Delivers Strong Profit Growth
Reaffirms Full-Year Net Revenue Guidance Raises EBITDA
and EPS Guidance Toward Higher End of Previous Range
Hostess Brands, Inc. (NASDAQ: TWNK) (the “Company,” “Hostess
Brands,” “we,” “us,” and “our”) today reported its financial
results for the three and six months ended June 30, 2023.
“Hostess Brands delivered another strong quarter with
double-digit profit growth and higher margins driven by favorable
net price realization, normalizing supply chain, and contributions
from productivity initiatives. Our foundation for sustainable
growth remains strong. We are executing well against our growth
initiatives with strong customer support behind back-to-school
merchandising, leading innovation in the category, and increased
investment in our brands, which provide confidence in our ability
to generate stronger sales growth in the second half of 2023,” said
Andy Callahan, President and Chief Executive Officer, Hostess
Brands.
Callahan added, “We believe we continue to be well-positioned
for attractive shareholder returns as we build a premier, pure-play
snacking company. Given our strong first-half performance, we are
raising our full-year adjusted EBITDA and adjusted EPS guidance
toward the higher end of our previous range, delivering above
long-term algorithm profit growth in 2023.”
Second Quarter 2023 Financial Highlights as Compared to the
Prior Year Period1
- Net revenue of $352.4 million increased 3.5% from the same
period last year, as 10.4% contribution from price/mix more than
offset lower volume in the quarter.
- Gross profit increased 11.8% to $126.0 million, or 35.8% of net
revenue. On an adjusted basis, gross profit increased 12.1% to
$126.4 million, or 35.9% of net revenue. Gross margin increased by
265 basis points, 275 basis points on an adjusted basis, from
year-ago levels, as favorable net price realization, normalizing
supply chain, and productivity more than offset high single-digit
inflation.
- Net income was $32.5 million, or $0.24 per diluted share,
compared to $30.5 million, or $0.22 per diluted share, in the same
period last year. Adjusted net income increased to $37.7 million,
resulting in $0.28 adjusted EPS, as compared to $0.22 in the prior
period.
- Adjusted EBITDA increased 16.1% to $80.0 million. Adjusted
EBITDA margins increased by 247 basis points to 22.7%.
- Cash and cash equivalents were $99.4 million as of June 30,
2023, resulting in a net leverage ratio of 2.9x.
- Capital expenditures were $58.2 million, including the
build-out of the new bakery in Arkadelphia, Arkansas, which remains
on track to begin operations in the 4th quarter of 2023.
- Reaffirms full-year 2023 guidance for net revenue growth of 4%
to 6%, raises adjusted EBITDA and adjusted EPS guidance toward the
higher end of its previous $315 million to $325 million and $1.08
to $1.13 guidance ranges, respectively.
Other Highlights
- The Company’s Sweet Baked Goods point-of-sale (“POS”) increased
2.9% for the quarter, 18.5% on a two-year stacked basis. Its share
of the category decreased approximately 90 basis points to
20.8%.
- Voortman® branded POS grew 7.2% in the quarter, 32.2% on a
two-year stacked basis. Its share of the Cookie category was
relatively flat at 2.1% for the quarter.
- The Company refinanced its term loan, extending the maturity
from 2025 to 2030, and increased the capacity on its revolving line
of credit from $100 million to $200 million, extending the maturity
to 2028 with a minimal impact to the Company's expected effective
interest rate.
- Repurchased shares for an aggregate purchase price of $19.4
million year-to-date through June 30, 2023.
- Continued on our journey of transparency and progress through
the June release of our most recent corporate responsibility
report.
1This press release contains certain
non-GAAP financial measures, including adjusted gross profit,
adjusted gross profit margin, adjusted operating income, adjusted
EBITDA, adjusted EBITDA margin, adjusted net income and adjusted
earnings per share (“EPS”). Please refer to the schedules in this
press release for reconciliations of non-GAAP financial measures to
the comparable GAAP measure. Unless otherwise stated, all
comparisons of financial measures in this press release are to the
second quarter of 2022. All measures of market performance
contained in this press release, including point of sale and market
share include all Company-branded products within the U.S. SBG or
Cookie categories as reported by Nielsen but do not include other
products sold outside of those categories. All market data in this
press release refers to the thirteen-week period ended July 1,
2023. The Company’s leverage ratio is net debt (total long-term
debt less cash and short-term investments) divided by the trailing
twelve months adjusted EBITDA.
Guidance and Outlook
The Company is raising its full-year 2023 adjusted EBITDA and
adjusted EPS guidance:
Updated Guidance
Previous Guidance
Net revenue growth
4% to 6%
4% to 6%
Adjusted EBITDA
Toward the higher end of $315 -
$325 million
$315 - $325 million
Adjusted EPS (diluted)
Toward the higher end of $1.08 -
$1.13
$1.08 - $1.13
Capital expenditures
$150 - $170 million
$150 - $170 million
Effective tax rate
27.0%
27.0%
Weighted average shares outstanding
Approximately 135 million
Approximately 135 million
The Company provides guidance on a non-generally accepted
accounting principles (non-GAAP) basis and does not provide a
reconciliation of the Company’s forward-looking financial
expectations to the most directly comparable GAAP financial measure
because of the inherent difficulty in forecasting and quantifying
certain amounts that are necessary for such reconciliation,
including adjustments that could be made for deferred taxes,
remeasurement of the tax receivable agreement, and other
non-operating gains or losses reflected in the Company’s
reconciliation of historic non-GAAP financial measures, the amount
of which could be material. Please refer to the Reconciliation of
Non-GAAP Financial Measures included in this press release for
further information about the use of these measures.
Second Quarter 2023 Compared to Second Quarter 2022
Net revenue was $352.4 million, an increase of 3.5%, or $11.9
million, from the prior-year period. Favorable price/mix provided
10.4% of the net revenue growth driven by net price realization,
offset by a 6.9% decline from volume. Sweet baked goods net revenue
increased $14.1 million, or 4.6%, while cookies net revenue
decreased $2.2 million, or 5.9%.
Gross profit increased 11.8% and was 35.8% of net revenue, an
increase of 265 basis points from a gross margin of 33.1% for the
same period last year. The increase in gross profit was due to
favorable net price realization, normalizing supply chain, and
productivity, which more than offset high single-digit inflation
and lower volume. Adjusted gross profit increased 12.1% and
adjusted gross margin increased 275 basis points.
Operating income was $61.7 million, an increase of 21.0% from
the prior-year period. Adjusted operating income of $62.1 million
increased 20.1% from the same period last year. Second quarter
operating costs increased by 4.2%, as compared to the prior-year
period primarily due to the planned increase in advertising and
marketing investments, partially offset by lower general and
administrative costs.
Adjusted EBITDA of $80.0 million, or 22.7% of net revenue,
increased 16.1% from the same period last year.
Our effective tax rate for the three months ended June 30, 2023
was 26.0% compared to 27.0% for the three months ended June 30,
2022. The decrease in the tax rate was attributed to a discrete tax
benefit of $0.7 million recognized during the three months ended
June 30, 2023. The current period effective tax rate, excluding
discrete items, was 27.3% compared to 27.2% in the prior year
period.
Net income was $32.5 million, an increase of 6.6% from $30.5
million in the prior-year period. Adjusted net income of $37.7
million increased $7.1 million, as compared to the same period last
year. Diluted EPS was $0.24 compared to $0.22 in the prior-year
period. Adjusted EPS of $0.28 increased from $0.22 in the prior
period largely due to higher adjusted net income and lower shares
outstanding.
Operating cash flows for the six months ended June 30, 2023 were
$88.3 million, as compared to $87.2 million for the same period
last year. Operating cash flows were higher driven by favorable
operating income, partially offset by higher interest due to an
accelerated payment of accrued interest resulting from the June
2023 debt refinancing.
Conference Call and Webcast
The Company will host a conference call and webcast with an
accompanying presentation today, August 8, 2023 at 4:30 p.m. ET to
discuss the results for the second quarter. Investors interested in
participating in the live call can dial 877-451-6152 from the U.S.
and +1-201-389-0879 internationally. A telephone replay will be
available approximately three hours after the call concludes and
will be available through August 22, 2023, by dialing 844-512-2921
from the U.S., or +1-412-317-6671 internationally, and entering
confirmation code 13739286. The simultaneous, live webcast and
presentation will be available on the Investor Relations section of
the Company’s website at www.hostessbrands.com. The webcast will be
archived for 30 days.
About Hostess Brands, Inc.
Hostess Brands, Inc. (NASDAQ: TWNK) is a premier snacking
company with a portfolio of iconic brands and a mission to inspire
moments of joy by putting our heart into everything we do. Hostess
Brands is proud to make America’s No. 1 cupcake, mini donut and
zero sugar cookie brands. With annual sales of $1.4 billion and
approximately 3,000 dedicated team members, Hostess Brands produces
new and classic snacks, including Hostess® Donettes®, Twinkies®,
CupCakes, Ding Dongs® and Zingers®, as well as a variety of
Voortman® cookies and wafers. For more information about Hostess
Brands please visit hostessbrands.com.
Forward-Looking Statements
This press release contains statements reflecting the Company’s
views about its future performance that constitute “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, that involve substantial risks and
uncertainties. Forward-looking statements are generally identified
through the inclusion of words such as “believes,” “expects,”
“intends,” “estimates,” “projects,” “anticipates,” “will,” “plan,”
“may,” “should,” or similar language. Statements addressing the
Company’s future operating and financial performance and statements
addressing events and developments that the Company expects or
anticipates will occur are also considered as forward-looking
statements. All forward-looking statements included herein are made
only as of the date hereof.
These statements inherently involve risks and uncertainties that
could cause actual results to differ materially from those
anticipated in such forward-looking statements. These risks and
uncertainties include, but are not limited to, maintaining,
extending and expanding the Company’s reputation and brand image;
leveraging the Company’s brand value to compete against
lower-priced alternative brands; the ability to pass cost increases
on to our customers; correctly predicting, identifying and
interpreting changes in consumer preferences and demand and
offering new products to meet those changes; protecting
intellectual property rights; operating in a highly competitive
industry; the ability to maintain or add additional shelf or retail
space for the Company’s products; the ability to identify or
complete strategic acquisitions, alliances, divestitures or joint
ventures; our ability to successfully integrate, achieve expected
synergies and manage our acquired businesses and brands; the
ability to integrate and manage capital investments; the ability to
manage changes in our manufacturing processes resulting from the
expansion of our business and operations, including with respect to
cost-savings initiatives and the introduction of new technologies
and products; the ability to drive revenue growth in key products
or add products that are faster-growing and more profitable;
volatility in commodity, energy, and other input prices due to
inflationary pressures and the ability to adjust pricing to cover
increased costs; loss of one or more of our co-manufacturing
arrangements; significant changes in the availability and pricing
of transportation; negative impacts of climate change; dependence
on major customers; increased labor and employee related costs;
strikes or work stoppages; product liability claims, product
recalls, or regulatory enforcement actions; the ability to produce
and successfully market products with extended shelf life;
dependence on third parties for significant services; unanticipated
business disruptions; adverse impact or disruption to our business
caused by pandemics or outbreaks of highly infectious or contagious
diseases; disruptions in global economy due to the Russia and
Ukraine conflict; geographic focus could make the Company
particularly vulnerable to economic and other events and trends in
North America; consolidation of retail customers; unsuccessful
implementation of business strategies to reduce costs; increased
costs to comply with governmental regulation; failures,
unavailability, or disruptions of the Company’s information
technology systems; dependence on key personnel or a highly skilled
and diverse workforce; the Company’s ability to finance
indebtedness on terms favorable to the Company; and other risks as
set forth from time to time in the Company’s Securities and
Exchange Commission (the “SEC”) filings.
As a result of a number of known and unknown risks and
uncertainties, the Company’s actual results or performance may be
materially different from those expressed or implied by these
forward-looking statements. Risks and uncertainties are identified
and discussed in Item 1A-Risk Factors in the Company’s Annual
Report on Form 10-K for 2022, filed on February 21, 2023 and as
revised and updated in our subsequent filings with the SEC. All
subsequent written or oral forward-looking statements attributable
to us or persons acting on the Company’s behalf are expressly
qualified in their entirety by these risk factors. Except as may be
required by law, the Company undertakes no obligation to update any
forward-looking statement, whether as a result of new information,
future events, or otherwise.
HOSTESS BRANDS, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited, amounts in
thousands, except shares and per share data)
June 30, 2023
December 31,
2022
ASSETS
Current assets:
Cash and cash equivalents
$
99,368
$
98,584
Short-term investments
—
17,914
Accounts receivable, net
181,729
168,783
Inventories
67,240
65,406
Prepaids and other current assets
18,083
16,375
Total current assets
366,420
367,062
Property and equipment, net
464,565
425,313
Intangible assets, net
1,909,124
1,920,880
Goodwill
706,615
706,615
Other assets, net
70,688
72,329
Total assets
$
3,517,412
$
3,492,199
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Long-term debt and lease obligations
payable within one year
$
12,543
$
3,917
Tax receivable agreement payments payable
within one year
7,400
12,600
Accounts payable
87,502
85,667
Customer trade allowances
67,952
62,194
Accrued expenses and other current
liabilities
27,837
59,933
Total current liabilities
203,234
224,311
Long-term debt and lease obligations
982,046
999,089
Tax receivable agreement obligations
117,157
123,092
Deferred tax liability
361,928
347,030
Other long-term liabilities
1,302
1,593
Total liabilities
1,665,667
1,695,115
Class A common stock, $0.0001 par value,
200,000,000 shares authorized, 143,184,870 issued and 132,859,461
shares outstanding as of June 30, 2023 and 142,650,344 shares
issued and 133,117,224 shares outstanding as of December 31,
2022
14
14
Additional paid in capital
1,315,418
1,311,629
Accumulated other comprehensive income
34,602
35,078
Retained earnings
710,370
639,595
Treasury stock
(208,659
)
(189,232
)
Stockholders’ equity
1,851,745
1,797,084
Total liabilities and stockholders’
equity
$
3,517,412
$
3,492,199
HOSTESS BRANDS, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited, amounts in
thousands, except shares and per share data)
Three Months Ended
Six Months Ended
June 30, 2023
June 30, 2022
June 30, 2023
June 30, 2022
Net revenue
$
352,360
$
340,472
$
697,763
$
672,523
Cost of goods sold
226,366
227,772
451,052
444,199
Gross profit
125,994
112,700
246,711
228,324
Operating costs and expenses:
Advertising and marketing
20,176
15,587
34,075
27,537
Selling
10,025
10,137
20,674
19,914
General and administrative
28,196
30,127
56,394
59,799
Amortization of customer relationships
5,878
5,878
11,756
11,756
Total operating costs and expenses
64,275
61,729
122,899
119,006
Operating income
61,719
50,971
123,812
109,318
Other (income) expense
Interest expense, net
10,283
9,741
20,468
19,407
Loss on modification and extinguishment of
debt
7,472
—
7,472
—
Other (income) expense
68
(507
)
249
(71
)
Total other (income) expense
17,823
9,234
28,189
19,336
Income before income taxes
43,896
41,737
95,623
89,982
Income tax expense
11,410
11,261
24,848
24,948
Net income
$
32,486
$
30,476
$
70,775
$
65,034
Earnings per Class A share:
Basic
$
0.24
$
0.22
$
0.53
$
0.47
Diluted
$
0.24
$
0.22
$
0.53
$
0.47
Weighted-average shares outstanding:
Basic
133,076,763
137,909,156
133,298,117
138,255,803
Diluted
134,211,771
138,958,242
134,371,034
139,263,303
HOSTESS BRANDS, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited, amounts in
thousands)
Six Months Ended
June 30, 2023
June 30, 2022
Operating activities
Net income
$
70,775
$
65,034
Depreciation and amortization
30,054
27,951
Debt discount amortization
530
615
Unrealized foreign exchange gains
(153
)
(217
)
Loss on debt extinguishment
721
—
Non-cash lease expense
129
247
Share-based compensation
6,538
4,987
Realized and unrealized gains on
short-term investments
(86
)
—
Deferred taxes
15,066
10,374
Change in operating assets and
liabilities:
Accounts receivable
(12,863
)
(30,600
)
Inventories
(1,834
)
(7,996
)
Prepaids and other current assets
5,243
(131
)
Accounts payable and accrued expenses
(31,489
)
8,967
Customer trade allowances
5,717
7,934
Net cash provided by operating
activities
88,348
87,165
Investing activities
Purchases of property and equipment
(55,161
)
(36,302
)
Acquisition of short-term investments
—
(20,918
)
Proceeds from maturity of short-term
investments
18,000
—
Acquisition and development of software
assets
(3,005
)
(5,607
)
Net cash used in investing activities
(40,166
)
(62,827
)
Financing activities
Repayments of long-term debt and lease
obligations
—
(5,584
)
Debt fees paid
(10,306
)
—
Proceeds from origination of long-term
debt
336,663
—
Payments related to settlement of
long-term debt
(334,883
)
—
Collateral payments
(5,980
)
—
Repurchase of common stock
(19,427
)
(48,506
)
Tax payments related to issuance of shares
to employees
(5,914
)
(5,512
)
Cash received from exercise of options and
warrants
3,165
2,241
Payments on tax receivable agreement
(11,135
)
(9,313
)
Net cash used in financing activities
(47,817
)
(66,674
)
Effect of exchange rate changes on cash
and cash equivalents
419
8
Net increase (decrease) in cash and
cash equivalents
784
(42,328
)
Cash and cash equivalents at beginning of
period
98,584
249,159
Cash and cash equivalents at end of
period
$
99,368
$
206,831
Supplemental Disclosures of Cash Flow
Information:
Cash paid during the period for:
Interest, net of amounts capitalized
$
28,077
$
18,599
Net taxes paid
$
11,496
$
11,489
Supplemental disclosure of non-cash
investing:
Accrued capital expenditures
$
9,421
$
6,358
HOSTESS BRANDS, INC.
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
Adjusted gross profit, adjusted gross profit margin, adjusted
operating income, adjusted net income, adjusted EBITDA, adjusted
EBITDA margin and adjusted EPS (collectively referred to as
“Non-GAAP Financial Measures”) are commonly used in the Company’s
industry and should not be construed as an alternative to net
revenue, gross profit, operating income, net income or earnings per
share as indicators of operating performance (as determined in
accordance with GAAP). These Non-GAAP Financial Measures may not be
comparable to similarly-titled measures reported by other
companies. The Company has included these Non-GAAP Financial
Measures because it believes that the measures provide management
and investors with additional information to measure the Company’s
performance, estimate the Company’s value and evaluate the
Company’s ability to service debt.
Non-GAAP Financial Measures are adjusted to exclude certain
items that affect comparability. The adjustments are itemized in
the tables below. You are encouraged to evaluate these adjustments
and the reason the Company considers them appropriate for
supplemental analysis. In evaluating adjustments, you should be
aware that in the future the Company may incur expenses that are
the same as or similar to some of the adjustments set forth below.
The presentation of Non-GAAP Financial Measures should not be
construed as an inference that future results will be unaffected by
unusual or recurring items.
The Company defines adjusted EBITDA as net income adjusted to
exclude (i) interest expense, net, (ii) depreciation and
amortization, (iii) income taxes and (iv) share-based compensation,
as further adjusted to eliminate the impact of certain items that
the Company does not consider indicative of its ongoing operating
performance. Adjusted EBITDA has limitations as an analytical tool,
and you should not consider it in isolation, or as a substitute for
analysis of the Company’s results as reported under GAAP. For
example, adjusted EBITDA:
- does not reflect the Company’s capital expenditures, future
requirements for capital expenditures or contractual
commitments;
- does not reflect changes in, or cash requirements for, the
Company’s working capital needs;
- does not reflect the significant interest expense, or the cash
requirements necessary to service interest or principal payments,
on the Company’s debt; and
- does not reflect payments related to income taxes or the tax
receivable agreement.
HOSTESS BRANDS, INC.
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
(Unaudited, amounts in
thousands, except percentages and per share data)
Three Months Ended June 30,
2023
Gross Profit
Gross Margin
Operating Income
Net Income
Net Income Margin
Diluted EPS
GAAP Results
$
125,994
35.8
%
$
61,719
$
32,486
9.2
%
$
0.24
Non-GAAP adjustments:
Foreign currency remeasurement
—
—
—
(205
)
(0.1
)
—
Accelerated depreciation related to
network optimization
398
0.1
398
398
0.1
—
Loss on modification and extinguishment of
debt
—
—
—
7,472
2.1
0.07
Other (1)
—
—
—
274
0.1
—
Discrete income tax expense
—
—
—
(667
)
(0.2
)
—
Tax impact of adjustments
—
—
—
(2,085
)
(0.6
)
(0.03
)
Adjusted Non-GAAP results
$
126,392
35.9
%
$
62,117
37,673
10.7
$
0.28
Income tax
14,162
4.0
Interest expense
10,283
2.9
Depreciation and amortization
14,328
4.1
Share-based compensation
3,527
1.0
Adjusted EBITDA
$
79,973
22.7
%
(1) Costs related to certain corporate
initiatives and are included in other expense on the condensed
consolidated statement of operations.
Three Months Ended June 30,
2022
Gross Profit
Gross Margin
Operating Income
Net Income
Net Income Margin
Diluted EPS
GAAP Results
$
112,700
33.1
%
$
50,971
$
30,476
9.0
%
$
0.22
Non-GAAP adjustments:
Foreign currency remeasurement
—
—
—
(537
)
(0.2
)
—
Project consulting costs (1)
—
—
559
559
0.2
—
Other (2)
144
—
144
175
—
—
Discrete income tax expense
—
—
—
(80
)
—
—
Tax impact of adjustments
—
—
—
(53
)
—
—
Adjusted Non-GAAP results
$
112,844
33.1
%
$
51,674
30,540
9.0
$
0.22
Income tax
11,394
3.3
Interest expense
9,742
2.9
Depreciation and amortization
14,560
4.2
Share-based compensation
2,648
0.8
Adjusted EBITDA
$
68,884
20.2
%
(1) Project consulting costs are included
in general and administrative on the condensed consolidated
statement of operations.
(2) Costs related to certain corporate
initiatives, including $0.1 million of accelerated
depreciation.
Six Months Ended June 30,
2023
Gross Profit
Gross Margin
Operating Income
Net Income
Net Income Margin
Diluted EPS
GAAP Results
$
246,711
35.4
%
$
123,812
$
70,775
10.1
%
$
0.53
Non-GAAP adjustments:
Foreign currency remeasurement
—
—
—
(153
)
—
—
Accelerated depreciation related to
network optimization
797
0.1
797
797
0.1
0.01
Loss on modification and extinguishment of
debt
—
—
—
7,472
1.1
0.06
Other (1)
—
—
—
403
0.1
—
Discrete income tax expense
—
—
—
(1,149
)
(0.2
)
(0.01
)
Tax impact of adjustments
—
—
—
(2,241
)
(0.3
)
(0.02
)
Adjusted Non-GAAP results
$
247,508
35.5
%
$
124,609
75,904
10.9
$
0.57
Income tax
28,238
4.0
Interest expense
20,468
2.9
Depreciation and amortization
29,257
4.2
Share-based compensation
6,538
0.9
Adjusted EBITDA
$
160,405
22.9
%
(1) Costs related to certain corporate
initiatives and are included in other expense on the condensed
consolidated statement of operations.
Six Months Ended June 30,
2022
Gross Profit
Gross Margin
Operating Income
Net Income
Net Income Margin
Diluted EPS
GAAP Results
$
228,324
34.0
%
$
109,318
$
65,034
9.7
%
$
0.47
Non-GAAP adjustments:
Foreign currency remeasurement
—
—
—
(220
)
—
—
Project consulting costs (1)
—
—
3,887
3,887
0.6
0.03
Other (2)
273
—
273
422
0.1
—
Discrete income tax expense
—
—
—
512
0.1
—
Tax impact of adjustments
—
—
—
(1,104
)
(0.2
)
(0.01
)
Adjusted Non-GAAP results
$
228,597
34.0
%
$
113,478
68,531
10.3
$
0.49
Income tax
25,540
3.8
Interest expense
19,407
2.9
Depreciation and amortization
27,857
4.1
Share-based compensation
4,987
0.7
Adjusted EBITDA
$
146,322
21.8
%
(1) Project consulting costs are included
in general and administrative on the condensed consolidated
statement of operations.
(2) Costs related to certain corporate
initiatives, including $0.1 million of accelerated
depreciation.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230808792091/en/
Investor Contact: Amit Sharma asharma@hostessbrands.com
Media Contact: Jenna Greene jenna.green@clynch.com
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