World

Put up Holdings Studies Outcomes for the Second Quarter of Fiscal 12 months 2021

ST. LOUIS, Could 06, 2021 (GLOBE NEWSWIRE) — Put up Holdings, Inc. (NYSE:POST), a client packaged items holding firm, right this moment reported outcomes for the second fiscal quarter ended March 31, 2021.

Highlights:

  • Second quarter web gross sales of $1.5 billion

  • Working revenue of $145.1 million; web earnings of $109.9 million; Adjusted EBITDA of $263.8 million

  • Second half fiscal 12 months 2021 Adjusted EBITDA (non-GAAP) anticipated to vary between $590-$620 million

Foundation of Presentation

On October 21, 2019, the preliminary public providing of a minority curiosity within the BellRing Manufacturers enterprise (the “BellRing IPO”), Put up’s historic lively vitamin enterprise, was accomplished. Put up totally consolidates the outcomes of BellRing Manufacturers, Inc. (“BellRing”) and its subsidiaries inside Put up’s monetary statements and efficient October 21, 2019 allocates 28.8% of BellRing’s consolidated web earnings/loss and web belongings to noncontrolling curiosity inside Put up’s monetary statements.

On July 1, 2020, Put up accomplished the acquisition of Henningsen Meals, Inc. (“Henningsen”), the outcomes of that are included within the Foodservice phase. On January 25, 2021, Put up accomplished the acquisition of the Peter Pan nut butter model (“Peter Pan”), the outcomes of that are included within the Put up Shopper Manufacturers phase. On February 1, 2021, Put up accomplished the acquisition of the Almark Meals enterprise and associated belongings (“Almark”), the outcomes of that are included within the Foodservice phase.

Second Quarter Consolidated Working Outcomes

Web gross sales had been $1,483.3 million, a lower of 0.7%, or $10.9 million, in comparison with $1,494.2 million within the prior 12 months interval, and included a 310 foundation level profit from Henningsen, Peter Pan and Almark. Web gross sales progress in BellRing Manufacturers and Refrigerated Retail was offset by declines in Put up Shopper Manufacturers and Foodservice. Gross revenue was $451.0 million, or 30.4% of web gross sales, a rise of $12.2 million in comparison with the prior 12 months interval gross revenue of $438.8 million, or 29.4% of web gross sales.

Promoting, normal and administrative (“SG&A”) bills had been $249.4 million, or 16.8% of web gross sales, a rise of $4.4 million in comparison with $245.0 million, or 16.4% of web gross sales, within the prior 12 months interval. Working revenue was $145.1 million, a lower of 5.5%, or $8.4 million, in comparison with $153.5 million within the prior 12 months interval, and was negatively impacted by $17.7 million of accelerated amortization, which is mentioned later on this launch and was handled as an adjustment for non-GAAP measures.

Web earnings had been $109.9 million, a rise of 157.4%, or $301.3 million, in comparison with a web lack of $191.4 million within the prior 12 months interval. Web earnings/loss included loss on extinguishment and refinancing of debt, web of $94.7 million and $60.0 million within the second quarter of 2021 and 2020, respectively. Web earnings/loss included revenue on swaps, web of $185.6 million and expense on swaps, web of $224.6 million within the second quarter of 2021 and 2020, respectively. Loss on extinguishment and refinancing of debt, web and revenue/expense on swaps, web are mentioned later on this launch and had been handled as changes for non-GAAP measures. Web earnings/loss included fairness technique losses, web of tax of $7.0 million and $11.1 million within the second quarter of 2021 and 2020, respectively. Web earnings/loss excluded web earnings attributable to noncontrolling curiosity of $0.9 million and $5.6 million within the second quarter of 2021 and 2020, respectively. Diluted earnings per frequent share had been $1.69, in comparison with the prior 12 months interval diluted loss per frequent share of $2.76. Adjusted web earnings had been $19.2 million, or $0.29 per diluted frequent share, in comparison with $45.5 million, or $0.65 per diluted frequent share, within the prior 12 months interval.

Adjusted EBITDA was $263.8 million, a lower of 9.6%, or $27.9 million, in comparison with $291.7 million within the prior 12 months interval. Adjusted EBITDA within the second quarter of 2021 and 2020 included an adjustment of $0.5 million and $5.2 million, respectively, primarily for the portion of BellRing’s consolidated web earnings which was allotted to noncontrolling curiosity, leading to Adjusted EBITDA together with 100% of the consolidated Adjusted EBITDA of BellRing.

Six Month Consolidated Working Outcomes

Web gross sales had been $2,941.3 million, a lower of 0.3%, or $9.7 million, in comparison with the prior 12 months interval web gross sales of $2,951.0 million. Gross revenue was $906.4 million, or 30.8% of web gross sales, a lower of $3.9 million in comparison with the prior 12 months interval gross revenue of $910.3 million, or 30.8% of web gross sales.

SG&A bills had been $500.5 million, or 17.0% of web gross sales, a rise of $20.2 million in comparison with the prior 12 months interval SG&A bills of $480.3 million, or 16.3% of web gross sales. SG&A bills for the six months ended March 31, 2021 included a provision of $15.0 million for a authorized settlement, which was handled as an adjustment for non-GAAP measures. Working revenue was $311.4 million, a lower of 10.9%, or $38.1 million, in comparison with the prior 12 months interval working revenue of $349.5 million, and was negatively impacted by $18.1 million of accelerated amortization, which is mentioned later on this launch and was handled as an adjustment for non-GAAP measures.

Web earnings had been $191.1 million, a rise of 307.3%, or $283.3 million, in comparison with the prior 12 months interval web lack of $92.2 million. Web earnings/loss included loss on extinguishment and refinancing of debt, web of $94.7 million and $72.9 million within the six months ended March 31, 2021 and March 31, 2020, respectively. Web earnings/loss included revenue on swaps, web of $227.2 million and expense on swaps, web of $163.2 million within the six months ended March 31, 2021 and March 31, 2020, respectively. Loss on extinguishment and refinancing of debt, web and revenue/expense on swaps, web are mentioned later on this launch and had been handled as changes for non-GAAP measures. Web earnings/loss included fairness technique losses, web of tax of $14.9 million and $18.4 million within the six months ended March 31, 2021 and March 31, 2020, respectively. Web earnings/loss excluded web earnings attributable to noncontrolling curiosity of $10.7 million and $13.5 million within the six months ended March 31, 2021 and March 31, 2020, respectively. Diluted earnings per frequent share had been $2.90, in comparison with the prior 12 months interval diluted loss per frequent share of $1.32. Adjusted web earnings had been $67.2 million, or $1.02 per diluted frequent share, in comparison with the prior 12 months interval Adjusted web earnings of $98.4 million, or $1.38 per diluted frequent share.

Adjusted EBITDA was $548.2 million, a lower of seven.8%, or $46.6 million, in comparison with the prior 12 months interval Adjusted EBITDA of $594.8 million. Adjusted EBITDA for the six months ended March 31, 2021 and March 31, 2020 included an adjustment of $10.0 million and $12.6 million, respectively, primarily for the portion of BellRing’s consolidated web earnings which was allotted to noncontrolling curiosity, leading to Adjusted EBITDA together with 100% of the consolidated Adjusted EBITDA of BellRing.

Put up Shopper Manufacturers

North American ready-to-eat (“RTE”) cereal and Peter Pan nut butters.

For the second quarter, web gross sales had been $479.9 million, a lower of 5.5%, or $28.0 million, in comparison with the prior 12 months interval, and mirrored a good combine and a 340 foundation level profit from Peter Pan. Volumes decreased 11.6% (together with a 400 foundation level profit from Peter Pan), with the decline pushed by (i) lapping elevated purchases within the prior 12 months interval pushed by client pantry loading in response to the COVID-19 pandemic, (ii) declines ensuing from the choice to exit sure low-margin personal label enterprise and (iii) broader softness throughout worth and personal label cereal merchandise. Phase revenue was $91.8 million, a lower of 0.6%, or $0.6 million, in comparison with the prior 12 months interval. Phase Adjusted EBITDA was $121.9 million, a rise of 0.8%, or $1.0 million, in comparison with the prior 12 months interval.

For the six months ended March 31, 2021, web gross sales had been $924.9 million, a lower of two.5%, or $24.2 million, in comparison with the prior 12 months interval. Phase revenue was $162.3 million, a lower of 6.2%, or $10.7 million, in comparison with the prior 12 months interval. Phase revenue for the six months ended March 31, 2021 was negatively impacted by a provision of $15.0 million for a authorized settlement, which was handled as an adjustment for non-GAAP measures. Phase Adjusted EBITDA was $235.6 million, a rise of two.2%, or $5.0 million, in comparison with the prior 12 months interval.

Weetabix

Primarily United Kingdom RTE cereal and muesli.

For the second quarter, web gross sales had been $113.4 million, flat with the prior 12 months interval, and mirrored a good overseas forex alternate fee tailwind of roughly 710 foundation factors. Volumes decreased 8.5%, with the decline pushed by (i) lapping elevated purchases within the prior 12 months interval pushed by client pantry loading in response to the COVID-19 pandemic, (ii) a pull ahead of gross sales to the primary quarter of 2021 forward of the completion of Brexit and (iii) continued declines in bar and drink merchandise ensuing from lowered on-the-go consumption in response to the COVID-19 pandemic. Phase revenue was $25.9 million, a lower of seven.5%, or $2.1 million, in comparison with the prior 12 months interval. Phase Adjusted EBITDA was $34.9 million, a lower of three.1%, or $1.1 million, in comparison with the prior 12 months interval.

For the six months ended March 31, 2021, web gross sales had been $226.9 million, a rise of 5.6%, or $12.0 million, in comparison with the prior 12 months interval. Phase revenue was $54.0 million, a rise of 4.4%, or $2.3 million, in comparison with the prior 12 months interval. Phase Adjusted EBITDA was $72.2 million, a rise of 6.3%, or $4.3 million, in comparison with the prior 12 months interval.

Foodservice

Primarily egg and potato merchandise.

For the second quarter, web gross sales had been $369.2 million, a lower of two.4%, or $9.2 million, in comparison with the prior 12 months interval, and included a 750 foundation level profit from Henningsen and Almark. Volumes for the second quarter decreased 11.1% (together with a 330 foundation level profit from Henningsen and Almark), pushed by decrease away-from-home demand in January and February in response to the COVID-19 pandemic in varied channels, together with full service eating places, fast service eating places, training and journey and lodging. Quantity declines had been partially offset by quantity progress in March pushed by lapping considerably decrease away-from-home demand within the prior 12 months interval. Egg volumes declined 9.3% (together with a 330 foundation level profit from Henningsen and Almark) and potato volumes declined 21.9%.

Phase revenue was $8.8 million, a lower of 63.0%, or $15.0 million, in comparison with the prior 12 months interval. Phase Adjusted EBITDA was $41.2 million, a lower of 25.2%, or $13.9 million, in comparison with the prior 12 months interval. Second quarter 2021 phase revenue and phase Adjusted EBITDA had been negatively impacted by (i) an unfavorable egg value/value relationship related to the timing of adjustments in enter costs, (ii) misplaced contribution margin on lowered volumes and unfavorable buyer, product and channel combine and (iii) unfavorable manufacturing prices, together with increased labor prices pushed by COVID-19 associated bills and weak mounted value absorption pushed by a discount in volumes produced. Contribution margin and glued value absorption each improved in March when in comparison with the prior 12 months interval.

For the six months ended March 31, 2021, web gross sales had been $723.7 million, a lower of 9.4%, or $75.3 million, in comparison with the prior 12 months interval. Phase revenue was $19.6 million, a lower of 72.3%, or $51.2 million, in comparison with the prior 12 months interval. Phase Adjusted EBITDA was $81.6 million, a lower of 37.4%, or $48.8 million, in comparison with the prior 12 months interval.

Refrigerated Retail

Primarily facet dish, egg, cheese and sausage merchandise.

For the second quarter, web gross sales had been $239.5 million, a rise of 0.8%, or $1.9 million, in comparison with the prior 12 months interval, and benefited from a good combine and improved common web pricing in facet dish merchandise. Volumes decreased 1.7%, ensuing from the choice to exit sure low-margin enterprise and lapping elevated purchases within the prior 12 months interval pushed by client pantry loading in response to the COVID-19 pandemic. Quantity info by product is disclosed in a desk introduced later on this launch. Phase revenue was $24.2 million, a lower of 19.9%, or $6.0 million, in comparison with the prior 12 months interval. Phase Adjusted EBITDA was $42.5 million, a lower of 11.6%, or $5.6 million, in comparison with the prior 12 months interval. Second quarter 2021 phase revenue and phase Adjusted EBITDA had been negatively impacted by an unfavorable value/value relationship for sausage and egg merchandise and better manufacturing prices.

For the six months ended March 31, 2021, web gross sales had been $502.6 million, a rise of three.1%, or $15.1 million, in comparison with the prior 12 months interval. Phase revenue was $57.9 million, a rise of three.0%, or $1.7 million, in comparison with the prior 12 months interval. Phase Adjusted EBITDA was $94.3 million, a rise of two.6%, or $2.4 million, in comparison with the prior 12 months interval.

BellRing Manufacturers

Prepared-to-drink (“RTD”) protein shakes, different RTD drinks, powders and vitamin bars.

For the second quarter, web gross sales had been $282.1 million, a rise of 9.6%, or $24.6 million, in comparison with the prior 12 months interval. Premier Protein web gross sales elevated 8.2%, with volumes up 7.4%. Web gross sales benefited from RTD shake distribution good points for each current and new merchandise, deliberate incremental promotional exercise and favorable product and buyer combine, which had been partially offset by lapping a rise in buyer commerce stock ranges within the prior 12 months interval pushed by client pantry-loading in response to the COVID-19 pandemic. Web gross sales for Dymatize elevated 28.8% and for all different merchandise decreased 7.3%.

Phase revenue was $15.6 million, a lower of 55.6%, or $19.5 million, in comparison with the prior 12 months interval, and included $17.7 million of accelerated amortization (incurred in reference to the discontinuance of the Supreme Protein model), $2.2 million of upper advertising and marketing and client promoting bills and $0.7 million of restructuring and facility closure prices, which had been partially offset by $0.3 million of decrease transaction prices associated to BellRing’s separation from Put up. Accelerated amortization, restructuring and facility closure prices and transaction prices had been handled as changes for non-GAAP measures. Phase Adjusted EBITDA was $42.2 million, a lower of two.8%, or $1.2 million, in comparison with the prior 12 months interval. Second quarter 2021 phase revenue and phase Adjusted EBITDA had been negatively impacted by a decline in gross revenue margin pushed by increased enter prices (predominantly milk-based proteins and freight for RTD shakes) and deliberate incremental promotional exercise.

For the six months ended March 31, 2021, web gross sales had been $564.5 million, a rise of 12.6%, or $63.0 million, in comparison with the prior 12 months interval. Phase revenue was $63.4 million, a lower of 24.9%, or $21.0 million, in comparison with the prior 12 months interval, and included $18.1 million of accelerated amortization (incurred in reference to the discontinuance of the Supreme Protein model), $5.3 million of restructuring and facility closure prices and $2.5 million of upper advertising and marketing and client promoting bills, which had been partially offset by $1.8 million of decrease transaction prices associated to BellRing’s separation from Put up. Accelerated amortization, restructuring and facility closure prices and transaction prices had been handled as changes for non-GAAP measures. Phase Adjusted EBITDA was $102.9 million, a rise of 0.9%, or $0.9 million, in comparison with the prior 12 months interval.

As of March 31, 2021, BellRing had $627.4 million in complete principal worth of debt and $33.2 million in money and money equivalents.

For additional info, please check with the BellRing second quarter 2021 earnings launch and convention name (the main points of that are included later on this launch).

Curiosity, Loss on Extinguishment and Refinancing of Debt, (Earnings) Expense on Swaps and Earnings Tax

Curiosity expense, web was $94.8 million within the second quarter of 2021, in comparison with $94.0 million within the second quarter of 2020. Curiosity expense, web included $11.3 million and $14.3 million attributable to BellRing within the second quarter of 2021 and 2020, respectively. For the six months ended March 31, 2021, curiosity expense, web was $191.4 million, in comparison with $196.9 million for the six months ended March 31, 2020. Curiosity expense, web within the six months ended March 31, 2021 included $24.1 million attributable to BellRing. Curiosity expense, web within the six months ended March 31, 2020 included (i) $25.9 million attributable to BellRing and (ii) a lack of $7.2 million ensuing from the reclassification of losses beforehand recorded in collected different complete loss to curiosity expense.

Loss on extinguishment and refinancing of debt, web of $94.7 million was recorded within the three and 6 months ended March 31, 2021 in reference to (i) Put up’s reimbursement of its 5.00% senior notes due in August 2026 and (ii) an opportunistic repricing of BellRing Manufacturers, LLC’s (“BellRing LLC”) time period mortgage in February 2021. Loss on extinguishment and refinancing of debt, web of $60.0 million was recorded within the three months ended March 31, 2020 in reference to (i) Put up’s reimbursement of its 5.50% senior notes due in March 2025 and eight.00% senior notes due in July 2025 and (ii) the modification and restatement of Put up’s credit score settlement in March 2020. Loss on extinguishment and refinancing of debt, web of $72.9 million was recorded within the six months ended March 31, 2020 in reference to (i) Put up’s reimbursement of its 5.50% senior notes due in March 2025 and eight.00% senior notes due in July 2025, (ii) Put up’s reimbursement of the complete principal steadiness of its time period mortgage within the first quarter of fiscal 12 months 2020, (iii) the project of debt to BellRing LLC associated to the creation of BellRing’s capital construction within the first quarter of fiscal 12 months 2020 and (iv) the modification and restatement of Put up’s credit score settlement in March 2020.

(Earnings) expense on swaps, web pertains to non-cash mark-to-market changes on rate of interest swaps. Earnings on swaps, web was $185.6 million within the second quarter of 2021, in comparison with an expense of $224.6 million within the second quarter of 2020. For the six months ended March 31, 2021, revenue on swaps, web was $227.2 million, in comparison with an expense of $163.2 million within the six months ended March 31, 2020.

Earnings tax expense was $29.5 million within the second quarter of 2021, an efficient revenue tax fee of 20.0%, in comparison with a advantage of $47.1 million within the second quarter of 2020, an efficient revenue tax fee of 21.2%. For the six months ended March 31, 2021, revenue tax expense was $52.7 million, an efficient revenue tax fee of 19.6%, in comparison with a advantage of $16.7 million within the six months ended March 31, 2020, an efficient revenue tax fee of 21.7%.

Share Repurchases

In the course of the second quarter of 2021, Put up repurchased 1.6 million shares of its frequent inventory for $155.4 million at a mean value of $98.27 per share. In the course of the six months ended March 31, 2021, Put up repurchased 3.3 million shares for $315.3 million at a mean value of $95.76 per share. On the finish of the second quarter of 2021, Put up had $333.6 million remaining underneath its share repurchase authorization.

COVID-19 Commentary

Put up is intently monitoring the influence of the COVID-19 pandemic on its enterprise and stays centered on guaranteeing its capacity to safeguard the well being of its staff, together with their financial well being, sustaining the continuity of its provide chain to serve clients and customers and preserving monetary liquidity to mitigate the uncertainty attributable to the pandemic.

Most Put up merchandise bought via meals, drug, mass, membership and eCommerce usually have continued to expertise an uplift in gross sales within the second quarter of 2021 when in comparison with the pre-pandemic interval, pushed by elevated at-home consumption in response to the COVID-19 pandemic.

Put up’s foodservice enterprise continues to be negatively impacted by decrease away-from-home demand ensuing from the influence of the COVID-19 pandemic on varied channels, together with full service eating places, fast service eating places, training and journey and lodging. Within the second quarter of 2021, Put up’s foodservice volumes continued to trace with adjustments within the diploma of restrictions on mobility and gathering, with March volumes displaying significant enchancment. This correlation is predicted to proceed to have an effect on the trajectory of the quantity restoration.

BellRing’s major classes, liquid and powder, have returned to progress comparatively according to their pre-pandemic progress charges. The bar class continues to be mushy when in comparison with the pre-pandemic interval.

As of March 31, 2021, Put up had $740.5 million in money and money equivalents available and the accessible borrowing capability underneath its revolving credit score facility was $730.7 million (reflecting $19.3 million of excellent letters of credit score, a discount within the borrowing capability).

Outlook

Put up administration expects Adjusted EBITDA for the second half of fiscal 12 months 2021 to be between $590-$620 million, with modest favorability to the fourth quarter. Put up administration continues to count on fiscal 12 months 2021 capital expenditures to vary between $225-$250 million, together with roughly $4 million attributable to BellRing.

Put up supplies Adjusted EBITDA steerage solely on a non-GAAP foundation and doesn’t present a reconciliation of its forward-looking Adjusted EBITDA non-GAAP steerage measure to essentially the most straight comparable GAAP measure as a result of inherent issue in forecasting and quantifying sure quantities which are needed for such reconciliation, together with changes that might be made for revenue/expense on swaps, web, achieve/loss on extinguishment and refinancing of debt, web, noncontrolling curiosity adjustment, fairness technique funding adjustment, mark-to-market changes on commodity and overseas alternate hedges and fairness securities, provision for authorized settlement, transaction and integration prices and different prices mirrored in Put up’s reconciliations of historic numbers, the quantities of which, based mostly on historic expertise, might be vital. For added info relating to Put up’s non-GAAP measures, see the associated explanations introduced underneath “Put up’s Use of Non-GAAP Measures.”

BellRing Outlook

For fiscal 12 months 2021, BellRing administration has raised its steerage vary for web gross sales to $1.17-$1.20 billion from $1.07-$1.12 billion and Adjusted EBITDA to $214-$220 million from $207-$217 million (leading to web gross sales and Adjusted EBITDA progress of 18%-21% and 9%-12%, respectively, over fiscal 12 months 2020). BellRing administration continues to count on fiscal 12 months 2021 capital expenditures of roughly $4 million.

BellRing supplies Adjusted EBITDA steerage solely on a non-GAAP foundation and doesn’t present a reconciliation of its forward-looking Adjusted EBITDA non-GAAP steerage measure to essentially the most straight comparable GAAP measure as a result of inherent issue in forecasting and quantifying sure quantities which are needed for such reconciliation, together with changes that might be made for restructuring and facility closures prices, separation prices, noncontrolling curiosity adjustment and different prices mirrored in BellRing’s reconciliation of historic numbers, the quantities of which, based mostly on historic expertise, might be vital. For added info relating to BellRing’s non-GAAP measures, see the associated explanations introduced underneath “Use of Non-GAAP Measures” in BellRing’s second quarter of fiscal 12 months 2021 earnings launch. BellRing, as a separate publicly-traded firm, releases steerage relating to its future efficiency. These statements are ready by BellRing’s administration, and Put up doesn’t settle for any duty for any such statements.

eighth Avenue Standalone Monetary Data

Put up owns a 60.5% frequent fairness curiosity in eighth Avenue Meals & Provisions, Inc. (“eighth Avenue”), which is an unconsolidated affiliate that manufactures and distributes personal label peanut and different nut butters, dried fruit and nut merchandise, granola and pasta.

For the second quarter, web gross sales had been $220.7 million, a lower of 5.3%, or $12.4 million, in comparison with the prior 12 months interval. Web earnings had been $0.3 million, a rise of 104.2%, or $7.5 million, in comparison with the prior 12 months interval. Adjusted EBITDA was $22.5 million, a rise of 0.9%, or $0.2 million, in comparison with the prior 12 months interval.

For the six months ended March 31, 2021, web gross sales had been $449.7 million, a lower of 0.4%, or $1.8 million, in comparison with the prior 12 months interval. Web loss was $1.1 million, an enchancment of 86.4%, or $7.0 million, in comparison with the prior 12 months interval. Adjusted EBITDA was $44.1 million, a lower of 4.1%, or $1.9 million, in comparison with the prior 12 months interval.

As of March 31, 2021, eighth Avenue was capitalized with $18.9 million of unrestricted money and money equivalents, $613.2 million of senior secured debt, $60.1 million associated to a sale-leaseback transaction, $250.0 million in principal quantity of most well-liked fairness and $79.2 million of collected, however unpaid, most well-liked dividends. Summarized monetary info for eighth Avenue is disclosed later on this launch.

For eighth Avenue, Put up administration continues to count on fiscal 12 months 2021 Adjusted EBITDA to vary between $100-$105 million.

Put up supplies Adjusted EBITDA steerage for eighth Avenue solely on a non-GAAP foundation and doesn’t present a reconciliation of its forward-looking Adjusted EBITDA non-GAAP steerage measure to essentially the most straight comparable GAAP measure as a result of inherent issue in forecasting and quantifying sure quantities which are needed for such reconciliation, together with transaction, integration and sale-leaseback prices, non-cash stock-based compensation and different prices mirrored in eighth Avenue’s reconciliation of historic numbers, the quantities of which, based mostly on historic expertise, might be vital. For added info relating to Put up’s non-GAAP measures, see the associated explanations introduced underneath “Put up’s Use of Non-GAAP Measures.”

Put up’s Use of Non-GAAP Measures

Put up makes use of sure non-GAAP measures on this launch to complement the monetary measures ready in accordance with U.S. usually accepted accounting ideas (“GAAP”). These non-GAAP measures embody complete phase revenue, Adjusted web earnings, Adjusted diluted earnings per frequent share, Adjusted EBITDA for Put up and eighth Avenue and phase Adjusted EBITDA. The reconciliation of every of those non-GAAP measures to essentially the most straight comparable GAAP measure is supplied later on this launch underneath “Rationalization and Reconciliation of Non-GAAP Measures.”

Administration makes use of sure of those non-GAAP measures, together with Adjusted EBITDA and phase Adjusted EBITDA, as key metrics within the analysis of underlying firm and phase efficiency, in making monetary, working and planning selections and, partly, within the dedication of money bonuses for its govt officers and staff. Moreover, Put up is required to adjust to sure covenants and limitations which are based mostly on variations of EBITDA in its financing paperwork. Administration believes using these non-GAAP measures supplies elevated transparency and assists buyers in understanding the underlying working efficiency of Put up and its segments and within the evaluation of ongoing working developments. Non-GAAP measures usually are not ready in accordance with GAAP, as they exclude sure objects as described later on this launch. These non-GAAP measures is probably not akin to equally titled measures of different corporations. For added info relating to Put up’s non-GAAP measures, see the associated explanations supplied underneath “Rationalization and Reconciliation of Non-GAAP Measures” later on this launch.

Put up Convention Name to Talk about Earnings Outcomes and Outlook

Put up will host a convention name on Friday, Could 7, 2021 at 9:00 a.m. EDT to debate monetary outcomes for the second quarter of fiscal 12 months 2021 and monetary 12 months 2021 outlook and to reply to questions. Robert V. Vitale, President and Chief Govt Officer, and Jeff A. Zadoks, Govt Vice President and Chief Monetary Officer, will take part within the name.

events might be part of the convention name by dialing (877) 540-0891 in the US and (678) 408-4007 from outdoors of the US. The convention identification quantity is 3392864. events are invited to hearken to the webcast of the convention name, which may be accessed by visiting the Investor Relations part of Put up’s web site at www.postholdings.com.

A replay of the convention name shall be accessible via Friday, Could 21, 2021 by dialing (800) 585-8367 in the US and (404) 537-3406 from outdoors of the US and utilizing the convention identification quantity 3392864. A webcast replay additionally shall be accessible for a restricted interval on Put up’s web site within the Investor Relations part.

BellRing Convention Name to Talk about Earnings Outcomes and Outlook

BellRing will host a convention name on Friday, Could 7, 2021 at 10:30 a.m. EDT to debate monetary outcomes for the second quarter of fiscal 12 months 2021 and monetary 12 months 2021 outlook and to reply to questions. Darcy H. Davenport, President and Chief Govt Officer, and Paul A. Rode, Chief Monetary Officer, will take part within the name.

events might be part of the convention name by dialing (833) 954-1568 in the US and (409) 216-6583 from outdoors of the US. The convention identification quantity is 5885539. events are invited to hearken to the webcast of the convention name, which may be accessed by visiting the Investor Relations part of BellRing’s web site at www.bellring.com. A slide presentation containing supplemental materials may even be accessible on the identical location on BellRing’s web site.

A replay of the convention name shall be accessible via Friday, Could 21, 2021 by dialing (800) 585-8367 in the US and (404) 537-3406 from outdoors of the US and utilizing the convention identification quantity 5885539. A webcast replay additionally shall be accessible for a restricted interval on BellRing’s web site within the Investor Relations part.

Potential Monetary Data

Potential monetary info is essentially speculative in nature, and it may be anticipated that some or all the assumptions underlying the possible monetary info described above is not going to materialize or will differ considerably from precise outcomes. For additional dialogue of among the components that will trigger precise outcomes to differ materially from the knowledge supplied above, see “Ahead-Wanting Statements” under. Accordingly, the possible monetary info supplied above is just an estimate of what Put up’s and BellRing’s administration believes is realizable as of the date of this launch. It additionally needs to be acknowledged that the reliability of any forecasted monetary information diminishes the farther sooner or later that the information is forecasted. In gentle of the foregoing, the knowledge needs to be considered in context and undue reliance shouldn’t be positioned upon it.

Ahead-Wanting Statements

Sure issues mentioned on this launch and on Put up’s convention name are forward-looking statements, together with Put up’s Adjusted EBITDA outlook for the second half of fiscal 12 months 2021, Put up’s capital expenditure outlook for fiscal 12 months 2021, statements relating to the impact of the COVID-19 pandemic on Put up’s enterprise, Put up’s persevering with response to the COVID-19 pandemic, BellRing’s web gross sales, Adjusted EBITDA and capital expenditures outlook for fiscal 12 months 2021 and Put up administration’s Adjusted EBITDA outlook for eighth Avenue for fiscal 12 months 2021. These forward-looking statements are generally recognized from using forward-looking phrases reminiscent of “imagine,” “ought to,” “might,” “potential,” “proceed,” “count on,” “undertaking,” “estimate,” “predict,” “anticipate,” “purpose,” “intend,” “plan,” “forecast,” “goal,” “is probably going,” “will,” “can,” “might” or “would” or the adverse of those phrases or comparable expressions, and embody all statements relating to future efficiency, earnings projections, occasions or developments. There are a variety of dangers and uncertainties that would trigger precise outcomes to vary materially from the forward-looking statements made herein. These dangers and uncertainties embody, however usually are not restricted to, the next:

  • the influence of the COVID-19 pandemic, together with adverse impacts on the worldwide financial system and capital markets, the well being of Put up’s staff, Put up’s capacity to fabricate and ship its merchandise, working prices, demand for its foodservice and on-the-go merchandise and Put up’s operations usually;

  • Put up’s excessive leverage, Put up’s capacity to acquire further financing (together with each secured and unsecured debt), Put up’s capacity to service its excellent debt (together with covenants that prohibit the operation of Put up’s enterprise) and a downgrade or potential downgrade in Put up’s credit score rankings;

  • Put up’s capacity to proceed to compete in its product classes and Put up’s capacity to retain its market place and favorable perceptions of its manufacturers;

  • Put up’s capacity to anticipate and reply to adjustments in client and buyer preferences and behaviors and introduce new merchandise;

  • adjustments in financial circumstances, disruptions within the U.S. and international capital and credit score markets, adjustments in rates of interest, volatility out there worth of derivatives and fluctuations in overseas forex alternate charges;

  • disruptions or inefficiencies in Put up’s provide chain, together with on account of Put up’s reliance on third occasion suppliers or producers for the manufacturing of a lot of Put up’s merchandise, pandemics (together with the COVID-19 pandemic) and different outbreaks of contagious ailments, fires and evacuations associated thereto, adjustments in climate circumstances, pure disasters, agricultural ailments and pests and different occasions past Put up’s management;

  • vital volatility in the price or availability of inputs to Put up’s enterprise (together with freight, uncooked supplies, power and different provides);

  • Put up’s capacity to rent and retain proficient personnel, the power of Put up’s staff to soundly carry out their jobs, together with the potential for bodily accidents or sickness (reminiscent of COVID-19), worker absenteeism, labor strikes, work stoppages and unionization efforts;

  • allegations that Put up’s merchandise trigger damage or sickness, product recollects and withdrawals and product legal responsibility claims and different associated litigation;

  • Put up’s capacity to establish, full and combine or in any other case successfully execute acquisitions or different strategic transactions and successfully handle its progress;

  • the chance that Put up might not be capable of consummate the preliminary public providing of Put up Holdings Partnering Company (“PHPC”), a newly fashioned particular goal acquisition firm and Put up’s oblique wholly-owned subsidiary, on the anticipated timeline or in any respect, that Put up might not discover a appropriate enterprise mixture throughout the prescribed two-year time interval, that the enterprise mixture is probably not profitable or that the actions for PHPC might be distracting to Put up’s administration;

  • Put up’s capacity to promptly and successfully understand the strategic and monetary advantages anticipated on account of the BellRing IPO;

  • impairment within the carrying worth of goodwill or different intangibles;

  • Put up’s capacity to efficiently implement enterprise methods to scale back prices;

  • authorized and regulatory components, reminiscent of compliance with current legal guidelines and rules, in addition to new legal guidelines and rules and adjustments to current legal guidelines and rules and interpretations thereof, affecting Put up’s enterprise, together with present and future legal guidelines and rules relating to meals security, promoting and labeling and animal feeding and housing operations;

  • the lack of, a major discount of purchases by or the chapter of a serious buyer;

  • the failure or weakening of the RTE cereal class and consolidations within the retail and foodservice distribution channels;

  • the final word influence litigation or different regulatory issues might have on Put up;

  • Put up’s capacity to efficiently collaborate with third events which have invested with Put up in eighth Avenue and to successfully understand the strategic and monetary advantages anticipated on account of the separate capitalization of eighth Avenue;

  • prices related to the obligations of Bob Evans Farms, Inc. (“Bob Evans”) in reference to the sale and separation of its eating places enterprise in April 2017, which occurred previous to Put up’s acquisition of Bob Evans, together with sure indemnification obligations underneath the eating places sale settlement and Bob Evans’s fee and efficiency obligations as a guarantor for sure leases;

  • Put up’s capacity to guard its mental property and different belongings and to proceed to make use of third occasion mental property topic to mental property licenses;

  • the power of Put up and its clients’, and eighth Avenue’s and its clients’, personal model merchandise to compete with nationally branded merchandise;

  • dangers related to Put up’s worldwide companies;

  • the influence of the UK’s exit from the European Union (generally generally known as “Brexit”) on Put up and its operations;

  • prices, enterprise disruptions and reputational injury related to info know-how failures, cybersecurity incidents or info safety breaches;

  • adjustments in estimates in important accounting judgments;

  • losses or elevated funding and bills associated to Put up’s certified pension or different postretirement plans;

  • vital variations in Put up’s, eighth Avenue’s and BellRing’s precise working outcomes from Put up’s steerage relating to Put up’s and eighth Avenue’s future efficiency and BellRing’s steerage relating to its future efficiency;

  • Put up’s capacity and BellRing’s capacity to fulfill the necessities of Part 404 of the Sarbanes-Oxley Act of 2002; and

  • different dangers and uncertainties described in Put up’s and BellRing’s filings with the Securities and Trade Fee.

These forward-looking statements signify Put up’s judgment as of the date of this launch besides with respect to BellRing’s steerage relating to its future efficiency, which represents BellRing’s judgment as of the date of this launch. Put up disclaims, nonetheless, any intent or obligation to replace these forward-looking statements.

About Put up Holdings, Inc.

Put up Holdings, Inc., headquartered in St. Louis, Missouri, is a client packaged items holding firm working within the center-of-the-store, refrigerated, foodservice, meals ingredient and handy vitamin meals classes. Its companies embody Put up Shopper Manufacturers, Weetabix, Michael Meals, Bob Evans Farms and BellRing Manufacturers. Put up Shopper Manufacturers is a pacesetter within the North American ready-to-eat cereal class and likewise markets Peter Pan® nut butters. Weetabix is residence to the UK’s primary promoting ready-to-eat cereal model, Weetabix®. Michael Meals and Bob Evans Farms are leaders in refrigerated meals, delivering revolutionary, value-added egg and refrigerated potato facet dish merchandise to the foodservice and retail channels. Put up’s publicly-traded subsidiary BellRing Manufacturers, Inc. is a holding firm working within the international handy vitamin class via its major manufacturers of Premier Protein® and Dymatize®. Put up participates within the personal model meals class via its funding with third events in eighth Avenue Meals & Provisions, Inc., a number one, personal model centric, client merchandise holding firm. For extra info, go to www.postholdings.com.

Contact:
Investor Relations
Jennifer Meyer
jennifer.meyer@postholdings.com
(314) 644-7665

Media Relations
Lisa Hanly
lisa.hanly@postholdings.com
(314) 665-3180

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in hundreds of thousands, besides per share information)

Three Months Ended
March 31,

Six Months Ended
March 31,

2021

2020

2021

2020

Web Gross sales

$

1,483.3

$

1,494.2

$

2,941.3

$

2,951.0

Price of products bought

1,032.3

1,055.4

2,034.9

2,040.7

Gross Revenue

451.0

438.8

906.4

910.3

Promoting, normal and administrative bills

249.4

245.0

500.5

480.3

Amortization of intangible belongings

58.5

40.0

99.1

80.1

Different working (revenue) bills, web

(2.0

)

0.3

(4.6

)

0.4

Working Revenue

145.1

153.5

311.4

349.5

Curiosity expense, web

94.8

94.0

191.4

196.9

Loss on extinguishment and refinancing of debt, web

94.7

60.0

94.7

72.9

(Earnings) expense on swaps, web

(185.6

)

224.6

(227.2

)

163.2

Different revenue, web

(6.1

)

(3.3

)

(16.9

)

(6.5

)

Earnings (Loss) earlier than Earnings Taxes and Fairness Methodology Loss

147.3

(221.8

)

269.4

(77.0

)

Earnings tax expense (profit)

29.5

(47.1

)

52.7

(16.7

)

Fairness technique loss, web of tax

7.0

11.1

14.9

18.4

Web Earnings (Loss) Together with Noncontrolling Curiosity

110.8

(185.8

)

201.8

(78.7

)

Much less: Web earnings attributable to noncontrolling curiosity

0.9

5.6

10.7

13.5

Web Earnings (Loss)

$

109.9

$

(191.4

)

$

191.1

$

(92.2

)

Earnings (Loss) per Frequent Share:

Fundamental

$

1.71

$

(2.76

)

$

2.94

$

(1.32

)

Diluted

$

1.69

$

(2.76

)

$

2.90

$

(1.32

)

Weighted-Common Frequent Shares Excellent:

Fundamental

64.1

69.3

64.9

70.0

Diluted

65.1

69.3

66.0

70.0

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in hundreds of thousands)

March 31, 2021

September 30, 2020

ASSETS

Present Belongings

Money and money equivalents

$

740.5

$

1,187.9

Restricted money

2.1

5.5

Receivables, web

554.8

441.6

Inventories

639.7

599.4

Pay as you go bills and different present belongings

128.4

53.4

Whole Present Belongings

2,065.5

2,287.8

Property, web

1,776.6

1,779.7

Goodwill

4,574.6

4,438.6

Different intangible belongings, web

3,214.2

3,197.5

Fairness technique investments

99.7

114.1

Different belongings

410.4

329.0

Whole Belongings

$

12,141.0

$

12,146.7

LIABILITIES AND SHAREHOLDERS’ EQUITY

Present Liabilities

Present portion of long-term debt

$

74.3

$

64.9

Accounts payable

406.5

367.9

Different present liabilities

409.3

541.6

Whole Present Liabilities

890.1

974.4

Lengthy-term debt

6,981.0

6,959.0

Deferred revenue taxes

858.5

784.5

Different liabilities

524.4

599.8

Whole Liabilities

9,254.0

9,317.7

Shareholders’ Fairness

Frequent inventory

0.8

0.8

Further paid-in capital

4,237.7

4,182.9

Retained earnings

399.7

208.6

Amassed different complete revenue (loss)

86.8

(29.3

)

Treasury inventory, at value

(1,823.8

)

(1,508.5

)

Whole Shareholders’ Fairness excluding Noncontrolling Curiosity

2,901.2

2,854.5

Noncontrolling curiosity

(14.2

)

(25.5

)

Whole Shareholders’ Fairness

2,887.0

2,829.0

Whole Liabilities and Shareholders’ Fairness

$

12,141.0

$

12,146.7

SELECTED CONDENSED CONSOLIDATED CASH FLOWS INFORMATION (Unaudited)
(in hundreds of thousands)

Six Months Ended
March 31,

2021

2020

Money supplied by (utilized in):

Working actions

$

162.3

$

89.0

Investing actions, together with capital expenditures of $99.4 and $117.5

(256.5

)

(62.4

)

Financing actions

(362.7

)

115.9

Impact of alternate fee adjustments on money, money equivalents and restricted money

6.1

(0.4

)

Web (lower) enhance in money, money equivalents and restricted money

$

(450.8

)

$

142.1

SEGMENT INFORMATION (Unaudited)
(in hundreds of thousands)

Three Months Ended
March 31,

Six Months Ended
March 31,

2021

2020

2021

2020

Web Gross sales

Put up Shopper Manufacturers

$

479.9

$

507.9

$

924.9

$

949.1

Weetabix

113.4

113.4

226.9

214.9

Foodservice

369.2

378.4

723.7

799.0

Refrigerated Retail

239.5

237.6

502.6

487.5

BellRing Manufacturers

282.1

257.5

564.5

501.5

Eliminations

(0.8

)

(0.6

)

(1.3

)

(1.0

)

Whole

$

1,483.3

$

1,494.2

$

2,941.3

$

2,951.0

Phase Revenue

Put up Shopper Manufacturers

$

91.8

$

92.4

$

162.3

$

173.0

Weetabix

25.9

28.0

54.0

51.7

Foodservice

8.8

23.8

19.6

70.8

Refrigerated Retail

24.2

30.2

57.9

56.2

BellRing Manufacturers

15.6

35.1

63.4

84.4

Whole phase revenue

166.3

209.5

357.2

436.1

Basic company bills and different

15.1

52.7

28.9

80.1

Curiosity expense, web

94.8

94.0

191.4

196.9

Loss on extinguishment and refinancing of debt, web

94.7

60.0

94.7

72.9

(Earnings) expense on swaps, web

(185.6

)

224.6

(227.2

)

163.2

Earnings (Loss) earlier than Earnings Taxes and Fairness Methodology Loss

$

147.3

$

(221.8

)

$

269.4

$

(77.0

)

SUPPLEMENTAL REFRIGERATED RETAIL SEGMENT INFORMATION (Unaudited)

The under desk presents quantity share adjustments for the present quarter in comparison with the prior 12 months quarter for merchandise throughout the Refrigerated Retail phase.

Product

Quantity Proportion
Change

All

(1.7%)

Facet dishes

(1.4%)

Egg

(0.9%)

Cheese

(3.0%)

Sausage

4.9%

EXPLANATION AND RECONCILIATION OF NON-GAAP MEASURES

Put up makes use of sure non-GAAP measures on this launch to complement the monetary measures ready in accordance with U.S. usually accepted accounting ideas (“GAAP”). These non-GAAP measures embody complete phase revenue, Adjusted web earnings, Adjusted diluted earnings per frequent share, Adjusted EBITDA and phase Adjusted EBITDA. The reconciliation of every of those non-GAAP measures to essentially the most straight comparable GAAP measure is supplied within the tables following this part. Non-GAAP measures usually are not ready in accordance with GAAP, as they exclude sure objects as described under. These non-GAAP measures is probably not akin to equally titled measures of different corporations.

Whole phase revenue
Whole phase revenue represents the aggregation of the phase revenue for every of Put up’s reportable segments, which for all segments excluding BellRing Manufacturers is every phase’s earnings/loss earlier than revenue taxes and fairness technique earnings/loss earlier than impairment of property, goodwill and different intangible belongings, facility closure associated prices, restructuring bills, achieve/loss on belongings and liabilities held on the market, achieve/loss on sale of companies and services, achieve on/adjustment to discount buy, curiosity expense and different unallocated company revenue and bills. Phase revenue for BellRing Manufacturers, as it’s a publicly-traded firm, is its working revenue. Put up believes complete phase revenue is beneficial to buyers in evaluating Put up’s working efficiency as a result of it facilitates period-to-period comparability of outcomes of phase operations.

Adjusted web earnings and Adjusted diluted earnings per frequent share
Put up believes Adjusted web earnings and Adjusted diluted earnings per frequent share are helpful to buyers in evaluating Put up’s working efficiency as a result of they exclude objects that have an effect on the comparability of Put up’s monetary outcomes and will doubtlessly distort an understanding of the developments in enterprise efficiency.

a.

Earnings/expense on swaps, web: Put up has excluded the influence of non-cash mark-to-market changes on rate of interest swaps as a result of inherent uncertainty and volatility related to such quantities based mostly on adjustments in assumptions with respect to estimates of honest worth and financial circumstances and because the quantity and frequency of such changes usually are not constant.

b.

Funds of debt premiums and refinancing charges: Put up has excluded funds and different bills for premiums on debt extinguishment, web of good points realized on debt repurchased at a reduction, and refinancing charges as such funds are inconsistent in quantity and frequency. Moreover, Put up believes that these prices don’t mirror anticipated ongoing future working bills and don’t contribute to a significant analysis of Put up’s present working efficiency or comparisons of Put up’s working efficiency to different intervals.

c.

Mark-to-market changes on commodity and overseas alternate hedges: Put up has excluded the influence of mark-to-market changes on commodity and overseas alternate hedges as a result of inherent uncertainty and volatility related to such quantities based mostly on adjustments in assumptions with respect to honest worth estimates. Moreover, these changes are primarily non-cash objects and the quantity and frequency of such changes usually are not constant.

d.

Accelerated amortization: Put up has excluded non-cash accelerated amortization prices recorded in reference to discontinuance of manufacturers as the quantity and frequency of such prices usually are not constant. Moreover, Put up believes that these prices don’t mirror anticipated ongoing future working bills and don’t contribute to a significant analysis of Put up’s present working efficiency or comparisons of Put up’s working efficiency to different intervals.

e.

Provision for authorized settlements: Put up has excluded good points and losses recorded to acknowledge the anticipated or precise decision of sure litigation as Put up believes such good points and losses don’t mirror anticipated ongoing future working revenue and bills and don’t contribute to a significant analysis of Put up’s present working efficiency or comparisons of Put up’s working efficiency to different intervals.

f.

Mark-to-market changes on fairness securities: Put up has excluded the influence of mark-to-market changes on investments in fairness securities as a result of inherent volatility related to such quantities based mostly on adjustments in market pricing variations and because the quantity and frequency of such changes usually are not constant. Moreover, these changes are primarily non-cash objects and don’t contribute to a significant analysis of Put up’s present working efficiency or comparisons of Put up’s working efficiency to different intervals.

g.

Restructuring and facility closure prices, together with accelerated depreciation: Put up has excluded sure prices related to facility closures as the quantity and frequency of such changes usually are not constant. Moreover, Put up believes that these prices don’t mirror anticipated ongoing future working bills and don’t contribute to a significant analysis of Put up’s present working efficiency or comparisons of Put up’s working efficiency to different intervals.

h.

Transaction prices and integration prices: Put up has excluded transaction prices associated to skilled service charges and different associated prices related to signed and closed enterprise combos and divestitures and integration prices incurred to combine acquired or to-be-acquired companies as Put up believes that these exclusions enable for extra significant analysis of Put up’s present working efficiency and comparisons of Put up’s working efficiency to different intervals. Put up believes such prices are usually not related to assessing or estimating the long-term efficiency of acquired belongings as a part of Put up or the efficiency of the divested belongings, and such prices usually are not factored into administration’s analysis of potential acquisitions or Put up’s efficiency after completion of an acquisition or the analysis to divest an asset. As well as, the frequency and quantity of such prices varies considerably based mostly on the dimensions and timing of the acquisitions and divestitures and the maturity of the companies being acquired or divested. Additionally, the dimensions, complexity and/or quantity of previous acquisitions and divestitures, which frequently drive the magnitude of such bills, is probably not indicative of the dimensions, complexity and/or quantity of future acquisitions or divestitures. By excluding these bills, administration is best in a position to consider Put up’s capacity to make the most of its current belongings and estimate the long-term worth that acquired belongings will generate for Put up. Moreover, Put up believes that the changes of this stuff extra intently correlate with the sustainability of Put up’s working efficiency. Put up additionally has excluded sure bills incurred to impact BellRing’s separation from Put up and to help BellRing’s transition right into a separate stand-alone, publicly-traded entity as the quantity and frequency of such changes usually are not constant. Moreover, Put up believes that these separation prices don’t mirror anticipated ongoing future working bills and don’t contribute to a significant analysis of Put up’s or the BellRing Manufacturers phase’s present working performances or comparisons of Put up’s or the BellRing Manufacturers phase’s working performances to different intervals.

i.

Adjustment to discount buy: Put up has excluded changes to good points recorded for acquisitions during which the honest worth of the belongings acquired exceeded the acquisition value as such quantities are inconsistent in quantity and frequency. Put up believes such changes are usually not related to assessing or estimating the long-term efficiency of acquired belongings as a part of Put up, and such quantities usually are not factored into the efficiency of acquisitions after their completion.

j.

Belongings held on the market: Put up has excluded changes recorded to regulate the carrying worth of services and different belongings categorised as held on the market as such changes signify non-cash objects and the quantity and frequency of such changes usually are not constant. Moreover, Put up believes that these changes don’t mirror anticipated ongoing future working bills or revenue and don’t contribute to a significant analysis of Put up’s present working efficiency or comparisons of Put up’s working efficiency to different intervals.

ok.

International forex achieve/loss on intercompany loans: Put up has excluded the influence of overseas forex fluctuations associated to intercompany loans denominated in currencies apart from the practical forex of the respective authorized entity in evaluating Put up’s efficiency to permit for extra significant comparisons of efficiency to different intervals.

l.

Advisory revenue: Put up has excluded advisory revenue obtained from eighth Avenue as Put up believes such revenue doesn’t contribute to a significant analysis of Put up’s present working efficiency or comparisons of Put up’s working efficiency to different intervals.

m.

Noncontrolling curiosity adjustment: Put up has included an adjustment to mirror the elimination of the portion of the non-GAAP changes associated to BellRing that are attributable to noncontrolling curiosity within the calculation of Adjusted web earnings and Adjusted diluted web earnings per frequent share.

n.

Earnings tax impact on changes: Put up has included the revenue tax influence of the non-GAAP changes utilizing a fee described within the relevant footnote of the reconciliation tables, as Put up believes that its GAAP efficient revenue tax fee as reported is just not consultant of the revenue tax expense influence of the changes.

Adjusted EBITDA and phase Adjusted EBITDA
Put up believes that Adjusted EBITDA is beneficial to buyers in evaluating Put up’s working efficiency and liquidity as a result of (i) Put up believes it’s extensively used to measure an organization’s working efficiency with out regard to objects reminiscent of depreciation and amortization, which might differ relying upon accounting strategies and the e book worth of belongings, (ii) it presents a measure of company efficiency unique of Put up’s and BellRing’s capital construction and the tactic by which the belongings had been acquired and (iii) it’s a monetary indicator of an organization’s capacity to service its debt, as Put up and BellRing LLC are required to adjust to sure covenants and limitations which are based mostly on variations of EBITDA of their respective financing paperwork. Put up believes that phase Adjusted EBITDA is beneficial to buyers in evaluating Put up’s working efficiency as a result of it permits for evaluation of the working efficiency of every reportable phase. Administration makes use of Adjusted EBITDA to offer forward-looking steerage and makes use of Adjusted EBITDA and phase Adjusted EBITDA to forecast future outcomes.

Adjusted EBITDA and phase Adjusted EBITDA mirror changes for revenue tax expense/profit, curiosity expense, web and depreciation and amortization together with accelerated depreciation and amortization, and the next changes mentioned above: revenue/expense on swaps, web, mark-to-market changes on commodity and overseas alternate hedges, provision for authorized settlements, mark-to-market changes on fairness securities, restructuring and facility closure prices excluding accelerated depreciation, transaction prices and integration prices, adjustment to discount buy, belongings held on the market, overseas forex achieve/loss on intercompany loans and advisory revenue. Moreover, Adjusted EBITDA and phase Adjusted EBITDA mirror changes for the next objects:

o.

Acquire/loss on extinguishment and refinancing of debt, web: Put up has excluded good points and losses recorded on extinguishment and refinancing of debt, inclusive of funds for premiums, the write-off of debt issuance and deferred financing prices and the write-off of web unamortized debt premiums and reductions, web of good points realized on debt repurchased at a reduction, as such good points and losses are inconsistent in quantity and frequency. Moreover, Put up believes that these good points and losses don’t mirror anticipated ongoing future working revenue and bills and don’t contribute to a significant analysis of Put up’s present working efficiency or comparisons of Put up’s working efficiency to different intervals.

p.

Non-cash stock-based compensation: Put up’s and BellRing’s compensation methods embody using stock-based compensation to draw and retain executives and staff by aligning their long-term compensation pursuits with shareholders’ and stockholders’ funding pursuits, respectively. After the BellRing IPO, BellRing continues to be charged for Put up stock-based compensation via the grasp companies settlement with Put up. BellRing’s director compensation technique contains an election by any director who earns retainers during which the director might elect to defer compensation granted as a director to BellRing Class A standard inventory, incomes a match on the deferral, each of that are stock-settled upon the director’s retirement from the BellRing board of administrators. Put up has excluded non-cash stock-based compensation as non-cash stock-based compensation can differ considerably based mostly on causes such because the timing, dimension and nature of the awards granted and subjective assumptions that are unrelated to operational selections and efficiency in any explicit interval and doesn’t contribute to significant comparisons of Put up’s and BellRing’s working performances to different intervals.

q.

Noncontrolling curiosity adjustment: Put up has included changes for (i) the portion of BellRing’s consolidated web earnings/loss which was allotted to noncontrolling curiosity, leading to Adjusted EBITDA together with 100% of the consolidated Adjusted EBITDA of the BellRing Manufacturers enterprise, as Put up believes this foundation contributes to a extra significant analysis of the consolidated working firm efficiency and (ii) revenue tax expense/profit, curiosity expense, web and depreciation and amortization for Put up’s consolidated Weetabix funding which is attributable to the noncontrolling house owners of the consolidated Weetabix funding.

r.

Fairness technique funding adjustment: Put up has included changes for the eighth Avenue fairness funding loss and Put up’s portion of revenue tax expense/profit, curiosity expense, web and depreciation and amortization for its unconsolidated Weetabix funding accounted for utilizing fairness technique accounting.


RECONCILIATION OF NET EARNINGS (LOSS) AVAILABLE TO COMMON SHAREHOLDERS

TO ADJUSTED NET EARNINGS (Unaudited)
(in hundreds of thousands)

Three Months Ended
March 31,

Six Months Ended
March 31,

2021

2020

2021

2020

Web Earnings (Loss) Out there to Frequent Shareholders

$

109.9

$

(191.4

)

$

191.1

$

(92.2

)

Changes:

(Earnings) expense on swaps, web

(185.6

)

224.6

(227.2

)

163.2

Funds of debt premiums and refinancing charges

75.8

49.8

75.8

49.8

Mark-to-market changes on commodity and overseas alternate hedges

(12.4

)

29.4

(27.3

)

25.2

Accelerated amortization

17.7

18.1

Provision for authorized settlements

15.0

Mark-to-market changes on fairness securities

(3.0

)

(10.9

)

Restructuring and facility closure prices, together with accelerated depreciation

0.8

0.5

5.8

1.0

Transaction prices

1.3

0.1

2.4

5.0

Integration prices

1.1

0.7

1.1

2.3

Adjustment to discount buy

(2.2

)

0.1

Belongings held on the market

0.1

(0.5

)

International forex loss on intercompany loans

0.3

Advisory revenue

(0.2

)

(0.1

)

(0.3

)

(0.3

)

Noncontrolling curiosity adjustment

(5.8

)

(0.1

)

(7.2

)

(0.2

)

Whole Web Changes

(112.1

)

304.9

(155.1

)

246.0

Earnings tax impact on changes (1)

21.4

(68.0

)

31.2

(55.4

)

Adjusted Web Earnings

$

19.2

$

45.5

$

67.2

$

98.4

(1) For all intervals, revenue tax impact on changes was calculated on all objects, besides revenue/expense on swaps, web and adjustment to discount buy, utilizing a fee of 24.5%, the sum of Put up’s U.S. federal company revenue tax fee plus Put up’s blended state revenue tax fee, web of federal revenue tax profit. Earnings tax impact for revenue/expense on swaps, web was calculated utilizing a fee of 21.5%. Earnings tax impact for adjustment to discount buy was calculated utilizing a fee of 0.0%.

RECONCILIATION OF WEIGHTED-AVERAGE DILUTED SHARES OUTSTANDING
TO ADJUSTED WEIGHTED-AVERAGE DILUTED SHARES OUTSTANDING (Unaudited)
(in hundreds of thousands)

Three Months Ended
March 31,

Six Months Ended
March 31,

2021

2020

2021

2020

Weighted-average shares for diluted earnings (loss) per share

65.1

69.3

66.0

70.0

Impact of securities that had been anti-dilutive for diluted earnings (loss) per share:

Inventory choices

0.6

0.7

Inventory appreciation rights

0.1

0.1

Restricted inventory unit awards

0.4

0.4

Efficiency-based restricted inventory items

0.1

0.1

Adjusted weighted-average shares for adjusted diluted earnings per share

65.1

70.5

66.0

71.3

RECONCILIATION OF DILUTED EARNINGS (LOSS) PER COMMON SHARE
TO ADJUSTED DILUTED EARNINGS PER COMMON SHARE (Unaudited)

Three Months Ended
March 31,

Six Months Ended
March 31,

2021

2020

2021

2020

Diluted Earnings (Loss) per Frequent Share

$

1.69

$

(2.76

)

$

2.90

$

(1.32

)

Adjustment to Diluted Earnings (Loss) per Frequent Share (1)

0.05

0.03

Adjusted Diluted Earnings (Loss) per Frequent Share, as calculated utilizing adjusted weighted-average diluted shares (2)

1.69

(2.71

)

2.90

(1.29

)

Changes:

(Earnings) expense on swaps, web

(2.85

)

3.18

(3.44

)

2.29

Funds of debt premiums and refinancing charges

1.16

0.71

1.14

0.70

Mark-to-market changes on commodity and overseas alternate hedges

(0.19

)

0.42

(0.41

)

0.35

Accelerated amortization

0.27

0.27

Provision for authorized settlements

0.23

Mark-to-market changes on fairness securities

(0.05

)

(0.17

)

Restructuring and facility closure prices, together with accelerated depreciation

0.01

0.09

0.01

Transaction prices

0.02

0.04

0.07

Integration prices

0.02

0.01

0.02

0.03

Adjustment to discount buy

(0.03

)

Belongings held on the market

(0.01

)

Noncontrolling curiosity adjustment

(0.09

)

(0.11

)

Whole Web Changes

)

4.32

(2.35

)

3.45

Earnings tax impact on changes (3)

0.33

(0.96

)

0.47

(0.78

)

Adjusted Diluted Earnings per Frequent Share

$

0.29

$

0.65

$

1.02

$

1.38

(1) Represents the impact of the change in adjusted weighted-average diluted shares (as reconciled within the prior desk), after consideration of the changes (that are introduced on this desk).

(2) Per share changes are based mostly on adjusted weighted-average diluted shares (as reconciled within the prior desk).

(3) For all intervals, revenue tax impact on changes was calculated on all objects, besides revenue/expense on swaps, web and adjustment to discount buy, utilizing a fee of 24.5%, the sum of Put up’s U.S. federal company revenue tax fee plus Put up’s blended state revenue tax fee, web of federal revenue tax profit. Earnings tax impact for revenue/expense on swaps, web was calculated utilizing a fee of 21.5%. Earnings tax impact for adjustment to discount buy was calculated utilizing a fee of 0.0%.

RECONCILIATION OF NET EARNINGS (LOSS) TO ADJUSTED EBITDA (Unaudited)
(in hundreds of thousands)

Three Months Ended
March 31,

Six Months Ended
March 31,

2021

2020

2021

2020

Web Earnings (Loss)

$

109.9

$

(191.4

)

$

191.1

$

(92.2

)

Earnings tax expense (profit)

29.5

(47.1

)

52.7

(16.7

)

Curiosity expense, web

94.8

94.0

191.4

196.9

Depreciation and amortization, together with accelerated depreciation and amortization

113.4

91.5

207.5

181.8

(Earnings) expense on swaps, web

(185.6

)

224.6

(227.2

)

163.2

Loss on extinguishment and refinancing of debt, web

94.7

60.0

94.7

72.9

Non-cash stock-based compensation

13.9

13.3

27.8

24.7

Noncontrolling curiosity adjustment

0.5

5.2

10.0

12.6

Fairness technique funding adjustment

7.0

11.0

15.0

18.3

Mark-to-market changes on commodity and overseas alternate hedges

(12.4

)

29.4

(27.3

)

25.2

Provision for authorized settlements

15.0

Mark-to-market changes on fairness securities

(3.0

)

(10.9

)

Restructuring and facility closure prices, excluding accelerated depreciation

0.7

0.5

5.6

1.1

Transaction prices

1.3

0.1

2.4

5.0

Integration prices

1.1

0.7

1.1

2.3

Adjustment to discount buy

(2.2

)

0.1

Belongings held on the market

0.1

(0.5

)

International forex loss on intercompany loans

0.3

Advisory revenue

(0.2

)

(0.1

)

(0.3

)

(0.3

)

Adjusted EBITDA

$

263.8

$

291.7

$

548.2

$

594.8

Adjusted EBITDA as a share of Web Gross sales

17.8

%

19.5

%

18.6

%

20.2

%

RECONCILIATION OF SEGMENT PROFIT TO ADJUSTED EBITDA (Unaudited)
THREE MONTHS ENDED MARCH 31, 2021
(in hundreds of thousands)

Put up
Shopper
Manufacturers

Weetabix

Foodservice

Refrigerated
Retail

BellRing
Manufacturers

Company/
Different

Whole

Phase Revenue

$

91.8

$

25.9

$

8.8

$

24.2

$

15.6

$

$

166.3

Basic company bills and different

(15.1

)

(15.1

)

Different revenue, web

(6.1

)

(6.1

)

Working Revenue

91.8

25.9

8.8

24.2

15.6

(21.2

)

145.1

Different revenue, web

6.1

6.1

Depreciation and amortization, together with accelerated depreciation and amortization

29.2

9.4

31.6

18.3

23.9

1.0

113.4

Non-cash stock-based compensation

1.7

12.2

13.9

Noncontrolling curiosity adjustment

(0.4

)

(0.4

)

Mark-to-market changes on commodity and overseas alternate hedges

0.6

(13.0

)

(12.4

)

Mark-to-market changes on fairness securities

(3.0

)

(3.0

)

Restructuring and facility closure prices, excluding accelerated depreciation

0.7

0.7

Transaction prices

1.3

1.3

Integration prices

0.9

0.2

1.1

Adjustment to discount buy

(2.2

)

(2.2

)

Belongings held on the market

0.1

0.1

International forex loss on intercompany loans

0.3

0.3

Advisory revenue

(0.2

)

(0.2

)

Adjusted EBITDA

$

121.9

$

34.9

$

41.2

$

42.5

$

42.2

$

(18.9

)

$

263.8

Adjusted EBITDA as a share of Web Gross sales

25.4

%

30.8

%

11.2

%

17.7

%

15.0

%

17.8

%

RECONCILIATION OF SEGMENT PROFIT TO ADJUSTED EBITDA (Unaudited)
THREE MONTHS ENDED MARCH 31, 2020
(in hundreds of thousands)

Put up
Shopper
Manufacturers

Weetabix

Foodservice

Refrigerated
Retail

BellRing
Manufacturers

Company/
Different

Whole

Phase Revenue

$

92.4

$

28.0

$

23.8

$

30.2

$

35.1

$

$

209.5

Basic company bills and different

(52.7

)

(52.7

)

Different revenue, web

(3.3

)

(3.3

)

Working Revenue

92.4

28.0

23.8

30.2

35.1

(56.0

)

153.5

Different revenue, web

3.3

3.3

Depreciation and amortization, together with accelerated depreciation and amortization

28.1

8.6

29.7

17.6

6.4

1.1

91.5

Non-cash stock-based compensation

1.6

11.7

13.3

Noncontrolling curiosity adjustment

(0.4

)

(0.4

)

Fairness technique funding adjustment

(0.1

)

(0.1

)

Mark-to-market changes on commodity and overseas alternate hedges

(0.1

)

1.6

27.9

29.4

Restructuring and facility closure prices, excluding accelerated depreciation

0.5

0.5

Transaction prices

0.3

(0.2

)

0.1

Integration prices

0.4

0.3

0.7

Advisory revenue

(0.1

)

(0.1

)

Adjusted EBITDA

$

120.9

$

36.0

$

55.1

$

48.1

$

43.4

$

(11.8

)

$

291.7

Adjusted EBITDA as a share of Web Gross sales

23.8

%

31.7

%

14.6

%

20.2

%

16.9

%

19.5

%

RECONCILIATION OF SEGMENT PROFIT TO ADJUSTED EBITDA (Unaudited)
SIX MONTHS ENDED MARCH 31, 2021
(in hundreds of thousands)

Put up
Shopper
Manufacturers

Weetabix

Foodservice

Refrigerated
Retail

BellRing
Manufacturers

Company/
Different

Whole

Phase Revenue

$

162.3

$

54.0

$

19.6

$

57.9

$

63.4

$

$

357.2

Basic company bills and different

(28.9

)

(28.9

)

Different revenue, web

(16.9

)

(16.9

)

Working Revenue

162.3

54.0

19.6

57.9

63.4

(45.8

)

311.4

Different revenue, web

16.9

16.9

Depreciation and amortization, together with accelerated depreciation and amortization

57.4

18.8

62.3

36.4

30.6

2.0

207.5

Non-cash stock-based compensation

3.6

24.2

27.8

Noncontrolling curiosity adjustment

(0.7

)

(0.7

)

Fairness technique funding adjustment

0.1

0.1

Mark-to-market changes on commodity and overseas alternate hedges

(0.5

)

(26.8

)

(27.3

)

Provision for authorized settlements

15.0

15.0

Mark-to-market changes on fairness securities

(10.9

)

(10.9

)

Restructuring and facility closure prices, excluding accelerated depreciation

5.3

0.3

5.6

Transaction prices

2.4

2.4

Integration prices

0.9

0.2

1.1

Adjustment to discount buy

0.1

0.1

Belongings held on the market

(0.5

)

(0.5

)

Advisory revenue

(0.3

)

(0.3

)

Adjusted EBITDA

$

235.6

$

72.2

$

81.6

$

94.3

$

102.9

$

(38.4

)

$

548.2

Adjusted EBITDA as a share of Web Gross sales

25.5

%

31.8

%

11.3

%

18.8

%

18.2

%

18.6

%

RECONCILIATION OF SEGMENT PROFIT TO ADJUSTED EBITDA (Unaudited)
SIX MONTHS ENDED MARCH 31, 2020
(in hundreds of thousands)

Put up
Shopper
Manufacturers

Weetabix

Foodservice

Refrigerated
Retail

BellRing
Manufacturers

Company/
Different

Whole

Phase Revenue

$

173.0

$

51.7

$

70.8

$

56.2

$

84.4

$

$

436.1

Basic company bills and different

(80.1

)

(80.1

)

Different revenue, web

(6.5

)

(6.5

)

Working Revenue

173.0

51.7

70.8

56.2

84.4

(86.6

)

349.5

Different revenue, web

6.5

6.5

Depreciation and amortization, together with accelerated depreciation and amortization

56.0

17.3

58.7

35.0

12.8

2.0

181.8

Non-cash stock-based compensation

3.0

21.7

24.7

Noncontrolling curiosity adjustment

(0.9

)

(0.9

)

Fairness technique funding adjustment

(0.1

)

(0.1

)

Mark-to-market changes on commodity and overseas alternate hedges

(0.1

)

0.9

24.4

25.2

Restructuring and facility closure prices, excluding accelerated depreciation

1.1

1.1

Transaction prices

1.8

3.2

5.0

Integration prices

1.6

0.7

2.3

Advisory revenue

(0.3

)

(0.3

)

Adjusted EBITDA

$

230.6

$

67.9

$

130.4

$

91.9

$

102.0

$

(28.0

)

$

594.8

Adjusted EBITDA as a share of Web Gross sales

24.3

%

31.6

%

16.3

%

18.9

%

20.3

%

20.2

%

SELECTED FINANCIAL INFORMATION FOR 8TH AVENUE (Unaudited)
(in hundreds of thousands)

Three Months Ended
March 31,

Six Months Ended
March 31,

2021

2020

2021

2020

Web Gross sales

$

220.7

$

233.1

$

449.7

$

451.5

Gross Revenue

$

34.3

$

41.2

$

69.7

$

79.6

Web Earnings (Loss)

$

0.3

$

(7.2

)

$

(1.1

)

$

(8.1

)

Much less: Most popular Inventory Dividend

8.8

8.0

17.6

15.8

Web Loss Out there to eighth Avenue Frequent Shareholders

$

(8.5

)

$

(15.2

)

$

(18.7

)

$

(23.9

)

EXPLANATION AND RECONCILIATION OF 8TH AVENUE’S NON-GAAP MEASURE

Put up believes that Adjusted EBITDA is beneficial to buyers in evaluating eighth Avenue’s working efficiency and liquidity as a result of (i) Put up believes it’s extensively used to measure an organization’s working efficiency with out regard to objects reminiscent of depreciation and amortization, which might differ relying upon accounting strategies and the e book worth of belongings, (ii) it presents a measure of company efficiency unique of eighth Avenue’s capital construction and the tactic by which the belongings had been acquired and (iii) it’s a monetary indicator of an organization’s capacity to service its debt. Administration makes use of eighth Avenue’s Adjusted EBITDA to offer forward-looking steerage and to forecast future outcomes.

eighth Avenue’s Adjusted EBITDA displays changes for curiosity expense, web, revenue tax expense/profit and depreciation and amortization together with accelerated depreciation, and the next changes:

  1. Transaction, integration and sale-leaseback prices: Put up has excluded transaction prices associated to skilled service charges and different associated prices related to (i) signed enterprise combos, (ii) a sale-leaseback transaction and (iii) integration prices incurred to combine the element enterprise items that comprise the mixed eighth Avenue group. Put up believes that these exclusions enable for extra significant analysis of eighth Avenue’s present working efficiency and comparisons of eighth Avenue’s working efficiency to different intervals. Put up believes such prices are usually not related to assessing or estimating the long-term efficiency of eighth Avenue’s belongings or acquired belongings as a part of eighth Avenue, and such prices usually are not factored into eighth Avenue administration’s analysis of its efficiency, its analysis of potential acquisitions or its efficiency after completion of an acquisition. As well as, the frequency and quantity of such prices varies considerably based mostly on the dimensions and timing of the acquisitions and the maturity of the companies being acquired. Additionally, the dimensions, complexity and/or quantity of previous acquisitions, which frequently drive the magnitude of such bills, is probably not indicative of the dimensions, complexity and/or quantity of future acquisitions. By excluding these bills, eighth Avenue administration is best in a position to consider eighth Avenue’s capacity to make the most of its current belongings and estimate the long-term worth that its belongings will generate for eighth Avenue. Moreover, Put up believes that the changes of this stuff extra intently correlate with the sustainability of eighth Avenue’s working efficiency.

  2. Non-cash stock-based compensation: eighth Avenue’s compensation technique contains using stock-based compensation to draw and retain executives and staff by aligning their long-term compensation pursuits with shareholders’ funding pursuits. Put up has excluded non-cash stock-based compensation as non-cash stock-based compensation can differ considerably based mostly on causes such because the timing, dimension and nature of the awards granted and subjective assumptions that are unrelated to operational selections and efficiency in any explicit interval and don’t contribute to significant comparisons of eighth Avenue’s working efficiency to different intervals.

  3. Advisory prices: Put up has excluded advisory prices payable by eighth Avenue to Put up and a 3rd occasion as Put up believes such prices don’t contribute to a significant analysis of eighth Avenue’s present working efficiency or comparisons of eighth Avenue’s working efficiency to different intervals.

RECONCILIATION OF 8TH AVENUE’S NET EARNINGS (LOSS) TO 8TH AVENUE’S ADJUSTED EBITDA (Unaudited)
(in hundreds of thousands)

Three Months Ended
March 31,

Six Months Ended
March 31,

2021

2020

2021

2020

Web Earnings (Loss)

$

0.3

$

(7.2

)

$

(1.1

)

$

(8.1

)

Curiosity expense, web

8.4

17.5

17.4

28.2

Earnings tax profit

(4.1

)

(1.8

)

(4.3

)

(2.0

)

Depreciation and amortization, together with accelerated depreciation

16.2

12.5

29.4

25.0

Integration prices

0.9

0.5

1.2

0.7

Non-cash stock-based compensation

0.2

0.2

0.5

0.3

Transaction prices

0.5

0.1

0.5

0.4

Sale-leaseback prices

0.7

Advisory prices

0.1

0.5

0.5

0.8

Adjusted EBITDA

$

22.5

$

22.3

$

44.1

$

46.0

Adjusted EBITDA as a share of Web Gross sales

10.2

%

9.6

%

9.8

%

10.2

%

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