Utz Brands, Inc.

Listed Company

UTZCIK 0001739566NYSELarge AcceleratedMiscellaneous Food Preparations & Kindred ProductsDelawareFY ends Jan 3

Period

FY 2025

Revenue

$1.44B

Net Income

$800.0K

Total Assets

$2.79B

Equity

$713.70M

Shares Out

60.35M

Op. Cash Flow

$112.20M

Business

Utz Brands, Inc. is a leading United States manufacturer of branded salty snacks. The company produces a broad range of salty snack products, including potato chips, tortilla chips, pretzels, cheese snacks, pork skins, pub/party mixes, ready-to-eat popcorn, salsas, dips and other snacks. It reports one operating segment while strategically managing its portfolio across Branded Salty Snacks and Non-Branded & Non-Salty Snacks, with core Power Four brands Utz, On The Border, Zapp’s and Boulder Canyon. Utz sells primarily in the United States across Core and Expansion geographies through grocery, mass, club, convenience, drug, e-commerce, direct-store-delivery, direct-to-warehouse, third-party distributors and direct-to-consumer channels.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	1,439	1,409	1,438	1,408	1,181
Cost of goods sold	1,081	1,040	1,087	959	797
Gross profit	358	369	351	449	384
Selling	204	181	168	294	249
General and administrative	144	130	159	150	126
Total selling, general and administrative expenses	348	310	327	444	375
Gain (loss) on sale of assets, net	9	−100,000	−7	691,000	2
Income from operations	20	59	16	5	11
Gain on sale of business	0	44	0	0	—
Interest expense	−43	−45	−61	−44	—
Loss on debt extinguishment	−500,000	−1	0	0	—
Other income	700,000	3	3	400,000	4
Gain on remeasurement of warrant liability	23	10	2	700,000	37
Other (expense) income, net	−20	11	−55	−43	6
(Loss) income before income taxes	−600,000	69	−39	−38	16
Income tax expense	7	39	800,000	−24	8
Net (loss) income	−8	31	−40	−14	8
Net loss (income) attributable to noncontrolling interest	9	−15	15	14	13
Net income (loss) attributable to controlling interest	800,000	16	−25	−392,000	21
Basic (in dollars per share)	0.01	0.19	−0.31	0	0.26
Diluted (in dollars per share)	0.01	0.19	−0.31	0	0.25
Basic (in shares)	87	82	81	80	77
Diluted (in shares)	88	85	81	80	81
Change in fair value of interest rate swap	−16	−8	−14	47	3
Comprehensive (loss) income	−24	23	−54	33	11
Net comprehensive loss (income) attributable to noncontrolling interest	15	−12	21	−7	13
Net comprehensive (loss) income attributable to controlling interest	−9	12	−33	27	23

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	120	56	52	73	42
Accounts receivable, less allowance of $3.3 and $3.3, respectively	101	120	135	137	131
Inventories	119	101	105	118	80
Prepaid expenses and other assets	40	35	31	35	18
Current portion of notes receivable	4	5	5	9	7
Total current assets	384	317	328	372	278
Assets held for sale	10	0	8	0	—
Property, plant and equipment, net	379	345	319	345	304
Goodwill	865	865	915	915	915
Intangible assets, net	964	997	1,063	1,100	1,143
Non-current portion of notes receivable	11	9	12	13	21
Other assets	180	190	101	95	56
Total non-current assets	2,409	2,406	2,419	2,468	2,438
Total assets	2,794	2,723	2,747	2,840	2,716
Current portion of term debt	31	16	21	18	11
Current portion of other notes payable	7	7	8	13	10
Accounts payable	197	151	124	114	95
Accrued expenses and other	88	78	78	92	71
Current portion of warrant liability	0	33	0	—	—
Total current liabilities	323	285	231	237	188
Non-current portion of term debt	818	753	879	893	831
Non-current portion of other notes payable	14	15	19	20	25
Non-current accrued expenses and other	167	164	77	67	56
Deferred tax liability	127	124	115	125	136
Total non-current liabilities	1,126	1,055	1,132	1,151	1,094
Total liabilities	1,449	1,341	1,363	1,389	1,282
Commitments and contingencies	—	—	—	—	—
Additional paid-in capital	1,037	989	945	927	913
Accumulated deficit	−327	−305	−298	−255	−237
Accumulated other comprehensive income	3	13	23	31	4
Total stockholders equity	714	697	669	703	680
Noncontrolling interest	631	685	714	749	755
Total equity	1,345	1,382	1,378	1,446	1,435
Total liabilities and equity	2,794	2,723	2,747	2,840	2,716

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Impairment and other charges	600,000	0	13	5	0
Depreciation and amortization	82	71	80	87	81
(Gain) loss on sale of assets	−9	100,000	7	−691,000	—
Share-based compensation	17	18	17	11	13
Deferred income taxes	2	14	−9	−29	5
Amortization of deferred financing costs	1	3	2	2	4
Accounts receivable, net	19	7	2	−6	−5
Inventories	−18	−5	13	−38	−11
Prepaid expenses and other assets	−8	−104	−14	−18	−3
Accounts payable and accrued expenses and other	55	123	9	51	−5
Net cash provided by operating activities	112	106	77	48	48
Purchases of property and equipment	−103	−99	−56	−88	−32
Purchases of intangibles	0	−9	0	0	−2
Proceeds from sale of property and equipment	25	27	10	4	3
Proceeds from sale of business	0	168	0	0	—
Proceeds from sale of routes	26	27	29	23	14
Proceeds from the sale of IO notes	6	5	5	5	12
Proceeds from insurance claims for capital investments	0	0	2	4	0
Purchase of IO routes and other changes in note receivables	−41	−43	−38	−25	−14
Net cash (used in) provided by investing activities	−87	75	−49	−76	−136
Borrowings on line of credit	241	115	71	79	121
Repayments on line of credit	−241	−115	−71	−115	−85
Borrowings on term debt and notes payable	105	39	13	125	825
Repayments on term debt and notes payable	−24	−174	−29	−21	−795
Payment of debt issuance cost	−2	−700,000	−700,000	−4	−9
Payments of tax withholding requirements for employee stock awards	−2	−1	−600,000	−6	0
Dividends paid	−22	−22	−19	−17	−12
Distribution to noncontrolling interest	−15	−18	−14	−10	−19
Net cash provided (used in) by financing activities	39	−177	−49	59	83
Net increase (decrease) in cash and cash equivalents	64	4	−21	31	−5

Filings

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