Second Quarter Pro Forma Net Sales Two-Year
CAGR Accelerates to 6.1%
Company Provides Updated Fiscal 2021
Outlook
Utz Brands, Inc. (NYSE: UTZ) (“Utz” or the “Company”), a leading
U.S. manufacturer of branded salty snacks, today reported the
unaudited financial results for the Company’s fiscal second quarter
ended July 4, 2021.
Dylan Lissette, Chief Executive Officer of Utz said, “In the
second quarter, our two-year pro forma net sales growth trends
continued to improve as our Power Brands’ sales grew significantly
faster than the Salty Snack Category in our Emerging and Expansion
geographies, and our channels most impacted by COVID-related
softness are rebounding. While consumer demand for our products
remains strong, our second quarter margins were significantly
impacted by higher than planned inflation across key input costs
which include commodities, transportation and labor.”
Mr. Lissette continued, “We anticipate these costs will continue
to be more elevated for the remainder of the year than we
previously expected. Our pricing actions and productivity
initiatives are well underway, but the benefits are expected to be
weighted towards the back half of 2021, lagging the near-term cost
pressures. These benefits, however, are expected to have strong
carry-over benefits to fiscal 2022. As we manage through these
higher costs, we remain focused on the long-term health of our
brands, and we continue to prioritize investments to capitalize on
our growth opportunities.”
Second Quarter 2021 Financial Highlights
Fiscal Quarter Ended
(in $millions, except per share
amounts)
June 28, 2020
(Predecessor)
July 4, 2021
(Successor)
% Change
Net Sales
$
242.0
$
297.9
23.1
%
Pro Forma Net Sales(1,2)
311.7
299.2
(4.0)
%
Gross Profit
84.9
95.6
12.6
%
Adjusted Gross Profit(2)
90.4
105.4
16.6
%
Adjusted Gross Profit Margin(2)
37.4
%
35.4
%
(200)
bps
Net Income (Loss)
6.6
16.2
nm
Adjusted Net Income(2)
13.6
19.0
39.7
%
Adjusted EBITDA(2)
32.6
35.7
9.5
%
Adjusted EBITDA Margin(2)
13.5
%
12.0
%
(150)
bps
Diluted Earnings Per Share
nm
$
0.21
nm
Adjusted Earnings Per Share(2)
nm
$
0.13
nm
(1) Pro Forma Net Sales assumes the
Company owned H.K. Anderson, Truco Enterprises and Festida Foods on
the first day of fiscal 2020, and that the Company owned Vitner’s
on the first day of fiscal February 2020. Pro Forma Net Sales are
on an estimated comparable 13-week basis.
(2) See description of Non-GAAP financial
measures and reconciliations of GAAP measures to Non-GAAP adjusted
measures in the tables that accompany this release.
Second Quarter Growth Highlights
For the 13-week period ended July 4, 2021, the Company’s retail
sales as measured by IRI MULO-C increased 6.5% on a two-year CAGR
basis. The Company’s Power Brands’ retail sales increased 8.1% on a
two-year CAGR basis versus the Salty Snack Category growth of 7.1%
for the same period, increasing to nearly 87% of sales versus
approximately 84% in the same period in 2019. Power Brands’ sales
growth during the two-year period was led by Utz®, ON THE BORDER®,
Zapp’s®, TORTIYAHS!®, Golden Flake® Pork Skins, Hawaiian®, TGI
Fridays® and Herdez®. As expected, the two-year CAGR retail sales
decline of (2.2%) in Foundation Brands reflects the Company’s
continued strategy to focus its resources on its Power Brands.
IRI Retail Sales Growth Summary(1)
Last 13-Weeks Ended July 4,
2021
(in $millions)
YoY Change
2-Year CAGR
Total Retail Sales Growth(1)
Salty Snack Category
3.8
%
7.1
%
Utz
(7.2)
%
6.5
%
Power Brands
(6.4)
%
8.1
%
Foundation Brands(2)
(12.0)
%
(2.2)
%
Sales by Geography Growth(1)
Core
Salty Snack Category
1.6
%
5.9
%
Utz
(9.9)
%
2.9
%
Power Brands
(9.5)
%
3.8
%
Expansion
Salty Snack Category
5.3
%
8.3
%
Utz
(6.8)
%
10.2
%
Power Brands
(4.8)
%
13.5
%
Emerging
Salty Snack Category
3.9
%
7.5
%
Utz
(4.1)
%
10.9
%
Power Brands
(3.7)
%
12.5
%
(1) IRI Custom Panel, Total US MULO + C,
on a pro forma basis.
(2) IRI does not include Partner Brands
and Private Label retail sales.
Second Quarter 2021 Financial Results
See the description of the Non-GAAP financial measures mentioned
in this press release and reconciliations of the Non-GAAP adjusted
measures to the GAAP measures in the tables that accompany this
release. In addition, see the description of the periods
representing the Predecessor and Successor periods in the Company's
Form 10-Q for the fiscal quarter ended, July 4, 2021.
Net sales in the quarter increased 23.1% to $297.9 million
compared to $242.0 in the second quarter of 2020. The increase in
net sales was driven by acquisitions of +24.2% and favorable
price/mix of +2.3%. Partially offsetting these factors were volume
declines of (3.0%) primarily due to pantry loading at the onset of
the COVID-19 pandemic in the prior year. In addition, the Company’s
continued shift to independent operators (“IO”) and the resulting
increase in sales discounts impacted net sales growth by
(0.4%).
Pro Forma Net Sales decreased (4.0%) to $299.2 million as
compared to Pro Forma Net Sales growth of $311.7 million in the
second quarter of 2020. The year-over-year Pro Forma Net Sales
growth rate assumes the Company owned H.K. Anderson, Truco
Enterprises and Festida Foods on the first day of fiscal 2020, and
that the Company owned Vitner’s on the first day of fiscal February
2020.
Pro Forma Net Sales increased 6.1% on a two-year CAGR basis,
which is an improvement from 4.3% in the first quarter. The second
quarter Pro Forma Net Sales two-year CAGR assumes the Company owned
Kennedy Endeavors, Kitchen Cooked, H.K. Anderson, Truco Enterprises
and Festida Foods on the first day of fiscal 2019, and that the
Company owned Vitner’s on the first day of fiscal February
2019.
Gross profit was $95.6 million, or 32.1% as a percentage of net
sales. Adjusted Gross Profit increased 16.6% to $105.4 million, or
35.4% as a percentage of net sales, compared to Adjusted Gross
Profit of $90.4 million, or 37.4% as a percentage of net sales, in
the prior-year period. The decrease in Adjusted Gross Profit as a
percentage of net sales was primarily driven by higher commodity,
transportation, and labor inflation, and lower sales volume.
In the second quarter of 2021, the Company reported net income
of $16.2 million, compared to net income of $6.6 million in the
prior year period. The improvement in net income was primarily
driven by a gain of $19.4 million due to the remeasurement of
private placement warrant liabilities consistent with the
accounting guidance recently announced by the Staff of the U.S.
Securities and Exchange Commission (the “SEC”) for warrants issued
by special purpose acquisition companies. Adjusted Net Income in
the second quarter of 2021 increased 39.7% to $19.0 million
compared to Adjusted Net Income of $13.6 million in the prior-year
period.
Adjusted EBITDA increased 9.5% to $35.7 million, or 12.0% as a
percentage of net sales, compared to Adjusted EBITDA of $32.6
million, or 13.5% as a percentage of net sales, in the prior-year
period. The decrease in Adjusted EBITDA margin was driven by the
Adjusted Gross Profit as a percentage of sales performance as
described above. In addition, Adjusted EBITDA reflects increased
Selling, General, and Administrative expenses versus the prior-year
period, primarily due to higher transportation costs, public
company expenses, and marketing spend to support growth for the
Company’s Power Brands.
Second Quarter 2021 Balance Sheet and Cash Flow
Highlights
- As of July 4, 2021, the Company had $26.7 million of cash on
hand and an undrawn revolving credit facility, providing liquidity
in excess of $130 million. In the first half of 2021, the Company:
- Realized approximately $13 million in cash proceeds from asset
sales, primarily related to independent operator routes.
- Executed a sale-leaseback transaction to recoup approximately
$13 million in cash from prior capital expenditures, locking in
favorable fixed-rate capital lease financing.
- Completed a term loan tack-on of $75 million using proceeds
primarily to pay down the revolving credit facility; the Company
previously used cash and the revolving credit facility to close the
Vitner’s and Festida Foods acquisitions.
- Pricing and terms are consistent with the term loan financing
executed in January 2021 (L+300, no floor).
- Net debt of $787.2 million as of July 4, 2021 resulting in a
Pro Forma Net Leverage ratio of 4.4x based on trailing twelve
months Normalized Further Adjusted EBITDA of $179.5 million.
- Capital expenditures of $10.8 million for the 26-week period
ended July 4, 2021; capital expenditures are expected to accelerate
throughout the year to support the Company’s productivity
initiatives.
Fiscal Year 2021 Outlook
The Company believes that consumer demand for its products will
remain strong in the second half of fiscal 2021 and continues to
believe that sales growth will accelerate. However, given the
challenging industry-wide supply chain dynamics, the Company is
experiencing higher commodity, transportation, and labor costs.
These costs began to rise in the first quarter of fiscal 2021,
continued to rise in the second quarter, and impacted the Company’s
profitability more than anticipated.
The Company believes these costs will continue to be more
elevated than originally expected for the remainder of fiscal 2021.
Management is taking the appropriate actions to help offset the
impact, including pricing, productivity, and cost savings actions,
but the benefits are expected to be weighted towards the back half
of the year. These benefits are not expected to fully offset the
incremental supply chain costs already incurred during fiscal 2021,
and expected to occur during the second half of fiscal 2021. As a
result, the Company expects that the second quarter will be the
lowest margin quarter of fiscal 2021, and that profitability will
improve in the second half of the year. Importantly, the Company
believes that these actions to help offset inflationary pressures
will have a meaningful carry-over benefit to fiscal 2022, and the
Company will continue to take the appropriate steps to enhance
margins.
For the 52-week fiscal year ending January 2, 2022, the
Company is updating its full-year outlook previously provided on
May 13, 2021.
- Continue to expect fiscal 2021 net sales consistent with fiscal
2020 Pro Forma Net Sales(1) with modest organic sales growth year
over year. The Company’s projected pro forma two-year CAGR for
fiscal 2020 and 2021 of approximately 6% is above the Company’s
long-term organic growth outlook of 3 – 4%.
- Updating fiscal 2021 earnings outlook to reflect increased
supply chain cost inflation. The Company now expects:
- Adjusted EBITDA of $160 – $170 million(2)
- Adjusted Earnings Per Share of $0.55 – $0.60(3)
In addition to the risks and uncertainties identified under
“Forward-Looking Statements,” the Company’s 2021 guidance is
estimated based on the following assumptions, and all changes
versus the Company’s previous assumptions as of May 13, 2021, are
noted below:
- Unchanged Assumptions
- Funded $25 million Vitner's acquisition in February 2021 with
balance sheet cash
- Productivity of approximately 2% of cost of goods sold
- Fully diluted shares on an as-converted basis of approximately
142 million
- Updated Assumptions
- Funded $41 million Festida Foods acquisition in June 2021 with
revolving credit facility
- Commodity inflation of approximately 6%
- Higher transportation and labor costs
- Core D&A of $27 – $29 million and step-up D&A of $50 –
$53 million (comprised of approximately 40% cost of goods sold and
60% SG&A expense)
- Capital expenditures of $40 – $50 million to drive productivity
efforts
- Cash interest expense of approximately $33 million(4)
- Effective cash tax rate of 17.0% - 19.0% (% of pre-tax book
income)(5)
- Net leverage ratio of approximately 4.0 - 4.5x by end of fiscal
2021(6)
- Expecting ~200 Independent Route (“IO”) conversions
Note: Pro Forma Net Sales, Adjusted
EBITDA, Further Adjusted EBITDA, and Adjusted EPS are non-GAAP
financial measures. See appendix for reconciliation of non-GAAP
financial measures to most directly comparable GAAP measures.
(1) 2020 Pro Forma Net Sales includes
$1.16 billion of pro forma net sales on a 52-week comparison basis,
and includes pre-acquisition net sales for Vitner's of $20 million
to align with the expectation for FY 2021 (11 months of results
from operating and SKU rationalization activity) and excludes full
year pre-acquisition net sales amount of $14M for Festida Foods.
The Company’s 2021 pro forma net sales growth rate outlook is
inclusive of the impact from the conversion of employee-serviced
DSD routes to independent operator-serviced routes and excludes the
impact of Festida Foods.
(2) Excludes approximately $7 million of
unrealized cost synergies expected to occur in 2022 and beyond.
(3) Excludes step-up depreciation &
amortization (“D&A”), stock compensation expense, and
non-recurring items.
(4) Excludes amortization of deferred
financing fees, interest expense related to loans to independent
operators that we guarantee, and interest income. Includes $250M
notional interest rate hedge expiring in September 2022 that fixes
1 month LIBOR at 1.339%.
(5) Excludes impact of taxes expected to
be paid in 2021 that relate to the 2020 tax period before the
Business Combination was effective.
(6) Includes unrealized cost synergies of
approximately $7 million from acquisitions.
With respect to projected fiscal year 2021 Adjusted EBITDA and
Adjusted Earnings Per Share, a quantitative reconciliation is not
available without unreasonable efforts due to the high variability,
complexity and low visibility with respect to certain items, which
are excluded from Adjusted EBITDA, and which are excluded from
Adjusted Earnings per Share. We expect the variability of these
items to have a potentially unpredictable, and potentially
significant, impact on our future financial results.
Conference Call and Webcast Presentation
The Company will host a conference call to discuss these results
today at 8:30 a.m. Eastern Time. Please visit the “Events &
Presentations” section of Utz’s Investor Relations website at
https://investors.utzsnacks.com/ to access the live listen-only
webcast and presentation. Participants can also dial in over the
phone by calling (833) 921-1661 from North America and (236)
389-2660 internationally. The Event Plus passcode is 6495078. The
Company has also posted presentation slides and additional
supplemental financial information, which are available now on
Utz’s Investor Relations website.
A replay will be archived online and is also available
telephonically approximately two hours after the call concludes
through Thursday, August 19, 2021, by dialing (800) 585-8367 from
North America, or (416) 621-4642 from international locations, and
entering confirmation code 6495078.
About Utz Brands, Inc.
Utz Brands, Inc. (NYSE: UTZ) manufactures a diverse portfolio of
savory snacks through popular brands including Utz®, ON THE BORDER®
Chips & Dips, Golden Flake®, Zapp’s®, Good Health®, Boulder
Canyon®, Hawaiian® Brand, and TORTIYAHS!®, among others.
After a century with strong family heritage, Utz continues to
have a passion for exciting and delighting consumers with delicious
snack foods made from top-quality ingredients. Utz’s products are
distributed nationally through grocery, mass merchandisers, club,
convenience, drug and other channels. Based in Hanover,
Pennsylvania, Utz operates fifteen facilities located in
Pennsylvania, Alabama, Arizona, Illinois, Indiana, Louisiana,
Massachusetts, Michigan and Washington. For more information,
please visit www.utzsnacks.com or call 1-800-FOR-SNAX.
Investors and others should note that Utz announces material
financial information to its investors using its investor relations
website (https://investors.utzsnacks.com/investors/default.aspx),
SEC filings, press releases, public conference calls and webcasts.
Utz uses these channels, as well as social media, to communicate
with our stockholders and the public about the Company, the
Company’s products and other issues. It is possible that the
information that Utz posts on social media could be deemed to be
material information. Therefore, Utz encourages investors, the
media, and others interested in the Company to review the
information posted on the social media channels listed on Utz’s
investor relations website.
Forward-Looking Statements
This press release includes certain statements that are not
historical facts but are “forward-looking statements” within the
meaning of the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995, as amended. The forward-looking
statements generally are accompanied by or include, without
limitation, statements such as “will,” “expect,” “intends,” “goal”
or other similar words, phrases or expressions. These
forward-looking statements include the expected effects from the
COVID-19 pandemic, future plans for Utz Brands, Inc. and its direct
and indirect subsidiaries (“UBI”), the estimated or anticipated
future results and benefits of the Company’s future plans and
operations, future capital structure, future opportunities for UBI,
and other statements that are not historical facts. These
statements are based on the current expectations of the Company’s
management and are not predictions of actual performance. These
statements are subject to a number of risks and uncertainties and
UBI’s business and actual results may differ materially. Factors
that may cause such differences include, but are not limited to:
the risk that the recently completed business combinations and
acquisitions recently completed by the Company (collectively, the
“Business Combinations”) disrupt plans and operations; the ability
to recognize the anticipated benefits of such Business
Combinations, which may be affected by, among other things,
competition and the ability of the Company to grow and manage
growth profitably and retain its key employees; the outcome of any
legal proceedings that may be instituted against UBI following the
consummation of such Business Combinations; changes in applicable
law or regulations; costs related to the Business Combinations; the
inability of the Company to maintain the listing of the Company’s
Class A Common Stock on the New York Stock Exchange; the inability
of the Company to develop and maintain effective internal controls;
the risk that the Company’s gross profit margins may be adversely
impacted by a variety of factors, including variations in raw
materials pricing, retail customer requirements and mix, sales
velocities and required promotional support; changes in consumers’
loyalty to the Company’s brands due to factors beyond the Company’s
control; changes in demand for the Company’s products affected by
changes in consumer preferences and tastes or if the Company is
unable to innovate or market its products effectively; costs
associated with building brand loyalty and interest in the
Company’s products, which may be affected by the Company’s
competitors’ actions that result in the Company’s products not
suitably differentiated from the products of competitors;
fluctuations in results of operations of the Company from quarter
to quarter because of changes in promotional activities; the
possibility that the Company may be adversely affected by other
economic, business or competitive factors; and other risks and
uncertainties set forth in the section entitled “Risk Factors” and
“Forward-Looking Statements” in the Company’s Annual Report on Form
10-K/A filed with SEC for the fiscal year ended January 3, 2021 and
other reports filed by the Company with the Commission. In
addition, forward-looking statements provide the Company’s
expectations, plans or forecasts of future events and views as of
the date of this communication. Except as required by law, the
Company undertakes no obligation to update such statements to
reflect events or circumstances arising after such date, and
cautions investors not to place undue reliance on any such
forward-looking statements. These forward-looking statements should
not be relied upon as representing the Company’s assessments as of
any date subsequent to the date of this communication. The Company
cautions investors not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
The Company does not undertake or accept any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in its
expectations or any change in events, conditions, or circumstances
on which any such statement is based, except as otherwise required
by law.
Non-GAAP Financial Measures and Other Key Measures:
Utz uses non-GAAP financial information and believes it is
useful to investors as it provides additional information to
facilitate comparisons of historical operating results, identify
trends in our underlying operating results and provides additional
insight and transparency on how we evaluate the business. We use
non-GAAP financial measures to budget, make operating and strategic
decisions, and evaluate our performance. These non-GAAP financial
measures do not represent financial performance in accordance with
GAAP and may exclude items that are significant in understanding
and assessing financial results. Therefore, these measures should
not be considered in isolation or as an alternative to net income,
cash flows from operations or other measures of profitability,
liquidity or performance under GAAP. You should be aware that the
presentation of these measures may not be comparable to
similarly-titled measures used by other companies.
Management believes that non-GAAP financial measures should be
considered as supplements to the GAAP reported measures, should not
be considered replacements for, or superior to, the GAAP measures
and may not be comparable to similarly named measures used by other
companies. We believe that these non-GAAP measures of financial
results provide useful information to investors regarding certain
financial and business trends relating to the financial condition
and results of operations of the Company to date and that the
presentation of non-GAAP financial measures is useful to investors
in the evaluation of our operating performance compared to other
companies in the salty snack industry, as similar measures are
commonly used by the companies in this industry. These non-GAAP
financial measures are subject to inherent limitations as they
reflect the exercise of judgments by management about which expense
and income are excluded or included in determining these non-GAAP
financial measures. The non-GAAP financial measures are not
recognized in accordance with GAAP and should not be viewed as an
alternative to GAAP measures of performance.
Utz uses the following non-GAAP financial measures in its
financial communications, and in the future could use others:
- Pro Forma Net Sales
- Adjusted Gross Profit
- Adjusted Gross Profit as % of Net Sales (Adjusted Gross Profit
Margin)
- Pro Forma Gross Profit
- Pro Forma Adjusted Gross Profit
- Adjusted Selling, General and Administrative Expense
- Adjusted Selling, General and Administrative Expense as % of
Net Sales
- Adjusted Net Income
- Adjusted Earnings Per Share
- EBITDA
- Adjusted EBITDA
- Adjusted EBITDA as % of Net Sales (Adjusted EBITDA Margin)
- Further Adjusted EBITDA
- Further Adjusted EBITDA as % of Pro Forma Net Sales (Further
Adjusted EBITDA Margin)
- Normalized Further Adjusted EBITDA
Pro Forma Net Sales is
defined as Net Sales including the historical net sales relating to
the pre-acquisition periods of H.K. Anderson, Truco Enterprises,
Vitner’s and Festida Foods acquisitions, assuming that the Company
acquired H.K. Anderson, Truco Enterprises and Festida Foods on the
first day of the applicable fiscal year, and that the Company owned
Vitner’s on the first day of fiscal February of the applicable
fiscal year.
Adjusted Gross Profit
represents Gross Profit excluding Depreciation and Amortization
expense, a non-cash item. In addition, Adjusted Gross Profit
excludes the impact of costs that fall within the categories of
non-cash adjustments and non-recurring items such as those related
to stock-based compensation, hedging and purchase commitments
adjustments, asset impairments, acquisition and integration costs,
business transformation initiatives, and financing-related costs.
Adjusted Gross Profit is one of the key performance indicators that
our management uses to evaluate operating performance. We also
report Adjusted Gross Profit as a percentage of Net Sales as an
additional measure for investors to evaluate our Adjusted Gross
Profit margins on Net Sales.
Pro Forma Gross Profit is
defined as Gross Profit including the historical Gross Profit
relating to the pre-acquisition periods of H.K. Anderson, Truco
Enterprises, Vitner’s and Festida Foods acquisitions, assuming that
the Company acquired H.K. Anderson, Truco Enterprises and Festida
Foods on the first day of the applicable fiscal year, and that the
Company owned Vitner’s on the first day of fiscal February of the
applicable fiscal year.
Pro Forma Adjusted Gross
Profit is defined as Adjusted Gross Profit including the
historical Adjusted Gross Profit relating to the pre-acquisition
periods of H.K. Anderson, Truco Enterprises, Vitner’s and Festida
Foods acquisitions, assuming that the Company acquired H.K.
Anderson, Truco Enterprises and Festida Foods on the first day of
the applicable fiscal year, and that the Company owned Vitner’s on
the first day of fiscal February of the applicable fiscal year.
Adjusted Selling, General and
Administrative Expense is defined as all Selling,
General and Administrative expense excluding Depreciation and
Amortization expense, a non- cash item. In addition, Adjusted
Selling, General and Administrative Expenses exclude the impact of
costs that fall within the categories of non-cash adjustments and
non-recurring items such as those related to stock-based
compensation, hedging and purchase commitments adjustments, asset
impairments, acquisition and integration costs, business
transformation initiatives, and financing-related costs. We also
report Adjusted Selling, General and Administrative Expense as a
percentage of Net Sales as an additional measure for investors to
evaluate our Adjusted Selling, General and Administrative margin on
Net Sales.
Adjusted Net Income is
defined as Net Income excluding the additional Depreciation and
Amortization expense, a non-cash item, related to the Business
Combination with Collier Creek Holdings and the acquisitions of
Kennedy Endeavors, Kitchen Cooked, Inventure, Golden Flake and
Truco Enterprises. In addition, Adjusted Net Income is also
adjusted to exclude deferred financing fees, interest income and
expense relating to IO loans and certain non-cash items, such as
those related to stock-based compensation, hedging and purchase
commitments adjustments, asset impairments, acquisition and
integration costs, business transformation initiatives,
remeasurement of warrant liabilities and financing-related costs.
Lastly, Adjusted Net Income normalizes the income tax provision to
account for the above-mentioned adjustments.
Adjusted Earnings Per Share
is defined as Adjusted Net Income (as defined, herein) divided by
the weighted average shares outstanding for each period on a fully
diluted basis, assuming the Private Placement Warrants are net
settled and the Shares of Class V Common Stock held by Continuing
Members is converted to Class A Common Stock.
EBITDA is defined as Net
Income before Interest, Income Taxes, and Depreciation and
Amortization.
Adjusted EBITDA is defined
as EBITDA further adjusted to exclude certain non-cash items, such
as stock-based compensation, hedging and purchase commitments
adjustments, and asset impairments; acquisition and integration
costs; business transformation initiatives; and financing-related
costs. Adjusted EBITDA is one of the key performance indicators we
use in evaluating our operating performance and in making
financial, operating, and planning decisions. We believe Adjusted
EBITDA is useful to the users of this release and financial
information contained in the release in the evaluation of Utz’s
operating performance compared to other companies in the salty
snack industry, as similar measures are commonly used by companies
in this industry. We have historically reported an Adjusted EBITDA
metric to investors and banks for covenant compliance. We also
provide in this release, Adjusted EBITDA as a percentage of Net
Sales, as an additional measure for readers to evaluate our
Adjusted EBITDA margins on Net Sales.
Further Adjusted EBITDA is
defined as Adjusted EBITDA after giving effect to pre-acquisition
Adjusted EBITDA of H.K. Anderson, Truco Enterprises, Vitner’s and
Festida Foods acquisitions. We also report Further Adjusted EBITDA
as a percentage of Pro Forma Net Sales as an additional measure to
evaluate our Further Adjusted EBITDA margins on Pro Forma Net
Sales. This definition does not include adjustments for estimated
unrealized cost synergies, estimated unrealized public company
costs or trade spend normalization, as reflected in Normalized
Further Adjusted EBITDA.
Normalized Further Adjusted
EBITDA is defined as Further Adjusted EBITDA including
adjustments for estimated unrealized cost synergies related to the
acquisition of H.K. Anderson, Truco Enterprises, Vitner’s and
Festida Foods acquisitions. . In addition, Normalized Further
Adjusted EBITDA also adjusts for estimated unrealized public
company costs, and a one-time trade spend normalization adjustment
at the end of 2019.
Management believes that the non-GAAP financial measures are
meaningful to investors because they increase transparency and
assists investors to understand and analyze our ongoing operational
performance. The financial measures are shown as supplemental
disclosures in this release because they are widely used by the
investment community for analysis and comparative evaluation. They
also provide additional metrics to evaluate the Company’s
operations and, when considered with both the GAAP results and the
reconciliation to the most comparable GAAP measures, provide a more
complete understanding of the Company’s business than could be
obtained absent this disclosure. The non-GAAP measures are not and
should not be considered an alternative to the most comparable GAAP
measures or any other figure calculated in accordance with GAAP, or
as an indicator of operating performance. The Company’s calculation
of the non-GAAP financial measures may differ from methods used by
other companies. Management believes that the non-GAAP measures are
important to have an understanding of the Company’s overall
operating results in the periods presented. The non-GAAP financial
measures are not recognized in accordance with GAAP and should not
be viewed as an alternative to GAAP measures of performance. As new
events or circumstances arise, these definitions could change. When
the definitions change, we will provide the updated definitions and
present the related non-GAAP historical results on a comparable
basis.
(Tables to Follow)
Utz Brands, Inc.
CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the thirteen weeks ended
July 4, 2021 (Successor) and June 28, 2020 (Predecessor)
(In thousands, except share
information)
(Unaudited)
Successor
Predecessor
Thirteen weeks ended July 4,
2021
Thirteen weeks ended June 28,
2020
Net sales
$
297,919
$
241,977
Cost of goods sold
202,359
157,096
Gross profit
95,560
84,881
Selling, general and administrative
expenses
Selling
64,439
49,598
General and administrative
29,041
18,484
Total selling, general and administrative
expenses
93,480
68,082
Gain on sale of assets
Gain on disposal of property, plant and
equipment
607
25
Gain on sale of routes, net
1,682
627
Total gain on sale of assets
2,289
652
Income from operations
4,369
17,451
Other (expense) income
Interest expense
(7,896
)
(9,987
)
Other income
758
259
Gain on remeasurement of warrant
liability
19,368
—
Other (expense) income, net
12,230
(9,728
)
Income before taxes
16,599
7,723
Income tax expense
420
1,171
Net income
16,179
6,552
Net loss attributable to noncontrolling
interest
1,400
—
Net income attributable to controlling
interest
$
17,579
$
6,552
Earnings per Class A Common stock: (in
dollars)
Basic
$
0.22
Diluted
$
0.21
Weighted-average shares of Class A
Common stock outstanding
Basic
76,500,488
Diluted
81,732,056
Other comprehensive income:
Interest rate swap
$
607
$
(709
)
Comprehensive income
$
18,186
$
5,843
Utz Brands, Inc.
CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the twenty-six weeks ended
July 4, 2021 (Successor) and June 28, 2020 (Predecessor)
(In thousands, except share
information)
(Unaudited)
Successor
Predecessor
Twenty-six weeks ended July 4,
2021
Twenty-six weeks ended June
28, 2020
Net sales
$
567,101
$
470,006
Cost of goods sold
376,300
305,111
Gross profit
190,801
164,895
Selling, general and administrative
expenses
Selling
121,167
97,931
General and administrative
58,974
38,424
Total selling, general and administrative
expenses
180,141
136,355
Gain on sale of assets
Gain on disposal of property, plant and
equipment
904
93
Gain on sale of routes, net
2,104
1,031
Total gain on sale of assets
3,008
1,124
Income from operations
13,668
29,664
Other (expense) income
Interest expense
(18,757
)
(19,630
)
Other income
1,476
839
Loss on remeasurement of warrant
liability
(2,133
)
—
Other (expense) income, net
(19,414
)
(18,791
)
(Loss) income before taxes
(5,746
)
10,873
Income tax expense
1,424
2,629
Net (loss) income
(7,170
)
8,244
Net loss attributable to noncontrolling
interest
2,220
—
Net (loss) income attributable to
controlling interest
$
(4,950
)
$
8,244
Earnings per Class A Common stock: (in
dollars)
Basic & diluted
$
(0.07
)
Weighted-average shares of Class A
Common stock outstanding
Basic & diluted
76,213,746
Other comprehensive (loss)
income:
Interest rate swap
$
1,429
$
(7,917
)
Comprehensive (loss) income
$
(3,521
)
$
327
Utz Brands, Inc.
CONSOLIDATED BALANCE
SHEETS
July 4, 2021 and January 3,
2021
(In thousands)
As of July 4, 2021
As of January 3, 2021
(Unaudited)
ASSETS
Current Assets
Cash and cash equivalents
$
26,745
$
46,831
Accounts receivable, less allowance of
$1,399 and $239, respectively
143,503
118,305
Inventories
69,978
59,810
Prepaid expenses and other assets
15,315
11,573
Current portion of notes receivable
7,991
7,666
Total current assets
263,532
244,185
Non-current Assets
Property, plant and equipment, net
285,611
270,416
Goodwill
892,524
862,183
Intangible assets, net
1,157,679
1,171,709
Non-current portion of notes
receivable
23,857
20,000
Other assets
20,423
15,671
Total non-current assets
2,380,094
2,339,979
Total assets
$
2,643,626
$
2,584,164
LIABILITIES AND EQUITY
Current Liabilities
Current portion of term debt and financing
obligations
$
10,672
$
469
Current portion of other notes payable
8,979
9,018
Accounts payable
74,674
57,254
Accrued expenses and other
59,599
80,788
Current warrant liability
—
52,580
Total current liabilities
153,924
200,109
Non-current portion of term debt,
revolving credit facility and financing obligations
785,636
778,000
Non-current portion of other notes
payable
27,473
24,564
Non-current accrued expenses and other
37,280
37,771
Deferred tax liability
75,010
73,786
Non-current warrant liability
85,032
85,032
Total non-current liabilities
1,010,431
999,153
Total liabilities
1,164,355
1,199,262
Commitments and Contingencies
Equity
Shares of Class A Common Stock, $0.0001
par value; 1,000,000,000 shares authorized; 76,570,422 and
71,094,714 shares issued and outstanding as of July 4, 2021 and
January 3, 2021, respectively.
8
7
Shares of Class V Common Stock, $0.0001
par value; 61,249,000 shares authorized; 60,349,000 shares issued
and outstanding as of July 4, 2021 and January 3, 2021.
6
6
Additional paid-in capital
944,758
793,461
Accumulated deficit
(254,085
)
(241,490
)
Accumulated other comprehensive income
2,353
924
Total stockholders' equity
693,040
552,908
Noncontrolling interest
786,231
831,994
Total equity
1,479,271
1,384,902
Total liabilities and equity
$
2,643,626
$
2,584,164
Utz Brands, Inc.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
For the thirteen weeks ended
July 4, 2021 (Successor) and June 28, 2020 (Predecessor)
(In thousands)
(Unaudited)
Successor
Predecessor
Twenty-six weeks ended July 4,
2021
Twenty-six weeks ended June
28, 2020
Cash flows from operating
activities
Net (loss) income
$
(7,170
)
$
8,244
Adjustments to reconcile net (loss) income
to net cash (used in) provided by operating activities:
Depreciation and amortization
38,552
17,947
Loss on remeasurement of warrant
liability
2,133
—
Gain on disposal of property and
equipment
(904
)
(93
)
Gain on sale of routes
(2,104
)
(1,031
)
Stock-based compensation
6,639
—
Deferred taxes
1,224
2,239
Amortization of deferred financing
fees
3,168
1,306
Changes in assets and liabilities:
Accounts receivable, net
(21,303
)
(15,368
)
Inventories
(6,730
)
(3,288
)
Prepaid expenses and other assets
(8,229
)
(2,573
)
Accounts payable and accrued expenses and
other
(5,320
)
12,930
Net cash (used in) provided by
operating activities
(44
)
20,313
Cash flows from investing
activities
Acquisitions, net of cash acquired
(66,631
)
(8,816
)
Purchases of property and equipment
(10,823
)
(8,350
)
Purchases of intangibles
(1,200
)
(650
)
Proceeds from sale of property and
equipment
1,490
533
Proceeds from sale of routes
3,800
2,748
Proceeds from the sale of IO notes
7,922
—
Notes receivable, net
(5,101
)
(3,476
)
Net cash used in investing activities
(70,543
)
(18,011
)
Cash flows from financing
activities
Borrowings on term debt and notes
payable
808,000
2,650
Repayments on term debt and notes
payable
(786,555
)
(4,838
)
Payment of debt issuance cost
(9,085
)
—
Exercised warrants
57,232
—
Dividends
(8,082
)
—
Distributions to members
—
(5,196
)
Distribution to noncontrolling
interest
(11,009
)
—
Net cash provided by (used in) financing
activities
50,501
(7,384
)
Net decrease in cash and cash
equivalents
(20,086
)
(5,082
)
Cash and cash equivalents at beginning
of period
46,831
15,053
Cash and cash equivalents at end of
period
$
26,745
$
9,971
Reconciliation of Non-GAAP Financial
Measures to Reported Financial Measures
Net Sales and Pro Forma Net Sales
13-Weeks Ended
26-Weeks Ended
(dollars in millions)
July 4, 2021
June 28, 2020
July 4, 2021
June 28, 2020
Net Sales
$
297.9
$
242.0
$
567.1
$
470.0
H.K. Anderson Pre-Acquisition Net
Sales
—
2.1
—
4.4
Vitner's Pre-Acquisition Net Sales
—
5.5
—
9.3
Truco Enterprises Pre-Acquisition Net
Sales
—
59.8
—
100.8
Festida Foods Pre-Acquisition Net
Sales
1.3
2.3
3.6
5.1
Pro Forma Net Sales
$
299.2
$
311.7
$
570.7
$
589.6
Gross Profit, Adjusted Gross Profit, Pro Forma Gross Profit
and Pro Forma Adjusted Gross Profit
13-Weeks Ended
26-Weeks Ended
(dollars in millions)
July 4, 2021
June 28, 2020
July 4, 2021
June 28, 2020
Gross Profit
$
95.6
$
84.9
$
190.8
$
164.9
Depreciation and Amortization
8.0
5.5
16.1
10.8
Non-Cash, non-recurring adjustments
1.8
—
3.0
—
Adjusted Gross Profit
105.4
90.4
209.9
175.7
Adjusted Gross Profit as a % of Net
Sales
35.4
%
37.4
%
37.0
%
37.4
%
Depreciation and Amortization - COGS
(8.0
)
(5.5
)
(16.1
)
(10.8
)
H.K. Anderson Pre-Acquisition Gross
Profit
—
0.3
—
0.6
Vitner's Pre-Acquisition Gross Profit
—
2.7
—
4.5
Truco Enterprises Pre-Acquisition Gross
Profit
—
24.2
—
40.6
Festida Foods Pre-Acquisition Gross
Profit
1.1
2.0
2.8
3.4
Pro Forma Gross Profit
98.5
114.1
196.6
214.0
Depreciation and Amortization - COGS
8.0
5.5
16.1
10.8
Festida Pre-Acquisition D&A
0.4
0.5
0.9
1.0
Depreciation and Amortization - Total
8.4
6.0
17.0
11.8
Pro Forma Adjusted Gross Profit
$
106.9
$
120.1
$
213.6
$
225.8
Pro Forma Adjusted Gross Profit as a % of
Pro Forma Net Sales
35.7
%
38.5
%
37.4
%
38.3
%
Adjusted Selling, General and Administrative Expense
13-Weeks Ended
26-Weeks Ended
(dollars in millions)
July 4, 2021
June 28, 2020
July 4, 2021
June 28, 2020
Selling, General and Administrative
Expense - Including Depreciation and Amortization
$
93.5
$
68.1
$
180.2
$
136.4
Depreciation and Amortization in SG&A
Expense
(11.1
)
(3.5
)
(22.4
)
(7.1
)
Non-Cash, and/or Non-recurring
Adjustments
(10.1
)
(5.7
)
(18.2
)
(13.5
)
Adjusted Selling, General and
Administrative Expense
72.3
58.9
139.6
115.8
Adjusted Selling, General and
Administrative Expense as a % of Net Sales
24.3
%
24.3
%
24.6
%
24.6
%
Vitner's Pre-Acquisition SG&A
Expense
—
2.1
—
3.6
Truco Enterprises Pre-Acquisition SG&A
Expense
—
8.3
—
15.1
Festida Foods Pre-Acquisition SG&A
Expense
0.7
0.9
1.5
1.7
Pro Forma Adjusted SG&A
Expense
$
73.0
$
70.2
$
141.1
$
136.2
Pro Forma Adjusted Selling, General and
Administrative Expense as % of Pro Forma Net Sales
24.4
%
22.5
%
24.7
%
23.1
%
Adjusted Net Income
13-Weeks Ended
26-Weeks Ended
(dollars in millions, except per share
data)
July 4, 2021
June 28, 2020
July 4, 2021
June 28, 2020
Net (Loss) Income
$
16.2
$
6.6
$
(7.2
)
$
8.2
Deferred Financing Fees
0.3
0.6
0.5
1.5
Depreciation and Amortization
19.1
9.0
38.5
17.9
Non-Acquisition Related Depreciation and
Amortization
(6.4
)
(6.5
)
(13.0
)
(12.9
)
Acquisition Step-Up Depreciation and
Amortization:
12.7
2.5
25.5
5.0
Certain Non-Cash Adjustments
2.8
1.7
7.0
2.8
Acquisition and Integration
2.0
3.9
3.9
9.1
Business and Transformation
Initiatives
6.5
0.8
9.8
2.4
Financing-Related Costs
0.6
—
0.6
0.1
(Gain) Loss on Remeasurement of Warrant
Liability
(19.4
)
—
2.1
—
Other Non-Cash and/or Non-Recurring
Adjustments
(7.5
)
6.4
23.4
14.4
Income Tax-Rate Adjustment(1)
(2.7
)
(2.5
)
(6.2
)
(4.0
)
Adjusted Net Income
$
19.0
$
13.6
$
36.0
$
25.1
Basic Shares Outstanding
136.8
136.6
Fully Diluted Shares on an As-Converted
Basis
142.0
142.3
Adjusted Earnings Per Share
$
0.13
$
0.25
(1)
Income Tax Rate Adjustment
calculated as (Loss) Income before taxes plus (i) Acquisition,
Step-Up Depreciation and Amortization and (ii) Other Non-Cash
and/or Non-Recurring Adjustments, multiplied by an effective cash
tax rate, minus the actual tax provision recorded in the
Consolidated Statement of Operations and Comprehensive Income
(Loss). The effective cash tax rate includes corporate income tax
payments plus non-resident withholding and tax distributions, which
are considered equivalent to tax.
Depreciation & Amortization
13-Weeks Ended
26-Weeks
Ended
(dollars in millions)
July 4, 2021
June 28, 2020
July 4, 2021
June 28, 2020
Core D&A - Non-Acquisition-related
included in Gross Profit
$
4.4
$
4.5
$
9.3
$
8.9
Step-Up D&A - Transaction-related
included in Gross Profit
3.6
1.0
7.3
1.9
Depreciation & Amortization -
included in Gross Profit
8.0
5.5
16.6
10.8
Core D&A - Non-Acquisition-related
included in SG&A Expense
2.7
2.0
3.8
4.0
Step-Up D&A - Transaction-related
included in SG&A Expense
8.4
1.5
18.2
3.1
Depreciation & Amortization -
included in SG&A Expense
11.1
3.5
22.0
7.1
Depreciation & Amortization -
Total
$
19.1
$
9.0
$
38.6
$
17.9
Core Depreciation and Amortization
$
7.1
$
6.5
$
13.1
$
12.9
Step-Up Depreciation and Amortization
$
12.0
$
2.5
$
25.5
$
5.0
Total Depreciation and
Amortization
$
19.1
$
9.0
$
38.6
$
17.9
EBITDA, Adjusted EBITDA, and Further Adjusted EBITDA
13-Weeks Ended
26-Weeks Ended
(dollars in millions)
July 4, 2021
June 28, 2020
July 4, 2021
June 28, 2020
Net Income (Loss)
$
16.2
$
6.6
$
(7.2
)
$
8.2
Plus non-GAAP adjustments:
Income Tax (Benefit) or Expense
0.4
1.2
1.4
2.6
Depreciation and Amortization
19.1
9.0
38.6
17.9
Interest Expense, Net
7.9
10.0
18.8
19.6
Interest Income (IO loans)(1)
(0.4
)
(0.6
)
(1.3
)
(0.9
)
EBITDA
43.2
26.2
50.3
47.4
Certain Non-Cash Adjustments(2)
2.8
1.7
7.0
2.8
Acquisition and Integration(3)
2.0
3.9
3.9
9.1
Business Transformation Initiatives(4)
6.5
0.8
9.8
2.4
Financing-Related Costs(5)
0.6
—
0.6
0.1
(Gain) Loss on Remeasurement of Warrant
Liabilities(6)
(19.4
)
—
2.1
—
Adjusted EBITDA
35.7
32.6
73.7
61.8
Adjusted EBITDA as a % of Net Sales
12.0
%
13.5
%
13.0
%
13.1
%
HKA Pre-Acquisition Adjusted EBITDA(7)
—
0.3
—
0.6
Vitner's Pre-Acquisition Adjusted
EBITDA(7)
—
0.6
—
0.9
Truco Pre-Acquisition Adjusted
EBITDA(7)
—
16.2
—
25.9
Festida Pre-Acquisition Adjusted
EBITDA(7)
1.0
1.8
2.6
3.1
Further Adjusted EBITDA
$
36.7
$
51.5
$
76.3
$
92.3
Further Adjusted EBITDA as % of Pro Forma
Net Sales
12.3
%
16.5
%
13.4
%
15.7
%
(1)
Interest Income (IO Loans) refers to
Interest Income that we earn from IO notes receivable that have
resulted from our initiatives to transition from RSP distribution
to IO distribution (“Business Transformation Initiatives”). There
is a Notes Payable recorded that mirrors the IO notes receivable,
and the interest expense associated with the Notes Payable is part
of the Interest Expense, Net adjustment.
(2)
Certain Non-Cash Adjustments are comprised
primarily of the following:
Incentive programs – Utz Quality Foods,
LLC, our wholly-owned subsidiary, established the 2018 Long-Term
Incentive Plan (the “2018 LTIP”) for employees in February 2018.
The Company recorded expense of $1.1 million and $1.9 million for
thirteen weeks and twenty-six weeks ended June 28, 2020
(Predecessor), respectively. Expenses incurred for the 2018 LTIP
are non-operational in nature and are expected to decline upon the
vesting of the remaining phantom units from fiscal year 2018 and
fiscal year 2019 at the end of fiscal year 2021. The phantom units
under the 2018 LTIP were converted into the 2020 LTIP RSUs as part
of the Business Combination. For the thirteen weeks and twenty-six
weeks ended July 4, 2021 (Successor), the Company incurred $2.7
million and $5.6 million, respectively, of share-based compensation
under the 2020 LTIP.
Purchase Commitments and Other Adjustments
– We have purchased commitments for specific quantities at fixed
prices for certain of our products’ key ingredients. To facilitate
comparisons of our underlying operating results, this adjustment
was made to remove the volatility of purchase commitment related
gains and losses. For the thirteen weeks and twenty-six weeks ended
July 4, 2021 (Successor) we recorded a loss of $0.0 million and
$0.0 million, respectively, compared to a benefit of $0.7 million
and $1.0 million for the thirteen weeks and twenty-six weeks ended
June 28, 2020 (Predecessor), respectively.
(3)
Adjustment for Acquisition and Integration
Costs – This is comprised of consulting, transaction services, and
legal fees incurred for acquisitions and certain potential
acquisitions. Most charges are related to costs incurred for the
Vitner's acquisition, the Truco acquisition, the Kitchen Cooked
acquisition, the Festida Foods acquisition, and related integration
expenditures.
(4)
Business Transformation Initiatives
Adjustment – This adjustment is related to consultancy,
professional, and legal fees incurred for specific initiatives and
structural changes to the business that do not reflect the cost of
normal business operations. In addition, certain Rice/Lissette
family-related costs incurred but not part of normal business
operations, and gains realized from the sale of distribution rights
to IOs and the subsequent disposal of trucks, and ERP transition
costs, offset by severance costs associated with the elimination of
RSP positions, fall into this category.
(5)
Financing-Related Costs – These costs
include adjustments for various items related to raising debt and
preferred equity capital or debt extinguishment costs. The Company
incurred expenses of $0.6 million for the thirteen weeks and
twenty-six weeks ended July 4, 2021 (Successor), compared to $0.1
million for the twenty-six weeks ended June 28, 2020
(Predecessor).
(6)
Losses (or gains) related to the changes
in the remeasurement of warrant liabilities are not expected to be
settled in cash, and when exercised would result in a cash inflow
to the Company with the Warrants being exercised for Class A Common
Stock with the liability being extinguished and the fair value of
the Warrants at the time of exercise being recorded as an increase
to equity.
(7)
Pre-Acquisition Adjusted EBITDA – This
adjustment represents the adjusted EBITDA of acquired companies
prior to the acquisition date.
Normalized / Further Adjusted EBITDA
FY 2020
FY 2021
(dollars in millions)
Q1
Q2
Q3
Q4
FY 2020
Q1
Q2
TTM
Further Adjusted EBITDA
$
40.8
$
51.5
$
53.6
$
41.5
$
187.4
$
39.5
$
36.7
$
171.3
Acquisition Synergies(1)
2.9
2.6
2.6
2.0
10.1
2.1
2.1
8.8
Public Company Costs(2)
(0.8
)
(0.7
)
(0.6
)
—
(2.1
)
—
—
(0.6
)
Normalized Further Adjusted
EBITDA
$
42.9
$
53.4
$
55.6
$
43.5
$
195.4
$
41.6
$
38.8
$
179.5
(1)
Represents identified
integration-related cost savings expected to be realized from the
elimination of certain procurement, manufacturing, and logistics as
well as selling, general and administrative expenses in connection
with the acquisition of Kennedy Endeavors, Kitchen Cooked, Truco
Enterprises, Vitner’s and Festida Foods.
(2)
Represents estimated incremental
costs of operating as a public company following the closing of the
business combination, including exchange listing and other fees;
audit and compliance costs; investor relations costs; additional
D&O insurance premium; legal expenses associated with public
filings and other items; and cash compensation for the Board of
Directors.
Net Debt and Leverage Ratio
(dollars in millions)
As of July 4, 2021
Term Loan
$
791.2
Capital Leases(1)
21.3
Deferred Purchase Price
1.4
Gross Debt(2)
813.9
Cash and Cash Equivalents
26.7
Total Net Debt
$
787.2
Last 52-Weeks Normalized Further Adjusted
EBITDA
$
179.5
Net Leverage Ratio
4.4x
(1)
Capital Leases include equipment
term loans and excludes the impact of step-up accounting.
(2)
Excludes amounts related to
guarantees on IO loans which are collateralized by routes. We have
the ability to recover substantially all of the outstanding loan
value in the event of a default scenario, which is uncommon.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210812005222/en/
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