Segment Information

12 Months Ended

Dec. 28, 2024

Segment Reporting [Abstract]

Segment Information [Text Block]

20. Segment Information

Description of Operating and Reportable Segment, Identification of Chief Operating Decision Maker, and Measures of Segment Profit or Loss and Segment Assets

The Company manages its continuing operations on a company-wide basis, rather than at a product category or business unit level, thereby making determinations as to the allocation of resources as one operating and reportable segment. The Company's Chief Executive Officer, who has been identified as the Chief Operating Decision Maker ("CODM"), is supported by a centralized management team based on functional area, including sales, marketing, supply chain, research and development, and quality assurance, as well as finance, legal, information technology, and administration. Only the CODM has overall responsibility and accountability for the profitability and cash flows of the Company. Using financial information at the consolidated level, including corporate and non-operating costs and expenses, the CODM makes key operating decisions, including approving annual operating plans, expanding into new markets or product categories, pursuing business acquisitions or divestitures, and initiating major capital expenditure programs. In addition, the CODM determines the allocation of resources (including personnel, productive assets, and financial resources) and capital investments to optimize operations and maximize opportunities for the Company as a whole without regard to specific product categories or business units. The CODM also uses consolidated information to establish company-wide incentive compensation targets.

The measure of segment profit or loss utilized by the CODM is earnings (loss) from continuing operations as reported on the Company's consolidated statements of operations. The CODM uses this measure of segment profit or loss to assess actual performance relative to budget and considers budget-to-actual variances when making decisions about reallocations of personnel or capital resources from those considered by the annual operating plan. The significant segment-level expense information provided to the CODM is consistent with the Company's consolidated statements of operations, as supplemented by the specified expense items disclosed in the table below. The measure of segment assets is the same as total assets reported on the Company's consolidated balance sheets. The accounting policies of the Company's operating and reportable segment are the same as those described in the Company's summary of significant accounting policies (see note 1).

Disaggregation of Revenue

The majority of the Company's products are shelf-stable packaged food and beverage products and share similar customers and distribution. The principal products that comprise the Company's product categories are as follows:

Category	Principal Products
Beverages and broths	Plant-based beverages utilizing oat, almond, soy, coconut, rice, hemp, and other bases, including Dream® and West Life™ brands; oat-based creamers, including SOWN® brand; ready-to-drink protein shakes; packaged teas and concentrates; meat and vegetable broths and stocks.
Fruit snacks	Ready-to-eat fruit snacks made from apple purée and juice concentrate in bar, bit, twist, strip and sandwich formats; cold pressed fruit bars.
Ingredients	Liquid and powder ingredients utilizing oat, soy and hemp bases.
Smoothie bowls	Ready-to-eat fruit smoothie and chia bowls topped with frozen fruit.

Revenue disaggregated by product category is as follows:

	December 28, 2024	December 30, 2023	December 31, 2022
	$	$	$
Product Category
Beverages and broths	577,069	499,226	454,446
Fruit Snacks	127,328	98,186	82,869
Ingredients	17,025	17,032	45,366
Smoothie bowls(1)	2,306	12,286	8,714
Total revenues	723,728	626,730	591,395

(1) Revenues reported for the year ended December 28, 2024, reflect sales of smoothie bowls prior to March 4, 2024 (see note 3).

Specified Expense Items

The following table presents details of specified expenses provided to the CODM and included in earnings (loss) from continuing operations:

	December 28, 2024		December 30, 2023		December 31, 2022
	$		$		$
Depreciation and Amortization
Depreciation expense included in cost of goods sold	29,719		24,225		15,731
Depreciation expense included in selling, general and administrative expenses	4,994		5,030		5,532
Intangible asset amortization expense	1,784		1,784		1,784
Total depreciation and amortization	36,497		31,039		23,047
Stock-Based Compensation
Stock-based compensation expense included in selling, general and administrative expenses	11,190		12,432		13,830
Interest Expense, Net
Interest expense, net of capitalized interest	26,307		24,422		11,889
Amortization of debt issuance costs	914		1,398		1,601
Loss on extinguishment of debt	-		1,584		-
Interest income	(2,313	)	(495	)	(334	)
Interest expense, net	24,908		26,909		13,156

Geographic Information

Revenues from external customers are attributed to countries based on the location of the customer. Revenues from external customers by geographic area for the years ended December 28, 2024, December 30, 2023 and December 31, 2022 were as follows:

	December 28, 2024	December 30, 2023	December 31, 2022
	$	$	$
Revenues from External Customers
U.S.	710,191	611,566	577,515
Canada	11,359	11,740	8,973
Other	2,178	3,424	4,907
Total revenues from external customers	723,728	626,730	591,395

Long-lived assets consist of property, plant and equipment, net of accumulated depreciation, and operating lease right-of-use assets, which are attributed to countries based on the physical location of the assets. Long-lived assets by geographic area as at December 28, 2024 and December 30, 2023 were as follows:

	December 28, 2024	December 30, 2023
	$	$
Long-Lived Assets
U.S.	446,525	421,883
Canada	2,785	3,104
Total long-lived assets	449,310	424,987

 

Major Customers

Customers accounting for more than 10% of the Company's consolidated revenues from continuing operations in any of the past three fiscal years were as follows:

	December 28, 2024	December 30, 2023	December 31, 2022
Customer A	32%	35%	31%
Customer B	7%	8%	14%