Double-digit Top and Bottom Line
Growth
Raises Full Year Sales Growth, Adjusted
EBITDA and Adjusted EPS Guidance
Hostess Brands, Inc. (NASDAQ: TWNK) (the “Company”, “we”, “our”)
today reported its financial results for the three and nine months
ended September 30, 2022.
“Hostess Brands delivered another quarter of record-high sales,
highlighting the strength of our snacking-oriented portfolio,
impactful innovation that targets growing snacking occasions, and
successful pricing actions to offset elevated inflation. The
resiliency of our operating model and the agility of our talented
team enabled us to deliver double-digit adjusted EBITDA growth in a
volatile environment," commented Andy Callahan, the Hostess Brands’
President and Chief Executive Officer.
He continued, “Given our strong year-to-date results and
continued momentum, Hostess Brands is raising its full-year net
revenue, adjusted EBITDA, and adjusted EPS guidance as we continue
to make investments in innovation and advertising to generate
top-tier growth over the longer-term.”
Third Quarter 2022 Financial Highlights1
- Net revenue of $346.2 million increased 20.2% from the same
period last year as higher price/mix accounted for 20.1% of the
quarterly growth, with remaining growth attributed to higher
volume.
- Gross profit increased 16.6% to $115.4 million, or 33.3% of net
revenue, while on an adjusted basis, gross profit increased 16.9%
to $116.1 million, or 33.5% of net revenue. Third quarter gross
margins declined by 105 basis points, 93 basis points on an
adjusted basis, from year-ago levels as favorable price/mix and
productivity were more than offset by 18.5% inflation and
inefficiencies caused by continued supply-chain fragility.
- Net income was $66.3 million or $0.48 per diluted share driven
in part by a $33.0 million gain on receipt of Voortman insurance
proceeds. Adjusted net income and adjusted EPS, which exclude the
receipt of Voortman insurance proceeds, were $32.2 million, and
$0.23, respectively, both increased in comparison to the same
period last year.
- Adjusted EBITDA increased 12.2% to $72.7 million. Adjusted
EBITDA margin of 21.0% declined from 22.5% in the prior year period
due to lower gross margins and higher operating expenses.
- Cash and cash equivalents and short-term investments were
$232.7 million as of September 30, 2022, resulting in a net
leverage ratio of 2.9x.
- Capital expenditures increased to $63.8 million from $36.7
million in the prior-year period. The Company now expects capital
expenditures to be in the $125 - $135 million range in 2022.
- Raising full year 2022 net revenue guidance to 17% - 19%
growth, as well as raising full year adjusted EBITDA and adjusted
EPS guidance to $290 - $293 million and $0.96 - $0.98,
respectively.
Other Highlights
- The Company’s Sweet Baked Goods point-of-sale (“POS”) increased
17.0%, maintaining its share of category dollar sales at
21.4%.
- Voortman® branded POS grew 28.8% and its share of the Cookie
category increased by 26 basis points driven in part by the ongoing
momentum in the faster-growing sugar-free sub-segment.
- Full year inflation is expected to be in the high teens for the
full year, in-line with previous estimates.
- Repurchased $94.1 million of shares year-to-date through
September 30, 2022, the majority of which were under the previously
announced $150 million share repurchase program.
- Year-to-date planned increase in advertising and marketing
driving consumer demand. Incremental investments planned in the
fourth quarter to support the launch of our Bouncers™
innovation.
Guidance and Outlook
The Company is raising its full year 2022 guidance:
Updated Guidance
Previous Guidance
Net revenue growth
17% - 19%
At least 15%
Adjusted EBITDA
$290 - $293 million
Towards the higher end of $280 -
$290 million
Adjusted EPS (diluted)
$0.96 - $0.98
$0.93 - $0.98
Capital expenditures
$125 - $135 million
(Including capacity
expansion)
$120 - $140 million
(Including capacity
expansion)
Effective tax rate
27.0%
27.0%
Weighted average shares outstanding
~138 million
138.5 – 139.5 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.
Third Quarter 2022 Compared to Third Quarter 2021
Net revenue was $346.2 million, an increase of 20.2%, or $58.2
million, from the prior-year period. Contribution from pricing
actions and product mix provided 20.1% of the growth, while higher
volume accounted for 0.1% of the quarterly growth. Compared to the
same period last year, sweet baked goods net revenue of $307.3
million increased 18.7% or $48.5 million, while cookies net revenue
of $38.9 million increased 33.2% or $9.7 million.
Gross profit was $115.4 million or 33.3% of net revenue,
compared to 34.4% for the same period last year. Gross margin
declined 105 basis points, 93 basis points on an adjusted basis, as
favorable price/mix, including revenue growth management
initiatives, and productivity benefits were more than offset by
inflation and inefficiencies caused by supply-chain fragility.
Adjusted gross profit increased 16.9% on pricing actions and
productivity partially offset by inflation.
Operating income was $54.4 million, an increase of 16.7% from
the prior-year period. Adjusted operating income of $54.2 million
increased 9.7% from the same period last year, as higher gross
profit more than offset higher workforce investments, depreciation
and advertising.
Adjusted EBITDA of $72.7 million, or 21.0% of net revenue,
increased 12.2% from the same period last year as higher gross
profit was partially offset by higher operating expenses.
The Company’s effective tax rate was 12.8% compared to 27.4% in
the prior year. The effective tax rate for the three months ended
September 30, 2022, was impacted favorably by the $33.0 million
non-taxable gain related to receipt of proceeds under the Voortman
acquisition representation and warranty insurance policy and a tax
benefit related to revaluing our deferred tax liabilities due to a
change in the estimated state tax rate. The current year effective
tax rate, excluding these and other immaterial discrete items, was
26.7%, consistent with the prior-year period.
Net income was $66.3 million, a significant increase from $26.2
million from the prior-year period due to the $33.0 million gain
from receipt of the Voortman insurance proceeds. Adjusted net
income of $32.2 million increased 11.4% from the same period last
year. Diluted EPS was $0.48 compared to $0.19 in the prior-year
period due to the changes in net income. Adjusted EPS was $0.23
compared to $0.21 in the prior-year period due to the increase in
adjusted net income.
Operating cash flows for the nine months ended September 30,
2022 were $164.2 million, as compared to $147.6 million for the
same period last year. Operating cash flow benefited from increased
profitability, including receipt of the Voortman insurance proceeds
of $33.0 million, partially offset by an increase in tax payments
and an increase in working capital.
Conference Call and Webcast
The Company will host a conference call and webcast with an
accompanying presentation today, November 2, 2022 at 4:30 p.m. ET
to discuss the results for the third 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 two hours after the call concludes
through November 16, 2022, by dialing 844-512-2921 from the U.S.,
or +1-412-317-6671 internationally, and entering confirmation code
13733435. 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 snacking powerhouse
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 sugar-free
cookie brands. With annual sales exceeding $1.1 billion and
employing approximately 2,600 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 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. The Company undertakes no obligation to update any
forward-looking statement, whether as a result of new information,
future events, or otherwise.
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;
protecting intellectual property rights; leveraging the Company’s
brand value to compete against lower-priced alternative brands;
correctly predicting, identifying and interpreting changes in
consumer preferences and demand and offering new products to meet
those changes; operating in a highly competitive industry; the
continued ability to produce and successfully market products with
extended shelf life; the ability to pass cost increases on to our
customers; the ability to maintain or add additional shelf or
retail space for the Company’s products; our 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 drive revenue growth in key products or add products
that are faster-growing and more profitable; adverse impact or
disruption to our business caused by COVID-19 or future outbreaks
of highly infectious or contagious diseases; volatility in
commodity, energy, and other input prices and the ability to adjust
pricing to cover increased costs; significant changes in the
availability and pricing of transportation; dependence on major
customers; increased labor and employee related costs; strikes or
work stoppages; product liability claims, product recalls, or
regulatory enforcement actions; dependence on third parties for
significant services; unanticipated business disruptions;
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 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 2021. 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. 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)
September 30,
2022
December 31,
2021
ASSETS
Current assets:
Cash and cash equivalents
$
190,828
$
249,159
Short-term investments
41,891
—
Accounts receivable, net
199,917
148,180
Inventories
65,444
52,813
Prepaids and other current assets
10,914
10,564
Total current assets
508,994
460,716
Property and equipment, net
385,085
335,305
Intangible assets, net
1,926,758
1,944,392
Goodwill
706,615
706,615
Other assets, net
72,732
19,283
Total assets
$
3,600,184
$
3,466,311
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Long-term debt and lease obligations
payable within one year
$
14,251
$
14,170
Tax receivable agreement payments payable
within one year
11,100
11,600
Accounts payable
95,958
68,104
Customer trade allowances
68,799
52,746
Accrued expenses and other current
liabilities
54,513
47,009
Total current liabilities
244,621
193,629
Long-term debt and lease obligations
1,088,914
1,099,975
Tax receivable agreement obligations
124,592
134,265
Deferred tax liability
343,009
317,847
Other long-term liabilities
1,568
1,605
Total liabilities
1,802,704
1,747,321
Class A common stock, $0.0001 par value,
200,000,000 shares authorized, 142,567,808 issued and 134,570,118
shares outstanding as of September 30, 2022 and 142,031,329 shares
issued and 138,278,573 shares outstanding as of December 31,
2021
14
14
Additional paid in capital
1,307,813
1,303,254
Accumulated other comprehensive income
(loss)
36,172
(506
)
Retained earnings
606,703
475,400
Treasury stock
(153,222
)
(59,172
)
Stockholders’ equity
1,797,480
1,718,990
Total liabilities and stockholders’
equity
$
3,600,184
$
3,466,311
HOSTESS BRANDS, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited, amounts in
thousands, except shares and per share data)
Three Months Ended
Nine Months Ended
September 30, 2022
September 30, 2021
September 30, 2022
September 30, 2021
Net revenue
$
346,226
$
287,969
$
1,018,749
$
844,875
Cost of goods sold
230,805
188,990
675,004
545,271
Gross profit
115,421
98,979
343,745
299,604
Operating costs and expenses:
Advertising and marketing
15,816
14,767
43,353
39,692
Selling
9,696
8,166
29,610
26,250
General and administrative
30,502
23,565
90,301
69,254
Amortization of customer relationships
5,878
5,877
17,634
17,633
Tax receivable agreement remeasurement
(860
)
—
(860
)
—
Total operating costs and expenses
61,032
52,375
180,038
152,829
Operating income
54,389
46,604
163,707
146,775
Other expense (income):
Interest expense, net
10,276
9,928
29,683
29,899
Change in fair value of warrant
liabilities
—
228
—
683
Other expense (income)
(31,921
)
378
(31,992
)
1,808
Total other expense (income)
(21,645
)
10,534
(2,309
)
32,390
Income before income taxes
76,034
36,070
166,016
114,385
Income tax expense
9,765
9,878
34,713
31,614
Net income
$
66,269
$
26,192
$
131,303
$
82,771
Earnings per Class A share:
Basic
$
0.49
$
0.20
$
0.95
$
0.63
Diluted
$
0.48
$
0.19
$
0.95
$
0.60
Weighted-average shares outstanding:
Basic
136,436,428
129,846,551
137,636,441
130,679,974
Diluted
137,604,256
138,058,866
138,702,172
138,036,371
HOSTESS BRANDS, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited, amounts in
thousands)
Nine Months Ended
September 30, 2022
September 30, 2021
Operating activities
Net income
$
131,303
$
82,771
Depreciation and amortization
44,500
37,992
Debt discount amortization
921
931
Tax receivable agreement remeasurement
(860
)
—
Change in fair value of warrant
liabilities
—
683
Unrealized foreign exchange losses
(gains)
790
(177
)
Non-cash lease expense
375
971
Share-based compensation
7,600
7,005
Deferred taxes
12,104
18,280
Change in operating assets and
liabilities:
Accounts receivable
(51,904
)
(31,240
)
Inventories
(12,631
)
39
Prepaids and other current assets
(468
)
13,991
Accounts payable and accrued expenses
16,332
7,949
Customer trade allowances
16,143
8,441
Net cash provided by operating
activities
164,205
147,636
Investing activities
Purchases of property and equipment
(55,240
)
(33,360
)
Acquisition of short-term investments
(62,891
)
—
Proceeds from maturity of short-term
investments
21,000
—
Acquisition and development of software
assets
(8,578
)
(3,330
)
Net cash used in investing activities
(105,709
)
(36,690
)
Financing activities
Repayments of long-term debt and lease
obligations
(8,375
)
(8,375
)
Repurchase of common stock
(94,050
)
(50,063
)
Tax payments related to issuance of shares
to employees
(5,582
)
(1,277
)
Cash received from exercise of options and
warrants
2,541
13,285
Payments on tax receivable agreement
(9,313
)
(9,270
)
Net cash used in financing activities
(114,779
)
(55,700
)
Effect of exchange rate changes on cash
and cash equivalents
(2,048
)
(184
)
Net increase (decrease) in cash and
cash equivalents
(58,331
)
55,062
Cash and cash equivalents at beginning of
period
249,159
173,034
Cash and cash equivalents at end of
period
$
190,828
$
228,096
Supplemental Disclosures of Cash Flow
Information:
Cash paid during the period for:
Interest, net of amounts capitalized
$
29,342
$
29,019
Net taxes paid
$
19,023
$
1,568
Supplemental disclosure of non-cash
investing:
Accrued capital expenditures
$
23,103
$
5,603
HOSTESS BRANDS, INC.
RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES
Adjusted gross profit, adjusted gross profit margin, adjusted
operating income, adjusted net income, adjusted net income margin,
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 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 September
30, 2022
Gross Profit
Gross Margin
Operating Income
Net Income
Net Income Margin
Diluted EPS
GAAP Results
$
115,421
33.3
%
$
54,389
$
66,269
19.1
%
$
0.48
Non-GAAP adjustments:
Foreign currency remeasurement
—
—
—
1,009
0.3
0.01
Tax receivable agreement remeasurement
—
—
(860
)
(860
)
(0.3
)
(0.01
)
Gain on Voortman insurance proceeds
(1)
—
—
—
(32,970
)
(9.5
)
(0.24
)
Accelerated depreciation related to
network optimization
681
0.2
681
681
0.2
0.01
Other
—
—
(17
)
23
—
—
Remeasurement of tax liabilities
—
—
—
(2,161
)
(0.6
)
(0.02
)
Discrete income tax expense
—
—
—
644
0.2
—
Tax impact of adjustments
—
—
—
(462
)
(0.1
)
—
Adjusted Non-GAAP results
$
116,102
33.5
%
$
54,193
32,173
9.3
$
0.23
Income tax
11,744
3.4
Interest expense
10,276
3.0
Depreciation and amortization
15,869
4.5
Share-based compensation
2,613
0.8
Adjusted EBITDA
$
72,675
21.0
%
(1) Gain from receipt of insurance
proceeds under the representation and warranty insurance policy
purchased in connection with the Voortman acquisition in 2020
included in other expense (income) on the condensed consolidated
statement of operations.
Three Months Ended September
30, 2021
Gross Profit
Gross Margin
Operating Income
Net Income
Net Income Margin
Diluted EPS
GAAP Results
$
98,979
34.4
%
$
46,604
$
26,192
9.1
%
$
0.19
Non-GAAP adjustments:
Foreign currency remeasurement
—
—
—
(249
)
(0.1
)
—
Project consulting costs (1)
—
—
1,604
1,604
0.6
0.01
Change in fair value of warrant
liabilities
—
—
—
228
0.1
—
Other (2)
370
0.1
1,185
1,810
0.6
0.01
Tax impact of adjustments
—
—
—
(674
)
(0.2
)
—
Adjusted Non-GAAP results
$
99,349
34.5
%
$
49,393
28,911
10.1
$
0.21
Income tax
10,552
3.7
Interest expense
9,928
3.4
Depreciation and amortization
12,769
4.4
Share-based compensation
2,642
0.9
Adjusted EBITDA
$
64,802
22.5
%
(1) Project consulting costs are included
in general and administrative on the condensed consolidated
statement of operations.
(2) Costs related to certain corporate
initiatives, of which $0.4 million is included in cost of goods
sold, $0.8 million is included in general and administrative and
$0.6 million is included in other expense (income) on the condensed
consolidated statement of operations.
Nine Months Ended September
30, 2022
Gross Profit
Gross Margin
Operating Income
Net Income
Net Income Margin
Diluted EPS
GAAP Results
$
343,745
33.7
%
$
163,707
$
131,303
12.9
%
$
0.95
Non-GAAP adjustments:
Foreign currency remeasurement
—
—
—
789
0.1
0.01
Project consulting costs (1)
—
—
3,887
3,887
0.4
0.03
Tax receivable agreement remeasurement
—
—
(860
)
(860
)
(0.1
)
(0.01
)
Gain on Voortman insurance proceeds
(2)
—
—
—
(32,970
)
(3.2
)
(0.24
)
Accelerated depreciation related to
network optimization
776
0.1
776
776
0.1
0.01
Other (3)
161
—
161
350
—
—
Remeasurement of tax liabilities
—
—
—
(2,161
)
(0.2
)
(0.02
)
Discrete income tax expense
—
—
—
1,156
0.1
0.01
Tax impact of adjustments
—
—
—
(1,566
)
(0.2
)
(0.01
)
Adjusted Non-GAAP results
$
344,682
33.8
%
$
167,671
100,704
9.9
$
0.73
Income tax
37,284
3.7
Interest expense
29,683
2.9
Depreciation and amortization
43,726
4.3
Share-based compensation
7,600
0.7
Adjusted EBITDA
$
218,997
21.5
%
(1) Project consulting costs are included
in general and administrative on the condensed consolidated
statement of operations.
(2) Gain from receipt of insurance
proceeds under the representation and warranty insurance policy
purchased in connection with the Voortman acquisition in 2020
included in other expense (income) on the condensed consolidated
statement of operations.
(3) Costs related to certain corporate
initiatives, of which $0.2 million is included in cost of goods
sold and $0.2 million is included in other expense (income) on the
condensed consolidated statement of operations.
Nine Months Ended September
30, 2021
Gross Profit
Gross Margin
Operating Income
Net Income
Net Income Margin
Diluted EPS
GAAP Results
$
299,604
35.5
%
$
146,775
$
82,771
9.8
%
$
0.60
Non-GAAP adjustments:
Foreign currency remeasurement
—
—
—
(178
)
—
—
Project consulting costs (1)
—
—
2,503
2,503
0.3
0.02
Change in fair-value of warrant
liabilities
—
—
—
683
0.1
—
Other (2)
528
—
1,352
3,334
0.4
0.03
Tax impact of adjustments
—
—
—
(1,102
)
(0.1
)
(0.01
)
Adjusted Non-GAAP results
$
300,132
35.5
%
$
150,630
$
88,011
10.5
$
0.64
Income tax
32,716
3.9
Interest expense
29,899
3.5
Depreciation and amortization
37,992
4.5
Share-based compensation
7,005
0.8
Adjusted EBITDA
$
195,623
23.2
%
(1) Project consulting costs are included
in general and administrative on the condensed consolidated
statement of operations.
(2) Costs related to certain corporate
initiatives, of which $0.5 million is included in cost of goods
sold, $0.8 million is included in general and administrative and
$2.0 million is included in other expense (income) on the condensed
consolidated statement of operations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221102006006/en/
Investor Contact: Amit Sharma asharma@hostessbrands.com
Media Contact: Carly Schesel carly.schesel@clynch.com
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