BETR Nov 2015 Investor Presentation

8/20/2019 BETR Nov 2015 Investor Presentation

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Investor PresentationNovember 2015


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This presentation, prepared by Amplify Snack Brands, Inc., is solely for informational purposes and is strictly confidential. Disclosure of thispresentation, 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, andsuch statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or future financial oroperating 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 inthe forward-looking statements, and you should not place undue reliance on our forward-looking statements. The forward-looking statements in thispresentation 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 onindustry publications, surveys and forecasts. This information involves a number of assumptions and limitations, and we have not independentlyverified 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 BrandInc.’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, thetotal 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 April2015 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-monthsended September, 30, 2015 to the pro forma financial data for year ended December 31, 2014 and subtracting the pro forma financial data for thenine-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.

Disclaimer


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Today’s Presenters and Agenda

Tom Ennis

Chief Executive Officer

Brian Goldberg

Chief Financial Officer

Presenters Agenda

Introduction to Amplify Snack Brands1

Investment Highlights2

Growth Strategy3

Financial Overview4

Q&A5


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Introduction to Amplify Snack Brands

1


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Addressing Growing Consumer Demand for Better-For-You (“BFY”) Snacking

Opportunity to become a category leader,focused exclusively on the rapidly-growing demand for BFY snacks

1. The Nielsen Company, Goldman Sachs Global Investment Research. Indexes an age cohort’s $ share of total food purchases versus its $ share of wholesome snack purchases.2. United States Census Bureau 2014.

3. Nielsen Global Snacking Survey, Q1 2014.

75%

75%

73%

66%

51%

No ArtificialColors

No ArtificialFlavors

GMO Free

Whole Grain

Gluten Free

% of consumers that rated attribute as important

Strong Consumer Demand for BFY Attributes3

Moderately importantVery important

131

128

104

79

63


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PEANUT &

TREE NUT

FREE

CHOLESTEROL

& TRANS FAT

FREENO

ARTIFICIAL

INGREDIENTS

DAIRYAND

GLUTEN

FREE

KOSHER

Well-Positioned to Capitalize on the Opportunity to Bea Leader in BFY Snacks

BFY snacking platform

─ Experienced management

─ Established infrastructure

SkinnyPop: Our cornerstone brand

─ Embodies BFY mission

─ Proven track record with significantgrowth headroom

Paqui is our first acquisition

─ Strong fit with Amplify

─ Large category with no BFY leader

Asset-light business model

─ Minimal capex

─ Best-in-class cash flow conversion

$16

$56

$132

$171

2012A 2013A 2014PF 2015 Q3LTM

CAGR:136%

Net sales $ in millions

$7

$25

$59$70

2012A 2013A 2014PF 2015 Q3LTM

Adj. EBITDA $ in millions

CAGR:133%

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

Rapidly GrowingBFY Snack Food CompanyUnique Snacking Platform Premium BFY Brands1

Industry LeadingMargins Are Fueling Growth

NONGMO

NOPRESERVATIVES

Adj.

EBITDA

Margin

42.5% 44.5% 44.2% 40.7%


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Experienced Team with Proven Track Record

Note: Logos are representative of selected prior professional experience.

Tom

Ennis

Brian

Goldberg

Jason

Shiver

Doug

Lyon

Steve

Galinski

Chief ExecutiveOfficer

Chief FinancialOfficer

Senior VicePresident of Sales

Vice Presidentof Innovation

Vice Presidentof Supply Chain

20 years ofexperience






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InvestmentHighlights

2


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Investment Highlights

Targeting a Large and Growing Category with Strong Market Tailwinds1

Cornerstone Brand, SkinnyPop, Is a Leader in a Fast-Growing Category2

Strong Brand Appeal to Consumers and Retailers3

Established Infrastructure to Support BFY Snacking Platform4

Attractive Financial Profile with Best-in-Class Growth, Margins and Free Cash Flow Conversion5


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~3-4%

10%+

Traditional Brands BFY Brands

Targeting a Large and Growing Category withStrong Market Tailwinds

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 cohort’s $ share of total food purchases versus its $ share of wholesome snack purchases.

Large and Growing Salty Snack Category1

$ retail sales in billions

[]

[]

[]

[]

[]

[]

[]

$17

$21

2009A 2014A 2019E

CAGR:+4%

+$4

CAGR:+3-4%

~ +$4

1

~$25

BFY Brands Are Outpacing Growth of Traditional2

~3X

Estimated $ retail sales growth

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

Expected growth of +3-4% through 2019

Increased importance of snacking in consumer diets

Emergence of millennials as heavy snackers

Demand for great-tasting BFY products

Focus on simple, recognizable ingredients

Millennials over-index in their demand for BFY snacks3


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$ 0.0

$ 1.0

$ 2.0

$ 3.0

$ 4.0

J a n - 2 0 1 3

J u l - 2 0 1 5

Cornerstone Brand, SkinnyPop, Is a Leader ina Fast-Growing Category

2

$1,511

$1,735

$104

$119

2012A All Other Brands 2014A

Note: LTM defined as latest 52 weeks ending Oct 4,2015.

Source: IRI U.S.

SkinnyPop Is DrivingTotal Popcorn Category Growth…

…And Emerging as a

Ready-to-Eat (“RTE”) Popcorn Leader

Multi-Outlet Channel $ retail sales in millions Multi-Outlet Channel $ weekly sales in millions

Total Popcorn: +7% CAGRRTE Popcorn: +24% CAGR

J a n - 2 0 1 3

J u l - 2 0 1 3

J a n - 2 0 1 4

J u l - 2 0 1 4

J a n - 2 0 1 5

21.2 %

19.4 %

6.4 %

7.3 %

LTM $ Share


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Strong Brand Appeal to Consumers…3

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 Oct 4,2015.

2. IRI U.S. Multi-Outlet + Convenience latest 52 weeks ending Oct 4, 2015.

$236

$170

$95

$87

34%

22%

16%

-9%

Fastest Growing Velocity2Highest Loyalty in RTE Popcorn1Room for Continued

Velocity Growth2

61%

59%

47%

40%

% change in $ retail sales per million ACV% buyers repeat purchasing $ retail sales per million ACV


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…And to Retailers3

1. IRI U.S. Multi-Outlet + Convenience, latest 52 weeks ending Oct 4,2015.

2. IRI Panel Total U.S. – All Outlets, latest 52 weeks ending Oct 4, 2015.

GreatestFrequency of Purchase2Premium Price1

Highest Totalin Basket Spend2

Average number of trips per buyer per year Average price per ounce Average in basket dollars per trip

$0.67

$0.59

$0.48

$0.43

4.5

3.7

2.5

2.1

$104

$84 $82$78


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Established Infrastructure to Support BFYSnacking Platform

4

Sales

Systems &

Infrastructure

Supply Chain &

Distribution

Marketing &

Innovation

Established supplierrelationships

“Asset-light” outsourcedmanufacturing

Servicing customersthrough direct anddistributor models

Partnering with Tier 1

Co-Manufacturers

BFY snack focused salesteam

Strong relationships acrosschannels and brokers

Category managementanalytics and insights

Field marketing team

Investment in socialmedia, PR andinfluencers

Innovation team

Grassroots focus

Seasoned managementacross all functions

New HQ in Austin, Texas

ERP implementationcomplete


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5 Attractive Financial Profile with Best-in-ClassGrowth, Margins and Free Cash Flow Conversion

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 CompanyMedian consists of the median for B&G Foods, Boulder Brands, Pinnacle Foods, Flowers Foods, Snyder’s-Lance and Diamond FoodsNote: 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.

2014AAdj. EBITDA Margin

2012A-2014ANet Sales CAGR

2014AAdj. EBITDA – Capex Conversion

187.0%

24.8%

10.1%

High-GrowthConsumer CompanyMedian

SelectedSnackingCompanyMedian

44.2%

20.1%

13.5%



99.2%

76.3%80.0%




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GrowthStrategy

3


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Our Growth Drivers

StrongCategoryGrowth

IncreaseDistributionand Share

of Shelf

NewProduct

Innovation

IncreaseHouseholdPenetration

InternationalExpansion

Future

BFY

Acquis i t ions

1 23

4

5


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59%

41%40%

39% 37%

35%33%

32%

24%

21%

17%16%

P o t a t o C h i p s

M i c r o w a v e P o p c o r n

O t h e r R T E P o p c o r n

C r a c k e r s

C o o k i e s

T o r t i l l a C h i p s

C a n d y

P r e t z e l s

G r a n o l a B a r s / E n e r g y B a r s

N u t s

V e g e t a b l e s

F r u i t

2%

6%

12%16%

$0.65

$0.79

$0.97

$1.05

2012A 2013A 2014A 2015L52

Capitalize on Category GrowthThrough Continued Share Gains

1. Source: Latest 52 weeks IRI as of Oct 4,2015

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

SkinnyPop Is GainingShare in Fast-Growing RTE Popcorn1…

…And Winning Share fromOther Large Snacking Categories2

Multi-Outlet + Convenience $ retail sales in billions% response to “What do you eat SkinnyPop instead of? Please select all that apply.”

RTE

Category

Growth

10% 21% 23% 13%

SkinnyPop ShareTotal RTE Popcorn

CAGR:19%

1


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29 49

136221

270

585673

1,088

2015L52

7.9

6.9

4.4

2.9

Increase Distribution and Share of Shelf

Source: U.S. Multi-Outlet + Convenience latest 52 weeks ending Oct 4,2015.

Significant Distribution Headroom Resulting in Ample Growth Runway

Average items per store selling All commodity weighted distribution Total distribution points

Tools for Growing Distribution

94%

70%65%

40%

Avg.Top 25Salty

SnackBrands

Additional Items on Shelf Effective Retail Merchandising Differentiated Packaging

CAGR:109%

2

2012A 2013A 2014A


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Capitalize on SkinnyPop’s Leading Brand

Loyalty Through Household Penetration Gains

1. IRI Panel Total U.S. – All Outlets latest 52 weeks ending Oct 4,2015

2. IRI Panel Total U.S. – All Outlets latest 52 weeks ending Oct 4,2015.The top 25 salty snack brands are those brands with the highest dollar retail sales in the 52 week period according to IRI data.

Industry Leading Brand Loyalty1…

% of customers repeat purchasing % households buying

Tools for Growing Awareness

Digital, Social & Influencers Sampling & Field Marketing

…But Low Household Penetration2

61%59%

47%

40%

57%55% 53%

51%

43%42% 41%

7.2%

26.3%

11.2%

5.3% 4.6%

Top 25Salty SnackBrand Avg.2

3


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New Product Innovation

2010-2012 2015+2012-2014

FlavorExpansions

NewPrice/Pack

Combinations

Close-inCategory

Adjacencies

New Forms

4


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International Expansion5

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

$ retail sales in millions

Expansion Approach

$476$465

$419

$343

$110 $104$80

Canada& Mexico

WesternEurope

South America

AsiaPacific

Middle East& Africa

EasternEurope

Australasia

Increase distribution in Canada

Prioritize sizeable high-growth markets

Distribution with global retailers

International distribution partners

Asset-light outsourced manufacturingmodel

Opportunity to become aglobal BFY leader

1. Euromonitor 2015 Edition.


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Significant Opportunities to Enter AdjacentCategories via Future Acquisitions

1. 2014 market sizes based on IRI. 2019 market sizes are implied by management based on 2009-2014 historical category growth.

2. Nielsen Global Snacking Report September 2014.

Attractive Snack Markets in the U.S.1 Key Acquisition Criteria

BFY snacking

Exceptional taste profile

Distinct BFY characteristics

Premium brand

Unique brand, product andpositioning

Some proof of concept at retail

Meaningful revenue and marginopportunities

Leverages existing infrastructure andexpertise

$7.2

$4.7

$1.8

$1.2 $1.1 $1.0

$3.9

PotatoChips

TortillaChips

CheeseSnacks

Pretzels CornSnacks

RTEPopcorn

Other (No Nuts)

Expected 2014-2019 CAGR of +3-4% drivinga $4 billion+ category expansion

2009

-2014

CAGR

4.1% 3.9% 3.0% 2.0% 3.0% 11.7% 4.6%

Global retail snack sales estimated at over $370 billion in 20142

2014 $ retail sales in billions


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Paqui Is Our First Platform Acquisition Addressing a Large Market with an Existing BFY Brand

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

1. Euromonitor 2015 Edition.

Paqui’s Fit with Amplify

NO MSG

Fast and Successful IntegrationFully 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

Alignment with Amplify’s BFY mission

Small but unique and emerging brand

Sold regionally in Whole Foods and nationally in Kroger


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6 Flavors!

5.5oz

Paqui is ready for national launch!

20oz

2oz

1oz

22oz

Canadian 155g


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FinancialOverview

4


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Track Record of Strong Growth and CompellingFinancial Profile

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.

Net Sales Adj. Gross Profit1

Adj. SG&A2 Adj. EBITDA

$7 $25

$59$70

2012A 2013A 2014PF 2015 Q3LTM

$9$33

$75

$96

2012A 2013A 2014PF 2015 Q3LTM

$16$56

$132$171

2012A 2013A 2014PF 2015 Q3LTM

YoYGrowth

247.8% 137.6% 42.9% GrossMargin

56.1% 58.6% 56.5% 56.0%

$2 $8

$16

$26

2012A 2013A 2014PF 2015 Q3LTM

SG&A % of

Net Sales 2 13.6% 14.1% 12.3% 15.3%

Adj. EBITDA

Margin 42.5% 44.5% 44.2% 40.7%

$ in millions

CAGR:147%

$ in millions

$ in millions

$ in millions

CAGR:133%

CAGR:136%

CAGR:136%

2012A 2013A 2014PF 2015 Q3LTM


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$99

$138

First 9 Mo. 2014 First 9 Mo. 2015

Strong Year-to-Date 2015 Financial PerformanceFirst 9 Months Results

Net Sales Adj. EBITDA

$ in millions $ in millions

Gross

Margin 56.0% 55.8%

Gross Profit

$ in millions

Adj.

EBITDA

Margins

45.5% 40.8%

$45

$56


$56

$77



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$43.0

$59.5

$29.2

$18.1

SkinnyPop SmartFood PopcornIndiana

Angies

Continued Strong MomentumLatest IRI 12-week Period

Dollars per $MM ACVContinued Strong Dollar Sales and Unit Sales

$43.2 million dollar sales, +42.9% YoY growth

11.3 million units sales, +42.5% YoY growth

18.0% dollar share -> +400 bps YoY growth

$0.68 average price/volume (oz) -> +20 bps YoY growth

Continued Distribution Gains

Continued Strong Velocity Performance

$43.0 Dollars per $MM ACV -> +10.4% YoY growth

68.5 ACV -> +27.9 YoY growth

199.7 TDP -> +96.2% YoY growth

2.7 items selling

1. Source: IRI U.S. Multi-Outlet + Convenience for 12wks ending Oct 4, 2015

2. Calculation of retail sales dollars divided by Total Distribution Points as reported by IRI Multi-Outlet + Convenience for 12wks ending Oct 4, 2015

1

1

1

$ RetailSales (MM) $43.2 $68.2 $15.4 $12.0

YoY $growth% 42.9% 22.9% 36.4% -27.5%

ACV 68.5 92.2 34.7 60.5

Items / store 2.7 4.4 3.3 3.8

TDP 199.7 420.2 178.7 253.7

$ RetailSales (MM) /

TDP$0.22 $0.16 $0.08 $0.05

2


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SkinnyPop Distribution Gains Across all ChannelsL52 Weeks

Grocery Channel

Natural Channel

C-Store Channel

Mass Channel

TDP - 311

% TDP Growth – 42.6%

Category – 18.2% $69.7MM

SkinnyPop – 59.3% $30.3MMSP % of Cat $ growth 43.5%

Category – 11.5% $17.7MMSkinnyPop – 643.0% $ 9.0MM

SP % of Cat $ growth 50.7%

Category – 18.6% $3.2MMSkinnyPop – 49.0% $1.3MMSP % of Cat $ growth 42.5%

Category – 7.7% $14.6MMSkinnyPop – 88.3% $1.1MMSP % of Cat $ growth 7.4%

1. Source: IRI U.S. Multi-Outlet + Convenience for latest 52wk ending Oct. 4, 2015

Grocery Channel $ Growth 1

Mass Channel $ Growth 1

Natural Channel $ Growth 1

C-Store Channel $ Growth 1

TDP - 220% TDP Growth – 389.2%



St C h Fl d Li idit


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Strong Cash Flow and Liquidity

Adjusted EBITDA – Capex Debt as of September 30, 2015

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.

$7

$24

$58

$69

2012A 2013A 2014PF 2015 Q3LTM

$ in millions

CAGR:132%

Amount

Leverage(x 2015 Q3LTM Adj.EBITDA)2

Cash $6.9

Revolver ($25mm capacity) 1.5

Paqui Seller Notes Payable 3.7

Term Loan 199.9

Total Net Debt1 $198.2 2.8x

$ in millions

Capex $0.0 $0.5 $0.5 $0.7

3

3

G id


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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

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

Drivers

Strong momentum of SkinnyPop brand

Continued strong gross margin performance

Slight increase in Adjusted SG&A from increasedconsumer marketing and public company costs


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Appendix

R ili ti f N t I t Adj t d EBITDA


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Reconciliation of Net Income to 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 assoc iated 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 acomponent 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

$ in millions 2013 2014 Pro Forma Q3 2015 LTM

Net Income $ 24.8 $ 13.6 $ 8.1

Non-GAAP Adjustments:

Interest Expense - 12.9 11.7

Income Tax Expense - 7.3 12.8

Depreciation 0.0 0.2 0.3

Amortization of Intangible Assets - 4.2 4.2

Inventory Fair Value Adjustment1 - 0.4 0.0

Equity-Based Compensation Expenses - 0.2 2.7

Founder Contingent Compensation2 - 18.4 18.4

Sponsor Acquisition-Related Expenses3 - 0.5 0.0

Recapitalization Expenses4 - 0.2 0.3

Executive Recruitment5 - 0.6 1.3

IPO Related Expenses6 - - 9.4

Other Professional Services7 - - 0.3

Severance Expenses8 - - 0.1

Adjusted EBITDA $ 24.8 $ 58.5 $ 69.5

R ili ti f G P fit t Adj t d G P fit


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Reconciliation of Gross Profit to Adjusted Gross Profitand SG&A to Adjusted SG&A$ in millions

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 acomponent 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.

2013 2014 Pro Forma Q3 2015 LTM

Gross Profit $ 32.7 $ 74.2 $ 95.3

Non-GAAP Adjustments:Depreciation (COGs) 0.0 0.2 0.3

Inventory Fair Value Adjustment1 - 0.4 0.0

Adjusted Gross Profit $ 32.7 $ 74.8 $ 95.6

2013 2014 Pro Forma Q3 2015 LTM

SG&A $ 7.9 $ 40.4 $ 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

Recapitalization Expenses4 - (0.2) (0.3)

Executive Recruitment5 - (0.6) (1.3)

IPO Related Expenses6 - - (9.4)

Other Professional Services7 - - (0.3)

Severance Expenses8 - - (0.1)

Adjusted SG&A $ 7.9 16.2 $ 26.1

R ili ti f C h f O ti A ti iti t


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Reconciliation of Cash from Operating Activities to Adjusted EBITDA

1. Represents a non-cash component of income tax expense.2. Represents a non-cash component of interest expense.3. Reflects the elimination of the $0.4 million increase in cost of goods sold related to the Sponsor Acquisition.4. Reflects the prepayment of Founder Contingent Compensation.5. Represents (i) $0.5 of predecessor transaction costs, (ii) $0.8 of transaction bonuses and (iii) $2.2 of sponsor transaction costs.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 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.

$ in millions

2013

Predecessor

Period (January 1,

2014

to July 16, 2014)

Successor Period

(July 17, 2014 to

December 31,

2014)

YTD

September 30,

2015

Cash from Operating Activities $ 22.5 $ 26.3 $ 12.7 $ 30.9

Reconciling Items:

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)

Net Change in Operating Assets and Liabilities,

Net of Effects of Acquisition2.3 4.3 (1.6) 1.8

Inventory Fair Value Adjustment3 - - 0.4 0.0

Founder Contingent Compensation4 - - 1.5 0.0

Sponsor Acquisition-Related Expenses5 - 1.3 2.2 0.0

IPO Related Expenses6 - - - 9.4

Severance Expenses7 - - - 0.1

Recapitalization Expenses8 - - 0.2 0.1

Executive Recruitment

9 - - 0.6 0.7

Other Professional Services10 - - - 0.3

Adjusted EBITDA $ 24.8 $ 31.9 $ 26.6 $ 56.1

BETR Nov 2015 Investor Presentation

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Transcript of BETR Nov 2015 Investor Presentation