Sovos Brands, Inc. (“Sovos Brands” or the “Company”) (Nasdaq:
SOVO), one of the fastest-growing food companies of scale in the
United States, today reported financial results for its third
quarter ended September 30, 2023.
Third Quarter Highlights:
- Net sales of $257.9 million increased 23.5% year-over-year
- Organic net sales growth of 29.5% was driven by 25.8% volume
and 3.7% pricing growth1
- Rao’s net sales of $196.3 million increased 45.2%
year-over-year, surpassing $700 million net sales on an LTM basis
- Rao’s sauce dollar consumption grew 37.9% year-over-year driven
by a 340-basis point increase in household penetration YoY to 15.2%
and 38.6% distribution growth2
- Rao’s franchise continued to expand its presence outside of
sauce, with combined dollar consumption for the frozen, soup, and
pasta categories up 42.8% year-over-year2
- Gross margin increased 10-basis points to 29.7%; Adjusted gross
margin3 decreased 10-basis points to 29.7%
- Net income was $1.4 million or $0.01 per diluted share,
impacted by one-time costs related to the pending merger with
Campbell’s; adjusted net income3 was $20.6 million or $0.20 per
diluted share
- Adjusted EBITDA3 of $39.0 million grew 32.2% year-over-year,
inclusive of a 10.3% year-over-year combined increase in Marketing
and R&D expense
“Sovos Brands delivered another exceptional quarter with 30%
volume-led organic net sales growth and 32% adjusted EBITDA
growth”, commented Todd Lachman, President and Chief Executive
Officer. “Our sector-leading results were fueled by continued
strength in the Rao’s franchise, which surpassed $700 million of
LTM net sales and continued to make meaningful household
penetration gains.”
Campbell Soup Company (“Campbell’s”) Merger
UpdateAs disclosed in a Form 8-K filed on October 16,
2023, the Company’s merger with Campbell’s was approved at a
special meeting of the Company’s stockholders with 99.99% of voting
stockholders in favor. The closing of the merger continues to be
subject to various remaining closing conditions, including the
expiration or termination of the applicable waiting period under
the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended (the “HSR Act”). As disclosed in a Form 8-K filed on
October 23, 2023, the Company and Campbell’s each received a
request for additional information (the “Second Request”) from the
U.S. Federal Trade Commission (“FTC”) in connection with the
agency’s review of the proposed merger. Issuance of the Second
Request extends the waiting period under the HSR Act until 30 days
after both the Company and Campbell’s substantially comply with the
Second Request, unless the waiting period is extended voluntarily
by the parties or terminated earlier by the FTC. The Company now
expects to complete this transaction in 2024 and will continue to
engage with the FTC on its review with the objective of closing in
mid-2024.
Summary of Reported (GAAP) and Adjusted3
Results
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13 Weeks Ended |
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39 Weeks Ended |
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September 30, 2023 |
|
September 24, 2022 |
|
|
Change |
|
September 30, 2023 |
|
September 24, 2022 |
|
|
Change |
Net sales ($ millions) |
$ |
257.9 |
|
$ |
208.9 |
|
|
23.5 |
|
% |
|
$ |
728.4 |
|
$ |
616.3 |
|
|
|
18.2 |
% |
Net income (loss) ($
millions) |
$ |
1.4 |
|
$ |
1.5 |
|
|
(2.6 |
) |
% |
|
$ |
14.7 |
|
$ |
(24.8 |
) |
|
|
159.2 |
% |
Net income (loss) margin
(%) |
|
0.6 |
% |
|
0.7 |
% |
|
(10 |
) |
bps |
|
|
2.0 |
% |
|
(4.0 |
) |
% |
|
600 |
bps |
Adjusted net income3 |
$ |
20.6 |
|
$ |
14.3 |
|
|
43.7 |
|
% |
|
$ |
56.1 |
|
$ |
40.8 |
|
|
|
37.6 |
% |
Diluted EPS |
$ |
0.01 |
|
$ |
0.01 |
|
|
— |
|
% |
|
$ |
0.14 |
|
$ |
(0.25 |
) |
|
|
156.0 |
% |
Adjusted diluted EPS3 |
$ |
0.20 |
|
$ |
0.14 |
|
|
42.9 |
|
% |
|
$ |
0.55 |
|
$ |
0.40 |
|
|
|
37.5 |
% |
Adjusted EBITDA3($
millions) |
$ |
39.0 |
|
$ |
29.5 |
|
|
32.2 |
|
% |
|
$ |
110.1 |
|
$ |
82.8 |
|
|
|
33.0 |
% |
Adjusted EBITDA
margin3(%) |
|
15.1 |
% |
|
14.1 |
% |
|
100 |
|
bps |
|
|
15.1 |
% |
|
13.4 |
|
% |
|
170 |
bps |
Summary of Reported and Organic1 Net
Sales Growth – Third Quarter and Year-to-Date 2023
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13 Weeks Ended September 30, 2023 |
|
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ReportedNet Sales |
|
M&A |
|
OrganicNet Sales |
|
Organic Net Sales GrowthKey
Drivers |
|
|
% Change |
|
Contribution |
|
% Change1 |
|
Volume |
|
Price |
|
Rao’s |
45.2 |
|
% |
|
|
45.2 |
|
% |
|
|
|
|
noosa |
0.6 |
|
% |
|
|
0.6 |
|
% |
|
|
|
|
Michael Angelo’s |
(12.0 |
) |
% |
|
|
(12.0 |
) |
% |
|
|
|
|
Total Net
Sales |
23.5 |
|
% |
6.0 |
% |
29.5 |
|
% |
25.8 |
% |
3.7 |
% |
|
|
|
|
|
|
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|
39 Weeks Ended September 30, 2023 |
|
|
ReportedNet Sales |
|
M&A |
|
OrganicNet Sales |
|
Organic Net Sales GrowthKey
Drivers |
|
|
% Change |
|
Contribution |
|
% Change1 |
|
Volume |
|
Price |
|
Rao’s |
37.7 |
|
% |
|
|
37.7 |
|
% |
|
|
|
|
noosa |
3.1 |
|
% |
|
|
3.1 |
|
% |
|
|
|
|
Michael Angelo’s |
(13.6 |
) |
% |
|
|
(13.6 |
) |
% |
|
|
|
|
Total Net
Sales |
18.2 |
|
% |
6.1 |
% |
24.3 |
|
% |
16.7 |
% |
7.6 |
% |
Third Quarter 2023 Results
Net sales of $257.9 million increased 23.5% year-over-year.
Organic net sales growth1 of 29.5% was driven by 25.8% volume and
3.7% price. Results reflect another robust performance from the
Rao’s franchise, which grew 45.2% year-over-year.
Gross profit of $76.5 million increased 23.7% versus the prior
year period. Gross margin was 29.7%, up 10-basis points from the
prior year period. Adjusted gross profit3 of $76.5 million
increased 22.8% year-over-year supported by volume growth,
productivity, and pricing. Adjusted gross margin3 was 29.7%,
reflecting a 10-basis point decrease versus the prior year period.
Pricing, productivity, and favorable mix from strong sauce growth
were offset by inflation, as well as investments to support new
product launches including Rao’s frozen pizza. Total operating
expenses of $64.5 million increased 26.1% year-over-year, driven in
part by $10.8 million of one-time expenses related to the pending
merger with Campbell’s. Adjusted operating expenses3 of $40.3
million increased 12.6% versus the prior year period, reflecting
higher volume-driven selling expense, continued investments in
talent and a 10.3% year-over-year increase in combined marketing
and R&D investments.
Net interest expense was $8.6 million compared to $6.7 million
in the prior year period due to higher interest rates.
Net income was $1.4 million, 0.6% of net sales, or $0.01 per
diluted share. This compared to net income of $1.5 million, or
$0.01 per diluted share in the prior year period. Adjusted net
income3 was $20.6 million, or $0.20 per diluted share, as compared
to adjusted net income of $14.3 million or $0.14 per diluted share
in the prior year period.
Adjusted EBITDA3 of $39.0 million increased 32.2% versus the
prior year period, benefitting from 22.8% growth for adjusted gross
profit and adjusted operating expense leverage while reinvesting
meaningfully into marketing and R&D. Adjusted EBITDA margin3
was 15.1%, up 100-basis points versus the prior year period.
Balance Sheet and Cash Flow Highlights
As of September 30, 2023, cash and cash equivalents were $202.5
million and total debt was $483.8 million, resulting in a net debt
to last twelve months adjusted EBITDA3 ratio of 1.9x.
Cash from operating activities was $71.0 million in the 39-week
period ended September 30, 2023, a $44.2 million increase as
compared to the prior year period. Higher cash flow was driven by
improved profitability and working capital. Year-to-date capital
expenditures were $7.1 million.
Fiscal 2023 Outlook
Due to the pending merger with Campbell’s, Sovos Brands will not
be providing forward looking guidance.
Footnotes: (1) Organic net sales and organic
net sales growth are defined as reported net sales or reported net
sales growth excluding, when they occur, the impact of a 53rd week
of shipments, acquisitions and divestitures. For discussions of
fiscal 2023 results and guidance, organic net sales growth excludes
the impact of the Birch Benders divestiture and the 53rd week in
the prior year.
(2) Source: Market performance refers to dollar sales and unit
growth rates as reported by Circana MULO in the 13-week period
ended October 1, 2023. Household penetration refers to data
reported by Circana All Outlet for the 52-week period ended October
1, 2023.
(3) Adjusted gross profit, adjusted gross margin, adjusted
operating expense, adjusted operating income, EBITDA, adjusted
EBITDA, adjusted EBITDA margin, adjusted net income, and adjusted
diluted EPS are non-GAAP measures. For additional information,
including a reconciliation of adjusted results to the most directly
comparable measures presented in accordance with GAAP, see the
Non-GAAP Financial Information and Reconciliation of Non-GAAP
Financial Measures sections of this release.
Earnings Conference Call Details
Due to the pending merger with Campbell’s, Sovos Brands will not
be holding an earnings call. Press release materials are available
publicly on the Investor Relations section of the Company’s website
at ir.sovosbrands.com.
About Sovos Brands, Inc.Sovos Brands, Inc. is a
consumer-packaged food company focused on building disruptive
growth brands that bring today’s consumers great tasting food that
fits the way they live. The Company’s product offerings include a
variety of pasta sauces, dry pasta, soups, frozen entrées, frozen
pizza and yogurts, all of which are sold in North America under the
brand names Rao’s, Michael Angelo’s and noosa. All Sovos Brands’
products are built with authenticity at their core, providing
consumers with one-of-a-kind food experiences that are genuine,
delicious, and unforgettable. The Company is headquartered in
Louisville, Colorado. For more information on Sovos Brands and its
products, please visit www.sovosbrands.com.
ContactsInvestors: Joshua
Levine IR@sovosbrands.com
Media:Lauren Armstrong
media@sovosbrands.com
Non-GAAP Financial Information
In addition to the Company’s results which are determined in
accordance with generally accepted accounting principles in the
United States (“GAAP”), the Company believes the following non-GAAP
measures presented in this press release are useful in evaluating
its operating performance: EBITDA, Adjusted EBITDA, EBITDA margin,
Adjusted EBITDA margin, adjusted gross profit, adjusted gross
margin, adjusted operating expenses, adjusted operating income,
adjusted income tax (expense), adjusted effective tax rate,
adjusted net income, and diluted earnings per share from adjusted
net income. We define EBITDA as net income (loss) before net
interest expense, income tax (expense) benefit, depreciation and
amortization. We define Adjusted EBITDA as EBITDA adjusted for
non-cash equity-based compensation costs, non-recurring costs, gain
(loss) on foreign currency contracts, supply chain optimization
costs, impairment of goodwill, transaction and integration costs
and IPO readiness costs. EBITDA margin is determined by calculating
the percentage EBITDA is of net sales. Adjusted EBITDA margin
is determined by calculating the percentage Adjusted EBITDA is
of net sales. Adjusted gross margin is determined by calculating
the percentage of adjusted gross profit is of net sales. Adjusted
gross profit, adjusted operating expenses, adjusted operating
income, adjusted income tax (expense) and adjusted effective tax
rate, and adjusted net income consists of gross profit, total
operating expenses, operating income (loss), reported income tax
(expense) benefit, reported effective tax rate and net income
(loss) before non-cash equity-based compensation costs,
non-recurring costs, gain (loss) on foreign currency contracts,
supply chain optimization costs, impairment of goodwill,
transaction and integration costs (including costs related to the
pending merger with Campbell’s), IPO readiness costs, acquisition
amortization and tax-related adjustments that we do not consider in
our evaluation of our ongoing operating performance from period to
period as discussed further below. Diluted earnings per share from
adjusted net income is determined by dividing adjusted net income
by the weighted average diluted shares outstanding. Non-GAAP
financial measures are included in this release because they are
key metrics used by management to assess our operating performance.
Management believes that non-GAAP financial measures are helpful in
highlighting performance trends because non-GAAP financial measures
eliminate non-recurring and unusual items and non-cash expenses,
which we do not consider indicative of ongoing operational
performance. Our presentation of non-GAAP financial measures should
not be construed to imply that our future results will be
unaffected by these items. By providing these non-GAAP financial
measures, management believes we are enhancing investors’
understanding of our business and our results of operations, as
well as assisting investors in evaluating how well we are executing
our strategic initiatives.
EBITDA, Adjusted EBITDA, EBITDA margin, Adjusted EBITDA margin,
adjusted gross profit, adjusted gross margin, adjusted operating
expenses, adjusted operating income, adjusted income tax (expense),
adjusted effective tax rate, adjusted net income and diluted
earnings per share from adjusted net income are not defined under
GAAP. Our use of the terms EBITDA, Adjusted EBITDA, EBITDA margin,
Adjusted EBITDA margin, adjusted gross profit, adjusted gross
margin, adjusted operating expenses, adjusted operating income,
adjusted income tax (expense), adjusted effective tax rate,
adjusted net income and diluted earnings per share from adjusted
net income may not be comparable to similarly titled measures of
other companies in our industry and are not measures of performance
calculated in accordance with GAAP. Our presentation of non-GAAP
financial measures is intended to provide supplemental measures of
our performance that are not required by, or presented in
accordance with, GAAP. Non-GAAP financial measures should not be
considered as alternatives to operating income (loss), net income
(loss), earnings (loss) per share, net sales or any other
performance measures derived in accordance with GAAP, or as
measures of operating cash flows or liquidity.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, including but not limited
to statements regarding the pending merger with Cambell’s. These
forward-looking statements are based on Sovos Brands’ current
assumptions, expectations and beliefs and are subject to
substantial risks, uncertainties, assumptions, and changes in
circumstances that may cause Sovos Brands’ actual results,
performance, or achievements to differ materially from those
expressed or implied in any forward-looking statement.
With respect to the pending merger with Campbell’s, these risks
and uncertainties include, but are not limited to:
- the timing to consummate the pending merger;
- our ability to retain and hire key personnel and other
employees, which could require us to use more expensive or less
effective resources to support our business or otherwise adversely
affect our business, financial condition and results of
operations;
- the risk that a condition to closing of the pending merger may
not be satisfied or that the closing of the pending merger might
otherwise not occur;
- the risk that regulatory approval required for the pending
merger is not obtained or is obtained subject to conditions that
are not anticipated;
- the diversion of management time on transaction-related issues;
and
- the risk that the pending merger and its announcement could
have an adverse effect on the Company’s ability to retain
third-party relationships and related talent.
These and other risks and uncertainties are more fully described
in Sovos Brands’ filings with the Securities and Exchange
Commission (the “SEC”), including in the section entitled “Risk
Factors” in its Annual Report on Form 10-K for the fiscal year
ended December 31, 2022, its Quarterly Report on Form 10-Q for the
quarter ended September 30, 2023 and other filings and reports that
Sovos Brands may file from time to time with the SEC. Moreover,
Sovos Brands operates in a very competitive and rapidly changing
environment. New risks emerge from time to time. It is not possible
for management to predict all risks, nor can Sovos Brands assess
the impact of all factors on its business or the extent to which
any factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking
statements Sovos Brands may make. In light of these risks,
uncertainties and assumptions, Sovos Brands cannot guarantee that
future results, levels of activity, performance, achievements, or
events and circumstances reflected in the forward-looking
statements will occur. Forward-looking statements represent
managements’ beliefs and assumptions only as of the date of this
press release. Sovos Brands disclaims any obligation to update
forward-looking statements except as required by law.
SOVOS BRANDS, INC.CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS(Amounts in thousands, except for
share and per share data)(Unaudited) |
|
|
13 Weeks Ended |
|
39 Weeks Ended |
|
|
September 30,2023 |
|
September 24,2022 |
|
September 30,2023 |
|
September 24,2022 |
Net sales |
|
$ |
257,944 |
|
|
$ |
208,907 |
|
|
$ |
728,370 |
|
|
$ |
616,273 |
|
Cost of sales |
|
|
181,451 |
|
|
|
147,090 |
|
|
|
510,358 |
|
|
|
445,525 |
|
Gross
profit |
|
|
76,493 |
|
|
|
61,817 |
|
|
|
218,012 |
|
|
|
170,748 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
58,471 |
|
|
|
43,965 |
|
|
|
149,518 |
|
|
|
117,329 |
|
Depreciation and amortization |
|
|
6,039 |
|
|
|
7,209 |
|
|
|
18,023 |
|
|
|
21,612 |
|
Impairment of goodwill |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
42,052 |
|
Total operating
expenses |
|
|
64,510 |
|
|
|
51,174 |
|
|
|
167,541 |
|
|
|
180,993 |
|
Operating income (loss) |
|
|
11,983 |
|
|
|
10,643 |
|
|
|
50,471 |
|
|
|
(10,245 |
) |
Interest expense, net |
|
|
8,621 |
|
|
|
6,679 |
|
|
|
26,000 |
|
|
|
18,414 |
|
Income (loss) before
income taxes |
|
|
3,362 |
|
|
|
3,964 |
|
|
|
24,471 |
|
|
|
(28,659 |
) |
Income tax (expense)
benefit |
|
|
(1,936 |
) |
|
|
(2,500 |
) |
|
|
(9,810 |
) |
|
|
3,895 |
|
Net income (loss) |
|
$ |
1,426 |
|
|
$ |
1,464 |
|
|
$ |
14,661 |
|
|
$ |
(24,764 |
) |
Earnings (loss) per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.01 |
|
|
$ |
0.01 |
|
|
$ |
0.14 |
|
|
$ |
(0.25 |
) |
Diluted |
|
$ |
0.01 |
|
|
$ |
0.01 |
|
|
$ |
0.14 |
|
|
$ |
(0.25 |
) |
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
101,327,970 |
|
|
|
100,913,121 |
|
|
|
101,259,880 |
|
|
|
100,901,161 |
|
Diluted |
|
|
103,775,264 |
|
|
|
101,613,928 |
|
|
|
102,851,599 |
|
|
|
100,901,161 |
|
SOVOS BRANDS, INC.CONDENSED CONSOLIDATED
BALANCE SHEETS(Amounts in thousands)(Unaudited) |
|
|
|
September 30, 2023 |
|
December 31, 2022 |
ASSETS |
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
202,524 |
|
|
$ |
138,654 |
|
Accounts receivable, net |
|
|
96,962 |
|
|
|
87,695 |
|
Inventories, net |
|
|
80,629 |
|
|
|
92,602 |
|
Prepaid expenses and other current assets |
|
|
7,326 |
|
|
|
11,974 |
|
Total current assets |
|
|
387,441 |
|
|
|
330,925 |
|
Property and equipment,
net |
|
|
62,955 |
|
|
|
64,317 |
|
Operating lease right-of-use
assets |
|
|
11,482 |
|
|
|
13,332 |
|
Goodwill |
|
|
395,399 |
|
|
|
395,399 |
|
Intangible assets, net |
|
|
334,728 |
|
|
|
351,547 |
|
Other long-term assets |
|
|
1,420 |
|
|
|
3,279 |
|
TOTAL
ASSETS |
|
$ |
1,193,425 |
|
|
$ |
1,158,799 |
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
Accounts payable |
|
$ |
54,395 |
|
|
$ |
49,264 |
|
Accrued expenses |
|
|
70,523 |
|
|
|
69,571 |
|
Current portion of long-term debt |
|
|
202 |
|
|
|
99 |
|
Current portion of long-term operating lease liabilities |
|
|
3,045 |
|
|
|
3,308 |
|
Total current liabilities |
|
|
128,165 |
|
|
|
122,242 |
|
Long-term debt, net of debt issuance costs |
|
|
483,588 |
|
|
|
482,344 |
|
Deferred income taxes |
|
|
60,032 |
|
|
|
63,644 |
|
Long-term operating lease liabilities |
|
|
11,867 |
|
|
|
14,063 |
|
Other long-term liabilities |
|
|
590 |
|
|
|
483 |
|
TOTAL LIABILITIES |
|
|
684,242 |
|
|
|
682,776 |
|
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY: |
|
|
|
|
|
|
Preferred Stock |
|
|
— |
|
|
|
— |
|
Common Stock |
|
|
101 |
|
|
|
101 |
|
Additional paid-in-capital |
|
|
595,958 |
|
|
|
577,664 |
|
Accumulated deficit |
|
|
(88,630 |
) |
|
|
(103,291 |
) |
Accumulated other comprehensive income |
|
|
1,754 |
|
|
|
1,549 |
|
TOTAL STOCKHOLDERS’
EQUITY |
|
|
509,183 |
|
|
|
476,023 |
|
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
$ |
1,193,425 |
|
|
$ |
1,158,799 |
|
SOVOS BRANDS, INC.CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS(Amounts in
thousands)(Unaudited) |
|
|
|
39 Weeks Ended |
|
|
September 30, 2023 |
|
September 24, 2022 |
Operating activities |
|
|
|
|
|
|
Net income (loss) |
|
$ |
14,661 |
|
|
$ |
(24,764 |
) |
Adjustments to reconcile net
income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
25,483 |
|
|
|
29,184 |
|
Equity-based compensation expense |
|
|
18,294 |
|
|
|
13,240 |
|
Loss on foreign currency contracts |
|
|
1,278 |
|
|
|
3,255 |
|
Non-cash interest expense |
|
|
646 |
|
|
|
— |
|
Deferred income taxes |
|
|
(3,675 |
) |
|
|
(11,674 |
) |
Amortization of debt issuance costs |
|
|
949 |
|
|
|
949 |
|
Non-cash operating lease expense |
|
|
1,850 |
|
|
|
1,818 |
|
Provision for excess and obsolete inventory |
|
|
2,663 |
|
|
|
2,350 |
|
Loss on disposal of property and equipment |
|
|
296 |
|
|
|
— |
|
Impairment of goodwill |
|
|
— |
|
|
|
42,052 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable, net |
|
|
(9,267 |
) |
|
|
(13,234 |
) |
Inventories, net |
|
|
9,309 |
|
|
|
(34,823 |
) |
Prepaid expenses and other current assets |
|
|
363 |
|
|
|
215 |
|
Other long-term assets |
|
|
32 |
|
|
|
372 |
|
Accounts payable |
|
|
5,276 |
|
|
|
14,674 |
|
Accrued expenses |
|
|
5,212 |
|
|
|
5,504 |
|
Other long-term liabilities |
|
|
109 |
|
|
|
38 |
|
Operating lease liabilities |
|
|
(2,459 |
) |
|
|
(2,386 |
) |
Net cash provided by operating activities |
|
|
71,020 |
|
|
|
26,770 |
|
Investing activities |
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(7,077 |
) |
|
|
(10,939 |
) |
Net cash (used in) investing
activities |
|
|
(7,077 |
) |
|
|
(10,939 |
) |
Financing activities |
|
|
|
|
|
|
Repayments of capital lease obligations |
|
|
(73 |
) |
|
|
(59 |
) |
Net cash (used in) financing
activities |
|
|
(73 |
) |
|
|
(59 |
) |
Net increase in cash and cash equivalents |
|
|
63,870 |
|
|
|
15,772 |
|
Cash and cash equivalents at beginning of period |
|
|
138,654 |
|
|
|
66,154 |
|
Cash and cash
equivalents at end of period |
|
$ |
202,524 |
|
|
$ |
81,926 |
|
SOVOS BRANDS, INC.RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES(Unaudited) |
|
|
|
13 Weeks Ended |
|
39 Weeks Ended |
(In thousands) |
|
September30, 2023 |
|
% ofNet sales |
|
September24, 2022 |
|
% ofNet sales |
|
September30, 2023 |
|
% ofNet sales |
|
September24, 2022 |
|
% ofNet sales |
Net income (loss)(1) |
|
$ |
1,426 |
|
|
0.6 |
|
% |
|
$ |
1,464 |
|
|
0.7 |
|
% |
|
$ |
14,661 |
|
|
2.0 |
|
% |
|
$ |
(24,764 |
) |
|
(4.0 |
) |
% |
Interest expense, net |
|
|
8,621 |
|
|
3.3 |
|
|
|
|
6,679 |
|
|
3.2 |
|
|
|
|
26,000 |
|
|
3.6 |
|
|
|
|
18,414 |
|
|
3.0 |
|
|
Income tax (expense) benefit |
|
|
(1,936 |
) |
|
(0.8 |
) |
|
|
|
(2,500 |
) |
|
(1.2 |
) |
|
|
|
(9,810 |
) |
|
(1.3 |
) |
|
|
|
3,895 |
|
|
0.6 |
|
|
Depreciation and amortization |
|
|
8,450 |
|
|
3.3 |
|
|
|
|
9,804 |
|
|
4.7 |
|
|
|
|
25,483 |
|
|
3.5 |
|
|
|
|
29,184 |
|
|
4.7 |
|
|
EBITDA(1) |
|
|
20,433 |
|
|
8.0 |
|
|
|
|
20,447 |
|
|
9.8 |
|
|
|
|
75,954 |
|
|
10.4 |
|
|
|
|
18,939 |
|
|
3.1 |
|
|
Non-cash equity-based compensation(2) |
|
|
6,367 |
|
|
2.4 |
|
|
|
|
4,606 |
|
|
2.2 |
|
|
|
|
18,294 |
|
|
2.5 |
|
|
|
|
13,240 |
|
|
2.1 |
|
|
Non-recurring costs(3) |
|
|
341 |
|
|
0.1 |
|
|
|
|
1,211 |
|
|
0.6 |
|
|
|
|
2,375 |
|
|
0.3 |
|
|
|
|
3,611 |
|
|
0.6 |
|
|
Loss on foreign currency contracts(4) |
|
|
1,080 |
|
|
0.4 |
|
|
|
|
2,758 |
|
|
1.3 |
|
|
|
|
1,278 |
|
|
0.2 |
|
|
|
|
3,255 |
|
|
0.5 |
|
|
Supply chain optimization(5) |
|
|
— |
|
|
— |
|
|
|
|
497 |
|
|
0.2 |
|
|
|
|
128 |
|
|
— |
|
|
|
|
1,291 |
|
|
0.2 |
|
|
Impairment of goodwill(6) |
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
|
42,052 |
|
|
6.8 |
|
|
Transaction and integration costs(7) |
|
|
10,802 |
|
|
4.2 |
|
|
|
|
— |
|
|
— |
|
|
|
|
12,115 |
|
|
1.7 |
|
|
|
|
59 |
|
|
— |
|
|
Initial public offering readiness(8) |
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
|
384 |
|
|
0.1 |
|
|
Adjusted
EBITDA(1) |
|
$ |
39,023 |
|
|
15.1 |
|
% |
|
$ |
29,519 |
|
|
14.1 |
|
% |
|
$ |
110,144 |
|
|
15.1 |
|
% |
|
$ |
82,831 |
|
|
13.4 |
|
% |
(1) Net income (loss) as a percentage of net sales is also
referred to as net income (loss) margin. EBITDA and Adjusted EBITDA
as a percentage of net sales are also referred to as EBITDA margin
and Adjusted EBITDA margin. |
(2) Consists of non-cash equity-based compensation expense
associated with the grant of equity-based compensation provided to
officers, non-employee directors and employees. |
(3) Consists of costs for professional fees related to
organizational optimization and capital markets activities. |
(4) Consists of unrealized loss on foreign currency
contracts. |
(5) Consists of write-downs associated with packaging
optimization and a strategic initiative to move co-packaging
production from an international supplier to a domestic
supplier. |
(6) Consists of expenses for impairment of goodwill. |
(7) Consists of costs associated with the pending merger, the
divestiture of the Birch Benders brand and certain
related assets and other potential transactions. |
(8) Consists of costs associated with building the
organizational infrastructure to support a public company
environment. |
SOVOS BRANDS, INC.RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES(Unaudited) |
|
|
|
13 Weeks Ended |
(In thousands, except share and per share
data) |
|
September 30, 2023 |
|
|
|
Grossprofit |
|
Operatingexpenses |
|
Operatingincome |
|
Interestexpense,net |
|
Incometax(expense) |
|
Net income |
|
As reported (GAAP) |
|
$ |
76,493 |
|
$ |
64,510 |
|
|
$ |
11,983 |
|
$ |
8,621 |
|
$ |
(1,936 |
) |
|
$ |
1,426 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash equity-based compensation(1) |
|
|
— |
|
|
(6,367 |
) |
|
|
6,367 |
|
|
— |
|
|
— |
|
|
|
6,367 |
|
|
Non-recurring costs(2) |
|
|
— |
|
|
(341 |
) |
|
|
341 |
|
|
— |
|
|
— |
|
|
|
341 |
|
|
Loss on foreign currency contracts(3) |
|
|
— |
|
|
(1,080 |
) |
|
|
1,080 |
|
|
— |
|
|
— |
|
|
|
1,080 |
|
|
Transaction and integration costs(6) |
|
|
— |
|
|
(10,802 |
) |
|
|
10,802 |
|
|
— |
|
|
— |
|
|
|
10,802 |
|
|
Acquisition amortization(8) |
|
|
— |
|
|
(5,607 |
) |
|
|
5,607 |
|
|
— |
|
|
— |
|
|
|
5,607 |
|
|
Tax effect of adjustments(9) |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
(4,855 |
) |
|
|
(4,855 |
) |
|
One-time tax (expense) items(10) |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
(218 |
) |
|
|
(218 |
) |
|
As adjusted |
|
$ |
76,493 |
|
$ |
40,313 |
|
|
$ |
36,180 |
|
$ |
8,621 |
|
$ |
(7,009 |
) |
|
$ |
20,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As adjusted (% of net sales) |
|
|
29.7 |
%(11) |
|
15.6 |
|
% |
|
14.0 |
% |
|
3.3 |
% |
|
(2.7 |
) |
% |
|
8.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.01 |
|
|
Adjusted Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.20 |
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted for net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
103,775,264 |
|
|
Diluted for adjusted net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
103,775,264 |
|
|
SOVOS BRANDS, INC.RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES (Unaudited) |
|
|
|
13 Weeks Ended |
(In thousands, except share and per share
data) |
|
September 24, 2022 |
|
|
|
Gross profit |
|
Operating expenses |
|
Operating income |
|
Interest expense, net |
|
Income tax (expense) |
|
Net income |
|
As reported (GAAP) |
|
$ |
61,817 |
|
$ |
51,174 |
|
|
$ |
10,643 |
|
$ |
6,679 |
|
$ |
(2,500 |
) |
|
$ |
1,464 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash equity-based compensation(1) |
|
|
— |
|
|
(4,606 |
) |
|
|
4,606 |
|
|
— |
|
|
— |
|
|
|
4,606 |
|
|
Non-recurring costs(2) |
|
|
— |
|
|
(1,211 |
) |
|
|
1,211 |
|
|
— |
|
|
— |
|
|
|
1,211 |
|
|
Loss on foreign currency contracts(3) |
|
|
— |
|
|
(2,758 |
) |
|
|
2,758 |
|
|
— |
|
|
— |
|
|
|
2,758 |
|
|
Supply chain optimization(4) |
|
|
497 |
|
|
— |
|
|
|
497 |
|
|
— |
|
|
— |
|
|
|
497 |
|
|
Acquisition amortization(8) |
|
|
— |
|
|
(6,810 |
) |
|
|
6,810 |
|
|
— |
|
|
— |
|
|
|
6,810 |
|
|
Tax effect of adjustments(9) |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
(3,021 |
) |
|
|
(3,021 |
) |
|
One-time tax (expense) items(10) |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
(26 |
) |
|
|
(26 |
) |
|
As adjusted |
|
$ |
62,314 |
|
$ |
35,789 |
|
|
$ |
26,525 |
|
$ |
6,679 |
|
$ |
(5,547 |
) |
|
$ |
14,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As adjusted (% of net sales) |
|
|
29.8 |
%(11) |
|
17.1 |
|
% |
|
12.7 |
% |
|
3.2 |
% |
|
(2.7 |
) |
% |
|
6.8 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.01 |
|
|
Adjusted Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.14 |
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted for net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101,613,927 |
|
|
Diluted for adjusted net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101,613,927 |
|
|
SOVOS BRANDS, INC.RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES(Unaudited) |
|
|
39 Weeks Ended |
|
(In thousands, except share and per share
data) |
|
September 30, 2023 |
|
|
|
Grossprofit |
|
Operatingexpenses |
|
Operatingincome |
|
Interestexpense,net |
|
Incometax(expense) |
|
Net income |
|
As reported (GAAP) |
|
$ |
218,012 |
|
$ |
167,541 |
|
|
$ |
50,471 |
|
$ |
26,000 |
|
$ |
(9,810 |
) |
|
$ |
14,661 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash equity-based compensation(1) |
|
|
— |
|
|
(18,294 |
) |
|
|
18,294 |
|
|
— |
|
|
— |
|
|
|
18,294 |
|
|
Non-recurring costs(2) |
|
|
— |
|
|
(2,375 |
) |
|
|
2,375 |
|
|
— |
|
|
— |
|
|
|
2,375 |
|
|
Loss on foreign currency contracts(3) |
|
|
— |
|
|
(1,278 |
) |
|
|
1,278 |
|
|
— |
|
|
— |
|
|
|
1,278 |
|
|
Supply chain optimization(4) |
|
|
128 |
|
|
— |
|
|
|
128 |
|
|
— |
|
|
— |
|
|
|
128 |
|
|
Transaction and integration costs(6) |
|
|
150 |
|
|
(11,965 |
) |
|
|
12,115 |
|
|
— |
|
|
— |
|
|
|
12,115 |
|
|
Acquisition amortization(8) |
|
|
— |
|
|
(16,819 |
) |
|
|
16,819 |
|
|
— |
|
|
— |
|
|
|
16,819 |
|
|
Tax effect of adjustments(9) |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
(9,189 |
) |
|
|
(9,189 |
) |
|
One-time tax (expense) items(10) |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
(373 |
) |
|
|
(373 |
) |
|
As adjusted |
|
$ |
218,290 |
|
$ |
116,810 |
|
|
$ |
101,480 |
|
$ |
26,000 |
|
$ |
(19,372 |
) |
|
$ |
56,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As adjusted (% of net sales) |
|
|
30.0 |
%(11) |
|
16.0 |
|
% |
|
13.9 |
% |
|
3.6 |
% |
|
(2.7 |
) |
% |
|
7.7 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.14 |
|
|
Adjusted Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.55 |
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted for net loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
102,851,599 |
|
|
Diluted for adjusted net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
102,851,599 |
|
|
SOVOS BRANDS, INC.RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES(Unaudited) |
|
|
|
39 Weeks Ended |
(In thousands, except share and per share
data) |
|
September 24, 2022 |
|
|
|
Grossprofit |
|
Operatingexpenses |
|
Operatingincome(loss) |
|
Interestexpense,net |
|
Income tax(expense)benefit |
|
Net income(loss) |
|
As reported (GAAP) |
|
$ |
170,748 |
|
$ |
180,993 |
|
|
$ |
(10,245 |
) |
|
$ |
18,414 |
|
$ |
3,895 |
|
|
$ |
(24,764 |
) |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash equity-based compensation(1) |
|
|
— |
|
|
(13,240 |
) |
|
|
13,240 |
|
|
|
— |
|
|
— |
|
|
|
13,240 |
|
|
Non-recurring costs(2) |
|
|
— |
|
|
(3,611 |
) |
|
|
3,611 |
|
|
|
— |
|
|
— |
|
|
|
3,611 |
|
|
Loss on foreign currency contracts(3) |
|
|
— |
|
|
(3,255 |
) |
|
|
3,255 |
|
|
|
— |
|
|
— |
|
|
|
3,255 |
|
|
Supply chain optimization(4) |
|
|
1,291 |
|
|
— |
|
|
|
1,291 |
|
|
|
— |
|
|
— |
|
|
|
1,291 |
|
|
Impairment of goodwill(5) |
|
|
— |
|
|
(42,052 |
) |
|
|
42,052 |
|
|
|
— |
|
|
— |
|
|
|
42,052 |
|
|
Transaction and integration costs(6) |
|
|
— |
|
|
(59 |
) |
|
|
59 |
|
|
|
— |
|
|
— |
|
|
|
59 |
|
|
Initial public offering readiness(7) |
|
|
— |
|
|
(384 |
) |
|
|
384 |
|
|
|
— |
|
|
— |
|
|
|
384 |
|
|
Acquisition amortization(8) |
|
|
— |
|
|
(20,429 |
) |
|
|
20,429 |
|
|
|
— |
|
|
— |
|
|
|
20,429 |
|
|
Tax effect of adjustments(9) |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
(8,472 |
) |
|
|
(8,472 |
) |
|
One-time tax (expense) items(10) |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
(10,302 |
) |
|
|
(10,302 |
) |
|
As adjusted |
|
$ |
172,039 |
|
$ |
97,963 |
|
|
$ |
74,076 |
|
|
$ |
18,414 |
|
$ |
(14,879 |
) |
|
$ |
40,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As adjusted (% of net sales) |
|
|
27.9 |
%(11) |
|
15.9 |
|
% |
|
12.0 |
|
% |
|
3.0 |
% |
|
(2.4 |
) |
% |
|
6.6 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.25 |
) |
|
Adjusted Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.40 |
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted for net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100,901,161 |
|
|
Diluted for adjusted net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101,226,086 |
|
|
(1) Consists of non-cash equity-based compensation expense
associated with the grant of equity-based compensation provided to
officers, non-employee directors and employees. (2) Consists of
costs for professional fees related to organizational optimization
and capital markets activities.(3) Consists of unrealized loss on
foreign currency contracts.(4) Consists of write-downs associated
with packaging optimization and a strategic initiative to move
co-packaging production from an international supplier to a
domestic supplier.(5) Consists of expenses for impairment of
goodwill.(6) Consists of costs associated with the pending merger,
the divestiture of the Birch Benders brand and certain related
assets and other potential transactions. (7) Consists of costs
associated with building the organizational infrastructure to
support a public company environment. (8) Amortization costs
associated with acquired trade names and customer lists.(9) Tax
effect was calculated using the Company's adjusted annual effective
tax rate.(10) Represents the removal of the tax effect of
impairment of goodwill, costs associated with the pending merger,
removal for remeasurement of deferred taxes related to intangibles
for changes in deferred rate, the removal of the tax effect of
non-deductible transaction costs and the removal of the excess tax
benefits related to equity-based compensation vesting.(11) Adjusted
gross profit as a percentage of net sales is also referred to as
adjusted gross margin.
SOVOS BRANDS, INC.RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES(Unaudited) |
|
|
|
13 Weeks Ended |
|
|
39 Weeks Ended |
|
(In thousands) |
|
September 30, 2023 |
|
|
September 24, 2022 |
|
|
September 30, 2023 |
|
|
September 24, 2022 |
|
Reported income tax (expense) benefit |
|
$ |
(1,936 |
) |
|
|
$ |
(2,500 |
) |
|
|
$ |
(9,810 |
) |
|
|
$ |
3,895 |
|
|
Non-cash equity-based compensation(1) |
|
|
(847 |
) |
|
|
|
(393 |
) |
|
|
|
(847 |
) |
|
|
|
(1,095 |
) |
|
Non-recurring costs(2) |
|
|
(218 |
) |
|
|
|
42 |
|
|
|
|
(815 |
) |
|
|
|
(399 |
) |
|
Loss on foreign currency contracts(3) |
|
|
— |
|
|
|
|
(613 |
) |
|
|
|
— |
|
|
|
|
(807 |
) |
|
Supply chain optimization(4) |
|
|
4 |
|
|
|
|
(197 |
) |
|
|
|
(27 |
) |
|
|
|
(319 |
) |
|
Impairment of goodwill(5) |
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(10,276 |
) |
|
Transaction and integration costs(6) |
|
|
(2,588 |
) |
|
|
|
(1 |
) |
|
|
|
(2,898 |
) |
|
|
|
(15 |
) |
|
Initial public offering readiness(7) |
|
|
— |
|
|
|
|
(1 |
) |
|
|
|
— |
|
|
|
|
(448 |
) |
|
Acquisition amortization(8) |
|
|
(1,424 |
) |
|
|
|
(1,884 |
) |
|
|
|
(4,975 |
) |
|
|
|
(5,415 |
) |
|
Adjusted income tax
(expense) |
|
$ |
(7,009 |
) |
|
|
$ |
(5,547 |
) |
|
|
$ |
(19,372 |
) |
|
|
$ |
(14,879 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported effective tax
rate |
|
|
57.6 |
|
% |
|
|
63.1 |
|
% |
|
|
40.1 |
|
% |
|
|
13.6 |
|
% |
Non-cash equity-based compensation(1) |
|
|
(5.4 |
) |
|
|
|
(4.9 |
) |
|
|
|
(1.3 |
) |
|
|
|
0.7 |
|
|
Non-recurring costs(2) |
|
|
(1.4 |
) |
|
|
|
0.5 |
|
|
|
|
(1.2 |
) |
|
|
|
0.3 |
|
|
Loss on foreign currency contracts(3) |
|
|
— |
|
|
|
|
(7.6 |
) |
|
|
|
— |
|
|
|
|
0.5 |
|
|
Supply chain optimization(4) |
|
|
— |
|
|
|
|
(2.4 |
) |
|
|
|
— |
|
|
|
|
0.2 |
|
|
Impairment of goodwill(5) |
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
6.7 |
|
|
Transaction and integration costs(6) |
|
|
(16.4 |
) |
|
|
|
— |
|
|
|
|
(4.4 |
) |
|
|
|
— |
|
|
Initial public offering readiness(7) |
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
0.3 |
|
|
Acquisition amortization(8) |
|
|
(9.0 |
) |
|
|
|
(23.3 |
) |
|
|
|
(7.5 |
) |
|
|
|
3.5 |
|
|
Adjusted effective tax
rate |
|
|
25.4 |
|
% |
|
|
25.4 |
|
% |
|
|
25.7 |
|
% |
|
|
25.8 |
|
% |
(1) Tax effect adjustment of non-cash equity-based compensation
expense associated with the grant of equity-based compensation
provided to officers, non-employee directors and employees.(2) Tax
effect adjustment of professional fees related to organizational
optimization and costs for capital markets activities.(3) Tax
effect adjustments of unrealized loss on foreign currency
contracts.(4) Tax effect adjustments of write-downs associated with
packaging optimization and a strategic initiative to move
co-packaging production from an international supplier to a
domestic supplier.(5) Tax effect adjustment of impairment of
goodwill.(6) Tax effect adjustment of costs associated with the
pending merger, the divestiture of the Birch Benders brand and
certain related assets and other potential transactions.(7) Tax
effect adjustment of costs associated with building the
organizational infrastructure to support a public company
environment. (8) Tax effect adjustment of amortization costs
associated with acquired trade names and customer lists.
Sovos Brands (NASDAQ:SOVO)
Gráfico Histórico do Ativo
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Sovos Brands (NASDAQ:SOVO)
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De Mai 2023 até Mai 2024