2 unchanged sentences
(In thousands, except share and per share amounts)
−Removed: September 29, 2024
+Added: December 29, 2024
June 30, 2024
23 unchanged sentences
18,345,484 and 18,251,545
−Removed: shares issued and outstanding as of September 29, 2024 and June 30, 2024, respectively)
+Added: shares issued and outstanding as of December 29, 2024 and June 30, 2024, respectively)
Capital in excess of par value
7 unchanged sentences
For the Three Months Ended
−Removed: September 29, 2024
−Removed: October 1, 2023
+Added: For the Six Months Ended
+Added: December 29, 2024
+Added: December 31, 2023
+Added: December 29, 2024
+Added: December 31, 2023
Cost of sales
−Removed: Gross profit (loss)
Selling, general and administrative expenses
−Removed: Provision (benefit) for bad debts
−Removed: Other operating expense, net
+Added: (Benefit) provision for bad debts
+Added: Gain on sale of assets
+Added: Restructuring costs
+Added: Other operating (income) expense, net
Operating loss
1 unchanged sentence
Interest expense
−Removed: Equity in earnings of unconsolidated affiliates
+Added: Equity in loss (earnings) of unconsolidated affiliates
Loss before income taxes
3 unchanged sentences
For the Three Months Ended
−Removed: September 29, 2024
−Removed: October 1, 2023
−Removed: Other comprehensive income (loss):
+Added: For the Six Months Ended
+Added: December 29, 2024
+Added: December 31, 2023
+Added: December 29, 2024
+Added: December 31, 2023
+Added: Other comprehensive (loss) income:
Foreign currency translation adjustments
−Removed: Other comprehensive income (loss), net
+Added: Other comprehensive (loss) income, net
Comprehensive loss
6 unchanged sentences
Total Shareholders’ Equity
+Added: Balance at September 29, 2024
+Added: Options exercised
+Added: Conversion of equity units
+Added: Stock-based compensation
+Added: Common stock withheld in satisfaction of tax withholding obligations under net share settle transactions
+Added: Other comprehensive loss, net of tax
+Added: Balance at December 29, 2024
+Added: Capital in Excess of Par Value
+Added: Retained Earnings
+Added: Accumulated Other Comprehensive Loss
+Added: Total Shareholders’ Equity
Balance at June 30, 2024
Options exercised
+Added: Conversion of equity units
Stock-based compensation
−Removed: Other comprehensive gain, net of tax
−Removed: Balance at September 29, 2024
+Added: Common stock withheld in satisfaction of tax withholding obligations under net share settle transactions
+Added: Other comprehensive loss, net of tax
+Added: Balance at December 29, 2024
Capital in Excess of Par Value
2 unchanged sentences
Total Shareholders’ Equity
+Added: Balance at October 1, 2023
+Added: Options exercised
+Added: Conversion of equity units
+Added: Stock-based compensation
+Added: Common stock withheld in satisfaction of tax withholding obligations under net share settle transactions
+Added: Other comprehensive income, net of tax
+Added: Balance at December 31, 2023
+Added: Capital in Excess of Par Value
+Added: Retained Earnings
+Added: Accumulated Other Comprehensive Loss
+Added: Total Shareholders’ Equity
Balance at July 2, 2023
4 unchanged sentences
Other comprehensive loss, net of tax
−Removed: Balance at October 1, 2023
+Added: Balance at December 31, 2023
See accompanying notes to condensed consolidated financial statements.
1 unchanged sentence
(In thousands)
−Removed: For the Three Months Ended
−Removed: September 29, 2024
−Removed: October 1, 2023
+Added: For the Six Months Ended
+Added: December 29, 2024
+Added: December 31, 2023
Cash and cash equivalents at beginning of period
1 unchanged sentence
Adjustments to reconcile net loss to net cash (used) provided by operating activities:
−Removed: Equity in earnings of unconsolidated affiliates
+Added: Equity in loss (earnings) of unconsolidated affiliates
Depreciation and amortization expense
Non-cash compensation expense
+Added: Gain on sale of assets
Deferred income taxes
6 unchanged sentences
Capital expenditures
−Removed: Net cash used by investing activities
+Added: Proceeds from the sale of assets
+Added: Net cash provided (used) by investing activities
Financing activities:
3 unchanged sentences
Payments on finance lease obligations
−Removed: Net cash provided by financing activities
+Added: Net cash provided (used) by financing activities
Effect of exchange rate changes on cash and cash equivalents
−Removed: Net (decrease) increase in cash and cash equivalents
+Added: Net decrease in cash and cash equivalents
Cash and cash equivalents at end of period
19 unchanged sentences
All amounts, except per share amounts, are presented in thousands (000s), except as otherwise noted.
−Removed: The fiscal quarter for each of Unifi, Inc., its primary domestic operating subsidiaries and its subsidiary in El Salvador ended on September 29, 2024.
−Removed: Unifi, Inc.’s remaining material operating subsidiaries’ fiscal quarter ended on September 30, 2024.
+Added: The fiscal quarter for each of Unifi, Inc., its primary domestic operating subsidiaries and its subsidiary in El Salvador ended on December 29, 2024.
+Added: Unifi, Inc.’s remaining material operating subsidiaries’ fiscal quarter ended on December 31, 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.
−Removed: The three-month periods ended September 29, 2024 and October 1, 2023 both consisted of 13 weeks.
+Added: The three-month periods ended December 29, 2024 and December 31, 2023 both consisted of 13 weeks.
+Added: The six-month periods ended December 29, 2024 and December 31, 2023 both consisted of 26 weeks.
Recent Accounting Pronouncements
19 unchanged sentences
For the Three Months Ended
−Removed: September 29, 2024
−Removed: October 1, 2023
+Added: For the Six Months Ended
+Added: December 29, 2024
+Added: December 31, 2023
+Added: December 29, 2024
+Added: December 31, 2023
Third-party manufacturer
For the Three Months Ended
−Removed: September 29, 2024
−Removed: October 1, 2023
+Added: For the Six Months Ended
+Added: December 29, 2024
+Added: December 31, 2023
+Added: December 29, 2024
+Added: December 31, 2023
REPREVE ® Fiber
20 unchanged sentences
Maturity Date
−Removed: September 29, 2024
−Removed: September 29, 2024
+Added: December 29, 2024
+Added: December 29, 2024
June 30, 2024
6 unchanged sentences
(1) Scheduled maturity dates for finance lease obligations range from Marc h 2025 to September 2028 .
+Added: Notes to Condensed Consolidated Financial Statements (Continued)
ABL Facility and Amendments
On September 5, 2024, UNIFI, Inc.
−Removed: 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.
+Added: and certain of its subsidiaries entered into a First Amendment to the 2022 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;
1 unchanged sentence
(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;
−Removed: (iv) increases the range of the
−Removed: Notes to Condensed Consolidated Financial Statements (Continued)
−Removed: 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;
+Added: (iv) increases the range of the 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 2022 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.
−Removed: 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").
4 unchanged sentences
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.
−Removed: As of the report date, no amounts had been borrowed against the 2024 Facility.
+Added: As of December 29, 2024, no amounts had been borrowed against the 2024 Facility.
+Added: On January 2, 2025, UNIFI borrowed $ 22,000 against the 2024 Facility and used the proceeds to reduce the outstanding ABL Revolver balance.
+Added: There was no impact to debt principal from these transactions.
The provision (benefit) for income taxes and effective tax rate were as follows:
For the Three Months Ended
−Removed: September 29, 2024
−Removed: October 1, 2023
+Added: For the Six Months Ended
+Added: December 29, 2024
+Added: December 31, 2023
+Added: December 29, 2024
+Added: December 31, 2023
Provision (benefit) for income taxes
1 unchanged sentence
Income Tax Expense
−Removed: 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.
−Removed: The effective tax rate for the three months ended September 29, 2024 and October 1, 2023 varied from the U.S.
+Added: UNIFI’s provision (benefit) for income taxes for the six months ended December 29, 2024 and December 31, 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.
+Added: The effective tax rate for the three and six months ended December 29, 2024 and December 31, 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.
−Removed: 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 .
+Added: During the six months ended December 31, 2023, the Internal Revenue Service (the “IRS”) audit of fiscal years 2014 through 2019 was concluded with a net refund of $ 1,275 , which has been received along with $ 457 of interest on overpayments.
The impact from the audit adjustments to the prior periods was insignificant.
2 unchanged sentences
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.
−Removed: 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.
+Added: Following the conclusion of the IRS audit during the period ended December 31, 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.
+Added: During the three months ended December 31, 2023, UNIFI released $ 853 accrued for interest and penalties after receiving the final assessment from the IRS.
Shareholders’ Equity
2 unchanged sentences
No shares have been repurchased in fiscal 2024 and 2025 and $ 38,859 remains available for repurchase.
+Added: Notes to Condensed Consolidated Financial Statements (Continued)
Stock-Based Compensation
5 unchanged sentences
however, awards outstanding under a respective prior plan remain subject to that plan’s provisions.
−Removed: 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:
+Added: The following table provides information as of December 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
−Removed: Notes to Condensed Consolidated Financial Statements (Continued)
Earnings Per Share
1 unchanged sentence
For the Three Months Ended
−Removed: September 29, 2024
−Removed: October 1, 2023
+Added: For the Six Months Ended
+Added: December 29, 2024
+Added: December 31, 2023
+Added: December 29, 2024
+Added: December 31, 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.
−Removed: There were no related party receivables as of September 29, 2024 and June 30, 2024.
+Added: There were no related party receivables as of December 29, 2024 and June 30, 2024.
Related party payables for Salem Leasing Corporation consisted of the following:
−Removed: September 29, 2024
+Added: December 29, 2024
June 30, 2024
5 unchanged sentences
For the Three Months Ended
+Added: For the Six Months Ended
Affiliated Entity
Transaction Type
−Removed: September 29, 2024
−Removed: October 1, 2023
+Added: December 29, 2024
+Added: December 31, 2023
+Added: December 29, 2024
+Added: December 31, 2023
Salem Leasing Corporation
Payments for transportation equipment costs and finance lease debt service
+Added: As discussed in Note 5, "Long-Term Debt", UNIFI entered into the 2024 Facility in October 2024.
+Added: There were no borrowings on the 2024 Facility during the three-month period ended December 29, 2024.
Notes to Condensed Consolidated Financial Statements (Continued)
16 unchanged sentences
Selected financial information is presented below:
−Removed: For the Three Months Ended September 29, 2024
+Added: For the Three Months Ended December 29, 2024
Cost of sales
1 unchanged sentence
Segment depreciation expense
+Added: Segment (Loss) Profit
+Added: For the Three Months Ended December 31, 2023
+Added: Cost of sales
+Added: Gross (loss) profit
+Added: Segment depreciation expense
+Added: Segment (Loss) Profit
+Added: For the Six Months Ended December 29, 2024
+Added: Cost of sales
+Added: Gross (loss) profit
+Added: Segment depreciation expense
Segment Profit
−Removed: For the Three Months Ended October 1, 2023
+Added: For the Six Months Ended December 31, 2023
Cost of sales
2 unchanged sentences
Segment (Loss) Profit
−Removed: The reconciliations of segment gross profit (loss) to consolidated loss before income taxes are as follows:
+Added: Notes to Condensed Consolidated Financial Statements (Continued)
+Added: The reconciliations of segment gross profit to consolidated loss before income taxes are as follows:
For the Three Months Ended
−Removed: September 29, 2024
−Removed: October 1, 2023
−Removed: Segment gross profit (loss)
+Added: For the Six Months Ended
+Added: December 29, 2024
+Added: December 31, 2023
+Added: December 29, 2024
+Added: December 31, 2023
+Added: Segment gross profit
Selling, general and administrative expenses
−Removed: Provision (benefit) for bad debts
−Removed: Other operating expense, net
+Added: (Benefit) provision for bad debts
+Added: Gain on sale of assets
+Added: Restructuring costs
+Added: Other operating (income) expense, net
Operating loss
1 unchanged sentence
Interest expense
−Removed: Equity in earnings of unconsolidated affiliates
+Added: Equity in loss (earnings) of unconsolidated affiliates
Loss before income taxes
There have been no material changes in segment assets during fiscal 2025.
−Removed: Notes to Condensed Consolidated Financial Statements (Continued)
Investments in Unconsolidated Affiliates
2 unchanged sentences
(“UNF”) and UNF America LLC (“UNFA”).
−Removed: Industries, Ltd.
In December 2023, UNIFI dissolved its interest in UNF under an agreement whereby UNIFI agreed to pay the former joint venture partner $ 2,750 and recorded it as an associated contract termination cost within Restructuring costs on the Condensed Consolidated Statements of Operations and Comprehensive Loss.
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.
−Removed: Accordingly, the balance sheet information presented below as of September 29, 2024 does not include any amounts related to UNF.
−Removed: UNF America LLC
−Removed: Raw material and production services for UNFA are provided by Nilit America Inc.
−Removed: under separate supply and services agreements.
−Removed: UNFA’s fiscal year end is December 31, and it is a limited liability company located in Ridgeway, Virginia.
−Removed: UNFA is treated as a partnership for its income tax reporting.
−Removed: In conjunction with the formation of UNFA, UNIFI entered into a supply agreement with UNF and UNFA whereby UNIFI agreed to purchase all of its first quality nylon POY requirements for texturing (subject to certain exceptions) from either UNF or UNFA.
−Removed: The supply agreement has no stated minimum purchase quantities and pricing is typically negotiated every six months, based on market rates.
−Removed: As of September 29, 2024, UNIFI’s open purchase orders related to this supply agreement, all with UNFA, w ere $ 1,465 .
−Removed: UNIFI’s raw material purchases under this supply agreement consisted of the following:
+Added: UNIFI’s raw material purchases under its supply agreement with UNFA consisted of the following:
For the Three Months Ended
−Removed: September 29, 2024
−Removed: October 1, 2023
−Removed: As of September 29, 2024 and June 30, 2024, UNIFI had accounts payable due to UNF A of $ 1,403 and $ 2,197 .
−Removed: 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.
−Removed: As a result, these entities should be consolidated with UNIFI’s financial results.
−Removed: 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.
−Removed: 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.
+Added: For the Six Months Ended
+Added: December 29, 2024
+Added: December 31, 2023
+Added: December 29, 2024
+Added: December 31, 2023
+Added: As of December 29, 2024, UNIFI’s open purchase orders related to this supply agreement, all with UNFA, w ere $ 624 .
+Added: As of December 29, 2024 and June 30, 2024, UNIFI had accounts payable due to U NFA of $ 1,210 and $ 2,197 .
Other than the supply agreement discussed above, UNIFI does not provide any other commitments or guarantees related to UNFA.
−Removed: As of September 29, 2024 and June 30, 2024, UNIFI’s investment in UNFA w as $ 1,599 and $ 1,603 , respectively.
−Removed: Condensed balance sheet and income statement information for UNIFI’s unconsolidated affiliates (including reciprocal balances) are presented in the tables below.
−Removed: September 29, 2024
−Removed: June 30, 2024
−Removed: Current assets
−Removed: Non-current assets
−Removed: Current liabilities
−Removed: Non-current liabilities
−Removed: Shareholders’ equity and capital accounts
−Removed: UNIFI’s portion of undistributed earnings
−Removed: For the Three Months Ended
−Removed: September 29, 2024
−Removed: October 1, 2023
−Removed: (Loss) income from operations
−Removed: Net (loss) income
−Removed: Depreciation and amortization
−Removed: Distribution received
−Removed: Notes to Condensed Consolidated Financial Statements (Continued)
+Added: As of December 29, 2024 and June 30, 2024, UNIFI’s investment in UNFA was $ 1,478 and $ 1,603 , respectively.
+Added: There have been no significant changes in the condensed balance sheet and income statement information for UNFA as previously disclosed in the 2024 Form 10-K.
Supplemental Cash Flow Information
Cash payments for interest and taxes consist of the following:
−Removed: For the Three Months Ended
−Removed: September 29, 2024
−Removed: October 1, 2023
+Added: For the Six Months Ended
+Added: December 29, 2024
+Added: December 31, 2023
Interest, net of capitalized interest of $ 80 and $ 104 , respectively
3 unchanged sentences
Non-Cash Investing and Financing Activities
−Removed: As of September 29, 2024 and June 30, 2024, $ 772 and $ 879 , respectively, were included in accounts payable for unpaid capital expenditures.
−Removed: As of October 1, 2023 and July 2, 2023, $ 1,084 and $ 1,137 , respectively, were included in accounts payable for unpaid capital expenditures.
−Removed: 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.
+Added: As of December 29, 2024 and June 30, 2024, $ 702 and $ 879 , respectively, were included in accounts payable for unpaid capital expenditures.
+Added: As of December 31, 2023 and July 2, 2023, $ 621 and $ 1,137 , respectively, were included in accounts payable for unpaid capital expenditures.
+Added: During the six months ended December 29, 2024 and December 31, 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.
−Removed: September 29, 2024
+Added: December 29, 2024
June 30, 2024
14 unchanged sentences
Other current assets:
−Removed: Assets held for sale (1)
Vendor deposits
−Removed: Prepaid expenses and other
Value-added taxes receivable
+Added: Prepaid expenses and other
Contract assets
+Added: Assets held for sale (1)
Total other current assets
27 unchanged sentences
Total other long-term liabilities
−Removed: (1) Assets held for sale as of September 29, 2024 relates to a warehouse located in Yadkinville, North Carolina.
−Removed: On October 30, 2024, this property was sold for $ 8,100 resulting in a net gain of approximately $ 4,300 .
+Added: (1) On October 30, 2024, the property previously classified as held for sale was sold for $ 8,100 resulting in a net gain of $ 4,296 .
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.