Exhibit 99.2
SELECTED HISTORICAL COMBINED FINANCIAL
The following selected financial data is only a summary for the combined financial statements of Utz Brands Holdings, LLC (“Utz” or the “Company”) and should be read in conjunction with Utz’s combined financial statements and related notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” filed as Exhibit 99.3 to the Current Report on Form 8-K of which these Selected Historical Combined Financial and Other Date are part (the “Super 8-K”). Utz’s historical results are not necessarily indicative of future results, and the results for any interim period are not necessarily indicative of the results that may be expected for the full fiscal year. The following selected statement of operations data and statement of cash flows data for Utz’s quarterly thirteen and twenty-six weeks ended June 28, 2020 and June 30, 2019, and the following balance sheet data as of June 28, 2020 and December 29, 2019 have been derived from Utz’s unaudited consolidated financial statements filed as Exhibit 99.3 to the Super 8-K.
Statements of Operations
(in thousands)
(unaudited)
Thirteen weeks ended | Twenty-six weeks ended | |||||||||||||||
June 28, 2020 | June 30, 2019 | June 28, 2020 | June 30, 2019 | |||||||||||||
Net sales | $ | 241,977 | $ | 188,432 | $ | 470,006 | $ | 366,844 | ||||||||
Cost of goods sold | 157,096 | 126,617 | 305,111 | 248,497 | ||||||||||||
Gross profit | 84,881 | 61,815 | 164,895 | 118,347 | ||||||||||||
Selling and administrative expenses | ||||||||||||||||
Selling | 49,598 | 36,324 | 97,931 | 73,460 | ||||||||||||
Administrative | 18,484 | 10,082 | 38,424 | 23,476 | ||||||||||||
Total selling and administrative expenses | 68,082 | 46,406 | 136,355 | 96,936 | ||||||||||||
Gain on sale of assets | ||||||||||||||||
Gain on disposal of property, plant and equipment | 25 | 287 | 93 | 1,016 | ||||||||||||
Gain on sale of routes, net | 627 | 2,798 | 1,031 | 5,240 | ||||||||||||
Total gain on sale of assets | 652 | 3,085 | 1,124 | 6,256 | ||||||||||||
Income from operations | 17,451 | 18,494 | 29,664 | 27,667 | ||||||||||||
Other (expense) income | ||||||||||||||||
Interest expense | (9,987 | ) | (12,851 | ) | (19,630 | ) | (25,395 | ) | ||||||||
Other income (expense) | 259 | (1,337 | ) | 839 | (204 | ) | ||||||||||
Other expense, net | (9,728 | ) | (14,188 | ) | (18,791 | ) | (25,599 | ) | ||||||||
Income before taxes | 7,723 | 4,306 | 10,873 | 2,068 | ||||||||||||
Income tax expense | 1,171 | 1,389 | 2,629 | 1,766 | ||||||||||||
Net income | 6,552 | 2,917 | 8,244 | 302 | ||||||||||||
Net income attributable to noncontrolling interest | — | (715 | ) | ― | (1,420 | ) | ||||||||||
Net income attributable to controlling interest | $ | 6,552 | $ | 2,202 | $ | 8,244 | $ | (1,118 | ) | |||||||
Other comprehensive loss | ||||||||||||||||
Interest Rate Swap | (709 | ) | ― | (7,917 | ) | ― | ||||||||||
Comprehensive income (loss) | $ | 5,843 | $ | 2,202 | $ | 327 | $ | (1,118 | ) |
Statements of Cash Flow
(in thousands)
(unaudited)
Twenty-six weeks ended | ||||||||
June 28, 2020 | June 30, 2019 | |||||||
Net cash provided by (used in) operating activities | $ | 20,313 | $ | (9,323 | ) | |||
Net cash (used in) provided by investing activities | (18,011 | ) | 23,630 | |||||
Net cash used in financing activities | (7,384 | ) | (10,043 | ) |
Balance Sheet
(in thousands)
(unaudited)
June 28, 2020 | December 29, 2019 | |||||||
Total assets | $ | 791,015 | $ | 778,547 | ||||
Total liabilities | 829,236 | 811,899 | ||||||
Total (deficit) equity | (38,221 | ) | (33,352 | ) |