Investor Presentation

January 2016

Disclaimer
This presentation, prepared by Amplify Snack Brands, Inc., is solely for informational purposes and is strictly confidential. Disclosure of this
presentation, its contents, extracts or abstracts to third parties is not authorized without express written permission from Amplify Snack Brands, Inc.
This presentation and the accompanying oral presentation contain forward-looking statements within the meaning of the federal securities laws, and
such statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or future financial or
operating performance. In some cases, you can identify forward-looking statements because they contain words such as may, will, should,
expects, plans, anticipates, could, would, intends, target, projects, contemplates, believes, estimates, predicts, potential or
continue or the negative of these words or other similar terms or expressions that concern opportunities, prospects, future market size,
expectations, strategy, plans or intentions. The expectations and beliefs of Amplify Snack Brands, Inc. regarding these matters may not materialize,
and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in
the forward-looking statements, and you should not place undue reliance on our forward-looking statements. The forward-looking statements in this
presentation and the accompanying oral presentation are based on information available to Amplify Snack Brands, Inc. as of the date hereof, and
Amplify Snack Brands, Inc. disclaims any obligation to update any forward-looking statements for any reason, whether as a result of new
information, future events or otherwise.
This presentation and accompanying oral presentation also contains estimates and other information concerning our industry that are based on
industry publications, surveys and forecasts. This information involves a number of assumptions and limitations, and we have not independently
verified the accuracy or completeness of the information.
All 2014 financial information is based on the 2014 pro forma financial data as described in, and subject to the limitations in, Amplify Snack Brand
Inc.s public filings with the Securities and Exchange Commission.
Amounts and percentages appearing in this presentation have been rounded to the amounts shown for convenience of presentation. Accordingly, the
total of each column of amounts may not be equal to the total of the relevant individual items. All references to our business and products prior to April
2015 refer only to SkinnyPop.
LTM is the pro forma financial data from the 12-months ended September 30, 2015, calculated by adding the financial data for the nine-months
ended September, 30, 2015 to the pro forma financial data for year ended December 31, 2014 and subtracting the pro forma financial data for the
nine-months ended September 30, 2014.
Insights on the snacking market from Euromonitor were developed independently as part of their annual multi-client Passport research program.

Todays Presenters and Agenda

Agenda

Presenters

Tom Ennis
Chief Executive Officer

Brian Goldberg
Chief Financial Officer

Introduction to Amplify Snack Brands

Growth Strategy

Financial Overview

Q&A

Introduction to
Amplify Snack Brands
3

Amplify at the Center of Key F&B Industry Trends:

Capitalizing on Major Growth Opportunity in Better-For-You Snacking
Focused exclusively on Better-For-You Snacks
Millennial Snacking
Trends

Multi-Channel
Distribution
Opportunity

Consumer Demand
for BFY Product
Attributes AND
Great Taste

Convenience

BFY Segment
Driving Snack
Category Growth

Increasing Snacking
Frequency

Targeting a Large and Growing Category with

Strong Market Tailwinds
Large and Growing Salty Snack Category1
$ retail sales in billions

Estimated $ retail sales growth

+$4
CAGR:
+4%

BFY Brands Are Outpacing Growth of Traditional2

CAGR:
+3-4%

~ +$4
10%+

~$25

$21
~3X

$17

~3-4%

2009A

2014A

2019E

Traditional Brands

BFY Brands

[]Large category at over $20 billion in U.S. retail sales

[]Demand for great-tasting BFY products

[]Expected growth of +3-4% through 2019

[]Focus on simple, recognizable ingredients

[]Increased importance of snacking in consumer diets

3
[]Millennials over-index in their demand for BFY snacks

[]Emergence of millennials as heavy snackers

1. 2009 and 2014 market size based on IRI. 2014-2019 CAGR based on management estimates using historical growth rates.
2. Management estimates for traditional brands are based on Total Salty Snack expected growth and for BFY brands based on 2014 $ sales growth.
3. The Nielsen Company, Goldman Sachs Global Investment Research. Indexes an age cohorts $ share of total food purchases versus its $ share of wholesome snack purchases.

Established Infrastructure to Support BFY

Snacking Platform
Sales

BFY snack focused sales

team
Strong relationships across
channels and brokers
Category management
analytics and insights

Marketing &
Innovation

Field marketing team

Investment in social
media, PR and
influencers
Innovation team
Grassroots focus

Supply Chain &

Distribution

Systems &
Infrastructure

Established supplier
relationships

Seasoned management
across all functions

Asset-light outsourced
manufacturing

HQ in Austin, Texas

Servicing customers
through direct and
distributor models

ERP implementation
complete

Partnering with Tier 1

Co-Manufacturers
6

Strong Performance of RTE Popcorn Category and

our Cornerstone Brand SkinnyPop in 2015
SkinnyPop Fastest Growing Brand in
RTE Category at +52% in $ Sales

RTE Category Continues Double Digit Growth

$ retail sales in billions

$ retail sales & change vs. YA

$1.08

CAGR:
18%

$0.97

+25%

$300
$250

$0.79

$200

$0.65

+52%

$150
$100

6%

2%
RTE
Category
Growth

2012A
10%

12%

16%

+25%

-20%

$50
$-

2013A
21%
Total RTE Popcorn

2014A
2015L52
23%
12%
SkinnyPop Share

Solid #2 $ Market Share Position in the RTE Category

RTE category $ market share (%)

SkinnyPop

Smartfood

Angie's

Popcorn Indiana

Strongest $ Share Growth, +4.3pts vs. YA

$ market share (%) change vs. YA
4.3 pts

All Other
Brands

26.2%

36.9%

16.4%
4.7%
4.3%

6.0%

2.7 pts
0.6 pts

5.5%

(2.4) pts
Source: IRI U.S. Multi-Outlet + Convenience for latest 52wk ending Dec. 27, 2015

Strong Key Performance Indicators Throughout 2015

for SkinnyPop
driven by continued
distribution gains across multiple
channels

$ retail sales per TDP in millions

TDP & TDP % change vs. YA

103%

107%

$240

89%

193

$200
$180

89%
217

$220

175

$ Per 154
TDP* In Millions

$160

RTE Popcorn Competitors

$140
$120
$100
9/27/2015
13 weeks 3/29/2015
3/29/15 6/28/15 9/27/15
ending

and industry-leading on-shelf

productivity

120%
110%
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
-10%
-20%
-30%
-40%
-50%
-60%
-70%
-80%
-90%
-100%

while maintaining leading

premium pricing
Avg. price per Oz
52w/
12-27-15

$0.74

$0.68

$0.59

$0.44
$0.38
$0.30
$0.22

$0.20

$0.47

$0.11

12/27/15

$0.43
13 weeks 3/29/15
ending

6/28/15

9/27/15

12/27/15

1. Calculation of retail sales dollars divided by TDP in MULO+C for the 52wk period ending 12-27-2015 as reported by IRI
Source: IRI U.S. Multi-Outlet + Convenience for latest 52wk ending Dec. 27, 2015

SkinnyPop Continued to Achieve Strong Growth Rates

in 2015 Across All Measured Channels
Retail Sales $ IRI Latest 52wk Dec. 27, 2015 1
$ in millions

$86
Total $ Retail Sales: $177M, +52% vs YA
Total $ Retail Sales Market Share: 16.4%

$55

$18

$15
$3

1.
2.

Food

Club 2

Drug

Mass

Convenience

% Change vs. YA

+45%

+28%

+55%

+856%

+105%

$ Retail Sales
Market Share

18.5%

58.1%

20.7%

8.1%

1.3%

Source: IRI U.S. Multi-Outlet + Convenience for latest 52wk ending Dec. 27, 2015
Costco is not included in the data set

With Proven Ability to Sustain High Growth Rates

Over Multiple Periods within Existing Customers
Customer A - Grocery

Customer B - Club

$ retail sales in millions

$20
$18
$16
$14
$12
$10
$8
$6
$4
$2
$0

$ retail sales in millions

$18.3
$13.1

$3.0

2013A

2014A

$50
$45
$40
$35
$30
$25
$20
$15
$10
$5
$0

$44.4
$35.2

$13.9

2013A

2015A

Customer C - Drug

2014A

2015A

Customer D - Grocery

$ retail sales in millions

$ retail sales in millions

$7

$18

$15.8

$16

$6.0
$6
$5

$14

$10.9

$12

$4.2

$4

$10
$3

$8
$6
$4

$2

$3.3

$1

$2
$0

$0.9

$0
2013A

2014A

2015A

2013A

2014A

2015A

Source: IRI U.S. Multi-Outlet + Convenience for latest 52wk ending Dec. 27, 2015

10

Strong Brand Appeal to Consumers

Highest Loyalty in RTE

Popcorn1

% buyers repeat purchasing

Increasing Household
Penetration1

Growing Household
Awareness2
Percent point change in household awareness

41%

17 pts

62%

26%

17 pts

59%

0 pts

47%

41%

% change in household penetration

-7 pts

6%

-29%

Note: $ sales per million ACV is a measure of velocity defined as the sales of a product for every $1 million of All Commodity Volume to which it is exposed at retail.
1. IRI Panel Total U.S. All Outlets latest 52 weeks ending Dec 27, 2015.
2. Research Now Quantitative Survey (2014 N=850, 2015 N=1,615)

11

And to Retailers
Premium

Greatest
Frequency of Purchase2

Price1

Average price per ounce

Highest Total
in Basket Spend2

Average number of trips per buyer per year

Average in basket dollars per trip

4.6
$104

$0.68
3.8

$0.59

$86

$84

$80

$0.47
$0.43

2.6
2.2

1. IRI U.S. Multi-Outlet + Convenience, latest 52 weeks ending Dec 27, 2015.
2. IRI Panel Total U.S. All Outlets, latest 52 weeks ending Dec 27, 2015

12

Today. A Top 10 Salty Snack Dollar Manufacturer

Amplify Snack Brands is driving category growth with highly productive items
Dollar Sales - Amplify ranks 10th

Dollar Chg - Amplify ranks 2nd

$281.8
MM

$10.2 B

$1.0 B

Item Productivity1- Amplify ranks 2nd

$47.5 MM

$44.6 MM

$58.9 MM

$760.8 MM

$37.8 MM

$721.9 MM

$27.4 MM

$39.9 MM

$26.0 MM

$24.0 MM

$21.4 MM

$22.5 MM

$20.4 MM

$253.3 MM

$16.7 MM

$19.8 MM

$196.2 MM

$15.6 MM

$16.3 MM

$189.5 MM

$13.1 MM

$15.4 MM

$175.3 MM

$11.0 MM

$14.9 MM

$503.0 MM

$355.6 MM

Source: IRI U.S. Multi-Outlet for latest 52wk ending Dec. 27, 2015
1. Item productivity calculated as Total Dollar Sales / Avg # of Items Selling

13

With Attractive Financial Profile with Best-in-Class

Growth, Margins and Free Cash Flow Conversion
2014A
Adj. EBITDA Margin

2012A-2014A
Net Sales CAGR

187.0%

2014A
Adj. EBITDA Capex Conversion

44.2%
99.2%

76.3%

80.0%

20.1%
24.8%
13.5%

10.1%

High-Growth
Consumer
Company
Median

Selected
Snacking
Company
Median

High-Growth
Consumer
Company
Median

Selected
Snacking
Company
Median

High-Growth
Consumer
Company
Median

Selected
Snacking
Company
Median

Source: Company filings. Selected High Growth Consumer Company Median consists of the median for Monster, Blue Buffalo, Keurig, Boston Beer, WhiteWave, Freshpet and Hain Celestial. Selected Snacking Company
Median consists of the median for B&G Foods, Boulder Brands, Pinnacle Foods, Flowers Foods, Snyders-Lance and Diamond Foods
Note: Amplify Snack Brands data is pro forma for 2014. All other financial data is for calendar year 2014. Adj. EBITDA is a non-GAAP financial metric. All companies may not calculate Adj. EBITDA in the
same manner and therefore the Adj. EBITDA presented may not be comparable between the companies listed here. Adj. EBITDA capex conversion refers to (Adj. EBITDA - Capex) / Adj. EBITDA.

14

Growth
Strategy
15

Our Growth Drivers

6
5
4
1
Strong
Category
Growth

2
Increase
Distribution
and Share
of Shelf

3
Increase
Household
Penetration

New
Product
Innovation

International
Expansion

New
Brands:
Build or
Buy

16

Capitalize on RTE Popcorn Category Growth

Through Continued Share Gains

And Winning Share from

Other Large Snacking Categories2

SkinnyPop Is Gaining
Share in Fast-Growing RTE Popcorn1

% response to What do you eat SkinnyPop instead of? Please select all that apply.

Multi-Outlet + Convenience $ retail sales in billions

$1.08

CAGR:
18%

59%

$0.97

$0.79
$0.65

41%

40%

39%

37%
35%

33%

32%

24%
21%

10%

21%

23%

12%

Vegetables

Nuts

Candy

Cookies

Pretzels

SkinnyPop Share

Granola Bars / Energy Bars

RTE
Category
Growth

2015A

Tortilla Chips

Total RTE Popcorn

2014A

Crackers

2013A

Other RTE Popcorn

2012A

Microwave Popcorn

6%
Potato Chips

2%

16%

Fruit

17%

16%
12%

1. Source: Latest 52 weeks IRI as of Dec 27,2015

2. SkinnyPop proprietary usage and attitude study conducted September 30, 2015 with 615 consumers.

17

Increase Distribution and Share of Shelf

Significant Distribution Headroom Resulting in Ample Growth Runway

All commodity weighted distribution

Average items per store selling

Total distribution points

1,107

94%
7.9
72%

6.6

65%

578

641

4.5

45%
3.0

29

2012A

CAGR:
101%
136
49

2013A

240

292

2014A 2015A

Tools for Growing Distribution

Additional Items on Shelf

Effective Retail Merchandising

Avg.
Top 25
Salty
Snack
Brands

Differentiated Packaging

Source: U.S. Multi-Outlet + Convenience latest 52 weeks ending Dec 27,2015.

18

Capitalize on SkinnyPops Leading Brand

Loyalty Driving Gains in Household Penetration

Industry Leading Brand

But Opportunity for Increased

Household Penetration2

Loyalty1

% of customers repeat purchasing

62%

% households buying
58%

59%

55%

25.4%

54%
51%

47%
41%

43%

43%

42%
11.7%

7.4%
5.2%

4.4%

Top 25
Salty Snack
Brand Avg.2

Tools for Growing Awareness

Digital, Social & Influencers

1.
2.

Sampling & Field Marketing

IRI Panel Total U.S. All Outlets latest 52 weeks ending Dec 27,2015
IRI Panel Total U.S. All Outlets latest 52 weeks ending Dec 27,2015.The top 25 salty snack brands are those brands with the highest dollar retail sales in the 52 week period according to IRI data.

19

Growth
Through
Meaningful
and
Relevant
Innovation:
4
2016 SkinnyPop New Product Innovation
H1 2016 New Flavors

H2 2016 Continued Innovation

New Form Brand

Expansion in Closein Category
Adjacencies

New Price/Pack
Combinations

20

55

Significant Opportunities to Enter Adjacent

Categories via New Brands: Build or Buy
Attractive Snack Markets in the U.S.1

Key Acquisition Criteria

2015 $ retail sales in billions

BFY snacking

$7.2

Exceptional taste profile

Distinct BFY characteristics

$4.8
$4.2

Premium brand
Unique brand, product and
positioning

$2.0
$1.2

$1.1

$1.1

Some proof of concept at retail

Potato
Chips
2009
-2015
CAGR

3.5%

Tortilla
Chips

Cheese
Snacks

Pretzels

3.8%

3.6%

1.5%

Corn
Snacks

RTE
Popcorn

Other
(No Nuts)

2.9%

11.7%

4.9%

Global retail snack sales estimated at over $370 billion in 2014 2

Meaningful revenue and margin

opportunities
Leverages existing infrastructure and
expertise

1. 2015 market sizes based on U.S. Multi-Outlet + Convenience.

2. Nielsen Global Snacking Report September 2014.

21

Paqui Is Our First Platform Acquisition:

Launching Nationally February 2016

Attractive Tortilla Chips Market

Large and growing market at $4.7 billion in the U.S. and
$11.9 billion globally1
One of the most purchased snacks in the U.S.
No leading BFY brand of scale

Paquis Fit with Amplify

Alignment with Amplifys BFY mission
Small but unique and emerging brand
Sold regionally in Whole Foods and nationally in Kroger

Fast and Successful Integration

Fully integrated into financial and business processes

Improved profitability
Improved ingredient deck
New price/pack combinations
New signature flavor Nacho Cheese Especial
Tier I Co-Manufacturing with large national network
Significant customer acceptance
Ready for Q1 2016 national launch
Strong marketing program to gain awareness and trial
NO MSG

1. Euromonitor 2015 Edition.

22

21 New SKUs Launching Nationally February 2016

6 Flavors!
5.5oz

Canadian 155g

2oz

22oz

20oz

1oz

23

International Expansion

Popcorn retail sales at ~$4.6 billion globally in 2014 with an expected CAGR of 4.4% through 20191

Size of Popcorn Category in Markets Outside the U.S.1

Increase distribution in Canada

$ retail sales in millions

$476

Expansion Approach

$465

Prioritize sizeable high-growth markets

$419

Distribution with global retailers

$343

International distribution partners

Asset-light outsourced manufacturing
model
$110

$104
$80

Opportunity to become a
global BFY leader
Canada
& Mexico

Western
Europe

South
America

Asia
Pacific

Middle East
& Africa

Eastern
Europe

Australasia

1. Euromonitor 2015 Edition.

24

Financial
Overview
25

Track Record of Strong Growth and Compelling

Financial Profile
Adj. Gross Profit1

Net Sales
$ in millions

$ in millions
CAGR:
136%

CAGR:
136%

$171
$132

$56

$33

$16

$9

2012A
2012A
YoY
Growth

2013A
2013A

247.8%

2014PF
2014PF

137.6%

2015
2015
Q3Q3
LTMLTM
42.9%

2012A
Gross
Margin

56.1%

Adj. SG&A2

2013A

2014PF

2015 Q3
LTM

58.6%

56.5%

56.0%

Adj. EBITDA

$ in millions

$ in millions
CAGR:
147%

CAGR:
133%

$26
$16

$59

$70

$25

$8
$2

SG&A % of
Net Sales2

$96
$75

$7

2012A

2013A

2014PF

2015 Q3
LTM

13.6%

14.1%

12.3%

15.3%

2012A
Adj. EBITDA
Margin

42.5%

2013A

44.5%

2014PF

2015 Q3
LTM

44.2%

40.7%

1. Adjusted for depreciation and inventory acquisition fair value adjustments.

2. Includes sales, marketing, general and administrative expenses and is adjusted to exclude founder contingent compensation, amortization of intangible assets, recapitalization expenses, executive recruitment costs,
sponsor acquisition-related expenses and equity-based compensation.

26

Strong Year-to-Date 2015 Financial Performance

First 9 Months Results
Gross Profit

Net Sales

Adj. EBITDA

$ in millions

$ in millions

$ in millions

$138

$99

$77

$56

$56
$45

First 9 Mo. 2014

First 9 Mo. 2015

Gross
Margin

First 9 Mo. 2014

First 9 Mo. 2015

56.0%

55.8%

First 9 Mo. 2014

Adj.
EBITDA
45.5%
Margins

First 9 Mo. 2015

40.8%

27

Continued Strong Momentum in Q4 2015 Scanner Data

Latest IRI 12-week Period Ending December 27, 2015
Continued Strong Dollar Sales and Unit Sales

SP Grew +40% in $ Sales Latest IRI

12-Week Period
$ retail sales % change vs. YA

$40.1 million dollar sales -> +39.8% YoY growth

40%
35%

10.3 million units sales -> +37.5% YoY growth

27%

13.1% dollar share -> +267 bps YoY growth

$0.70 average price/volume (oz) -> +6 bps YoY growth

Continued Distribution Gains1

(12%)

72.2 ACV -> +29.6 YoY growth

SP $ Share Growth Up +2.7pts vs YA

215.9 TDP -> +90.0% YoY growth

$ market share (%) change vs. YA

2.8 items selling

Continued Strong Velocity Performance

2.7 pts

2.8 pts

0.9 pts

$39.2 Dollars per $MM ACV -> +8.2% YoY growth

1.

Source: IRI U.S. Multi-Outlet + Convenience for 12wks ending Dec 27, 2015

(1.5) pts
28

Strong Cash Flow and Liquidity

Adjusted EBITDA Capex

Debt as of September 30, 2015

$ in millions

$ in millions

Amount

Leverage
(x 2015 Q3
LTM Adj.
EBITDA)2

$69
Cash

$58

$6.9

CAGR:
132%

$24

$7

2012A
Capex

$0.0

Revolver ($25mm capacity)

1.5

Paqui Seller Notes Payable

3.7

Term Loan

2013A

$0.5

2014PF

$0.5

2015 Q3
LTM 3

Total Net Debt1

199.9

$198.2

2.8x

$0.7 3

1. Does not include founder contingent compensation of $25mm for SkinnyPop due first half of 2016.
2. 2015 Q3 LTM Adj. EBITDA at $69.5mm.
3. 2015 Q3 LTM unfunded Capex only.

29

Comparable Company Growth and Operating

Performance Metrics
Historical Growth Metrics
CY'13A LTM Q3
2015 Revenue
CAGR

CY'13A LTM Q3
2015 EBITDA
CAGR

LTM Operating Metrics1

Gross Margin

EBITDA Margin

Free Cash Flow

Conversion

89.6%

80.2%

55.9%

40.7%

99.0%

24.9%

29.5%

36.1%

23.5%

91.2%

22.2%

22.2%

35.0%

15.2%

84.8%

17.9%

7.8%

34.3%

15.0%

76.2%

10.4%

6.8%

30.8%

13.8%

75.2%

6.9%

5.6%

29.9%

13.1%

71.7%

6.1%

3.6%

27.2%

12.6%

66.3%

5.7%

(3.2%)

23.5%

12.1%

42.0%

0.1%

(9.3%)

14.2%

5.9%

41.0%

Sources: Company filings, Wall Street research and S&P Capital IQ as of January 8, 2016.
Note: Free cash flow defined as EBITDA less Capex. Free Cash Flow Conversion defined as Free Cash Flow over EBITDA.
1. LTM is the pro forma financial data from the 12-months ended September 30, 2015

30
1

Guidance
FY 2015 Guidance*
Net Sales

$180.0 - $182.0 million

36.0% - 37.5% increase

Adj. EBITDA

$71.7 - $72.5 million

22.5% - 23.8% increase
Drivers

Strong momentum of SkinnyPop brand

Continued strong gross margin performance
Slight increase in Adjusted SG&A from increased
consumer marketing and public company costs

* As of November 5, 2015; all comparisons made to the prior year.

31

Summary: Amplify is Well-Positioned to Capitalize on

the Opportunity to Be a Leader in BFY Snacks
Rapidly Growing
BFY Snack Food Company

Unique Snacking Platform

BFY snacking platform

Premium BFY Brands1

Net sales $ in millions

Experienced management

$171
CAGR:
136%

Established infrastructure

$132

$56

SkinnyPop: Our cornerstone brand

$16

Embodies BFY mission

2012A

Proven track record with significant

growth headroom
Paqui is our first acquisition

2013A

2014PF

Industry Leading
Margins Are Fueling Growth
Adj. EBITDA $ in millions

Strong fit with Amplify

CAGR:
133%

Large category with no BFY leader

CHOLESTEROL
& TRANS FAT

$70
$59

FREE

$25

Asset-light business model

NO

$7

PRESERVATIVES

Minimal capex
Best-in-class cash flow conversion

2015 Q3
LTM

2012A
Adj.
EBITDA
Margin

2013A

2014PF

2015 Q3
LTM

44.5%

44.2%

40.7%

FREE

NON
GMO

NO
ARTIFICIAL
INGREDIENTS

DAIRY
AND

42.5%

PEANUT &
TREE NUT

GLUTEN

KOSHER

FREE

1. Not all the claims are applicable to both SkinnyPop and Paqui.

32

Q&A

33

Appendix

34

Reconciliation of Net Income to Adjusted EBITDA

$ in millions

2013

2014 Pro Forma

Q3 2015 LTM

Net Income

$ 24.8

$ 13.6

$ 8.1

Interest Expense

12.9

11.7

Income Tax Expense

7.3

12.8

0.0

0.2

0.3

Amortization of Intangible Assets

4.2

4.2

Inventory Fair Value Adjustment1

0.4

0.0

0.2

2.7

Founder Contingent Compensation

18.4

18.4

Sponsor Acquisition-Related Expenses3

0.5

0.0

Recapitalization Expenses4

0.2

0.3

Executive Recruitment5

0.6

1.3

9.4

Other Professional Services

0.3

Severance Expenses8

0.1

$ 24.8

$ 58.5

$ 69.5

Non-GAAP Adjustments:

Depreciation

Equity-Based Compensation Expenses

2

IPO Related Expenses6

7

Adjusted EBITDA

1. Reflects the elimination of the $0.4 million increase in cost of goods sold related to the Sponsor Acquisition.
2. Represents compensation expense associated with the Founder Contingent Compensation of $8.4 million recorded in the period from July 17, 2014 to December 31, 2014, and $18.4 million reflected as a
component of general & administrative expenses in the Pro Forma Year Ended December 31, 2014 (Unaudited).
3. Represents (i) $0.5 of predecessor transaction costs, (ii) $0.8 of transaction bonuses and (iii) $2.2 of sponsor transaction costs.
4. Represents the expenses incurred in connection with the December 2014 and May 2015 Special Dividends.
5. Represents the recognized expense associated with sign-on and retention bonuses for certain executive hires and certain recruiting fees.
6. Includes performance bonuses and related payroll taxes paid to employees upon the completion of the IPO, a financial advisory fee paid to an advisor in connection with the IPO, and legal, accounting, consulting,
printing, filing and listing fees paid in connection with the IPO process.
7. Represents transaction costs associated with legal and accounting services.
8. Represents severance expenses related to the acquisition of Paqui. We are permitted to add back expenses of this type in determining Adjusted EBITDA under the credit agreement governing our term loan

35

Reconciliation of Gross Profit to Adjusted Gross Profit

and SG&A to Adjusted SG&A
$ in millions

2013

Gross Profit

2014 Pro Forma

Q3 2015 LTM

$ 32.7

$ 74.2

$ 95.3

0.0

0.2

0.3

0.4

0.0

$ 32.7

$ 74.8

$ 95.6

Non-GAAP Adjustments:
Depreciation (COGs)
Inventory Fair Value Adjustment1
Adjusted Gross Profit

2013
SG&A

$ 7.9

2014 Pro Forma

$ 40.4

Q3 2015 LTM
$ 62.7

Non-GAAP Adjustments:
Depreciation (SG&A)

(0.0)

(0.0)

Amortization of Intangible Assets

(4.2)

(4.2)

Equity-Based Compensation Expenses

(0.2)

(2.7)

Founder Contingent Compensation2

(18.4)

(18.4)

Sponsor Acquisition-Related Expenses3

(0.5)

0.0

(0.2)

(0.3)

(0.6)

(1.3)

Recapitalization Expenses
5

Executive Recruitment

(9.4)

Other Professional Services

(0.3)

Severance Expenses8

(0.1)

$ 7.9

16.2

IPO Related Expenses

Adjusted SG&A

$ 26.1

1. Reflects the elimination of the $0.4 million increase in cost of goods sold related to the Sponsor Acquisition.
2. Represents compensation expense associated with the Founder Contingent Compensation of $8.4 million recorded in the period from July 17, 2014 to December 31, 2014, and $18.4 million reflected as a
component of general & administrative expenses in the Pro Forma Year Ended December 31, 2014 (Unaudited).
3. Represents (i) $0.5 of predecessor transaction costs, (ii) $0.8 of transaction bonuses and (iii) $2.2 of sponsor transaction costs.
4. Represents the expenses incurred in connection with the December 2014 and May 2015 Special Dividends.
5. Represents the recognized expense associated with sign-on and retention bonuses for certain executive hires and certain recruiting fees.
6. Includes performance bonuses and related payroll taxes paid to employees upon the completion of the IPO, a financial advisory fee paid to an advisor in connection with the IPO, and legal, accounting,
consulting, printing, filing and listing fees paid in connection with the IPO process.
7. Represents transaction costs associated with legal and accounting services.
8. Represents severance expenses related to the acquisition of Paqui. We are permitted to add back expenses of this type in determining Adjusted EBITDA under the credit agreement governing our term loan.

36

Reconciliation of Cash from Operating Activities to

Adjusted EBITDA
2013

Predecessor
Period (January 1,
2014
to July 16, 2014)

Successor Period
(July 17, 2014 to
December 31,
2014)

YTD
September 30,
2015

$ 22.5

$ 26.3

$ 12.7

$ 30.9

Interest Expense

4.3

9.3

Income Tax Expense

3.5

11.1

Deferred Income Taxes1

3.1

(7.0)

Amortization of Deferred Financing Costs2

(0.3)

(0.6)

2.3

4.3

(1.6)

1.8

0.4

0.0

Founder Contingent Compensation

1.5

0.0

Sponsor Acquisition-Related Expenses5

1.3

2.2

0.0

IPO Related Expenses

9.4

0.1

0.2

0.1

0.6

0.7

0.3

$ 24.8

$ 31.9

$ 26.6

$ 56.1

$ in millions

Cash from Operating Activities

Reconciling Items:

Net Change in Operating Assets and Liabilities,

Net of Effects of Acquisition
Inventory Fair Value Adjustment3
4

Severance Expenses

Recapitalization Expenses8
9

Executive Recruitment

10

Other Professional Services

Adjusted EBITDA
1.
2.
3.
4.
5.
6.

Represents a non-cash component of income tax expense.

Represents a non-cash component of interest expense.
Reflects the elimination of the $0.4 million increase in cost of goods sold related to the Sponsor Acquisition.
Reflects the prepayment of Founder Contingent Compensation.
Represents (i) $0.5 of predecessor transaction costs, (ii) $0.8 of transaction bonuses and (iii) $2.2 of sponsor transaction costs.
Includes performance bonuses and related payroll taxes paid to employees upon the completion of the IPO, a financial advisory fee paid to an advisor in connection with the IPO, and legal, accounting, consulting, printing,
filing and listing fees paid in connection with the IPO process.
7. Represents severance expenses related to the acquisition of Paqui. We are permitted to add back expenses of this type in determining Adjusted EBITDA under the credit agreement governing our term loan.
8. Represents the expenses incurred in connection with the December 2014 and May 2015 Special Dividends.
9. Represents the recognized expense associated with sign-on and retention bonuses for certain executive hires and certain recruiting fees.
10.Represents transaction costs associated with legal and accounting services.

37

Experienced Team with Proven Track Record

Tom
Ennis

Brian
Goldberg

Jason
Shiver

Doug
Lyon

Steve
Galinski

Chief Executive
Officer

Chief Financial
Officer

Executive Vice
President of Sales &
Marketing

Vice President
of Innovation

Senior Vice President

of Supply Chain

20 years of
experience

18 years of
experience

20 years of
experience

23 years of
experience

25 years of
experience

Note: Logos are representative of selected prior professional experience.

38