Hostess Brands (TWNK) 10-Q 9 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Nov. 08, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-37540
Entity Registrant Name	HOSTESS BRANDS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-4168492
Entity Address, Address Line One	7905 Quivira Road
Entity Address, City or Town	Lenexa,
Entity Address, State or Province	KS
Entity Address, Postal Zip Code	66215
City Area Code	816
Local Phone Number	701-4600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001644406
Current Fiscal Year End Date	--12-31
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		138,377,187
Common Class A
Class of Stock [Line Items]
Title of 12(b) Security	Class A Common Stock, Par Value of $0.0001 per share
Trading Symbol	TWNK
Security Exchange Name	NASDAQ
Warrant
Class of Stock [Line Items]
Title of 12(b) Security	Warrants, each exercisable for a half share of Class A Common Stock
Trading Symbol	TWNKW
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 228,096	$ 173,034
Accounts receivable, net	156,720	125,550
Inventories	49,309	49,348
Prepaids and other current assets	7,624	21,614
Total current assets	441,749	369,546
Property and equipment, net	318,492	303,959
Intangible assets, net	1,950,270	1,967,903
Goodwill	706,615	706,615
Other assets, net	17,861	17,446
Total assets	3,434,987	3,365,469
Current liabilities:
Long-term debt and lease obligations payable within one year	14,171	13,811
Tax receivable agreement payments payable within one year	10,000	11,800
Accounts payable	71,139	61,428
Customer trade allowances	55,157	46,779
Warrant liabilities	1,249	861
Accrued expenses and other current liabilities	46,541	55,715
Total current liabilities	198,257	190,394
Long-term debt and lease obligations	1,103,327	1,113,037
Tax receivable agreement obligations	137,274	144,744
Deferred tax liability	315,544	295,009
Other long-term liabilities	1,595	1,560
Total liabilities	1,755,997	1,744,744
Commitments and Contingencies
Additional paid in capital	1,300,329	1,281,018
Accumulated other comprehensive loss	(4,161)	(10,407)
Retained earnings	438,872	356,101
Treasury stock	(56,063)	(6,000)
Stockholders’ equity	1,678,990	1,620,725
Total liabilities and stockholders’ equity	3,434,987	3,365,469
Common Class A
Current liabilities:
Class A common stock, $0.0001 par value, 200,000,000 shares authorized, 132,741,603 shares issued and 129,170,487 shares outstanding as of September 30, 2021 and 130,791,908 shares issued and 130,347,464 shares outstanding as of December 31, 2020	$ 13	$ 13

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - Common Class A - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	200,000,000	200,000,000
Common stock, issued (in shares)	132,741,603	130,791,908
Common stock, outstanding (in shares)	129,170,487	130,347,464

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Net revenue	$ 287,969	$ 260,855	$ 844,875	$ 760,566
Cost of goods sold	188,990	169,700	545,271	500,700
Gross profit	98,979	91,155	299,604	259,866
Operating costs and expenses:
Advertising and marketing	14,767	11,762	39,692	32,983
Selling expense	8,166	8,675	26,250	39,173
General and administrative	23,565	21,913	69,254	71,261
Amortization of customer relationships	5,877	6,739	17,633	20,333
Business combination transaction costs	0	0	0	4,282
Other operating expense	0	729	0	756
Total operating costs and expenses	52,375	49,818	152,829	168,788
Operating income	46,604	41,337	146,775	91,078
Other expense (income):
Interest expense, net	9,928	10,265	29,899	32,570
Change in fair value of warrant liabilities	228	(2,260)	683	(64,978)
Other expense	378	818	1,808	2,503
Total other expense (income)	10,534	8,823	32,390	(29,905)
Income before income taxes	36,070	32,514	114,385	120,983
Income tax expense	9,878	6,281	31,614	12,022
Net income	26,192	26,233	82,771	108,961
Less: Net income attributable to the non-controlling interest	0	1,368	0	2,860
Net income attributable to Class A stockholders	$ 26,192	$ 24,865	$ 82,771	$ 106,101
Earnings per Class A share:
Basic (in usd per share)	$ 0.20	$ 0.20	$ 0.63	$ 0.86
Diluted (in usd per share)	$ 0.19	$ 0.18	$ 0.60	$ 0.33
Weighted-average shares outstanding:
Basic (in shares)	129,846,551	124,905,538	130,679,974	123,889,306
Diluted (in shares)	138,058,866	127,586,881	138,036,371	126,079,472

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 26,192	$ 26,233	$ 82,771	$ 108,961
Other comprehensive income (loss):
Unrealized gain (loss) on interest rate swap and foreign currency contracts designated as a cash flow hedge	(192)	(1,197)	5,058	(16,992)
Reclassification into net income	962	1,352	3,441	2,530
Income tax benefit (expense)	(203)	(39)	(2,253)	3,611
Comprehensive income (loss)	26,759	26,349	89,017	98,110
Less: Comprehensive loss attributed to non-controlling interest	0	1,375	0	2,034
Comprehensive income (loss) attributed to Class A stockholders	$ 26,759	$ 24,974	$ 89,017	$ 96,076

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Common StockClass A	Common StockClass B	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Treasury Stock	Non-controlling Interest
Beginning Balance (in shares) at Dec. 31, 2019			122,107,000	8,411,000
Beginning Balance at Dec. 31, 2019		$ 1,374,487	$ 12	$ 1	$ 1,123,805	$ (756)	$ 251,425		$ 94,432
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)		72,638				(8,810)	81,448		(437)
Share-based compensation, net of income taxes (in shares)			106,000
Share-based compensation, net of income taxes		2,180			2,180
Exchanges (in shares)			969,000	(969,000)
Exchanges		11,802			11,819	(17)			(11,802)
Distributions									(1,613)
Exercise of employee stock options and warrants (in shares)			2,000
Exercise of employee stock options		153			153
Exercise of public warrants (in shares)			1,000
Exercise of public warrants		2			2
Payment of taxes for employee stock awards		(1,004)			(1,004)
Tax receivable agreement arising from exchanges, net of income taxes		(1,942)			(1,942)
Ending Balance (in shares) at Mar. 31, 2020			123,185,000	7,442,000
Ending Balance at Mar. 31, 2020		1,458,316	$ 12	$ 1	1,135,013	(9,583)	332,873		80,580
Beginning Balance (in shares) at Dec. 31, 2019			122,107,000	8,411,000
Beginning Balance at Dec. 31, 2019		1,374,487	$ 12	$ 1	1,123,805	(756)	251,425		94,432
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	$ 98,110
Ending Balance (in shares) at Sep. 30, 2020			125,149,000	5,622,000
Ending Balance at Sep. 30, 2020		1,503,288	$ 12	$ 1	1,156,753	(11,004)	357,526		59,400
Beginning Balance (in shares) at Mar. 31, 2020			123,185,000	7,442,000
Beginning Balance at Mar. 31, 2020		1,458,316	$ 12	$ 1	1,135,013	(9,583)	332,873		80,580
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)		(1,536)				(1,324)	(212)		1,096
Share-based compensation, net of income taxes (in shares)			46,000
Share-based compensation, net of income taxes		1,929			1,929
Exchanges (in shares)			1,140,000	(1,140,000)
Exchanges		13,676			13,803	(127)			(13,676)
Distributions									(365)
Exercise of employee stock options and warrants (in shares)			37,000
Exercise of employee stock options		408			408
Payment of taxes for employee stock awards		(32)			(32)
Tax receivable agreement arising from exchanges, net of income taxes		(2,556)			(2,556)
Ending Balance (in shares) at Jun. 30, 2020			124,408,000	6,302,000
Ending Balance at Jun. 30, 2020		1,470,205	$ 12	$ 1	1,148,565	(11,034)	332,661		67,635
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	26,349	24,974				109	24,865		1,375
Share-based compensation, net of income taxes (in shares)			60,000
Share-based compensation, net of income taxes		1,720			1,720
Exchanges (in shares)			680,000	(680,000)
Exchanges		8,165			8,244	(79)			(8,165)
Distributions									(1,445)
Exercise of employee stock options and warrants (in shares)			1,000
Exercise of employee stock options		2			2
Payment of taxes for employee stock awards		(347)			(347)
Tax receivable agreement arising from exchanges, net of income taxes		(1,431)			(1,431)
Ending Balance (in shares) at Sep. 30, 2020			125,149,000	5,622,000
Ending Balance at Sep. 30, 2020		1,503,288	$ 12	$ 1	1,156,753	(11,004)	357,526		$ 59,400
Beginning Balance (in shares) at Dec. 31, 2020			130,347,000					444,000
Beginning Balance at Dec. 31, 2020		1,620,725	$ 13		1,281,018	(10,407)	356,101	$ (6,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)		32,894				6,162	26,732
Share-based compensation, net of income taxes (in shares)			146,000
Share-based compensation, net of income taxes		2,723			2,723
Exercise of employee stock options and warrants (in shares)			20,000
Exercise of employee stock options		262			262
Exercise of public warrants (in shares)			672,000
Exercise of public warrants		7,722			7,722
Payment of taxes for employee stock awards		(843)			(843)
Ending Balance (in shares) at Mar. 31, 2021			131,185,000					444,000
Ending Balance at Mar. 31, 2021		1,663,483	$ 13		1,290,882	(4,245)	382,833	$ (6,000)
Beginning Balance (in shares) at Dec. 31, 2020			130,347,000					444,000
Beginning Balance at Dec. 31, 2020		1,620,725	$ 13		1,281,018	(10,407)	356,101	$ (6,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	89,017
Ending Balance (in shares) at Sep. 30, 2021			129,170,000					3,572,000
Ending Balance at Sep. 30, 2021		1,678,990	$ 13		1,300,329	(4,161)	438,872	$ (56,063)
Beginning Balance (in shares) at Mar. 31, 2021			131,185,000					444,000
Beginning Balance at Mar. 31, 2021		1,663,483	$ 13		1,290,882	(4,245)	382,833	$ (6,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)		29,364				(483)	29,847
Share-based compensation, net of income taxes (in shares)			22,000
Share-based compensation, net of income taxes		1,640			1,640
Exercise of employee stock options and warrants (in shares)			220,000
Exercise of employee stock options		3,135			3,135
Exercise of public warrants (in shares)			209,000
Exercise of public warrants		2,405			2,405
Payment of taxes for employee stock awards		(392)			(392)
Repurchase of common stock (in shares)			1,176,000					1,176,000
Repurchase of common stock		(16,691)						$ (16,691)
Ending Balance (in shares) at Jun. 30, 2021			130,460,000					1,620,000
Ending Balance at Jun. 30, 2021		1,682,944	$ 13		1,297,670	(4,728)	412,680	$ (22,691)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	$ 26,759	26,759				567	26,192
Share-based compensation, net of income taxes		2,642			2,642
Exercise of employee stock options and warrants (in shares)			19,000
Exercise of employee stock options		255			255
Exercise of public warrants (in shares)			643,000
Exercise of public warrants		(494)			(494)
Payment of taxes for employee stock awards		(42)			(42)
Reclassification of warrants		298			298
Repurchase of common stock (in shares)			1,952,000					1,952,000
Repurchase of common stock		(33,372)						$ (33,372)
Ending Balance (in shares) at Sep. 30, 2021			129,170,000					3,572,000
Ending Balance at Sep. 30, 2021		$ 1,678,990	$ 13		$ 1,300,329	$ (4,161)	$ 438,872	$ (56,063)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Warrant issuance fees	$ 500
Tax effect from share-based compensation		$ 361	$ 496	$ 103
Tax effect from tax receivable agreement		$ 754	$ 952	$ 1,341

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities
Net income	$ 82,771	$ 108,961
Depreciation and amortization	37,992	40,999
Debt discount amortization	931	977
Change in fair value of warrant liabilities	683	(64,978)
Tax receivable agreement remeasurement	0	610
Unrealized foreign exchange losses	(177)	1,392
Non-cash lease expense	971	358
Share-based compensation	7,005	6,583
Deferred taxes	18,280	8,575
Loss on sale of assets	0	317
Change in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable	(31,240)	(7,106)
Inventories	39	7,462
Prepaids and other current assets	13,991	(4,334)
Accounts payable and accrued expenses	7,949	2,186
Customer trade allowances	8,441	5,989
Net cash provided by operating activities	147,636	107,991
Investing activities
Purchases of property and equipment	(33,360)	(33,382)
Acquisition of business, net of cash acquired	0	(316,013)
Acquisition and development of software assets	(3,330)	(4,994)
Net cash used in investing activities	(36,690)	(354,389)
Financing activities
Repayments of long-term debt and lease obligations	(8,375)	(8,375)
Proceeds from long-term debt origination, net of fees paid	0	136,888
Distributions to non-controlling interest	0	(3,423)
Repurchase of common stock	(50,063)	0
Tax payments related to issuance of shares to employees	(1,277)	(1,383)
Cash received from exercise of options and warrants, net of fees	13,285	565
Payments on tax receivable agreement	(9,270)	(10,327)
Net cash provided by (used in) financing activities	(55,700)	113,945
Effect of exchange rate changes on cash and cash equivalents	(184)	(337)
Net increase (decrease) in cash and cash equivalents	55,062	(132,790)
Cash and cash equivalents at beginning of period	173,034	285,087
Cash and cash equivalents at end of period	228,096	152,297
Cash paid during the period for:
Interest	29,019	31,883
Net taxes paid	1,568	5,403
Supplemental disclosure of non-cash investing:
Accrued capital expenditures	$ 5,603	$ 3,124

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Descr i ption of Business Hostess Brands, Inc. is a Delaware corporation headquartered in Lenexa, Kansas. The condensed consolidated financial statements include the accounts of Hostess Brands, Inc. and its subsidiaries (collectively, the “Company”). The Company is a leading sweet snacks company focused on developing, manufacturing, marketing, selling and distributing snacks in North America under the Hostess® and Voortman® brands. The Company produces a variety of new and classic treats including iconic Hostess® Donettes®, Twinkies®, CupCakes, Ding Dongs® and Zingers® as well as a variety of Voortman® cookies and wafers. Basis of Presentation The Company’s operations are conducted through wholly-owned operating subsidiaries. The condensed consolidated financial statements included herein have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The results of operations for any quarter or a partial fiscal year period are not necessarily indicative of the results to be expected for other periods or the full fiscal year. The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. For the periods presented, the Company has one reportable segment. Adoption of New Accounting Standards In May 2021, the FASB issued ASU 2021-04, “Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options”. This update provides guidance for a modification or an exchange of a freestanding equity-classified written call option that is not within the scope of another Topic. This update is effective for fiscal years beginning after December 15, 2021. The Company is currently evaluating the effect of this ASU on the Company’s condensed consolidated financial statements and related disclosures. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides practical expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London interbank offered rate (“LIBOR”) or another reference rate expected to be discontinued as a result of reference rate reform. ASU No. 2020-04 is elective and effective as of March 12, 2020 through December 31, 2022. Once elected, this ASU must be applied prospectively for all eligible contract modifications. The Company will adopt Topic 848 when its relevant contracts are modified upon transition to alternative reference rates. The Company does not expect the adoption of Topic 848 to have a material impact on its condensed consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, “Income Taxes: Simplifying the Accounting for Income Taxes (Topic 740)”. This ASU simplifies the accounting for certain income tax related items, including intraperiod tax allocations, deferred taxes related to foreign subsidiaries and step-up in tax basis of goodwill. The ASU is effective for fiscal years beginning after December 15, 2020 and early adoption is permitted. The Company adopted the standard effective January 1, 2021. Adoption of Topic 740 did not have a material impact on the Company’s condensed consolidated financial statements. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities at the date of the financial statements and for the reported amounts of revenues and expenses during the reporting period. Management utilizes estimates, including, but not limited to, valuation and useful lives of tangible and intangible assets, valuation of expected future payments under the tax receivable agreement, and reserves for trade and promotional allowances. Actual results could differ from these estimates. Accounts Receivable Accounts receivable represents amounts invoiced to customers for performance obligations which have been satisfied. As of September 30, 2021 and December 31, 2020, the Company’s accounts receivable were $156.7 million and $125.6 million, respectively, which have been reduced by an allowance for damages occurring during shipment, quality claims and doubtful accounts in the amount of $2.6 million and $3.5 million for the periods ending September 30, 2021 and December 31, 2020, respectively. Inventories Inventories are stated at the lower of cost or net-realizable value on a first-in first-out basis. Abnormal amounts of idle facility expense, freight, handling costs, and wasted material (spoilage) are expensed in the period they are incurred. The components of inventories are as follows : (In thousands) September 30, December 31, Ingredients and packaging $ 22,785 $ 22,965 Finished goods 23,798 23,583 Inventory in transit to customers 2,726 2,800 $ 49,309 $ 49,348 Software Costs Capitalized software is included in “other assets, net” in the condensed consolidated balance sheets in the amount of $15.1 million and $14.7 million as of September 30, 2021 and December 31, 2020, respectively. Capitalized software costs are amortized over their estimated useful life of five years commencing when such assets are ready for their intended use. Software amortization expense included in general and administrative operating expense was $1.0 million and $2.9 million for the three and nine months ended September 30, 2021, compared to $1.4 million and $4.0 million for the three and nine months ended September 30, 2020, respectively. Disaggregation of Revenue Net revenue consists of sales of packaged food products in the United States, primarily within the Sweet Baked Goods category. The Company also sells products in the United States and Canada within the Cookies category. The following tables disaggregate revenue by geographical market and category. Three Months Ended September 30, 2021 ( In thousands ) Sweet Baked Goods Cookies Total United States $ 258,818 $ 25,185 $ 284,003 Canada — 3,966 3,966 $ 258,818 $ 29,151 $ 287,969 Three Months Ended September 30, 2020 ( In thousands ) Sweet Baked Goods Cookies Total United States $ 234,103 $ 22,328 $ 256,431 Canada — 4,424 4,424 $ 234,103 $ 26,752 $ 260,855 Nine Months Ended September 30, 2021 (In thousands) Sweet Baked Goods Cookies Total United States $ 759,010 $ 73,394 $ 832,404 Canada — 12,471 12,471 $ 759,010 $ 85,865 $ 844,875 Nine Months Ended September 30, 2020 (In thousands) Sweet Baked Goods Cookies Total United States $ 693,085 $ 56,094 $ 749,179 Canada — 11,387 11,387 $ 693,085 $ 67,481 $ 760,566 Concentrations For the three months ended September 30, 2021 and 2020, the Company has one customer (together with its affiliates) that accounted for 18.0% and 19.7% of total net revenue, and for the nine months ended September 30, 2021 and 2020, 18.8% and 21.0% of total net revenue, respectively. Foreign Currency Remeasurement Certain Voortman Cookies Limited (“Voortman”) sales and costs are denominated in the Canadian dollar (“CAD”). CAD transactions have been remeasured into US dollars (“USD”) on the condensed consolidated statement of operations using the average exchange rate for the reporting period. Balances expected to be settled in CAD have been remeasured into USD on the condensed consolidated balance sheet using the exchange rate at the end of the period. During both the three and nine months ended September 30, 2021, the Company recognized a gain on remeasurement of $0.2 million, which is reported within other expense on the condensed consolidated statement of operations. During the three and nine months ended September 30, 2020, the Company recognized losses on remeasurement of $0.4 million and $1.1 million, respectively, reported within other expense on the condensed consolidated statement of operations.

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment consists of the following: (In thousands) September 30, December 31, Land and buildings $ 64,663 $ 59,774 Right of use assets, operating 32,192 31,354 Machinery and equipment 272,971 255,821 Construction in progress 34,071 25,041 403,897 371,990 Less accumulated depreciation and amortization (85,405) (68,031) $ 318,492 $ 303,959 Depreciation expense was $5.9 million and $17.4 million for the three and nine months ended September 30, 2021, compared to $6.3 million and $16.6 million for the three and nine months ended September 30, 2020, respectively.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	9 Months Ended
	Sep. 30, 2021
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities Included in accrued expenses and other current liabilities are the following: (In thousands) September 30, December 31, Incentive compensation $ 14,239 $ 16,199 Payroll, vacation and other compensation 10,447 9,886 Interest rate swap and foreign currency contracts 5,229 13,694 Accrued interest 4,768 4,815 Other 11,858 11,121 $ 46,541 $ 55,715

Debt and Lease Obligations

Debt and Lease Obligations	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt and Lease Obligations	Debt and Lease Obligations A summary of the carrying value of the debt and lease obligations are as follows: (In thousands) September 30, December 31, Term Loan (3.0% as of September 30, 2021) Principal $ 1,094,388 $ 1,102,763 Unamortized debt premium and issuance costs (3,987) (4,917) 1,090,401 1,097,846 Lease obligations 27,097 29,002 Total debt and lease obligations 1,117,498 1,126,848 Less: Current portion of long term debt and lease obligations (14,171) (13,811) Long-term portion $ 1,103,327 $ 1,113,037 At September 30, 2021, minimum debt repayments under the term loan are due as follows: ( In thousands ) 2021 $ 2,792 2022 11,167 2023 11,167 2024 11,167 2025 1,058,095 Leases The Company has entered into operating leases for certain properties which expire at various times through 2026. The Company determines if an arrangement is a lease at inception. At September 30, 2021 and 2020, right of use assets related to operating leases are included in property and equipment, net on the condensed consolidated balance sheet (see Note 2. Property and Equipment). As of September 30, 2021 and 2020, the Company has no outstanding financing leases. Lease liabilities for operating leases are included in the current and non-current portions of long-term debt and lease obligations on the condensed consolidated balance sheet. The table below shows the composition of lease expense: Three Months Ended Nine Months Ended (In thousands) September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Operating lease expense $ 1,504 $ 1,209 $ 4,928 $ 4,273 Short-term lease expense 501 456 1,083 2,014 Variable lease expense 367 445 1,109 1,466 $ 2,372 $ 2,110 $ 7,120 $ 7,753

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments Warrants As of September 30, 2021 and December 31, 2020, there were 40,866,087 and 53,936,776 public warrants outstanding, and 419,011 and 541,658 private placement warrants outstanding, respectively. Each warrant entitles its holder to purchase one-half of one share of Class A common stock at an exercise price of $5.75 per half share, to be exercised only for a whole number of shares of Class A common stock. The warrants expire on November 4, 2021, or earlier upon redemption or liquidation. The Company may call the outstanding public warrants for redemption at a price of $0.01 per warrant, if the last sale price of the Company’s common stock equals or exceeds $24.00 per share for any 20 trading days within a 30-trading day period ending on the third business day before the Company sends the notice of redemption to the warrant holders. The private placement warrants, however, are nonredeemable so long as they are held by Gores Sponsor, LLC or its permitted transferees. The potential resale of the private placement warrants, which would result in a conversion to public warrants, has been registered with the SEC. When sold to the public, the private placement warrants will become public warrants. In July 2021, the agreement governing the Company’s public and private placement warrants was amended. Subsequent to the amendment, the exercise price for all outstanding warrants is payable through a “cashless exercise” with a premium of $0.25 added to the valuation price of each share for purposes of calculating the number of shares issuable upon exercise of the warrants. During the three months ended September 30, 2021, 4,389,288 warrants were exercised on a cashless basis, resulting in the issuance of 642,199 shares of the Company’s Class A common stock, under the terms of the amended warrant agreement. From October 1, 2021 through the expiration of the warrants on November 4, 2021, an additional 47.2 million warrants were exercised on a cashless basis, resulting in the issuance of 9.2 million shares of the Company’s Class A common stock. Interest Rate Swap and Foreign Currency Contracts The Company entered into interest rate swap contracts with counter parties to make a series of payments based on fixed rates ranging from 1.11% to 1.78% and receive a series of payments based on the greater of LIBOR or 0.75%. Both the fixed and floating payment streams are based on the September 30, 2021 notional amount of $600 million reducing by $100 million each year, until $500 million remains outstanding through August 2025. The Company entered into these transactions to reduce its exposure to changes in cash flows associated with its variable rate debt and has designated these derivatives as cash flow hedges. At September 30, 2021, the interest on the Company’s variable rate debt hedged by these contracts is effectively fixed at rates ranging from 3.36% to 4.03%. To reduce the effect of fluctuations in CAD denominated expenses relative to their U.S. dollar equivalents originating from its Canadian operations, the Company entered into CAD purchase contracts. The contracts provide for the Company to sell a total of $13.8 million USD for $17.3 million CAD at varying defined settlement dates through September 2022. The Company has designated these contracts as cash flow hedges. A summary of the fair value of interest rate and foreign currency instruments is as follows: (In thousands) September 30, December 31, Liability derivatives Location Interest rate swap contracts (1) Accrued expenses $ 4,973 $ 13,688 Foreign currency contracts (2) Accrued expenses 256 6 $ 5,229 $ 13,694 (1) The fair values of these contracts are measured at each reporting period by netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on the expectation of future interest rates (forward curves) derived from observed market interest rate curves (Level 2). (2) The fair values of foreign currency contracts are measured at each reporting period by comparison to available market information on similar contracts (Level 2). A summary of the gains and losses related to interest rate and foreign currency instruments in the condensed consolidated statement of operations is as follows: Three Months Ended Nine Months Ended (In thousands) September 30, September 30, September 30, September 30, Loss on derivative contracts designated as cash flow hedges Location Interest rate swap contracts Interest expense, net $ 962 $ 1,352 $ 3,441 $ 2,530 Loss on other derivative contracts Location Foreign currency contracts Other expense $ — $ — $ — $ 255

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share Basic earnings per share is calculated by dividing net income attributable to the Company’s Class A stockholders for the period by the weighted average number of shares of Class A common stock outstanding for the period excluding non-vested share-based awards. In computing diluted earnings per share, basic earnings per share is adjusted for the assumed issuance of all applicable potentially dilutive share-based awards including RSUs and stock options as well as public and private placement warrants. Below are basic and diluted net income per share: Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Numerator: Net income (loss) attributable to Class A stockholders (in thousands) - basic $ 26,192 $ 24,865 $ 82,771 $ 106,101 Less: Change in fair value of warrant liabilities — (2,260) — (64,978) Numerator - diluted 26,192 22,605 82,771 41,123 Denominator: Weighted-average Class A shares outstanding - basic 129,846,551 124,905,538 130,679,974 123,889,306 Dilutive effect of warrants 7,462,176 2,394,619 6,700,256 1,938,355 Dilutive effect of RSUs 564,237 286,724 515,334 251,811 Dilutive effect of stock options 185,902 — 140,807 — Weighted-average shares outstanding - diluted 138,058,866 127,586,881 138,036,371 126,079,472 Net income per Class A share - basic $ 0.20 $ 0.20 $ 0.63 $ 0.86 Net income per Class A share - diluted $ 0.19 $ 0.18 $ 0.60 $ 0.33 For warrants that are liability-classified, during periods when the impact would be dilutive, the Company assumes share settlement of the instruments as of the beginning of the reporting period and adjusts the numerator to remove the change in fair value of the warrant liability and adjusts the denominator to include the dilutive shares calculated using the treasury stock method. During the three and nine months ended September 30, 2021, the diluted weighted-average shares outstanding includes the dilutive impact of equity-classified warrants. Stock options that were excluded from the computation of diluted weighted average shares, because their effect was anti-dilutive, for the three and nine months ended September 30, 2021, were 1,841 and 36,451 compared to 490,557 and 571,230 for the three and nine months ended September 30, 2020, respectively.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company is subject to U.S. federal, state and local income taxes as well as Canadian income tax on its controlled foreign subsidiary. The income tax provision is determined based on the estimated full year effective tax rate, adjusted for infrequent or unusual items, which are recognized on a discrete basis in the period they occur. The Company’s estimated annual effective tax rate is 27.5% prior to taking into account any discrete items. As of September 30, 2021, and December 31, 2020, income taxes receivable were $1.4 million and $12.3 million, respectively.

Tax Receivable Agreement Obliga

Tax Receivable Agreement Obligations	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Tax Receivable Agreement Obligations	Tax Receivable Agreement Obligations The following table summarizes activity related to the tax receivable agreement for the nine months ended September 30, 2021: (In thousands) Balance December 31, 2020 $ 156,544 Payments (9,270) Balance September 30, 2021 $ 147,274 As of September 30, 2021 the future expected payments under the tax receivable agreement are as follows: (In thousands) 2021 $ 2,400 2022 9,000 2023 9,700 2024 9,900 2025 9,800 Thereafter 106,474

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Liabilities related to legal proceedings are recorded when it is probable that a liability has been incurred and the associated amount can be reasonably estimated. Where the estimated amount of loss is within a range of amounts and no amount within the range is a better estimate than any other amount, the minimum amount is accrued. As additional information becomes available, potential liabilities are reassessed and the estimates revised, if necessary. Any accrued liabilities are subject to change in the future based on new developments in each matter, or changes in circumstances, which could have a material effect on the Company’s financial condition and results of operations.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s operations are conducted through wholly-owned operating subsidiaries. The condensed consolidated financial statements included herein have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The results of operations for any quarter or a partial fiscal year period are not necessarily indicative of the results to be expected for other periods or the full fiscal year. The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. For the periods presented, the Company has one reportable segment.
Adoption of New Accounting Standards	Adoption of New Accounting Standards In May 2021, the FASB issued ASU 2021-04, “Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options”. This update provides guidance for a modification or an exchange of a freestanding equity-classified written call option that is not within the scope of another Topic. This update is effective for fiscal years beginning after December 15, 2021. The Company is currently evaluating the effect of this ASU on the Company’s condensed consolidated financial statements and related disclosures. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides practical expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London interbank offered rate (“LIBOR”) or another reference rate expected to be discontinued as a result of reference rate reform. ASU No. 2020-04 is elective and effective as of March 12, 2020 through December 31, 2022. Once elected, this ASU must be applied prospectively for all eligible contract modifications. The Company will adopt Topic 848 when its relevant contracts are modified upon transition to alternative reference rates. The Company does not expect the adoption of Topic 848 to have a material impact on its condensed consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, “Income Taxes: Simplifying the Accounting for Income Taxes (Topic 740)”. This ASU simplifies the accounting for certain income tax related items, including intraperiod tax allocations, deferred taxes related to foreign subsidiaries and step-up in tax basis of goodwill. The ASU is effective for fiscal years beginning after December 15, 2020 and early adoption is permitted. The Company adopted the standard effective January 1, 2021. Adoption of Topic 740 did not have a material impact on the Company’s condensed consolidated financial statements.
Principles of Consolidation	Principles of ConsolidationThe accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of EstimatesThe preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities at the date of the financial statements and for the reported amounts of revenues and expenses during the reporting period. Management utilizes estimates, including, but not limited to, valuation and useful lives of tangible and intangible assets, valuation of expected future payments under the tax receivable agreement, and reserves for trade and promotional allowances. Actual results could differ from these estimates.
Accounts Receivable	Accounts ReceivableAccounts receivable represents amounts invoiced to customers for performance obligations which have been satisfied.
Inventories	Inventories Inventories are stated at the lower of cost or net-realizable value on a first-in first-out basis. Abnormal amounts of idle facility expense, freight, handling costs, and wasted material (spoilage) are expensed in the period they are incurred.
Software Costs	Software CostsCapitalized software is included in “other assets, net” in the condensed consolidated balance sheets in the amount of $15.1 million and $14.7 million as of September 30, 2021 and December 31, 2020, respectively. Capitalized software costs are amortized over their estimated useful life of five years commencing when such assets are ready for their intended use.
Disaggregation of Revenue	Disaggregation of RevenueNet revenue consists of sales of packaged food products in the United States, primarily within the Sweet Baked Goods category. The Company also sells products in the United States and Canada within the Cookies category.
Foreign Currency Remeasurement	Foreign Currency RemeasurementCertain Voortman Cookies Limited (“Voortman”) sales and costs are denominated in the Canadian dollar (“CAD”). CAD transactions have been remeasured into US dollars (“USD”) on the condensed consolidated statement of operations using the average exchange rate for the reporting period. Balances expected to be settled in CAD have been remeasured into USD on the condensed consolidated balance sheet using the exchange rate at the end of the period.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Components of Inventories	The components of inventories are as follows : (In thousands) September 30, December 31, Ingredients and packaging $ 22,785 $ 22,965 Finished goods 23,798 23,583 Inventory in transit to customers 2,726 2,800 $ 49,309 $ 49,348
Disaggregation of Revenue	The following tables disaggregate revenue by geographical market and category. Three Months Ended September 30, 2021 ( In thousands ) Sweet Baked Goods Cookies Total United States $ 258,818 $ 25,185 $ 284,003 Canada — 3,966 3,966 $ 258,818 $ 29,151 $ 287,969 Three Months Ended September 30, 2020 ( In thousands ) Sweet Baked Goods Cookies Total United States $ 234,103 $ 22,328 $ 256,431 Canada — 4,424 4,424 $ 234,103 $ 26,752 $ 260,855 Nine Months Ended September 30, 2021 (In thousands) Sweet Baked Goods Cookies Total United States $ 759,010 $ 73,394 $ 832,404 Canada — 12,471 12,471 $ 759,010 $ 85,865 $ 844,875 Nine Months Ended September 30, 2020 (In thousands) Sweet Baked Goods Cookies Total United States $ 693,085 $ 56,094 $ 749,179 Canada — 11,387 11,387 $ 693,085 $ 67,481 $ 760,566

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consists of the following: (In thousands) September 30, December 31, Land and buildings $ 64,663 $ 59,774 Right of use assets, operating 32,192 31,354 Machinery and equipment 272,971 255,821 Construction in progress 34,071 25,041 403,897 371,990 Less accumulated depreciation and amortization (85,405) (68,031) $ 318,492 $ 303,959

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2021
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Included in accrued expenses and other current liabilities are the following: (In thousands) September 30, December 31, Incentive compensation $ 14,239 $ 16,199 Payroll, vacation and other compensation 10,447 9,886 Interest rate swap and foreign currency contracts 5,229 13,694 Accrued interest 4,768 4,815 Other 11,858 11,121 $ 46,541 $ 55,715

Debt and Lease Obligations (Tab

Debt and Lease Obligations (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Summary of Debt and Lease Obligation	A summary of the carrying value of the debt and lease obligations are as follows: (In thousands) September 30, December 31, Term Loan (3.0% as of September 30, 2021) Principal $ 1,094,388 $ 1,102,763 Unamortized debt premium and issuance costs (3,987) (4,917) 1,090,401 1,097,846 Lease obligations 27,097 29,002 Total debt and lease obligations 1,117,498 1,126,848 Less: Current portion of long term debt and lease obligations (14,171) (13,811) Long-term portion $ 1,103,327 $ 1,113,037
Schedule of Maturities of Long-term Debt	At September 30, 2021, minimum debt repayments under the term loan are due as follows: ( In thousands ) 2021 $ 2,792 2022 11,167 2023 11,167 2024 11,167 2025 1,058,095
Composition of Lease Expenses	The table below shows the composition of lease expense: Three Months Ended Nine Months Ended (In thousands) September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Operating lease expense $ 1,504 $ 1,209 $ 4,928 $ 4,273 Short-term lease expense 501 456 1,083 2,014 Variable lease expense 367 445 1,109 1,466 $ 2,372 $ 2,110 $ 7,120 $ 7,753

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of the Fair Value of Interest Rate and Foreign Currency Instruments	A summary of the fair value of interest rate and foreign currency instruments is as follows: (In thousands) September 30, December 31, Liability derivatives Location Interest rate swap contracts (1) Accrued expenses $ 4,973 $ 13,688 Foreign currency contracts (2) Accrued expenses 256 6 $ 5,229 $ 13,694 (1) The fair values of these contracts are measured at each reporting period by netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on the expectation of future interest rates (forward curves) derived from observed market interest rate curves (Level 2). (2) The fair values of foreign currency contracts are measured at each reporting period by comparison to available market information on similar contracts (Level 2).
Summary of the Gains and Losses Related to Interest Rate and Foreign Currency Instruments in the Consolidated Statement of Operations	A summary of the gains and losses related to interest rate and foreign currency instruments in the condensed consolidated statement of operations is as follows: Three Months Ended Nine Months Ended (In thousands) September 30, September 30, September 30, September 30, Loss on derivative contracts designated as cash flow hedges Location Interest rate swap contracts Interest expense, net $ 962 $ 1,352 $ 3,441 $ 2,530 Loss on other derivative contracts Location Foreign currency contracts Other expense $ — $ — $ — $ 255

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Basic and Diluted Net Income Per Share	Below are basic and diluted net income per share: Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Numerator: Net income (loss) attributable to Class A stockholders (in thousands) - basic $ 26,192 $ 24,865 $ 82,771 $ 106,101 Less: Change in fair value of warrant liabilities — (2,260) — (64,978) Numerator - diluted 26,192 22,605 82,771 41,123 Denominator: Weighted-average Class A shares outstanding - basic 129,846,551 124,905,538 130,679,974 123,889,306 Dilutive effect of warrants 7,462,176 2,394,619 6,700,256 1,938,355 Dilutive effect of RSUs 564,237 286,724 515,334 251,811 Dilutive effect of stock options 185,902 — 140,807 — Weighted-average shares outstanding - diluted 138,058,866 127,586,881 138,036,371 126,079,472 Net income per Class A share - basic $ 0.20 $ 0.20 $ 0.63 $ 0.86 Net income per Class A share - diluted $ 0.19 $ 0.18 $ 0.60 $ 0.33

Tax Receivable Agreement Obli_2

Tax Receivable Agreement Obligations (Tables)	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Summary of Tax Receivable Agreement	The following table summarizes activity related to the tax receivable agreement for the nine months ended September 30, 2021: (In thousands) Balance December 31, 2020 $ 156,544 Payments (9,270) Balance September 30, 2021 $ 147,274
Future Expected Payments Under Tax Receivable Arrangement	As of September 30, 2021 the future expected payments under the tax receivable agreement are as follows: (In thousands) 2021 $ 2,400 2022 9,000 2023 9,700 2024 9,900 2025 9,800 Thereafter 106,474

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Basis of Presentation (Details)	9 Months Ended
	Sep. 30, 2021segment
Accounting Policies [Abstract]
Number of reportable segments	1

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Accounts receivable	$ 156,720	$ 125,550
Reserve to cover allowances for damages occurring during shipment, quality claims and doubtful accounts	$ 2,600	$ 3,500

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Ingredients and packaging	$ 22,785	$ 22,965
Finished goods	23,798	23,583
Inventory in transit to customers	2,726	2,800
Inventories	$ 49,309	$ 49,348

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Software Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Accounting Policies [Abstract]
Capitalized software	$ 15.1		$ 15.1		$ 14.7
Capitalized software, estimated useful life			5 years
Software amortization expense	$ 1	$ 1.4	$ 2.9	$ 4

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Net revenue	$ 287,969	$ 260,855	$ 844,875	$ 760,566
United States
Disaggregation of Revenue [Line Items]
Net revenue	284,003	256,431	832,404	749,179
Canada
Disaggregation of Revenue [Line Items]
Net revenue	3,966	4,424	12,471	11,387
Sweet Baked Goods
Disaggregation of Revenue [Line Items]
Net revenue	258,818	234,103	759,010	693,085
Sweet Baked Goods | United States
Disaggregation of Revenue [Line Items]
Net revenue	258,818	234,103	759,010	693,085
Sweet Baked Goods | Canada
Disaggregation of Revenue [Line Items]
Net revenue	0	0	0	0
Cookies
Disaggregation of Revenue [Line Items]
Net revenue	29,151	26,752	85,865	67,481
Cookies | United States
Disaggregation of Revenue [Line Items]
Net revenue	25,185	22,328	73,394	56,094
Cookies | Canada
Disaggregation of Revenue [Line Items]
Net revenue	$ 3,966	$ 4,424	$ 12,471	$ 11,387

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Concentrations (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
One Customer | Customer concentration risk | Consolidated net revenues
Concentration Risk [Line Items]
Percentage of total net revenues for customer	18.00%	19.70%	18.80%	21.00%

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Foreign Currency Remeasurement (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accounting Policies [Abstract]
Foreign currency transaction gain on remeasurement	$ 0.2		$ 0.2
Foreign currency transaction loss on remeasurement		$ 0.4		$ 1.1

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 403,897		$ 403,897		$ 371,990
Less accumulated depreciation and amortization	(85,405)		(85,405)		(68,031)
Property and equipment, net	318,492		318,492		303,959
Depreciation expense	5,900	$ 6,300	17,400	$ 16,600
Land and buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	64,663		64,663		59,774
Right of use assets, operating
Property, Plant and Equipment [Line Items]
Property and equipment, gross	32,192		32,192		31,354
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	272,971		272,971		255,821
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 34,071		$ 34,071		$ 25,041

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Incentive compensation	$ 14,239	$ 16,199
Payroll, vacation and other compensation	10,447	9,886
Interest rate swap and foreign currency contracts	5,229	13,694
Accrued interest	4,768	4,815
Other	11,858	11,121
Accrued expenses and other current liabilities	$ 46,541	$ 55,715

Debt and Lease Obligations - Su

Debt and Lease Obligations - Summary of Debt and Lease Obligation (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Lease obligations	$ 27,097	$ 29,002
Total debt and lease obligations	$ 1,117,498	$ 1,126,848
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Less: Current portion of long term debt and lease obligations	Less: Current portion of long term debt and lease obligations
Less: Current portion of long term debt and lease obligations	$ (14,171)	$ (13,811)
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term portion	Long-term portion
Long-term portion	$ 1,103,327	$ 1,113,037
Term Loan
Debt Instrument [Line Items]
Effective fixed interest rate on long-term debt (as a percent)	3.00%
Principal	$ 1,094,388	1,102,763
Unamortized debt premium and issuance costs	(3,987)	(4,917)
Long-term debt	$ 1,090,401	$ 1,097,846

Debt and Lease Obligations - Sc

Debt and Lease Obligations - Schedule of Maturities of Long-term Debt (Details) - Term Loan $ in Thousands	Sep. 30, 2021USD ($)
Debt Instrument [Line Items]
2021	$ 2,792
2022	11,167
2023	11,167
2024	11,167
2025	$ 1,058,095

Debt and Lease Obligations - Co

Debt and Lease Obligations - Composition of Lease Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Disclosure [Abstract]
Operating lease expense	$ 1,504	$ 1,209	$ 4,928	$ 4,273
Short-term lease expense	501	456	1,083	2,014
Variable lease expense	367	445	1,109	1,466
Total lease cost	$ 2,372	$ 2,110	$ 7,120	$ 7,753

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) $ / shares in Units, $ in Millions	Nov. 04, 2021shares	Sep. 30, 2021USD ($)$ / sharesshares	Sep. 30, 2021USD ($)$ / sharesshares	Sep. 30, 2021CAD ($)shares	Jul. 31, 2021$ / shares	Dec. 31, 2020shares
Derivative [Line Items]
Warrants redemption price (in dollars per share) | $ / shares			$ 0.01
Share price (in dollars per share) | $ / shares		$ 24	$ 24
Warrants trading days threshold			20 days
Warrants trading day period before redemption			30 days
Exercise price of warrants premium added to the valuation price (in dollars per share) | $ / shares					$ 0.25
Warrants exercised after amendment (in shares)		4,389,288
Subsequent Event
Derivative [Line Items]
Warrants exercised after amendment (in shares)	47,200,000
Cash Flow Hedge
Derivative [Line Items]
Maximum contracted sales amount		$ 13,800,000	$ 13,800,000	$ 17.3
Designated as Hedging Instrument | Interest rate swap contracts | Cash Flow Hedge
Derivative [Line Items]
Notional amount of derivative contracts | $		$ 600,000,000	600,000,000
Reduction in notional amount per year | $			$ 100,000,000
Designated as Hedging Instrument | Interest rate swap contracts | Cash Flow Hedge | Minimum
Derivative [Line Items]
Fixed interest rate		1.11%	1.11%	1.11%
Notional amount of derivative contracts | $		$ 500,000,000	$ 500,000,000
Effective fixed interest rate on long-term debt (as a percent)		3.36%	3.36%	3.36%
Designated as Hedging Instrument | Interest rate swap contracts | Cash Flow Hedge | Maximum
Derivative [Line Items]
Fixed interest rate		1.78%	1.78%	1.78%
Effective fixed interest rate on long-term debt (as a percent)		4.03%	4.03%	4.03%
Designated as Hedging Instrument | Interest rate swap contracts | Cash Flow Hedge | LIBOR
Derivative [Line Items]
Basis spread on variable rate (as a percent)		0.75%	0.75%	0.75%
Common Class A
Derivative [Line Items]
Warrant conversion ratio		0.5	0.5	0.5
Warrant exercise price (in dollars per share) | $ / shares		$ 5.75	$ 5.75
Common Class A | Common Stock
Derivative [Line Items]
Shares issued as a result of warrants exercised after amendment (in shares)		642,199
Common Class A | Common Stock | Subsequent Event
Derivative [Line Items]
Shares issued as a result of warrants exercised after amendment (in shares)	9,200,000
Public Warrants
Derivative [Line Items]
Warrants outstanding (in shares)		40,866,087	40,866,087	40,866,087		53,936,776
Private Placement Warrant
Derivative [Line Items]
Warrants outstanding (in shares)		419,011	419,011	419,011		541,658

Derivative Instruments - Summar

Derivative Instruments - Summary of the Fair Value of Interest Rate and Foreign Currency Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Liability derivatives	$ 5,229	$ 13,694
Accrued expenses | Interest rate swap contracts
Derivative [Line Items]
Liability derivatives	4,973	13,688
Accrued expenses | Foreign currency contracts
Derivative [Line Items]
Liability derivatives	$ 256	$ 6

Derivative Instruments - Summ_2

Derivative Instruments - Summary of the Gains and Losses Related to Interest Rate and Foreign Currency Instruments in the Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative [Line Items]
Loss on derivative contracts designated as cash flow hedges	$ 962	$ 1,352	$ 3,441	$ 2,530
Interest rate swap contracts | Interest expense, net
Derivative [Line Items]
Loss on derivative contracts designated as cash flow hedges	962	1,352	3,441	2,530
Foreign currency contracts | Other expense
Derivative [Line Items]
Loss on other derivative contracts	$ 0	$ 0	$ 0	$ 255

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net income (loss) attributable to Class A stockholders (in thousands) - basic	$ 26,192	$ 24,865	$ 82,771	$ 106,101
Change in fair value of warrant liabilities	228	(2,260)	683	(64,978)
Numerator - diluted	$ 26,192	$ 22,605	$ 82,771	$ 41,123
Denominator:
Weighted-average Class A shares outstanding - basic (in shares)	129,846,551	124,905,538	130,679,974	123,889,306
Dilutive effect of warrants (in shares)	7,462,176	2,394,619	6,700,256	1,938,355
Weighted-average shares outstanding - diluted (in shares)	138,058,866	127,586,881	138,036,371	126,079,472
Net income per Class A share - basic (in usd per share)	$ 0.20	$ 0.20	$ 0.63	$ 0.86
Net income per Class A share - dilutive (in usd per share)	$ 0.19	$ 0.18	$ 0.60	$ 0.33
Antidilutive securities excluded from computation of earnings per share (in shares)	1,841	490,557	36,451	571,230
RSUs
Denominator:
Dilutive effect of share-based payment arrangements (in shares)	564,237	286,724	515,334	251,811
Option
Denominator:
Dilutive effect of share-based payment arrangements (in shares)	185,902	0	140,807	0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Income Tax Disclosure [Line Items]
Income taxes receivable		$ 1.4	$ 12.3
Forecast
Income Tax Disclosure [Line Items]
Effective income tax rate (as a percent)	27.50%

Tax Receivable Agreement Obli_3

Tax Receivable Agreement Obligations - Summary of Activity (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Reconciliation Of Tax Receivable Agreement Liability [Roll Forward]
Balance December 31, 2020	$ 156,544
Payments	(9,270)
Balance September 30, 2021	$ 147,274

Tax Receivable Agreement Obli_4

Tax Receivable Agreement Obligations - Future Expected Payments (Details) $ in Thousands	Sep. 30, 2021USD ($)
Income Tax Disclosure [Abstract]
2021	$ 2,400
2022	9,000
2023	9,700
2024	9,900
2025	9,800
Thereafter	$ 106,474