☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 |
28, 2020
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 |
MASSACHUSETTS 04-3284048
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Class A Common Stock. $0.01 par value | SAM | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||
Emerging growth company | ☐ | |||||
Class A Common Stock, $.01 par value | 9,655,555 | |||
Class B Common Stock, $.01 par value | 2,522,983 | |||
(Title of each class) | (Number of |
PART I. | FINANCIAL INFORMATION | PAGE | ||||||||
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6 | ||||||||||
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Management’s Discussion and Analysis of Financial Condition and Results of Operations | 19 | |||||||||
Quantitative and Qualitative Disclosures about Market Risk | 22 | |||||||||
22 | ||||||||||
PART II. | OTHER INFORMATION | |||||||||
23 | ||||||||||
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Unregistered Sales of Equity Securities and Use of Proceeds | 24 | |||||||||
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26 |
March 30, | December 29, | |||||||
2019 | 2018 | |||||||
Assets | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 102,887 | $ | 108,399 | ||||
Accounts receivable | 54,525 | 34,073 | ||||||
Inventories | 85,861 | 70,249 | ||||||
Prepaid expenses and other current assets | 16,754 | 13,136 | ||||||
Income tax receivable | 833 | 5,714 | ||||||
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Total current assets | 260,860 | 231,571 | ||||||
Property, plant and equipment, net | 398,882 | 389,789 | ||||||
Right-of-use assets | 26,177 | — | ||||||
Other assets | 14,418 | 14,808 | ||||||
Goodwill | 3,683 | 3,683 | ||||||
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Total assets | $ | 704,020 | $ | 639,851 | ||||
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Liabilities and Stockholders’ Equity | ||||||||
Current Liabilities: | ||||||||
Accounts payable | $ | 61,620 | $ | 47,102 | ||||
Accrued expenses and other current liabilities | 66,655 | 73,412 | ||||||
Current lease liabilities | 3,727 | — | ||||||
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Total current liabilities | 132,002 | 120,514 | ||||||
Deferred income taxes, net | 50,198 | 49,169 | ||||||
Non-current lease liabilities | 27,161 | — | ||||||
Other liabilities | 4,841 | 9,851 | ||||||
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Total liabilities | 214,202 | 179,534 | ||||||
Commitments and Contingencies (See Note H) | ||||||||
Stockholders’ Equity: | ||||||||
Class A Common Stock, $.01 par value; 22,700,000 shares authorized; 8,634,806 and 8,580,593 issued and outstanding as of March 30, 2019 and December 29, 2018, respectively | 86 | 86 | ||||||
Class B Common Stock, $.01 par value; 4,200,000 shares authorized; 2,917,983 and 2,917,983 issued and outstanding as of March 30, 2019 and December 29, 2018, respectively | 29 | 29 | ||||||
Additionalpaid-in capital | 411,481 | 405,711 | ||||||
Accumulated other comprehensive loss, net of tax | (1,160 | ) | (1,197 | ) | ||||
Retained earnings | 79,382 | 55,688 | ||||||
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Total stockholders’ equity | 489,818 | 460,317 | ||||||
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Total liabilities and stockholders’ equity | $ | 704,020 | $ | 639,851 | ||||
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March 28, | December 28, | |||||||
2020 | 2019 | |||||||
Assets | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 129,504 | $ | 36,670 | ||||
Accounts receivable | 58,253 | 54,404 | ||||||
Inventories | 124,529 | 106,038 | ||||||
Prepaid expenses and other current assets | 14,894 | 12,077 | ||||||
Income tax receivable | 8,823 | 9,459 | ||||||
Total current assets | 336,003 | 218,648 | ||||||
Property, plant and equipment, net | 550,030 | 541,068 | ||||||
Operating right-of-use assets | 63,039 | 53,758 | ||||||
Goodwill | 112,529 | 112,529 | ||||||
Intangible assets | 104,209 | 104,272 | ||||||
Other assets | 27,754 | 23,782 | ||||||
Total assets | $ | 1,193,564 | $ | 1,054,057 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current Liabilities: | ||||||||
Accounts payable | $ | 92,247 | $ | 76,374 | ||||
Accrued expenses and other current liabilities | 89,078 | 99,107 | ||||||
Current operating lease liabilities | 5,459 | 5,168 | ||||||
Total current liabilities | 186,784 | 180,649 | ||||||
Deferred income taxes, net | 77,389 | 75,010 | ||||||
Line of credit | 100,000 | — | ||||||
Non-current operating lease liabilities | 63,248 | 53,940 | ||||||
Other liabilities | 7,907 | 8,822 | ||||||
Total liabilities | 435,328 | 318,421 | ||||||
Commitments and Contingencies (See Note K) | ||||||||
Stockholders’ Equity: | ||||||||
Class A Common Stock, $.01 par value; 22,700,000 shares authorized; 9,559,200 and 9,370,526 issued and outstanding as of March 28, 2020 and December 28, 2019, respectively | 96 | 94 | ||||||
Class B Common Stock, $.01 par value; 4,200,000 shares authorized; 2,522,983 and 2,672,983 issued and outstanding as of March 28, 2020 and December 28, 2019, respectively | 25 | 27 | ||||||
Additional paid-in capital | 576,208 | 571,784 | ||||||
Accumulated other comprehensive loss, net of tax | (1,727 | ) | (1,669 | ) | ||||
Retained earnings | 183,634 | 165,400 | ||||||
Total stockholders’ equity | 758,236 | 735,636 | ||||||
Total liabilities and stockholders’ equity | $ | 1,193,564 | $ | 1,054,057 | ||||
Thirteen weeks ended | ||||||||
March 30, 2019 | March 31, 2018 | |||||||
Revenue | $ | 267,559 | $ | 201,831 | ||||
Less excise taxes | 15,908 | 11,374 | ||||||
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Net revenue | 251,651 | 190,457 | ||||||
Cost of goods sold | 127,111 | 94,360 | ||||||
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Gross profit | 124,540 | 96,097 | ||||||
Operating expenses: | ||||||||
Advertising, promotional and selling expenses | 71,723 | 67,521 | ||||||
General and administrative expenses | 23,374 | 19,338 | ||||||
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Total operating expenses | 95,097 | 86,859 | ||||||
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Operating income | 29,443 | 9,238 | ||||||
Other income (expense), net: | ||||||||
Interest income, net | 637 | 205 | ||||||
Other expense, net | (252 | ) | (285 | ) | ||||
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Total other income (expense), net | 385 | (80 | ) | |||||
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Income before income tax provision (benefit) | 29,828 | 9,158 | ||||||
Income tax provision (benefit) | 6,134 | (152 | ) | |||||
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Net income | $ | 23,694 | $ | 9,310 | ||||
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Net income per common share - basic | $ | 2.04 | $ | 0.79 | ||||
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Net income per common share - diluted | $ | 2.02 | $ | 0.78 | ||||
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Weighted-average number of common shares - Class A basic | 8,606 | 8,714 | ||||||
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Weighted-average number of common shares - Class B basic | 2,918 | 3,018 | ||||||
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Weighted-average number of common shares - diluted | 11,636 | 11,831 | ||||||
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Net income | $ | 23,694 | $ | 9,310 | ||||
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Other comprehensive income: | ||||||||
Foreign currency translation adjustment | 37 | 11 | ||||||
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Comprehensive income | $ | 23,731 | $ | 9,321 | ||||
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Thirteen weeks ended | ||||||||
March 28, 2020 | March 30, 2019 | |||||||
Revenue | $ | 352,225 | $ | 267,559 | ||||
Less excise taxes | 21,660 | 15,908 | ||||||
Net revenue | 330,565 | 251,651 | ||||||
Cost of goods sold | 182,592 | 127,111 | ||||||
Gross profit | 147,973 | 124,540 | ||||||
Operating expenses: | ||||||||
Advertising, promotional and selling expenses | 97,891 | 71,723 | ||||||
General and administrative expenses | 27,029 | 23,374 | ||||||
Impairment of assets | 1,521 | — | ||||||
Total operating expenses | 126,441 | 95,097 | ||||||
Operating income | 21,532 | 29,443 | ||||||
Other (expense) income, net: | ||||||||
Interest income, net | 63 | 637 | ||||||
Other (expense) income, net | (360 | ) | (252 | ) | ||||
Total other (expense) income, net | (297 | ) | 385 | |||||
Income before income tax provision | 21,235 | 29,828 | ||||||
Income tax provision | 3,001 | 6,134 | ||||||
Net income | $ | 18,234 | $ | 23,694 | ||||
Net income per common share - basic | $ | 1.50 | $ | 2.04 | ||||
Net income per common share - diluted | $ | 1.49 | $ | 2.02 | ||||
Weighted-average number of common shares - Class A basic | 9,425 | 8,606 | ||||||
Weighted-average number of common shares - Class B basic | 2,645 | 2,918 | ||||||
Weighted-average number of common shares - | 12,186 | 11,636 | ||||||
Net income | $ | 18,234 | $ | 23,694 | ||||
Other comprehensive income: | ||||||||
Foreign currency translation adjustment | (58 | ) | 37 | |||||
Comprehensive income | $ | 18,176 | $ | 23,731 | ||||
Class A Common Shares | Class A Common Stock, Par | Class B Common Shares | Class B Common Stock, Par | Additional Paid-in Capital | Accumulated Other Comprehensive Loss, net of tax | Retained Earnings | Total Stockholders’ Equity | |||||||||||||||||||||||||
Balance at December 29, 2018 | 8,580 | $ | 86 | 2,918 | $ | 29 | $ | 405,711 | $ | (1,197 | ) | $ | 55,688 | $ | 460,317 | |||||||||||||||||
Net income | 23,694 | 23,694 | ||||||||||||||||||||||||||||||
Stock options exercised and restricted shares activities | 54 | — | 3,704 | 3,704 | ||||||||||||||||||||||||||||
Stock-based compensation expense | 2,066 | 2,066 | ||||||||||||||||||||||||||||||
Currency translation adjustment | 37 | 37 | ||||||||||||||||||||||||||||||
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Balance at March 30, 2019 | 8,634 | $ | 86 | 2,918 | $ | 29 | $ | 411,481 | $ | (1,160 | ) | $ | 79,382 | $ | 489,818 | |||||||||||||||||
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Class A Common Shares | Class A Common Stock, Par | Class B Common Shares | Class B Common Stock, Par | Additional Paid-in Capital | Accumulated Other Comprehensive Loss, net of tax | Retained Earnings | Total Stockholders’ Equity | |||||||||||||||||||||||||
Balance at December 30, 2017 | 8,603 | $ | 86 | 3,018 | $ | 30 | $ | 372,590 | $ | (1,288 | ) | $ | 52,105 | $ | 423,523 | |||||||||||||||||
Net income | 9,310 | 9,310 | ||||||||||||||||||||||||||||||
Stock options exercised and restricted shares activities | 188 | 2 | 20,232 | 20,234 | ||||||||||||||||||||||||||||
Stock-based compensation expense | 1,491 | 1,491 | ||||||||||||||||||||||||||||||
Repurchase of Class A Common Stock | (91 | ) | (1 | ) | (16,638 | ) | (16,639 | ) | ||||||||||||||||||||||||
Currency translation adjustment | (11 | ) | (11 | ) | ||||||||||||||||||||||||||||
One time effect of adoption of ASU2014-09, Revenue from Contracts with Customers, net of tax of $329 | (982 | ) | (982 | ) | ||||||||||||||||||||||||||||
One time effect of adoption of ASU2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income | (210 | ) | 210 | — | ||||||||||||||||||||||||||||
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Balance at March 31, 2018 | 8,700 | $ | 87 | 3,018 | $ | 30 | $ | 394,313 | $ | (1,509 | ) | $ | 44,005 | $ | 436,926 | |||||||||||||||||
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Class A Common Shares | Class A Common Stock, Par | Class B Common Shares | Class B Common Stock, Par | Additional Paid-in Capital | Accumulated Other Comprehensive Loss, net of tax | Retained Earnings | Total Stockholders’ Equity | |||||||||||||||||||||||||
Balance at December 28, 2019 | 9,371 | $ | 94 | 2,673 | $ | 27 | $ | 571,784 | $ | (1,669 | ) | $ | 165,400 | $ | 735,636 | |||||||||||||||||
Net income | 18,234 | 18,234 | ||||||||||||||||||||||||||||||
Stock options exercised and restricted shares activities | 38 | — | 1,858 | 1,858 | ||||||||||||||||||||||||||||
Stock-based compensation expense | 2,566 | 2,566 | ||||||||||||||||||||||||||||||
Conversion from Class B to Class A | 150 | 2 | (150 | ) | (2 | ) | — | |||||||||||||||||||||||||
Currency translation adjustment | (58 | ) | (58 | ) | ||||||||||||||||||||||||||||
Balance at March 28 , 2020 | 9,559 | $ | 96 | 2,523 | $ | 25 | $ | 576,208 | $ | (1,727 | ) | $ | 183,634 | $ | 758,236 | |||||||||||||||||
Class A Common Shares | Class A Common Stock, Par | Class B Common Shares | Class B Common Stock, Par | Additional Paid-in Capital | Accumulated Other Comprehensive Loss, net of tax | Retained Earnings | Total Stockholders’ Equity | |||||||||||||||||||||||||
Balance at December 29, 2018 | 8,580 | $ | 86 | 2,918 | $ | 29 | $ | 405,711 | $ | (1,197 | ) | $ | 55,688 | $ | 460,317 | |||||||||||||||||
Net income | 23,694 | 23,694 | ||||||||||||||||||||||||||||||
Stock options exercised and restricted shares activities | 54 | — | 3,704 | 3,704 | ||||||||||||||||||||||||||||
Stock-based compensation expense | 2,066 | 2,066 | ||||||||||||||||||||||||||||||
Currency translation adjustment | 37 | 37 | ||||||||||||||||||||||||||||||
Balance at March 30, 2019 | 8,634 | $ | 86 | 2,918 | $ | 29 | $ | 411,481 | $ | (1,160 | ) | $ | 79,382 | $ | 489,818 | |||||||||||||||||
THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES
(in thousands)
(unaudited)
Thirteen weeks ended | ||||||||
March 30, 2019 | March 31, 2018 | |||||||
Cash flows provided by (used in) operating activities: | ||||||||
Net income | $ | 23,694 | $ | 9,310 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 12,863 | 12,820 | ||||||
Loss on disposal of property, plant and equipment | 271 | 143 | ||||||
Lease expense | 859 | — | ||||||
Bad debt expense | — | 47 | ||||||
Stock-based compensation expense | 2,066 | 1,491 | ||||||
Deferred income taxes | 1,029 | 178 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (20,452 | ) | (16,615 | ) | ||||
Inventories | (15,353 | ) | (8,166 | ) | ||||
Prepaid expenses, income tax receivable and other assets | 1,336 | (4,689 | ) | |||||
Accounts payable | 14,400 | 2,299 | ||||||
Accrued expenses and other current liabilities | (6,465 | ) | (6,575 | ) | ||||
Net lease liabilities | (624 | ) | — | |||||
Other liabilities | 19 | (658 | ) | |||||
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Net cash provided by (used in) operating activities | 13,643 | (10,415 | ) | |||||
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Cash flows used in investing activities: | ||||||||
Purchases of property, plant and equipment | (22,080 | ) | (11,477 | ) | ||||
Proceeds from disposal of property, plant and equipment | 1 | 2 | ||||||
Change in restricted cash | 28 | 111 | ||||||
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Net cash used in investing activities | (22,051 | ) | (11,364 | ) | ||||
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Cash flows provided by financing activities: | ||||||||
Repurchase of Class A Common Stock | — | (16,640 | ) | |||||
Proceeds from exercise of stock options | 2,768 | 19,304 | ||||||
Cash paid on note payable | (72 | ) | (63 | ) | ||||
Net proceeds from sale of investment shares | 200 | 186 | ||||||
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Net cash provided by financing activities | 2,896 | 2,787 | ||||||
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Change in cash and cash equivalents | (5,512 | ) | (18,992 | ) | ||||
Cash and cash equivalents at beginning of year | 108,399 | 65,637 | ||||||
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Cash and cash equivalents at end of period | $ | 102,887 | $ | 46,645 | ||||
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Supplemental disclosure of cash flow information: | ||||||||
Income taxes paid | $ | 207 | $ | 459 | ||||
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Cash paid for amounts included in measurement of lease liabilities | $ | 901 | $ | — | ||||
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Right-of-use assets obtained in exchange for lease obligations | $ | 27,037 | — | |||||
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Decrease in accounts receivable for ASU2014-09 adoption | $ | — | $ | (1,310 | ) | |||
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Increase in accounts payable for purchase of property, plant and equipment | $ | 118 | $ | 2,741 | ||||
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THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASHFLOWS (in thousands) (unaudited) |
Thirteen weeks ended | ||||||||
March 28, | March 30, | |||||||
2020 | 2019 | |||||||
Cash flows provided by operating activities: | ||||||||
Net income | $ | 18,234 | $ | 23,694 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 15,945 | 12,863 | ||||||
Impairment of assets | 1,521 | — | ||||||
Loss on disposal of property, plant and equipment | — | 271 | ||||||
Change in ROU assets | 1,807 | 859 | ||||||
Credit loss expense | 552 | — | ||||||
Stock-based compensation expense | 2,566 | 2,066 | ||||||
Deferred income taxes | 2,379 | 1,029 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (4,436 | ) | (20,452 | ) | ||||
Inventories | (23,856 | ) | (15,353 | ) | ||||
Prepaid expenses, income tax receivable and other assets | (884 | ) | 1,336 | |||||
Accounts payable | 14,264 | 14,400 | ||||||
Accrued expenses and other current liabilities | (7,579 | ) | (6,465 | ) | ||||
Change in operating lease liability | (1,489 | ) | (624 | ) | ||||
Other liabilities | (100 | ) | 19 | |||||
Net cash provided by operating activities | 18,924 | 13,643 | ||||||
Cash flows used in investing activities: | ||||||||
Purchases of property, plant and equipment | (27,394 | ) | (22,080 | ) | ||||
Proceeds from disposal of property, plant and equipment | 35 | 1 | ||||||
Other investing activities | 96 | 28 | ||||||
Net cash used in investing activities | (27,263 | ) | (22,051 | ) | ||||
Cash flows provided by financing activities: | ||||||||
Proceeds from exercise of stock options and sale of investment shares | 2,941 | 2,968 | ||||||
Net cash paid on note payable and finance leases | (209 | ) | (72 | ) | ||||
Payment of tax withholdings on stock-based payment awards and investment shares | (1,559 | ) | — | |||||
Cash borrowed on line of credit | 100,000 | — | ||||||
Net cash provided by financing activities | 101,173 | 2,896 | ||||||
Change in cash and cash equivalents | 92,834 | (5,512 | ) | |||||
Cash and cash equivalents at beginning of year | 36,670 | 108,399 | ||||||
Cash and cash equivalents at end of period | $ | 129,504 | $ | 102,887 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Income taxes paid | $ | 5 | $ | 207 | ||||
Cash paid for amounts included in measurement of lease liabilities | ||||||||
Operating cash flows from operating leases | $ | 2,097 | $ | 885 | ||||
Operating cash flows from finance leases | $ | 22 | $ | 8 | ||||
Financing cash flows from finance leases | $ | 141 | $ | 7 | ||||
Right-of-use assets obtained in exchange for operating lease obligations | $ | 11,088 | $ | 27,034 | ||||
Right-of-use assets obtained in exchange for finance lease obligations | $ | — | $ | 3 | ||||
Change in purchase of property, plant and equipment in accounts payable and accrued expenses | $ | (1,029 | ) | $ | 118 | |||
A. Organization and Basis of Presentation
A. | Organization and Basis of Presentation |
28, 2019.
B. Recent Accounting Pronouncements
Accounting Pronouncements Recently Adopted
B. | COVID-19 Pandemic |
C. | Dogfish Head Brewery Transaction |
Total (In | ||||
Cash and cash equivalents | $ | 7,476 | ||
Accounts receivable | 8,081 | |||
Inventories | 9,286 | |||
Prepaid expenses and other current assets | 847 | |||
Property, plant and equipment | 106,964 | |||
Goodwill | 108,846 | |||
Brand | 98,500 | |||
Other intangible assets | 3,800 | |||
Other assets | 378 | |||
Total assets acquired | 344,178 | |||
Accounts payable | 3,861 | |||
Accrued expenses and other current liabilities | 4,085 | |||
Deferred income taxes | 18,437 | |||
Other liabilities | 59 | |||
Total liabilities assumed | 26,442 | |||
Net assets acquired | $ | 317,736 | ||
Cash consideration | $ | 172,993 | ||
Nominal value of equity issued | 162,999 | |||
Fair Value reduction due to liquidity | (18,256 | ) | ||
Estimated total purchase price | $ | 317,736 | ||
(i) | Depreciation and amortization expenses were updated to reflect the fair value adjustments to Dogfish Head property, plant and equipment and intangible assets beginning December 30, 2018. |
(ii) | Transaction costs incurred to date have been re-assigned to the first period of the comparative fiscal year. |
(iii) | Interest expense has been included at a rate of approximately 3% which is consistent with the borrowing rate on the Company’s current line of credit. |
(iv) | The tax effects of the pro forma adjustments at an estimated statutory rate of 23.6%. |
(v) | Earnings per share amounts are calculated using the Company’s historical weighted average shares outstanding plus the 429,291 shares issued in the merger. |
Thirteen weeks ended | ||||||||
March 28, | March 30, | |||||||
2020 | 2019 | |||||||
(in thousands) | ||||||||
Net revenue | $ | 330,565 | $ | 276,739 | ||||
Net income | $ | 18,234 | $ | 24,664 | ||||
Basic earnings per share | $ | 1.50 | $ | 2.04 | ||||
Diluted earnings per share | $ | 1.49 | $ | 2.02 |
D. | Goodwill and Intangible Assets |
As of March 28, 2020 | As of December 28, 2019 | |||||||||||||||||||||||||||
Estimated Useful | Gross Carrying | Accumulated | Net Book | Gross Carrying | Accumulated | Net Book | ||||||||||||||||||||||
Life (Years) | Value | Amortization | Value | Value | Amortization | Value | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Custmer Relationships | 15 | $ | 3,800 | $ | (190 | ) | $ | 3,610 | $ | 3,800 | $ | (127 | ) | $ | 3,673 | |||||||||||||
Trade Names | Indefinite | 100,599 | — | 100,599 | 100,599 | — | 100,599 | |||||||||||||||||||||
Total intangible assets | $ | 104,399 | $ | (190 | ) | $ | 104,209 | $ | 104,399 | $ | (127 | ) | $ | 104,272 | ||||||||||||||
Fiscal Year | Amount (in thou sands) | |||
Remainder of 2020 | $ | 190 | ||
2021 | 253 | |||
2022 | 253 | |||
2023 | 253 | |||
2024 | 253 | |||
2025 | 253 |
E. | Recent Accounting Pronouncements |
fiscal 2020 and there was no material impact.
C. Revenue Recognition
F. | Revenue Recognition |
Shipmentsrespectively.
D. Inventories
G. | Inventories |
March 28, | December 28, | |||||||
2020 | 2019 | |||||||
(in thousands) | ||||||||
Current inventory: | ||||||||
Raw materials | $ | 73,267 | $ | 61,522 | ||||
Work in process | 14,775 | 12,631 | ||||||
Finished goods | 36,487 | 31,885 | ||||||
Total current inventory | 124,529 | 106,038 | ||||||
Long term inventory | 15,413 | 10,048 | ||||||
Total inventory | $ | 139,942 | $ | 116,086 | ||||
March 30, | December 29, | |||||||
2019 | 2018 | |||||||
(in thousands) | ||||||||
Current inventory: | ||||||||
Raw materials | $ | 51,207 | $ | 44,655 | ||||
Work in process | 9,198 | 8,252 | ||||||
Finished goods | 25,456 | 17,342 | ||||||
|
|
|
| |||||
Total current inventory | 85,861 | 70,249 | ||||||
Long term inventory | 11,360 | 11,619 | ||||||
|
|
|
| |||||
Total inventory | $ | 97,221 | $ | 81,868 | ||||
|
|
|
|
E. Leases
H. | Leases |
Classification | Leases | |||||||||
March 28, | December 28, | |||||||||
2020 | 2019 | |||||||||
(in thousands) | ||||||||||
Right-of-use assets | ||||||||||
Operating lease assets | Operating right-of-use assets | $ | 63,039 | $ | 53,758 | |||||
Finance lease assets | Property, plant and equipment, net | 2,398 | 2,531 | |||||||
Lease Liabilities | ||||||||||
Current | ||||||||||
Operating lease liabilities | Current operating lease liabilities | 5,459 | 5,168 | |||||||
Finance lease liabilities | Accrued expenses and other current liabilities | 551 | 546 | |||||||
Non-current | ||||||||||
Operating lease liabilities | Non-current operating lease liabilities | 63,248 | 53,940 | |||||||
Finance lease liabilities | Other liabilities | 1,896 | 2,042 |
Finance Leases | ||||||||
March 28, | December 28, | |||||||
2020 | 2019 | |||||||
(in thousands) | ||||||||
Gross value | $ | 2,837 | $ | 2,837 | ||||
Accumulated amortization | (439 | ) | (306 | ) | ||||
Carrying value | $ | 2,398 | $ | 2,531 | ||||
were as follows:
Lease Cost | ||||||||
March 28, | March 30, | |||||||
2020 | 2019 | |||||||
(in thousands) | ||||||||
Operating lease cost | $ | 2,415 | $ | 1,128 | ||||
Variable lease costs not included in liability | 485 | 199 | ||||||
Finance lease cost: | ||||||||
Amortization of right-of-use asset | 133 | — | ||||||
Interest on lease liabilities | 22 | — | ||||||
Total finance lease cost | $ | 155 | $ | — | ||||
Operating | Weighted-Average | |||||||
Leases | Remaining Term in Years | |||||||
(in thousands) | ||||||||
2019 | $ | 3,482 | ||||||
2020 | 4,946 | |||||||
2021 | 4,809 | |||||||
2022 | 4,513 | |||||||
2023 | 4,395 | |||||||
After 2023 | 13,179 | |||||||
|
| |||||||
Total lease payments | 35,324 | |||||||
Less imputed interest (based on 3.4% weighted-average discount rate) | (4,436 | ) | ||||||
|
|
|
| |||||
Present value of lease liability | $ | 30,888 | 7.5 | |||||
|
|
|
|
Operating Leases | Capital Leases | Weighted-Average | ||||||||||||||
Operating | Capital | |||||||||||||||
(in thousands) | ||||||||||||||||
2020 | $ | 3,962 | $ | 464 | ||||||||||||
2021 | 9,816 | 626 | ||||||||||||||
2022 | 9,695 | 626 | ||||||||||||||
2023 | 9,694 | 626 | ||||||||||||||
2024 | 9,470 | 265 | ||||||||||||||
Thereafter | 39,524 | 23 | ||||||||||||||
Total lease payments | 82,161 | 2,630 | ||||||||||||||
Less imputed interest (based on 3.5% weighted-average discount rate) | (13,454 | ) | (183 | ) | ||||||||||||
Present value of lease liability | $ | 68,707 | $ | 2,447 | 9.4 | 4.5 | ||||||||||
I. | Net Income per Share |
Thirteen weeks ended | ||||||||
March 30, | March 31, | |||||||
2019 | 2018 | |||||||
(in thousands, except per share data) | ||||||||
Net income | $ | 23,694 | $ | 9,310 | ||||
|
|
|
| |||||
Allocation of net income for basic: | ||||||||
Class A Common Stock | $ | 17,525 | $ | 6,872 | ||||
Class B Common Stock | 5,942 | 2,380 | ||||||
Unvested participating shares | 227 | 58 | ||||||
|
|
|
| |||||
$ | 23,694 | $ | 9,310 | |||||
Weighted average number of shares for basic: | ||||||||
Class A Common Stock | 8,606 | 8,714 | ||||||
Class B Common Stock* | 2,918 | 3,018 | ||||||
Unvested participating shares | 111 | 73 | ||||||
|
|
|
| |||||
11,635 | 11,805 | |||||||
Net income per share for basic: | ||||||||
Class A Common Stock | $ | 2.04 | $ | 0.79 | ||||
|
|
|
| |||||
Class B Common Stock | $ | 2.04 | $ | 0.79 | ||||
|
|
|
|
Thirteen weeks ended | ||||||||
March 28, | March 30, | |||||||
2020 | 2019 | |||||||
(in thousands, except per share data) | ||||||||
Net income | $ | 18,234 | $ | 23,694 | ||||
Allocation of net income for basic: | ||||||||
Class A Common Stock | $ | 14,136 | $ | 17,525 | ||||
Class B Common Stock | 3,967 | 5,942 | ||||||
Unvested participating shares | 131 | 227 | ||||||
$ | 18,234 | $ | 23,694 | |||||
Weighted average number of shares for basic: | ||||||||
Class A Common Stock | 9,425 | 8,606 | ||||||
Class B Common Stock* | 2,645 | 2,918 | ||||||
Unvested participating shares | 87 | 111 | ||||||
12,157 | 11,635 | |||||||
Net income per share for basic: | ||||||||
Class A Common Stock | $ | 1.50 | $ | 2.04 | ||||
Class B Common Stock | $ | 1.50 | $ | 2.04 | ||||
* | Change in Class B Common Stock resulted from the conversion of 100,000 shares to Class A Common Stock on |
Thirteen weeks ended | ||||||||||||||||||||||||
March 30, 2019 | March 30, 2018 | |||||||||||||||||||||||
Earnings to | Earnings to | |||||||||||||||||||||||
Common | Common | |||||||||||||||||||||||
Shareholders | Common Shares | EPS | Shareholders | Common Shares | EPS | |||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||||||
As reported—basic | $ | 17,525 | 8,606 | $ | 2.04 | $ | 6,872 | 8,714 | $ | 0.79 | ||||||||||||||
Add: effect of dilutive potential common shares | ||||||||||||||||||||||||
Share-based awards | — | 112 | — | 99 | ||||||||||||||||||||
Class B Common Stock | 5,942 | 2,918 | 2,380 | 3,018 | ||||||||||||||||||||
Net effect of unvested participating shares | 2 | — | 1 | — | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Net income per common share—diluted | $ | 23,469 | 11,636 | $ | 2.02 | $ | 9,253 | 11,831 | $ | 0.78 | ||||||||||||||
|
|
|
|
|
|
|
|
Thirteen weeks ended | ||||||||||||||||||||||||
March 28, 2020 | March 30, 2019 | |||||||||||||||||||||||
Earnings to Common Shareholders | Common Shares | EPS | Earnings to Common Shareholders | Common Shares | EPS | |||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||||||
As reported - basic | $ | 14,136 | 9,425 | $ | 1.50 | $ | 17,525 | 8,606 | $ | 2.04 | ||||||||||||||
Add: effect of dilutive potential common shares | ||||||||||||||||||||||||
Share-based awards | — | 116 | — | 112 | ||||||||||||||||||||
Class B Common Stock | 3,967 | 2,645 | 5,942 | 2,918 | ||||||||||||||||||||
Net effect of unvested participating shares | 1 | — | 2 | — | ||||||||||||||||||||
Net income per common share - diluted | $ | 18,104 | 12,186 | $ | 1.49 | $ | 23,469 | 11,636 | $ | 2.02 | ||||||||||||||
The
G. Comprehensive Income or Loss
J. | Comprehensive Income or Loss |
H. Commitments and Contingencies
K. | Commitments and Contingencies |
Currently, the
On October 11, 2018, the
process of assessing the impact the
I. Income Taxes
L. | Income Taxes |
penalties recorded in other liabilities.
Thirteen weeks ended | ||||||||
March 30, | March 31, | |||||||
2019 | 2018 | |||||||
(in thousands) | ||||||||
Summary of income tax provision (benefit) | ||||||||
Tax provision based on net income | $ | 7,909 | $ | 2,571 | ||||
Benefit of ASU2016-09 | (1,775 | ) | (2,723 | ) | ||||
|
|
|
| |||||
Total income tax provision (benefit) | $ | 6,134 | $ | (152 | ) | |||
|
|
|
|
30, 2019:
Thirteen weeks ended | ||||||||
March 28, | March 30, | |||||||
2020 | 2019 | |||||||
(in thousands) | ||||||||
Summary of income tax provision | ||||||||
Tax provision based on net income | $ | 5,005 | $ | 7,909 | ||||
Benefit of ASU 2016-09 | (2,004 | ) | (1,775 | ) | ||||
Total income tax provision | $ | 3,001 | $ | 6,134 | ||||
J. Revolving Line of Credit
M. | Revolving Line of Credit |
K. Fair Value Measures
N. | Fair Value Measures |
Level 1 — Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.
L. Common Stock and Stock-Based Compensation
O. | Common Stock and Stock-Based Compensation |
Aggregate Intrinsic | ||||||||||||||||
Weighted-Average | Weighted-Average Remaining | Value | ||||||||||||||
Shares | Exercise Price | Contractual Term in Years | (in thousands) | |||||||||||||
Outstanding at December 29, 2018 | 366,829 | $ | 155.75 | |||||||||||||
Granted | 15,524 | 312.74 | ||||||||||||||
Forfeited | — | — | ||||||||||||||
Expired | — | — | ||||||||||||||
Exercised | (33,983 | ) | 85.78 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
Outstanding at March 30, 2019 | 348,370 | $ | 169.58 | 5.63 | $ | 43,879 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Exercisable at March 30, 2019 | 135,926 | $ | 127.73 | 3.43 | $ | 22,717 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Vested and expected to vest at March 30, 2019 | 316,274 | $ | 166.69 | 5.49 | $ | 40,747 | ||||||||||
|
|
|
|
|
|
|
|
Shares | Weighted- A verageExercise | Weighted-Average Contractual | Aggregate Value (in thousands) | |||||||||||||
Outstanding at December 28, 2019 | 315,678 | $ | 186.53 | |||||||||||||
Granted | 22,970 | 370.43 | ||||||||||||||
Forfeited | (2,595 | ) | 241.84 | |||||||||||||
Expired | — | — | ||||||||||||||
Exercised | (23,233 | ) | 103.99 | |||||||||||||
Outstanding at March 28, 2020 | 312,820 | $ | 205.70 | 6.08 | $ | 47,034 | ||||||||||
Exercisable at March 28, 2020 | 105,636 | $ | 164.80 | 4.63 | $ | 20,091 | ||||||||||
Vested and expected to vest at March 28, 2020 | 285,886 | $ | 203.74 | 6.01 | $ | 43,532 | ||||||||||
2020 | ||||
Expected Volatility | 32.4% | |||
Risk-free interest rate | 1.15% | |||
Expected Dividends | 0.0% | |||
Exercise factor | 2.03 times | |||
Discount for post-vesting restrictions | 0.0% |
Number of Shares | Weighted Average Fair Value | |||||||
Non-vested at December 29, 2018 | 126,720 | $ | 192.74 | |||||
Granted | 24,579 | $ | 258.92 | |||||
Vested | (20,230 | ) | $ | 163.83 | ||||
Forfeited | (611 | ) | $ | 134.61 | ||||
|
| |||||||
Non-vested at March 30, 2019 | 130,458 | $ | 209.96 | |||||
|
|
stock awards:
Number | Weighted Fair | |||||||
Non-vested at December 28, 2019 | 122,142 | $ | 213.52 | |||||
Granted | 40,316 | 318.07 | ||||||
Vested | (19,589 | ) | 187.26 | |||||
Forfeited | (2,845 | ) | 245.17 | |||||
Non-vested at March 28, 2020 | 140,024 | $ | 243.80 | |||||
On March 1, 2019, the Company granted 16,47115,011 shares of restricted stock units to certain officers, senior managers and key employees, of which all shares vest ratably over service periods of four years. Additionally on March 1, 2020, the Company granted a combined 13,482 shares of restricted stock units to select senior management employees with various service and performance based vesting conditions. On March 1, 2019,2020, employees elected to purchase 7,9019,127 shares under the Company’s investment share program. The weighted average fair value of the restricted stock units and investment shares, which are sold to employees at discount under its investment share program, was $312.56$370.79 and $147.98$169.43 per share, respectively.
M. Subsequent Events
P. | Employee Retirement Plans |
Q. | Related Party Transactions |
R. | Subsequent Events |
RESULTS OF OPERATIONS
28, 2019.
RESULTS | OF OPERATIONS |
Thirteen Weeks Ended (in thousands, except per barrel) | ||||||||||||||||||||||||||||||||||||
March 30, 2019 | March 31, 2018 | Amount change | % change | Per barrel change | ||||||||||||||||||||||||||||||||
Barrels sold | 1,076 | 813 | 264 | 32.5 | % | |||||||||||||||||||||||||||||||
Per barrel | % of net revenue | Per barrel | % of net revenue | |||||||||||||||||||||||||||||||||
Net revenue | $ | 251,651 | $ | 233.77 | 100.0 | % | $ | 190,457 | $ | 234.37 | 100.0 | % | $ | 61,194 | 32.1 | % | $ | (0.60 | ) | |||||||||||||||||
Cost of goods | 127,111 | 118.08 | 50.5 | % | 94,360 | 116.12 | 49.5 | % | 32,751 | 34.7 | % | 1.96 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Gross profit | 124,540 | 115.69 | 49.5 | % | 96,097 | 118.25 | 50.5 | % | 28,443 | 29.6 | % | (2.56 | ) | |||||||||||||||||||||||
Advertising, promotional and selling expenses | 71,723 | 66.63 | 28.5 | % | 67,521 | 83.09 | 35.5 | % | 4,202 | 6.2 | % | (16.46 | ) | |||||||||||||||||||||||
General and administrative expenses | 23,374 | 21.71 | 9.3 | % | 19,338 | 23.80 | 10.2 | % | 4,036 | 20.9 | % | (2.09 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total operating expenses | 95,097 | 88.34 | 37.8 | % | 86,859 | 106.89 | 45.6 | % | 8,238 | 9.5 | % | (18.55 | ) | |||||||||||||||||||||||
Operating income | 29,443 | 27.35 | 11.7 | % | 9,238 | 11.37 | 4.9 | % | 20,205 | 218.7 | % | 15.98 | ||||||||||||||||||||||||
Other income (expense), net | 385 | 0.36 | 0.2 | % | (80 | ) | (0.10 | ) | 0.0 | % | 465 | -581.3 | % | 0.46 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Income before income tax expense (benefit) | 29,828 | 27.71 | 11.9 | % | 9,158 | 11.27 | 4.8 | % | 20,670 | 225.7 | % | 16.44 | ||||||||||||||||||||||||
Income tax expense (benefit) | 6,134 | 5.70 | 2.4 | % | (152 | ) | (0.19 | ) | -0.1 | % | 6,286 | -4135.5 | % | 5.89 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net income | $ | 23,694 | $ | 22.01 | 9.4 | % | $ | 9,310 | $ | 11.46 | 4.9 | % | $ | 14,384 | 154.5 | % | $ | 10.55 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30, 2019
Thirteen Weeks Ended (in thousands, except per barrel) | ||||||||||||||||||||||||||||||||||||
March 28, 2020 | March 30, 2019 | Amount change | % change | Per barrel change | ||||||||||||||||||||||||||||||||
Barrels sold | 1,423 | 1,076 | 347 | 32.2 | % | |||||||||||||||||||||||||||||||
Per barrel | % of net revenue | Per barrel | % of net revenue | |||||||||||||||||||||||||||||||||
Net revenue | $ | 330,565 | $ | 232.24 | 100.0 | % | $ | 251,651 | $ | 233.77 | 100.0 | % | $ | 78,914 | 31.4 | % | $ | (1.53 | ) | |||||||||||||||||
Cost of goods | 182,592 | 128.28 | 55.2 | % | 127,111 | 118.08 | 50.5 | % | 55,481 | 43.6 | % | 10.20 | ||||||||||||||||||||||||
Gross profit | 147,973 | 103.96 | 44.8 | % | 124,540 | 115.69 | 49.5 | % | 23,433 | 18.8 | % | (11.73 | ) | |||||||||||||||||||||||
Advertising, promotional and selling expenses | 97,891 | 68.78 | 29.6 | % | 71,723 | 66.63 | 28.5 | % | 26,168 | 36.5 | % | 2.15 | ||||||||||||||||||||||||
General and administrative expenses | 27,029 | 18.99 | 8.2 | % | 23,374 | 21.71 | 9.3 | % | 3,655 | 15.6 | % | (2.72 | ) | |||||||||||||||||||||||
Impairment of assets | 1,521 | 1.07 | 0.5 | % | — | — | 0.0 | % | 1,521 | 0.0 | % | 1.07 | ||||||||||||||||||||||||
Total operating expenses | 126,441 | 88.83 | 38.2 | % | 95,097 | 88.34 | 37.8 | % | 31,344 | 33.0 | % | 0.49 | ||||||||||||||||||||||||
Operating income | 21,532 | 15.13 | 6.5 | % | 29,443 | 27.35 | 11.7 | % | (7,911 | ) | -26.9 | % | (12.22 | ) | ||||||||||||||||||||||
Other (expense) income, net | (297 | ) | (0.21 | ) | -0.1 | % | 385 | 0.36 | 0.2 | % | (682 | ) | -177.1 | % | (0.57 | ) | ||||||||||||||||||||
Income before income tax expense | 21,235 | 14.92 | 6.4 | % | 29,828 | 27.71 | 11.9 | % | (8,593 | ) | -28.8 | % | (12.79 | ) | ||||||||||||||||||||||
Income tax expense | 3,001 | 2.11 | 0.9 | % | 6,134 | 5.70 | 2.4 | % | (3,133 | ) | -51.1 | % | (3.59 | ) | ||||||||||||||||||||||
Net income | $ | 18,234 | $ | 12.81 | 5.5 | % | $ | 23,694 | $ | 22.01 | 9.4 | % | $ | (5,460 | ) | -23.0 | % | $ | (9.20 | ) | ||||||||||||||||
shipments, partially offset by estimated keg returns from distributors and retailers related to
Shipments for the quarter increased at a significantly higher rate than depletions and resulted in significantly higher distributor inventory as of March 30, 2019 when compared to March 31, 2018.
increases and package mix.
2019, as compared to $118.25 per barrel for the thirteen weeks ended March 31, 2018. Gross margin was 49.5% for the thirteen weeks ended March 30, 2019, as compared to 50.5% for the thirteen weeks ended March 31, 2018.2019. The decrease in gross profit per barrel of $2.56$11.73 was primarily the result of a decrease in net revenue per barrel and an increase in cost of goods sold per barrel and a decrease in net revenue per barrel.
Incomethe addition of Dogfish Head general and administrative expenses beginning July 3, 2019.
LIQUIDITY AND CAPITAL RESOURCES
LIQUIDITY | AND CAPITAL RESOURCES |
equipment.
2019
2019. Excluding the Dogfish head impact, depletions increased 27%.
The Company currently projectsNon-GAAP earnings per diluted share, which excludesbegan seeing the impact of ASU2016-09,the
THE | POTENTIAL IMPACT OF KNOWN FACTS, COMMITMENTS, EVENTS AND UNCERTAINTIES |
Off-balance | Off-balance Sheet Arrangements |
Contractual Obligations
Contractual | Obligations |
Critical Accounting Policies
As disclosed in note B, on December 31, 2017, the Company adopted ASUNo. 2014-09,Revenue from Contracts with Customers (Topic 606) and all related amendments.
28, 2020.
Critical | Accounting Policies |
FORWARD-LOOKING STATEMENTS
28, 2020.
FORWARD-LOOKING | STATEMENTS |
During the thirteen weeks ended March 30, 2019,28, 2020, the Company did not repurchase any shares of its Class A Common Stock under the previously announced repurchase program.
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs | ||||||||||||
December 30, 2018 to February 2, 2019 | 116 | $ | 127.05 | — | $ | 90,335 | ||||||||||
February 3, 2019 to March 2, 2019 | 219 | 115.78 | — | 90,335 | ||||||||||||
March 3, 2019 to March 30, 2019 | 13 | 187.54 | — | 90,335 | ||||||||||||
|
|
|
| |||||||||||||
Total | 348 | $ | 122.22 | — | $ | 90,335 | ||||||||||
|
|
|
|
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs | ||||||||||||
December 29, 2020 to February 1, 2020 | 167 | $ | 132.37 | — | $ | 90,335 | ||||||||||
February 2, 2020 to February 29, 2020 | — | — | — | 90,335 | ||||||||||||
March 1, 2020 to March 28, 2020 | 58 | 105.56 | — | 90,335 | ||||||||||||
Total | 225 | $ | 125.46 | — | 90,335 | |||||||||||
|
| |||
Exhibit No. | Title | |||
| ||||
**10.1 | ||||
| ||||
**10.2 | ||||
**10.3 | ||||
**10.4 | ||||
**10.5 | ||||
*31.1 | ||||
| ||||
*31.2 | ||||
| ||||
*32.1 |
| ||||
*32.2 | ||||
*101.INS | XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||
*101.SCH | XBRL Taxonomy Extension Schema Document | |||
*101.CAL | XBRL Taxonomy Calculation Linkbase Document | |||
*101.LAB | XBRL Taxonomy Label Linkbase Document | |||
*101.PRE | XBRL Taxonomy Presentation Linkbase Document | |||
*101.DEF | XBRL Definition Linkbase Document | |||
*104 | The cover page from this Quarterly Report on Form 10-Q for the quarter ended March 28, 2020, formatted in Inline XBRL (formatted as Inline XBRL and contained in Exhibit 101). |
* | Filed with this report |
** | Designates management contract or compensatory plan or arrangement |
THE BOSTON BEER COMPANY, INC. | ||||||
(Registrant) | ||||||
Date: April | /s/ David A. Burwick | |||||
David A. Burwick | ||||||
President and Chief Executive Officer | ||||||
(principal executive officer) | ||||||
Date: April | /s/ Frank H. Smalla | |||||
Frank H. Smalla | ||||||
Chief Financial Officer | ||||||
(principal financial officer) |
21