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Pay vs Performance Disclosure - USD ($)
12 Months Ended
Jul. 02, 2023
Jul. 03, 2022
Jun. 27, 2021
Pay vs Performance Disclosure [Table]      
Pay vs Performance [Table Text Block]

Pay Versus Performance Disclosure

 

The following disclosure regarding executive “compensation actually paid” (“CAP”) and certain Company and peer group financial performance measures for the fiscal years listed below is provided in accordance with rules adopted by the SEC pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Please refer to the "Compensation Discussion and Analysis" section for a complete description of how executive compensation relates to Company performance and how the Compensation Committee makes its decisions.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Value of Initial Fixed $100 Investment Based on:

 

 

 

 

 

 

 

 

Fiscal Year

 

 

Summary Compensation Table Total for PEO ($)(1)

 

 

 

Compensation Actually Paid to PEO ($)(1)(2)(3)

 

 

 

Average Summary Compensation Table Total for Non-PEO NEOs ($)(4)

 

 

 

Average Compensation Actually Paid to Non-PEO NEOs ($)(2)(3)(4)

 

 

 

Total Shareholder Return ($)(5)

 

 

Peer Group Total Shareholder Return ($)(6)

 

 

Company Net (Loss) Income ($) (in thousands)

 

 

 

Adjusted EBITDA ($) (in thousands)

 

2023

 

 

 

1,244,710

 

 

 

 

824,527

 

 

 

 

696,777

 

 

 

 

273,051

 

 

 

 

25.60

 

 

117.23

 

 

 

(46,344

)

 

 

 

(4,085

)

2022

 

 

 

1,617,866

 

 

 

 

613,314

 

 

 

 

869,763

 

 

 

 

90,814

 

 

 

 

44.48

 

 

109.53

 

 

 

15,171

 

 

 

 

55,190

 

2021

 

 

 

1,748,373

 

 

 

 

3,040,666

 

 

 

 

1,198,197

 

 

 

 

2,145,892

 

 

 

 

78.52

 

 

132.92

 

 

 

29,073

 

 

 

 

64,643

 

 

 

(1)
The Principal Executive Officer, or PEO, for each of the years listed is Edmund M. Ingle.

 

(2)
The dollar amounts reported in the CAP columns have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation actually earned, realized, or received by the NEOs. These amounts reflect the amounts set forth in the "Total" column of the Summary Compensation Table for each fiscal year presented, with certain adjustments as described in the table below, in accordance with the requirements of Item 402(v) of Regulation S-K.

 

(3)
Stock option grant date fair values are calculated based on the Black-Scholes option pricing model as of the grant date; adjustments have been made using stock option fair values as of each measurement date using the stock price as of the measurement date and updated assumptions as of the measurement date. Performance share unit grant date fair values are calculated based on the probable outcome of the performance condition and the fair value of the stock price on the grant date; adjustments have been made based on the probable outcome of the performance condition and the stock price as of the measurement date. Restricted stock unit grant date fair values are calculated using the stock price as of the grant date; adjustments have been made using the stock price as of the fiscal year end and as of each vesting date.

 

(4)
Information regarding non-PEO NEOs reflects the average Summary Compensation Table total compensation and average CAP for the following executives by fiscal year:

2023: Albert P. Carey, Hongjun Ning, Gregory K. Sigmon, Craig A. Creaturo, and Lucas de Carvalho Rocha;

2022: Albert P. Carey, Craig A. Creaturo, Hongjun Ning, and Lucas de Carvalho Rocha; and

2021: Thomas H. Caudle, Jr., Albert P. Carey, Craig A. Creaturo, and Hongjun Ning.

 

(5)
Total shareholder return (“TSR”) is calculated based on the value of an initial fixed investment of $100 in the Common Stock on June 22, 2018, assuming reinvestment of dividends.

 

(6)
Peer group TSR is calculated based on the value of an initial fixed investment of $100 in the S&P SmallCap 600 Index on June 22, 2018, assuming reinvestment of dividends. The S&P SmallCap 600 Index was the peer group used by UNIFI for purposes of Item 201(e) of Regulation S-K in the Company’s Annual Report on Form 10-K for the fiscal year ended July 2, 2023.

 

 

 

PEO

 

 

 

Average Non-PEO NEOs

 

 

 

2023
($)

 

 

 

2022
($)

 

 

 

2021
($)

 

 

 

2023
($)

 

 

 

2022
($)

 

 

 

2021
($)

 

Total Compensation from Summary Compensation Table

 

 

1,244,710

 

 

 

 

1,617,866

 

 

 

 

1,748,373

 

 

 

 

696,777

 

 

 

 

869,763

 

 

 

 

1,198,197

 

Adjustment for Equity Awards:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grant date values in the Summary Compensation Table

 

 

(387,500

)

 

 

 

(387,500

)

 

 

 

 

 

 

 

(142,500

)

 

 

 

(162,500

)

 

 

 

(275,000

)

Year-end fair value of unvested awards granted in the current year

 

 

376,477

 

 

 

 

229,604

 

 

 

 

 

 

 

 

138,451

 

 

 

 

100,463

 

 

 

 

511,010

 

Year-over-year difference of year-end fair values for unvested awards granted in prior years

 

 

(72,240

)

 

 

 

(549,678

)

 

 

 

1,139,756

 

 

 

 

(280,639

)

 

 

 

(687,937

)

 

 

 

587,118

 

Fair values at vest date for awards granted and vested in the current year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Difference in prior year-end fair values and vest date fair values for awards granted in prior years

 

 

(336,920

)

 

 

 

(296,978

)

 

 

 

152,537

 

 

 

 

(127,515

)

 

 

 

(28,975

)

 

 

 

124,567

 

Value at last day of prior year of equity awards forfeited during the current year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,523

)

 

 

 

 

 

 

 

 

Total Adjustments

 

 

(420,183

)

 

 

 

(1,004,552

)

 

 

 

1,292,293

 

 

 

 

(423,726

)

 

 

 

(778,949

)

 

 

 

947,695

 

Compensation Actually Paid

 

 

824,527

 

 

 

 

613,314

 

 

 

 

3,040,666

 

 

 

 

273,051

 

 

 

 

90,814

 

 

 

 

2,145,892

 

 

 

 

   
Company Selected Measure Name Adjusted EBITDA    
Named Executive Officers, Footnote [Text Block]
(4)
Information regarding non-PEO NEOs reflects the average Summary Compensation Table total compensation and average CAP for the following executives by fiscal year:

2023: Albert P. Carey, Hongjun Ning, Gregory K. Sigmon, Craig A. Creaturo, and Lucas de Carvalho Rocha;

2022: Albert P. Carey, Craig A. Creaturo, Hongjun Ning, and Lucas de Carvalho Rocha; and

2021: Thomas H. Caudle, Jr., Albert P. Carey, Craig A. Creaturo, and Hongjun Ning.

   
Peer Group Issuers, Footnote [Text Block]
(6)
Peer group TSR is calculated based on the value of an initial fixed investment of $100 in the S&P SmallCap 600 Index on June 22, 2018, assuming reinvestment of dividends. The S&P SmallCap 600 Index was the peer group used by UNIFI for purposes of Item 201(e) of Regulation S-K in the Company’s Annual Report on Form 10-K for the fiscal year ended July 2, 2023.
   
PEO Total Compensation Amount $ 1,244,710 $ 1,617,866 $ 1,748,373
PEO Actually Paid Compensation Amount 824,527 613,314 3,040,666
Non-PEO NEO Average Total Compensation Amount 696,777 869,763 1,198,197
Non-PEO NEO Average Compensation Actually Paid Amount $ 273,051 90,814 2,145,892
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]

The following disclosure regarding executive “compensation actually paid” (“CAP”) and certain Company and peer group financial performance measures for the fiscal years listed below is provided in accordance with rules adopted by the SEC pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Please refer to the "Compensation Discussion and Analysis" section for a complete description of how executive compensation relates to Company performance and how the Compensation Committee makes its decisions.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Value of Initial Fixed $100 Investment Based on:

 

 

 

 

 

 

 

 

Fiscal Year

 

 

Summary Compensation Table Total for PEO ($)(1)

 

 

 

Compensation Actually Paid to PEO ($)(1)(2)(3)

 

 

 

Average Summary Compensation Table Total for Non-PEO NEOs ($)(4)

 

 

 

Average Compensation Actually Paid to Non-PEO NEOs ($)(2)(3)(4)

 

 

 

Total Shareholder Return ($)(5)

 

 

Peer Group Total Shareholder Return ($)(6)

 

 

Company Net (Loss) Income ($) (in thousands)

 

 

 

Adjusted EBITDA ($) (in thousands)

 

2023

 

 

 

1,244,710

 

 

 

 

824,527

 

 

 

 

696,777

 

 

 

 

273,051

 

 

 

 

25.60

 

 

117.23

 

 

 

(46,344

)

 

 

 

(4,085

)

2022

 

 

 

1,617,866

 

 

 

 

613,314

 

 

 

 

869,763

 

 

 

 

90,814

 

 

 

 

44.48

 

 

109.53

 

 

 

15,171

 

 

 

 

55,190

 

2021

 

 

 

1,748,373

 

 

 

 

3,040,666

 

 

 

 

1,198,197

 

 

 

 

2,145,892

 

 

 

 

78.52

 

 

132.92

 

 

 

29,073

 

 

 

 

64,643

 

 

 

(1)
The Principal Executive Officer, or PEO, for each of the years listed is Edmund M. Ingle.

 

(2)
The dollar amounts reported in the CAP columns have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation actually earned, realized, or received by the NEOs. These amounts reflect the amounts set forth in the "Total" column of the Summary Compensation Table for each fiscal year presented, with certain adjustments as described in the table below, in accordance with the requirements of Item 402(v) of Regulation S-K.

 

(3)
Stock option grant date fair values are calculated based on the Black-Scholes option pricing model as of the grant date; adjustments have been made using stock option fair values as of each measurement date using the stock price as of the measurement date and updated assumptions as of the measurement date. Performance share unit grant date fair values are calculated based on the probable outcome of the performance condition and the fair value of the stock price on the grant date; adjustments have been made based on the probable outcome of the performance condition and the stock price as of the measurement date. Restricted stock unit grant date fair values are calculated using the stock price as of the grant date; adjustments have been made using the stock price as of the fiscal year end and as of each vesting date.

 

(4)
Information regarding non-PEO NEOs reflects the average Summary Compensation Table total compensation and average CAP for the following executives by fiscal year:

2023: Albert P. Carey, Hongjun Ning, Gregory K. Sigmon, Craig A. Creaturo, and Lucas de Carvalho Rocha;

2022: Albert P. Carey, Craig A. Creaturo, Hongjun Ning, and Lucas de Carvalho Rocha; and

2021: Thomas H. Caudle, Jr., Albert P. Carey, Craig A. Creaturo, and Hongjun Ning.

 

(5)
Total shareholder return (“TSR”) is calculated based on the value of an initial fixed investment of $100 in the Common Stock on June 22, 2018, assuming reinvestment of dividends.

 

(6)
Peer group TSR is calculated based on the value of an initial fixed investment of $100 in the S&P SmallCap 600 Index on June 22, 2018, assuming reinvestment of dividends. The S&P SmallCap 600 Index was the peer group used by UNIFI for purposes of Item 201(e) of Regulation S-K in the Company’s Annual Report on Form 10-K for the fiscal year ended July 2, 2023.

 

 

 

PEO

 

 

 

Average Non-PEO NEOs

 

 

 

2023
($)

 

 

 

2022
($)

 

 

 

2021
($)

 

 

 

2023
($)

 

 

 

2022
($)

 

 

 

2021
($)

 

Total Compensation from Summary Compensation Table

 

 

1,244,710

 

 

 

 

1,617,866

 

 

 

 

1,748,373

 

 

 

 

696,777

 

 

 

 

869,763

 

 

 

 

1,198,197

 

Adjustment for Equity Awards:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grant date values in the Summary Compensation Table

 

 

(387,500

)

 

 

 

(387,500

)

 

 

 

 

 

 

 

(142,500

)

 

 

 

(162,500

)

 

 

 

(275,000

)

Year-end fair value of unvested awards granted in the current year

 

 

376,477

 

 

 

 

229,604

 

 

 

 

 

 

 

 

138,451

 

 

 

 

100,463

 

 

 

 

511,010

 

Year-over-year difference of year-end fair values for unvested awards granted in prior years

 

 

(72,240

)

 

 

 

(549,678

)

 

 

 

1,139,756

 

 

 

 

(280,639

)

 

 

 

(687,937

)

 

 

 

587,118

 

Fair values at vest date for awards granted and vested in the current year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Difference in prior year-end fair values and vest date fair values for awards granted in prior years

 

 

(336,920

)

 

 

 

(296,978

)

 

 

 

152,537

 

 

 

 

(127,515

)

 

 

 

(28,975

)

 

 

 

124,567

 

Value at last day of prior year of equity awards forfeited during the current year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,523

)

 

 

 

 

 

 

 

 

Total Adjustments

 

 

(420,183

)

 

 

 

(1,004,552

)

 

 

 

1,292,293

 

 

 

 

(423,726

)

 

 

 

(778,949

)

 

 

 

947,695

 

Compensation Actually Paid

 

 

824,527

 

 

 

 

613,314

 

 

 

 

3,040,666

 

 

 

 

273,051

 

 

 

 

90,814

 

 

 

 

2,145,892

 

   
Equity Valuation Assumption Difference, Footnote [Text Block]
(3)
Stock option grant date fair values are calculated based on the Black-Scholes option pricing model as of the grant date; adjustments have been made using stock option fair values as of each measurement date using the stock price as of the measurement date and updated assumptions as of the measurement date. Performance share unit grant date fair values are calculated based on the probable outcome of the performance condition and the fair value of the stock price on the grant date; adjustments have been made based on the probable outcome of the performance condition and the stock price as of the measurement date. Restricted stock unit grant date fair values are calculated using the stock price as of the grant date; adjustments have been made using the stock price as of the fiscal year end and as of each vesting date.
   
Compensation Actually Paid vs. Total Shareholder Return [Text Block]

img114573700_5.jpg 

* Value of initial fixed investment of $100

   
Compensation Actually Paid vs. Net Income [Text Block]

img114573700_6.jpg 

   
Compensation Actually Paid vs. Company Selected Measure [Text Block]

img114573700_7.jpg 

   
Tabular List [Table Text Block]

Financial Performance Measures

The Compensation Committee has determined that the most important Company financial performance measures used to link CAP to the Company's NEOs in fiscal 2023 to the Company's performance were:

Adjusted EBITDA;
Asia Adjusted EBITDA; and
Adjusted Earnings Per Share.
   
Total Shareholder Return Amount $ 25.60 44.48 78.52
Peer Group Total Shareholder Return Amount 117.23 109.53 132.92
Net Income (Loss) $ (46,344,000) $ 15,171,000 $ 29,073,000
Company Selected Measure Amount (4,085,000) 55,190,000 64,643,000
PEO Name Edmund M. Ingle    
Measure [Axis]: 1      
Pay vs Performance Disclosure [Table]      
Measure Name Adjusted EBITDA    
Measure [Axis]: 2      
Pay vs Performance Disclosure [Table]      
Measure Name Asia Adjusted EBITDA    
Measure [Axis]: 3      
Pay vs Performance Disclosure [Table]      
Measure Name Adjusted Earnings Per Share    
PEO [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ (420,183) $ (1,004,552) $ 1,292,293
PEO [Member] | Equity Awards Granted During The Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (387,500) (387,500) 0
PEO [Member] | Equity Awards Granted Year-end Fair Value of Unvested Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 376,477 229,604 0
PEO [Member] | Equity Awards Granted Year Over Year Difference of Year End Fair Values of Unvested Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (72,240) (549,678) 1,139,756
PEO [Member] | Equity Awards Granted Fair Values at Vest Date for Awards and Vested in the Current Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 0
PEO [Member] | Equity Awards Granted Difference in Prior Year End Fair Values and Vest Date Fair Values for Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (336,920) (296,978) 152,537
PEO [Member] | Equity Awards Forfeited Value at Last Day of Prior Year of Awards During the Current Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 0
Non-PEO NEO [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (423,726) (778,949) 947,695
Non-PEO NEO [Member] | Equity Awards Granted During The Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (142,500) (162,500) (275,000)
Non-PEO NEO [Member] | Equity Awards Granted Year-end Fair Value of Unvested Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 138,451 100,463 511,010
Non-PEO NEO [Member] | Equity Awards Granted Year Over Year Difference of Year End Fair Values of Unvested Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (280,639) (687,937) 587,118
Non-PEO NEO [Member] | Equity Awards Granted Fair Values at Vest Date for Awards and Vested in the Current Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 0
Non-PEO NEO [Member] | Equity Awards Granted Difference in Prior Year End Fair Values and Vest Date Fair Values for Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (127,515) (28,975) 124,567
Non-PEO NEO [Member] | Equity Awards Forfeited Value at Last Day of Prior Year of Awards During the Current Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ (11,523) $ 0 $ 0