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- **California Expansion Success**: 200-300 basis point growth target with 1.9% market share, leveraging proven Florida playbook.
- **EBITDA Margin Confidence**: 16% target reaffirmed, supported by productivity and free cash flow focus.
- **Boulder Canyon Momentum**: 35% natural channel growth, 200% conventional expansion, with 52% ACV vs. 80% for core brands.
- **Gross Margin Resolution**: Potato crop issues resolved; distribution cost savings offset 1% pricing drag.
- **Free Cash Flow Focus**: Post-peak CapEx, prioritizing cash generation alongside margin expansion.

**【CEO Summary Section】**
- **California Expansion**: Acquired a route network in California, targeting 200-300 basis points of market share expansion annually. Current market share is 1.9%, with plans to leverage proven playbooks from Florida (4.2% share after 5 years). Expected to begin product introduction in early 2026.
- **EBITDA Margin Target**: Reaffirmed 16% EBITDA margin by 2026, with productivity initiatives and cost control supporting expansion. Free cash flow focus increasing as peak CapEx concludes.
- **Brand Performance**: Boulder Canyon grew 35% in natural channels and 200% in conventional, driven by innovation and distribution gains. On The Border faced short-term regional challenges but remains a core brand with correction expected in Q4.

**【CFO Financial Commentary】**
- **Q3 2025 Results**: GAAP net income $40M, Non-GAAP EPS exceeded expectations. Gross margin impacted by 1% potato crop quality issues (weather-related), resolved in Q3. Distribution costs down YoY due to productivity.
- **2026 Outlook**: EBITDA margin expansion to continue, with incremental investments in California offset by productivity savings. Free cash flow growth expected as CapEx steps down.

**【Q&A Highlights】**
- **California Route Details**: Network covers entire state, with room for product addition. Integration focuses on assortment and retailer partnerships. No immediate IO conversion concerns.
- **Price Mix Dynamics**: 1% pricing drag in Q3 due to expansion market promotions. Expect gradual normalization as distribution matures.
- **Competitive Landscape**: Positive on category innovation, with competitors' new products seen as net positives for consumer engagement. Utz's hybrid distribution model supports incremental share gains.


Utz Brands, Inc. (UTZ) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

UTZ

UTZ fundamentals

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