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    Snap One Reports Fiscal Second Quarter 2023 Results

    8/8/23 4:05:00 PM ET
    $SNPO
    Electrical Products
    Technology
    Get the next $SNPO alert in real time by email

    Industry Awards and Product Innovation Highlight Second Quarter Results

    Company Reaffirms Financial Outlook for 2023

    CHARLOTTE, N.C., Aug. 08, 2023 (GLOBE NEWSWIRE) -- Snap One Holdings Corp. (NASDAQ:SNPO) ("Snap One," the "Company," "we," or "our"), a provider of smart living products, services, and software to professional integrators, reported financial results for the fiscal second quarter ended June 30, 2023.

    Fiscal Second Quarter 2023 and Recent Operational Highlights

    • Recognized for providing a best-in-class integrator partner experience
      • Ranked a top-five brand 45 times across 62 product sub-categories in the 2023 CE Pro 100 Brand Analysis awards, representing approximately 5x the number of recognitions of the next closest competitor
    • Delivered on new product innovation and enhanced software platform capabilities
      • Launched exciting new solutions across audio, control, surveillance and networking
        • Introduced the Control4 CORE lite controller to provide an automation solution for single-room applications, making the Control4 ecosystem more accessible
        • Launched a new series of Araknis routers that feature a multi-Gigabit interface for high bandwidth installations including commercial deployments
        • Released a new lineup of Triad passive soundbars, underscoring a continued investment in premium audio solutions
    • Continued momentum in Security and Commercial markets
      • Earned four Security Sales & Integration 2023 Supplier Stellar Service Awards in categories such as Technical Support and Dealer Program/Incentives
      • Recognized as a 2023 InfoComm Best of Show award-winner for Strong Carbon Series display mounts, reflecting continued product innovation in the commercial market

    Management Commentary

    "Our team delivered another solid quarter of financial results in the face of channel partners destocking inventory and an uncertain macroeconomic environment," said Snap One CEO John Heyman. "We believe that our differentiated solutions are enabling us to extend our leadership position within the industry and to drive market share gains for Snap One."

    "During the quarter, we focused on driving higher adoption by our partners by introducing new products and related go-to-market initiatives. From a profitability perspective, we continued to drive supply chain efficiencies, as evidenced in this quarter's results. Accordingly, we remain confident in our operating margin expansion expectations for the year."

    Fiscal Second Quarter 2023 Financial Results

    Results compare 2023 fiscal second quarter end (June 30, 2023) to 2022 fiscal second quarter end (July 1, 2022) unless otherwise indicated. The Company's fiscal second quarter in both years reflects a 13-week period. Results are presented on an as-reported basis, unless otherwise indicated.

    • Net sales decreased 7.6% to $274.4 million from $296.9 million in the comparable year-ago period, primarily attributable to channel inventory destocking headwinds.
    • Selling, general and administrative (SG&A) expenses decreased 1.7% to $93.8 million (34.2% of net sales) from $95.4 million (32.1% of net sales) in the comparable year-ago period. As a percentage of net sales, SG&A increased due to a lower net sales base in the current period compared to the year-ago period as well as increased interest expense.
    • Net loss decreased to $0.1 million (-0.0% of net sales) compared to net loss of $1.3 million (-0.5% of net sales) in the comparable year-ago period.
    • Contribution margin, a non-GAAP measurement of operating performance reconciled below, increased 0.6% to $117.2 million (42.7% of net sales) from $116.5 million (39.2% of net sales) in the comparable year-ago period.
    • Adjusted EBITDA, a non-GAAP measurement of operating performance reconciled below, remained flat at $31.7 million (11.5% of net sales) compared to $31.7 million (10.7% of net sales) in the comparable year-ago period.
    • Adjusted net income, a non-GAAP measurement of operating performance reconciled below, decreased to $14.3 million (5.2% of net sales) from $16.5 million (5.6% of net sales) in the comparable year-ago period.
    • Net cash provided by operating activities totaled $25.4 million in the six-month period ended June 30, 2023, compared to net cash used in operating activities of $19.6 million in the comparable year-ago period.
    • As of June 30, 2023, cash and cash equivalents were $33.8 million, compared to $21.1 million at the end of fiscal year 2022.
    • Free cash flow, a non-GAAP measurement of operating performance reconciled below, totaled $9.7 million in the six-month period ended June 30, 2023, compared to $(26.0) million in the comparable year-ago period.

    Fiscal 2023 Financial Outlook

    "Our full year 2023 outlook remains consistent," Heyman continued. "Our strengthening contribution margin rate and disciplined cost management provide us with confidence in our full-year profitability expectations."

    "Therefore, we are reaffirming our outlook for both net sales and adjusted EBITDA1 for 2023. We continue to expect net sales in the fiscal year ending December 29, 2023 to range between $1.06 billion and $1.09 billion and adjusted EBITDA to range between $110 million and $118 million. This outlook considers our first half 2023 performance as well as our expectation that market uncertainty will continue through the remainder of the year. Our long-term growth algorithm remains intact."

    __________________________________

    1 We have not reconciled the forward-looking adjusted EBITDA guidance included above to the most directly comparable GAAP measure because this cannot be done without unreasonable effort due to the variability and low visibility with respect to certain costs, the most significant of which are incentive compensation (including stock-based compensation), transaction-related expenses, and certain fair value measurements, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results.

    Supplemental Earnings Presentation

    The Company has posted a supplemental earnings presentation accompanying its fiscal second quarter 2023 results to the Events & Presentations section of its Investor Relations website, which can be found at investors.snapone.com.

    Conference Call

    Snap One management will hold a conference call today, August 8, 2023 at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss these results.

    Company CEO John Heyman and CFO Mike Carlet will host the call, followed by a question-and-answer period.

    Registration Link: Click here to register

    Please register online at least 10 minutes prior to the start time. If you have any difficulty with registration or connecting to the conference call, please contact Gateway Investor Relations at 949-574-3860.

    The conference call will be broadcast live and available for replay here and via the Investor Relations section of Snap One's website.

    About Snap One

    As a leading distributor of smart living technology, Snap One empowers its vast network of professional integrators to deliver entertainment, connectivity, automation, and security solutions to residential and commercial end users worldwide. Snap One distributes an expansive portfolio of proprietary and third-party products through its intuitive online portal and local branch network, blending the benefits of e-commerce with the convenience of same-day pickup. The Company provides software, award-winning support, and digital workflow tools to help its integrator partners build thriving and profitable businesses. Additional information about Snap One can be found at snapone.com.

    Snap One intends to use its website as a means of disclosing material, non-public information and for complying with its disclosure obligations under Regulation FD. Such disclosures will be included in the Investor Relations section of the Snap One website at investors.snapone.com. Accordingly, investors should monitor such portion of the website, in addition to following the Company's press releases, Securities and Exchange Commission ("SEC") filings and public conference calls and webcasts.

    Non-GAAP Financial Measures

    In addition to the financial measures prepared in accordance with generally accepted accounting principles in the United States ("GAAP"), this press release contains certain non-GAAP financial measures, including contribution margin, adjusted EBITDA, adjusted net income, and free cash flow. A non-GAAP financial measure is generally defined as a numerical measure of a company's financial or operating performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP. We use the following non-GAAP measures to help us monitor the performance of our business, measure our performance, identify trends affecting our business and assist us in making strategic decisions:

    Contribution margin, which is defined as net sales less cost of sales, exclusive of depreciation and amortization, divided by net sales.

    Adjusted EBITDA, which is defined as net loss, plus interest expense, income tax benefit, depreciation and amortization, other income, net further adjusted to exclude equity-based compensation, acquisition- and integration-related costs and certain other non-recurring, non-core, infrequent or unusual charges as set forth in the reconciliation in this section below.

    Adjusted net income, which is defined as net loss plus amortization further adjusted to exclude equity-based compensation, acquisition- and integration-related costs, (income) expense related to interest rate cap and certain non-recurring, non-core, infrequent or unusual charges, including the estimated tax impacts of these adjustments as set forth in the reconciliation in this section below.

    Free cash flow, which is defined as net cash (used in) provided by operating activities less capital expenditures (which consist of purchases of property and equipment as well as purchases of information technology, software development and leasehold improvements).

    Contribution margin, adjusted EBITDA, adjusted net income and free cash flow are key measures used by management to understand and evaluate our financial performance, trends and generate future operating plans, make strategic decisions regarding the allocation of capital, and analyze investments in initiatives that are focused on cultivating new markets for our products and services. We believe contribution margin, adjusted EBITDA, adjusted net income and free cash flow are useful measurements for analysts, investors, and other interested parties to evaluate companies in our markets as they help identify underlying trends that could otherwise be masked by certain expenses that we do not consider indicative of our ongoing performance.

    Contribution margin, adjusted EBITDA, adjusted net income and free cash flow have limitations as analytical tools. These measures are not calculated in accordance with GAAP and should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. In addition, contribution margin, adjusted EBITDA, adjusted net income and free cash flow may not be comparable to similarly titled metrics of other companies due to differences among the methods of calculation.

    Cautionary Statements Concerning Forward-Looking Statements

    Certain statements contained in this press release constitute forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, as amended, which reflect our current views with respect to, among other things, our operations, earnings and financial performance, including our guidance for 2023. You can identify these forward-looking statements by the use of words such as "outlook," "indicator," "believes," "project," "forecast," "targets," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "scheduled," "estimates," "anticipates" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include but are not limited to the risks related to our business and industry, risks related to our products, risks related to our manufacturing and supply chain, risks related to our distribution channels, risks related to laws and regulations, risks related to cybersecurity and privacy, risks related to intellectual property, risks related to our international operations, risks related to our indebtedness, risks related to interest rate and exchange rate volatility, risks related to our financial statements, risks related to our common stock, and other risks as described under the section entitled "Risk Factors" in our latest Annual Report on Form 10-K filed with the SEC, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other periodic filings. The forward-looking statements speak only as of the date of this report, and, except as required by law, we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

    Contacts

    Media:

    Danielle Karr

    Director, Public Relations & Events

    [email protected]

    Investors:

    Tom Colton and Matt Glover

    Gateway Investor Relations

    949-574-3860

    [email protected]

    -Financial Tables to Follow-

    Snap One Holdings Corp. and Subsidiaries
    Condensed Consolidated Statements of Operations
    (unaudited, in thousands, except per share amounts)
     
     Three Months Ended Six Months Ended
     June 30, July 1, June 30, July 1,
    2023

     2022

     2023

     2022

    Net sales$274,407  $296,905  $526,447  $574,339 
    Costs and expenses:       
    Cost of sales, exclusive of depreciation and amortization157,217  180,395  303,030  352,727 
    Selling, general and administrative expenses93,793  95,394  187,590  181,921 
    Depreciation and amortization15,394  14,966  30,596  29,855 
    Total costs and expenses266,404  290,755  521,216  564,503 
    Income from operations8,003  6,150  5,231  9,836 
    Other expenses (income):       
    Interest expense14,888  7,720  28,837  14,443 
    Other income, net(1,990) (63) (1,163) (483)
    Total other expenses12,898  7,657  27,674  13,960 
    Loss before income taxes(4,895) (1,507) (22,443) (4,124)
    Income tax benefit(4,771) (163) (7,771) (524)
    Net loss(124) (1,344) (14,672) (3,600)
    Net loss attributable to noncontrolling interest—  (17) —  (37)
    Net loss attributable to Company$(124) $(1,327) $(14,672) $(3,563)
            
    Net loss per share, basic and diluted$(0.00) $(0.02) $(0.20) $(0.05)
    Weighted average shares outstanding, basic and diluted74,757  74,588  75,024  74,526 
                



    Snap One Holdings Corp. and Subsidiaries
    Condensed Consolidated Balance Sheets
    (unaudited, in thousands, except par value)
     
     As of
     June 30, 2023 December 30, 2022
    Assets   
    Current assets:   
    Cash and cash equivalents$33,846  $21,117 
    Accounts receivable, net54,703  48,174 
    Inventories292,531  314,588 
    Prepaid expenses22,261  22,913 
    Other current assets2,957  5,930 
    Total current assets406,298  412,722 
    Long-term assets:   
    Property and equipment, net45,074  34,958 
    Goodwill592,380  592,186 
    Other intangible assets, net529,792  554,419 
    Operating lease right-of-use assets54,775  54,041 
    Other assets6,092  4,195 
    Total assets$1,634,411  $1,652,521 
    Liabilities and stockholders' equity   
    Current liabilities:   
    Current maturities of long-term debt$5,200  $5,063 
    Accounts payable62,753  77,443 
    Accrued liabilities64,537  64,605 
    Current operating lease liability10,702  10,574 
    Current tax receivable agreement liability23,195  10,191 
    Total current liabilities166,387  167,876 
    Long-term liabilities:   
    Revolving credit facility, net26,952  10,800 
    Long-term debt, net of current portion495,462  496,795 
    Deferred income tax liabilities, net34,542  43,515 
    Operating lease liability, net of current portion55,649  50,896 
    Tax receivable agreement liability, net of current portion78,211  101,262 
    Other liabilities20,952  24,206 
    Total liabilities878,155  895,350 
    Commitments and contingencies (Note 14)   
    Stockholders' equity:   
    Common stock, $0.01 par value, 500,000 shares authorized; 75,615 shares issued and outstanding as of June 30, 2023 and 75,042 shares issued and outstanding at December 30, 2022756  750 
    Preferred stock, $0.01 par value; 50,000 shares authorized, no shares issued and outstanding—  — 
    Additional paid-in capital861,550  848,703 
    Accumulated deficit(102,718) (88,046)
    Accumulated other comprehensive loss(3,332) (4,236)
    Total stockholders' equity756,256  757,171 
    Total liabilities and stockholders' equity$1,634,411  $1,652,521 
          



    Snap One Holdings Corp. and Subsidiaries
    Condensed Consolidated Statements of Cash Flows
    (unaudited, in thousands)
     
     Six Months Ended
     June 30, 2023 July 1, 2022
    Cash flows from operating activities:     
    Net loss$(14,672) $(3,600)
    Adjustments to reconcile net loss to net cash from operating activities:     
    Depreciation and amortization 30,596   29,855 
    Amortization of debt issuance costs 1,556   921 
    Unrealized gain on interest rate cap (1,126)  — 
    Deferred income taxes (9,023)  (6,462)
    Equity-based compensation 13,283   12,367 
    Non-cash operating lease expense 5,766   6,298 
    Bad debt expense 548   100 
    Fair value adjustment to contingent value rights 2,000   (6,075)
    Valuation adjustment to TRA liability 144   — 
    Provision for credit losses on notes receivable —   5,872 
    Other, net (158)  81 
    Change in operating assets and liabilities:     
    Accounts receivable (6,987)  (4,851)
    Inventories 22,695   (58,262)
    Prepaid expenses and other assets 895   5,273 
    Accounts payable, accrued liabilities and operating lease liabilities (20,100)  (1,070)
    Net cash provided by (used in) operating activities 25,417   (19,553)
    Cash flows from investing activities:     
    Acquisition of business, net of cash acquired —   (25,639)
    Purchases of property and equipment (15,685)  (6,414)
    Issuance of notes receivable —   (600)
    Other, net 51   45 
    Net cash used in investing activities (15,634)  (32,608)
    Cash flows from financing activities:     
    Payments on long-term debt (2,600)  (1,163)
    Proceeds from revolving credit facility 38,000   47,000 
    Payments on revolving credit facility (22,000)  — 
    Repurchase and retirement of common stock (293)  (918)
    Proceeds from employee stock purchase plan 1,228   — 
    Payments of tax withholding obligation on settlement of equity awards (1,024)  — 
    Payments of tax receivable agreement (10,191)  — 
    Contingent consideration payments (250)  — 
    Net cash provided by financing activities 2,870   44,919 
    Effect of exchange rate changes on cash and cash equivalents 76   (2,017)
    Net increase (decrease) in cash and cash equivalents 12,729   (9,259)
    Cash and cash equivalents at beginning of the period 21,117   40,577 
    Cash and cash equivalents at end of the period$33,846  $31,318 
    Supplementary cash flow information:     
    Cash paid for interest$28,245  $14,657 
    Cash paid for taxes, net$4,413  $3,445 
    Noncash investing and financing activities:     
    Capital expenditure in accounts payable$1,004  $321 
          



    Snap One Holdings Corp. and Subsidiaries
    Reconciliation of Net Loss to Adjusted EBITDA
    (unaudited, in thousands)
     
     Three Months Ended Six Months Ended
     June 30, July 1, June 30, July 1,
    2023

     2022

     2023

     2022

    Net loss$(124) $(1,344) $(14,672) $(3,600)
    Interest expense 14,888   7,720   28,837   14,443 
    Income tax benefit (4,771)  (163)  (7,771)  (524)
    Depreciation and amortization 15,394   14,966   30,596   29,855 
    Other income, net (1,990)  (63)  (1,163)  (483)
    Equity-based compensation 5,520   6,768   13,283   12,367 
    Fair value adjustment to contingent value rights(a) 1,400   (3,275)  2,000   (6,075)
    IT system transition costs(b) 75   —   208   — 
    Deferred acquisition payments(c) 55   327   133   1,030 
    Compensation expense for payouts in lieu of TRA participation(d) (46)  279   233   558 
    Severance cost(e) —   —   1,276   — 
    Provision for credit losses on notes receivable(f) —   5,872   —   5,872 
    Acquisition and integration related costs(g) —   64   —   278 
    Deferred revenue purchase accounting adjustment(h) —   53   —   150 
    Other professional services costs(i) 128   376   166   1,213 
    Other(j) 1,127   100   1,202   187 
    Adjusted EBITDA$31,656  $31,680  $54,328  $55,271 
                



    Snap One Holdings Corp. and Subsidiaries
    Reconciliation of Net Loss to Adjusted Net Income
    (unaudited, in thousands)
     
     Three Months Ended Six Months Ended
     June 30, July 1, June 30, July 1,
    2023

     2022

     2023

     2022

    Net loss$(124) $(1,344) $(14,672) $(3,600)
    Amortization 12,440   12,597   24,877   25,258 
    Equity-based compensation 5,520   6,768   13,283   12,367 
    Foreign currency (gains) losses (26)  166   (84)  (13)
    Interest rate cap (income) expense (1,944)  —   (1,126)  — 
    Fair value adjustment to contingent value rights(a) 1,400   (3,275)  2,000   (6,075)
    IT system transition costs(b) 75   —   208   — 
    Deferred acquisition payments(c) 55   327   133   1,030 
    Compensation expense for payouts in lieu of TRA participation(d) (46)  279   233   558 
    Severance cost(e) —   —   1,276   — 
    Provision for credit losses on notes receivable(f) —   5,872   —   5,872 
    Acquisition and integration related costs(g) —   64   —   278 
    Deferred revenue purchase accounting adjustment(h) —   53   —   150 
    Other professional services costs(i) 128   376   166   1,213 
    Other(j) 1,106   33   1,106   52 
    Income tax effect of adjustments(k) (4,240)  (5,416)  (9,690)  (9,873)
    Adjusted Net Income$14,344  $16,500  $17,710  $27,217 
                

    (a)   Represents noncash gains and losses recorded from fair value adjustments related to contingent value right ("CVR") liabilities. Fair value adjustments related to CVR liabilities represent potential obligations to the prior sellers in conjunction with the acquisition of the Company by investment funds managed by Hellman & Friedman, LLC ("H&F") in August 2017.

    (b)   Represents costs associated with the implementation of enterprise resource planning systems, customer resource management systems, and business intelligence systems as part of our initiative to modernize our IT infrastructure.

    (c)   Represents expenses incurred related to deferred payments to employees associated with historical acquisitions. The deferred payments are cash retention awards for key personnel from the acquired companies and are expected to be paid to employees through 2023. Management does not believe such costs are indicative of our ongoing operations as they are one-time awards specific to acquisitions and are incremental to our typical compensation costs incurred and we do not expect such costs to be reflective of future increases in base compensation expense.

    (d)   Represents expense, net of forfeitures, related to payments to certain pre-IPO owners in lieu of their participation in the Tax Receivable Agreement ("TRA"). Management does not believe such costs are indicative of our ongoing operations as they are one-time awards specific to the establishment of the TRA.

    (e)   Severance cost associated with various restructuring actions such as warehouse relocation, departmental reorganization and focused reduction in workforce.

    (f)   Represents provision for credit losses on notes receivable related to the Company's unsecured loan to Clare.

    (g)   Represents costs directly associated with acquisitions and acquisition-related integration activities. These costs also include certain restructuring costs (e.g., severance) and other third-party transaction advisory fees associated with planned and completed acquisitions.

    (h)   Represents an adjustment related to the fair value of deferred revenue related to the Control4 acquisition.

    (i)   Represents professional service fees associated with the preparation for Sarbanes-Oxley ("SOX") compliance, the implementation of new accounting standards and accounting for non-recurring transactions.

    (j)   Represents non-recurring expenses related to consulting, restructuring, and other expenses which management believes are not representative of our operating performance.

    (k)   Represents the tax impacts with respect to each adjustment noted above after taking into account the impact of permanent differences using the statutory tax rate related to the applicable federal and foreign jurisdictions and the blended state tax rate.

     
    Snap One Holdings Corp. and Subsidiaries
    Contribution Margin
    (unaudited, in thousands)
     
     Three Months Ended Six Months Ended
     June 30, July 1, June 30, July 1,
    2023 2022 2023 2022
    Net sales$274,407  $296,905  $526,447  $574,339 
    Cost of sales, exclusive of depreciation and amortization(a) 157,217   180,395   303,030   352,727 
    Net sales less cost of sales, exclusive of depreciation and amortization$117,190  $116,510  $223,417  $221,612 
    Contribution Margin 42.7%  39.2%  42.4%  38.6%
                    

    (a)   Cost of sales for the three months ended June 30, 2023 and July 1, 2022 excludes depreciation and amortization of $15,394 and $14,966, respectively. Cost of sales for the six months ended June 30, 2023 and July 1, 2022 excludes depreciation and amortization of $30,596 and $29,855, respectively.

     
    Snap One Holdings Corp. and Subsidiaries
    Free Cash Flow
    (unaudited, in thousands)
     
     Six Months Ended
     June 30, July 1,
    20232022
    Net cash provided by (used in) operating activities$25,417  $(19,553)
    Purchases of property and equipment (15,685)  (6,414)
    Free Cash Flow$9,732  $(25,967)
            



    Snap One Holdings Corp. and Subsidiaries
    Revenue by Geography
    (unaudited, in thousands)
     
     Three Months Ended Six Months Ended
     June 30, July 1, June 30, July 1,
    20232022 20232022
    Domestic integrators(a)$230,809 $238,675 $440,286 $464,081
    Domestic other(b) 11,185  17,814  20,427  31,167
    International(c) 32,413  40,416  65,734  79,091
    Total$274,407 $296,905 $526,447 $574,339
                

    (a)   Domestic integrators is defined as professional "do-it-for-me" integrator customers who transact with Snap One through a traditional integrator channel in the United States, excluding the impact of revenue earned by the Company's Access Networks enterprise grade network solution business.

    (b)   Domestic other is defined as Access Networks revenue and revenue generated through managed transactions with non-integrator customers, such as national accounts.

    (c)   International consists of all integrators and distributors who transact with Snap One outside of the United States.

     
    Snap One Holdings Corp. and Subsidiaries
    Revenue by Product Type
    (unaudited, in thousands)
     
     Three Months Ended Six Months Ended
     June 30, July 1, June 30, July 1,
    20232022 20232022
    Proprietary products(a)$183,825 $208,196 $355,200 $395,993
    Third-party products(b) 90,582  88,709  171,247  178,346
    Total$274,407 $296,905 $526,447 $574,339
                

    (a)   Proprietary products consist of products and services internally developed by or for Snap One and sold under one of Snap One's proprietary brands.

    (b)   Third-party products consist of products that Snap One distributes but for which Snap One does not own associated product brand.



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