gain (loss) on sale of assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gain (loss) on disposal of PP&E | | | | | 6,028 | | | | | | 0.8% | | | | | | (2,312) | | | | | | -0.3% | | | | | | (11,813) | | | | | | -1.7% | | |
Gain on sale of routes, net | | | | | 7,232 | | | | | | 0.9% | | | | | | 6,382 | | | | | | 0.8% | | | | | | 11,364 | | | | | | 1.6% | | |
Total gain (loss) on sale of assets | | | | | 13,260 | | | | | | 1.7% | | | | | | 4,070 | | | | | | 0.5% | | | | | | (449) | | | | | | -0.1% | | |
Income from operations | | | | | 38,746 | | | | | | 5.0% | | | | | | 19,383 | | | | | | 2.5% | | | | | | 10,100 | | | | | | 1.4% | | |
Other (expense) income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | | | (48,388) | | | | | | -6.3% | | | | | | (45,715) | | | | | | -5.9% | | | | | | (11,067) | | | | | | -1.6% | | |
Other (expense) income, net | | | | | (576) | | | | | | -0.1% | | | | | | 607 | | | | | | 0.1% | | | | | | 1,921 | | | | | | 0.3% | | |
Other (expense) income, net | | | | | (48,964) | | | | | | -6.4% | | | | | | (45,108) | | | | | | -5.8% | | | | | | (9,146) | | | | | | -1.3% | | |
(Loss) income before taxes | | | | | (10,218) | | | | | | -1.3% | | | | | | (25,725) | | | | | | -3.3% | | | | | | 954 | | | | | | 0.1% | | |
Income tax expense (benefit) | | | | | 3,146 | | | | | | 0.4% | | | | | | 1,919 | | | | | | 0.2% | | | | | | (16,146) | | | | | | -2.3% | | |
Net (loss) income | | | | | (13,364) | | | | | | -1.7% | | | | | | (27,644) | | | | | | -3.6% | | | | | | 17,100 | | | | | | 2.4% | | |
Net income attributable to noncontrolling interest | | | | | (2,808) | | | | | | -0.4% | | | | | | (2,856) | | | | | | -0.4% | | | | | | (3,497) | | | | | | -0.5% | | |
Net (loss) income attributable to controlling interest | | | | | (16,172) | | | | | | -2.1% | | | | | | (30,500) | | | | | | -4.0% | | | | | | 13,603 | | | | | | 1.9% | | |
Adjusted EBITDA | | | | | 93,313 | | | | | | 12.1% | | | | | | 80,149 | | | | | | 10.4% | | | | | | 73,181 | | | | | | 10.4% | | |
| | | Thirteen Weeks Ended | | | Fiscal Year Ended | | ||||||||||||||||||||||||
(In millions) | | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Net Sales | | | | | 228.0 | | | | | | 178.4 | | | | | | 768.2 | | | | | | 772.0 | | | | | | 707.0 | | |
IO Discounts | | | | | 20.8 | | | | | | 17.4 | | | | | | 77.2 | | | | | | 58.0 | | | | | | 40.4 | | |
Adjusted Net Sales | | | | | 248.8 | | | | | | 195.8 | | | | | | 845.4 | | | | | | 830.0 | | | | | | 747.4 | | |
Pro Forma Net Sales | | | | | 228.0 | | | | | | 204.2 | | | | | | 865.5 | | | | | ||||||||||
IO Discounts | | | | | 20.8 | | | | | | 17.4 | | | | | | 77.2 | | | | | ||||||||||
Further Adjusted Net Sales | | | | | 248.8 | | | | | | 221.6 | | | | | | 942.7 | | | | |
| | | Thirteen Weeks Ended | | | Fiscal Year Ended | | ||||||||||||||||||||||||
(dollars in millions) | | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Gross Profit | | | | | 80.0 | | | | | | 56.5 | | | | | | 253.8 | | | | | | 266.7 | | | | | | 261.5 | | |
IO Discounts | | | | | 20.8 | | | | | | 17.4 | | | | | | 77.2 | | | | | | 58.0 | | | | | | 40.4 | | |
Depreciation and Amortization | | | | | 5.3 | | | | | | 3.9 | | | | | | 16.8 | | | | | | 18.2 | | | | | | 13.9 | | |
Adjusted Gross Profit | | | | | 106.1 | | | | | | 77.8 | | | | | | 347.8 | | | | | | 342.9 | | | | | | 315.8 | | |
Adjusted Gross Profit as a % of Adjusted Net Sales | | | | | 42.6% | | | | | | 39.7% | | | | | | 41.1% | | | | | | 41.3% | | | | | | 42.3% | | |
Pro Forma Gross Profit | | | | | 80.0 | | | | | | 56.5 | | | | | | 287.0 | | | | | ||||||||||
IO Discounts | | | | | 20.8 | | | | | | 17.4 | | | | | | 77.2 | | | | | ||||||||||
Depreciation and Amortization | | | | | 5.3 | | | | | | 3.9 | | | | | | 18.8 | | | | | ||||||||||
Further Adjusted Gross Profit | | | | | 106.1 | | | | | | 87.1 | | | | | | 383.0 | | | | | ||||||||||
Further Adjusted Gross Profit as a % of Further Adjusted Net Sales | | | | | 42.6% | | | | | | 39.7% | | | | | | 40.6% | | | | |
| | | Thirteen Weeks Ended | | | Fiscal Year Ended | | ||||||||||||||||||||||||
(dollars in millions) | | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Net Income (loss) | | | | | 1.7 | | | | | | (2.6) | | | | | | (13.4) | | | | | | (27.6) | | | | | | 17.1 | | |
Plus non-GAAP adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income Tax (Benefit) or Expense | | | | | 1.5 | | | | | | 0.4 | | | | | | 3.2 | | | | | | 1.9 | | | | | | (16.1) | | |
Depreciation and Amortization | | | | | 8.9 | | | | | | 6.9 | | | | | | 29.3 | | | | | | 30.4 | | | | | | 29.0 | | |
Interest Expense, Net | | | | | 9.6 | | | | | | 12.5 | | | | | | 48.4 | | | | | | 45.7 | | | | | | 11.1 | | |
Interest Income (IO loans)(1) | | | | | (0.5) | | | | | | (0.9) | | | | | | (3.5) | | | | | | (2.6) | | | | | | (2.1) | | |
EBITDA | | | | | 21.2 | | | | | | 16.3 | | | | | | 64.0 | | | | | | 47.8 | | | | | | 39.0 | | |
Certain Non-Cash Adjustments(2) | | | | | 1.1 | | | | | | 0.4 | | | | | | 9.4 | | | | | | 12.6 | | | | | | 12.1 | | |
Change in Accounting Policy and Estimate(3) | | | | | — | | | | | | 0.4 | | | | | | 6.8 | | | | | | 4.6 | | | | | | — | | |
Acquisition and Integration(4) | | | | | 5.2 | | | | | | 0.7 | | | | | | 3.3 | | | | | | 11.3 | | | | | | 5.6 | | |
Business Transformation Initiatives(5) | | | | | 1.6 | | | | | | 0.2 | | | | | | 5.1 | | | | | | 3.0 | | | | | | 12.6 | | |
Financing-Related Costs(6) | | | | | 0.1 | | | | | | 0.0 | | | | | | 4.7 | | | | | | 0.9 | | | | | | 3.9 | | |
Adjusted EBITDA | | | | | 29.2 | | | | | | 18.0 | | | | | | 93.3 | | | | | | 80.2 | | | | | | 73.2 | | |
Adjusted EBITDA as a % of Net Sales | | | | | 12.8% | | | | | | 10.1% | | | | | | 12.1% | | | | | | 10.4% | | | | | | 10.4% | | |
Kennedy Pre-Acquisition EBITDA(7) | | | | | — | | | | | | 2.5 | | | | | | 9.9 | | | | | | | | | | | | | | |
Kennedy Synergies(8) | | | | | 1.5 | | | | | | 1.6 | | | | | | 6.3 | | | | | | | | | | | | | | |
Kitchen Cooked Pre-Acquisition Net Income | | | | | — | | | | | | — | | | | | | 0.5 | | | | | | | | | | | | | | |
Kitchen Cooked Synergies | | | | | 0.2 | | | | | | 0.2 | | | | | | 0.7 | | | | | | | | | | | | | | |
Collier Creek EBITDA(9) | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | |
Public Company Costs(10) | | | | | (0.8) | | | | | | (0.8) | | | | | | (3.0) | | | | | ||||||||||
Further Adjusted EBITDA | | | | | 30.1 | | | | | | 21.5 | | | | | | 107.7 | | | | | ||||||||||
Further Adjusted EBITDA as a % of Pro Forma Net Sales | | | | | 13.2% | | | | | | 10.5% | | | | | | 12.4% | | | | | | | | | | | | | | |
| | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | |||||||||
Kennedy Pre-Acquisition Net Income | | | | | — | | | | | | 2.1 | | | | | | 7.1 | | |
Plus: Pro Forma Pre-Acquisition Depreciation and Amortization | | | | | — | | | | | | 0.4 | | | | | | 2.8 | | |
Kennedy Pre-Acquisition EBITDA | | | | | — | | | | | | 2.5 | | | | | | 9.9 | | |
| | | Thirteen Weeks Ended | | | Fiscal Year Ended | | ||||||||||||||||||||||||
| | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Net cash provided by / (used in) operating activities | | | | | (2,773) | | | | | | (17,179) | | | | | | 27,992 | | | | | | 15,747 | | | | | | 49,776 | | |
Net cash provided by / (used in) investing activities | | | | | (14,464) | | | | | | 24,004 | | | | | | (115,882) | | | | | | (2,169) | | | | | | (171,148) | | |
Net cash provided by (used in) financing activities | | | | | 7,815 | | | | | | (5,423) | | | | | | 96,029 | | | | | | (16,366) | | | | | | 129,004 | | |
Contractual Obligations | | | Total | | | Less than 1 year | | | 1 – 3 Years | | | 4 – 5 Years | | ||||||||||||
Term Loan | | | | $ | 652,700 | | | | | $ | 6,299 | | | | | $ | 16,984 | | | | | $ | 629,417 | | |
Capital lease obligations | | | | | 6,055 | | | | | | 1,518 | | | | | | 3,437 | | | | | | 1,100 | | |
Operating leases | | | | | 33,355 | | | | | | 8,195 | | | | | | 16,578 | | | | | | 8,582 | | |
Other long-term obligations, including current portion | | | | | 33,729 | | | | | | 6,466 | | | | | | 18,067 | | | | | | 9,196 | | |
Purchase commitments | | | | | 35,000 | | | | | | 35,000 | | | | | | — | | | | | | — | | |
Total Contractual Obligations | | | | $ | 760,839 | | | | | $ | 57,478 | | | | | $ | 55,066 | | | | | $ | 648,295 | | |
Name and Principal Position | | | Fiscal Year | | | Salary ($) | | | Stock Awards ($)(1) | | | Bonus ($)(2) | | | All Other Compensation ($)(3) | | | Total ($) | | ||||||||||||||||||
Dylan B. Lissette, President & Chief Executive Officer | | | | | 2019 | | | | | $ | 1,512,469(4) | | | | | $ | ― | | | | | $ | 625,030 | | | | | $ | 98,844 | | | | | $ | 2,236,343 | | |
Cary Devore, Executive Vice President, Chief Financial Officer | | | | | 2019 | | | | | $ | 387,366 | | | | | $ | 843,955 | | | | | $ | 481,610 | | | | | $ | 33,673 | | | | | $ | 1,746,604 | | |
Ajay Kataria, Executive Vice President, Finance & Accounting | | | | | 2019 | | | | | $ | 310,217 | | | | | $ | 482,260 | | | | | $ | 100,185 | | | | | $ | 18,670 | | | | | $ | 911,332 | | |
Name | | | Contributions under Profit Sharing/401(k) Plan ($)(a) | | | Utz Contributions under Excess Benefit to Nonqualified Deferred Compensation Plan ($) | | | Other ($) | | | Total ($) | | ||||||||||||
Dylan B. Lissette | | | | $ | 12,339 | | | | | $ | 80,231 | | | | | $ | 6,274(b) | | | | | $ | 98,844 | | |
Cary Devore | | | | $ | 11,200 | | | | | $ | 22,473 | | | | | $ | ― | | | | | $ | 33,673 | | |
Ajay Kataria | | | | $ | 13,512 | | | | | $ | 5,158 | | | | | $ | ― | | | | | $ | 18,670 | | |
Name | | | Number of Phantom Units | | |||
Dylan B. Lissette | | | | | 37.5 | | |
Cary Devore | | | | | 37.5 | | |
Ajay Kataria | | | | | 25.0 | | |
| Assumptions: | | | | |
| Time to liquidity event | | | 2 years | |
| Volatility | | | 35.00% | |
| Risk-free rate | | | 1.60% | |
| Dividend yield | | | 0.00% | |
| Lack of marketability discount | | | 10.00% | |
| | | Stock Awards | | |||||||||
Name | | | Number of shares of stock or units that have not vested (#)(1) | | | Market value of shares of stock or units that have not vested ($)(2) | | ||||||
Dylan B. Lissette | | | | | 37.5 | | | | | $ | 1,808,475 | | |
Cary Devore | | | | | 37.5 | | | | | $ | 1,808,475 | | |
Ajay Kataria | | | | | 25.0 | | | | | $ | 1,205,650 | | |
Director Name | | | Fees earned or paid in cash ($) | | | All other Compensation ($) | | | Total ($) | | |||||||||
Michael W. Rice | | | | $ | 205,050(1) | | | | | $ | 32,255(2) | | | | | $ | 237,305 | | |
Timothy P. Brown | | | | $ | 4,800(3) | | | | | $ | ― | | | | | $ | 4,800 | | |
Name | | | Age | | | Position(s) | |
Dylan B. Lissette | | | 48 | | | Chief Executive Officer | |
Cary Devore | | | 48 | | | Executive Vice President, Chief Financial Officer | |
Todd M. Staub | | | 54 | | | Executive Vice President & Chief Administrative Officer | |
Thomas (Tucker) Lawrence | | | 52 | | | Executive Vice President & Chief Supply Chain Officer | |
Mark Schreiber | | | 56 | | | Executive Vice President & Chief Customer Officer, Sales and Marketing | |
Ajay Kataria | | | 43 | | | Executive Vice President, Finance & Accounting | |
Eric Aumen | | | 43 | | | Vice President and Chief Accounting Officer | |
James Sponaugle | | | 44 | | | Senior Vice President Human Resources and Personnel Development | |
Name | | | Age | | | Position(s) | |
Roger K. Deromedi | | | 66 | | | Chairman; Director | |
Dylan B. Lissette | | | 48 | | | Chief Executive Officer; Director | |
Michael W. Rice | | | 77 | | | Director; Chairman Emeritus; Special Advisor | |
Craig D. Steeneck | | | 62 | | | Director; Chair, Audit Committee | |
John W. Altmeyer | | | 61 | | | Director; Chair, Nominating and Corporate Governance Committee | |
Timothy P. Brown | | | 57 | | | Director | |
Christina Choi | | | 42 | | | Director | |
Antonio F. Fernandez | | | 60 | | | Director | |
Jason K. Giordano | | | 41 | | | Director; Chair, Compensation Committee | |
B. John Lindeman | | | 50 | | | Director | |
| | | Fair Market Value of Class A Common Stock | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption Date (period to expiration of warrants) | | | $10.00 | | | $11.00 | | | $12.00 | | | $13.00 | | | $14.00 | | | $15.00 | | | $16.00 | | | $17.00 | | | $18.00 | | |||||||||||||||||||||||||||
57 months | | | | | 0.257 | | | | | | 0.277 | | | | | | 0.294 | | | | | | 0.310 | | | | | | 0.324 | | | | | | 0.337 | | | | | | 0.348 | | | | | | 0.358 | | | | | | 0.365 | | |
54 months | | | | | 0.252 | | | | | | 0.272 | | | | | | 0.291 | | | | | | 0.307 | | | | | | 0.322 | | | | | | 0.335 | | | | | | 0.347 | | | | | | 0.357 | | | | | | 0.365 | | |
51 months | | | | | 0.246 | | | | | | 0.268 | | | | | | 0.287 | | | | | | 0.304 | | | | | | 0.320 | | | | | | 0.333 | | | | | | 0.346 | | | | | | 0.357 | | | | | | 0.365 | | |
48 months | | | | | 0.241 | | | | | | 0.263 | | | | | | 0.283 | | | | | | 0.301 | | | | | | 0.317 | | | | | | 0.332 | | | | | | 0.344 | | | | | | 0.356 | | | | | | 0.365 | | |
45 months | | | | | 0.235 | | | | | | 0.258 | | | | | | 0.279 | | | | | | 0.298 | | | | | | 0.315 | | | | | | 0.330 | | | | | | 0.343 | | | | | | 0.356 | | | | | | 0.365 | | |
42 months | | | | | 0.228 | | | | | | 0.252 | | | | | | 0.274 | | | | | | 0.294 | | | | | | 0.312 | | | | | | 0.328 | | | | | | 0.342 | | | | | | 0.355 | | | | | | 0.364 | | |
39 months | | | | | 0.221 | | | | | | 0.246 | | | | | | 0.269 | | | | | | 0.290 | | | | | | 0.309 | | | | | | 0.325 | | | | | | 0.340 | | | | | | 0.354 | | | | | | 0.364 | | |
36 months | | | | | 0.213 | | | | | | 0.239 | | | | | | 0.263 | | | | | | 0.285 | | | | | | 0.305 | | | | | | 0.323 | | | | | | 0.339 | | | | | | 0.353 | | | | | | 0.364 | | |
33 months | | | | | 0.205 | | | | | | 0.232 | | | | | | 0.257 | | | | | | 0.280 | | | | | | 0.301 | | | | | | 0.320 | | | | | | 0.337 | | | | | | 0.352 | | | | | | 0.364 | | |
30 months | | | | | 0.196 | | | | | | 0.224 | | | | | | 0.250 | | | | | | 0.274 | | | | | | 0.297 | | | | | | 0.316 | | | | | | 0.335 | | | | | | 0.351 | | | | | | 0.364 | | |
27 months | | | | | 0.185 | | | | | | 0.214 | | | | | | 0.242 | | | | | | 0.268 | | | | | | 0.291 | | | | | | 0.313 | | | | | | 0.332 | | | | | | 0.350 | | | | | | 0.364 | | |
24 months | | | | | 0.173 | | | | | | 0.204 | | | | | | 0.233 | | | | | | 0.260 | | | | | | 0.285 | | | | | | 0.308 | | | | | | 0.329 | | | | | | 0.348 | | | | | | 0.364 | | |
21 months | | | | | 0.161 | | | | | | 0.193 | | | | | | 0.223 | | | | | | 0.252 | | | | | | 0.279 | | | | | | 0.304 | | | | | | 0.326 | | | | | | 0.347 | | | | | | 0.364 | | |
18 months | | | | | 0.146 | | | | | | 0.179 | | | | | | 0.211 | | | | | | 0.242 | | | | | | 0.271 | | | | | | 0.298 | | | | | | 0.322 | | | | | | 0.345 | | | | | | 0.363 | | |
15 months | | | | | 0.130 | | | | | | 0.164 | | | | | | 0.197 | | | | | | 0.230 | | | | | | 0.262 | | | | | | 0.291 | | | | | | 0.317 | | | | | | 0.342 | | | | | | 0.363 | | |
12 months | | | | | 0.111 | | | | | | 0.146 | | | | | | 0.181 | | | | | | 0.216 | | | | | | 0.250 | | | | | | 0.282 | | | | | | 0.312 | | | | | | 0.339 | | | | | | 0.363 | | |
9 months | | | | | 0.090 | | | | | | 0.125 | | | | | | 0.162 | | | | | | 0.199 | | | | | | 0.237 | | | | | | 0.272 | | | | | | 0.305 | | | | | | 0.336 | | | | | | 0.362 | | |
6 months | | | | | 0.065 | | | | | | 0.099 | | | | | | 0.137 | | | | | | 0.178 | | | | | | 0.219 | | | | | | 0.259 | | | | | | 0.296 | | | | | | 0.331 | | | | | | 0.362 | | |
3 months | | | | | 0.034 | | | | | | 0.065 | | | | | | 0.104 | | | | | | 0.150 | | | | | | 0.197 | | | | | | 0.243 | | | | | | 0.286 | | | | | | 0.326 | | | | | | 0.361 | | |
0 months | | | | | — | | | | | | — | | | | | | 0.042 | | | | | | 0.115 | | | | | | 0.179 | | | | | | 0.233 | | | | | | 0.281 | | | | | | 0.323 | | | | | | 0.361 | | |
| | | | | | | | | | | | | | | Company Shares Post-Business Combination | | |||||||||||||||||||||||||||||||||||||||||||||
| | | Collier Creek Shares | | | Assuming No Redemption | | | Assuming Maximum Redemption | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Name of Beneficial Owner | | | Number of Shares Beneficially Owned(1) | | | % of Voting Control | | | Shares of Class A Common Stock(2) | | | Shares of Class V Common Stock(3) | | | Shares of Class B Common Stock | | | % of Total Voting Power(4) | | | Shares of Class A Common Stock | | | Shares of Class V Common Stock (3) | | | Shares of Class B Common Stock | | | % of Total Voting Power(4) | | ||||||||||||||||||||||||||||||
Collier Creek Partners LLC(5) | | | | | 11,680,000 | | | | | | 20.90% | | | | | | 12,712,840 | | | | | | — | | | | | | 1,967,160 | | | | | | 11.04% | | | | | | 12,712,840 | | | | | | — | | | | | | 1,967,160 | | | | | | 13.2% | | |
Roger K. Deromedi(5) | | | | | 11,680,000 | | | | | | 20.90% | | | | | | 12,712,840 | | | | | | — | | | | | | 1,967,160 | | | | | | 11.04% | | | | | | 12,712,840 | | | | | | — | | | | | | 1,967,160 | | | | | | 13.2% | | |
Jason K. Giordano(5) | | | | | 11,680,000 | | | | | | 20.90% | | | | | | 12,712,840 | | | | | | — | | | | | | 1,967,160 | | | | | | 11.04% | | | | | | 12,712,840 | | | | | | — | | | | | | 1,967,160 | | | | | | 13.2% | | |
Chinh E. Chu(5) | | | | | 11,680,000 | | | | | | 20.90% | | | | | | 12,712,840 | | | | | | — | | | | | | 1,967,160 | | | | | | 11.04% | | | | | | 12,712,840 | | | | | | — | | | | | | 1,967,160 | | | | | | 13.2% | | |
Antonio F. Fernandez(6) | | | | | 45,000 | | | | | | * | | | | | | 137,422 | | | | | | — | | | | | | 7,578 | | | | | | * | | | | | | 137,422 | | | | | | — | | | | | | 7,578 | | | | | | * | | |
Matthew M. Mannelly(6) | | | | | 45,000 | | | | | | * | | | | | | 137,422 | | | | | | — | | | | | | 7,578 | | | | | | * | | | | | | 137,422 | | | | | | — | | | | | | 7,578 | | | | | | * | | |
Craig D. Steeneck(6) | | | | | 52,500 | | | | | | * | | | | | | 193,658 | | | | | | — | | | | | | 8,842 | | | | | | * | | | | | | 193,658 | | | | | | — | | | | | | 8,842 | | | | | | * | | |
William D. Toler(6) | | | | | 52,500 | | | | | | * | | | | | | 193,658 | | | | | | — | | | | | | 8,842 | | | | | | * | | | | | | 193,658 | | | | | | — | | | | | | 8,842 | | | | | | * | | |
T. Rowe Price Associates, Inc(7). | | | | | 5,185,983 | | | | | | 9.28% | | | | | | 5,185,983 | | | | | | — | | | | | | — | | | | | | 4.50% | | | | | | 5,185,983 | | | | | | — | | | | | | — | | | | | | 5.39% | | |
Manulife Investment Management Limited(8) | | | | | 3,181,677 | | | | | | 5.69% | | | | | | 3,181,677 | | | | | | — | | | | | | — | | | | | | 2.76% | | | | | | 3,181,677 | | | | | | — | | | | | | — | | | | | | 3.30% | | |
HGC Investment Management Inc(9) | | | | | 3,480,035 | | | | | | 6.23% | | | | | | 3,480,035 | | | | | | — | | | | | | — | | | | | | 3.02% | | | | | | 3,480,035 | | | | | | — | | | | | | — | | | | | | 3.61% | | |
Series U of UM Partners, LLC(10) | | | | | — | | | | | | — | | | | | | — | | | | | | 49,101,081 | | | | | | — | | | | | | 42.64% | | | | | | — | | | | | | 49,101,081 | | | | | | — | | | | | | 50.99% | | |
Series R of UM Partners LLC(10) | | | | | — | | | | | | — | | | | | | — | | | | | | 8,664,897 | | | | | | — | | | | | | 7.53% | | | | | | — | | | | | | 8,664,897 | | | | | | — | | | | | | 9.0% | | |
All pre-Business Combination directors and 1 officer as a group (7 individuals) | | | | | 11,875,000 | | | | | | 21.25% | | | | | | 13,375,000 | | | | | | — | | | | | | 2,000,000 | | | | | | 11.62% | | | | | | 13,375,000 | | | | | | — | | | | | | 2,000,000 | | | | | | 13.89% | | |
Directors Nominees and Named Executive Officers of the Company Post-Business Combination | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Christina Choi | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Dylan Lissette | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Michael Rice | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Timothy Brown | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
John Lindeman | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
John Altmeyer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| # | | | Property Physical Address | | | Approximate Size | | | Function | | | Owned/Leased | |
| 1. | | | 7545 Penn Dr. Allentown, PA 18103 | | | 21,960 | | | DSD Warehouse | | | Owned | |
| 2. | | | 1331 Butler Street Anniston, AL 36203 | | | 5,000 | | | DSD Warehouse | | | Owned | |
| 3. | | | 1313 Stadium Street Berlin, PA 15530 | | | 180,000 | | | Manufacturing Facility/Warehouse/ DSD Warehouse | | | Owned | |
| 4. | | | 8615 W Oaklawn Rd. Biloxi, MS 39532 | | | 8,000 | | | DSD Warehouse | | | Owned | |
| 5. | | | 1 Golden Flake Dr S Birmingham, AL 35205 | | | 350,000 | | | Manufacturing Facility/Warehouse/Office/ DSD Warehouse | | | Owned | |
| 6. | | | 705 W Dustman Road Bluffton, IN 46714 | | | 133,524 | | | Manufacturing Facility/Warehouse/Office/ DSD Warehouse | | | Owned | |
| 7. | | | 3832 Holland Blvd Chesapeake, VA 23323 | | | 36,960 | | | DSD Warehouse | | | Owned | |
| 8. | | | 110 Industrial Park South Demopolis, AL 36732 | | | 5,500 | | | DSD Warehouse | | | Owned | |
| 9. | | | 632 N. Main St Farmington, IL 61531 | | | 20,550 | | | Manufacturing Facility/Warehouse/DSD Warehouse | | | Owned | |
| 10. | | | 759 Water Street Fitchburg, MA 01420 | | | 52,121 | | | Manufacturing Facility/Warehouse/Office | | | Owned | |
| 11. | | | 105 23rd Street SE Fort Payne, AL 35697 | | | 2,850 | | | DSD Warehouse | | | Owned | |
| 12. | | | 11 South Bacton Hill Road Frazer, PA 19355 | | | 21,113 | | | DSD Warehouse | | | Owned | |
| 13. | | | 3500 S La Cometa Dr Goodyear, AZ 85338 | | | 59,891 | | | Manufacturing Facility/Warehouse/Office | | | Owned | |
| 14. | | | 307-308 E Airline Hwy Gramercy, LA 70052 | | | 87,927 | | | Manufacturing Facility/Warehouse/Office | | | Owned | |
| 15. | | | 1040 High Street Hanover, PA 1773 | | | 16,020 | | | Office | | | Owned | |
| 16. | | | 350 Kindig Lane Hanover, PA 1773 | | | 87,056 | | | Warehouse/Office | | | Owned | |
| 17. | | | 240 Kindig Lane Hanover, PA 1773 | | | 357,000 | | | Warehouse/Office | | | Owned | |
| 18. | | | 861 Carlisle St Hanover, PA 1773 | | | 314,252 | | | Manufacturing Facility/Warehouse/Outlet Store | | | Owned | |
| 19. | | | 101 Kindig Lane Hanover, PA 1773 | | | 274,787 | | | Manufacturing Facility/Warehouse/Office | | | Owned | |
| 20. | | | 1437-1455 Broadway Hanover, PA 1773 | | | 119,613 | | | Manufacturing Facility/Warehouse/Office | | | Owned | |
| 21. | | | 900 High Street Hanover, PA 17331 | | | 515,189 | | | Manufacturing Facility/Warehouse/Office/ DSD Warehouse | | | Owned | |
| 22. | | | 1722 Highway 72 East Huntsville, AL 35811 | | | 4,500 | | | DSD Warehouse | | | Owned | |
| # | | | Property Physical Address | | | Approximate Size | | | Function | | | Owned/Leased | |
| 23. | | | 5270 Greenway Drive Jackson, MS 39204 | | | 4,000 | | | DSD Warehouse | | | Owned | |
| 24. | | | 2439 Marietta Street Kenner, LA 70602 | | | 11,040 | | | DSD Warehouse | | | Owned | |
| 25. | | | 28651 Sussex Hwy Laurel, DE 19956 | | | 13,250 | | | DSD Warehouse | | | Owned | |
| 26. | | | 124 West Airport Road Lititz, PA 17543 | | | 48.820 | | | Manufacturing Facility/Warehouse/Office | | | Owned | |
| 27. | | | 8561 Virginia Meadow Dr. Manassas, VA 22110 | | | 47,518 | | | DSD Warehouse | | | Owned | |
| 28. | | | 1576 3 Place Memphis, TN 38116 | | | 6,500 | | | DSD Warehouse | | | Owned | |
| 29. | | | 3553 Desirrah Dr. Mobile, AL 36618 | | | 7,300 | | | DSD Warehouse | | | Owned | |
| 30. | | | 4731 41st St Moline, IL 61265 | | | 4,800 | | | DSD Warehouse | | | Owned | |
| 31. | | | 3220 Money Rd. Montgomery, AL 36108 | | | 8,000 | | | DSD Warehouse | | | Owned | |
| 32. | | | 90 Choate Circle Montoursville, PA 17754 | | | 15,936 | | | DSD Warehouse | | | Owned | |
| 33. | | | 103 Peachtree Street Muscle Shoals, AL 35661 | | | 4,000 | | | DSD Warehouse | | | Owned | |
| 34. | | | 1550 Grandview Avenue Paulsboro, NJ 08086 | | | 36,000 | | | DSD Warehouse | | | Owned | |
| 35. | | | 800 Industrial Circle Phoenix City, AL 36869 | | | 6,000 | | | DSD Warehouse | | | Owned | |
| 36. | | | 151 Pennant Drive Pittsburgh, PA 15239 | | | 15,200 | | | DSD Warehouse | | | Owned | |
| 37. | | | 5619 Pride Road Richmond, VA 23224 | | | 16,173 | | | DSD Warehouse | | | Owned | |
| 38. | | | 3678 Peddie Drive Tallahassee, FL 32303 | | | 4,000 | | | DSD Warehouse | | | Owned | |
| 39. | | | 4715 Jug Factory Road Tuscaloosa, AL 35405 | | | 7,500 | | | DSD Warehouse | | | Owned | |
| 40. | | | 936 S. Third St. Vinton, VA 24179 | | | 11,617 | | | DSD Warehouse | | | Owned | |
| 41. | | | 74 Industrial Park Drive Waldorf, MD 20602 | | | 39,904 | | | DSD Warehouse | | | Owned | |
| 42. | | | 200 Stewart Rd Wilkes-Barre, PA 16708 | | | 40,300 | | | Manufacturing Facility/Warehouse/Office | | | Owned | |
| 43. | | | 1150 Industry Drive North Algona, WA 98001 | | | 97,690 | | | Manufacturing Facility/Warehouse/Office | | | Leased | |
| 44. | | | 13 Chocksett Rd Sterling, MA 01564 | | | 60,000 | | | DSD Warehouse | | | Leased | |
| # | | | Property Physical Address | | | Approximate Size | | | Function | | | Owned/Leased | |
| 45. | | | 101 N 104th Avenue, Ste. C Tolleson, AZ 85353 | | | 67,380 | | | DSD Warehouse | | | Leased | |
| 46. | | | 1955 West Lancaster St., Ste. 1 Bluffton, IN 46714 | | | 150,000 | | | DSD Warehouse | | | Leased | |
| | | Thirteen Weeks Ended | | |||||||||||||||||||||
| | | March 29, 2020 | | | % of sales | | | March 31, 2019 | | | % of sales | | ||||||||||||
Net sales | | | | | 228,029 | | | | | | 100.0% | | | | | | 178,412 | | | | | | 100.0% | | |
Cost of goods sold | | | | | 148,015 | | | | | | 64.9% | | | | | | 121,880 | | | | | | 68.3% | | |
Gross profit | | | | | 80,014 | | | | | | 35.1% | | | | | | 56,532 | | | | | | 31.7% | | |
Selling and administrative expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling | | | | | 48,333 | | | | | | 21.2% | | | | | | 37,136 | | | | | | 20.8% | | |
Administrative | | | | | 19,940 | | | | | | 8.7% | | | | | | 13,394 | | | | | | 7.5% | | |
Total Selling and Administrative expenses | | | | | 68,273 | | | | | | 29.9% | | | | | | 50,530 | | | | | | 28.3% | | |
Gain on sale of assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Gain on disposal of PP&E | | | | | 68 | | | | | | 0.0% | | | | | | 729 | | | | | | 0.4% | | |
Gain on sale of routes, net | | | | | 404 | | | | | | 0.2% | | | | | | 2,442 | | | | | | 1.4% | | |
Total gain on sale of assets | | | | | 472 | | | | | | 0.2% | | | | | | 3,171 | | | | | | 1.8% | | |
Income from operations | | | | | 12,213 | | | | | | 5.4% | | | | | | 9,173 | | | | | | 5.1% | | |
Other (expense) income | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | | | (9,643) | | | | | | -4.2% | | | | | | (12,545) | | | | | | -7.0% | | |
Other income, net | | | | | 580 | | | | | | 0.3% | | | | | | 1,134 | | | | | | 0.6% | | |
Other (expense), net | | | | | (9,063) | | | | | | -4.0% | | | | | | (11,411) | | | | | | -6.4% | | |
Income (loss) before taxes | | | | | 3,150 | | | | | | 1.4% | | | | | | (2,238) | | | | | | -1.3% | | |
Income tax expense | | | | | 1,458 | | | | | | 0.6% | | | | | | 377 | | | | | | 0.2% | | |
Net income (loss) | | | | | 1,692 | | | | | | 0.7% | | | | | | (2,615) | | | | | | -1.5% | | |
Net income (loss) attributable to noncontrolling interest | | | | | 0 | | | | | | 0.0% | | | | | | (705) | | | | | | -0.4% | | |
Net income (loss) attributable to controlling interest | | | | | 1,692 | | | | | | 0.7% | | | | | | (3,320) | | | | | | -1.9% | | |
Adjusted EBITDA | | | | | 29,257 | | | | | | 12.8% | | | | | | 18,113 | | | | | | 10.2% | | |
| | | Fiscal Year Ended | | |||||||||||||||||||||||||||||||||
| | | December 29, 2019 | | | % of sales | | | December 30, 2018 | | | % of sales | | | December 31, 2017 | | | % of sales | | ||||||||||||||||||
Net sales | | | | | 768,228 | | | | | | 100.0% | | | | | | 772,035 | | | | | | 100.0% | | | | | | 707,035 | | | | | | 100.0% | | |
Cost of goods sold | | | | | 514,430 | | | | | | 67.0% | | | | | | 505,330 | | | | | | 65.5% | | | | | | 445,548 | | | | | | 63.0% | | |
Gross profit | | | | | 253,798 | | | | | | 33.0% | | | | | | 266,705 | | | | | | 34.5% | | | | | | 261,487 | | | | | | 37.0% | | |
Selling and administrative expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling | | | | | 163,589 | | | | | | 21.3% | | | | | | 183,374 | | | | | | 23.8% | | | | | | 180,956 | | | | | | 25.6% | | |
Administrative | | | | | 64,723 | | | | | | 8.4% | | | | | | 68,018 | | | | | | 8.8% | | | | | | 69,982 | | | | | | 9.9% | | |
Total selling and administrative expenses | | | | | 228,312 | | | | | | 29.7% | | | | | | 251,392 | | | | | | 32.6% | | | | | | 250,938 | | | | | | 35.5% | | |
Gain (loss) on sale of assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gain (loss) on disposal of PP&E | | | | | 6,028 | | | | | | 0.8% | | | | | | (2,312) | | | | | | -0.3% | | | | | | (11,813) | | | | | | -1.7% | | |
Gain on sale of routes, net | | | | | 7,232 | | | | | | 0.9% | | | | | | 6,382 | | | | | | 0.8% | | | | | | 11,364 | | | | | | 1.6% | | |
Total gain (loss) on sale of assets | | | | | 13,260 | | | | | | 1.7% | | | | | | 4,070 | | | | | | 0.5% | | | | | | (449) | | | | | | -0.1% | | |
Income from operations | | | | | 38,746 | | | | | | 5.0% | | | | | | 19,383 | | | | | | 2.5% | | | | | | 10,100 | | | | | | 1.4% | | |
Other (expense) income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | | | (48,388) | | | | | | -6.3% | | | | | | (45,715) | | | | | | -5.9% | | | | | | (11,067) | | | | | | -1.6% | | |
Other (expense) income, net | | | | | (576) | | | | | | -0.1% | | | | | | 607 | | | | | | 0.1% | | | | | | 1,921 | | | | | | 0.3% | | |
Other (expense) income, net | | | | | (48,964) | | | | | | -6.4% | | | | | | (45,108) | | | | | | -5.8% | | | | | | (9,146) | | | | | | -1.3% | | |
(Loss) income before taxes | | | | | (10,218) | | | | | | -1.3% | | | | | | (25,725) | | | | | | -3.3% | | | | | | 954 | | | | | | 0.1% | | |
Income tax expense (benefit) | | | | | 3,146 | | | | | | 0.4% | | | | | | 1,919 | | | | | | 0.2% | | | | | | (16,146) | | | | | | -2.3% | | |
Net (loss) income | | | | | (13,364) | | | | | | -1.7% | | | | | | (27,644) | | | | | | -3.6% | | | | | | 17,100 | | | | | | 2.4% | | |
Net income attributable to noncontrolling interest | | | | | (2,808) | | | | | | -0.4% | | | | | | (2,856) | | | | | | -0.4% | | | | | | (3,497) | | | | | | -0.5% | | |
Net (loss) income attributable to controlling interest | | | | | (16,172) | | | | | | -2.1% | | | | | | (30,500) | | | | | | -4.0% | | | | | | 13,603 | | | | | | 1.9% | | |
Adjusted EBITDA | | | | | 93,313 | | | | | | 12.1% | | | | | | 80,149 | | | | | | 10.4% | | | | | | 73,181 | | | | | | 10.4% | | |
| | | Thirteen Weeks Ended | | | Fiscal Year Ended | | ||||||||||||||||||||||||
(In millions) | | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Net Sales | | | | | 228.0 | | | | | | 178.4 | | | | | | 768.2 | | | | | | 772.0 | | | | | | 707.0 | | |
IO Discounts | | | | | 20.8 | | | | | | 17.4 | | | | | | 77.2 | | | | | | 58.0 | | | | | | 40.4 | | |
Adjusted Net Sales | | | | | 248.8 | | | | | | 195.8 | | | | | | 845.4 | | | | | | 830.0 | | | | | | 747.4 | | |
Pro Forma Net Sales | | | | | 228.0 | | | | | | 204.2 | | | | | | 865.5 | | | | | ||||||||||
IO Discounts | | | | | 20.8 | | | | | | 17.4 | | | | | | 77.2 | | | | | ||||||||||
Further Adjusted Net Sales | | | | | 248.8 | | | | | | 221.6 | | | | | | 942.7 | | | | |
| | | Thirteen Weeks Ended | | | Fiscal Year Ended | | ||||||||||||||||||||||||
(dollars in millions) | | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Gross Profit | | | | | 80.0 | | | | | | 56.5 | | | | | | 253.8 | | | | | | 266.7 | | | | | | 261.5 | | |
IO Discounts | | | | | 20.8 | | | | | | 17.4 | | | | | | 77.2 | | | | | | 58.0 | | | | | | 40.4 | | |
Depreciation and Amortization | | | | | 5.3 | | | | | | 3.9 | | | | | | 16.8 | | | | | | 18.2 | | | | | | 13.9 | | |
Adjusted Gross Profit | | | | | 106.1 | | | | | | 77.8 | | | | | | 347.8 | | | | | | 342.9 | | | | | | 315.8 | | |
Adjusted Gross Profit as a % of Adjusted Net Sales | | | | | 42.6% | | | | | | 39.7% | | | | | | 41.1% | | | | | | 41.3% | | | | | | 42.3% | | |
Pro Forma Gross Profit | | | | | 80.0 | | | | | | 56.5 | | | | | | 287.0 | | | | | ||||||||||
IO Discounts | | | | | 20.8 | | | | | | 17.4 | | | | | | 77.2 | | | | | ||||||||||
Depreciation and Amortization | | | | | 5.3 | | | | | | 3.9 | | | | | | 18.8 | | | | | ||||||||||
Further Adjusted Gross Profit | | | | | 106.1 | | | | | | 87.1 | | | | | | 383.0 | | | | | ||||||||||
Further Adjusted Gross Profit as a % of Further Adjusted Net Sales | | | | | 42.6% | | | | | | 39.7% | | | | | | 40.6% | | | | |
| | | Thirteen Weeks Ended | | | Fiscal Year Ended | | ||||||||||||||||||||||||
(dollars in millions) | | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Net Income (loss) | | | | | 1.7 | | | | | | (2.6) | | | | | | (13.4) | | | | | | (27.6) | | | | | | 17.1 | | |
Plus non-GAAP adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income Tax (Benefit) or Expense | | | | | 1.5 | | | | | | 0.4 | | | | | | 3.2 | | | | | | 1.9 | | | | | | (16.1) | | |
Depreciation and Amortization | | | | | 8.9 | | | | | | 6.9 | | | | | | 29.3 | | | | | | 30.4 | | | | | | 29.0 | | |
Interest Expense, Net | | | | | 9.6 | | | | | | 12.5 | | | | | | 48.4 | | | | | | 45.7 | | | | | | 11.1 | | |
Interest Income (IO loans)(1) | | | | | (0.5) | | | | | | (0.9) | | | | | | (3.5) | | | | | | (2.6) | | | | | | (2.1) | | |
EBITDA | | | | | 21.2 | | | | | | 16.3 | | | | | | 64.0 | | | | | | 47.8 | | | | | | 39.0 | | |
Certain Non-Cash Adjustments(2) | | | | | 1.1 | | | | | | 0.4 | | | | | | 9.4 | | | | | | 12.6 | | | | | | 12.1 | | |
Change in Accounting Policy and Estimate(3) | | | | | — | | | | | | 0.4 | | | | | | 6.8 | | | | | | 4.6 | | | | | | — | | |
Acquisition and Integration(4) | | | | | 5.2 | | | | | | 0.7 | | | | | | 3.3 | | | | | | 11.3 | | | | | | 5.6 | | |
Business Transformation Initiatives(5) | | | | | 1.6 | | | | | | 0.2 | | | | | | 5.1 | | | | | | 3.0 | | | | | | 12.6 | | |
Financing-Related Costs(6) | | | | | 0.1 | | | | | | 0.0 | | | | | | 4.7 | | | | | | 0.9 | | | | | | 3.9 | | |
Adjusted EBITDA | | | | | 29.2 | | | | | | 18.0 | | | | | | 93.3 | | | | | | 80.2 | | | | | | 73.2 | | |
Adjusted EBITDA as a % of Net Sales | | | | | 12.8% | | | | | | 10.1% | | | | | | 12.1% | | | | | | 10.4% | | | | | | 10.4% | | |
Kennedy Pre-Acquisition EBITDA(7) | | | | | — | | | | | | 2.5 | | | | | | 9.9 | | | | | | | | | | | | | | |
Kennedy Synergies(8) | | | | | 1.5 | | | | | | 1.6 | | | | | | 6.3 | | | | | | | | | | | | | | |
Kitchen Cooked Pre-Acquisition Net Income | | | | | — | | | | | | — | | | | | | 0.5 | | | | | | | | | | | | | | |
Kitchen Cooked Synergies | | | | | 0.2 | | | | | | 0.2 | | | | | | 0.7 | | | | | | | | | | | | | | |
Collier Creek EBITDA(9) | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | |
Public Company Costs(10) | | | | | (0.8) | | | | | | (0.8) | | | | | | (3.0) | | | | | ||||||||||
Further Adjusted EBITDA | | | | | 30.1 | | | | | | 21.5 | | | | | | 107.7 | | | | | ||||||||||
Further Adjusted EBITDA as a % of Pro Forma Net Sales | | | | | 13.2% | | | | | | 10.5% | | | | | | 12.4% | | | | | | | | | | | | | | |
| | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | |||||||||
Kennedy Pre-Acquisition Net Income | | | | | — | | | | | | 2.1 | | | | | | 7.1 | | |
Plus: Pro Forma Pre-Acquisition Depreciation and Amortization | | | | | — | | | | | | 0.4 | | | | | | 2.8 | | |
Kennedy Pre-Acquisition EBITDA | | | | | — | | | | | | 2.5 | | | | | | 9.9 | | |
| | | Thirteen Weeks Ended | | | Fiscal Year Ended | | ||||||||||||||||||||||||
| | | March 29, 2020 | | | March 31, 2019 | | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||||||||
Net cash provided by / (used in) operating activities | | | | | (2,773) | | | | | | (17,179) | | | | | | 27,992 | | | | | | 15,747 | | | | | | 49,776 | | |
Net cash provided by / (used in) investing activities | | | | | (14,464) | | | | | | 24,004 | | | | | | (115,882) | | | | | | (2,169) | | | | | | (171,148) | | |
Net cash provided by (used in) financing activities | | | | | 7,815 | | | | | | (5,423) | | | | | | 96,029 | | | | | | (16,366) | | | | | | 129,004 | | |
Contractual Obligations | | | Total | | | Less than 1 year | | | 1 – 3 Years | | | 4 – 5 Years | | ||||||||||||
Term Loan | | | | $ | 652,700 | | | | | $ | 6,299 | | | | | $ | 16,984 | | | | | $ | 629,417 | | |
Capital lease obligations | | | | | 6,055 | | | | | | 1,518 | | | | | | 3,437 | | | | | | 1,100 | | |
Operating leases | | | | | 33,355 | | | | | | 8,195 | | | | | | 16,578 | | | | | | 8,582 | | |
Other long-term obligations, including current portion | | | | | 33,729 | | | | | | 6,466 | | | | | | 18,067 | | | | | | 9,196 | | |
Purchase commitments | | | | | 35,000 | | | | | | 35,000 | | | | | | — | | | | | | — | | |
Total Contractual Obligations | | | | $ | 760,839 | | | | | $ | 57,478 | | | | | $ | 55,066 | | | | | $ | 648,295 | | |
Name and Principal Position | | | Fiscal Year | | | Salary ($) | | | Stock Awards ($)(1) | | | Bonus ($)(2) | | | All Other Compensation ($)(3) | | | Total ($) | | ||||||||||||||||||
Dylan B. Lissette, President & Chief Executive Officer | | | | | 2019 | | | | | $ | 1,512,469(4) | | | | | $ | ― | | | | | $ | 625,030 | | | | | $ | 98,844 | | | | | $ | 2,236,343 | | |
Cary Devore, Executive Vice President, Chief Financial Officer | | | | | 2019 | | | | | $ | 387,366 | | | | | $ | 843,955 | | | | | $ | 481,610 | | | | | $ | 33,673 | | | | | $ | 1,746,604 | | |
Ajay Kataria, Executive Vice President, Finance & Accounting | | | | | 2019 | | | | | $ | 310,217 | | | | | $ | 482,260 | | | | | $ | 100,185 | | | | | $ | 18,670 | | | | | $ | 911,332 | | |
Name | | | Contributions under Profit Sharing/401(k) Plan ($)(a) | | | Utz Contributions under Excess Benefit to Nonqualified Deferred Compensation Plan ($) | | | Other ($) | | | Total ($) | | ||||||||||||
Dylan B. Lissette | | | | $ | 12,339 | | | | | $ | 80,231 | | | | | $ | 6,274(b) | | | | | $ | 98,844 | | |
Cary Devore | | | | $ | 11,200 | | | | | $ | 22,473 | | | | | $ | ― | | | | | $ | 33,673 | | |
Ajay Kataria | | | | $ | 13,512 | | | | | $ | 5,158 | | | | | $ | ― | | | | | $ | 18,670 | | |
Name | | | Number of Phantom Units | | |||
Dylan B. Lissette | | | | | 37.5 | | |
Cary Devore | | | | | 37.5 | | |
Ajay Kataria | | | | | 25.0 | | |
| Assumptions: | | | | |
| Time to liquidity event | | | 2 years | |
| Volatility | | | 35.00% | |
| Risk-free rate | | | 1.60% | |
| Dividend yield | | | 0.00% | |
| Lack of marketability discount | | | 10.00% | |
| | | Stock Awards | | |||||||||
Name | | | Number of shares of stock or units that have not vested (#)(1) | | | Market value of shares of stock or units that have not vested ($)(2) | | ||||||
Dylan B. Lissette | | | | | 37.5 | | | | | $ | 1,808,475 | | |
Cary Devore | | | | | 37.5 | | | | | $ | 1,808,475 | | |
Ajay Kataria | | | | | 25.0 | | | | | $ | 1,205,650 | | |
Director Name | | | Fees earned or paid in cash ($) | | | All other Compensation ($) | | | Total ($) | | |||||||||
Michael W. Rice | | | | $ | 205,050(1) | | | | | $ | 32,255(2) | | | | | $ | 237,305 | | |
Timothy P. Brown | | | | $ | 4,800(3) | | | | | $ | ― | | | | | $ | 4,800 | | |
Name | | | Age | | | Position(s) | |
Dylan B. Lissette | | | 48 | | | Chief Executive Officer | |
Cary Devore | | | 48 | | | Executive Vice President, Chief Financial Officer | |
Todd M. Staub | | | 54 | | | Executive Vice President & Chief Administrative Officer | |
Thomas (Tucker) Lawrence | | | 52 | | | Executive Vice President & Chief Supply Chain Officer | |
Mark Schreiber | | | 56 | | | Executive Vice President & Chief Customer Officer, Sales and Marketing | |
Ajay Kataria | | | 43 | | | Executive Vice President, Finance & Accounting | |
Eric Aumen | | | 43 | | | Vice President and Chief Accounting Officer | |
James Sponaugle | | | 44 | | | Senior Vice President Human Resources and Personnel Development | |
Name | | | Age | | | Position(s) | |
Roger K. Deromedi | | | 66 | | | Chairman; Director | |
Dylan B. Lissette | | | 48 | | | Chief Executive Officer; Director | |
Michael W. Rice | | | 77 | | | Director; Chairman Emeritus; Special Advisor | |
Craig D. Steeneck | | | 62 | | | Director; Chair, Audit Committee | |
John W. Altmeyer | | | 61 | | | Director; Chair, Nominating and Corporate Governance Committee | |
Timothy P. Brown | | | 57 | | | Director | |
Christina Choi | | | 42 | | | Director | |
Antonio F. Fernandez | | | 60 | | | Director | |
Jason K. Giordano | | | 41 | | | Director; Chair, Compensation Committee | |
B. John Lindeman | | | 50 | | | Director | |
| | | Page No. | | |||
Audited Financial Statements of Collier Creek Holdings: | | ||||||
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
| | | | F-8 | | | |
Unaudited Condensed Financial Statements of Collier Creek Holdings: | | ||||||
| | | | F-19 | | | |
| | | | F-20 | | | |
| | | | F-21 | | | |
| | | | F-22 | | | |
| | | | F-23 | | | |
Audited Financial Statements of UM-U Intermediate, LLC and Subsidiaries and Affiliates | | ||||||
| | | | F-35 | | | |
| | | | F-36 | | | |
| | | | F-37 | | | |
| | | | F-38 | | | |
| | | | F-39 | | | |
| | | | F-40 | | | |
Unaudited Financial Statements of Utz Brands Holdings, LLC and Subsidiaries (formerly UM-U Intermediate, LLC) | | ||||||
| | | | F-64 | | | |
| | | | F-65 | | | |
| | | | F-66 | | | |
| | | | F-67 | | | |
| | | | F-68 | | |
| | | Page No. | | |||
Audited Combined Abbreviated Financial Statements of Kennedy Endeavors, Inc. | | ||||||
| | | | F-85 | | | |
| | | | F-86 | | | |
| | | | | | ||
| | | | F-88 | | | |
Interim Combined Abbreviated Financial Statements of Kennedy Endeavors, Inc. | | ||||||
| | | | F-94 | | | |
| | | | F-95 | | | |
| | | | F-96 | | |
| | | December 31, | | |||||||||
| | | 2019 | | | 2018 | | ||||||
Assets: | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash | | | | $ | 585,253 | | | | | $ | 944,890 | | |
Prepaid expenses | | | | | 136,313 | | | | | | 321,529 | | |
Total current assets | | | | | 721,566 | | | | | | 1,266,419 | | |
Cash and marketable securities held in Trust Account | | | | | 451,020,841 | | | | | | 442,048,296 | | |
Total Assets | | | | $ | 451,742,407 | | | | | $ | 443,314,715 | | |
Liabilities and Shareholders’ Equity: | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable | | | | $ | 11,654 | | | | | $ | 115,112 | | |
Accrued expenses | | | | | 444,337 | | | | | | 7,500 | | |
Accrued expenses – related parties | | | | | 146,774 | | | | | | 26,774 | | |
Total current liabilities | | | | | 602,765 | | | | | | 149,386 | | |
Deferred underwriting commissions and legal fees | | | | | 15,450,000 | | | | | | 15,450,000 | | |
Total Liabilities | | | | | 16,052,765 | | | | | | 15,599,386 | | |
Commitments | | | | | | | | | | | | | |
Class A ordinary shares, $0.0001 par value; 42,018,501 and 42,061,226 shares subject to possible redemption at $10.25 and $10.05 per share at December 31, 2019 and 2018, respectively | | | | | 430,689,635 | | | | | | 422,715,321 | | |
Shareholders’ Equity: | | | | | | | | | | | | | |
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | | | | | — | | | | | | — | | |
Class A ordinary shares, $0.0001 par value; 400,000,000 shares authorized; 1,981,499 and 1,938,774 shares issued and outstanding (excluding 42,018,501 and 42,061,226 shares subject to possible redemption) at December 31, 2019 and 2018, respectively | | | | | 198 | | | | | | 194 | | |
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 11,875,000 shares issued and outstanding as of December 31, 2019 and 2018 | | | | | 1,188 | | | | | | 1,188 | | |
Additional paid-in capital | | | | | — | | | | | | 3,087,484 | | |
Retained earnings | | | | | 4,998,621 | | | | | | 1,911,142 | | |
Total Shareholders’ Equity | | | | | 5,000,007 | | | | | | 5,000,008 | | |
Total Liabilities and Shareholders’ Equity | | | | $ | 451,742,407 | | | | | $ | 443,314,715 | | |
| | | For the year ended December 31, 2019 | | | For the period from April 30, 2018 (inception) through December 31, 2018 | | ||||||
General and administrative expenses | | | | $ | 998,232 | | | | | $ | 137,154 | | |
Loss from operations | | | | | (998,232) | | | | | | (137,154) | | |
Investment income on Trust Account | | | | | 8,972,545 | | | | | | 2,048,296 | | |
Net income | | | | $ | 7,974,313 | | | | | $ | 1,911,142 | | |
Weighted average shares outstanding of Class A ordinary shares | | | | | 44,000,000 | | | | | | 44,000,000 | | |
Basic and diluted net income per share, Class A | | | | $ | 0.20 | | | | | $ | 0.05 | | |
Weighted average shares outstanding of Class B ordinary shares | | | | | 11,875,000 | | | | | | 11,875,000 | | |
Basic and diluted net loss per share, Class B | | | | $ | (0.08) | | | | | $ | (0.01) | | |
| | | Ordinary Shares | | | | | | | | | | | | | | | Total Shareholders’ | | ||||||||||||||||||||||||
| | | Class A | | | Class B | | | Additional Paid-In | | | Retained | | ||||||||||||||||||||||||||||||
| | | Shares | | | Amount | | | Shares | | | Amount | | | Capital | | | Earnings | | | Equity | | |||||||||||||||||||||
Balance – April 30, 2018 (inception) | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of Class B ordinary shares to Sponsor | | | | | — | | | | | | — | | | | | | 12,375,000 | | | | | | 1,238 | | | | | | 23,762 | | | | | | — | | | | | | 25,000 | | |
Sale of units in initial public offering | | | | | 44,000,000 | | | | | | 4,400 | | | | | | — | | | | | | — | | | | | | 439,995,600 | | | | | | — | | | | | | 440,000,000 | | |
Offering costs | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (25,020,813) | | | | | | — | | | | | | (25,020,813) | | |
Sale of private placement warrants to Sponsor in private placement | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,800,000 | | | | | | — | | | | | | 10,800,000 | | |
Forfeiture of Class B ordinary shares | | | | | — | | | | | | — | | | | | | (500,000) | | | | | | (50) | | | | | | 50 | | | | | | — | | | | | | — | | |
Class A ordinary shares subject to possible redemption | | | | | (42,061,226) | | | | | | (4,206) | | | | | | — | | | | | | — | | | | | | (422,711,115) | | | | | | — | | | | | | (422,715,321) | | |
Net income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,911,142 | | | | | | 1,911,142 | | |
Balance – December 31, 2018 | | | | | 1,938,774 | | | | | $ | 194 | | | | | | 11,875,000 | | | | | $ | 1,188 | | | | | $ | 3,087,484 | | | | | $ | 1,911,142 | | | | | $ | 5,000,008 | | |
Class A ordinary shares subject to possible redemption | | | | | 42,725 | | | | | | 4 | | | | | | — | | | | | | — | | | | | | (3,087,484) | | | | | | (4,886,834) | | | | | | (7,974,314) | | |
Net income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,974,313 | | | | | | 7,974,313 | | |
Balance – December 31, 2019 | | | | | 1,981,499 | | | | | $ | 198 | | | | | | 11,875,000 | | | | | $ | 1,188 | | | | | $ | — | | | | | $ | 4,998,621 | | | | | $ | 5,000,007 | | |
| | | For the year ended December 31, 2019 | | | For the period from April 30, 2018 (inception) through December 31, 2018 | | ||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | |
Net income | | | | $ | 7,974,313 | | | | | $ | 1,911,142 | | |
Adjustments to reconcile net income to net cash used in operating activities: | | | | | | | | | | | | | |
Investment income on Trust Account | | | | | (8,972,545) | | | | | | (2,048,296) | | |
General and administrative expenses paid by related parties | | | | | — | | | | | | 5,000 | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Prepaid expenses | | | | | 185,216 | | | | | | (321,529) | | |
Accounts payable | | | | | (103,458) | | | | | | 30,112 | | |
Accrued expenses | | | | | 436,837 | | | | | | 7,500 | | |
Accrued expenses – related parties | | | | | 120,000 | | | | | | 26,774 | | |
Net cash used in operating activities | | | | | (359,637) | | | | | | (389,297) | | |
Cash Flows from Investing Activities: | | | | | | | | | | | | | |
Cash deposited in Trust Account | | | | | — | | | | | | (440,000,000) | | |
Net cash used in investing activities | | | | | — | | | | | | (440,000,000) | | |
Cash Flows from Financing Activities: | | | | | | | | | | | | | |
Proceeds from issuance of Class B ordinary shares to Sponsor | | | | | — | | | | | | 25,000 | | |
Proceeds received from note payable to related parties | | | | | — | | | | | | 150,000 | | |
Repayment of note payable and general and administrative expenses paid by related parties | | | | | — | | | | | | (155,000) | | |
Proceeds received from initial public offering | | | | | — | | | | | | 440,000,000 | | |
Proceeds received from private placement | | | | | — | | | | | | 10,800,000 | | |
Payment of offering costs | | | | | — | | | | | | (9,485,813) | | |
Net cash provided by financing activities | | | | | — | | | | | | 441,334,187 | | |
Net (decrease) increase in cash | | | | | (359,637) | | | | | | 944,890 | | |
Cash – beginning of the year | | | | | 944,890 | | | | | | — | | |
Cash – end of the year | | | | $ | 585,253 | | | | | $ | 944,890 | | |
Supplemental disclosure of noncash financing activities: | | | | | | | | | | | | | |
Change in value of Class A ordinary shares subject to possible redemption | | | | $ | 7,974,314 | | | | | $ | 422,715,321 | | |
Deferred legal fees and underwriting commissions in connection with the initial public offering | | | | $ | — | | | | | $ | 15,450,000 | | |
Offering costs included in accounts payable | | | | $ | — | | | | | $ | 85,000 | | |
Description | | | Quoted Prices in Active Markets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Other Unobservable Inputs (Level 3) | | |||||||||
Money market funds | | | | $ | 451,020,841 | | | | | $ | — | | | | | $ | — | | |
Description | | | Quoted Prices in Active Markets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Other Unobservable Inputs (Level 3) | | |||||||||
Money market funds | | | | $ | 442,048,296 | | | | | $ | — | | | | | $ | — | | |
| | | March 31, 2020 | | | December 31, 2019 | | ||||||
| | | (Unaudited) | | | | | | | | |||
Assets: | | | | ||||||||||
Current assets: | | | | | | | | | | | | | |
Cash | | | | $ | 585,123 | | | | | $ | 585,253 | | |
Prepaid expenses | | | | | 154,625 | | | | | | 136,313 | | |
Total current assets | | | | | 739,748 | | | | | | 721,566 | | |
Marketable securities held in Trust Account | | | | | 452,430,869 | | | | | | 451,020,841 | | |
Total Assets | | | | $ | 453,170,617 | | | | | $ | 451,742,407 | | |
Liabilities and Shareholders’ Equity: | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable | | | | $ | 161,579 | | | | | $ | 11,654 | | |
Accrued expenses | | | | | 1,514,828 | | | | | | 444,337 | | |
Accrued expenses – related parties | | | | | 176,774 | | | | | | 146,774 | | |
Total current liabilities | | | | | 1,853,181 | | | | | | 602,765 | | |
Deferred underwriting commissions and legal fees | | | | | 15,450,000 | | | | | | 15,450,000 | | |
Total Liabilities | | | | | 17,303,181 | | | | | | 16,052,765 | | |
Commitments | | | | | | | | | | | | | |
Class A ordinary shares, $0.0001 par value; 41,913,174 and 42,018,501 shares subject to possible redemption at $10.28 and $10.25 per share at March 31, 2020 and December 31, 2019, respectively | | | | | 430,867,428 | | | | | | 430,689,635 | | |
Shareholders’ Equity: | | | | | | | | | | | | | |
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | | | | | — | | | | | | — | | |
Class A ordinary shares, $0.0001 par value; 400,000,000 shares authorized; 2,086,826 and 1,981,499 shares issued and outstanding (excluding 41,913,174 and 42,018,501 shares subject to possible redemption) at March 31, 2020 and December 31, 2019, respectively | | | | | 209 | | | | | | 198 | | |
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 11,875,000 shares issued and outstanding as of March 31, 2020 and December 31, 2019 | | | | | 1,188 | | | | | | 1,188 | | |
Additional paid-in capital | | | | | — | | | | | | — | | |
Retained earnings | | | | | 4,998,611 | | | | | | 4,998,621 | | |
Total Shareholders’ Equity | | | | | 5,000,008 | | | | | | 5,000,007 | | |
Total Liabilities and Shareholders’ Equity | | | | $ | 453,170,617 | | | | | $ | 451,742,407 | | |
|
| | | For the Three Months Ended March 31, | | |||||||||
| | | 2020 | | | 2019 | | ||||||
General and administrative expenses | | | | $ | 1,232,234 | | | | | $ | 159,706 | | |
Loss from operations | | | | | (1,232,234) | | | | | | (159,706) | | |
Investment income on Trust Account | | | | | 1,410,028 | | | | | | 2,461,634 | | |
Net income | | | | $ | 177,794 | | | | | $ | 2,301,928 | | |
Weighted average shares outstanding of Class A ordinary shares | | | | | 44,000,000 | | | | | | 44,000,000 | | |
Basic and diluted net income per share, Class A | | | | $ | 0.03 | | | | | $ | 0.06 | | |
Weighted average shares outstanding of Class B ordinary shares | | | | | 11,875,000 | | | | | | 11,875,000 | | |
Basic and diluted net loss per share, Class B | | | | $ | (0.10) | | | | | $ | (0.01) | | |
| | | For the Three Months Ended March 31, 2020 | | |||||||||||||||||||||||||||||||||||||||
| | | Ordinary Shares | | | Additional Paid-In Capital | | | | | | | | | Total Shareholders’ Equity | | |||||||||||||||||||||||||||
| | | Class A | | | Class B | | | Retained Earnings | | |||||||||||||||||||||||||||||||||
| | | Shares | | | Amount | | | Shares | | | Amount | | ||||||||||||||||||||||||||||||
Balance – December 31, 2019 | | | | | 1,981,499 | | | | | $ | 198 | | | | | | 11,875,000 | | | | | $ | 1,188 | | | | | $ | — | | | | | $ | 4,998,621 | | | | | $ | 5,000,007 | | |
Class A ordinary shares subject to possible redemption | | | | | 105,327 | | | | | | 11 | | | | | | — | | | | | | — | | | | | | — | | | | | | (177,804) | | | | | | (177,793) | | |
Net income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 177,794 | | | | | | 177,794 | | |
Balance – March 30, 2020 (unaudited) | | | | | 2,086,826 | | | | | $ | 209 | | | | | | 11,875,000 | | | | | $ | 1,188 | | | | | $ | — | | | | | $ | 4,998,611 | | | | | $ | 5,000,008 | | |
|
| | | For the three months ended March 31, 2019 | | |||||||||||||||||||||||||||||||||||||||
| | | Ordinary Shares | | | Additional Paid-In Capital | | | | | | | | | Total Shareholders’ Equity | | |||||||||||||||||||||||||||
| | | Class A | | | Class B | | | Retained Earnings | | |||||||||||||||||||||||||||||||||
| | | Shares | | | Amount | | | Shares | | | Amount | | ||||||||||||||||||||||||||||||
Balance – December 31, 2018 | | | | | 1,938,774 | | | | | $ | 194 | | | | | | 11,875,000 | | | | | $ | 1,188 | | | | | $ | 3,087,484 | | | | | $ | 1,911,142 | | | | | $ | 5,000,008 | | |
Class A ordinary shares subject to possible redemption | | | | | (19,690) | | | | | | (2) | | | | | | — | | | | | | — | | | | | | (2,301,928) | | | | | | — | | | | | | (2,301,930) | | |
Net income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,301,928 | | | | | | 2,301,928 | | |
Balance – March 31, 2019 (unaudited) | | | | | 1,919,084 | | | | | $ | 192 | | | | | | 11,875,000 | | | | | $ | 1,188 | | | | | $ | 785,556 | | | | | $ | 4,213,070 | | | | | $ | 5,000,006 | | |
| | | For the Three Months Ended March 31, | | |||||||||
| | | 2020 | | | 2019 | | ||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | |
Net income | | | | $ | 177,794 | | | | | $ | 2,301,928 | | |
Adjustments to reconcile net income to net cash used in operating activities: | | | | | | | | | | | | | |
Investment income on Trust Account | | | | | (1,410,028) | | | | | | (2,461,634) | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Prepaid expenses | | | | | (18,312) | | | | | | (9,768) | | |
Accounts payable | | | | | 149,925 | | | | | | (91,692) | | |
Accrued expenses | | | | | 1,070,491 | | | | | | 25,157 | | |
Accrued expenses – related parties | | | | | 30,000 | | | | | | 30,000 | | |
Net cash used in operating activities | | | | | (130) | | | | | | (206,009) | | |
Net decrease in cash | | | | | (130) | | | | | | (206,009) | | |
Cash – beginning of the period | | | | | 585,253 | | | | | | 944,890 | | |
Cash – end of the period | | | | $ | 585,123 | | | | | $ | 738,881 | | |
Supplemental disclosure of noncash financing activities: | | | | | | | | | | | | | |
Change in value of Class A ordinary shares subject to possible redemption | | | | $ | 177,793 | | | | | $ | 2,301,930 | | |
Description | | | Quoted Prices Other in Active Markets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | |||||||||
Money market funds | | | | $ | 452,430,869 | | | | | $ | — | | | | | $ | — | | |
|
Description | | | Quoted Prices Other in Active Markets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | |||||||||
Money market funds | | | | $ | 451,020,841 | | | | | $ | — | | | | | $ | — | | |
| | | December 29, 2019 | | | December 30, 2018 | | ||||||
ASSETS | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 15,053 | | | | | $ | 6,914 | | |
Accounts receivable, less allowance of $1,353 and $361, respectively | | | | | 106,816 | | | | | | 102,874 | | |
Inventories, net | | | | | 50,894 | | | | | | 46,926 | | |
Prepaid expenses and other assets | | | | | 4,563 | | | | | | 3,313 | | |
Current portion of notes receivable | | | | | 6,754 | | | | | | 6,744 | | |
Assets held for sale | | | | | — | | | | | | 3,620 | | |
Total current assets | | | | | 184,080 | | | | | | 170,391 | | |
Non-current Assets | | | | | | | | | | | | | |
Property, plant and equipment, net | | | | | 171,717 | | | | | | 149,766 | | |
Goodwill | | | | | 202,407 | | | | | | 130,907 | | |
Intangible assets, net | | | | | 184,014 | | | | | | 158,151 | | |
Non-current portion of notes receivable | | | | | 28,636 | | | | | | 25,710 | | |
Other assets | | | | | 7,693 | | | | | | 5,745 | | |
Total non-current assets | | | | | 594,467 | | | | | | 470,279 | | |
Total assets | | | | $ | 778,547 | | | | | $ | 640,670 | | |
LIABILITIES AND (DEFICIT) EQUITY | | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | |
Current portion of term debt | | | | $ | 6,299 | | | | | $ | 6,282 | | |
Current portion of other notes payable | | | | | 7,984 | | | | | | 1,394 | | |
Accounts payable | | | | | 49,028 | | | | | | 46,405 | | |
Accrued expenses and other | | | | | 44,206 | | | | | | 42,463 | | |
Total current liabilities | | | | | 107,517 | | | | | | 96,544 | | |
Non-current portion of term debt | | | | | 633,826 | | | | | | 640,110 | | |
Non-current portion of other notes payable | | | | | 31,800 | | | | | | 5,136 | | |
Non-current accrued expenses and other | | | | | 19,633 | | | | | | 13,023 | | |
Deferred tax liability | | | | | 19,123 | | | | | | 17,173 | | |
Total non-current liabilities | | | | | 704,382 | | | | | | 675,442 | | |
Total liabilities | | | | | 811,899 | | | | | | 771,986 | | |
Commitments and Contingencies | ��� | | | | | | | | | | | | |
(Deficit) Equity | | | | | | | | | | | | | |
Members’ (deficit) equity | | | | | (27,446) | | | | | | (119,971) | | |
Accumulated other comprehensive income | | | | | 1,408 | | | | | | — | | |
Total members’ (deficit) equity | | | | | (26,038) | | | | | | (119,971) | | |
Noncontrolling interest | | | | | (7,314) | | | | | | (11,345) | | |
Total (deficit) equity | | | | | (33,352) | | | | | | (131,316) | | |
Total liabilities and (deficit) equity | | | | $ | 778,547 | | | | | $ | 640,670 | | |
| | December 29, 2019 | | December 30, 2018 | | December 31, 2017 | | | December 29, 2019 | | December 30, 2018 | | December 31, 2017 | | ||||||||||||||||||||||||
Net sales | | | $ | 768,228 | | | | $ | 772,035 | | | | $ | 707,035 | | | | | $ | 768,228 | | | | $ | 772,035 | | | | $ | 707,035 | | | ||||||
Cost of goods sold | | | | 514,430 | | | | | 505,330 | | | | | 445,548 | | | | | | 514,430 | | | | | 505,330 | | | | | 445,548 | | | ||||||
Gross profit | | | | 253,798 | | | | | 266,705 | | | | | 261,487 | | | | | | 253,798 | | | | | 266,705 | | | | | 261,487 | | | ||||||
Selling and administrative expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Selling | | | | 163,589 | | | | | 183,374 | | | | | 180,956 | | | | | | 163,589 | | | | | 183,374 | | | | | 180,956 | | | ||||||
Administrative | | | | 64,723 | | | | | 68,018 | | | | | 69,982 | | | | | | 64,723 | | | | | 68,018 | | | | | 69,982 | | | ||||||
Total selling and administrative expenses | | | | 228,312 | | | | | 251,392 | | | | | 250,938 | | | | | | 228,312 | | | | | 251,392 | | | | | 250,938 | | | ||||||
Gain (loss) on sale of assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Gain (loss) on disposal of property, plant and equipment | | | | 6,028 | | | | | (2,312) | | | | | (11,813) | | | | | | 6,028 | | | | | (2,312) | | | | | (11,813) | | | ||||||
Gain on sale of routes, net | | | | 7,232 | | | | | 6,382 | | | | | 11,364 | | | | | | 7,232 | | | | | 6,382 | | | | | 11,364 | | | ||||||
Total gain (loss) on sale of assets | | | | 13,260 | | | | | 4,070 | | | | | (449) | | | | | | 13,260 | | | | | 4,070 | | | | | (449) | | | ||||||
Income from operations | | | | 38,746 | | | | | 19,383 | | | | | 10,100 | | | | | | 38,746 | | | | | 19,383 | | | | | 10,100 | | | ||||||
Other (expense) income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Interest expense | | | | (48,388) | | | | | (45,715) | | | | | (11,067) | | | | | | (48,388) | | | | | (45,715) | | | | | (11,067) | | | ||||||
Other (expense) income | | | | (576) | | | | | 607 | | | | | 1,921 | | | | | | (576) | | | | | 607 | | | | | 1,921 | | | ||||||
Other (expense) income, net | | | | (48,964) | | | | | (45,108) | | | | | (9,146) | | | | | | (48,964) | | | | | (45,108) | | | | | (9,146) | | | ||||||
(Loss) income before taxes | | | | (10,218) | | | | | (25,725) | | | | | 954 | | | | | | (10,218) | | | | | (25,725) | | | | | 954 | | | ||||||
Income tax expense (benefit) | | | | 3,146 | | | | | 1,919 | | | | | (16,146) | | | | | | 3,146 | | | | | 1,919 | | | | | (16,146) | | | ||||||
Net (loss) income | | | | (13,364) | | | | | (27,644) | | | | | 17,100 | | | | | | (13,364) | | | | | (27,644) | | | | | 17,100 | | | ||||||
Net (loss) income attributable to noncontrolling interest | | | | (2,808) | | | | | (2,856) | | | | | (3,497) | | | ||||||||||||||||||||||
Net income attributable to noncontrolling interest | | | | (2,808) | | | | | (2,856) | | | | | (3,497) | | | ||||||||||||||||||||||
Net (loss) income attributable to controlling interest | | | $ | (16,172) | | | | $ | (30,500) | | | | $ | 13,603 | | | | | $ | (16,172) | | | | $ | (30,500) | | | | $ | 13,603 | | | ||||||
Other comprehensive income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Interest rate swap | | | | 1,408 | | | | | — | | | | | — | | | | | | 1,408 | | | | | — | | | | | — | | | ||||||
Comprehensive (loss) income | | | $ | (14,764) | | | | $ | (30,500) | | | | $ | 13,603 | | | | | $ | (14,764) | | | | $ | (30,500) | | | | $ | 13,603 | | |
| | | Members’ Equity (Deficit) | | | Other Comprehensive Income | | | Noncontrolling Interest | | | Total Equity (Deficit) | | ||||||||||||
Balance at January 1, 2017 | | | | $ | 213,035 | | | | | $ | — | | | | | $ | 6,912 | | | | | $ | 219,947 | | |
Net income | | | | | 13,603 | | | | | | — | | | | | | 3,497 | | | | | | 17,100 | | |
Repurchase of member units | | | | | — | | | | | | — | | | | | | (20,570) | | | | | | (20,570) | | |
Distributions to members and noncontrolling interest | | | | | (305,948) | | | | | | — | | | | | | (2,090) | | | | | | (308,038) | | |
Balance at December 31, 2017 | | | | $ | (79,310) | | | | | $ | — | | | | | $ | (12,251) | | | | | $ | (91,561) | | |
Net (loss) income | | | | $ | (30,500) | | | | | $ | — | | | | | $ | 2,856 | | | | | $ | (27,644) | | |
Distributions to members and noncontrolling interest | | | | | (10,161) | | | | | | — | | | | | | (1,950) | | | | | | (12,111) | | |
Balance at December 30, 2018 | | | | $ | (119,971) | | | | | $ | — | | | | | $ | (11,345) | | | | | $ | (131,316) | | |
Net (loss) income | | | | $ | (16,172) | | | | | $ | — | | | | | $ | 2,808 | | | | | $ | (13,364) | | |
Other comprehensive income | | | | | — | | | | | | 1,408 | | | | | | — | | | | | | 1,408 | | |
Contributions from members and noncontrolling interest | | | | | 120,158 | | | | | | — | | | | | | 3,750 | | | | | | 123,908 | | |
Distributions to members and noncontrolling interest | | | | | (11,461) | | | | | | — | | | | | | (2,527) | | | | | | (13,988) | | |
Balance at December 29, 2019 | | | | $ | (27,446) | | | | | $ | 1,408 | | | | | $ | (7,314) | | | | | $ | (33,352) | | |
| | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | |
Net (loss) income | | | | $ | (13,364) | | | | | $ | (27,644) | | | | | $ | 17,100 | | |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | | | | | | | | | | | | | | | | | | | |
Impairment and other charges | | | | | 3,880 | | | | | | 2,900 | | | | | | — | | |
Depreciation and amortization | | | | | 29,290 | | | | | | 30,358 | | | | | | 29,047 | | |
(Gain) loss on disposal and write-downs of property and equipment | | | | | (6,028) | | | | | | 2,312 | | | | | | 11,603 | | |
Gain on sale of routes | | | | | (7,232) | | | | | | (6,382) | | | | | | (11,364) | | |
Loss on debt extinguishment | | | | | 4,336 | | | | | | — | | | | | | — | | |
Deferred taxes | | | | | 1,949 | | | | | | 900 | | | | | | (16,533) | | |
Deferred financing costs | | | | | 955 | | | | | | 2,355 | | | | | | 1,950 | | |
Changes in assets and liabilities: | | | | | | | | | | | | | | | | | | | |
Accounts receivable, net | | | | | 11,542 | | | | | | (76) | | | | | | 2,857 | | |
Inventories, net | | | | | 3,476 | | | | | | 2,926 | | | | | | 3,718 | | |
Prepaid expenses and other assets | | | | | (1,993) | | | | | | 583 | | | | | | (195) | | |
Accounts payable and accrued expenses and other | | | | | 1,181 | | | | | | 7,515 | | | | | | 11,593 | | |
Net cash provided by operating activities | | | | | 27,992 | | | | | | 15,747 | | | | | | 49,776 | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | | | | |
Acquisitions, net of cash acquired | | | | | (137,845) | | | | | | — | | | | | | (157,819) | | |
Purchases of property and equipment | | | | | (19,996) | | | | | | (13,038) | | | | | | (21,629) | | |
Proceeds on sale of property and equipment | | | | | 12,059 | | | | | | 4,740 | | | | | | 10,009 | | |
Proceeds from sale of routes | | | | | 3,008 | | | | | | 4,326 | | | | | | — | | |
Proceeds on the sale of IO notes | | | | | 33,204 | | | | | | — | | | | | | — | | |
Notes receivable, net | | | | | (6,312) | | | | | | 1,803 | | | | | | (1,709) | | |
Net cash used in investing activities | | | | | (115,882) | | | | | | (2,169) | | | | | | (171,148) | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | |
Borrowings on term debt and notes payable | | | | | 121,250 | | | | | | 1,356 | | | | | | 794,930 | | |
Repayments on term debt and notes payable | | | | | (135,141) | | | | | | (5,611) | | | | | | (337,318) | | |
Contribution from members and noncontrolling interest | | | | | 123,908 | | | | | | — | | | | | | — | | |
Repurchase of member units | | | | | — | | | | | | — | | | | | | (20,570) | | |
Distributions to members | | | | | (11,461) | | | | | | (10,161) | | | | | | (305,948) | | |
Distribution to noncontrolling interest | | | | | (2,527) | | | | | | (1,950) | | | | | | (2,090) | | |
Net cash provided by (used in) financing activities | | | | | 96,029 | | | | | | (16,366) | | | | | | 129,004 | | |
Net increase (decrease) in cash and cash equivalents | | | | | 8,139 | | | | | | (2,788) | | | | | | 7,632 | | |
Cash and cash equivalents at beginning of fiscal year | | | | | 6,914 | | | | | | 9,702 | | | | | | 2,070 | | |
Cash and cash equivalents at end of fiscal year | | | | $ | 15,053 | | | | | $ | 6,914 | | | | | $ | 9,702 | | |
| Operating Entities | | | Holding Entities | |
| Utz Quality Foods, LLC | | | UM-U Intermediate, LLC | |
| UTZTRAN, LLC | | | UM-R Intermediate, LLC | |
| Golden Flake Snack Foods, Inc. | | | GH Pop Holdings, LLC | |
| Inventure Foods, Inc. and its subsidiaries | | | Rice Investments, L.P. | |
| Kennedy Endeavors, LLC | | | Heron Holding Corporation | |
| Good Health Natural Products, LLC | | | ||
| Condor Snack Foods, LLC | | | | |
| Snikiddy, LLC | | | | |
| SRS Leasing LLC and its subsidiaries | | | | |
(in thousands) | | | | | | | |
Purchase consideration | | | | $ | 138,072 | | |
Assets acquired: | | | | | | | |
Cash and cash equivalents | | | | | 227 | | |
Accounts receivable | | | | | 12,331 | | |
Inventory, net | | | | | 7,443 | | |
Prepaid expenses and other assets | | | | | 129 | | |
Property, plant and equipment, net | | | | | 19,175 | | |
Trademarks | | | | | 20,810 | | |
Customer relationships | | | | | 13,200 | | |
Favorable and unfavorable lease intangibles | | | | | (85) | | |
Total assets acquired: | | | | | 73,230 | | |
Liabilities assumed: | | | | | | | |
Accounts payable | | | | | 4,996 | | |
Accrued expenses and other | | | | | 1,644 | | |
Other non-current liabilities | | | | | 18 | | |
Total liabilities assumed: | | | | | 6,658 | | |
Net identifiable assets acquired | | | | | 66,572 | | |
Goodwill | | | | $ | 71,500 | | |
(in thousands) | | | 2019 (unaudited) | | |||
Pro forma net sales | | | | $ | 109,449 | | |
Pro forma net income | | | | | 7,195 | | |
(in thousands) | | | | | | | |
Purchase consideration | | | | $ | 165,680 | | |
Assets acquired: | | | | | | | |
Cash and cash equivalents | | | | | 7,861 | | |
Accounts receivable | | | | | 8,390 | | |
Inventories, net | | | | | 12,110 | | |
Property, plant and equipment | | | | | 42,250 | | |
Deferred taxes | | | | | 8,362 | | |
Other assets | | | | | 2,212 | | |
Customer relationships | | | | | 40,000 | | |
Trade names | | | | | 20,000 | | |
Total assets acquired: | | | | | 141,185 | | |
Liabilities assumed: | | | | | | | |
Accounts payable | | | | | 16,851 | | |
Debt | | | | | 2,206 | | |
Other liabilities | | | | | 8,385 | | |
Total liabilities assumed: | | | | | 27,442 | | |
Net identifiable assets acquired | | | | | 113,743 | | |
Goodwill | | | | $ | 51,937 | | |
(in thousands) | | | 2019 | | | 2018 | | ||||||
Finished goods | | | | $ | 24,447 | | | | | $ | 24,430 | | |
Raw materials | | | | | 22,122 | | | | | | 21,224 | | |
Maintenance parts | | | | | 4,575 | | | | | | 2,667 | | |
| | | | | 51,144 | | | | | | 48,321 | | |
Less: inventory reserve | | | | | (250) | | | | | | (1,395) | | |
Total inventories | | | | $ | 50,894 | | | | | $ | 46,926 | | |
(in thousands) | | | 2019 | | | 2018 | | ||||||
Land | | | | $ | 14,970 | | | | | $ | 14,820 | | |
Buildings | | | | | 104,736 | | | | | | 101,413 | | |
Machinery and equipment | | | | | 297,666 | | | | | | 266,895 | | |
Land improvements | | | | | 1,174 | | | | | | 969 | | |
Building improvements | | | | | 3,561 | | | | | | 895 | | |
Construction-in-progress | | | | | 7,341 | | | | | | 2,220 | | |
| | | | | 429,448 | | | | | | 387,212 | | |
Less: accumulated depreciation | | | | | (257,731) | | | | | | (237,446) | | |
Property, plant and equipment, net | | | | $ | 171,717 | | | | | $ | 149,766 | | |
(in thousands) | | | | | | | |
Balance as of December 31, 2017 | | | | $ | 127,028 | | |
Inventure acquisition adjustments | | | | | 3,879 | | |
Balance as of December 30, 2018 | | | | | 130,907 | | |
Acquisition of Kennedy | | | | | 71,500 | | |
Balance as of December 29, 2019 | | | | $ | 202,407 | | |
(in thousands) | | | 2019 | | | 2018 | | ||||||
Subject to amortization: | | | | | | | | | | | | | |
Distributor/customer relationships | | | | $ | 107,100 | | | | | $ | 93,900 | | |
Technology | | | | | 1,250 | | | | | | 1,250 | | |
Trademarks | | | | | 22,610 | | | | | | 1,800 | | |
Non-compete agreements | | | | | — | | | | | | 1,050 | | |
Unfavorable lease | | | | | (85) | | | | | | — | | |
Amortizable assets, gross | | | | | 130,875 | | | | | | 98,000 | | |
Accumulated amortization | | | | | (20,425) | | | | | | (15,641) | | |
Amortizable assets, net | | | | | 110,450 | | | | | | 82,359 | | |
Not subject to amortization | | | | | | | | | | | | | |
Trade names | | | | | 66,580 | | | | | | 70,380 | | |
Master distribution rights | | | | | 4,677 | | | | | | 4,756 | | |
IO routes | | | | | 2,307 | | | | | | 656 | | |
Intangible assets, net | | | | $ | 184,014 | | | | | $ | 158,151 | | |
(in thousands) | | | | | | | |
2020 | | | | $ | 7,414 | | |
2021 | | | | | 7,414 | | |
2022 | | | | | 7,414 | | |
2023 | | | | | 7,392 | | |
2024 | | | | | 7,392 | | |
Thereafter | | | | | 73,424 | | |
Total | | | | $ | 110,450 | | |
(in thousands) | | | 2019 | | | 2018 | | ||||||
Accrued compensation and benefits | | | | $ | 14,198 | | | | | $ | 13,813 | | |
Accrued contingencies | | | | | 2,304 | | | | | | 5,450 | | |
Insurance liabilities | | | | | 7,880 | | | | | | 5,914 | | |
Accrued interest | | | | | 4,184 | | | | | | 3,705 | | |
Accrued freight and manufacturing | | | | | 4,930 | | | | | | 4,611 | | |
Accrued sales tax | | | | | 1,300 | | | | | | 1,500 | | |
Other accrued expenses | | | | | 9,410 | | | | | | 7,470 | | |
Total accrued expenses and other | | | | $ | 44,206 | | | | | $ | 42,463 | | |
(in thousands) | | | | | | | |
Repayment of Second Lien Term Loan | | | | $ | 126,250 | | |
Deferred Financing Fees | | | | | 3,086 | | |
Book value of Second Lien Term Loan | | | | | (125,000) | | |
Loss on early extinguishment of debt | | | | $ | 4,336 | | |
(in thousands) | | | 2019 | | | 2018 | | ||||||
Revolving line of credit, expires November 2022 | | | | $ | — | | | | | $ | — | | |
First lien term loan, matures November 2024 | | | | | 525,637 | | | | | | 530,988 | | |
Second lien term loan, matures November 2025 | | | | | — | | | | | | 125,000 | | |
Secured first lien loan, matures October 2024 | | | | | 125,000 | | | | | | — | | |
Equipment term loan, matures April 2021 | | | | | 943 | | | | | | 1,584 | | |
Equipment term loans, matures October 2024 | | | | | 1,120 | | | | | | 1,356 | | |
Term debt and lines of credit | | | | | 652,700 | | | | | | 658,928 | | |
Less: current portion | | | | | (6,299) | | | | | | (6,282) | | |
Long-term portion | | | | | 646,401 | | | | | | 652,646 | | |
Debt issuance costs | | | | | (12,575) | | | | | | (12,536) | | |
Non-current term debt, net of debt issuance costs | | | | $ | 633,826 | | | | | $ | 640,110 | | |
(in thousands) | | | | | | | |
2020 | | | | $ | 6,299 | | |
2021 | | | | | 5,839 | | |
2022 | | | | | 5,598 | | |
2023 | | | | | 5,547 | | |
2024 | | | | | 629,417 | | |
Total | | | | $ | 652,700 | | |
(in thousands) | | | 2019 | | | 2018 | | ||||||
Deferred purchase price | | | | $ | — | | | | | $ | 750 | | |
Note payable – IO notes | | | | | 33,700 | | | | | | 5,690 | | |
Capital lease | | | | | 6,055 | | | | | | 90 | | |
Other | | | | | 29 | | | | | | — | | |
Total notes payable | | | | | 39,784 | | | | | | 6,530 | | |
Less: current portion | | | | | (7,984) | | | | | | (1,394) | | |
Long term portion of notes payable | | | | $ | 31,800 | | | | | $ | 5,136 | | |
(in thousands) | | | | | | | |
2020 | | | | $ | 7,984 | | |
2021 | | | | | 7,596 | | |
2022 | | | | | 7,198 | | |
2023 | | | | | 6,709 | | |
2024 | | | | | 4,802 | | |
Thereafter | | | | | 5,495 | | |
Total | | | | $ | 39,784 | | |
(in thousands) | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 15,053 | | | | | $ | — | | | | | $ | — | | | | | $ | 15,053 | | |
Interest rate swaps | | | | | — | | | | | | 1,486 | | | | | | | | | | | | 1,486 | | |
Total assets | | | | $ | 15,053 | | | | | $ | 1,486 | | | | | $ | — | | | | | $ | 16,539 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Commodity contracts | | | | $ | — | | | | | $ | 494 | | | | | $ | — | | | | | $ | 494 | | |
Debt | | | | | — | | | | | | 640,125 | | | | | | — | | | | | | 640,125 | | |
Total liabilities | | | | $ | — | | | | | $ | 640,619 | | | | | $ | — | | | | | $ | 640,619 | | |
(in thousands) | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 6,914 | | | | | $ | — | | | | | $ | — | | | | | $ | 6,914 | | |
Total assets | | | | $ | 6,914 | | | | | $ | — | | | | | $ | — | | | | | $ | 6,914 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Commodity contracts | | | | $ | — | | | | | $ | 1,377 | | | | | $ | — | | | | | $ | 1,377 | | |
Debt | | | | | — | | | | | | 646,392 | | | | | | | | | | | | 646,392 | | |
Total liabilities | | | | $ | — | | | | | $ | 647,769 | | | | | $ | — | | | | | $ | 647,769 | | |
(in thousands) | | | Gains/(Losses) on Cash Flow Hedges | | |||
Balance as of December 31, 2018 | | | | $ | — | | |
Unrealized gain on cash flow hedges | | | | | 1,408 | | |
Balance as of December 29, 2019 | | | | $ | 1,408 | | |
(in thousands) | | 2019 | | 2018 | | 2017 | | | 2019 | | 2018 | | 2017 | | ||||||||||||||||||||||||
Current: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
U.S. Federal | | | $ | 140 | | | | $ | (142) | | | | $ | 338 | | | | | $ | 140 | | | | $ | (142) | | | | $ | 338 | | | ||||||
State | | | | 1,057 | | | | | 1,161 | | | | | 49 | | | | | | 1,057 | | | | | 1,161 | | | | | 49 | | | ||||||
Total current | | | | 1,197 | | | | | 1,019 | | | | | 387 | | | | | | 1,197 | | | | | 1,019 | | | | | 387 | | | ||||||
Deferred: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
U.S. Federal | | | | 1,650 | | | | | 412 | | | | | (15,544) | | | | | | 1,650 | | | | | 412 | | | | | (15,544) | | | ||||||
State | | | | 299 | | | | | 488 | | | | | (989) | | | | | | 299 | | | | | 488 | | | | | (989) | | | ||||||
Total deferred | | | | 1,949 | | | | | 900 | | | | | (16,533) | | | | | | 1,949 | | | | | 900 | | | | | (16,533) | | | ||||||
Total | | | $ | 3,146 | | | | $ | 1,919 | | | | $ | (16,146) | | | | | $ | 3,146 | | | | $ | 1,919 | | | | $ | (16,146) | | | ||||||
| |
(in thousands, except percentages) | | | 2019 | | | 2018 | | | 2017 | | |||||||||||||||||||||||||||
At Statutory Rate | | | | $ | (2,146) | | | | | | 21.00% | | | | | $ | (5,402) | | | | | | 21.00% | | | | | $ | 324 | | | | | | 34.00% | | |
State Taxes | | | | | 1,755 | | | | | | -17.18% | | | | | | 1,045 | | | | | | -4.06% | | | | | | (620) | | | | | | -64.99% | | |
Impact of Partnerships | | | | | 4,204 | | | | | | -41.14% | | | | | | 5,650 | | | | | | -21.96% | | | | | | (7,903) | | | | | | -828.44% | | |
Impact of the Tax Act | | | | | — | | | | | | —% | | | | | | — | | | | | | —% | | | | | | (7,862) | | | | | | -824.11% | | |
Change in Valuation Allowance | | | | | (683) | | | | | | 6.68% | | | | | | 257 | | | | | | -1.00% | | | | | | — | | | | | | —% | | |
Non-deductible expenses | | | | | 6 | | | | | | -0.06% | | | | | | 11 | | | | | | -0.04% | | | | | | 25 | | | | | | 2.62% | | |
Prior Year True up and other items | | | | | 10 | | | | | | -0.10% | | | | | | 358 | | | | | | -1.39% | | | | | | (110) | | | | | | -11.53% | | |
Total current | | | | $ | 3,146 | | | | | | -30.80% | | | | | $ | 1,919 | | | | | | -7.46% | | | | | $ | (16,146) | | | | | | 1692.45% | | |
(in thousands) | | | 2019 | | | 2018 | | ||||||
Deferred Tax Assets | | | | | | | | | | | | | |
Accounts Receivable, principally due to allowance for doubtful accounts | | | | $ | — | | | | | $ | 3 | | |
Accruals for financial reporting purposes | | | | | 171 | | | | | | 681 | | |
Postretirement benefits and compensated absences | | | | | 548 | | | | | | 551 | | |
Inventories, including uniform capitalization | | | | | 19 | | | | | | 372 | | |
Net Operating loss carryforwards | | | | | 18,915 | | | | | | 23,816 | | |
Credit Carryforwards | | | | | 105 | | | | | | 105 | | |
Charitable Contribution CF | | | | | 101 | | | | | | 112 | | |
Other Deferred Tax Assets | | | | | — | | | | | | 47 | | |
Total deferred tax assets | | | | | 19,859 | | | | | | 25,687 | | |
Less Valuation Allowance | | | | | (1,563) | | | | | | (2,247) | | |
Net deferred tax assets | | | | $ | 18,296 | | | | | $ | 23,440 | | |
Deferred Tax Liabilities | | | | | | | | | | | | | |
Plant and equipment, due to differences in depreciation | | | | $ | (11,117) | | | | | $ | (11,516) | | |
Amortization | | | | | (26,301) | | | | | | (29,096) | | |
Other | | | | | (1) | | | | | | (1) | | |
Total deferred tax liabilities | | | | $ | (37,419) | | | | | $ | (40,613) | | |
Net deferred tax liability | | | | $ | (19,123) | | | | | $ | (17,173) | | |
(in thousands) | | | | | | | |
2020 | | | | $ | 8,194 | | |
2021 | | | | | 6,732 | | |
2022 | | | | | 5,428 | | |
2023 | | | | | 4,419 | | |
2024 | | | | | 3,543 | | |
Thereafter | | | | | 5,039 | | |
Total | | | | $ | 33,355 | | |
(in thousands) | | | | | | | |
Balance as of December 31, 2017 | | | | $ | 1,993 | | |
Benefits accrued | | | | | 51 | | |
Balance as of December 30, 2018 | | | | | 2,044 | | |
Benefits accrued | | | | | 52 | | |
Balance as of December 29, 2019 | | | | $ | 2,096 | | |
| | | 2019 | | | 2018 | | | 2017 | | |||||||||
Net sales concentrations: | | | | | | | | | | | | | | | | | | | |
Customer A | | | | | 9% | | | | | | 9% | | | | | | 9% | | |
Customer B | | | | | 5 | | | | | | 6 | | | | | | 6 | | |
Customer C | | | | | 5 | | | | | | 5 | | | | | | 5 | | |
Total net sales concentrations | | | | | 19% | | | | | | 20% | | | | | | 20% | | |
| | | 2019 | | | 2018 | | ||||||
Accounts receivable concentrations: | | | | | | | | | | | | | |
Customer A | | | | | 14% | | | | | | 14% | | |
Customer B | | | | | 5 | | | | | | 4 | | |
Customer C | | | | | 2 | | | | | | 4 | | |
Total accounts receivable concentrations | | | | | 21% | | | | | | 22% | | |
| | | March 29, 2020 | | | December 29, 2019 | | ||||||
| | | (Unaudited) | | | | | | | | |||
ASSETS | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 5,631 | | | | | $ | 15,053 | | |
Accounts receivable, less allowance of $1,624 and $1,353, respectively | | | | | 122,927 | | | | | | 106,816 | | |
Inventories, net | | | | | 48,508 | | | | | | 50,894 | | |
Prepaid expenses and other assets | | | | | 4,499 | | | | | | 4,563 | | |
Current portion of notes receivable | | | | | 6,705 | | | | | | 6,754 | | |
Total current assets | | | | | 188,270 | | | | | | 184,080 | | |
Non-current Assets | | | | | | | | | | | | | |
Property, plant and equipment, net | | | | | 168,735 | | | | | | 171,717 | | |
Goodwill | | | | | 206,532 | | | | | | 202,407 | | |
Intangible assets, net | | | | | 187,135 | | | | | | 184,014 | | |
Non-current portion of notes receivable | | | | | 26,948 | | | | | | 28,636 | | |
Other assets | | | | | 7,285 | | | | | | 7,693 | | |
Total non-current assets | | | | | 596,635 | | | | | | 594,467 | | |
Total assets | | | | $ | 784,905 | | | | | $ | 778,547 | | |
LIABILITIES AND (DEFICIT) EQUITY | | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | |
Current portion of term debt | | | | $ | 6,252 | | | | | $ | 6,299 | | |
Current portion of other notes payable | | | | | 8,615 | | | | | | 7,984 | | |
Accounts payable | | | | | 49,127 | | | | | | 49,028 | | |
Accrued expenses and other | | | | | 44,317 | | | | | | 44,206 | | |
Total current liabilities | | | | | 108,311 | | | | | | 107,517 | | |
Non-current portion of term debt | | | | | 642,889 | | | | | | 633,826 | | |
Non-current portion of other notes payable | | | | | 30,961 | | | | | | 31,800 | | |
Non-current accrued expenses and other | | | | | 24,171 | | | | | | 19,633 | | |
Deferred tax liability | | | | | 20,098 | | | | | | 19,123 | | |
Total non-current liabilities | | | | | 718,119 | | | | | | 704,382 | | |
Total liabilities | | | | | 826,430 | | | | | | 811,899 | | |
Commitments and Contingencies | | | | | | | | | | | | | |
(Deficit) Equity | | | | | | | | | | | | | |
Members’ (deficit) equity | | | | | (35,725) | | | | | | (27,446) | | |
Accumulated other comprehensive (loss) income | | | | | (5,800) | | | | | | 1,408 | | |
Total members’ (deficit) equity | | | | | (41,525) | | | | | | (26,038) | | |
Noncontrolling interest | | | | | — | | | | | | (7,314) | | |
Total (deficit) equity | | | | | (41,525) | | | | | | (33,352) | | |
Total liabilities and (deficit) equity | | | | $ | 784,905 | | | | | $ | 778,547 | | |
| | | March 29, 2020 | | | March 31, 2019 | | ||||||
Net sales | | | | $ | 228,029 | | | | | $ | 178,412 | | |
Cost of goods sold | | | | | 148,015 | | | | | | 121,880 | | |
Gross profit | | | | | 80,014 | | | | | | 56,532 | | |
Selling and administrative expenses | | | | | | | | | | | | | |
Selling | | | | | 48,333 | | | | | | 37,136 | | |
Administrative | | | | | 19,940 | | | | | | 13,394 | | |
Total selling and administrative expenses | | | | | 68,273 | | | | | | 50,530 | | |
Gain on sale of assets | | | | | | | | | | | | | |
Gain on disposal of property, plant and equipment | | | | | 68 | | | | | | 729 | | |
Gain on sale of routes, net | | | | | 404 | | | | | | 2,442 | | |
Total gain on sale of assets | | | | | 472 | | | | | | 3,171 | | |
Income from operations | | | | | 12,213 | | | | | | 9,173 | | |
Other (expense) income | | | | | | | | | | | | | |
Interest expense | | | | | (9,643) | | | | | | (12,545) | | |
Other income | | | | | 580 | | | | | | 1,134 | | |
Other expense, net | | | | | (9,063) | | | | | | (11,411) | | |
Income (loss) before taxes | | | | | 3,150 | | | | | | (2,238) | | |
Income tax expense | | | | | 1,458 | | | | | | 377 | | |
Net income (loss) | | | | | 1,692 | | | | | | (2,615) | | |
Net income attributable to noncontrolling interest | | | | | — | | | | | | (705) | | |
Net income (loss) attributable to controlling interest | | | | $ | 1,692 | | | | | $ | (3,320) | | |
Other comprehensive loss: | | | | | | | | | | | | | |
Interest rate swap | | | | | (7,208) | | | | | | — | | |
Comprehensive loss | | | | $ | (5,516) | | | | | $ | (3,320) | | |
| | | Members’ (Deficit) Equity | | | Accumulated Other Comprehensive (Loss) Income | | | Noncontrolling Interest | | | Total (Deficit) Equity | | ||||||||||||
Balance at December 30, 2018 | | | | $ | (119,971) | | | | | $ | — | | | | | $ | (11,345) | | | | | $ | (131,316) | | |
Net (loss) income | | | | | (3,320) | | | | | | — | | | | | | 705 | | | | | | (2,615) | | |
Distributions to members and noncontrolling interest | | | | | (1,400) | | | | | | — | | | | | | (517) | | | | | | (1,917) | | |
Balance at March 31, 2019 | | | | $ | (124,691) | | | | | $ | — | | | | | $ | (11,157) | | | | | $ | (135,848) | | |
Balance at December 29, 2019 | | | | $ | (27,446) | | | | | $ | 1,408 | | | | | $ | (7,314) | | | | | $ | (33,352) | | |
Net income | | | | | 1,692 | | | | | | — | | | | | | — | | | | | | 1,692 | | |
Other comprehensive loss | | | | | — | | | | | | (7,208) | | | | | | — | | | | | | (7,208) | | |
Merger of noncontrolling interest | | | | | (7,314) | | | | | | | | | | | | 7,314 | | | | | | — | | |
Distributions to members | | | | | (2,657) | | | | | | — | | | | | | — | | | | | | (2,657) | | |
Balance at March 29, 2020 | | | | $ | (35,725) | | | | | $ | (5,800) | | | | | $ | — | | | | | $ | (41,525) | | |
| | | March 29, 2020 | | | March 31, 2019 | | ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net income (loss) | | | | $ | 1,692 | | | | | $ | (2,615) | | |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | | | | | | | | | | | | | |
Depreciation and amortization | | | | | 8,912 | | | | | | 6,875 | | |
Gain on disposal of property and equipment | | | | | (68) | | | | | | (729) | | |
Gain on sale of routes | | | | | (404) | | | | | | (2,442) | | |
Deferred taxes | | | | | 975 | | | | | | 377 | | |
Deferred financing costs | | | | | 653 | | | | | | 519 | | |
Changes in assets and liabilities: | | | | | | | | | | | | | |
Accounts receivable, net | | | | | (15,374) | | | | | | 982 | | |
Inventories, net | | | | | 2,676 | | | | | | (841) | | |
Prepaid expenses and other assets | | | | | (618) | | | | | | (2,363) | | |
Accounts payable and accrued expenses and other | | | | | (1,217) | | | | | | (16,942) | | |
Net cash used in operating activities | | | | | (2,773) | | | | | | (17,179) | | |
Cash flows from investing activities | | | | | | | | | | | | | |
Acquisitions, net of cash acquired | | | | | (8,789) | | | | | | — | | |
Purchases of property and equipment | | | | | (3,556) | | | | | | (2,633) | | |
Purchases of intangibles | | | | | (650) | | | | | | — | | |
Proceeds on sale of property and equipment | | | | | 152 | | | | | | 1,432 | | |
Proceeds from sale of routes | | | | | 1,159 | | | | | | 2,127 | | |
Proceeds on the sale of IO notes | | | | | — | | | | | | 23,917 | | |
Notes receivable, net | | | | | (2,780) | | | | | | (839) | | |
Net cash (used in) provided by investing activities | | | | | (14,464) | | | | | | 24,004 | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Net borrowings on line of credit | | | | | 10,000 | | | | | | — | | |
Borrowings on term debt and notes payable | | | | | 2,650 | | | | | | — | | |
Repayments on term debt and notes payable | | | | | (2,178) | | | | | | (3,506) | | |
Distributions to members | | | | | (2,657) | | | | | | (1,400) | | |
Distribution to noncontrolling interest | | | | | — | | | | | | (517) | | |
Net cash provided by (used in) financing activities | | | | | 7,815 | | | | | | (5,423) | | |
Net (decrease) increase in cash and cash equivalents | | | | | (9,422) | | | | | | 1,402 | | |
Cash and cash equivalents at beginning of fiscal quarter | | | | | 15,053 | | | | | | 6,914 | | |
Cash and cash equivalents at end of fiscal quarter | | | | $ | 5,631 | | | | | $ | 8,316 | | |
Operating Entities | | | Holding Entities | |
Utz Quality Foods, LLC | | | Utz Brands Holdings, LLC | |
UTZTRAN, LLC | | | GH Pop Holdings, LLC | |
Golden Flake Snack Foods, Inc. | | | Heron Holding Corporation | |
Inventure Foods, Inc. and its subsidiaries | | | | |
Kennedy Endeavors, LLC | | | | |
Good Health Natural Products, LLC | | | | |
Condor Snack Foods, LLC | | | | |
Snikiddy, LLC | | | | |
Kitchen Cooked, Inc. | | | | |
(in thousands) | | | | | | | |
Purchase consideration | | | | $ | 8,919 | | |
Assets acquired: | | | | | | | |
Cash | | | | | 130 | | |
Accounts receivable | | | | | 737 | | |
Inventory, net | | | | | 291 | | |
Prepaid expenses and other assets | | | | | 37 | | |
Income tax prepayments | | | | | 212 | | |
Property, plant and equipment, net | | | | | 672 | | |
Other assets | | | | | 147 | | |
Trademarks | | | | | 1,623 | | |
Customer relationships | | | | | 2,109 | | |
Total assets acquired: | | | | | 5,958 | | |
Liabilities assumed: | | | | | | | |
Accounts payable | | | | | 173 | | |
Accrued expenses | | | | | 2 | | |
Total liabilities assumed: | | | | | 175 | | |
Net identifiable assets acquired | | | | | 5,783 | | |
Goodwill | | | | $ | 3,136 | | |
(in thousands) | | | March 29, 2019 | | |||
| | | (unaudited) | | |||
Pro forma net sales | | | | $ | 1,955 | | |
Pro forma net loss | | | | | 82 | | |
(in thousands) | | | March 29, 2020 | | | December 29, 2019 | | ||||||
Finished goods | | | | $ | 23,803 | | | | | $ | 24,447 | | |
Raw materials | | | | | 20,067 | | | | | | 22,122 | | |
Maintenance parts | | | | | 4,854 | | | | | | 4,575 | | |
| | | | | 48,724 | | | | | | 51,144 | | |
Less: inventory reserve | | | | | (216) | | | | | | (250) | | |
Total inventories | | | | $ | 48,508 | | | | | $ | 50,894 | | |
(in thousands) | | | March 29, 2020 | | | December 29, 2019 | | ||||||
Land | | | | $ | 14,970 | | | | | $ | 14,970 | | |
Buildings | | | | | 104,747 | | | | | | 104,736 | | |
Machinery and equipment | | | | | 301,210 | | | | | | 297,666 | | |
Land improvements | | | | | 1,174 | | | | | | 1,174 | | |
Building improvements | | | | | 4,062 | | | | | | 3,561 | | |
Construction-in-progress | | | | | 7,635 | | | | | | 7,341 | | |
| | | | | 433,798 | | | | | | 429,448 | | |
Less: accumulated depreciation | | | | | (265,063) | | | | | | (257,731) | | |
Property, plant and equipment, net | | | | $ | 168,735 | | | | | $ | 171,717 | | |
(in thousands) | | | | | | | |
Balance as of December 29, 2019 | | | | $ | 202,407 | | |
Acquisition of Kitchen Cooked | | | | | 3,136 | | |
Kennedy acquisition adjustment | | | | | 989 | | |
Balance as of March 29, 2020 | | | | $ | 206,532 | | |
(in thousands) | | | March 29, 2020 | | | December 29, 2019 | | ||||||
Subject to amortization: | | | | | | | | | | | | | |
Distributor/customer relationships | | | | $ | 109,209 | | | | | $ | 107,100 | | |
Technology | | | | | 1,250 | | | | | | 1,250 | | |
Trademarks | | | | | 24,233 | | | | | | 22,610 | | |
Unfavorable lease | | | | | (85) | | | | | | (85) | | |
Amortizable assets, gross | | | | | 134,607 | | | | | | 130,875 | | |
Accumulated amortization | | | | | (22,341) | | | | | | (20,425) | | |
Amortizable assets, net | | | | | 112,266 | | | | | | 110,450 | | |
Not subject to amortization | | | | | | | | | | | | | |
Trade names | | | | | 67,230 | | | | | | 66,580 | | |
Master distribution rights | | | | | 4,677 | | | | | | 4,677 | | |
IO routes | | | | | 2,962 | | | | | | 2,307 | | |
Intangible assets, net | | | | $ | 187,135 | | | | | $ | 184,014 | | |
(in thousands) | | | March 29, 2020 | | | December 29, 2019 | | ||||||
Accrued compensation and benefits | | | | $ | 10,391 | | | | | $ | 14,198 | | |
Accrued contingencies | | | | | 1,797 | | | | | | 2,304 | | |
Insurance liabilities | | | | | 7,334 | | | | | | 7,880 | | |
Accrued interest | | | | | 3,591 | | | | | | 4,184 | | |
Accrued freight and manufacturing | | | | | 5,320 | | | | | | 4,930 | | |
Accrued sales tax | | | | | 1,300 | | | | | | 1,300 | | |
Short term hedge liability | | | | | 2,385 | | | | | | — | | |
Other accrued expenses | | | | | 12,199 | | | | | | 9,410 | | |
Total accrued expenses and other | | | | $ | 44,317 | | | | | $ | 44,206 | | |
(in thousands) | | | March 29, 2020 | | | December 29, 2019 | | ||||||
Deferred purchase price | | | | $ | 2,530 | | | | | $ | — | | |
Note payable – IO notes | | | | | 30,569 | | | | | | 33,700 | | |
Capital lease | | | | | 6,457 | | | | | | 6,055 | | |
Other | | | | | 20 | | | | | | 29 | | |
Total notes payable | | | | | 39,576 | | | | | | 39,784 | | |
Less: current portion | | | | | (8,615) | | | | | | (7,984) | | |
Long term portion of notes payable | | | | $ | 30,961 | | | | | $ | 31,800 | | |
(in thousands) | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 5,631 | | | | | $ | — | | | | | $ | — | | | | | $ | 5,631 | | |
Total assets | | | | $ | 5,631 | | | | | $ | — | | | | | $ | — | | | | | $ | 5,631 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Commodity contracts | | | | $ | — | | | | | $ | 813 | | | | | $ | — | | | | | $ | 813 | | |
Interest rate swaps | | | | | — | | | | | | 7,187 | | | | | | | | | | | | 7,187 | | |
Debt | | | | | — | | | | | | 649,141 | | | | | | — | | | | | | 649,141 | | |
Total liabilities | | | | $ | — | | | | | $ | 657,141 | | | | | $ | — | | | | | $ | 657,141 | | |
(in thousands) | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 15,053 | | | | | $ | — | | | | | $ | — | | | | | $ | 15,053 | | |
Interest rate swaps | | | | | — | | | | | | 1,486 | | | | | | — | | | | | | 1,486 | | |
Total assets | | | | $ | 15,053 | | | | | $ | 1,486 | | | | | $ | — | | | | | $ | 16,539 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Commodity contracts | | | | $ | — | | | | | $ | 494 | | | | | $ | — | | | | | $ | 494 | | |
Debt | | | | | — | | | | | | 640,125 | | | | | | — | | | | | | 640,125 | | |
Total liabilities | | | | $ | — | | | | | $ | 640,619 | | | | | $ | — | | | | | $ | 640,619 | | |
(in thousands) | | | Gains/(Losses) on Cash Flow Hedges | | |||
Balance as of December 29, 2019 | | | | $ | 1,408 | | |
Unrealized loss on cash flow hedges | | | | | (7,208) | | |
Balance as of March 29, 2020 | | | | $ | (5,800) | | |
| | | March 29, 2020 | | | March 31, 2019 | | ||||||||||||||||||||||||||||||
(in thousands) | | | Pretax Income (Loss) | | | Tax Expense | | | Effective Tax Rate | | | Pretax Income (Loss) | | | Tax Expense | | | Effective Tax Rate | | ||||||||||||||||||
Corporate entities | | | | $ | 5,364 | | | | | $ | 1,458 | | | | | | 27.18% | | | | | $ | 1,443 | | | | | $ | 377 | | | | | | 26.13% | | |
Nontaxable partnerships | | | | | (2,214) | | | | | | — | | | | | | 0.00% | | | | | | (3,681) | | | | | | — | | | | | | 0.00% | | |
Total | | | | $ | 3,150 | | | | | $ | 1,458 | | | | | | 46.29% | | | | | $ | (2,238) | | | | | $ | 377 | | | | | | (16.85)% | | |
| | | March 29, 2020 | | | March 31, 2019 | | ||||||||||||||||||||||||||||||
(in thousands) | | | Pretax Income (Loss) | | | Tax Expense | | | Effective Tax Rate | | | Pretax Income (Loss) | | | Tax Expense | | | Effective Tax Rate | | ||||||||||||||||||
Corporate entities | | | | $ | 5,364 | | | | | $ | 1,458 | | | | | | 27.18% | | | | | $ | 1,443 | | | | | $ | 377 | | | | | | 26.13% | | |
Nontaxable partnerships | | | | | (2,214) | | | | | | — | | | | | | 0.00% | | | | | | (3,681) | | | | | | — | | | | | | 0.00% | | |
Total | | | | $ | 3,150 | | | | | $ | 1,458 | | | | | | 46.29% | | | | | $ | (2,238) | | | | | $ | 377 | | | | | | (16.85)% | | |
(in thousands) | | | | | | | |
Balance as of December 29, 2019 | | | | $ | 2,096 | | |
Benefits accrued | | | | | 14 | | |
Balance as of March 29, 2020 | | | | $ | 2,110 | | |
Contractual Obligations | | | Total | | | Less than 1 year | | | 1 – 3 Years | | | 4 – 5 Years | | ||||||||||||
Term Loan | | | | $ | 652,700 | | | | | $ | 6,299 | | | | | $ | 16,984 | | | | | $ | 629,417 | | |
Capital lease obligations | | | | | 6,055 | | | | | | 1,518 | | | | | | 3,437 | | | | | | 1,100 | | |
Operating leases | | | | | 33,355 | | | | | | 8,195 | | | | | | 16,578 | | | | | | 8,582 | | |
Other long-term obligations, including current portion | | | | | 33,729 | | | | | | 6,466 | | | | | | 18,067 | | | | | | 9,196 | | |
Purchase commitments | | | | | 35,000 | | | | | | 35,000 | | | | | | — | | | | | | — | | |
Total Contractual Obligations | | | | $ | 760,839 | | | | | $ | 57,478 | | | | | $ | 55,066 | | | | | $ | 648,295 | | |
| ASSETS ACQUIRED: | | | | | | | |
| Current assets | | | | | | | |
| Cash | | | | $ | 183 | | |
| Accounts receivable, net | | | | | 14,578 | | |
| Inventory, net | | | | | 6,844 | | |
| Prepaid expenses and other current assets | | | | | 466 | | |
| Total current assets | | | | | 22,071 | | |
| Property, plant and equipment, net | | | | | 13,701 | | |
| Intangible assets, net | | | | | 30,935 | | |
| Other non-current assets | | | | | 76 | | |
| Total Assets Acquired | | | | $ | 66,783 | | |
| LIABILITIES ASSUMED: | | | | | | | |
| Current liabilities | | | | | | | |
| Accounts payable | | | | $ | 4,293 | | |
| Other accrued expenses | | | | | 2,178 | | |
| Total current liabilities | | | | | 6,471 | | |
| Other non-current liabilities | | | | | 14 | | |
| Total Liabilities Assumed | | | | $ | 6,485 | | |
| Commitments and contingencies (Note 6) | | | | | | | |
| Net Assets Acquired | | | | $ | 60,298 | | |
| Revenues : | | | | | | | |
| Net Sales | | | | $ | 104,855 | | |
| Total net revenues | | | | | 104,855 | | |
| Direct expenses: | | | | | | | |
| Cost of goods sold | | | | | 70,110 | | |
| Selling and marketing expenses | | | | | 15,990 | | |
| General and administrative expenses | | | �� | | 8,704 | | |
| Total direct expenses | | | | | 94,804 | | |
| Revenues less direct expenses | | | | $ | 10,051 | | |
| | | May 26, 2019 | | |||
Materials and supplies | | | | $ | 2,329 | | |
Finished goods | | | | | 3,498 | | |
Maintenance, repair and operations | | | | | 1,017 | | |
Total inventory | | | | $ | 6,844 | | |
| | | May 26, 2019 | | |||
Land | | | | $ | 650 | | |
Land improvements | | | | | 347 | | |
Building | | | | | 6,514 | | |
Machinery and equipment | | | | | 27,743 | | |
Furniture, fixtures, office equipment and other | | | | | 95 | | |
| | | | $ | 35,349 | | |
Less: Accumulated depreciation | | | | | (21,648) | | |
Total property plan, and equipment, net | | | | $ | 13,701 | | |
| | | May 26, 2019 | | |||
Cost of goods sold | | | | $ | 1,988 | | |
General and administrative expenses | | | | $ | 38 | | |
Selling and marketing expenses | | | | $ | 35 | | |
| | | May 26, 2019 | | |||
Trademarks, tradenames and other intangibles | | | | $ | 28,552 | | |
Customer relationships | | | | | 4,442 | | |
| | | | $ | 32,994 | | |
Less: Accumulated amortization | | | | | (2,059) | | |
Total intangible assets, net | | | | $ | 30,935 | | |
Name and Principal Position | | | Fiscal Year | | | Salary ($) | | | Stock Awards ($)(1) | | | Bonus ($)(2) | | | All Other Compensation ($)(3) | | | Total ($) | | ||||||||||||||||||
Dylan B. Lissette, President & Chief Executive Officer | | | | | 2019 | | | | | $ | 1,512,469(4) | | | | | $ | ― | | | | | $ | 625,030 | | | | | $ | 98,844 | | | | | $ | 2,236,343 | | |
Cary Devore, Executive Vice President, Chief Financial Officer | | | | | 2019 | | | | | $ | 387,366 | | | | | $ | 843,955 | | | | | $ | 481,610 | | | | | $ | 33,673 | | | | | $ | 1,746,604 | | |
Ajay Kataria, Executive Vice President, Finance & Accounting | | | | | 2019 | | | | | $ | 310,217 | | | | | $ | 482,260 | | | | | $ | 100,185 | | | | | $ | 18,670 | | | | | $ | 911,332 | | |
| | | May 26, 2019 | | |||
Cost of goods sold | | | | $ | 520 | | |
General and administrative expenses | | | | $ | 124 | | |
Selling and marketing expenses | | | | $ | 1,838 | | |
Name | | | Contributions under Profit Sharing/401(k) Plan ($)(a) | | | Utz Contributions under Excess Benefit to Nonqualified Deferred Compensation Plan ($) | | | Other ($) | | | Total ($) | | ||||||||||||
Dylan B. Lissette | | | | $ | 12,339 | | | | | $ | 80,231 | | | | | $ | 6,274(b) | | | | | $ | 98,844 | | |
Cary Devore | | | | $ | 11,200 | | | | | $ | 22,473 | | | | | $ | ― | | | | | $ | 33,673 | | |
Ajay Kataria | | | | $ | 13,512 | | | | | $ | 5,158 | | | | | $ | ― | | | | | $ | 18,670 | | |
Name | | | Number of Phantom Units | | |||
Dylan B. Lissette | | | | | 37.5 | | |
Cary Devore | | | | | 37.5 | | |
Ajay Kataria | | | | | 25.0 | | |
| Assumptions: | | | | |
| Time to liquidity event | | | 2 years | |
| Volatility | | | 35.00% | |
| Risk-free rate | | | 1.60% | |
| Dividend yield | | | 0.00% | |
| Lack of marketability discount | | | 10.00% | |
| | | Stock Awards | | |||||||||
Name | | | Number of shares of stock or units that have not vested (#)(1) | | | Market value of shares of stock or units that have not vested ($)(2) | | ||||||
Dylan B. Lissette | | | | | 37.5 | | | | | $ | 1,808,475 | | |
Cary Devore | | | | | 37.5 | | | | | $ | 1,808,475 | | |
Ajay Kataria | | | | | 25.0 | | | | | $ | 1,205,650 | | |
Director Name | | | Fees earned or paid in cash ($) | | | All other Compensation ($) | | | Total ($) | | |||||||||
Michael W. Rice | | | | $ | 205,050(1) | | | | | $ | 32,255(2) | | | | | $ | 237,305 | | |
Timothy P. Brown | | | | $ | 4,800(3) | | | | | $ | ― | | | | | $ | 4,800 | | |
Name | | | Age | | | Position(s) | |
Dylan B. Lissette | | | 48 | | | Chief Executive Officer | |
Cary Devore | | | 48 | | | Executive Vice President, Chief Financial Officer | |
Todd M. Staub | | | 54 | | | Executive Vice President & Chief Administrative Officer | |
Thomas (Tucker) Lawrence | | | 52 | | | Executive Vice President & Chief Supply Chain Officer | |
Mark Schreiber | | | 56 | | | Executive Vice President & Chief Customer Officer, Sales and Marketing | |
Ajay Kataria | | | 43 | | | Executive Vice President, Finance & Accounting | |
Eric Aumen | | | 43 | | | Vice President and Chief Accounting Officer | |
James Sponaugle | | | 44 | | | Senior Vice President Human Resources and Personnel Development | |
Name | | | Age | | | Position(s) | |
Roger K. Deromedi | | | 66 | | | Chairman; Director | |
Dylan B. Lissette | | | 48 | | | Chief Executive Officer; Director | |
Michael W. Rice | | | 77 | | | Director; Chairman Emeritus; Special Advisor | |
Craig D. Steeneck | | | 62 | | | Director; Chair, Audit Committee | |
John W. Altmeyer | | | 61 | | | Director; Chair, Nominating and Corporate Governance Committee | |
Timothy P. Brown | | | 57 | | | Director | |
Christina Choi | | | 42 | | | Director | |
Antonio F. Fernandez | | | 60 | | | Director | |
Jason K. Giordano | | | 41 | | | Director; Chair, Compensation Committee | |
B. John Lindeman | | | 50 | | | Director | |
| 2020 | | | | $ | 1,635 | | |
| 2021 | | | | | 1,460 | | |
| 2022 | | | | | 1,462 | | |
| 2023 | | | | | 1,301 | | |
| 2024 | | | | | 945 | | |
| Thereafter | | | | | 2,179 | | |
| Total minimum lease payments | | | | $ | 8,982 | | |
| | | Page No. | | |||
Audited Financial Statements of Collier Creek Holdings: | | ||||||
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
| | | | F-8 | | | |
Unaudited Condensed Financial Statements of Collier Creek Holdings: | | ||||||
| | | | F-19 | | | |
| | | | F-20 | | | |
| | | | F-21 | | | |
| | | | F-22 | | | |
| | | | F-23 | | | |
Audited Financial Statements of UM-U Intermediate, LLC and Subsidiaries and Affiliates | | ||||||
| | | | F-35 | | | |
| | | | F-36 | | | |
| | | | F-37 | | | |
| | | | F-38 | | | |
| | | | F-39 | | | |
| | | | F-40 | | | |
Unaudited Financial Statements of Utz Brands Holdings, LLC and Subsidiaries (formerly UM-U Intermediate, LLC) | | ||||||
| | | | F-64 | | | |
| | | | F-65 | | | |
| | | | F-66 | | | |
| | | | F-67 | | | |
| | | | F-68 | | |
| | | Page No. | | |||
Audited Combined Abbreviated Financial Statements of Kennedy Endeavors, Inc. | | ||||||
| | | | F-85 | | | |
| | | | F-86 | | | |
| | | | | | ||
| | | | F-88 | | | |
Interim Combined Abbreviated Financial Statements of Kennedy Endeavors, Inc. | | ||||||
| | | | F-94 | | | |
| | | | F-95 | | | |
| | | | F-96 | | |
| | | December 31, | | |||||||||
| | | 2019 | | | 2018 | | ||||||
Assets: | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash | | | | $ | 585,253 | | | | | $ | 944,890 | | |
Prepaid expenses | | | | | 136,313 | | | | | | 321,529 | | |
Total current assets | | | | | 721,566 | | | | | | 1,266,419 | | |
Cash and marketable securities held in Trust Account | | | | | 451,020,841 | | | | | | 442,048,296 | | |
Total Assets | | | | $ | 451,742,407 | | | | | $ | 443,314,715 | | |
Liabilities and Shareholders’ Equity: | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable | | | | $ | 11,654 | | | | | $ | 115,112 | | |
Accrued expenses | | | | | 444,337 | | | | | | 7,500 | | |
Accrued expenses – related parties | | | | | 146,774 | | | | | | 26,774 | | |
Total current liabilities | | | | | 602,765 | | | | | | 149,386 | | |
Deferred underwriting commissions and legal fees | | | | | 15,450,000 | | | | | | 15,450,000 | | |
Total Liabilities | | | | | 16,052,765 | | | | | | 15,599,386 | | |
Commitments | | | | | | | | | | | | | |
Class A ordinary shares, $0.0001 par value; 42,018,501 and 42,061,226 shares subject to possible redemption at $10.25 and $10.05 per share at December 31, 2019 and 2018, respectively | | | | | 430,689,635 | | | | | | 422,715,321 | | |
Shareholders’ Equity: | | | | | | | | | | | | | |
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | | | | | — | | | | | | — | | |
Class A ordinary shares, $0.0001 par value; 400,000,000 shares authorized; 1,981,499 and 1,938,774 shares issued and outstanding (excluding 42,018,501 and 42,061,226 shares subject to possible redemption) at December 31, 2019 and 2018, respectively | | | | | 198 | | | | | | 194 | | |
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 11,875,000 shares issued and outstanding as of December 31, 2019 and 2018 | | | | | 1,188 | | | | | | 1,188 | | |
Additional paid-in capital | | | | | — | | | | | | 3,087,484 | | |
Retained earnings | | | | | 4,998,621 | | | | | | 1,911,142 | | |
Total Shareholders’ Equity | | | | | 5,000,007 | | | | | | 5,000,008 | | |
Total Liabilities and Shareholders’ Equity | | | | $ | 451,742,407 | | | | | $ | 443,314,715 | | |
| | | For the year ended December 31, 2019 | | | For the period from April 30, 2018 (inception) through December 31, 2018 | | ||||||
General and administrative expenses | | | | $ | 998,232 | | | | | $ | 137,154 | | |
Loss from operations | | | | | (998,232) | | | | | | (137,154) | | |
Investment income on Trust Account | | | | | 8,972,545 | | | | | | 2,048,296 | | |
Net income | | | | $ | 7,974,313 | | | | | $ | 1,911,142 | | |
Weighted average shares outstanding of Class A ordinary shares | | | | | 44,000,000 | | | | | | 44,000,000 | | |
Basic and diluted net income per share, Class A | | | | $ | 0.20 | | | | | $ | 0.05 | | |
Weighted average shares outstanding of Class B ordinary shares | | | | | 11,875,000 | | | | | | 11,875,000 | | |
Basic and diluted net loss per share, Class B | | | | $ | (0.08) | | | | | $ | (0.01) | | |
| | | Ordinary Shares | | | | | | | | | | | | | | | Total Shareholders’ | | ||||||||||||||||||||||||
| | | Class A | | | Class B | | | Additional Paid-In | | | Retained | | ||||||||||||||||||||||||||||||
| | | Shares | | | Amount | | | Shares | | | Amount | | | Capital | | | Earnings | | | Equity | | |||||||||||||||||||||
Balance – April 30, 2018 (inception) | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of Class B ordinary shares to Sponsor | | | | | — | | | | | | — | | | | | | 12,375,000 | | | | | | 1,238 | | | | | | 23,762 | | | | | | — | | | | | | 25,000 | | |
Sale of units in initial public offering | | | | | 44,000,000 | | | | | | 4,400 | | | | | | — | | | | | | — | | | | | | 439,995,600 | | | | | | — | | | | | | 440,000,000 | | |
Offering costs | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (25,020,813) | | | | | | — | | | | | | (25,020,813) | | |
Sale of private placement warrants to Sponsor in private placement | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,800,000 | | | | | | — | | | | | | 10,800,000 | | |
Forfeiture of Class B ordinary shares | | | | | — | | | | | | — | | | | | | (500,000) | | | | | | (50) | | | | | | 50 | | | | | | — | | | | | | — | | |
Class A ordinary shares subject to possible redemption | | | | | (42,061,226) | | | | | | (4,206) | | | | | | — | | | | | | — | | | | | | (422,711,115) | | | | | | — | | | | | | (422,715,321) | | |
Net income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,911,142 | | | | | | 1,911,142 | | |
Balance – December 31, 2018 | | | | | 1,938,774 | | | | | $ | 194 | | | | | | 11,875,000 | | | | | $ | 1,188 | | | | | $ | 3,087,484 | | | | | $ | 1,911,142 | | | | | $ | 5,000,008 | | |
Class A ordinary shares subject to possible redemption | | | | | 42,725 | | | | | | 4 | | | | | | — | | | | | | — | | | | | | (3,087,484) | | | | | | (4,886,834) | | | | | | (7,974,314) | | |
Net income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,974,313 | | | | | | 7,974,313 | | |
Balance – December 31, 2019 | | | | | 1,981,499 | | | | | $ | 198 | | | | | | 11,875,000 | | | | | $ | 1,188 | | | | | $ | — | | | | | $ | 4,998,621 | | | | | $ | 5,000,007 | | |
| | | For the year ended December 31, 2019 | | | For the period from April 30, 2018 (inception) through December 31, 2018 | | ||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | |
Net income | | | | $ | 7,974,313 | | | | | $ | 1,911,142 | | |
Adjustments to reconcile net income to net cash used in operating activities: | | | | | | | | | | | | | |
Investment income on Trust Account | | | | | (8,972,545) | | | | | | (2,048,296) | | |
General and administrative expenses paid by related parties | | | | | — | | | | | | 5,000 | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Prepaid expenses | | | | | 185,216 | | | | | | (321,529) | | |
Accounts payable | | | | | (103,458) | | | | | | 30,112 | | |
Accrued expenses | | | | | 436,837 | | | | | | 7,500 | | |
Accrued expenses – related parties | | | | | 120,000 | | | | | | 26,774 | | |
Net cash used in operating activities | | | | | (359,637) | | | | | | (389,297) | | |
Cash Flows from Investing Activities: | | | | | | | | | | | | | |
Cash deposited in Trust Account | | | | | — | | | | | | (440,000,000) | | |
Net cash used in investing activities | | | | | — | | | | | | (440,000,000) | | |
Cash Flows from Financing Activities: | | | | | | | | | | | | | |
Proceeds from issuance of Class B ordinary shares to Sponsor | | | | | — | | | | | | 25,000 | | |
Proceeds received from note payable to related parties | | | | | — | | | | | | 150,000 | | |
Repayment of note payable and general and administrative expenses paid by related parties | | | | | — | | | | | | (155,000) | | |
Proceeds received from initial public offering | | | | | — | | | | | | 440,000,000 | | |
Proceeds received from private placement | | | | | — | | | | | | 10,800,000 | | |
Payment of offering costs | | | | | — | | | | | | (9,485,813) | | |
Net cash provided by financing activities | | | | | — | | | | | | 441,334,187 | | |
Net (decrease) increase in cash | | | | | (359,637) | | | | | | 944,890 | | |
Cash – beginning of the year | | | | | 944,890 | | | | | | — | | |
Cash – end of the year | | | | $ | 585,253 | | | | | $ | 944,890 | | |
Supplemental disclosure of noncash financing activities: | | | | | | | | | | | | | |
Change in value of Class A ordinary shares subject to possible redemption | | | | $ | 7,974,314 | | | | | $ | 422,715,321 | | |
Deferred legal fees and underwriting commissions in connection with the initial public offering | | | | $ | — | | | | | $ | 15,450,000 | | |
Offering costs included in accounts payable | | | | $ | — | | | | | $ | 85,000 | | |
Description | | | Quoted Prices in Active Markets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Other Unobservable Inputs (Level 3) | | |||||||||
Money market funds | | | | $ | 451,020,841 | | | | | $ | — | | | | | $ | — | | |
Description | | | Quoted Prices in Active Markets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Other Unobservable Inputs (Level 3) | | |||||||||
Money market funds | | | | $ | 442,048,296 | | | | | $ | — | | | | | $ | — | | |
| | | March 31, 2020 | | | December 31, 2019 | | ||||||
| | | (Unaudited) | | | | | | | | |||
Assets: | | | | ||||||||||
Current assets: | | | | | | | | | | | | | |
Cash | | | | $ | 585,123 | | | | | $ | 585,253 | | |
Prepaid expenses | | | | | 154,625 | | | | | | 136,313 | | |
Total current assets | | | | | 739,748 | | | | | | 721,566 | | |
Marketable securities held in Trust Account | | | | | 452,430,869 | | | | | | 451,020,841 | | |
Total Assets | | | | $ | 453,170,617 | | | | | $ | 451,742,407 | | |
Liabilities and Shareholders’ Equity: | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable | | | | $ | 161,579 | | | | | $ | 11,654 | | |
Accrued expenses | | | | | 1,514,828 | | | | | | 444,337 | | |
Accrued expenses – related parties | | | | | 176,774 | | | | | | 146,774 | | |
Total current liabilities | | | | | 1,853,181 | | | | | | 602,765 | | |
Deferred underwriting commissions and legal fees | | | | | 15,450,000 | | | | | | 15,450,000 | | |
Total Liabilities | | | | | 17,303,181 | | | | | | 16,052,765 | | |
Commitments | | | | | | | | | | | | | |
Class A ordinary shares, $0.0001 par value; 41,913,174 and 42,018,501 shares subject to possible redemption at $10.28 and $10.25 per share at March 31, 2020 and December 31, 2019, respectively | | | | | 430,867,428 | | | | | | 430,689,635 | | |
Shareholders’ Equity: | | | | | | | | | | | | | |
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | | | | | — | | | | | | — | | |
Class A ordinary shares, $0.0001 par value; 400,000,000 shares authorized; 2,086,826 and 1,981,499 shares issued and outstanding (excluding 41,913,174 and 42,018,501 shares subject to possible redemption) at March 31, 2020 and December 31, 2019, respectively | | | | | 209 | | | | | | 198 | | |
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 11,875,000 shares issued and outstanding as of March 31, 2020 and December 31, 2019 | | | | | 1,188 | | | | | | 1,188 | | |
Additional paid-in capital | | | | | — | | | | | | — | | |
Retained earnings | | | | | 4,998,611 | | | | | | 4,998,621 | | |
Total Shareholders’ Equity | | | | | 5,000,008 | | | | | | 5,000,007 | | |
Total Liabilities and Shareholders’ Equity | | | | $ | 453,170,617 | | | | | $ | 451,742,407 | | |
|
| | | For the Three Months Ended March 31, | | |||||||||
| | | 2020 | | | 2019 | | ||||||
General and administrative expenses | | | | $ | 1,232,234 | | | | | $ | 159,706 | | |
Loss from operations | | | | | (1,232,234) | | | | | | (159,706) | | |
Investment income on Trust Account | | | | | 1,410,028 | | | | | | 2,461,634 | | |
Net income | | | | $ | 177,794 | | | | | $ | 2,301,928 | | |
Weighted average shares outstanding of Class A ordinary shares | | | | | 44,000,000 | | | | | | 44,000,000 | | |
Basic and diluted net income per share, Class A | | | | $ | 0.03 | | | | | $ | 0.06 | | |
Weighted average shares outstanding of Class B ordinary shares | | | | | 11,875,000 | | | | | | 11,875,000 | | |
Basic and diluted net loss per share, Class B | | | | $ | (0.10) | | | | | $ | (0.01) | | |
| | | For the Three Months Ended March 31, 2020 | | |||||||||||||||||||||||||||||||||||||||
| | | Ordinary Shares | | | Additional Paid-In Capital | | | | | | | | | Total Shareholders’ Equity | | |||||||||||||||||||||||||||
| | | Class A | | | Class B | | | Retained Earnings | | |||||||||||||||||||||||||||||||||
| | | Shares | | | Amount | | | Shares | | | Amount | | ||||||||||||||||||||||||||||||
Balance – December 31, 2019 | | | | | 1,981,499 | | | | | $ | 198 | | | | | | 11,875,000 | | | | | $ | 1,188 | | | | | $ | — | | | | | $ | 4,998,621 | | | | | $ | 5,000,007 | | |
Class A ordinary shares subject to possible redemption | | | | | 105,327 | | | | | | 11 | | | | | | — | | | | | | — | | | | | | — | | | | | | (177,804) | | | | | | (177,793) | | |
Net income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 177,794 | | | | | | 177,794 | | |
Balance – March 30, 2020 (unaudited) | | | | | 2,086,826 | | | | | $ | 209 | | | | | | 11,875,000 | | | | | $ | 1,188 | | | | | $ | — | | | | | $ | 4,998,611 | | | | | $ | 5,000,008 | | |
|
| | | For the three months ended March 31, 2019 | | |||||||||||||||||||||||||||||||||||||||
| | | Ordinary Shares | | | Additional Paid-In Capital | | | | | | | | | Total Shareholders’ Equity | | |||||||||||||||||||||||||||
| | | Class A | | | Class B | | | Retained Earnings | | |||||||||||||||||||||||||||||||||
| | | Shares | | | Amount | | | Shares | | | Amount | | ||||||||||||||||||||||||||||||
Balance – December 31, 2018 | | | | | 1,938,774 | | | | | $ | 194 | | | | | | 11,875,000 | | | | | $ | 1,188 | | | | | $ | 3,087,484 | | | | | $ | 1,911,142 | | | | | $ | 5,000,008 | | |
Class A ordinary shares subject to possible redemption | | | | | (19,690) | | | | | | (2) | | | | | | — | | | | | | — | | | | | | (2,301,928) | | | | | | — | | | | | | (2,301,930) | | |
Net income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,301,928 | | | | | | 2,301,928 | | |
Balance – March 31, 2019 (unaudited) | | | | | 1,919,084 | | | | | $ | 192 | | | | | | 11,875,000 | | | | | $ | 1,188 | | | | | $ | 785,556 | | | | | $ | 4,213,070 | | | | | $ | 5,000,006 | | |
| | | For the Three Months Ended March 31, | | |||||||||
| | | 2020 | | | 2019 | | ||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | |
Net income | | | | $ | 177,794 | | | | | $ | 2,301,928 | | |
Adjustments to reconcile net income to net cash used in operating activities: | | | | | | | | | | | | | |
Investment income on Trust Account | | | | | (1,410,028) | | | | | | (2,461,634) | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Prepaid expenses | | | | | (18,312) | | | | | | (9,768) | | |
Accounts payable | | | | | 149,925 | | | | | | (91,692) | | |
Accrued expenses | | | | | 1,070,491 | | | | | | 25,157 | | |
Accrued expenses – related parties | | | | | 30,000 | | | | | | 30,000 | | |
Net cash used in operating activities | | | | | (130) | | | | | | (206,009) | | |
Net decrease in cash | | | | | (130) | | | | | | (206,009) | | |
Cash – beginning of the period | | | | | 585,253 | | | | | | 944,890 | | |
Cash – end of the period | | | | $ | 585,123 | | | | | $ | 738,881 | | |
Supplemental disclosure of noncash financing activities: | | | | | | | | | | | | | |
Change in value of Class A ordinary shares subject to possible redemption | | | | $ | 177,793 | | | | | $ | 2,301,930 | | |
Description | | | Quoted Prices Other in Active Markets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | |||||||||
Money market funds | | | | $ | 452,430,869 | | | | | $ | — | | | | | $ | — | | |
|
Description | | | Quoted Prices Other in Active Markets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | |||||||||
Money market funds | | | | $ | 451,020,841 | | | | | $ | — | | | | | $ | — | | |
| | | December 29, 2019 | | | December 30, 2018 | | ||||||
ASSETS | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 15,053 | | | | | $ | 6,914 | | |
Accounts receivable, less allowance of $1,353 and $361, respectively | | | | | 106,816 | | | | | | 102,874 | | |
Inventories, net | | | | | 50,894 | | | | | | 46,926 | | |
Prepaid expenses and other assets | | | | | 4,563 | | | | | | 3,313 | | |
Current portion of notes receivable | | | | | 6,754 | | | | | | 6,744 | | |
Assets held for sale | | | | | — | | | | | | 3,620 | | |
Total current assets | | | | | 184,080 | | | | | | 170,391 | | |
Non-current Assets | | | | | | | | | | | | | |
Property, plant and equipment, net | | | | | 171,717 | | | | | | 149,766 | | |
Goodwill | | | | | 202,407 | | | | | | 130,907 | | |
Intangible assets, net | | | | | 184,014 | | | | | | 158,151 | | |
Non-current portion of notes receivable | | | | | 28,636 | | | | | | 25,710 | | |
Other assets | | | | | 7,693 | | | | | | 5,745 | | |
Total non-current assets | | | | | 594,467 | | | | | | 470,279 | | |
Total assets | | | | $ | 778,547 | | | | | $ | 640,670 | | |
LIABILITIES AND (DEFICIT) EQUITY | | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | |
Current portion of term debt | | | | $ | 6,299 | | | | | $ | 6,282 | | |
Current portion of other notes payable | | | | | 7,984 | | | | | | 1,394 | | |
Accounts payable | | | | | 49,028 | | | | | | 46,405 | | |
Accrued expenses and other | | | | | 44,206 | | | | | | 42,463 | | |
Total current liabilities | | | | | 107,517 | | | | | | 96,544 | | |
Non-current portion of term debt | | | | | 633,826 | | | | | | 640,110 | | |
Non-current portion of other notes payable | | | | | 31,800 | | | | | | 5,136 | | |
Non-current accrued expenses and other | | | | | 19,633 | | | | | | 13,023 | | |
Deferred tax liability | | | | | 19,123 | | | | | | 17,173 | | |
Total non-current liabilities | | | | | 704,382 | | | | | | 675,442 | | |
Total liabilities | | | | | 811,899 | | | | | | 771,986 | | |
Commitments and Contingencies | ��� | | | | | | | | | | | | |
(Deficit) Equity | | | | | | | | | | | | | |
Members’ (deficit) equity | | | | | (27,446) | | | | | | (119,971) | | |
Accumulated other comprehensive income | | | | | 1,408 | | | | | | — | | |
Total members’ (deficit) equity | | | | | (26,038) | | | | | | (119,971) | | |
Noncontrolling interest | | | | | (7,314) | | | | | | (11,345) | | |
Total (deficit) equity | | | | | (33,352) | | | | | | (131,316) | | |
Total liabilities and (deficit) equity | | | | $ | 778,547 | | | | | $ | 640,670 | | |
| | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||
Net sales | | | | $ | 768,228 | | | | | $ | 772,035 | | | | | $ | 707,035 | | |
Cost of goods sold | | | | | 514,430 | | | | | | 505,330 | | | | | | 445,548 | | |
Gross profit | | | | | 253,798 | | | | | | 266,705 | | | | | | 261,487 | | |
Selling and administrative expenses | | | | | | | | | | | | | | | | | | | |
Selling | | | | | 163,589 | | | | | | 183,374 | | | | | | 180,956 | | |
Administrative | | | | | 64,723 | | | | | | 68,018 | | | | | | 69,982 | | |
Total selling and administrative expenses | | | | | 228,312 | | | | | | 251,392 | | | | | | 250,938 | | |
Gain (loss) on sale of assets | | | | | | | | | | | | | | | | | | | |
Gain (loss) on disposal of property, plant and equipment | | | | | 6,028 | | | | | | (2,312) | | | | | | (11,813) | | |
Gain on sale of routes, net | | | | | 7,232 | | | | | | 6,382 | | | | | | 11,364 | | |
Total gain (loss) on sale of assets | | | | | 13,260 | | | | | | 4,070 | | | | | | (449) | | |
Income from operations | | | | | 38,746 | | | | | | 19,383 | | | | | | 10,100 | | |
Other (expense) income | | | | | | | | | | | | | | | | | | | |
Interest expense | | | | | (48,388) | | | | | | (45,715) | | | | | | (11,067) | | |
Other (expense) income | | | | | (576) | | | | | | 607 | | | | | | 1,921 | | |
Other (expense) income, net | | | | | (48,964) | | | | | | (45,108) | | | | | | (9,146) | | |
(Loss) income before taxes | | | | | (10,218) | | | | | | (25,725) | | | | | | 954 | | |
Income tax expense (benefit) | | | | | 3,146 | | | | | | 1,919 | | | | | | (16,146) | | |
Net (loss) income | | | | | (13,364) | | | | | | (27,644) | | | | | | 17,100 | | |
Net income attributable to noncontrolling interest | | | | | (2,808) | | | | | | (2,856) | | | | | | (3,497) | | |
Net (loss) income attributable to controlling interest | | | | $ | (16,172) | | | | | $ | (30,500) | | | | | $ | 13,603 | | |
Other comprehensive income: | | | | | | | | | | | | | | | | | | | |
Interest rate swap | | | | | 1,408 | | | | | | — | | | | | | — | | |
Comprehensive (loss) income | | | | $ | (14,764) | | | | | $ | (30,500) | | | | | $ | 13,603 | | |
| | | Members’ Equity (Deficit) | | | Other Comprehensive Income | | | Noncontrolling Interest | | | Total Equity (Deficit) | | ||||||||||||
Balance at January 1, 2017 | | | | $ | 213,035 | | | | | $ | — | | | | | $ | 6,912 | | | | | $ | 219,947 | | |
Net income | | | | | 13,603 | | | | | | — | | | | | | 3,497 | | | | | | 17,100 | | |
Repurchase of member units | | | | | — | | | | | | — | | | | | | (20,570) | | | | | | (20,570) | | |
Distributions to members and noncontrolling interest | | | | | (305,948) | | | | | | — | | | | | | (2,090) | | | | | | (308,038) | | |
Balance at December 31, 2017 | | | | $ | (79,310) | | | | | $ | — | | | | | $ | (12,251) | | | | | $ | (91,561) | | |
Net (loss) income | | | | $ | (30,500) | | | | | $ | — | | | | | $ | 2,856 | | | | | $ | (27,644) | | |
Distributions to members and noncontrolling interest | | | | | (10,161) | | | | | | — | | | | | | (1,950) | | | | | | (12,111) | | |
Balance at December 30, 2018 | | | | $ | (119,971) | | | | | $ | — | | | | | $ | (11,345) | | | | | $ | (131,316) | | |
Net (loss) income | | | | $ | (16,172) | | | | | $ | — | | | | | $ | 2,808 | | | | | $ | (13,364) | | |
Other comprehensive income | | | | | — | | | | | | 1,408 | | | | | | — | | | | | | 1,408 | | |
Contributions from members and noncontrolling interest | | | | | 120,158 | | | | | | — | | | | | | 3,750 | | | | | | 123,908 | | |
Distributions to members and noncontrolling interest | | | | | (11,461) | | | | | | — | | | | | | (2,527) | | | | | | (13,988) | | |
Balance at December 29, 2019 | | | | $ | (27,446) | | | | | $ | 1,408 | | | | | $ | (7,314) | | | | | $ | (33,352) | | |
| | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | |
Net (loss) income | | | | $ | (13,364) | | | | | $ | (27,644) | | | | | $ | 17,100 | | |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | | | | | | | | | | | | | | | | | | | |
Impairment and other charges | | | | | 3,880 | | | | | | 2,900 | | | | | | — | | |
Depreciation and amortization | | | | | 29,290 | | | | | | 30,358 | | | | | | 29,047 | | |
(Gain) loss on disposal and write-downs of property and equipment | | | | | (6,028) | | | | | | 2,312 | | | | | | 11,603 | | |
Gain on sale of routes | | | | | (7,232) | | | | | | (6,382) | | | | | | (11,364) | | |
Loss on debt extinguishment | | | | | 4,336 | | | | | | — | | | | | | — | | |
Deferred taxes | | | | | 1,949 | | | | | | 900 | | | | | | (16,533) | | |
Deferred financing costs | | | | | 955 | | | | | | 2,355 | | | | | | 1,950 | | |
Changes in assets and liabilities: | | | | | | | | | | | | | | | | | | | |
Accounts receivable, net | | | | | 11,542 | | | | | | (76) | | | | | | 2,857 | | |
Inventories, net | | | | | 3,476 | | | | | | 2,926 | | | | | | 3,718 | | |
Prepaid expenses and other assets | | | | | (1,993) | | | | | | 583 | | | | | | (195) | | |
Accounts payable and accrued expenses and other | | | | | 1,181 | | | | | | 7,515 | | | | | | 11,593 | | |
Net cash provided by operating activities | | | | | 27,992 | | | | | | 15,747 | | | | | | 49,776 | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | | | | |
Acquisitions, net of cash acquired | | | | | (137,845) | | | | | | — | | | | | | (157,819) | | |
Purchases of property and equipment | | | | | (19,996) | | | | | | (13,038) | | | | | | (21,629) | | |
Proceeds on sale of property and equipment | | | | | 12,059 | | | | | | 4,740 | | | | | | 10,009 | | |
Proceeds from sale of routes | | | | | 3,008 | | | | | | 4,326 | | | | | | — | | |
Proceeds on the sale of IO notes | | | | | 33,204 | | | | | | — | | | | | | — | | |
Notes receivable, net | | | | | (6,312) | | | | | | 1,803 | | | | | | (1,709) | | |
Net cash used in investing activities | | | | | (115,882) | | | | | | (2,169) | | | | | | (171,148) | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | |
Borrowings on term debt and notes payable | | | | | 121,250 | | | | | | 1,356 | | | | | | 794,930 | | |
Repayments on term debt and notes payable | | | | | (135,141) | | | | | | (5,611) | | | | | | (337,318) | | |
Contribution from members and noncontrolling interest | | | | | 123,908 | | | | | | — | | | | | | — | | |
Repurchase of member units | | | | | — | | | | | | — | | | | | | (20,570) | | |
Distributions to members | | | | | (11,461) | | | | | | (10,161) | | | | | | (305,948) | | |
Distribution to noncontrolling interest | | | | | (2,527) | | | | | | (1,950) | | | | | | (2,090) | | |
Net cash provided by (used in) financing activities | | | | | 96,029 | | | | | | (16,366) | | | | | | 129,004 | | |
Net increase (decrease) in cash and cash equivalents | | | | | 8,139 | | | | | | (2,788) | | | | | | 7,632 | | |
Cash and cash equivalents at beginning of fiscal year | | | | | 6,914 | | | | | | 9,702 | | | | | | 2,070 | | |
Cash and cash equivalents at end of fiscal year | | | | $ | 15,053 | | | | | $ | 6,914 | | | | | $ | 9,702 | | |
| Operating Entities | | | Holding Entities | |
| Utz Quality Foods, LLC | | | UM-U Intermediate, LLC | |
| UTZTRAN, LLC | | | UM-R Intermediate, LLC | |
| Golden Flake Snack Foods, Inc. | | | GH Pop Holdings, LLC | |
| Inventure Foods, Inc. and its subsidiaries | | | Rice Investments, L.P. | |
| Kennedy Endeavors, LLC | | | Heron Holding Corporation | |
| Good Health Natural Products, LLC | | | ||
| Condor Snack Foods, LLC | | | | |
| Snikiddy, LLC | | | | |
| SRS Leasing LLC and its subsidiaries | | | | |
(in thousands) | | | | | | | |
Purchase consideration | | | | $ | 138,072 | | |
Assets acquired: | | | | | | | |
Cash and cash equivalents | | | | | 227 | | |
Accounts receivable | | | | | 12,331 | | |
Inventory, net | | | | | 7,443 | | |
Prepaid expenses and other assets | | | | | 129 | | |
Property, plant and equipment, net | | | | | 19,175 | | |
Trademarks | | | | | 20,810 | | |
Customer relationships | | | | | 13,200 | | |
Favorable and unfavorable lease intangibles | | | | | (85) | | |
Total assets acquired: | | | | | 73,230 | | |
Liabilities assumed: | | | | | | | |
Accounts payable | | | | | 4,996 | | |
Accrued expenses and other | | | | | 1,644 | | |
Other non-current liabilities | | | | | 18 | | |
Total liabilities assumed: | | | | | 6,658 | | |
Net identifiable assets acquired | | | | | 66,572 | | |
Goodwill | | | | $ | 71,500 | | |
(in thousands) | | | 2019 (unaudited) | | |||
Pro forma net sales | | | | $ | 109,449 | | |
Pro forma net income | | | | | 7,195 | | |
(in thousands) | | | | | | | |
Purchase consideration | | | | $ | 165,680 | | |
Assets acquired: | | | | | | | |
Cash and cash equivalents | | | | | 7,861 | | |
Accounts receivable | | | | | 8,390 | | |
Inventories, net | | | | | 12,110 | | |
Property, plant and equipment | | | | | 42,250 | | |
Deferred taxes | | | | | 8,362 | | |
Other assets | | | | | 2,212 | | |
Customer relationships | | | | | 40,000 | | |
Trade names | | | | | 20,000 | | |
Total assets acquired: | | | | | 141,185 | | |
Liabilities assumed: | | | | | | | |
Accounts payable | | | | | 16,851 | | |
Debt | | | | | 2,206 | | |
Other liabilities | | | | | 8,385 | | |
Total liabilities assumed: | | | | | 27,442 | | |
Net identifiable assets acquired | | | | | 113,743 | | |
Goodwill | | | | $ | 51,937 | | |
(in thousands) | | | 2019 | | | 2018 | | ||||||
Finished goods | | | | $ | 24,447 | | | | | $ | 24,430 | | |
Raw materials | | | | | 22,122 | | | | | | 21,224 | | |
Maintenance parts | | | | | 4,575 | | | | | | 2,667 | | |
| | | | | 51,144 | | | | | | 48,321 | | |
Less: inventory reserve | | | | | (250) | | | | | | (1,395) | | |
Total inventories | | | | $ | 50,894 | | | | | $ | 46,926 | | |
(in thousands) | | | 2019 | | | 2018 | | ||||||
Land | | | | $ | 14,970 | | | | | $ | 14,820 | | |
Buildings | | | | | 104,736 | | | | | | 101,413 | | |
Machinery and equipment | | | | | 297,666 | | | | | | 266,895 | | |
Land improvements | | | | | 1,174 | | | | | | 969 | | |
Building improvements | | | | | 3,561 | | | | | | 895 | | |
Construction-in-progress | | | | | 7,341 | | | | | | 2,220 | | |
| | | | | 429,448 | | | | | | 387,212 | | |
Less: accumulated depreciation | | | | | (257,731) | | | | | | (237,446) | | |
Property, plant and equipment, net | | | | $ | 171,717 | | | | | $ | 149,766 | | |
(in thousands) | | | | | | | |
Balance as of December 31, 2017 | | | | $ | 127,028 | | |
Inventure acquisition adjustments | | | | | 3,879 | | |
Balance as of December 30, 2018 | | | | | 130,907 | | |
Acquisition of Kennedy | | | | | 71,500 | | |
Balance as of December 29, 2019 | | | | $ | 202,407 | | |
(in thousands) | | | 2019 | | | 2018 | | ||||||
Subject to amortization: | | | | | | | | | | | | | |
Distributor/customer relationships | | | | $ | 107,100 | | | | | $ | 93,900 | | |
Technology | | | | | 1,250 | | | | | | 1,250 | | |
Trademarks | | | | | 22,610 | | | | | | 1,800 | | |
Non-compete agreements | | | | | — | | | | | | 1,050 | | |
Unfavorable lease | | | | | (85) | | | | | | — | | |
Amortizable assets, gross | | | | | 130,875 | | | | | | 98,000 | | |
Accumulated amortization | | | | | (20,425) | | | | | | (15,641) | | |
Amortizable assets, net | | | | | 110,450 | | | | | | 82,359 | | |
Not subject to amortization | | | | | | | | | | | | | |
Trade names | | | | | 66,580 | | | | | | 70,380 | | |
Master distribution rights | | | | | 4,677 | | | | | | 4,756 | | |
IO routes | | | | | 2,307 | | | | | | 656 | | |
Intangible assets, net | | | | $ | 184,014 | | | | | $ | 158,151 | | |
(in thousands) | | | | | | | |
2020 | | | | $ | 7,414 | | |
2021 | | | | | 7,414 | | |
2022 | | | | | 7,414 | | |
2023 | | | | | 7,392 | | |
2024 | | | | | 7,392 | | |
Thereafter | | | | | 73,424 | | |
Total | | | | $ | 110,450 | | |
(in thousands) | | | 2019 | | | 2018 | | ||||||
Accrued compensation and benefits | | | | $ | 14,198 | | | | | $ | 13,813 | | |
Accrued contingencies | | | | | 2,304 | | | | | | 5,450 | | |
Insurance liabilities | | | | | 7,880 | | | | | | 5,914 | | |
Accrued interest | | | | | 4,184 | | | | | | 3,705 | | |
Accrued freight and manufacturing | | | | | 4,930 | | | | | | 4,611 | | |
Accrued sales tax | | | | | 1,300 | | | | | | 1,500 | | |
Other accrued expenses | | | | | 9,410 | | | | | | 7,470 | | |
Total accrued expenses and other | | | | $ | 44,206 | | | | | $ | 42,463 | | |
(in thousands) | | | | | | | |
Repayment of Second Lien Term Loan | | | | $ | 126,250 | | |
Deferred Financing Fees | | | | | 3,086 | | |
Book value of Second Lien Term Loan | | | | | (125,000) | | |
Loss on early extinguishment of debt | | | | $ | 4,336 | | |
(in thousands) | | | 2019 | | | 2018 | | ||||||
Revolving line of credit, expires November 2022 | | | | $ | — | | | | | $ | — | | |
First lien term loan, matures November 2024 | | | | | 525,637 | | | | | | 530,988 | | |
Second lien term loan, matures November 2025 | | | | | — | | | | | | 125,000 | | |
Secured first lien loan, matures October 2024 | | | | | 125,000 | | | | | | — | | |
Equipment term loan, matures April 2021 | | | | | 943 | | | | | | 1,584 | | |
Equipment term loans, matures October 2024 | | | | | 1,120 | | | | | | 1,356 | | |
Term debt and lines of credit | | | | | 652,700 | | | | | | 658,928 | | |
Less: current portion | | | | | (6,299) | | | | | | (6,282) | | |
Long-term portion | | | | | 646,401 | | | | | | 652,646 | | |
Debt issuance costs | | | | | (12,575) | | | | | | (12,536) | | |
Non-current term debt, net of debt issuance costs | | | | $ | 633,826 | | | | | $ | 640,110 | | |
(in thousands) | | | | | | | |
2020 | | | | $ | 6,299 | | |
2021 | | | | | 5,839 | | |
2022 | | | | | 5,598 | | |
2023 | | | | | 5,547 | | |
2024 | | | | | 629,417 | | |
Total | | | | $ | 652,700 | | |
(in thousands) | | | 2019 | | | 2018 | | ||||||
Deferred purchase price | | | | $ | — | | | | | $ | 750 | | |
Note payable – IO notes | | | | | 33,700 | | | | | | 5,690 | | |
Capital lease | | | | | 6,055 | | | | | | 90 | | |
Other | | | | | 29 | | | | | | — | | |
Total notes payable | | | | | 39,784 | | | | | | 6,530 | | |
Less: current portion | | | | | (7,984) | | | | | | (1,394) | | |
Long term portion of notes payable | | | | $ | 31,800 | | | | | $ | 5,136 | | |
(in thousands) | | | | | | | |
2020 | | | | $ | 7,984 | | |
2021 | | | | | 7,596 | | |
2022 | | | | | 7,198 | | |
2023 | | | | | 6,709 | | |
2024 | | | | | 4,802 | | |
Thereafter | | | | | 5,495 | | |
Total | | | | $ | 39,784 | | |
(in thousands) | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 15,053 | | | | | $ | — | | | | | $ | — | | | | | $ | 15,053 | | |
Interest rate swaps | | | | | — | | | | | | 1,486 | | | | | | | | | | | | 1,486 | | |
Total assets | | | | $ | 15,053 | | | | | $ | 1,486 | | | | | $ | — | | | | | $ | 16,539 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Commodity contracts | | | | $ | — | | | | | $ | 494 | | | | | $ | — | | | | | $ | 494 | | |
Debt | | | | | — | | | | | | 640,125 | | | | | | — | | | | | | 640,125 | | |
Total liabilities | | | | $ | — | | | | | $ | 640,619 | | | | | $ | — | | | | | $ | 640,619 | | |
(in thousands) | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 6,914 | | | | | $ | — | | | | | $ | — | | | | | $ | 6,914 | | |
Total assets | | | | $ | 6,914 | | | | | $ | — | | | | | $ | — | | | | | $ | 6,914 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Commodity contracts | | | | $ | — | | | | | $ | 1,377 | | | | | $ | — | | | | | $ | 1,377 | | |
Debt | | | | | — | | | | | | 646,392 | | | | | | | | | | | | 646,392 | | |
Total liabilities | | | | $ | — | | | | | $ | 647,769 | | | | | $ | — | | | | | $ | 647,769 | | |
(in thousands) | | | Gains/(Losses) on Cash Flow Hedges | | |||
Balance as of December 31, 2018 | | | | $ | — | | |
Unrealized gain on cash flow hedges | | | | | 1,408 | | |
Balance as of December 29, 2019 | | | | $ | 1,408 | | |
(in thousands) | | | 2019 | | | 2018 | | | 2017 | | |||||||||
Current: | | | | | | | | | | | | | | | | | | | |
U.S. Federal | | | | $ | 140 | | | | | $ | (142) | | | | | $ | 338 | | |
State | | | | | 1,057 | | | | | | 1,161 | | | | | | 49 | | |
Total current | | | | | 1,197 | | | | | | 1,019 | | | | | | 387 | | |
Deferred: | | | | | | | | | | | | | | | | | | | |
U.S. Federal | | | | | 1,650 | | | | | | 412 | | | | | | (15,544) | | |
State | | | | | 299 | | | | | | 488 | | | | | | (989) | | |
Total deferred | | | | | 1,949 | | | | | | 900 | | | | | | (16,533) | | |
Total | | | | $ | 3,146 | | | | | $ | 1,919 | | | | | $ | (16,146) | | |
|
(in thousands, except percentages) | | | 2019 | | | 2018 | | | 2017 | | |||||||||||||||||||||||||||
At Statutory Rate | | | | $ | (2,146) | | | | | | 21.00% | | | | | $ | (5,402) | | | | | | 21.00% | | | | | $ | 324 | | | | | | 34.00% | | |
State Taxes | | | | | 1,755 | | | | | | -17.18% | | | | | | 1,045 | | | | | | -4.06% | | | | | | (620) | | | | | | -64.99% | | |
Impact of Partnerships | | | | | 4,204 | | | | | | -41.14% | | | | | | 5,650 | | | | | | -21.96% | | | | | | (7,903) | | | | | | -828.44% | | |
Impact of the Tax Act | | | | | — | | | | | | —% | | | | | | — | | | | | | —% | | | | | | (7,862) | | | | | | -824.11% | | |
Change in Valuation Allowance | | | | | (683) | | | | | | 6.68% | | | | | | 257 | | | | | | -1.00% | | | | | | — | | | | | | —% | | |
Non-deductible expenses | | | | | 6 | | | | | | -0.06% | | | | | | 11 | | | | | | -0.04% | | | | | | 25 | | | | | | 2.62% | | |
Prior Year True up and other items | | | | | 10 | | | | | | -0.10% | | | | | | 358 | | | | | | -1.39% | | | | | | (110) | | | | | | -11.53% | | |
Total current | | | | $ | 3,146 | | | | | | -30.80% | | | | | $ | 1,919 | | | | | | -7.46% | | | | | $ | (16,146) | | | | | | 1692.45% | | |
(in thousands) | | | 2019 | | | 2018 | | ||||||
Deferred Tax Assets | | | | | | | | | | | | | |
Accounts Receivable, principally due to allowance for doubtful accounts | | | | $ | — | | | | | $ | 3 | | |
Accruals for financial reporting purposes | | | | | 171 | | | | | | 681 | | |
Postretirement benefits and compensated absences | | | | | 548 | | | | | | 551 | | |
Inventories, including uniform capitalization | | | | | 19 | | | | | | 372 | | |
Net Operating loss carryforwards | | | | | 18,915 | | | | | | 23,816 | | |
Credit Carryforwards | | | | | 105 | | | | | | 105 | | |
Charitable Contribution CF | | | | | 101 | | | | | | 112 | | |
Other Deferred Tax Assets | | | | | — | | | | | | 47 | | |
Total deferred tax assets | | | | | 19,859 | | | | | | 25,687 | | |
Less Valuation Allowance | | | | | (1,563) | | | | | | (2,247) | | |
Net deferred tax assets | | | | $ | 18,296 | | | | | $ | 23,440 | | |
Deferred Tax Liabilities | | | | | | | | | | | | | |
Plant and equipment, due to differences in depreciation | | | | $ | (11,117) | | | | | $ | (11,516) | | |
Amortization | | | | | (26,301) | | | | | | (29,096) | | |
Other | | | | | (1) | | | | | | (1) | | |
Total deferred tax liabilities | | | | $ | (37,419) | | | | | $ | (40,613) | | |
Net deferred tax liability | | | | $ | (19,123) | | | | | $ | (17,173) | | |
(in thousands) | | | | | | | |
2020 | | | | $ | 8,194 | | |
2021 | | | | | 6,732 | | |
2022 | | | | | 5,428 | | |
2023 | | | | | 4,419 | | |
2024 | | | | | 3,543 | | |
Thereafter | | | | | 5,039 | | |
Total | | | | $ | 33,355 | | |
(in thousands) | | | | | | | |
Balance as of December 31, 2017 | | | | $ | 1,993 | | |
Benefits accrued | | | | | 51 | | |
Balance as of December 30, 2018 | | | | | 2,044 | | |
Benefits accrued | | | | | 52 | | |
Balance as of December 29, 2019 | | | | $ | 2,096 | | |
| | | 2019 | | | 2018 | | | 2017 | | |||||||||
Net sales concentrations: | | | | | | | | | | | | | | | | | | | |
Customer A | | | | | 9% | | | | | | 9% | | | | | | 9% | | |
Customer B | | | | | 5 | | | | | | 6 | | | | | | 6 | | |
Customer C | | | | | 5 | | | | | | 5 | | | | | | 5 | | |
Total net sales concentrations | | | | | 19% | | | | | | 20% | | | | | | 20% | | |
| | | 2019 | | | 2018 | | ||||||
Accounts receivable concentrations: | | | | | | | | | | | | | |
Customer A | | | | | 14% | | | | | | 14% | | |
Customer B | | | | | 5 | | | | | | 4 | | |
Customer C | | | | | 2 | | | | | | 4 | | |
Total accounts receivable concentrations | | | | | 21% | | | | | | 22% | | |
| | | March 29, 2020 | | | December 29, 2019 | | ||||||
| | | (Unaudited) | | | | | | | | |||
ASSETS | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 5,631 | | | | | $ | 15,053 | | |
Accounts receivable, less allowance of $1,624 and $1,353, respectively | | | | | 122,927 | | | | | | 106,816 | | |
Inventories, net | | | | | 48,508 | | | | | | 50,894 | | |
Prepaid expenses and other assets | | | | | 4,499 | | | | | | 4,563 | | |
Current portion of notes receivable | | | | | 6,705 | | | | | | 6,754 | | |
Total current assets | | | | | 188,270 | | | | | | 184,080 | | |
Non-current Assets | | | | | | | | | | | | | |
Property, plant and equipment, net | | | | | 168,735 | | | | | | 171,717 | | |
Goodwill | | | | | 206,532 | | | | | | 202,407 | | |
Intangible assets, net | | | | | 187,135 | | | | | | 184,014 | | |
Non-current portion of notes receivable | | | | | 26,948 | | | | | | 28,636 | | |
Other assets | | | | | 7,285 | | | | | | 7,693 | | |
Total non-current assets | | | | | 596,635 | | | | | | 594,467 | | |
Total assets | | | | $ | 784,905 | | | | | $ | 778,547 | | |
LIABILITIES AND (DEFICIT) EQUITY | | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | |
Current portion of term debt | | | | $ | 6,252 | | | | | $ | 6,299 | | |
Current portion of other notes payable | | | | | 8,615 | | | | | | 7,984 | | |
Accounts payable | | | | | 49,127 | | | | | | 49,028 | | |
Accrued expenses and other | | | | | 44,317 | | | | | | 44,206 | | |
Total current liabilities | | | | | 108,311 | | | | | | 107,517 | | |
Non-current portion of term debt | | | | | 642,889 | | | | | | 633,826 | | |
Non-current portion of other notes payable | | | | | 30,961 | | | | | | 31,800 | | |
Non-current accrued expenses and other | | | | | 24,171 | | | | | | 19,633 | | |
Deferred tax liability | | | | | 20,098 | | | | | | 19,123 | | |
Total non-current liabilities | | | | | 718,119 | | | | | | 704,382 | | |
Total liabilities | | | | | 826,430 | | | | | | 811,899 | | |
Commitments and Contingencies | | | | | | | | | | | | | |
(Deficit) Equity | | | | | | | | | | | | | |
Members’ (deficit) equity | | | | | (35,725) | | | | | | (27,446) | | |
Accumulated other comprehensive (loss) income | | | | | (5,800) | | | | | | 1,408 | | |
Total members’ (deficit) equity | | | | | (41,525) | | | | | | (26,038) | | |
Noncontrolling interest | | | | | — | | | | | | (7,314) | | |
Total (deficit) equity | | | | | (41,525) | | | | | | (33,352) | | |
Total liabilities and (deficit) equity | | | | $ | 784,905 | | | | | $ | 778,547 | | |
| | | March 29, 2020 | | | March 31, 2019 | | ||||||
Net sales | | | | $ | 228,029 | | | | | $ | 178,412 | | |
Cost of goods sold | | | | | 148,015 | | | | | | 121,880 | | |
Gross profit | | | | | 80,014 | | | | | | 56,532 | | |
Selling and administrative expenses | | | | | | | | | | | | | |
Selling | | | | | 48,333 | | | | | | 37,136 | | |
Administrative | | | | | 19,940 | | | | | | 13,394 | | |
Total selling and administrative expenses | | | | | 68,273 | | | | | | 50,530 | | |
Gain on sale of assets | | | | | | | | | | | | | |
Gain on disposal of property, plant and equipment | | | | | 68 | | | | | | 729 | | |
Gain on sale of routes, net | | | | | 404 | | | | | | 2,442 | | |
Total gain on sale of assets | | | | | 472 | | | | | | 3,171 | | |
Income from operations | | | | | 12,213 | | | | | | 9,173 | | |
Other (expense) income | | | | | | | | | | | | | |
Interest expense | | | | | (9,643) | | | | | | (12,545) | | |
Other income | | | | | 580 | | | | | | 1,134 | | |
Other expense, net | | | | | (9,063) | | | | | | (11,411) | | |
Income (loss) before taxes | | | | | 3,150 | | | | | | (2,238) | | |
Income tax expense | | | | | 1,458 | | | | | | 377 | | |
Net income (loss) | | | | | 1,692 | | | | | | (2,615) | | |
Net income attributable to noncontrolling interest | | | | | — | | | | | | (705) | | |
Net income (loss) attributable to controlling interest | | | | $ | 1,692 | | | | | $ | (3,320) | | |
Other comprehensive loss: | | | | | | | | | | | | | |
Interest rate swap | | | | | (7,208) | | | | | | — | | |
Comprehensive loss | | | | $ | (5,516) | | | | | $ | (3,320) | | |
| | | Members’ (Deficit) Equity | | | Accumulated Other Comprehensive (Loss) Income | | | Noncontrolling Interest | | | Total (Deficit) Equity | | ||||||||||||
Balance at December 30, 2018 | | | | $ | (119,971) | | | | | $ | — | | | | | $ | (11,345) | | | | | $ | (131,316) | | |
Net (loss) income | | | | | (3,320) | | | | | | — | | | | | | 705 | | | | | | (2,615) | | |
Distributions to members and noncontrolling interest | | | | | (1,400) | | | | | | — | | | | | | (517) | | | | | | (1,917) | | |
Balance at March 31, 2019 | | | | $ | (124,691) | | | | | $ | — | | | | | $ | (11,157) | | | | | $ | (135,848) | | |
Balance at December 29, 2019 | | | | $ | (27,446) | | | | | $ | 1,408 | | | | | $ | (7,314) | | | | | $ | (33,352) | | |
Net income | | | | | 1,692 | | | | | | — | | | | | | — | | | | | | 1,692 | | |
Other comprehensive loss | | | | | — | | | | | | (7,208) | | | | | | — | | | | | | (7,208) | | |
Merger of noncontrolling interest | | | | | (7,314) | | | | | | | | | | | | 7,314 | | | | | | — | | |
Distributions to members | | | | | (2,657) | | | | | | — | | | | | | — | | | | | | (2,657) | | |
Balance at March 29, 2020 | | | | $ | (35,725) | | | | | $ | (5,800) | | | | | $ | — | | | | | $ | (41,525) | | |
| | | March 29, 2020 | | | March 31, 2019 | | ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net income (loss) | | | | $ | 1,692 | | | | | $ | (2,615) | | |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | | | | | | | | | | | | | |
Depreciation and amortization | | | | | 8,912 | | | | | | 6,875 | | |
Gain on disposal of property and equipment | | | | | (68) | | | | | | (729) | | |
Gain on sale of routes | | | | | (404) | | | | | | (2,442) | | |
Deferred taxes | | | | | 975 | | | | | | 377 | | |
Deferred financing costs | | | | | 653 | | | | | | 519 | | |
Changes in assets and liabilities: | | | | | | | | | | | | | |
Accounts receivable, net | | | | | (15,374) | | | | | | 982 | | |
Inventories, net | | | | | 2,676 | | | | | | (841) | | |
Prepaid expenses and other assets | | | | | (618) | | | | | | (2,363) | | |
Accounts payable and accrued expenses and other | | | | | (1,217) | | | | | | (16,942) | | |
Net cash used in operating activities | | | | | (2,773) | | | | | | (17,179) | | |
Cash flows from investing activities | | | | | | | | | | | | | |
Acquisitions, net of cash acquired | | | | | (8,789) | | | | | | — | | |
Purchases of property and equipment | | | | | (3,556) | | | | | | (2,633) | | |
Purchases of intangibles | | | | | (650) | | | | | | — | | |
Proceeds on sale of property and equipment | | | | | 152 | | | | | | 1,432 | | |
Proceeds from sale of routes | | | | | 1,159 | | | | | | 2,127 | | |
Proceeds on the sale of IO notes | | | | | — | | | | | | 23,917 | | |
Notes receivable, net | | | | | (2,780) | | | | | | (839) | | |
Net cash (used in) provided by investing activities | | | | | (14,464) | | | | | | 24,004 | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Net borrowings on line of credit | | | | | 10,000 | | | | | | — | | |
Borrowings on term debt and notes payable | | | | | 2,650 | | | | | | — | | |
Repayments on term debt and notes payable | | | | | (2,178) | | | | | | (3,506) | | |
Distributions to members | | | | | (2,657) | | | | | | (1,400) | | |
Distribution to noncontrolling interest | | | | | — | | | | | | (517) | | |
Net cash provided by (used in) financing activities | | | | | 7,815 | | | | | | (5,423) | | |
Net (decrease) increase in cash and cash equivalents | | | | | (9,422) | | | | | | 1,402 | | |
Cash and cash equivalents at beginning of fiscal quarter | | | | | 15,053 | | | | | | 6,914 | | |
Cash and cash equivalents at end of fiscal quarter | | | | $ | 5,631 | | | | | $ | 8,316 | | |
Operating Entities | | | Holding Entities | |
Utz Quality Foods, LLC | | | Utz Brands Holdings, LLC | |
UTZTRAN, LLC | | | GH Pop Holdings, LLC | |
Golden Flake Snack Foods, Inc. | | | Heron Holding Corporation | |
Inventure Foods, Inc. and its subsidiaries | | | | |
Kennedy Endeavors, LLC | | | | |
Good Health Natural Products, LLC | | | | |
Condor Snack Foods, LLC | | | | |
Snikiddy, LLC | | | | |
Kitchen Cooked, Inc. | | | | |
(in thousands) | | | | | | | |
Purchase consideration | | | | $ | 8,919 | | |
Assets acquired: | | | | | | | |
Cash | | | | | 130 | | |
Accounts receivable | | | | | 737 | | |
Inventory, net | | | | | 291 | | |
Prepaid expenses and other assets | | | | | 37 | | |
Income tax prepayments | | | | | 212 | | |
Property, plant and equipment, net | | | | | 672 | | |
Other assets | | | | | 147 | | |
Trademarks | | | | | 1,623 | | |
Customer relationships | | | | | 2,109 | | |
Total assets acquired: | | | | | 5,958 | | |
Liabilities assumed: | | | | | | | |
Accounts payable | | | | | 173 | | |
Accrued expenses | | | | | 2 | | |
Total liabilities assumed: | | | | | 175 | | |
Net identifiable assets acquired | | | | | 5,783 | | |
Goodwill | | | | $ | 3,136 | | |
(in thousands) | | | March 29, 2019 | | |||
| | | (unaudited) | | |||
Pro forma net sales | | | | $ | 1,955 | | |
Pro forma net loss | | | | | 82 | | |
(in thousands) | | | March 29, 2020 | | | December 29, 2019 | | ||||||
Finished goods | | | | $ | 23,803 | | | | | $ | 24,447 | | |
Raw materials | | | | | 20,067 | | | | | | 22,122 | | |
Maintenance parts | | | | | 4,854 | | | | | | 4,575 | | |
| | | | | 48,724 | | | | | | 51,144 | | |
Less: inventory reserve | | | | | (216) | | | | | | (250) | | |
Total inventories | | | | $ | 48,508 | | | | | $ | 50,894 | | |
(in thousands) | | | March 29, 2020 | | | December 29, 2019 | | ||||||
Land | | | | $ | 14,970 | | | | | $ | 14,970 | | |
Buildings | | | | | 104,747 | | | | | | 104,736 | | |
Machinery and equipment | | | | | 301,210 | | | | | | 297,666 | | |
Land improvements | | | | | 1,174 | | | | | | 1,174 | | |
Building improvements | | | | | 4,062 | | | | | | 3,561 | | |
Construction-in-progress | | | | | 7,635 | | | | | | 7,341 | | |
| | | | | 433,798 | | | | | | 429,448 | | |
Less: accumulated depreciation | | | | | (265,063) | | | | | | (257,731) | | |
Property, plant and equipment, net | | | | $ | 168,735 | | | | | $ | 171,717 | | |
(in thousands) | | | | | | | |
Balance as of December 29, 2019 | | | | $ | 202,407 | | |
Acquisition of Kitchen Cooked | | | | | 3,136 | | |
Kennedy acquisition adjustment | | | | | 989 | | |
Balance as of March 29, 2020 | | | | $ | 206,532 | | |
(in thousands) | | | March 29, 2020 | | | December 29, 2019 | | ||||||
Subject to amortization: | | | | | | | | | | | | | |
Distributor/customer relationships | | | | $ | 109,209 | | | | | $ | 107,100 | | |
Technology | | | | | 1,250 | | | | | | 1,250 | | |
Trademarks | | | | | 24,233 | | | | | | 22,610 | | |
Unfavorable lease | | | | | (85) | | | | | | (85) | | |
Amortizable assets, gross | | | | | 134,607 | | | | | | 130,875 | | |
Accumulated amortization | | | | | (22,341) | | | | | | (20,425) | | |
Amortizable assets, net | | | | | 112,266 | | | | | | 110,450 | | |
Not subject to amortization | | | | | | | | | | | | | |
Trade names | | | | | 67,230 | | | | | | 66,580 | | |
Master distribution rights | | | | | 4,677 | | | | | | 4,677 | | |
IO routes | | | | | 2,962 | | | | | | 2,307 | | |
Intangible assets, net | | | | $ | 187,135 | | | | | $ | 184,014 | | |
(in thousands) | | | March 29, 2020 | | | December 29, 2019 | | ||||||
Accrued compensation and benefits | | | | $ | 10,391 | | | | | $ | 14,198 | | |
Accrued contingencies | | | | | 1,797 | | | | | | 2,304 | | |
Insurance liabilities | | | | | 7,334 | | | | | | 7,880 | | |
Accrued interest | | | | | 3,591 | | | | | | 4,184 | | |
Accrued freight and manufacturing | | | | | 5,320 | | | | | | 4,930 | | |
Accrued sales tax | | | | | 1,300 | | | | | | 1,300 | | |
Short term hedge liability | | | | | 2,385 | | | | | | — | | |
Other accrued expenses | | | | | 12,199 | | | | | | 9,410 | | |
Total accrued expenses and other | | | | $ | 44,317 | | | | | $ | 44,206 | | |
(in thousands) | | | March 29, 2020 | | | December 29, 2019 | | ||||||
Deferred purchase price | | | | $ | 2,530 | | | | | $ | — | | |
Note payable – IO notes | | | | | 30,569 | | | | | | 33,700 | | |
Capital lease | | | | | 6,457 | | | | | | 6,055 | | |
Other | | | | | 20 | | | | | | 29 | | |
Total notes payable | | | | | 39,576 | | | | | | 39,784 | | |
Less: current portion | | | | | (8,615) | | | | | | (7,984) | | |
Long term portion of notes payable | | | | $ | 30,961 | | | | | $ | 31,800 | | |
(in thousands) | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 5,631 | | | | | $ | — | | | | | $ | — | | | | | $ | 5,631 | | |
Total assets | | | | $ | 5,631 | | | | | $ | — | | | | | $ | — | | | | | $ | 5,631 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Commodity contracts | | | | $ | — | | | | | $ | 813 | | | | | $ | — | | | | | $ | 813 | | |
Interest rate swaps | | | | | — | | | | | | 7,187 | | | | | | | | | | | | 7,187 | | |
Debt | | | | | — | | | | | | 649,141 | | | | | | — | | | | | | 649,141 | | |
Total liabilities | | | | $ | — | | | | | $ | 657,141 | | | | | $ | — | | | | | $ | 657,141 | | |
(in thousands) | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 15,053 | | | | | $ | — | | | | | $ | — | | | | | $ | 15,053 | | |
Interest rate swaps | | | | | — | | | | | | 1,486 | | | | | | — | | | | | | 1,486 | | |
Total assets | | | | $ | 15,053 | | | | | $ | 1,486 | | | | | $ | — | | | | | $ | 16,539 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Commodity contracts | | | | $ | — | | | | | $ | 494 | | | | | $ | — | | | | | $ | 494 | | |
Debt | | | | | — | | | | | | 640,125 | | | | | | — | | | | | | 640,125 | | |
Total liabilities | | | | $ | — | | | | | $ | 640,619 | | | | | $ | — | | | | | $ | 640,619 | | |
(in thousands) | | | Gains/(Losses) on Cash Flow Hedges | | |||
Balance as of December 29, 2019 | | | | $ | 1,408 | | |
Unrealized loss on cash flow hedges | | | | | (7,208) | | |
Balance as of March 29, 2020 | | | | $ | (5,800) | | |
| | | March 29, 2020 | | | March 31, 2019 | | ||||||||||||||||||||||||||||||
(in thousands) | | | Pretax Income (Loss) | | | Tax Expense | | | Effective Tax Rate | | | Pretax Income (Loss) | | | Tax Expense | | | Effective Tax Rate | | ||||||||||||||||||
Corporate entities | | | | $ | 5,364 | | | | | $ | 1,458 | | | | | | 27.18% | | | | | $ | 1,443 | | | | | $ | 377 | | | | | | 26.13% | | |
Nontaxable partnerships | | | | | (2,214) | | | | | | — | | | | | | 0.00% | | | | | | (3,681) | | | | | | — | | | | | | 0.00% | | |
Total | | | | $ | 3,150 | | | | | $ | 1,458 | | | | | | 46.29% | | | | | $ | (2,238) | | | | | $ | 377 | | | | | | (16.85)% | | |
(in thousands) | | | | | | | |
Balance as of December 29, 2019 | | | | $ | 2,096 | | |
Benefits accrued | | | | | 14 | | |
Balance as of March 29, 2020 | | | | $ | 2,110 | | |
Contractual Obligations | | | Total | | | Less than 1 year | | | 1 – 3 Years | | | 4 – 5 Years | | ||||||||||||
Term Loan | | | | $ | 652,700 | | | | | $ | 6,299 | | | | | $ | 16,984 | | | | | $ | 629,417 | | |
Capital lease obligations | | | | | 6,055 | | | | | | 1,518 | | | | | | 3,437 | | | | | | 1,100 | | |
Operating leases | | | | | 33,355 | | | | | | 8,195 | | | | | | 16,578 | | | | | | 8,582 | | |
Other long-term obligations, including current portion | | | | | 33,729 | | | | | | 6,466 | | | | | | 18,067 | | | | | | 9,196 | | |
Purchase commitments | | | | | 35,000 | | | | | | 35,000 | | | | | | — | | | | | | — | | |
Total Contractual Obligations | | | | $ | 760,839 | | | | | $ | 57,478 | | | | | $ | 55,066 | | | | | $ | 648,295 | | |
Name and Principal Position | | | Fiscal Year | | | Salary ($) | | | Stock Awards ($)(1) | | | Bonus ($)(2) | | | All Other Compensation ($)(3) | | | Total ($) | | ||||||||||||||||||
Dylan B. Lissette, President & Chief Executive Officer | | | | | 2019 | | | | | $ | 1,512,469(4) | | | | | $ | ― | | | | | $ | 625,030 | | | | | $ | 98,844 | | | | | $ | 2,236,343 | | |
Cary Devore, Executive Vice President, Chief Financial Officer | | | | | 2019 | | | | | $ | 387,366 | | | | | $ | 843,955 | | | | | $ | 481,610 | | | | | $ | 33,673 | | | | | $ | 1,746,604 | | |
Ajay Kataria, Executive Vice President, Finance & Accounting | | | | | 2019 | | | | | $ | 310,217 | | | | | $ | 482,260 | | | | | $ | 100,185 | | | | | $ | 18,670 | | | | | $ | 911,332 | | |
Name | | | Contributions under Profit Sharing/401(k) Plan ($)(a) | | | Utz Contributions under Excess Benefit to Nonqualified Deferred Compensation Plan ($) | | | Other ($) | | | Total ($) | | ||||||||||||
Dylan B. Lissette | | | | $ | 12,339 | | | | | $ | 80,231 | | | | | $ | 6,274(b) | | | | | $ | 98,844 | | |
Cary Devore | | | | $ | 11,200 | | | | | $ | 22,473 | | | | | $ | ― | | | | | $ | 33,673 | | |
Ajay Kataria | | | | $ | 13,512 | | | | | $ | 5,158 | | | | | $ | ― | | | | | $ | 18,670 | | |
Name | | | Number of Phantom Units | | |||
Dylan B. Lissette | | | | | 37.5 | | |
Cary Devore | | | | | 37.5 | | |
Ajay Kataria | | | | | 25.0 | | |
| Assumptions: | | | | |
| Time to liquidity event | | | 2 years | |
| Volatility | | | 35.00% | |
| Risk-free rate | | | 1.60% | |
| Dividend yield | | | 0.00% | |
| Lack of marketability discount | | | 10.00% | |
| | | Stock Awards | | |||||||||
Name | | | Number of shares of stock or units that have not vested (#)(1) | | | Market value of shares of stock or units that have not vested ($)(2) | | ||||||
Dylan B. Lissette | | | | | 37.5 | | | | | $ | 1,808,475 | | |
Cary Devore | | | | | 37.5 | | | | | $ | 1,808,475 | | |
Ajay Kataria | | | | | 25.0 | | | | | $ | 1,205,650 | | |
Director Name | | | Fees earned or paid in cash ($) | | | All other Compensation ($) | | | Total ($) | | |||||||||
Michael W. Rice | | | | $ | 205,050(1) | | | | | $ | 32,255(2) | | | | | $ | 237,305 | | |
Timothy P. Brown | | | | $ | 4,800(3) | | | | | $ | ― | | | | | $ | 4,800 | | |
Name | | | Age | | | Position(s) | |
Dylan B. Lissette | | | 48 | | | Chief Executive Officer | |
Cary Devore | | | 48 | | | Executive Vice President, Chief Financial Officer | |
Todd M. Staub | | | 54 | | | Executive Vice President & Chief Administrative Officer | |
Thomas (Tucker) Lawrence | | | 52 | | | Executive Vice President & Chief Supply Chain Officer | |
Mark Schreiber | | | 56 | | | Executive Vice President & Chief Customer Officer, Sales and Marketing | |
Ajay Kataria | | | 43 | | | Executive Vice President, Finance & Accounting | |
Eric Aumen | | | 43 | | | Vice President and Chief Accounting Officer | |
James Sponaugle | | | 44 | | | Senior Vice President Human Resources and Personnel Development | |
Name | | | Age | | | Position(s) | |
Roger K. Deromedi | | | 66 | | | Chairman; Director | |
Dylan B. Lissette | | | 48 | | | Chief Executive Officer; Director | |
Michael W. Rice | | | 77 | | | Director; Chairman Emeritus; Special Advisor | |
Craig D. Steeneck | | | 62 | | | Director; Chair, Audit Committee | |
John W. Altmeyer | | | 61 | | | Director; Chair, Nominating and Corporate Governance Committee | |
Timothy P. Brown | | | 57 | | | Director | |
Christina Choi | | | 42 | | | Director | |
Antonio F. Fernandez | | | 60 | | | Director | |
Jason K. Giordano | | | 41 | | | Director; Chair, Compensation Committee | |
B. John Lindeman | | | 50 | | | Director | |
| | | Page No. | | |||
Audited Financial Statements of Collier Creek Holdings: | | ||||||
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
| | | | F-8 | | | |
Unaudited Condensed Financial Statements of Collier Creek Holdings: | | ||||||
| | | | F-19 | | | |
| | | | F-20 | | | |
| | | | F-21 | | | |
| | | | F-22 | | | |
| | | | F-23 | | | |
Audited Financial Statements of UM-U Intermediate, LLC and Subsidiaries and Affiliates | | ||||||
| | | | F-35 | | | |
| | | | F-36 | | | |
| | | | F-37 | | | |
| | | | F-38 | | | |
| | | | F-39 | | | |
| | | | F-40 | | | |
Unaudited Financial Statements of Utz Brands Holdings, LLC and Subsidiaries (formerly UM-U Intermediate, LLC) | | ||||||
| | | | F-64 | | | |
| | | | F-65 | | | |
| | | | F-66 | | | |
| | | | F-67 | | | |
| | | | F-68 | | |
| | | Page No. | | |||
Audited Combined Abbreviated Financial Statements of Kennedy Endeavors, Inc. | | ||||||
| | | | F-85 | | | |
| | | | F-86 | | | |
| | | | | | ||
| | | | F-88 | | | |
Interim Combined Abbreviated Financial Statements of Kennedy Endeavors, Inc. | | ||||||
| | | | F-94 | | | |
| | | | F-95 | | | |
| | | | F-96 | | |
| | | December 31, | | |||||||||
| | | 2019 | | | 2018 | | ||||||
Assets: | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash | | | | $ | 585,253 | | | | | $ | 944,890 | | |
Prepaid expenses | | | | | 136,313 | | | | | | 321,529 | | |
Total current assets | | | | | 721,566 | | | | | | 1,266,419 | | |
Cash and marketable securities held in Trust Account | | | | | 451,020,841 | | | | | | 442,048,296 | | |
Total Assets | | | | $ | 451,742,407 | | | | | $ | 443,314,715 | | |
Liabilities and Shareholders’ Equity: | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable | | | | $ | 11,654 | | | | | $ | 115,112 | | |
Accrued expenses | | | | | 444,337 | | | | | | 7,500 | | |
Accrued expenses – related parties | | | | | 146,774 | | | | | | 26,774 | | |
Total current liabilities | | | | | 602,765 | | | | | | 149,386 | | |
Deferred underwriting commissions and legal fees | | | | | 15,450,000 | | | | | | 15,450,000 | | |
Total Liabilities | | | | | 16,052,765 | | | | | | 15,599,386 | | |
Commitments | | | | | | | | | | | | | |
Class A ordinary shares, $0.0001 par value; 42,018,501 and 42,061,226 shares subject to possible redemption at $10.25 and $10.05 per share at December 31, 2019 and 2018, respectively | | | | | 430,689,635 | | | | | | 422,715,321 | | |
Shareholders’ Equity: | | | | | | | | | | | | | |
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | | | | | — | | | | | | — | | |
Class A ordinary shares, $0.0001 par value; 400,000,000 shares authorized; 1,981,499 and 1,938,774 shares issued and outstanding (excluding 42,018,501 and 42,061,226 shares subject to possible redemption) at December 31, 2019 and 2018, respectively | | | | | 198 | | | | | | 194 | | |
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 11,875,000 shares issued and outstanding as of December 31, 2019 and 2018 | | | | | 1,188 | | | | | | 1,188 | | |
Additional paid-in capital | | | | | — | | | | | | 3,087,484 | | |
Retained earnings | | | | | 4,998,621 | | | | | | 1,911,142 | | |
Total Shareholders’ Equity | | | | | 5,000,007 | | | | | | 5,000,008 | | |
Total Liabilities and Shareholders’ Equity | | | | $ | 451,742,407 | | | | | $ | 443,314,715 | | |
| | | For the year ended December 31, 2019 | | | For the period from April 30, 2018 (inception) through December 31, 2018 | | ||||||
General and administrative expenses | | | | $ | 998,232 | | | | | $ | 137,154 | | |
Loss from operations | | | | | (998,232) | | | | | | (137,154) | | |
Investment income on Trust Account | | | | | 8,972,545 | | | | | | 2,048,296 | | |
Net income | | | | $ | 7,974,313 | | | | | $ | 1,911,142 | | |
Weighted average shares outstanding of Class A ordinary shares | | | | | 44,000,000 | | | | | | 44,000,000 | | |
Basic and diluted net income per share, Class A | | | | $ | 0.20 | | | | | $ | 0.05 | | |
Weighted average shares outstanding of Class B ordinary shares | | | | | 11,875,000 | | | | | | 11,875,000 | | |
Basic and diluted net loss per share, Class B | | | | $ | (0.08) | | | | | $ | (0.01) | | |
| | | Ordinary Shares | | | | | | | | | | | | | | | Total Shareholders’ | | ||||||||||||||||||||||||
| | | Class A | | | Class B | | | Additional Paid-In | | | Retained | | ||||||||||||||||||||||||||||||
| | | Shares | | | Amount | | | Shares | | | Amount | | | Capital | | | Earnings | | | Equity | | |||||||||||||||||||||
Balance – April 30, 2018 (inception) | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of Class B ordinary shares to Sponsor | | | | | — | | | | | | — | | | | | | 12,375,000 | | | | | | 1,238 | | | | | | 23,762 | | | | | | — | | | | | | 25,000 | | |
Sale of units in initial public offering | | | | | 44,000,000 | | | | | | 4,400 | | | | | | — | | | | | | — | | | | | | 439,995,600 | | | | | | — | | | | | | 440,000,000 | | |
Offering costs | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (25,020,813) | | | | | | — | | | | | | (25,020,813) | | |
Sale of private placement warrants to Sponsor in private placement | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,800,000 | | | | | | — | | | | | | 10,800,000 | | |
Forfeiture of Class B ordinary shares | | | | | — | | | | | | — | | | | | | (500,000) | | | | | | (50) | | | | | | 50 | | | | | | — | | | | | | — | | |
Class A ordinary shares subject to possible redemption | | | | | (42,061,226) | | | | | | (4,206) | | | | | | — | | | | | | — | | | | | | (422,711,115) | | | | | | — | | | | | | (422,715,321) | | |
Net income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,911,142 | | | | | | 1,911,142 | | |
Balance – December 31, 2018 | | | | | 1,938,774 | | | | | $ | 194 | | | | | | 11,875,000 | | | | | $ | 1,188 | | | | | $ | 3,087,484 | | | | | $ | 1,911,142 | | | | | $ | 5,000,008 | | |
Class A ordinary shares subject to possible redemption | | | | | 42,725 | | | | | | 4 | | | | | | — | | | | | | — | | | | | | (3,087,484) | | | | | | (4,886,834) | | | | | | (7,974,314) | | |
Net income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,974,313 | | | | | | 7,974,313 | | |
Balance – December 31, 2019 | | | | | 1,981,499 | | | | | $ | 198 | | | | | | 11,875,000 | | | | | $ | 1,188 | | | | | $ | — | | | | | $ | 4,998,621 | | | | | $ | 5,000,007 | | |
| | | For the year ended December 31, 2019 | | | For the period from April 30, 2018 (inception) through December 31, 2018 | | ||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | |
Net income | | | | $ | 7,974,313 | | | | | $ | 1,911,142 | | |
Adjustments to reconcile net income to net cash used in operating activities: | | | | | | | | | | | | | |
Investment income on Trust Account | | | | | (8,972,545) | | | | | | (2,048,296) | | |
General and administrative expenses paid by related parties | | | | | — | | | | | | 5,000 | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Prepaid expenses | | | | | 185,216 | | | | | | (321,529) | | |
Accounts payable | | | | | (103,458) | | | | | | 30,112 | | |
Accrued expenses | | | | | 436,837 | | | | | | 7,500 | | |
Accrued expenses – related parties | | | | | 120,000 | | | | | | 26,774 | | |
Net cash used in operating activities | | | | | (359,637) | | | | | | (389,297) | | |
Cash Flows from Investing Activities: | | | | | | | | | | | | | |
Cash deposited in Trust Account | | | | | — | | | | | | (440,000,000) | | |
Net cash used in investing activities | | | | | — | | | | | | (440,000,000) | | |
Cash Flows from Financing Activities: | | | | | | | | | | | | | |
Proceeds from issuance of Class B ordinary shares to Sponsor | | | | | — | | | | | | 25,000 | | |
Proceeds received from note payable to related parties | | | | | — | | | | | | 150,000 | | |
Repayment of note payable and general and administrative expenses paid by related parties | | | | | — | | | | | | (155,000) | | |
Proceeds received from initial public offering | | | | | — | | | | | | 440,000,000 | | |
Proceeds received from private placement | | | | | — | | | | | | 10,800,000 | | |
Payment of offering costs | | | | | — | | | | | | (9,485,813) | | |
Net cash provided by financing activities | | | | | — | | | | | | 441,334,187 | | |
Net (decrease) increase in cash | | | | | (359,637) | | | | | | 944,890 | | |
Cash – beginning of the year | | | | | 944,890 | | | | | | — | | |
Cash – end of the year | | | | $ | 585,253 | | | | | $ | 944,890 | | |
Supplemental disclosure of noncash financing activities: | | | | | | | | | | | | | |
Change in value of Class A ordinary shares subject to possible redemption | | | | $ | 7,974,314 | | | | | $ | 422,715,321 | | |
Deferred legal fees and underwriting commissions in connection with the initial public offering | | | | $ | — | | | | | $ | 15,450,000 | | |
Offering costs included in accounts payable | | | | $ | — | | | | | $ | 85,000 | | |
Description | | | Quoted Prices in Active Markets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Other Unobservable Inputs (Level 3) | | |||||||||
Money market funds | | | | $ | 451,020,841 | | | | | $ | — | | | | | $ | — | | |
Description | | | Quoted Prices in Active Markets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Other Unobservable Inputs (Level 3) | | |||||||||
Money market funds | | | | $ | 442,048,296 | | | | | $ | — | | | | | $ | — | | |
| | | March 31, 2020 | | | December 31, 2019 | | ||||||
| | | (Unaudited) | | | | | | | | |||
Assets: | | | | ||||||||||
Current assets: | | | | | | | | | | | | | |
Cash | | | | $ | 585,123 | | | | | $ | 585,253 | | |
Prepaid expenses | | | | | 154,625 | | | | | | 136,313 | | |
Total current assets | | | | | 739,748 | | | | | | 721,566 | | |
Marketable securities held in Trust Account | | | | | 452,430,869 | | | | | | 451,020,841 | | |
Total Assets | | | | $ | 453,170,617 | | | | | $ | 451,742,407 | | |
Liabilities and Shareholders’ Equity: | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable | | | | $ | 161,579 | | | | | $ | 11,654 | | |
Accrued expenses | | | | | 1,514,828 | | | | | | 444,337 | | |
Accrued expenses – related parties | | | | | 176,774 | | | | | | 146,774 | | |
Total current liabilities | | | | | 1,853,181 | | | | | | 602,765 | | |
Deferred underwriting commissions and legal fees | | | | | 15,450,000 | | | | | | 15,450,000 | | |
Total Liabilities | | | | | 17,303,181 | | | | | | 16,052,765 | | |
Commitments | | | | | | | | | | | | | |
Class A ordinary shares, $0.0001 par value; 41,913,174 and 42,018,501 shares subject to possible redemption at $10.28 and $10.25 per share at March 31, 2020 and December 31, 2019, respectively | | | | | 430,867,428 | | | | | | 430,689,635 | | |
Shareholders’ Equity: | | | | | | | | | | | | | |
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | | | | | — | | | | | | — | | |
Class A ordinary shares, $0.0001 par value; 400,000,000 shares authorized; 2,086,826 and 1,981,499 shares issued and outstanding (excluding 41,913,174 and 42,018,501 shares subject to possible redemption) at March 31, 2020 and December 31, 2019, respectively | | | | | 209 | | | | | | 198 | | |
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 11,875,000 shares issued and outstanding as of March 31, 2020 and December 31, 2019 | | | | | 1,188 | | | | | | 1,188 | | |
Additional paid-in capital | | | | | — | | | | | | — | | |
Retained earnings | | | | | 4,998,611 | | | | | | 4,998,621 | | |
Total Shareholders’ Equity | | | | | 5,000,008 | | | | | | 5,000,007 | | |
Total Liabilities and Shareholders’ Equity | | | | $ | 453,170,617 | | | | | $ | 451,742,407 | | |
|
| | | For the Three Months Ended March 31, | | |||||||||
| | | 2020 | | | 2019 | | ||||||
General and administrative expenses | | | | $ | 1,232,234 | | | | | $ | 159,706 | | |
Loss from operations | | | | | (1,232,234) | | | | | | (159,706) | | |
Investment income on Trust Account | | | | | 1,410,028 | | | | | | 2,461,634 | | |
Net income | | | | $ | 177,794 | | | | | $ | 2,301,928 | | |
Weighted average shares outstanding of Class A ordinary shares | | | | | 44,000,000 | | | | | | 44,000,000 | | |
Basic and diluted net income per share, Class A | | | | $ | 0.03 | | | | | $ | 0.06 | | |
Weighted average shares outstanding of Class B ordinary shares | | | | | 11,875,000 | | | | | | 11,875,000 | | |
Basic and diluted net loss per share, Class B | | | | $ | (0.10) | | | | | $ | (0.01) | | |
| | | For the Three Months Ended March 31, 2020 | | |||||||||||||||||||||||||||||||||||||||
| | | Ordinary Shares | | | Additional Paid-In Capital | | | | | | | | | Total Shareholders’ Equity | | |||||||||||||||||||||||||||
| | | Class A | | | Class B | | | Retained Earnings | | |||||||||||||||||||||||||||||||||
| | | Shares | | | Amount | | | Shares | | | Amount | | ||||||||||||||||||||||||||||||
Balance – December 31, 2019 | | | | | 1,981,499 | | | | | $ | 198 | | | | | | 11,875,000 | | | | | $ | 1,188 | | | | | $ | — | | | | | $ | 4,998,621 | | | | | $ | 5,000,007 | | |
Class A ordinary shares subject to possible redemption | | | | | 105,327 | | | | | | 11 | | | | | | — | | | | | | — | | | | | | — | | | | | | (177,804) | | | | | | (177,793) | | |
Net income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 177,794 | | | | | | 177,794 | | |
Balance – March 30, 2020 (unaudited) | | | | | 2,086,826 | | | | | $ | 209 | | | | | | 11,875,000 | | | | | $ | 1,188 | | | | | $ | — | | | | | $ | 4,998,611 | | | | | $ | 5,000,008 | | |
|
| | | For the three months ended March 31, 2019 | | |||||||||||||||||||||||||||||||||||||||
| | | Ordinary Shares | | | Additional Paid-In Capital | | | | | | | | | Total Shareholders’ Equity | | |||||||||||||||||||||||||||
| | | Class A | | | Class B | | | Retained Earnings | | |||||||||||||||||||||||||||||||||
| | | Shares | | | Amount | | | Shares | | | Amount | | ||||||||||||||||||||||||||||||
Balance – December 31, 2018 | | | | | 1,938,774 | | | | | $ | 194 | | | | | | 11,875,000 | | | | | $ | 1,188 | | | | | $ | 3,087,484 | | | | | $ | 1,911,142 | | | | | $ | 5,000,008 | | |
Class A ordinary shares subject to possible redemption | | | | | (19,690) | | | | | | (2) | | | | | | — | | | | | | — | | | | | | (2,301,928) | | | | | | — | | | | | | (2,301,930) | | |
Net income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,301,928 | | | | | | 2,301,928 | | |
Balance – March 31, 2019 (unaudited) | | | | | 1,919,084 | | | | | $ | 192 | | | | | | 11,875,000 | | | | | $ | 1,188 | | | | | $ | 785,556 | | | | | $ | 4,213,070 | | | | | $ | 5,000,006 | | |
| | | For the Three Months Ended March 31, | | |||||||||
| | | 2020 | | | 2019 | | ||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | |
Net income | | | | $ | 177,794 | | | | | $ | 2,301,928 | | |
Adjustments to reconcile net income to net cash used in operating activities: | | | | | | | | | | | | | |
Investment income on Trust Account | | | | | (1,410,028) | | | | | | (2,461,634) | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Prepaid expenses | | | | | (18,312) | | | | | | (9,768) | | |
Accounts payable | | | | | 149,925 | | | | | | (91,692) | | |
Accrued expenses | | | | | 1,070,491 | | | | | | 25,157 | | |
Accrued expenses – related parties | | | | | 30,000 | | | | | | 30,000 | | |
Net cash used in operating activities | | | | | (130) | | | | | | (206,009) | | |
Net decrease in cash | | | | | (130) | | | | | | (206,009) | | |
Cash – beginning of the period | | | | | 585,253 | | | | | | 944,890 | | |
Cash – end of the period | | | | $ | 585,123 | | | | | $ | 738,881 | | |
Supplemental disclosure of noncash financing activities: | | | | | | | | | | | | | |
Change in value of Class A ordinary shares subject to possible redemption | | | | $ | 177,793 | | | | | $ | 2,301,930 | | |
Description | | | Quoted Prices Other in Active Markets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | |||||||||
Money market funds | | | | $ | 452,430,869 | | | | | $ | — | | | | | $ | — | | |
|
Description | | | Quoted Prices Other in Active Markets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | |||||||||
Money market funds | | | | $ | 451,020,841 | | | | | $ | — | | | | | $ | — | | |
| | | December 29, 2019 | | | December 30, 2018 | | ||||||
ASSETS | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 15,053 | | | | | $ | 6,914 | | |
Accounts receivable, less allowance of $1,353 and $361, respectively | | | | | 106,816 | | | | | | 102,874 | | |
Inventories, net | | | | | 50,894 | | | | | | 46,926 | | |
Prepaid expenses and other assets | | | | | 4,563 | | | | | | 3,313 | | |
Current portion of notes receivable | | | | | 6,754 | | | | | | 6,744 | | |
Assets held for sale | | | | | — | | | | | | 3,620 | | |
Total current assets | | | | | 184,080 | | | | | | 170,391 | | |
Non-current Assets | | | | | | | | | | | | | |
Property, plant and equipment, net | | | | | 171,717 | | | | | | 149,766 | | |
Goodwill | | | | | 202,407 | | | | | | 130,907 | | |
Intangible assets, net | | | | | 184,014 | | | | | | 158,151 | | |
Non-current portion of notes receivable | | | | | 28,636 | | | | | | 25,710 | | |
Other assets | | | | | 7,693 | | | | | | 5,745 | | |
Total non-current assets | | | | | 594,467 | | | | | | 470,279 | | |
Total assets | | | | $ | 778,547 | | | | | $ | 640,670 | | |
LIABILITIES AND (DEFICIT) EQUITY | | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | |
Current portion of term debt | | | | $ | 6,299 | | | | | $ | 6,282 | | |
Current portion of other notes payable | | | | | 7,984 | | | | | | 1,394 | | |
Accounts payable | | | | | 49,028 | | | | | | 46,405 | | |
Accrued expenses and other | | | | | 44,206 | | | | | | 42,463 | | |
Total current liabilities | | | | | 107,517 | | | | | | 96,544 | | |
Non-current portion of term debt | | | | | 633,826 | | | | | | 640,110 | | |
Non-current portion of other notes payable | | | | | 31,800 | | | | | | 5,136 | | |
Non-current accrued expenses and other | | | | | 19,633 | | | | | | 13,023 | | |
Deferred tax liability | | | | | 19,123 | | | | | | 17,173 | | |
Total non-current liabilities | | | | | 704,382 | | | | | | 675,442 | | |
Total liabilities | | | | | 811,899 | | | | | | 771,986 | | |
Commitments and Contingencies | ��� | | | | | | | | | | | | |
(Deficit) Equity | | | | | | | | | | | | | |
Members’ (deficit) equity | | | | | (27,446) | | | | | | (119,971) | | |
Accumulated other comprehensive income | | | | | 1,408 | | | | | | — | | |
Total members’ (deficit) equity | | | | | (26,038) | | | | | | (119,971) | | |
Noncontrolling interest | | | | | (7,314) | | | | | | (11,345) | | |
Total (deficit) equity | | | | | (33,352) | | | | | | (131,316) | | |
Total liabilities and (deficit) equity | | | | $ | 778,547 | | | | | $ | 640,670 | | |
| | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||
Net sales | | | | $ | 768,228 | | | | | $ | 772,035 | | | | | $ | 707,035 | | |
Cost of goods sold | | | | | 514,430 | | | | | | 505,330 | | | | | | 445,548 | | |
Gross profit | | | | | 253,798 | | | | | | 266,705 | | | | | | 261,487 | | |
Selling and administrative expenses | | | | | | | | | | | | | | | | | | | |
Selling | | | | | 163,589 | | | | | | 183,374 | | | | | | 180,956 | | |
Administrative | | | | | 64,723 | | | | | | 68,018 | | | | | | 69,982 | | |
Total selling and administrative expenses | | | | | 228,312 | | | | | | 251,392 | | | | | | 250,938 | | |
Gain (loss) on sale of assets | | | | | | | | | | | | | | | | | | | |
Gain (loss) on disposal of property, plant and equipment | | | | | 6,028 | | | | | | (2,312) | | | | | | (11,813) | | |
Gain on sale of routes, net | | | | | 7,232 | | | | | | 6,382 | | | | | | 11,364 | | |
Total gain (loss) on sale of assets | | | | | 13,260 | | | | | | 4,070 | | | | | | (449) | | |
Income from operations | | | | | 38,746 | | | | | | 19,383 | | | | | | 10,100 | | |
Other (expense) income | | | | | | | | | | | | | | | | | | | |
Interest expense | | | | | (48,388) | | | | | | (45,715) | | | | | | (11,067) | | |
Other (expense) income | | | | | (576) | | | | | | 607 | | | | | | 1,921 | | |
Other (expense) income, net | | | | | (48,964) | | | | | | (45,108) | | | | | | (9,146) | | |
(Loss) income before taxes | | | | | (10,218) | | | | | | (25,725) | | | | | | 954 | | |
Income tax expense (benefit) | | | | | 3,146 | | | | | | 1,919 | | | | | | (16,146) | | |
Net (loss) income | | | | | (13,364) | | | | | | (27,644) | | | | | | 17,100 | | |
Net income attributable to noncontrolling interest | | | | | (2,808) | | | | | | (2,856) | | | | | | (3,497) | | |
Net (loss) income attributable to controlling interest | | | | $ | (16,172) | | | | | $ | (30,500) | | | | | $ | 13,603 | | |
Other comprehensive income: | | | | | | | | | | | | | | | | | | | |
Interest rate swap | | | | | 1,408 | | | | | | — | | | | | | — | | |
Comprehensive (loss) income | | | | $ | (14,764) | | | | | $ | (30,500) | | | | | $ | 13,603 | | |
| | | Members’ Equity (Deficit) | | | Other Comprehensive Income | | | Noncontrolling Interest | | | Total Equity (Deficit) | | ||||||||||||
Balance at January 1, 2017 | | | | $ | 213,035 | | | | | $ | — | | | | | $ | 6,912 | | | | | $ | 219,947 | | |
Net income | | | | | 13,603 | | | | | | — | | | | | | 3,497 | | | | | | 17,100 | | |
Repurchase of member units | | | | | — | | | | | | — | | | | | | (20,570) | | | | | | (20,570) | | |
Distributions to members and noncontrolling interest | | | | | (305,948) | | | | | | — | | | | | | (2,090) | | | | | | (308,038) | | |
Balance at December 31, 2017 | | | | $ | (79,310) | | | | | $ | — | | | | | $ | (12,251) | | | | | $ | (91,561) | | |
Net (loss) income | | | | $ | (30,500) | | | | | $ | — | | | | | $ | 2,856 | | | | | $ | (27,644) | | |
Distributions to members and noncontrolling interest | | | | | (10,161) | | | | | | — | | | | | | (1,950) | | | | | | (12,111) | | |
Balance at December 30, 2018 | | | | $ | (119,971) | | | | | $ | — | | | | | $ | (11,345) | | | | | $ | (131,316) | | |
Net (loss) income | | | | $ | (16,172) | | | | | $ | — | | | | | $ | 2,808 | | | | | $ | (13,364) | | |
Other comprehensive income | | | | | — | | | | | | 1,408 | | | | | | — | | | | | | 1,408 | | |
Contributions from members and noncontrolling interest | | | | | 120,158 | | | | | | — | | | | | | 3,750 | | | | | | 123,908 | | |
Distributions to members and noncontrolling interest | | | | | (11,461) | | | | | | — | | | | | | (2,527) | | | | | | (13,988) | | |
Balance at December 29, 2019 | | | | $ | (27,446) | | | | | $ | 1,408 | | | | | $ | (7,314) | | | | | $ | (33,352) | | |
| | | December 29, 2019 | | | December 30, 2018 | | | December 31, 2017 | | |||||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | |
Net (loss) income | | | | $ | (13,364) | | | | | $ | (27,644) | | | | | $ | 17,100 | | |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | | | | | | | | | | | | | | | | | | | |
Impairment and other charges | | | | | 3,880 | | | | | | 2,900 | | | | | | — | | |
Depreciation and amortization | | | | | 29,290 | | | | | | 30,358 | | | | | | 29,047 | | |
(Gain) loss on disposal and write-downs of property and equipment | | | | | (6,028) | | | | | | 2,312 | | | | | | 11,603 | | |
Gain on sale of routes | | | | | (7,232) | | | | | | (6,382) | | | | | | (11,364) | | |
Loss on debt extinguishment | | | | | 4,336 | | | | | | — | | | | | | — | | |
Deferred taxes | | | | | 1,949 | | | | | | 900 | | | | | | (16,533) | | |
Deferred financing costs | | | | | 955 | | | | | | 2,355 | | | | | | 1,950 | | |
Changes in assets and liabilities: | | | | | | | | | | | | | | | | | | | |
Accounts receivable, net | | | | | 11,542 | | | | | | (76) | | | | | | 2,857 | | |
Inventories, net | | | | | 3,476 | | | | | | 2,926 | | | | | | 3,718 | | |
Prepaid expenses and other assets | | | | | (1,993) | | | | | | 583 | | | | | | (195) | | |
Accounts payable and accrued expenses and other | | | | | 1,181 | | | | | | 7,515 | | | | | | 11,593 | | |
Net cash provided by operating activities | | | | | 27,992 | | | | | | 15,747 | | | | | | 49,776 | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | | | | |
Acquisitions, net of cash acquired | | | | | (137,845) | | | | | | — | | | | | | (157,819) | | |
Purchases of property and equipment | | | | | (19,996) | | | | | | (13,038) | | | | | | (21,629) | | |
Proceeds on sale of property and equipment | | | | | 12,059 | | | | | | 4,740 | | | | | | 10,009 | | |
Proceeds from sale of routes | | | | | 3,008 | | | | | | 4,326 | | | | | | — | | |
Proceeds on the sale of IO notes | | | | | 33,204 | | | | | | — | | | | | | — | | |
Notes receivable, net | | | | | (6,312) | | | | | | 1,803 | | | | | | (1,709) | | |
Net cash used in investing activities | | | | | (115,882) | | | | | | (2,169) | | | | | | (171,148) | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | |
Borrowings on term debt and notes payable | | | | | 121,250 | | | | | | 1,356 | | | | | | 794,930 | | |
Repayments on term debt and notes payable | | | | | (135,141) | | | | | | (5,611) | | | | | | (337,318) | | |
Contribution from members and noncontrolling interest | | | | | 123,908 | | | | | | — | | | | | | — | | |
Repurchase of member units | | | | | — | | | | | | — | | | | | | (20,570) | | |
Distributions to members | | | | | (11,461) | | | | | | (10,161) | | | | | | (305,948) | | |
Distribution to noncontrolling interest | | | | | (2,527) | | | | | | (1,950) | | | | | | (2,090) | | |
Net cash provided by (used in) financing activities | | | | | 96,029 | | | | | | (16,366) | | | | | | 129,004 | | |
Net increase (decrease) in cash and cash equivalents | | | | | 8,139 | | | | | | (2,788) | | | | | | 7,632 | | |
Cash and cash equivalents at beginning of fiscal year | | | | | 6,914 | | | | | | 9,702 | | | | | | 2,070 | | |
Cash and cash equivalents at end of fiscal year | | | | $ | 15,053 | | | | | $ | 6,914 | | | | | $ | 9,702 | | |
| Operating Entities | | | Holding Entities | |
| Utz Quality Foods, LLC | | | UM-U Intermediate, LLC | |
| UTZTRAN, LLC | | | UM-R Intermediate, LLC | |
| Golden Flake Snack Foods, Inc. | | | GH Pop Holdings, LLC | |
| Inventure Foods, Inc. and its subsidiaries | | | Rice Investments, L.P. | |
| Kennedy Endeavors, LLC | | | Heron Holding Corporation | |
| Good Health Natural Products, LLC | | | ||
| Condor Snack Foods, LLC | | | | |
| Snikiddy, LLC | | | | |
| SRS Leasing LLC and its subsidiaries | | | | |
(in thousands) | | | | | | | |
Purchase consideration | | | | $ | 138,072 | | |
Assets acquired: | | | | | | | |
Cash and cash equivalents | | | | | 227 | | |
Accounts receivable | | | | | 12,331 | | |
Inventory, net | | | | | 7,443 | | |
Prepaid expenses and other assets | | | | | 129 | | |
Property, plant and equipment, net | | | | | 19,175 | | |
Trademarks | | | | | 20,810 | | |
Customer relationships | | | | | 13,200 | | |
Favorable and unfavorable lease intangibles | | | | | (85) | | |
Total assets acquired: | | | | | 73,230 | | |
Liabilities assumed: | | | | | | | |
Accounts payable | | | | | 4,996 | | |
Accrued expenses and other | | | | | 1,644 | | |
Other non-current liabilities | | | | | 18 | | |
Total liabilities assumed: | | | | | 6,658 | | |
Net identifiable assets acquired | | | | | 66,572 | | |
Goodwill | | | | $ | 71,500 | | |
(in thousands) | | | 2019 (unaudited) | | |||
Pro forma net sales | | | | $ | 109,449 | | |
Pro forma net income | | | | | 7,195 | | |
(in thousands) | | | | | | | |
Purchase consideration | | | | $ | 165,680 | | |
Assets acquired: | | | | | | | |
Cash and cash equivalents | | | | | 7,861 | | |
Accounts receivable | | | | | 8,390 | | |
Inventories, net | | | | | 12,110 | | |
Property, plant and equipment | | | | | 42,250 | | |
Deferred taxes | | | | | 8,362 | | |
Other assets | | | | | 2,212 | | |
Customer relationships | | | | | 40,000 | | |
Trade names | | | | | 20,000 | | |
Total assets acquired: | | | | | 141,185 | | |
Liabilities assumed: | | | | | | | |
Accounts payable | | | | | 16,851 | | |
Debt | | | | | 2,206 | | |
Other liabilities | | | | | 8,385 | | |
Total liabilities assumed: | | | | | 27,442 | | |
Net identifiable assets acquired | | | | | 113,743 | | |
Goodwill | | | | $ | 51,937 | | |
(in thousands) | | | 2019 | | | 2018 | | ||||||
Finished goods | | | | $ | 24,447 | | | | | $ | 24,430 | | |
Raw materials | | | | | 22,122 | | | | | | 21,224 | | |
Maintenance parts | | | | | 4,575 | | | | | | 2,667 | | |
| | | | | 51,144 | | | | | | 48,321 | | |
Less: inventory reserve | | | | | (250) | | | | | | (1,395) | | |
Total inventories | | | | $ | 50,894 | | | | | $ | 46,926 | | |
(in thousands) | | | 2019 | | | 2018 | | ||||||
Land | | | | $ | 14,970 | | | | | $ | 14,820 | | |
Buildings | | | | | 104,736 | | | | | | 101,413 | | |
Machinery and equipment | | | | | 297,666 | | | | | | 266,895 | | |
Land improvements | | | | | 1,174 | | | | | | 969 | | |
Building improvements | | | | | 3,561 | | | | | | 895 | | |
Construction-in-progress | | | | | 7,341 | | | | | | 2,220 | | |
| | | | | 429,448 | | | | | | 387,212 | | |
Less: accumulated depreciation | | | | | (257,731) | | | | | | (237,446) | | |
Property, plant and equipment, net | | | | $ | 171,717 | | | | | $ | 149,766 | | |
(in thousands) | | | | | | | |
Balance as of December 31, 2017 | | | | $ | 127,028 | | |
Inventure acquisition adjustments | | | | | 3,879 | | |
Balance as of December 30, 2018 | | | | | 130,907 | | |
Acquisition of Kennedy | | | | | 71,500 | | |
Balance as of December 29, 2019 | | | | $ | 202,407 | | |
(in thousands) | | | 2019 | | | 2018 | | ||||||
Subject to amortization: | | | | | | | | | | | | | |
Distributor/customer relationships | | | | $ | 107,100 | | | | | $ | 93,900 | | |
Technology | | | | | 1,250 | | | | | | 1,250 | | |
Trademarks | | | | | 22,610 | | | | | | 1,800 | | |
Non-compete agreements | | | | | — | | | | | | 1,050 | | |
Unfavorable lease | | | | | (85) | | | | | | — | | |
Amortizable assets, gross | | | | | 130,875 | | | | | | 98,000 | | |
Accumulated amortization | | | | | (20,425) | | | | | | (15,641) | | |
Amortizable assets, net | | | | | 110,450 | | | | | | 82,359 | | |
Not subject to amortization | | | | | | | | | | | | | |
Trade names | | | | | 66,580 | | | | | | 70,380 | | |
Master distribution rights | | | | | 4,677 | | | | | | 4,756 | | |
IO routes | | | | | 2,307 | | | | | | 656 | | |
Intangible assets, net | | | | $ | 184,014 | | | | | $ | 158,151 | | |
(in thousands) | | | | | | | |
2020 | | | | $ | 7,414 | | |
2021 | | | | | 7,414 | | |
2022 | | | | | 7,414 | | |
2023 | | | | | 7,392 | | |
2024 | | | | | 7,392 | | |
Thereafter | | | | | 73,424 | | |
Total | | | | $ | 110,450 | | |
(in thousands) | | | 2019 | | | 2018 | | ||||||
Accrued compensation and benefits | | | | $ | 14,198 | | | | | $ | 13,813 | | |
Accrued contingencies | | | | | 2,304 | | | | | | 5,450 | | |
Insurance liabilities | | | | | 7,880 | | | | | | 5,914 | | |
Accrued interest | | | | | 4,184 | | | | | | 3,705 | | |
Accrued freight and manufacturing | | | | | 4,930 | | | | | | 4,611 | | |
Accrued sales tax | | | | | 1,300 | | | | | | 1,500 | | |
Other accrued expenses | | | | | 9,410 | | | | | | 7,470 | | |
Total accrued expenses and other | | | | $ | 44,206 | | | | | $ | 42,463 | | |
(in thousands) | | | | | | | |
Repayment of Second Lien Term Loan | | | | $ | 126,250 | | |
Deferred Financing Fees | | | | | 3,086 | | |
Book value of Second Lien Term Loan | | | | | (125,000) | | |
Loss on early extinguishment of debt | | | | $ | 4,336 | | |
(in thousands) | | | 2019 | | | 2018 | | ||||||
Revolving line of credit, expires November 2022 | | | | $ | — | | | | | $ | — | | |
First lien term loan, matures November 2024 | | | | | 525,637 | | | | | | 530,988 | | |
Second lien term loan, matures November 2025 | | | | | — | | | | | | 125,000 | | |
Secured first lien loan, matures October 2024 | | | | | 125,000 | | | | | | — | | |
Equipment term loan, matures April 2021 | | | | | 943 | | | | | | 1,584 | | |
Equipment term loans, matures October 2024 | | | | | 1,120 | | | | | | 1,356 | | |
Term debt and lines of credit | | | | | 652,700 | | | | | | 658,928 | | |
Less: current portion | | | | | (6,299) | | | | | | (6,282) | | |
Long-term portion | | | | | 646,401 | | | | | | 652,646 | | |
Debt issuance costs | | | | | (12,575) | | | | | | (12,536) | | |
Non-current term debt, net of debt issuance costs | | | | $ | 633,826 | | | | | $ | 640,110 | | |
(in thousands) | | | | | | | |
2020 | | | | $ | 6,299 | | |
2021 | | | | | 5,839 | | |
2022 | | | | | 5,598 | | |
2023 | | | | | 5,547 | | |
2024 | | | | | 629,417 | | |
Total | | | | $ | 652,700 | | |
(in thousands) | | | 2019 | | | 2018 | | ||||||
Deferred purchase price | | | | $ | — | | | | | $ | 750 | | |
Note payable – IO notes | | | | | 33,700 | | | | | | 5,690 | | |
Capital lease | | | | | 6,055 | | | | | | 90 | | |
Other | | | | | 29 | | | | | | — | | |
Total notes payable | | | | | 39,784 | | | | | | 6,530 | | |
Less: current portion | | | | | (7,984) | | | | | | (1,394) | | |
Long term portion of notes payable | | | | $ | 31,800 | | | | | $ | 5,136 | | |
(in thousands) | | | | | | | |
2020 | | | | $ | 7,984 | | |
2021 | | | | | 7,596 | | |
2022 | | | | | 7,198 | | |
2023 | | | | | 6,709 | | |
2024 | | | | | 4,802 | | |
Thereafter | | | | | 5,495 | | |
Total | | | | $ | 39,784 | | |
(in thousands) | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 15,053 | | | | | $ | — | | | | | $ | — | | | | | $ | 15,053 | | |
Interest rate swaps | | | | | — | | | | | | 1,486 | | | | | | | | | | | | 1,486 | | |
Total assets | | | | $ | 15,053 | | | | | $ | 1,486 | | | | | $ | — | | | | | $ | 16,539 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Commodity contracts | | | | $ | — | | | | | $ | 494 | | | | | $ | — | | | | | $ | 494 | | |
Debt | | | | | — | | | | | | 640,125 | | | | | | — | | | | | | 640,125 | | |
Total liabilities | | | | $ | — | | | | | $ | 640,619 | | | | | $ | — | | | | | $ | 640,619 | | |
(in thousands) | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 6,914 | | | | | $ | — | | | | | $ | — | | | | | $ | 6,914 | | |
Total assets | | | | $ | 6,914 | | | | | $ | — | | | | | $ | — | | | | | $ | 6,914 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Commodity contracts | | | | $ | — | | | | | $ | 1,377 | | | | | $ | — | | | | | $ | 1,377 | | |
Debt | | | | | — | | | | | | 646,392 | | | | | | | | | | | | 646,392 | | |
Total liabilities | | | | $ | — | | | | | $ | 647,769 | | | | | $ | — | | | | | $ | 647,769 | | |
(in thousands) | | | Gains/(Losses) on Cash Flow Hedges | | |||
Balance as of December 31, 2018 | | | | $ | — | | |
Unrealized gain on cash flow hedges | | | | | 1,408 | | |
Balance as of December 29, 2019 | | | | $ | 1,408 | | |
(in thousands) | | | 2019 | | | 2018 | | | 2017 | | |||||||||
Current: | | | | | | | | | | | | | | | | | | | |
U.S. Federal | | | | $ | 140 | | | | | $ | (142) | | | | | $ | 338 | | |
State | | | | | 1,057 | | | | | | 1,161 | | | | | | 49 | | |
Total current | | | | | 1,197 | | | | | | 1,019 | | | | | | 387 | | |
Deferred: | | | | | | | | | | | | | | | | | | | |
U.S. Federal | | | | | 1,650 | | | | | | 412 | | | | | | (15,544) | | |
State | | | | | 299 | | | | | | 488 | | | | | | (989) | | |
Total deferred | | | | | 1,949 | | | | | | 900 | | | | | | (16,533) | | |
Total | | | | $ | 3,146 | | | | | $ | 1,919 | | | | | $ | (16,146) | | |
|
(in thousands, except percentages) | | | 2019 | | | 2018 | | | 2017 | | |||||||||||||||||||||||||||
At Statutory Rate | | | | $ | (2,146) | | | | | | 21.00% | | | | | $ | (5,402) | | | | | | 21.00% | | | | | $ | 324 | | | | | | 34.00% | | |
State Taxes | | | | | 1,755 | | | | | | -17.18% | | | | | | 1,045 | | | | | | -4.06% | | | | | | (620) | | | | | | -64.99% | | |
Impact of Partnerships | | | | | 4,204 | | | | | | -41.14% | | | | | | 5,650 | | | | | | -21.96% | | | | | | (7,903) | | | | | | -828.44% | | |
Impact of the Tax Act | | | | | — | | | | | | —% | | | | | | — | | | | | | —% | | | | | | (7,862) | | | | | | -824.11% | | |
Change in Valuation Allowance | | | | | (683) | | | | | | 6.68% | | | | | | 257 | | | | | | -1.00% | | | | | | — | | | | | | —% | | |
Non-deductible expenses | | | | | 6 | | | | | | -0.06% | | | | | | 11 | | | | | | -0.04% | | | | | | 25 | | | | | | 2.62% | | |
Prior Year True up and other items | | | | | 10 | | | | | | -0.10% | | | | | | 358 | | | | | | -1.39% | | | | | | (110) | | | | | | -11.53% | | |
Total current | | | | $ | 3,146 | | | | | | -30.80% | | | | | $ | 1,919 | | | | | | -7.46% | | | | | $ | (16,146) | | | | | | 1692.45% | | |
(in thousands) | | | 2019 | | | 2018 | | ||||||
Deferred Tax Assets | | | | | | | | | | | | | |
Accounts Receivable, principally due to allowance for doubtful accounts | | | | $ | — | | | | | $ | 3 | | |
Accruals for financial reporting purposes | | | | | 171 | | | | | | 681 | | |
Postretirement benefits and compensated absences | | | | | 548 | | | | | | 551 | | |
Inventories, including uniform capitalization | | | | | 19 | | | | | | 372 | | |
Net Operating loss carryforwards | | | | | 18,915 | | | | | | 23,816 | | |
Credit Carryforwards | | | | | 105 | | | | | | 105 | | |
Charitable Contribution CF | | | | | 101 | | | | | | 112 | | |
Other Deferred Tax Assets | | | | | — | | | | | | 47 | | |
Total deferred tax assets | | | | | 19,859 | | | | | | 25,687 | | |
Less Valuation Allowance | | | | | (1,563) | | | | | | (2,247) | | |
Net deferred tax assets | | | | $ | 18,296 | | | | | $ | 23,440 | | |
Deferred Tax Liabilities | | | | | | | | | | | | | |
Plant and equipment, due to differences in depreciation | | | | $ | (11,117) | | | | | $ | (11,516) | | |
Amortization | | | | | (26,301) | | | | | | (29,096) | | |
Other | | | | | (1) | | | | | | (1) | | |
Total deferred tax liabilities | | | | $ | (37,419) | | | | | $ | (40,613) | | |
Net deferred tax liability | | | | $ | (19,123) | | | | | $ | (17,173) | | |
(in thousands) | | | | | | | |
2020 | | | | $ | 8,194 | | |
2021 | | | | | 6,732 | | |
2022 | | | | | 5,428 | | |
2023 | | | | | 4,419 | | |
2024 | | | | | 3,543 | | |
Thereafter | | | | | 5,039 | | |
Total | | | | $ | 33,355 | | |
(in thousands) | | | | | | | |
Balance as of December 31, 2017 | | | | $ | 1,993 | | |
Benefits accrued | | | | | 51 | | |
Balance as of December 30, 2018 | | | | | 2,044 | | |
Benefits accrued | | | | | 52 | | |
Balance as of December 29, 2019 | | | | $ | 2,096 | | |
| | | 2019 | | | 2018 | | | 2017 | | |||||||||
Net sales concentrations: | | | | | | | | | | | | | | | | | | | |
Customer A | | | | | 9% | | | | | | 9% | | | | | | 9% | | |
Customer B | | | | | 5 | | | | | | 6 | | | | | | 6 | | |
Customer C | | | | | 5 | | | | | | 5 | | | | | | 5 | | |
Total net sales concentrations | | | | | 19% | | | | | | 20% | | | | | | 20% | | |
| | | 2019 | | | 2018 | | ||||||
Accounts receivable concentrations: | | | | | | | | | | | | | |
Customer A | | | | | 14% | | | | | | 14% | | |
Customer B | | | | | 5 | | | | | | 4 | | |
Customer C | | | | | 2 | | | | | | 4 | | |
Total accounts receivable concentrations | | | | | 21% | | | | | | 22% | | |
| | | March 29, 2020 | | | December 29, 2019 | | ||||||
| | | (Unaudited) | | | | | | | | |||
ASSETS | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 5,631 | | | | | $ | 15,053 | | |
Accounts receivable, less allowance of $1,624 and $1,353, respectively | | | | | 122,927 | | | | | | 106,816 | | |
Inventories, net | | | | | 48,508 | | | | | | 50,894 | | |
Prepaid expenses and other assets | | | | | 4,499 | | | | | | 4,563 | | |
Current portion of notes receivable | | | | | 6,705 | | | | | | 6,754 | | |
Total current assets | | | | | 188,270 | | | | | | 184,080 | | |
Non-current Assets | | | | | | | | | | | | | |
Property, plant and equipment, net | | | | | 168,735 | | | | | | 171,717 | | |
Goodwill | | | | | 206,532 | | | | | | 202,407 | | |
Intangible assets, net | | | | | 187,135 | | | | | | 184,014 | | |
Non-current portion of notes receivable | | | | | 26,948 | | | | | | 28,636 | | |
Other assets | | | | | 7,285 | | | | | | 7,693 | | |
Total non-current assets | | | | | 596,635 | | | | | | 594,467 | | |
Total assets | | | | $ | 784,905 | | | | | $ | 778,547 | | |
LIABILITIES AND (DEFICIT) EQUITY | | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | |
Current portion of term debt | | | | $ | 6,252 | | | | | $ | 6,299 | | |
Current portion of other notes payable | | | | | 8,615 | | | | | | 7,984 | | |
Accounts payable | | | | | 49,127 | | | | | | 49,028 | | |
Accrued expenses and other | | | | | 44,317 | | | | | | 44,206 | | |
Total current liabilities | | | | | 108,311 | | | | | | 107,517 | | |
Non-current portion of term debt | | | | | 642,889 | | | | | | 633,826 | | |
Non-current portion of other notes payable | | | | | 30,961 | | | | | | 31,800 | | |
Non-current accrued expenses and other | | | | | 24,171 | | | | | | 19,633 | | |
Deferred tax liability | | | | | 20,098 | | | | | | 19,123 | | |
Total non-current liabilities | | | | | 718,119 | | | | | | 704,382 | | |
Total liabilities | | | | | 826,430 | | | | | | 811,899 | | |
Commitments and Contingencies | | | | | | | | | | | | | |
(Deficit) Equity | | | | | | | | | | | | | |
Members’ (deficit) equity | | | | | (35,725) | | | | | | (27,446) | | |
Accumulated other comprehensive (loss) income | | | | | (5,800) | | | | | | 1,408 | | |
Total members’ (deficit) equity | | | | | (41,525) | | | | | | (26,038) | | |
Noncontrolling interest | | | | | — | | | | | | (7,314) | | |
Total (deficit) equity | | | | | (41,525) | | | | | | (33,352) | | |
Total liabilities and (deficit) equity | | | | $ | 784,905 | | | | | $ | 778,547 | | |
| | | March 29, 2020 | | | March 31, 2019 | | ||||||
Net sales | | | | $ | 228,029 | | | | | $ | 178,412 | | |
Cost of goods sold | | | | | 148,015 | | | | | | 121,880 | | |
Gross profit | | | | | 80,014 | | | | | | 56,532 | | |
Selling and administrative expenses | | | | | | | | | | | | | |
Selling | | | | | 48,333 | | | | | | 37,136 | | |
Administrative | | | | | 19,940 | | | | | | 13,394 | | |
Total selling and administrative expenses | | | | | 68,273 | | | | | | 50,530 | | |
Gain on sale of assets | | | | | | | | | | | | | |
Gain on disposal of property, plant and equipment | | | | | 68 | | | | | | 729 | | |
Gain on sale of routes, net | | | | | 404 | | | | | | 2,442 | | |
Total gain on sale of assets | | | | | 472 | | | | | | 3,171 | | |
Income from operations | | | | | 12,213 | | | | | | 9,173 | | |
Other (expense) income | | | | | | | | | | | | | |
Interest expense | | | | | (9,643) | | | | | | (12,545) | | |
Other income | | | | | 580 | | | | | | 1,134 | | |
Other expense, net | | | | | (9,063) | | | | | | (11,411) | | |
Income (loss) before taxes | | | | | 3,150 | | | | | | (2,238) | | |
Income tax expense | | | | | 1,458 | | | | | | 377 | | |
Net income (loss) | | | | | 1,692 | | | | | | (2,615) | | |
Net income attributable to noncontrolling interest | | | | | — | | | | | | (705) | | |
Net income (loss) attributable to controlling interest | | | | $ | 1,692 | | | | | $ | (3,320) | | |
Other comprehensive loss: | | | | | | | | | | | | | |
Interest rate swap | | | | | (7,208) | | | | | | — | | |
Comprehensive loss | | | | $ | (5,516) | | | | | $ | (3,320) | | |
| | | Members’ (Deficit) Equity | | | Accumulated Other Comprehensive (Loss) Income | | | Noncontrolling Interest | | | Total (Deficit) Equity | | ||||||||||||
Balance at December 30, 2018 | | | | $ | (119,971) | | | | | $ | — | | | | | $ | (11,345) | | | | | $ | (131,316) | | |
Net (loss) income | | | | | (3,320) | | | | | | — | | | | | | 705 | | | | | | (2,615) | | |
Distributions to members and noncontrolling interest | | | | | (1,400) | | | | | | — | | | | | | (517) | | | | | | (1,917) | | |
Balance at March 31, 2019 | | | | $ | (124,691) | | | | | $ | — | | | | | $ | (11,157) | | | | | $ | (135,848) | | |
Balance at December 29, 2019 | | | | $ | (27,446) | | | | | $ | 1,408 | | | | | $ | (7,314) | | | | | $ | (33,352) | | |
Net income | | | | | 1,692 | | | | | | — | | | | | | — | | | | | | 1,692 | | |
Other comprehensive loss | | | | | — | | | | | | (7,208) | | | | | | — | | | | | | (7,208) | | |
Merger of noncontrolling interest | | | | | (7,314) | | | | | | | | | | | | 7,314 | | | | | | — | | |
Distributions to members | | | | | (2,657) | | | | | | — | | | | | | — | | | | | | (2,657) | | |
Balance at March 29, 2020 | | | | $ | (35,725) | | | | | $ | (5,800) | | | | | $ | — | | | | | $ | (41,525) | | |
| | | March 29, 2020 | | | March 31, 2019 | | ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net income (loss) | | | | $ | 1,692 | | | | | $ | (2,615) | | |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | | | | | | | | | | | | | |
Depreciation and amortization | | | | | 8,912 | | | | | | 6,875 | | |
Gain on disposal of property and equipment | | | | | (68) | | | | | | (729) | | |
Gain on sale of routes | | | | | (404) | | | | | | (2,442) | | |
Deferred taxes | | | | | 975 | | | | | | 377 | | |
Deferred financing costs | | | | | 653 | | | | | | 519 | | |
Changes in assets and liabilities: | | | | | | | | | | | | | |
Accounts receivable, net | | | | | (15,374) | | | | | | 982 | | |
Inventories, net | | | | | 2,676 | | | | | | (841) | | |
Prepaid expenses and other assets | | | | | (618) | | | | | | (2,363) | | |
Accounts payable and accrued expenses and other | | | | | (1,217) | | | | | | (16,942) | | |
Net cash used in operating activities | | | | | (2,773) | | | | | | (17,179) | | |
Cash flows from investing activities | | | | | | | | | | | | | |
Acquisitions, net of cash acquired | | | | | (8,789) | | | | | | — | | |
Purchases of property and equipment | | | | | (3,556) | | | | | | (2,633) | | |
Purchases of intangibles | | | | | (650) | | | | | | — | | |
Proceeds on sale of property and equipment | | | | | 152 | | | | | | 1,432 | | |
Proceeds from sale of routes | | | | | 1,159 | | | | | | 2,127 | | |
Proceeds on the sale of IO notes | | | | | — | | | | | | 23,917 | | |
Notes receivable, net | | | | | (2,780) | | | | | | (839) | | |
Net cash (used in) provided by investing activities | | | | | (14,464) | | | | | | 24,004 | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Net borrowings on line of credit | | | | | 10,000 | | | | | | — | | |
Borrowings on term debt and notes payable | | | | | 2,650 | | | | | | — | | |
Repayments on term debt and notes payable | | | | | (2,178) | | | | | | (3,506) | | |
Distributions to members | | | | | (2,657) | | | | | | (1,400) | | |
Distribution to noncontrolling interest | | | | | — | | | | | | (517) | | |
Net cash provided by (used in) financing activities | | | | | 7,815 | | | | | | (5,423) | | |
Net (decrease) increase in cash and cash equivalents | | | | | (9,422) | | | | | | 1,402 | | |
Cash and cash equivalents at beginning of fiscal quarter | | | | | 15,053 | | | | | | 6,914 | | |
Cash and cash equivalents at end of fiscal quarter | | | | $ | 5,631 | | | | | $ | 8,316 | | |
Operating Entities | | | Holding Entities | |
Utz Quality Foods, LLC | | | Utz Brands Holdings, LLC | |
UTZTRAN, LLC | | | GH Pop Holdings, LLC | |
Golden Flake Snack Foods, Inc. | | | Heron Holding Corporation | |
Inventure Foods, Inc. and its subsidiaries | | | | |
Kennedy Endeavors, LLC | | | | |
Good Health Natural Products, LLC | | | | |
Condor Snack Foods, LLC | | | | |
Snikiddy, LLC | | | | |
Kitchen Cooked, Inc. | | | | |
(in thousands) | | | | | | | |
Purchase consideration | | | | $ | 8,919 | | |
Assets acquired: | | | | | | | |
Cash | | | | | 130 | | |
Accounts receivable | | | | | 737 | | |
Inventory, net | | | | | 291 | | |
Prepaid expenses and other assets | | | | | 37 | | |
Income tax prepayments | | | | | 212 | | |
Property, plant and equipment, net | | | | | 672 | | |
Other assets | | | | | 147 | | |
Trademarks | | | | | 1,623 | | |
Customer relationships | | | | | 2,109 | | |
Total assets acquired: | | | | | 5,958 | | |
Liabilities assumed: | | | | | | | |
Accounts payable | | | | | 173 | | |
Accrued expenses | | | | | 2 | | |
Total liabilities assumed: | | | | | 175 | | |
Net identifiable assets acquired | | | | | 5,783 | | |
Goodwill | | | | $ | 3,136 | | |
(in thousands) | | | March 29, 2019 | | |||
| | | (unaudited) | | |||
Pro forma net sales | | | | $ | 1,955 | | |
Pro forma net loss | | | | | 82 | | |
(in thousands) | | | March 29, 2020 | | | December 29, 2019 | | ||||||
Finished goods | | | | $ | 23,803 | | | | | $ | 24,447 | | |
Raw materials | | | | | 20,067 | | | | | | 22,122 | | |
Maintenance parts | | | | | 4,854 | | | | | | 4,575 | | |
| | | | | 48,724 | | | | | | 51,144 | | |
Less: inventory reserve | | | | | (216) | | | | | | (250) | | |
Total inventories | | | | $ | 48,508 | | | | | $ | 50,894 | | |
(in thousands) | | | March 29, 2020 | | | December 29, 2019 | | ||||||
Land | | | | $ | 14,970 | | | | | $ | 14,970 | | |
Buildings | | | | | 104,747 | | | | | | 104,736 | | |
Machinery and equipment | | | | | 301,210 | | | | | | 297,666 | | |
Land improvements | | | | | 1,174 | | | | | | 1,174 | | |
Building improvements | | | | | 4,062 | | | | | | 3,561 | | |
Construction-in-progress | | | | | 7,635 | | | | | | 7,341 | | |
| | | | | 433,798 | | | | | | 429,448 | | |
Less: accumulated depreciation | | | | | (265,063) | | | | | | (257,731) | | |
Property, plant and equipment, net | | | | $ | 168,735 | | | | | $ | 171,717 | | |
(in thousands) | | | | | | | |
Balance as of December 29, 2019 | | | | $ | 202,407 | | |
Acquisition of Kitchen Cooked | | | | | 3,136 | | |
Kennedy acquisition adjustment | | | | | 989 | | |
Balance as of March 29, 2020 | | | | $ | 206,532 | | |
(in thousands) | | | March 29, 2020 | | | December 29, 2019 | | ||||||
Subject to amortization: | | | | | | | | | | | | | |
Distributor/customer relationships | | | | $ | 109,209 | | | | | $ | 107,100 | | |
Technology | | | | | 1,250 | | | | | | 1,250 | | |
Trademarks | | | | | 24,233 | | | | | | 22,610 | | |
Unfavorable lease | | | | | (85) | | | | | | (85) | | |
Amortizable assets, gross | | | | | 134,607 | | | | | | 130,875 | | |
Accumulated amortization | | | | | (22,341) | | | | | | (20,425) | | |
Amortizable assets, net | | | | | 112,266 | | | | | | 110,450 | | |
Not subject to amortization | | | | | | | | | | | | | |
Trade names | | | | | 67,230 | | | | | | 66,580 | | |
Master distribution rights | | | | | 4,677 | | | | | | 4,677 | | |
IO routes | | | | | 2,962 | | | | | | 2,307 | | |
Intangible assets, net | | | | $ | 187,135 | | | | | $ | 184,014 | | |
(in thousands) | | | March 29, 2020 | | | December 29, 2019 | | ||||||
Accrued compensation and benefits | | | | $ | 10,391 | | | | | $ | 14,198 | | |
Accrued contingencies | | | | | 1,797 | | | | | | 2,304 | | |
Insurance liabilities | | | | | 7,334 | | | | | | 7,880 | | |
Accrued interest | | | | | 3,591 | | | | | | 4,184 | | |
Accrued freight and manufacturing | | | | | 5,320 | | | | | | 4,930 | | |
Accrued sales tax | | | | | 1,300 | | | | | | 1,300 | | |
Short term hedge liability | | | | | 2,385 | | | | | | — | | |
Other accrued expenses | | | | | 12,199 | | | | | | 9,410 | | |
Total accrued expenses and other | | | | $ | 44,317 | | | | | $ | 44,206 | | |
(in thousands) | | | March 29, 2020 | | | December 29, 2019 | | ||||||
Deferred purchase price | | | | $ | 2,530 | | | | | $ | — | | |
Note payable – IO notes | | | | | 30,569 | | | | | | 33,700 | | |
Capital lease | | | | | 6,457 | | | | | | 6,055 | | |
Other | | | | | 20 | | | | | | 29 | | |
Total notes payable | | | | | 39,576 | | | | | | 39,784 | | |
Less: current portion | | | | | (8,615) | | | | | | (7,984) | | |
Long term portion of notes payable | | | | $ | 30,961 | | | | | $ | 31,800 | | |
(in thousands) | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 5,631 | | | | | $ | — | | | | | $ | — | | | | | $ | 5,631 | | |
Total assets | | | | $ | 5,631 | | | | | $ | — | | | | | $ | — | | | | | $ | 5,631 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Commodity contracts | | | | $ | — | | | | | $ | 813 | | | | | $ | — | | | | | $ | 813 | | |
Interest rate swaps | | | | | — | | | | | | 7,187 | | | | | | | | | | | | 7,187 | | |
Debt | | | | | — | | | | | | 649,141 | | | | | | — | | | | | | 649,141 | | |
Total liabilities | | | | $ | — | | | | | $ | 657,141 | | | | | $ | — | | | | | $ | 657,141 | | |
(in thousands) | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 15,053 | | | | | $ | — | | | | | $ | — | | | | | $ | 15,053 | | |
Interest rate swaps | | | | | — | | | | | | 1,486 | | | | | | — | | | | | | 1,486 | | |
Total assets | | | | $ | 15,053 | | | | | $ | 1,486 | | | | | $ | — | | | | | $ | 16,539 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Commodity contracts | | | | $ | — | | | | | $ | 494 | | | | | $ | — | | | | | $ | 494 | | |
Debt | | | | | — | | | | | | 640,125 | | | | | | — | | | | | | 640,125 | | |
Total liabilities | | | | $ | — | | | | | $ | 640,619 | | | | | $ | — | | | | | $ | 640,619 | | |
(in thousands) | | | Gains/(Losses) on Cash Flow Hedges | | |||
Balance as of December 29, 2019 | | | | $ | 1,408 | | |
Unrealized loss on cash flow hedges | | | | | (7,208) | | |
Balance as of March 29, 2020 | | | | $ | (5,800) | | |
| | | March 29, 2020 | | | March 31, 2019 | | ||||||||||||||||||||||||||||||
(in thousands) | | | Pretax Income (Loss) | | | Tax Expense | | | Effective Tax Rate | | | Pretax Income (Loss) | | | Tax Expense | | | Effective Tax Rate | | ||||||||||||||||||
Corporate entities | | | | $ | 5,364 | | | | | $ | 1,458 | | | | | | 27.18% | | | | | $ | 1,443 | | | | | $ | 377 | | | | | | 26.13% | | |
Nontaxable partnerships | | | | | (2,214) | | | | | | — | | | | | | 0.00% | | | | | | (3,681) | | | | | | — | | | | | | 0.00% | | |
Total | | | | $ | 3,150 | | | | | $ | 1,458 | | | | | | 46.29% | | | | | $ | (2,238) | | | | | $ | 377 | | | | | | (16.85)% | | |
(in thousands) | | | | | | | |
Balance as of December 29, 2019 | | | | $ | 2,096 | | |
Benefits accrued | | | | | 14 | | |
Balance as of March 29, 2020 | | | | $ | 2,110 | | |
| ASSETS ACQUIRED: | | | | | | | |
| Current assets | | | | | | | |
| Cash | | | | $ | 183 | | |
| Accounts receivable, net | | | | | 14,578 | | |
| Inventory, net | | | | | 6,844 | | |
| Prepaid expenses and other current assets | | | | | 466 | | |
| Total current assets | | | | | 22,071 | | |
| Property, plant and equipment, net | | | | | 13,701 | | |
| Intangible assets, net | | | | | 30,935 | | |
| Other non-current assets | | | | | 76 | | |
| Total Assets Acquired | | | | $ | 66,783 | | |
| LIABILITIES ASSUMED: | | | | | | | |
| Current liabilities | | | | | | | |
| Accounts payable | | | | $ | 4,293 | | |
| Other accrued expenses | | | | | 2,178 | | |
| Total current liabilities | | | | | 6,471 | | |
| Other non-current liabilities | | | | | 14 | | |
| Total Liabilities Assumed | | | | $ | 6,485 | | |
| Commitments and contingencies (Note 6) | | | | | | | |
| Net Assets Acquired | | | | $ | 60,298 | | |
| Revenues : | | | | | | | |
| Net Sales | | | | $ | 104,855 | | |
| Total net revenues | | | | | 104,855 | | |
| Direct expenses: | | | | | | | |
| Cost of goods sold | | | | | 70,110 | | |
| Selling and marketing expenses | | | | | 15,990 | | |
| General and administrative expenses | | | | | 8,704 | | |
| Total direct expenses | | | | | 94,804 | | |
| Revenues less direct expenses | | | | $ | 10,051 | | |
| Land improvements | | | 1 to 40 years | |
| Building | | | 15 to 40 years | |
| Machinery and equipment | | | 3 to 20 years | |
| Furniture, fixtures, office equipment and other | | | 5 to 15 years | |
| | | Years | |
Trademarks and tradenames | | | Indefinite | |
Customer relationships | | | 30 years | |
Other intangibles | | | Indefinite | |
| | | May 26, 2019 | | |||
Materials and supplies | | | | $ | 2,329 | | |
Finished goods | | | | | 3,498 | | |
Maintenance, repair and operations | | | | | 1,017 | | |
Total inventory | | | | $ | 6,844 | | |
| | | May 26, 2019 | | |||
Land | | | | $ | 650 | | |
Land improvements | | | | | 347 | | |
Building | | | | | 6,514 | | |
Machinery and equipment | | | | | 27,743 | | |
Furniture, fixtures, office equipment and other | | | | | 95 | | |
| | | | $ | 35,349 | | |
Less: Accumulated depreciation | | | | | (21,648) | | |
Total property plan, and equipment, net | | | | $ | 13,701 | | |
| | | May 26, 2019 | | |||
Cost of goods sold | | | | $ | 1,988 | | |
General and administrative expenses | | | | $ | 38 | | |
Selling and marketing expenses | | | | $ | 35 | | |
| | | May 26, 2019 | | |||
Trademarks, tradenames and other intangibles | | | | $ | 28,552 | | |
Customer relationships | | | | | 4,442 | | |
| | | | $ | 32,994 | | |
Less: Accumulated amortization | | | | | (2,059) | | |
Total intangible assets, net | | | | $ | 30,935 | | |
| | | May 26, 2019 | | |||
Cost of goods sold | | | | $ | 520 | | |
General and administrative expenses | | | | $ | 124 | | |
Selling and marketing expenses | | | | $ | 1,838 | | |
| 2020 | | | | $ | 1,635 | | |
| 2021 | | | | | 1,460 | | |
| 2022 | | | | | 1,462 | | |
| 2023 | | | | | 1,301 | | |
| 2024 | | | | | 945 | | |
| Thereafter | | | | | 2,179 | | |
| Total minimum lease payments | | | | $ | 8,982 | | |
| | | August 25, 2019 | | | May 26, 2019 | | ||||||
| | | (Unaudited) | | | | | | | | |||
ASSETS ACQUIRED: | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash | | | | $ | 220 | | | | | $ | 183 | | |
Accounts receivable, net | | | | | 13,279 | | | | | | 14,578 | | |
Inventory, net | | | | | 7,204 | | | | | | 6,844 | | |
Prepaid expenses and other current assets | | | | | 185 | | | | | | 466 | | |
Total current assets | | | | | 20,888 | | | | | | 22,071 | | |
Property, plant and equipment, net | | | | | 13,200 | | | | | | 13,701 | | |
Intangible assets, net | | | | | 30,897 | | | | | | 30,935 | | |
Other non-current assets | | | | | 76 | | | | | | 76 | | |
Total Assets Acquired | | | | $ | 65,061 | | | | | $ | 66,783 | | |
LIABILITIES ASSUMED: | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accounts payable | | | | $ | 3,689 | | | | | $ | 4,293 | | |
Other accrued expenses | | | | | 2,906 | | | | | | 2,178 | | |
Total current liabilities | | | | | 6,595 | | | | | | 6,471 | | |
Other non-current liabilities | | | | | 12 | | | | | | 14 | | |
Total Liabilities Assumed | | | | $ | 6,607 | | | | | $ | 6,485 | | |
Commitments and contingencies (Note 6) | | | | | | | | | | | | | |
Net Assets Acquired | | | | $ | 58,454 | | | | | $ | 60,298 | | |
| | | 13 weeks ended August 25, 2019 | | | 12 weeks ended August 26, 2018 | | ||||||
| | | (Unaudited) | | | (Unaudited) | | ||||||
Revenues: | | | | | | | | | | | | | |
Net Sales | | | | $ | 29,054 | | | | | $ | 28,166 | | |
Total net revenues | | | | | 29,054 | | | | | | 28,166 | | |
Direct expenses: | | | | | | | | | | | | | |
Cost of goods sold | | | | | 19,364 | | | | | | 18,206 | | |
Selling and marketing expenses | | | | | 4,138 | | | | | | 4,160 | | |
General and administrative expenses | | | | | 2,441 | | | | | | 2,308 | | |
Total direct expenses | | | | | 25,943 | | | | | | 24,674 | | |
Revenues less direct expenses | | | | $ | 3,111 | | | | | $ | 3,492 | | |
| Land improvements | | | 1 to 40 years | |
| Building | | | 15 to 40 years | |
| Machinery and equipment | | | 3 to 20 years | |
| Furniture, fixtures, office equipment and other | | | 5 to 15 years | |
| | | Years | |
Trademarks and tradenames | | | Indefinite | |
Customer relationships | | | 30 years | |
Other intangibles | | | Indefinite | |
| | | August 25, 2019 | | | May 26, 2019 | | ||||||
Materials and supplies | | | | $ | 2,293 | | | | | $ | 2,329 | | |
Finished goods | | | | | 3,791 | | | | | | 3,498 | | |
Maintenance, repair and operations | | | | | 1,120 | | | | | | 1,017 | | |
Total inventory | | | | $ | 7,204 | | | | | $ | 6,844 | | |
|
| | | August 25, 2019 | | | May 26, 2019 | | ||||||
Land | | | | $ | 650 | | | | | $ | 650 | | |
Land improvements | | | | | 347 | | | | | | 347 | | |
Building | | | | | 6,514 | | | | | | 6,514 | | |
Machinery and equipment | | | | | 27,764 | | | | | | 27,743 | | |
Furniture, fixtures, office equipment and other | | | | | 95 | | | | | | 95 | | |
| | | | $ | 35,370 | | | | | $ | 35,349 | | |
Less: Accumulated depreciation | | | | | (22,170) | | | | | | (21,648) | | |
Total property plan, and equipment, net | | | | $ | 13,200 | | | | | $ | 13,701 | | |
| | | 13 weeks ended August 25, 2019 | | | 12 weeks ended August 26, 2018 | | | | | ||||||
Cost of goods sold | | | | $ | 510 | | | | | $ | 486 | | | | ||
General and administrative expenses | | | | $ | — | | | | | $ | 7 | | | | ||
Selling and marketing expenses | | | | $ | 12 | | | | | $ | 9 | | | |
| | | August 25, 2019 | | | May 26, 2019 | | | ||||||||
Trademarks, tradenames and other intangibles | | | | $ | 28,552 | | | | | $ | 28,552 | | | | ||
Customer relationships | | | | | 4,442 | | | | | | 4,442 | | | | ||
| | | | $ | 32,994 | | | | | $ | 32,994 | | | | ||
Less, Accumulated amortization | | | | | (2,097) | | | | | | (2,059) | | | | ||
Total intangible assets, net | | | | $ | 30,897 | | | | | $ | 30,935 | | | | | |
| | | 13 weeks ended August 25, 2019 | | | 12 weeks ended August 26, 2018 | | ||||||
Cost of goods sold | | | | $ | 130 | | | | | $ | 126 | | |
General and administrative expenses | | | | $ | 19 | | | | | $ | 37 | | |
Selling and marketing expenses | | | | $ | 458 | | | | | $ | 452 | | |
| 2020 | | | | $ | 1,232 | | |
| 2021 | | | | | 1,460 | | |
| 2022 | | | | | 1,462 | | |
| 2023 | | | | | 1,301 | | |
| 2024 | | | | | 945 | | |
| Thereafter | | | | | 2,179 | | |
| Total minimum lease payments | | | | $ | 8,579 | | |
| Name | | | Address | |
| Jason K. Giordano | | | c/o CC Capital Partners | |
| | | | 200 Park Avenue, 58th Floor | |
| | | | New York, NY 10166 | |
| | | | | |
| | | | Jason K. Giordano | |
| | | | Incorporator | |
Defined Term | | | Reference | |
2019 Pre-Closing Tax Distributions | | | Section 9.2(a) | |
2020 Pre-Closing Tax Distributions | | | Section 9.2(b) | |
2020 Pre-Closing Taxable Income | | | Section 9.2(b) | |
2019 Tax Year | | | Section 9.2(a) | |
ACA | | | Section 3.15(c) | |
Accounts Receivable | | | Section 3.22(a) | |
Additional Buyer Filings | | | Section 7.10(f) | |
Affiliated Transactions | | | Section 3.24(a) | |
Aggregate Consideration | | | Section 9.1(h) | |
Agreement | | | Preamble | |
Allocation | | | Section 9.1(h) | |
Antitrust Laws | | | Section 7.8(c) | |
Assets | | | Section 3.19 | |
Assigned Company Units | | | Recitals | |
Assignment Agreement | | | Section 2.6(a) | |
Audited Financial Statements | | | Section 3.4(a)(ii) | |
Binder Agreement | | | Section 7.9(a) | |
BSOF | | | Recitals | |
BSOF Common Equity Purchase | | | Recitals | |
BSOF Common Interests | | | Recitals | |
BSOF Consideration | | | Recitals | |
BSOF Preferred Equity Purchase | | | Recitals | |
BSOF Preferred Interests | | | Recitals | |
BSOF Purchase Agreement | | | Recitals | |
BSOF Sale | | | Section 9.1(g) | |
Buyer | | | Preamble | |
Buyer Balance Sheet | | | Section 5.11(c) | |
Buyer Certificate of Incorporation | | | Recitals | |
Buyer Post-Closing Representation | | | Section 12.14(b)(i) | |
Buyer Preferred Shares | | | Section 5.2(a) | |
Buyer Prepared Returns | | | Section 9.1(a)(i) | |
Buyer Public Securities | | | Section 5.8 | |
Buyer Released Matters | | | Section 7.12(b) | |
Buyer Released Parties | | | Section 7.12(b) | |
Buyer Releasing Parties | | | Section 7.12(b) | |
Defined Term | | | Reference | |
Buyer SEC Documents | | | Section 5.5(a) | |
Buyer Warrants | | | Section 5.2(a) | |
CapEx Schedule | | | Section 6.1(a)(vii) | |
Closing | | | Section 2.4 | |
Closing Date | | | Section 2.4 | |
Closing Form 8-K | | | Section 7.10(g) | |
Closing Press Release | | | Section 7.10(g) | |
Defined Term | | | Reference | |
Closing Statement | | | Section 2.3(a) | |
Company | | | Preamble | |
Company A&R LLCA | | | Recitals | |
Company Distribution Policy | | | Recitals | |
Company Interests | | | Recitals | |
Company Units | | | Recitals | |
Competing Buyer | | | Section 7.22(a) | |
Cozen | | | Section 12.14(a) | |
D&O Provisions | | | Section 7.13(a) | |
Data Room | | | Section 12.5 | |
DGCL | | | Recitals | |
Domestication | | | Recitals | |
Effective Date | | | Preamble | |
EIP | | | Section 7.4 | |
Environmental Permits | | | Section 3.18 | |
Excess Cash | | | Section 2.2(b)(ii) | |
Exchanged Company Units | | | Recitals | |
FDA | | | Section 1.1 | |
Final Allocation | | | Section 9.1(h) | |
Final Tax Basis Balance Sheet | | | Section 9.1(h) | |
Financial Statements | | | Section 3.4(a) | |
Forward Purchase Agreements | | | Recitals | |
FTC | | | Section 1.1 | |
Improvements | | | Section 3.7(d) | |
Indemnitee | | | Section 10.2(e) | |
Indemnitor | | | Section 10.2(e) | |
Insurance Policies | | | Section 3.16 | |
Intended Tax Treatment | | | Section 9.1(g) | |
Internal Controls | | | Section 3.4(c) | |
Investor Rights Agreement | | | Recitals | |
IRS | | | Section 3.15(a) | |
Issued Company Units | | | Recitals | |
K&E | | | Section 10.2(e) | |
Latest Balance Sheet | | | Section 3.4(a)(i) | |
Lissette Offer Letter | | | Section 2.6(a)(x) | |
Defined Term | | | Reference | |
LTIP | | | Section 7.14 | |
LOI | | | Section 12.6 | |
Material Contract | | | Section 3.9(b) | |
Material Customer | | | Section 3.9(c) | |
Material Leases | | | Section 3.7(b) | |
Name Change | | | Recitals | |
Net Loss | | | Section 7.9(a) | |
Non-Party Affiliate | | | Section 12.13 | |
OFAC | | | Section 1.1 | |
Other Financial Statements | | | Section 3.4(a)(iii) | |
Outside Date | | | Section 11.1(c) | |
Parties | | | Preamble | |
Party | | | Preamble | |
Defined Term | | | Reference | |
PCAOB Financial Statements | | | Section 7.10(h) | |
Permits | | | Section 3.17(b) | |
Pre-Closing Imputed Underpayment | | | Section 1.1 | |
Pre-Closing Period | | | Section 6.1(a) | |
Premium Cap | | | Section 7.13(b)(ii) | |
Proxy Statement | | | Section 7.10(c) | |
Pubco Dividend Policy | | | Recitals | |
R&W Insurance Policy | | | Section 7.9(a) | |
Redemption | | | Recitals | |
Redemption Agreement | | | Recitals | |
Restricted Sponsor Shares | | | Recitals | |
Restructuring Intended Tax Treatment | | | Section 3.8(o) | |
Sale | | | Section 9.1(g) | |
Seller Post-Closing Representation | | | Section 12.14(a)(i) | |
Sellers | | | Preamble | |
Sellers Prepared Returns | | | Section 9.1(a)(i) | |
Series R | | | Preamble | |
Seller Released Matters | | | Section 7.12(a) | |
Seller Released Parties | | | Section 7.12(a) | |
Seller Releasing Parties | | | Section 7.12(a) | |
Series U | | | Preamble | |
Signing Form 8-K | | | Section 7.10(b) | |
Signing Press Release | | | Section 7.10(b) | |
Sponsor Side Letter | | | Recitals | |
SSI List | | | Section 3.25(a) | |
Standstill Agreement | | | Recitals | |
Tail Policy | | | Section 7.13(b)(ii) | |
Tax Accounting Firm | | | Section 9.1(h) | |
Tax Basis Balance Sheet | | | Section 9.1(h) | |
Defined Term | | | Reference | |
Tax Positions | | | Section 9.1(i) | |
Tax Receivable Agreement | | | Recitals | |
Third Party Claim | | | Section 10.2(e) | |
Third-Party Recovery Proceeds | | | Section 10.2(c) | |
Trade Control Laws | | | Section 3.25(b) | |
Trademarks | | | Section 1.1 | |
Trust Amount | | | Section 5.4 | |
Trust Distributions | | | Section 12.9 | |
Unaudited Financial Statements | | | Section 3.4(a)(ii) | |
USDA | | | Section 1.1 | |
Utz Indemnified Persons | | | Section 7.13(a) | |
W-9s | | | Section 2.6(a) | |
Waived 280G Benefits | | | Section 7.18 | |
Waiving Parties | | | Section 12.14(a)(i) | |
| Notices to Sellers, and prior to the Closing, the Company: | | | with copies to: | |
| | | | Cozen O’Connor | |
| Utz Quality Foods, LLC | | | One Liberty Place | |
| 900 High Street | | | 1650 Market Street, Suite 2800 | |
| Hanover, PA 17331 | | | Philadelphia, PA 19103 | |
| Attention: Dylan B. Lissette | | | Attention: Larry P. Laubach, Esq. | |
| Email: dlissette@utzsnacks.com | | | E-mail: llaubach@cozen.com | |
| Notices to the Buyer, and following the Closing, the Company: | | | with a copy to (which shall not constitute notice): | |
| Collier Creek Holdings | | | Kirkland & Ellis LLP | |
| 200 Park Avenue, 58th Floor | | | 601 Lexington Avenue | |
| New York, NY 10166 | | | New York, NY 10022 | |
| Attention: Jason K. Giordano | | | Attention: Peter Martelli, P.C. | |
| Email: giordano@cc.capital | | | Lauren M. Colasacco, P.C. | |
| | | | E-mail: peter.martelli@kirkland.com lauren.colasacco@kirkland.com | |
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Exhibits | | | | |
Exhibit A: Capitalization | | | | |
Exhibit B: Exchange Notice | | | | |
Exhibit C: Officers | | | | |
Exhibit D: Distribution Policy | | | | |
Exhibit E: Joinder | | | | |
Exhibit F: Section 83(b) Election | | |
Economic Interests Beneficially Owned by the Sellers (and their Permitted Transferees) as a Percentage of the Economic Interests Held by the Sellers on the Closing Date | | | Number of Seller Directors | | |||
75% or greater | | | | | 5 | | |
60% or greater, but less than 75% | | | | | 4 | | |
45% or greater, but less than 60% | | | | | 3 | | |
30% or greater, but less than 45% | | | | | 2 | | |
15% or greater, but less than 30% | | | | | 1 | | |
Less than 15% | | | | | 0 | | |
Economic Interests Beneficially Owned by the Sponsor (and its Permitted Transferees) as a Percentage of the Economic Interests Held by the Sponsor on the Closing Date | | | Number of Sponsor Directors | | |||
75% or greater | | | | | 5 | | |
60% or greater, but less than 75% | | | | | 4 | | |
45% or greater, but less than 60% | | | | | 3 | | |
30% or greater, but less than 45% | | | | | 2 | | |
15% or greater, but less than 30% | | | | | 1 | | |
Less than 15% | | | | | 0 | | |
| Michael W. Rice | | | Jane E. Rice | | ||||||
| Stacie R. Lissette | | | Dylan B. Lissette | | ||||||
| UQF HOLDINGS, INC. | | | STACIE R. LISSETTE 2012 GENERATIONS TRUST | | ||||||
| By: | | | | | | By: | | | | |
| Name: Dylan B. Lissette | | | Name: Dylan B. Lissette | | ||||||
| Title: President | | | Title: Trustee | | ||||||
| MICHAEL W. RICE 2009 GST EXEMPT FAMILY TRUST | | | MICHAEL W. RICE 2010 MULTIGENERATIONAL TRUST | | ||||||
| By: Sageworth Trust Company, its Trustee | | | By: Sageworth Trust Company, its Trustee | | ||||||
| By: | | | | | | By: | | | | |
| Name: | | | | | | Name: | | | | |
| Title: | | | | | | Title: | | | | |
| SRS GP, LLC | | | RICE INVESTMENTS II, LP | | ||||||
| | | | | | | By: Michael W. Rice 2009 GST Exempt Family Trust, its general partner | | |||
| By: | | | | | | By: Sageworth Trust Company, its Trustee | | |||
| Name: Michael W. Rice | | | | |||||||
| Title: Sole Member | | | | |||||||
| | | | By: | | | | | |||
| | | | Name: | | | | | |||
| | | | Title: | | | | |
| Notices to PubCo, the Sponsor, the Founder Holders and following the Closing, the Company: | | | with a copy to (which shall not constitute notice): | |
| | | | | |
| Collier Creek Holdings | | | Kirkland & Ellis LLP | |
| 200 Park Avenue, 58th Floor | | | 601 Lexington Avenue | |
| New York, NY 10166 | | | New York, NY 10022 | |
| Attention: Jason K. Giordano | | | Attention: Peter Martelli, P.C. | |
| Email: giordano@cc.capital | | | Lauren M. Colasacco, P.C. | |
| | | | E-mail: peter.martelli@kirkland.com lauren.colasacco@kirkland.com | |
| Notices to Fernandez: | | | with a copy to (which shall not constitute notice): | |
| | | | | |
| Antonio Fernandez | | | Kirkland & Ellis LLP | |
| c/o Collier Creek Holdings | | | 601 Lexington Avenue | |
| 200 Park Avenue, 58th Floor | | | New York, NY 10022 | |
| New York, NY 10166 | | | Attention: Peter Martelli, P.C. | |
| E-mail: antonio.fernandez@affadvisors.com | | | Lauren M. Colasacco, P.C. | |
| | | | E-mail: peter.martelli@kirkland.com lauren.colasacco@kirkland.com | |
| Notices to Mannelly: | | | with a copy to (which shall not constitute notice): | |
| | | | | |
| Matthew Mannelly | | | Kirkland & Ellis LLP | |
| c/o Collier Creek Holdings | | | 601 Lexington Avenue | |
| 200 Park Avenue, 58th Floor | | | New York, NY 10022 | |
| New York, NY 10166 | | | Attention: Peter Martelli, P.C. | |
| E-mail: mattmannelly@gmail.com | | | Lauren M. Colasacco, P.C. | |
| | | | E-mail: peter.martelli@kirkland.com lauren.colasacco@kirkland.com | |
| Notices to Toler: | | | with a copy to (which shall not constitute notice): | |
| | | | | |
| William Toler | | | Kirkland & Ellis LLP | |
| c/o Collier Creek Holdings | | | 601 Lexington Avenue | |
| 200 Park Avenue, 58th Floor | | | New York, NY 10022 | |
| New York, NY 10166 | | | Attention: Peter Martelli, P.C. | |
| E-mail: wdtoler@yahoo.com | | | Lauren M. Colasacco, P.C. | |
| | | | E-mail: peter.martelli@kirkland.com lauren.colasacco@kirkland.com | |
| Notices to Steeneck: | | | with a copy to (which shall not constitute notice): | |
| | | | | |
| Craig Steeneck | | | Kirkland & Ellis LLP | |
| c/o Collier Creek Holdings | | | 601 Lexington Avenue | |
| 200 Park Avenue, 58th Floor | | | New York, NY 10022 | |
| New York, NY 10166 | | | Attention: Peter Martelli, P.C. | |
| E-mail: cdsteeneck0226@gmail.com | | | Lauren M. Colasacco, P.C. | |
| | | | E-mail: peter.martelli@kirkland.com lauren.colasacco@kirkland.com | |
| | | | PUBCO: | |
| | | | COLLIER CREEK HOLDINGS | |
| | | | By: /s/ Jason K. Giordano Name: Jason K. Giordano Title: Co-Executive Chairman | |
| | | | SPONSOR PARTIES: | |
| | | | COLLIER CREEK PARTNERS, LLC | |
| | | | By: /s/ Jason K. Giordano Name: Jason K. Giordano Title: Manager | |
| | | | /s/ Antonio F. Fernandez Antonio F. Fernandez | |
| | | | /s/ Matthew M. Mannelly Matthew M. Mannelly | |
| | | | /s/ Craig D. Steeneck Craig D. Steeneck | |
| | | | /s/ William D. Toler William D. Toler | |
| | | | FOUNDER HOLDERS: | |
| | | | /s/ Chinh E. Chu Chinh E. Chu | |
| | | | /s/ Roger K. Deromedi Roger K. Deromedi | |
| | | | /s/ Jason K. Giordano Jason K. Giordano | |
| | | | /s/ Erika Giordano Erika Giordano | |
| | | | ROGER K. DEROMEDI REVOCABLE TRUST, DATED 2/11/2000, AMENDED AND RESTATED 11/9/2011 | |
| | | | By: /s/ Roger K. Deromedi Name: Roger K. Deromedi Title: Trustee | |
| | | | CC COLLIER HOLDINGS, LLC | |
| | | | By: /s/ Chinh E. Chu Name: Chinh E. Chu Title: President and Senior Managing Director | |
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| | | | Corporate Taxpayer: | | |||
| | | | UTZ BRANDS, INC. | | |||
| | | | By: | | | | |
| | | | Name: | | | | |
| | | | Title: | | | | |
| | | | OpCo: | | |||
| | | | UTZ BRANDS HOLDINGS, LLC | | |||
| | | | By: | | | | |
| | | | Name: | | | | |
| | | | Title: | | | | |
| | | | TRA Parties: | | |||
| | | | SERIES U OF UM PARTNERS, LLC | | |||
| | | | By: | | | | |
| | | | Name: | | | | |
| | | | Title: | | | | |
| | | | SERIES R OF UM PARTNERS, LLC | | |||
| | | | By: | | | | |
| | | | Name: | | | | |
| | | | Title: | | | | |
| | | | TRA Party Representative: | | |||
| | | | SERIES U OF UM PARTNERS, LLC | | |||
| | | | By: | | | | |
| | | | Name: | | | | |
| | | | Title: | | | | |
| “Applicable Law” | | | means, with respect to any person, all provisions of laws, statutes, ordinances, rules, regulations, permits, certificates, judgments, decisions, decrees or orders of any governmental authority applicable to such person. | |
| “Articles” | | | means these articles of association of the Company. | |
| “Audit Committee” | | | means the audit committee of the Company formed pursuant to the Articles, or any successor audit committee. | |
| “Auditor” | | | means the person for the time being performing the duties of auditor of the Company (if any). | |
| “Business Combination” | | | means a merger, share exchange, asset acquisition, share purchase, reorganisation or similar business combination involving the Company, with one or more businesses or entities (the “target business”), which Business Combination: (a) must have an aggregate fair market value of at least 80 per cent of the assets held in the Trust Fund (excluding the deferred underwriting commissions and taxes payable on the income earned on the Trust Fund) at the time of the agreement to enter into a Business Combination; and (b) must not be effectuated with another blank cheque company or a similar company with nominal operations. | |
| “business day” | | | means any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies are authorised or obligated by law to close in New York City. | |
| “Cause” | | | means a conviction for a criminal offence involving dishonesty or engaging in conduct which brings a Director or the Company into disrepute or which results in a material financial detriment to the Company. | |
| “clearing house” | | | a clearing house recognised by the laws of the jurisdiction in which the Shares (or depositary receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such jurisdiction. | |
| “Class A Share” | | | means a Class A ordinary share of a par value of US$0.0001 in the share capital of the Company. | |
| “Class B Share” | | | means a Class B ordinary share of a par value of US$0.0001 in the share capital of the Company. | |
| “Company” | | | means the above named company. | |
| “Designated Stock Exchange” | | | means any U.S. national securities exchange on which the securities of the Company are listed for trading, including The New York Stock Exchange. | |
| “Directors” | | | means the directors for the time being of the Company. | |
| “Dividend” | | | means any dividend (whether interim or final) resolved to be paid on Shares pursuant to the Articles. | |
| “Electronic Record” | | | has the same meaning as in the Electronic Transactions Law. | |
| “Electronic Transactions Law” | | | means the Electronic Transactions Law (2003 Revision) of the Cayman Islands. | |
| “Exchange Act” | | | means the United States Securities Exchange Act of 1934, as amended. | |
| “Founder” | | | means Collier Creek Partners LLC, a Delaware limited liability company. | |
| “IPO” | | | means the Company’s initial public offering of securities. | |
| “Member” | | | has the same meaning as in the Statute. | |
| “Memorandum” | | | means the memorandum of association of the Company. | |
| “Minimum Member” | | | means a Member meeting the minimum requirements set forth for eligible members to submit proposals under Rule 14a-8 of the Exchange Act or any applicable rules thereunder as may be amended or promulgated thereunder from time to time. | |
| “Ordinary Resolution” | | | means a resolution passed by a simple majority of the Members as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting, and includes a unanimous written resolution. In computing the majority when a poll is demanded regard shall be had to the number of votes to which each Member is entitled by the Articles. | |
| “Over-Allotment Option” | | | means the option of the Underwriters to purchase up to an additional 15 per cent of the units (as described in the Articles) sold in the IPO at a price equal to US$10.00 per unit, less underwriting discounts and commissions. | |
| “Preferred Share” | | | means a preferred share of a par value of US$0.0001 in the share capital of the Company. | |
| “Public Share” | | | means a Class A Share issued as part of the units (as described in the Articles) issued in the IPO. | |
| “Register of Members” | | | means the register of Members maintained in accordance with the Statute and includes (except where otherwise stated) any branch or duplicate register of Members. | |
| “Registered Office” | | | means the registered office for the time being of the Company. | |
| “Seal” | | | means the common seal of the Company and includes every duplicate seal. | |
| “SEC” | | | means the United States Securities and Exchange Commission. | |
| “Share” | | | means a Class A Share, a Class B Share or a Preferred Share and includes a fraction of a share in the Company. | |
| “Special Resolution” | | | subject to Article 31.4, has the same meaning as in the Statute, and includes a unanimous written resolution. | |
| “Sponsor” | | | means Collier Creek Partners LLC, a Delaware limited liability company. | |
| “Statute” | | | means the Companies Law (2018 Revision) of the Cayman Islands. | |
| “Tax Filing Authorised Person” | | | means such person as any Director shall designate from time to time, acting severally. | |
| “Treasury Share” | | | means a Share held in the name of the Company as a treasury share in accordance with the Statute. | |
| “Trust Fund” | | | means the trust account established by the Company upon the consummation of its IPO and into which a certain amount of the net proceeds of the IPO, together with a certain amount of the proceeds of a private placement of warrants simultaneously with the closing date of the IPO, will be deposited. | |
| “Underwriter” | | | means an underwriter of the IPO from time to time and any successor underwriter. | |
| | | | THE BUYER: | | |||
| | | | COLLIER CREEK HOLDINGS | | |||
| | | | By: | | | /s/ Jason K. Giordano Name: Jason K. Giordano Title: Co-Executive Chairman | |
| | | | SELLER: | | |||
| | | | BSOF SN LLC | | |||
| | | | By: | | | /s/ Peter Koffler Name: Peter Koffler Title: Authorized Signatory | |
| | | | SERIES U OF UM PARTNERS, LLC | | |||
| | | | By: | | | /s/ Dylan B. Lissette Name: Dylan B. Lissette Title: President and Chief Executive Officer | |
| | | | SERIES R OF UM PARTNERS, LLC | | |||
| | | | By: | | | /s/ Dylan B. Lissette Name: Dylan B. Lissette Title: President and Chief Executive Officer | |
| Name | | | Position | | | Date | |
| Roger K. Deromedi | | | Co-Executive Chairman | | | | |
| /s/ Jason K. Giordano Jason K. Giordano | | | Co-Executive Chairman (Principal Executive Officer and Principal Financial and Accounting Officer) | | | | |
| Chinh E. Chu | | | Vice Chairman | | | | |
| Antonio F. Fernandez | | | Director | | | | |
| Matthew M. Mannelly | | | Director | | | | |
| Craig D. Steeneck | | | Director | | | | |
| William D. Toler | | | Director | | | |