What changed in this filing

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Item 1. Financial Statements

2024-11-06 compared with 2024-05-09 · 114 added, 185 removed, 330 unchanged (48% of the section changed)

2 unchanged sentences

(In thousands, except share and per share amounts)

March 31, 2024

September 29, 2024

June 30, 2024

Cash and cash equivalents

22 unchanged sentences

18,257,103 and 18,251,545

shares issued and outstanding as of March 31, 2024 and July 2, 2023, respectively)

shares issued and outstanding as of September 29, 2024 and June 30, 2024, respectively)

Capital in excess of par value

7 unchanged sentences

For the Three Months Ended

For the Nine Months Ended

March 31, 2024

April 2, 2023

March 31, 2024

April 2, 2023

September 29, 2024

October 1, 2023

Cost of sales

Gross profit (loss)

Selling, general and administrative expenses

Provision (benefit) for bad debts

Restructuring costs

Other operating expense (income), net

Other operating expense, net

Operating loss

1 unchanged sentence

Interest expense

Equity in loss (earnings) of unconsolidated affiliates

Equity in earnings of unconsolidated affiliates

Loss before income taxes

Provision for income taxes

Provision (benefit) for income taxes

Net loss per common share:

1 unchanged sentence

For the Three Months Ended

For the Nine Months Ended

March 31, 2024

April 2, 2023

March 31, 2024

April 2, 2023

Other comprehensive (loss) income:

September 29, 2024

October 1, 2023

Other comprehensive income (loss):

Foreign currency translation adjustments

Other comprehensive (loss) income, net

Other comprehensive income (loss), net

Comprehensive loss

6 unchanged sentences

Total Shareholders’ Equity

Balance at December 31, 2023

Balance at June 30, 2024

Options exercised

Conversion of equity units

Stock-based compensation

Common stock withheld in satisfaction of tax withholding obligations under net share settle transactions

Other comprehensive loss, net of tax

Balance at March 31, 2024

Other comprehensive gain, net of tax

Balance at September 29, 2024

Capital in Excess of Par Value

8 unchanged sentences

Other comprehensive loss, net of tax

Balance at March 31, 2024

Capital in Excess of Par Value

Retained Earnings

Accumulated Other Comprehensive Loss

Total Shareholders’ Equity

Balance at January 1, 2023

Options exercised

Conversion of equity units

Stock-based compensation

Common stock withheld in satisfaction of tax withholding obligations under net share settle transactions

Other comprehensive income, net of tax

Balance at April 2, 2023

Capital in Excess of Par Value

Retained Earnings

Accumulated Other Comprehensive Loss

Total Shareholders’ Equity

Balance at July 3, 2022

Options exercised

Conversion of equity units

Stock-based compensation

Common stock withheld in satisfaction of tax withholding obligations under net share settle transactions

Other comprehensive income, net of tax

Balance at April 2, 2023

Balance at October 1, 2023

See accompanying notes to condensed consolidated financial statements.

1 unchanged sentence

(In thousands)

For the Nine Months Ended

March 31, 2024

April 2, 2023

For the Three Months Ended

September 29, 2024

October 1, 2023

Cash and cash equivalents at beginning of period

Operating activities:

Adjustments to reconcile net loss to net cash provided by operating activities:

Equity in loss (earnings) of unconsolidated affiliates

Distribution received from unconsolidated affiliate

Adjustments to reconcile net loss to net cash (used) provided by operating activities:

Equity in earnings of unconsolidated affiliates

Depreciation and amortization expense

Non-cash compensation expense

Recovery of income taxes

Deferred income taxes

3 unchanged sentences

Accounts payable and other current liabilities

Net cash provided by operating activities

Net cash (used) provided by operating activities

Investing activities:

5 unchanged sentences

Payments on ABL Term Loan

Proceeds from construction financing

Payments on finance lease obligations

Net cash (used) provided by financing activities

Net cash provided by financing activities

Effect of exchange rate changes on cash and cash equivalents

Net decrease in cash and cash equivalents

Net (decrease) increase in cash and cash equivalents

Cash and cash equivalents at end of period

6 unchanged sentences

UNIFI maintains one of the textile industry’s most comprehensive product offerings that includes a range of specialized, value-added, and commodity solutions, with principal geographic markets in North America, Central America, South America, Asia, and Europe.

UNIFI has direct manufacturing operations in four countries and participates in joint ventures with operations in Israel and the United States (the “U.S.”).

During the second quarter of fiscal 2024, UNIFI terminated the joint venture with operations in Israel.

UNIFI has direct manufacturing operations in four countries and participates in a joint venture with operations in the United States (the “U.S.”).

Basis of Presentation;

3 unchanged sentences

As contemplated by the instructions of the SEC to Form 10-Q, the following notes have been condensed and, therefore, do not contain all disclosures required in connection with annual financial statements.

Reference should be made to UNIFI’s year-end audited consolidated financial statements and related notes thereto contained in its Annual Report on Form 10-K for the fiscal year ended July 2, 2023 (the “2023 Form 10-K”).

The financial information included in this report has been prepared by UNIFI, without audit.

4 unchanged sentences

All amounts, except per share amounts, are presented in thousands (000s), except as otherwise noted.

The fiscal quarter for Unifi, Inc.

and its material operating subsidiaries ended on March 31, 2024.

The three-month periods ended March 31, 2024 and April 2, 2023 both consisted of 13 weeks.

The nine-month periods ended March 31, 2024 and April 2, 2023 both consisted of 39 weeks.

The fiscal quarter for each of Unifi, Inc., its primary domestic operating subsidiaries and its subsidiary in El Salvador ended on September 29, 2024.

Unifi, Inc.’s remaining material operating subsidiaries’ fiscal quarter ended on September 30, 2024.

There were no significant transactions or events that occurred between Unifi, Inc.’s fiscal quarter end and such wholly owned subsidiaries’ fiscal quarter end.

The three-month periods ended September 29, 2024 and October 1, 2023 both consisted of 13 weeks.

Recent Accounting Pronouncements

11 unchanged sentences

2023-07 expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses.

The ASU is effective for UNIFI’s fiscal 2025 for annual reporting and in the first quarter of fiscal 2026 for interim reporting, with early adoption permitted.

UNIFI has not adopted, and does not expect to early adopt, this standard.

The ASU is effective this fiscal year for annual reporting and in the first quarter of fiscal 2026 for interim reporting, with early adoption permitted.

UNIFI has not adopted this standard.

UNIFI is currently evaluating the impact on the Company’s disclosures but does not expect this standard will have a material impact on its consolidated financial position, results of operations, or cash flows.

4 unchanged sentences

For the Three Months Ended

For the Nine Months Ended

March 31, 2024

April 2, 2023

March 31, 2024

April 2, 2023

September 29, 2024

October 1, 2023

Third-party manufacturer

For the Three Months Ended

For the Nine Months Ended

March 31, 2024

April 2, 2023

March 31, 2024

April 2, 2023

September 29, 2024

October 1, 2023

REPREVE ® Fiber

15 unchanged sentences

The following table and narrative presents the detail of UNIFI’s debt obl igations.

Capitalized terms not otherwise defined within this Note shall have the meanings attributed to them in the Second Amended and Restated Credit Agreement, dated as of October 28, 2022 (the "2022 Credit Agreement").

Weighted Average

2 unchanged sentences

Maturity Date

March 31, 2024

September 29, 2024

June 30, 2024

ABL Term Loan

Finance lease obligations

Construction financing

Current ABL Term Loan

3 unchanged sentences

(1) Scheduled maturity dates for finance lease obligations range from Marc h 2025 to September 2028 .

(2) Refer to the discussion below under “ Construction Financing ” for further information.

ABL Facility and Amendments

There have been no changes to the 2022 Credit Agreement following the filing of the 2023 Form 10-K.

Construction Financing

In connection with the construction financing arrangement, UNIFI has borrow ed a total of $ 9,755 and transitioned $ 9,755 of comple ted asset costs to finance lease obligations as of March 31, 2024.

There were no borrowings outstanding on this financing arrangement as of March 31, 2024.

On September 5, 2024, UNIFI, Inc.

and certain of its subsidiaries entered into a First Amendment to the Second Amended and Restated Credit Agreement (the “First Amendment”) with a syndicate of lenders.

The First Amendment primarily (i) permits the sale of a Company-owned real estate asset (consisting of an industrial warehouse building and land acreage) located in Yadkinville, North Carolina with application of the net proceeds to reduce the outstanding ABL Revolver balance, in lieu of the prescribed mandatory prepayment to the ABL Term Loan;

(ii) reduces the Maximum Revolver Amount from $ 115,000 to $ 80,000 ;

(iii) modifies the definition of the Trigger Level as of any date of determination to the greater of (a) $ 16,500 and (b) 10 % of the sum of (i) the Maximum Revolver Amount plus (ii) the outstanding principal amount of the ABL Term Loan on such date of determination;

(iv) increases the range of the

Notes to Condensed Consolidated Financial Statements (Continued)

The provision for income taxes and effective tax rate were as follows:

Applicable Margin on (a) SOFR-based loans to a new range of 1.50 % to 2.00 % and (b) Base Rate-based loans to a new range of 0.50 % to 1.00 %, with such new ranges of Applicable Margin rates becoming immediately effective and continuing until the Company achieves a Fixed Charge Coverage Ratio of 1.05 to 1.00 or better;

(v) for a Term Loan Reset, establishes an additional requirement to obtain lender approval;

and (vi) modifies certain terms and conditions of the Credit Agreement including, but not limited to, Swing Loans, Letter of Credit sublimits, and costs related to normal course collateral valuations for the ABL Facility.

Subsequent Event

On October 25, 2024, UNIFI entered into a new credit agreement with Wells Fargo Bank, National Association for a $ 25,000 revolving credit facility (the "2024 Facility").

The maturity date of the 2024 Facility is the earlier of (i) October 28, 2027 and (ii) the termination or refinancing of the 2022 Credit Agreement.

The 2024 Facility is deemed unsecured financing for UNIFI, but is collateralized by certain assets pledged by related party Kenneth G.

Langone, one of the members of UNIFI's Board of Directors.

Borrowings under the 2024 Facility bear interest at a rate of SOFR plus 0.90 %.

The 2024 Facility contains no additional financial covenants beyond those already in effect for the 2022 Credit Agreement and is subject to a monthly unused line fee of 0.25 % on available borrowing capacity.

As of the report date, no amounts had been borrowed against the 2024 Facility.

The provision (benefit) for income taxes and effective tax rate were as follows:

For the Three Months Ended

For the Nine Months Ended

March 31, 2024

April 2, 2023

March 31, 2024

April 2, 2023

Provision for income taxes

September 29, 2024

October 1, 2023

Provision (benefit) for income taxes

Effective tax rate

Income Tax Expense

UNIFI’s provision for income taxes for the nine months ended March 31, 2024 and April 2, 2023 was calculated by applying the estimated annual effective tax rate to year-to-date pre-tax book income and adjusting for discrete items that occurred during the period.

The effective tax rate for the three and nine months ended March 31, 2024 varied from the U.S.

UNIFI’s provision (benefit) for income taxes for the three months ended September 29, 2024 and October 1, 2023 was calculated by applying the estimated annual effective tax rate to year-to-date pre-tax book income and adjusting for discrete items that occurred during the period.

The effective tax rate for the three months ended September 29, 2024 and October 1, 2023 varied from the U.S.

federal statutory rate primarily due to the U.S.

generated losses for which UNIFI does not expect to realize a future tax benefit.

During the nine months ended March 31, 2024, the Internal Revenue Service (the “IRS”) audit of fiscal 2014 through 2019 was concluded with a refund of $ 1,275 , which has been received along with $ 457 of interest on the overpayments.

The impact from the IRS audit adjustments to the prior periods was insignificant.

The effective tax rates for the three and nine months ended April 2, 2023 varied from the U.S.

federal statutory rate primarily due to the U.S.

generated losses for which UNIFI does not expect to realize a future tax benefit and a discrete tax benefit related to the recovery of certain Brazilian income taxes paid in prior years.

During the three months ended October 1, 2023, the Internal Revenue Service (the “IRS”) audit of fiscal years 2014 through 2019 was concluded with a net refund of $ 1,248 .

The impact from the audit adjustments to the prior periods was insignificant.

Unrecognized Tax Benefits

UNIFI regularly assesses the outcomes of both completed and ongoing examinations to ensure that its provision for income taxes is sufficient.

Following the conclusion of the IRS audit, UNIFI adjusted the uncertain tax positions for fiscal 2014 through 2019 that were effectively settled.

Certain returns that remain open to examination have utilized carryforward tax attributes generated in prior tax years, including net operating losses, which could potentially be revised upon examination.

Following the conclusion of the IRS audit during the period ended October 1, 2023, UNIFI adjusted the uncertain tax positions for fiscal years 2014 through 2019 that were effectively settled.

The impact from releasing the netted uncertain tax position liabilities was insignificant.

10 unchanged sentences

however, awards outstanding under a respective prior plan remain subject to that plan’s provisions.

The following table provides information as of March 31, 2024 with respect to the number of securities remaining available for future issuance under the 2020 Plan:

The following table provides information as of September 29, 2024 with respect to the number of securities remaining available for future issuance under the 2020 Plan, as amended:

Authorized under the 2020 Plan

4 unchanged sentences

Available for issuance under the 2020 Plan

Fair Value of Financial Instruments and Non-Financial Assets and Liabilities

Financial Instruments

For the nine months ended March 31, 2024 and April 2, 2023, there were no significant changes to UNIFI’s assets and liabilities measured at fair value, and there were no transfers into or out of the levels of the fair value hierarchy.

UNIFI believes that there have been no significant changes to its credit risk profile or the interest rates available to UNIFI for debt issuances with similar terms and average maturities, and UNIFI estimates that the fair values of its debt obligations approximate the carrying amounts.

Other financial instruments include cash and cash equivalents, receivables, accounts payable, and accrued expenses.

The financial statement carrying amounts of these items approximate the fair values due to their short-term nature.

Notes to Condensed Consolidated Financial Statements (Continued)

Grantor Trust

The UNIFI, Inc.

Deferred Compensation Plan (the “DCP”), established in fiscal 2022, is an unfunded non-qualified deferred compensation plan in which certain key emplo yees are eligible to participate.

The fair values of the investment assets held by the grantor trust established in connection with the DCP were approximately $ 2,891 and $ 2,496 as of March 31, 2024 and July 2, 2023, respectively, and are classified as trading securities within Other non-current assets on the Condensed Consolidated Balance Sheets.

The grantor trust assets have readily available market values and are classified as Level 1 trading securities in the fair value hierarchy.

Trading gains and losses associated with these investments are recorded within Other operating expense (income), net on the Condensed Consolidated Statements of Operations and Comprehensive Loss.

The associated DCP liability is recorded within Other long-term liabilities on the Condensed Consolidated Balance Sheets, and any increase or decrease in the liability is also recorded in Other operating expense (income), net on the Condensed Consolidated Statements of Operations and Comprehensive Loss.

During the nine months ended March 31, 2024 and April 2, 2023, we rec orded net gains on investments held by the trust of $ 255 and $ 78 , respectively.

Earnings Per Share

1 unchanged sentence

For the Three Months Ended

For the Nine Months Ended

March 31, 2024

April 2, 2023

March 31, 2024

April 2, 2023

September 29, 2024

October 1, 2023

Basic weighted average shares

12 unchanged sentences

Related party balances and transactions are not material to the condensed consolidated financial statements and, accordingly, are not presented separately from other financial statement captions.

There were no related party receivables as of March 31, 2024 and July 2, 2023.

There were no related party receivables as of September 29, 2024 and June 30, 2024.

Related party payables for Salem Leasing Corporation consisted of the following:

March 31, 2024

September 29, 2024

June 30, 2024

Accounts payable

4 unchanged sentences

For the Three Months Ended

For the Nine Months Ended

Affiliated Entity

Transaction Type

March 31, 2024

April 2, 2023

March 31, 2024

April 2, 2023

September 29, 2024

October 1, 2023

Salem Leasing Corporation

2 unchanged sentences

Business Segment Information

UNIFI defines operating segments as components of the organization for which discrete financial information is available and operating results are evaluated on a regular basis by UNIFI’s principal executive officer, who is the chief operating decision maker (the “CODM”), in order to assess performance and allocate resources.

UNIFI defines operating segments as components of the organization for which discrete financial information is available and operating results are evaluated on a regular basis by UNIFI’s chief executive officer, who is the chief operating decision maker (the “CODM”), in order to assess performance and allocate resources.

Characteristics of UNIFI which were relied upon in making the determination of reportable segments include the nature of the products sold, the internal organizational structure, the trade policies in the geographic regions in which UNIFI operates, and the information that is regularly reviewed by the CODM for the purpose of assessing performance and allocating resources.

6 unchanged sentences

• The operations within the Asia Segment exhibit similar long-term economic characteristics and sell to similar customers utilizing similar methods of distribution primarily in Asia and Europe.

The Asia Segment primarily sources synthetic and recycled textile products from third-party suppliers and sells to yarn manufacturers, knitters, and weavers that produce fabric for the apparel, automotive, home furnishings, industrial, and other end-use markets principally in Asia.

The Asia Segment includes sales offices in China, Turkey, and Hong Kong.

UNIFI evaluates the operating performance of its segments based upon Segment Profit (Loss), which represents segment gross profit (loss) plus segment depreciation expense.

UNIFI evaluates the operating performance of its segments based upon Segment (Loss) Profit, which represents segment gross (loss) profit plus segment depreciation expense.

This measurement of segment profit or loss best aligns segment reporting with the current assessments and evaluations performed by, and information provided to, the CODM.

2 unchanged sentences

Selected financial information is presented below:

For the Three Months Ended March 31, 2024

For the Three Months Ended September 29, 2024

Cost of sales

2 unchanged sentences

Segment Profit

For the Three Months Ended April 2, 2023

Cost of sales

Segment depreciation expense

Segment Profit

For the Nine Months Ended March 31, 2024

For the Three Months Ended October 1, 2023

Cost of sales

2 unchanged sentences

Segment (Loss) Profit

For the Nine Months Ended April 2, 2023

Cost of sales

Gross (loss) profit

Segment depreciation expense

Segment Profit

Notes to Condensed Consolidated Financial Statements (Continued)

The reconciliations of segment gross profit to consolidated loss before income taxes are as follows:

The reconciliations of segment gross profit (loss) to consolidated loss before income taxes are as follows:

For the Three Months Ended

For the Nine Months Ended

March 31, 2024

April 2, 2023

March 31, 2024

April 2, 2023

Segment gross profit

September 29, 2024

October 1, 2023

Segment gross profit (loss)

Selling, general and administrative expenses

Provision (benefit) for bad debts

Restructuring costs

Other operating expense (income), net

Other operating expense, net

Operating loss

1 unchanged sentence

Interest expense

Equity in loss (earnings) of unconsolidated affiliates

Equity in earnings of unconsolidated affiliates

Loss before income taxes

There have been no material changes in segment assets during fiscal 2025.

Notes to Condensed Consolidated Financial Statements (Continued)

Investments in Unconsolidated Affiliates

5 unchanged sentences

UNIFI made a payment to the former joint venture partner of $ 1,200 in the second quarter of fiscal 2024 and the remaining $ 1,550 was paid in the third quarter of fiscal 2024.

Accordingly, the balance sheet information presented below as of March 31, 2024 does not include any amounts related to UNF.

Accordingly, the balance sheet information presented below as of September 29, 2024 does not include any amounts related to UNF.

UNF America LLC

5 unchanged sentences

The supply agreement has no stated minimum purchase quantities and pricing is typically negotiated every six months, based on market rates.

As of March 31, 2024, UNIFI’s open purchase orders related to this supply agreement, all with UNFA, were $ 618 .

As of September 29, 2024, UNIFI’s open purchase orders related to this supply agreement, all with UNFA, w ere $ 1,465 .

UNIFI’s raw material purchases under this supply agreement consisted of the following:

For the Three Months Ended

For the Nine Months Ended

March 31, 2024

April 2, 2023

March 31, 2024

April 2, 2023

As of March 31, 2024, UNIFI had accounts payable due to UNFA of $ 1,680 , and as of July 2, 2023, UNIFI had combined accounts payable due to UNF and UNFA of $ 3,440 .

UNIFI previously determined that UNF and UNFA were variable interest entities and also determined that UNIFI is the primary beneficiary of these entities, based on the terms of the supply agreement.

September 29, 2024

October 1, 2023

As of September 29, 2024 and June 30, 2024, UNIFI had accounts payable due to UNF A of $ 1,403 and $ 2,197 .

UNIFI has determined that UNF was, and UNFA is, a variable interest entity and has also determined that UNIFI has been the primary beneficiary of these entities, based on the terms of the supply agreement.

As a result, these entities should be consolidated with UNIFI’s financial results.

As (i) UNIFI purchases substantially all of the output from these entities and all intercompany sales would be eliminated in consolidation, (ii) the entities’ balance sheets constitute 5 % or less of UNIFI’s current assets and total assets, and (iii) such balances are not expected to comprise a larger portion in the future, UNIFI has not included the accounts of UNF and UNFA in its consolidated financial statements and instead is accounting for these entities as equity investments.

As (i) UNIFI purchases substantially all of the output and all intercompany sales would be eliminated in consolidation, (ii) the entity balance sheets constitute 5 % or less of UNIFI’s current assets and total assets, and (iii) such balances are not expected to comprise a larger portion in the future, UNIFI has not included the accounts of UNF and UNFA in its consolidated financial statements and instead is accounting for these entities as equity investments.

The financial results of UNF and UNFA are included in UNIFI’s consolidated financial statements with a one-month lag, using the equity method of accounting and with intercompany profits eliminated in accordance with UNIFI’s accounting policy.

Other than the supply agreement discussed above, UNIFI does not provide any other commitments or guarantees related to UNFA.

As of March 31, 2024, UNIFI’s investment in UNFA was $ 1,537 .

Notes to Condensed Consolidated Financial Statements (Continued)

As of September 29, 2024 and June 30, 2024, UNIFI’s investment in UNFA w as $ 1,599 and $ 1,603 , respectively.

Condensed balance sheet and income statement information for UNIFI’s unconsolidated affiliates (including reciprocal balances) are presented in the tables below.

March 31, 2024

September 29, 2024

June 30, 2024

Current assets

5 unchanged sentences

For the Three Months Ended

For the Nine Months Ended

March 31, 2024

April 2, 2023

March 31, 2024

April 2, 2023

Gross (loss) profit

Loss from operations

September 29, 2024

October 1, 2023

(Loss) income from operations

Net (loss) income

Depreciation and amortization

Distribution received

Notes to Condensed Consolidated Financial Statements (Continued)

Supplemental Cash Flow Information

Cash payments for interest and taxes consist of the following:

For the Nine Months Ended

March 31, 2024

April 2, 2023

For the Three Months Ended

September 29, 2024

October 1, 2023

Interest, net of capitalized interest of $ 38 and $ 62 , respectively

3 unchanged sentences

Non-Cash Investing and Financing Activities

As of March 31, 2024 and July 2, 2023, $ 201 and $ 1,137 , respectively, were included in accounts payable for unpaid capital expenditures.

As of April 2, 2023 and July 3, 2022, $ 1,332 and $ 2,456 , respectively, were included in accounts payable for unpaid capital expenditures.

During the nine months ended March 31, 2024 and April 2, 2023, UNIFI recorded non-cash activity relating to finance lease s of $ 1,633 a nd $ 3,179 , respectively.

In connection with the commencement of the 2022 Credit Agreement in October 2022, $ 52,500 of borrowings outstanding on the revolving credit facility were transferred to the term loan, such that revolver borrowings were reduced by $ 52,500 and term loan borrowings were increased by $ 52,500 with no flow of cash.

As of September 29, 2024 and June 30, 2024, $ 772 and $ 879 , respectively, were included in accounts payable for unpaid capital expenditures.

As of October 1, 2023 and July 2, 2023, $ 1,084 and $ 1,137 , respectively, were included in accounts payable for unpaid capital expenditures.

During the three months ended September 29, 2024 and October 1, 2023, UNIFI recorded non-cash activity relating to finance lease s of $ 0 a nd $ 1,633 , respectively.

Notes to Condensed Consolidated Financial Statements (Continued)

1 unchanged sentence

Select balance sheet information is presented in the following table.

March 31, 2024

September 29, 2024

June 30, 2024

Receivables, net:

13 unchanged sentences

Other current assets:

Assets held for sale (1)

Vendor deposits

2 unchanged sentences

Contract assets

Recovery of non-income taxes, net

Total other current assets

21 unchanged sentences

Deferred revenue

Severance (1)

Property taxes, interest and other

4 unchanged sentences

Total other long-term liabilities

(1) During the second quarter of fiscal 2024, UNIFI recorded $ 2,351 of severance expenses related to a cost reduction plan intended to lower operating expenses for both production and administrative activities, which are included in Restructuring costs on the Condensed Consolidated Statements of Operations and Comprehensive Loss.

Most of the restructuring expenses incurred impact the Americas Segment and UNIFI does not anticipate any additional, material restructuring costs at this time.

The change in the liability is due to $ 949 of cash disbursements during the current period.

(1) Assets held for sale as of September 29, 2024 relates to a warehouse located in Yadkinville, North Carolina.

On October 30, 2024, this property was sold for $ 8,100 resulting in a net gain of approximately $ 4,300 .

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements