Table of Contents Title of each class Trading Symbol Name of each exchange on which registered Common stock, $0.01 par value per share DNUT Nasdaq Global Select Market UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________ FORM 10-Q _________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 3, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECUR ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________ Title of each class Trading Symbol(s) Name of each exchange on which registered Common stock, $0.01 par value per share DNUT Nasdaq Global Select Market FORM 10-K _________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 2, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF ...

Financial Data and Key Metrics Changes - In Q4 2021, net revenue grew 13.8% year-over-year to $371 million, or 21.5% growth excluding the impact of an additional 53rd week in 2020 [22] - For the full year, net revenue increased 23.4% to $1.38 billion [22] - Adjusted EBITDA for Q4 increased 14.4% to $47.7 million, with adjusted EBITDA margins rising 10 basis points to 12.9% [24] - Full-year adjusted EBITDA increased 29.2% to $187.9 million, with margins increasing 60 basis points to 13.6% [25] - GAAP net income for Q4 was $4.3 million, compared to a GAAP net loss of $24.8 million in the same period a year ago [25] Business Line Data and Key Metrics Changes - In the U.S. and Canada segment, total revenues in Q4 increased 10.5% to $249 million, or 18.8% excluding the impact of the additional 53rd week [26] - Organic growth in the U.S. and Canada for Q4 was 9.1%, or 17.3% excluding the exit of the legacy wholesale business [27] - Insomnia Cookies revenue for 2021 increased by more than 30%, with nearly 20% growth excluding new store revenue [11] - The branded sweet treats segment improved fulfillment rates from 65% in Q3 to over 85% in Q4, leading to significant sales growth [10] Market Data and Key Metrics Changes - Global points of access increased by more than 2,000 to over 10,400, a 25% increase over 2020 [9] - International segment net revenue grew 26% in Q4 to $90 million, while organic revenue grew 31% [32] - International adjusted EBITDA for Q4 grew 25% to $20.7 million, with margins of 23% [33] Company Strategy and Development Direction - The company aims to grow points of access to over 50,000 in the coming years, representing a 5x increase from current levels [18] - The hub and spoke model is central to the company's strategy, allowing for capital-efficient growth and increased points of access [8] - E-commerce is a core pillar of the omni-channel strategy, with a goal to achieve over 25% e-commerce penetration long-term [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential, expecting revenue growth between 11% and 13% for 2022 [35] - The company anticipates adjusted EBITDA growth of 12% to 16% in 2022, with margin expansion in both U.S. and international segments [35] - Management noted that operational disruptions from Omicron were minimal, with demand remaining strong [37] Other Important Information - The company completed a shift to a 100% fresh model in early 2021, enhancing pricing power and purchase frequency [17] - The company plans to invest approximately $115 million to $120 million in capital expenditures in 2022, focusing on production hubs and Insomnia Cookie locations [37] Q&A Session Summary Question: What drives the expected increase in enterprise EBITDA margin for FY '23? - Management indicated that efficiencies from the hub and spoke model, growth in e-commerce, and profitability from the branded sweet treats business will contribute to the margin increase [40][41] Question: What is the current pricing strategy and inflation assumptions for FY '22? - Management confirmed a double-digit price increase in the U.S. and high single-digit globally, with expectations to manage inflation through further price increases if necessary [44][45] Question: What is the outlook for DFD doors in the U.S.? - Management acknowledged a temporary decline in DFD doors but expects to add 150 new doors in Q1 2022 and around 500 for the full year [48][50] Question: Can you elaborate on the sale leaseback gain in Q4? - Management confirmed a sale leaseback generated over $11 million in cash, with an $8.7 million GAAP gain added back for adjusted EBITDA [51] Question: What are the dynamics in access points and product lines? - Management noted strong performance across all channels, with DFD being the largest contributor, and expects balanced growth across all channels in 2022 [53][56]

Krispy Kreme, Inc. (NASDAQ:DNUT) Q3 2021 Earnings Conference Call November 9, 2021 5:00 PM ET Company Participants Rob Ballew - VP, IR Michael Tattersfield - CEO Josh Charlesworth - CFO and COO Joey Pruitt - CAO Conference Call Participants John Glass - Morgan Stanley John Ivankoe - JPMorgan Jared Garber - Goldman Sachs Brian Mullen - Deutsche Bank Operator Good day and thank you for standing by. Welcome to Krispy KremeÂ's Q3 2021 Earnings Call. At this time all participants are in a listen-only mode. After ...

Table of Content Title of each class Trading Symbol Name of each exchange on which registered Common stock, $0.01 par value per share DNUT Nasdaq Global Select Market UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________ FORM 10-Q _________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 3, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECU ...

Financial Data and Key Metrics Changes - Net revenue increased by 43% year-over-year to $349 million, with organic revenue growth of 23% [11][29] - Adjusted EBITDA grew by 78% to $52.4 million, and adjusted net income increased by 254% to $20.5 million [13][29] - On a two-year stack basis, organic revenues have grown 16% since 2019, indicating strong performance compared to pre-COVID-19 results [12] Business Line Data and Key Metrics Changes - The International segment saw net revenue growth of 159% to $89 million, with organic revenue growth of 126% year-over-year [48] - The U.S. and Canada segment's net revenue grew by 25% to $231 million, with organic growth of 3.9% [40] - Market Development segment net revenue increased to $29 million from $26 million year-over-year, with 17% organic growth [51] Market Data and Key Metrics Changes - Points of access to fresh doughnuts increased by over 40% in the U.K. and Ireland, driven by additional delivered fresh daily doors at major supermarkets [33] - E-commerce represented 15% of Q2 retail sales in the International segment, showing strong growth in online sales [49] - The U.S. and Canada segment has over 5,000 delivered fresh daily doors, significantly up from 2,000 in Q2 2020 [41] Company Strategy and Development Direction - The company is focused on an omni-channel strategy and expanding its hub and spoke model to drive growth and profitability [8][25] - Plans to add approximately 800 to 1,000 points of access per year globally, with a focus on new markets and enhancing consumer access [22][56] - The company aims to leverage its branded sweet treat line to expand distribution through grocery and convenience stores [23][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential, expecting to achieve net revenue of $1.34 billion to $1.38 billion for the full year 2021 [60] - Anticipated challenges include wage and commodity inflation, but management remains optimistic about maintaining guidance due to pricing strategies [61] - Long-term organic revenue growth is projected at 9% to 11%, with adjusted EBITDA growth of 12% to 14% per year [61] Other Important Information - The company has a net debt of $646 million and total net leverage of 3.6 times using Q2 trailing adjusted EBITDA [39] - The company plans to pay an initial cash dividend of $0.035 per share for the quarter ending October 3, 2021 [62] Q&A Session Summary Question: U.S. margins relative to international - Management acknowledged that U.S. margins are currently lower but expect improvements with the hub and spoke model and price increases in Q4 [68][71] Question: International business performance - Management noted strong recovery in international markets, with pent-up demand driving growth, and plans to open new hubs, including in Egypt [75] Question: September price hike details - The price increase will vary by region and is intended to cover commodity and wage inflation, with a focus on maintaining pricing power through product innovation [80] Question: Increased costs compared to June - The largest cost increases are in operating expenses, particularly labor and product costs, driven by expansion and market conditions [83] Question: Path to improving U.S. margins - Management outlined a multi-year transition to improve U.S. margins, leveraging the hub and spoke model and increasing points of access [88][90]

PART I. FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for the quarter ended July 4, 2021, detailing operations, financial position, cash flows, and related accounting notes Condensed Consolidated Statements of Operations (Unaudited) | (In thousands) | Quarter Ended July 4, 2021 | Quarter Ended June 28, 2020 | Two Quarters Ended July 4, 2021 | Two Quarters Ended June 28, 2020 | | :--- | :--- | :--- | :--- | :--- | | **Total net revenues** | $349,186 | $244,972 | $670,995 | $506,188 | | **Operating income/(loss)** | $9,125 | $(568) | $22,805 | $3,830 | | **Net loss** | $(14,996) | $(11,685) | $(15,374) | $(22,633) | | **Net loss attributable to Krispy Kreme, Inc.** | $(17,142) | $(12,630) | $(20,203) | $(24,145) | | **Net loss per share — Basic & Diluted** | $(0.13) | $(0.10) | $(0.16) | $(0.19) | Condensed Consolidated Balance Sheet Highlights (Unaudited) | (In thousands) | As of July 4, 2021 | As of January 3, 2021 | | :--- | :--- | :--- | | **Total current assets** | $146,821 | $164,093 | | **Total assets** | $3,093,580 | $3,060,995 | | **Total current liabilities** | $1,047,886 | $497,835 | | **Total liabilities** | $2,271,774 | $2,212,636 | | **Total shareholders' equity** | $821,806 | $848,359 | Condensed Consolidated Statements of Cash Flows (Unaudited, Two Quarters Ended) | (In thousands) | July 4, 2021 | June 28, 2020 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $56,845 | $13,936 | | **Net cash used for investing activities** | $(86,261) | $(40,705) | | **Net cash provided by financing activities** | $30,553 | $215,254 | - The company completed its Initial Public Offering (IPO) on July 1, 2021, selling **29.4 million shares** of common stock at **$17.00 per share**, receiving aggregate net proceeds of **$459.7 million** after deducting underwriting discounts and offering expenses[40](index=40&type=chunk) - The company operates and reports through three segments: 1) U.S. and Canada, 2) International (including U.K., Ireland, Australia, New Zealand, and Mexico), and 3) Market Development (global franchise operations and company-owned shops in Japan)[39](index=39&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 2021 performance, highlighting **42.5% net revenue growth** and **22.5% organic growth**, driven by omni-channel strategy and global expansion, alongside liquidity and capital resources [Overview and Key Performance Indicators](index=29&type=section&id=Overview%20and%20Key%20Performance%20Indicators) The company reported strong Q2 2021 momentum, with **22.5% organic revenue growth**, driven by omni-channel expansion, increased global points of access to **9,575**, and improved Sales per Hub Q2 2021 Financial Highlights vs. Q2 2020 (in thousands) | (in thousands) | Q2 2021 | Q2 2020 | % Change | | :--- | :--- | :--- | :--- | | **Total Net Revenues** | $349,186 | $244,972 | 42.5% | | **Net Loss** | $(14,996) | $(11,685) | -28.3% | | **Adjusted Net Income** | $20,469 | $5,780 | 254.1% | | **Adjusted EBITDA** | $52,393 | $29,469 | 77.8% | - The company generated **22.5% organic revenue growth** for the quarter ended July 4, 2021, and **15.2%** for the two quarters then ended[123](index=123&type=chunk) - Global points of access increased significantly to **9,575** as of July 4, 2021, from **5,635** as of June 28, 2020, primarily driven by the expansion of Delivered Fresh Daily (DFD) doors[132](index=132&type=chunk) - In the U.S. and Canada, average Sales per Hub reached **$3.6 million** on a trailing twelve-month basis, up from **$3.2 million** in 2019. In International markets, Sales per Hub reached **$8.0 million**, up from **$6.4 million** in the previous year[152](index=152&type=chunk) [Results of Operations](index=39&type=section&id=Results%20of%20Operations) Q2 2021 total net revenues grew **42.5% to $349.2 million**, with **22.5% organic growth**, driven by strong International recovery and U.S. & Canada expansion, despite increased net loss due to IPO costs Quarterly Net Revenue Growth by Segment (Q2 2021 vs Q2 2020) | Segment | Total Net Revenue Growth % | Organic Revenue Growth % | | :--- | :--- | :--- | | **U.S. and Canada** | 25.3% | 3.9% | | **International** | 159.3% | 125.9% | | **Market Development** | 10.4% | 17.0% | | **Total Company** | **42.5%** | **22.5%** | Year-to-Date Net Revenue Growth by Segment (H1 2021 vs H1 2020) | Segment | Total Net Revenue Growth % | Organic Revenue Growth % | | :--- | :--- | :--- | | **U.S. and Canada** | 27.8% | 7.8% | | **International** | 63.8% | 46.5% | | **Market Development** | 9.7% | 9.0% | | **Total Company** | **32.6%** | **15.2%** | - Operating expenses as a percentage of revenue increased to **45.2%** in Q2 2021 from **42.5%** in Q2 2020, driven by franchisee acquisitions, labor investments for DFD expansion, and staffing for post-COVID recovery[189](index=189&type=chunk) - Selling, general and administrative (SG&A) expenses increased by **46.9%** in Q2 2021, primarily due to **$6.7 million** in IPO preparation costs and increased share-based compensation expense[190](index=190&type=chunk) [Capital Resources and Liquidity](index=46&type=section&id=Capital%20Resources%20and%20Liquidity) The company's liquidity improved significantly in H1 2021, with net cash from operations reaching **$56.8 million**, and successful debt restructuring including the repayment of a **$500 million Term Loan** and **$344.6 million in Related Party Notes** post-IPO - Net cash provided by operating activities increased to **$56.8 million** for the first two quarters of 2021, compared to **$13.9 million** for the same period in 2020, due to improved operating results and working capital management[233](index=233&type=chunk)[235](index=235&type=chunk) - In June 2021, the company borrowed **$500.0 million** under a new Term Loan Facility, which was paid off in full and terminated on July 7, 2021, using IPO proceeds and a drawdown on its revolving credit facility[230](index=230&type=chunk)[242](index=242&type=chunk) - The company paid off its Related Party Notes, with an outstanding balance of **$344.6 million** as of January 3, 2021, in full during the second quarter of 2021[240](index=240&type=chunk) - As of July 4, 2021, the company was in compliance with its 2019 Facility covenants, with a Total Net Leverage Ratio of **2.92 to 1.00**, an improvement from **3.98 to 1.00** at the end of fiscal 2020[244](index=244&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=51&type=section&id=Item%203%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from commodity price fluctuations, interest rate changes on variable-rate debt, and foreign currency exposure, which are mitigated through derivative instruments - The company is exposed to commodity price risk for ingredients like flour, sugar, and shortening, as well as gasoline for its delivery vehicles[252](index=252&type=chunk) - Regarding interest rate risk, a **100 basis point** increase in the one-month LIBOR would result in a **$1.4 million** increase in annual interest expense on the company's unhedged variable-rate debt[253](index=253&type=chunk) - For foreign currency risk, a **10% change** in the exchange rates of the British pound, Australian dollar, and Mexican peso would have impacted fiscal 2020 total net revenues by approximately **$23.0 million**[255](index=255&type=chunk) [Controls and Procedures](index=51&type=section&id=Item%204%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of July 4, 2021, with no material changes to internal control over financial reporting - Management, including the Chief Executive Officer and Chief Financial Officer, concluded that the company's disclosure controls and procedures were effective as of July 4, 2021[258](index=258&type=chunk) - There were no changes during the fiscal quarter ended July 4, 2021, in the company's internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting[259](index=259&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=52&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, including a **$0.4 million** class action settlement for Insomnia Cookies and ongoing disputes with K Asia Ventures and TSW Foods, LLC, none expected to materially impact financials - A class action lawsuit against Insomnia Cookies regarding employee wages has reached a settlement in principle for **$0.4 million**[93](index=93&type=chunk) - The company is engaged in ongoing legal proceedings with K Asia Ventures and TSW Food, LLC, and intends to vigorously defend its position in these matters[91](index=91&type=chunk)[94](index=94&type=chunk) [Risk Factors](index=52&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the company's IPO Prospectus for the fiscal year ended January 3, 2021, have occurred - No material changes to the risk factors disclosed in the IPO Prospectus have occurred[263](index=263&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=52&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company completed its IPO on July 1, 2021, raising **$459.7 million** in net proceeds, used to repay a **$500.0 million Term Loan** and repurchase shares, with an additional **$56.1 million** from an over-allotment option - The company completed its IPO on July 1, 2021, selling **29,411,765 shares** at **$17.00 per share**, resulting in net proceeds of **$459.7 million**[264](index=264&type=chunk)[265](index=265&type=chunk) - The net proceeds were used to repay the **$500.0 million** Term Loan Facility and to repurchase approximately **2.3 million shares** of common stock from certain executive officers[266](index=266&type=chunk) - On August 2, 2021, underwriters exercised their over-allotment option, purchasing an additional **3.5 million shares** and providing the company with another **$56.1 million** in net proceeds[267](index=267&type=chunk) [Defaults Upon Senior Securities](index=52&type=section&id=Item%203.%20Defaults%20upon%20Senior%20Securities) No defaults upon senior securities were reported - The company reported no defaults upon senior securities[268](index=268&type=chunk) [Mine Safety Disclosures](index=52&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) No mine safety disclosures were reported - The company reported no mine safety disclosures[269](index=269&type=chunk) [Other Information](index=52&type=section&id=Item%205.%20Other%20Information) No other material information was reported - The company reported no other information[270](index=270&type=chunk) [Exhibits](index=52&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate governance documents, material contracts, and required certifications from the CEO and CFO - A list of all exhibits filed with the quarterly report is provided, including corporate governance documents, material contracts, and required certifications[272](index=272&type=chunk)