Howard, Thank you, morning, good everyone. and
to success. Howard, Before with even to would I'll over first call as for I I say work past been when Utz. to it's team we at to you this a greater entire the I few ahead my leading pleasure speak begin to you company the months earnings your like look discussion, that welcome
like our the our customers I challenges. Thank of you, face market levels in would plan for to with our conviction courage all and associates of Utz service in XXXX team. and consumers several and to elevate to thank also our executing continuing
our outlook. Now XXXX full-year our quarter fourth review results and performance, I will will fiscal discuss financial and we then
XX.X% of XXXX full-year fiscal are we pleased XXXX, XX.X%. the we on expectations $X.X and growth increased of over with to bottom For billion March, line to report that Total original sales are of net top our line results. organic both ahead
XX.X% increased EBITDA adjusted gross and million. dollars Adjusted $XXX.X X.X% to profit increased dollars
we began gross continue with to expected our Our results as our growth. input revenue inflation, all make cost throughout while productivity as year investments management our critical we offset fully programs in the to activities combined improved
from on this seasonality, improved to the build aside quarter fourth momentum fiscal XXXX. and throughout Importantly, margins in sequentially the due to we year, expect typical
Turning our $XXX.X impact quarter and XX.X%, of fourth and includes of margins approximate XX% were from Adjusted results. Net our higher XXX basis ahead to our points million. to sales approximately XXX expectations points expanded this increased basis to gross conversions. an negative
sales, our expectations increased EPS XX.X% income was third $XX.X million line share. $X.XX increased XX.X% lower EBITDA or and net by increased with per XX.X% our seasonality. and of than due to critical adjusted quarter million which XX% $XX.X results Our to in Adjusted to adjusted to
additional P&L for the with sales. net details, to Moving some starting
driven XX.X%, X% growth X%. operators, sales was company-owned by routes quarter of the growth independent an growth to in reduced growth of RSP organic from and sales net acquisition-related impact the conversion net of Our by XX.X%, which
offset volumes of growth was and net organic sales by Our lower price of X%. by mix XX.X% driven
better to expectations we planned Our execute net and actions as offset pricing experienced elasticities. was price sales lower-than-anticipated to inflation our performance than continue our
by anticipated, on approximately to strategic to are Power proactively to volume we focus that increased mix SKU basis was as and due simplify rationalization Importantly, our activities our points portfolio, impacted optimize meant XXX Brands. had our XXX
growth. third impacted we in In referenced also temporarily prior activity and addition, year earnings expected in are the we discussion, our Channel that quarter strong the in volume Mass lapping as
of adjusted where EBITDA of of inflation, the impact these of XXX mix and positive drivers pricing actions to include XX.X%, in quarter. to margins were take In administrative price the the unfavorable offset basis Decomposing Positive expense inflation selling quarter, margin impact basis fourth increased and we of margin for by and XX% points. continue productivity sales. and change XX.X% benefit the points. costs improvement XXX XX.X% adjusted as the drivers including transportation driven Offsetting higher EBITDA
was as costs. accruals last distribution increased due well versus year primarily comprised impact expense, administrative for commodity to higher primarily costs compensation. input higher transportation incentive excludes inflation of elevated which expense and and labor as Our Selling
increase we In in our capabilities and supply infrastructure selling described and to investments as brands growth. earlier, addition, continued people, Howard chain our to our support
with the execution with reflects less margin our Importantly, lower-margin primary and our which network, capacity we and quarter last is to shared a brands. just revenue performance playbook. we us mix than eliminated a These on more private Brand we in our business. and partner creation fourth our SKUs. quarter, Consistent and have of certain highlight optimizing with XXX higher-margin our plants consistent value power And rationalizing label servicing distribution proactively SKUs was free up Power helping in strategy few, and productive actions focus are what
our We analytical developing are capabilities. improved our leveraging and price pack optimizing talent, architecture and trade program further technology spend,
inflation. helping are and network percent and as to approximately of of work is manufacturing delivered focused gross design logistics COGS, which formulations. programs product We XXXX productivity packaging We offset a executing efficiencies, in our X% productivity on optimization,
Our Integrated supply fill XXXX, service rates Business have and or are cross-functional as which and order demand processes in improved IBM improved better Management has and management. customer talent capabilities driving significantly
going expected public. delivering synergies all M&A are now integrated our acquisitions of our are And we fully since from ERP our systems. cost to these Finally, importantly, new acquisitions recent
drive important an better build operate common business to and into execution incredibly year us continue proud building I of synergies we will platform, a our expect am XXXX in these is beyond. ability to and which in programs scale. this and team’s portfolio our This a using fiscal dynamic our gives momentum to block visibility environment
Of sheet. we quarter in we balance we generated the booked first buyouts third contract the impacted note, the year turning year that of cash previously million cash as stronger expense with DSD this cash cash and in rights to up were Full fourth to Now XXXX flow cash operations and as have flow million. bringing our flow discussed, capital $XX party from GAAP. of to flow, million. Beginning flow by the treated in $XX.X been year year our full expected has distribution as multiple quarter an of as expenditures $XX were terminations the adherence
announced million we as facility acquisition. April, in of statement cost and of and In our reminder, closed a accordance recorded was cash a the GAAP, purchase Kings $XX.X As expenditure our facility. on this transaction not an with Mountain the capital of as flows
integration end revise our adjusted Net the EBITDA. or of adjusted sheet. to metric million this included $XXX.X to in Moving unrealized with realized are excluded. reporting this quarter have identified in related conform balance EBITDA normalized note, debt been decided synergies recent to Of to Xx million. was at our definition prior non-GAAP definitions quarter In of leverage used normalized acquisitions. expected effort more calculation be periods, from an we $XXX.X savings profitability now cost In expected line to continually our be peers, these that
our assumed synergies expected XXXX totaled million, For of and outlook. $X.X in XXXX originally cost fiscal the leverage inclusion these was savings fiscal these
our debt and maturities. liquidity to Moving
during entered $XX in loan estate maturing XXXX. new reminder, the we a senior secured quarter, million term real a As fourth of
this In interest interest fixed real generate term growth. from sheet. our facility environment, rate organic were Proceeds going to effective our as this that an rate strong the instrument puts outstanding flexibility financial low to amount rate down used in rising of loan distribution full estate place via increases balance under a a the fixed has an financing pay expand strategic X% credit cash Importantly, loan rate swap. to we continue revolving excess with in and this
ending our year-end, to X, $XXX as million to of of third as fiscal as XXXX. increased quarter Importantly, million compared $XXX approximately liquidity October
our fixed approximately is at long-term reminder a rate interest that debt of of swaps. X.X% via about XX% addition, In
our have and no instruments. structure debt is credit We covenant light maturities until comprised XXXX significant of
work We which Term reducing we have no Loan provides headroom our maintenance covenants leverage. on B, on while significant EBITDA
full our to turning for outlook fiscal Now year XXXX.
sales projected forward growth in to we net is X% sales to with continued be expect with As consistent last to growth our X% and look to Price net to net impact this of our sales expected is net total sales note, grow to X%. year, growth growth of continued shift X%. strength Of expected organic volumes total contributor largest independent X% to mix operators year. by the we with
be by continued will distribution our marketing innovation expansion along of levels opportunities by seasoned in in pretzel Our additional advertising geographies Zapp’s benefits to include expansion, our national media spend higher from customers. sales volume also They with will and particular led spend, gains supported like supported grocery sticks. public’s simply new by our be working and
Our XXXX saw we in outlook greater assumes will experience XXXX. that elasticity fiscal price in fiscal we compared to what
our activity We from are first volume also including strong XXXX mass half lapping the performance, in growth strong channel.
In continue actions last of optimize the XXXX margins. from new improve impact further as year’s portfolio began year, into last SKU rationalization year. late program we a program This to addition, actions wraparound into our and combined quarter will with first through this mix
quarter We the XXXX. expect approximately first XXX of in SKU basis point rationalization impact from
second actions the quarter the year half benefits to expect We will that with off then will in first sequentially the wraparound of performance XXXX. subsequently pricing XX% I between note XX% be with volumes a for year XXXX two be XXXX, half the Overall, throughout taper weighted in of consistent the improve grow the expect to also XXXX throughout and versus would we second year. split volume sales of and the halves. to highest ending
half levels gross deliver higher with perspective, margin in, the weighted be which in productivity inflation we as fuel single and half impacts first inflation to and freight high expected expansion expect with will From net expect gross cost input to moderation we of of a of labor, gross the across year. XXXX price realization in digits basket input profitability All offset materials, our total higher varying cost raw second in XXXX, are of costs.
our in profit to also sales investments gross prior the related Strong infrastructure Power enable in chain our performance our around to and capabilities, consumer reinvesting associates. double-digits Strong our fund consumer growth P&L of and is investment increase spend brands. will as Brands. year rest help expected supply we beginning and Advertising selling technology, with margin and increase versus
fiscal DSD to XXX new our continue long-term and to which in close added support routes growth. year, and we XXXX organization people in includes our to centers will invest example, this selling growing For distribution
will and a in key effort provide We behind spend future to our capabilities efficiencies. an continue also growth stronger for up to ramp foundation
expected Moving which interest higher the reflects down P&L, our Reinvesting to expect in full XXXX a is $XX we year $XX support is one tax million, million, be environment. ways us. interest rate between capacity this our to expansion. to approximately $XX adjusted approximately rate XX% effective deploy million be for of Capital growth of manufacturing and the core enabler expense business the capital best XX% primarily year to is can and we investment to key
XXXX Finally, initiatives. we higher cash stronger our capital to profits working free and in fiscal continue flow generation expect from
Additionally, we to our better include are inventory management more efficient cash investing improve and in operations. capabilities cash to flow conversion
Our priorities continue XXXX consistent in normalized and the fiscal EBITDA. times reduce to half expect remain X.X leverage end this a we and by below together to all taking capital adjusted turn year
we another are of we XXXX of in in operating top closing, optimization continue confident continued In capabilities. while our structure year line delivering expansion margins our strong performance momentum, to and in cost invest with in
will turn to Howard. over it I back that With
