Acquisition Pro Forma Results of Operations

12 Months Ended

Dec. 28, 2021

Acquisition Pro Forma Results of Operations

Acquisition Pro Forma Results of Operations

2. Acquisition Pro Forma Results of Operations (unaudited)

The following pro forma results of operations for fiscal 2019 give effect to the Acquisition as if it had occurred on January 1, 2019 (in thousands):

Revenues	$	2,732,901
Net income		74,949
Net income per share:
Basic		1.71
Diluted	$	1.68

The above pro forma information includes combined North Italia and FRC actual revenues and net loss of $92.0 million and $1.5 million, respectively, contributed post acquisition in fiscal 2019. The most significant adjustments included in the pro forma financial information are the elimination of the gain/(loss) on our previously-held equity interests in North Italia and Flower Child, elimination of transaction costs, increased interest expense associated with debt incurred to fund the Acquisition, elimination of historical FRC interest expense and corresponding income tax effects.

In the opinion of the Company’s management, the unaudited pro forma financial information includes all significant necessary adjustments that can be factually supported to reflect the effects of the Acquisition and related transactions. The unaudited pro forma financial information is provided for informational purposes only and is not necessarily indicative of what our actual results of operations would have been had the Acquisition and related transactions been completed as of January 1, 2019 or that may be achieved in the future.