KRISPY KREME, INC. Item 2.02. Results of Operations and Financial Condition.
The information contained in this Item 2.02, shall not be deemed "filed" for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), or incorporated by reference in any filing under the Securities
Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as
expressly set forth by specific reference in such a filing.
Amount % change from 2020
(in millions except percentages) Low High Low High
Net Revenue $ 1,370 $ 1,385 22% 23%
Organic Revenue Growth 12% 13%
Adjusted EBITDA 182 187 25% 29%
Adjusted Net Income 65 68 53% 61%
Cautionary Note Regarding Forward-Looking Statements
This Form 8-K contains forward-looking statements that involve risks and
uncertainties. The words "will," "intends," "guidance," or similar words, or the
negative of these words, identify forward-looking statements. Such
forward-looking statements are based on certain assumptions and estimates that
we consider reasonable but are subject to various risks and uncertainties and
assumptions relating to our operations, financial results, financial conditions,
business, prospects, growth strategy and liquidity. Accordingly, there are, or
will be, important factors that could cause our actual results to differ
materially from those indicated in these statements. The inclusion of this
forward-looking information should not be regarded as a representation by us
that the future plans, estimates or expectations contemplated by us will be
achieved. Our actual results could differ materially from the forward-looking
statements included herein. Factors that could cause actual results to differ
from those expressed in forward-looking statements include, without limitation,
the risks and uncertainties described under the headings "Special Note Regarding
Forward-Looking Statements" and "Risk Factors" in the Prospectus, dated June 30,
2021 , filed by us with the Securities and Exchange Commission ("SEC") and
described in the other filings we make from time to time with the SEC . We
believe that these factors include, but are not limited to, the impact of
pandemics, changes in consumer preferences, and our ability to execute on our
omni-channel business strategy. These forward-looking statements are made only
as of the date of this document, and we do not undertake any obligation, other
than as may be required by applicable law, to update or revise any
forward-looking or cautionary statement to reflect changes in assumptions, the
occurrence of events, unanticipated or otherwise, or changes in future operating
results over time or otherwise.
Non-GAAP Measures
This Form 8-K includes guidance regarding certain non-GAAP financial measures
including organic revenue growth, Adjusted EBITDA, and Adjusted Net Income,
which differ from results using U.S. Generally Accepted Accounting Principles
("GAAP"). Non-GAAP financial measures are not universally consistent
calculations, limiting their usefulness as comparative measures. Other companies
may calculate similarly titled financial measures differently than we do or may
not calculate them at all. Additionally, non-GAAP financial measures are not
measurements of financial performance under GAAP. In order to facilitate a clear
understanding of our consolidated historical operating results, you should
examine our non-GAAP financial measures in conjunction with our historical
consolidated financial statements and notes thereto filed with the SEC .
The Company does not provide reconciliations of the forward-looking non-GAAP
measures to GAAP due to the inability to predict the amount and timing of
impacts outside of the Company's control on certain items, such as net income
and other charges reflected in our reconciliation of historic numbers, the
amount of which, based on historical experience, could be significant.
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