BOSTON, Feb. 17, 2021 /PRNewswire/ -- The Boston
Beer Company, Inc. (NYSE: SAM) reported fourth quarter 2020 net
revenue of $460.9 million, an
increase of $159.6 million or 53.0%
from the fourth quarter of 2019, mainly due to an increase in
shipments of 54.0%. Net income for the fourth quarter was
$32.8 million, or $2.64 per diluted share, an increase of
$19.1 million or $1.52 per diluted share, or 135.7%, from the
fourth quarter of 2019. This increase was primarily due to
increased net revenue, partially offset by lower gross margins and
increases in operating expenses.
Earnings per diluted share for the 52-week period ended
December 26, 2020 were $15.53, an increase of $6.37, or 69.6%, from the comparable 52-week
period in 2019. Net revenue for the 52-week period ended
December 26, 2020 was $1.74 billion, an increase of $486.6 million, or 38.9%, from the comparable
52-week period in 2019.
In the fourth quarter and the 52-week period ended December 26, 2020, the Company recorded a tax
benefit of $0.08 per diluted share
and $0.85 per diluted share,
respectively, resulting from the Accounting Standard "Employee
Share-Based Payment Accounting" ("ASU 2016-09").
Highlights of this release include:
- Depletions increased 26% and 37% from the 13- and 52-week
comparable periods in the prior year.
- Shipments increased 54.0% and 38.8% from the 13- and 52-week
comparable periods in the prior year.
- Gross margin was 46.9% for the fourth quarter, a decrease from
47.4% in the comparable 13-week period in 2019, and 46.9% for the
52-week period ending December 26,
2020, a decrease from 49.1% in the comparable 52-week period
in 2019.
- Advertising, promotional and selling expenses increased by
$48.1 million, or 51.6%, in the
fourth quarter over the comparable period in 2019 and increased
$92.0 million, or 25.9%, over the
comparable 52-week period in 2019.
- Full-year 2021 depletions and shipment growth continues to be
estimated at between 35% and 45%.
- Based on current spending and investment plans, full-year 2021
Non-GAAP earnings per diluted share1, which excludes the
impact of ASU 2016-09, are now estimated at between $20.00 and $24.00.
1 See "Outlook" below for additional information
regarding non-GAAP forward-looking measures used in this press
release.
Jim Koch, Chairman and Founder of
the Company, commented, "As the COVID-19 pandemic slowly winds
down, our primary focus continues to be on operating our breweries
and our business safely and working hard to meet customer
demand. I am very proud of the passion, creativity and
commitment to community that our company has demonstrated during
this pandemic. We are thankful to our outstanding coworkers
for their focus and diligence and our distributors, retailers and
drinkers, all of whom helped the Company to achieve double
digit volume growth for the eleventh consecutive quarter. We
achieved depletions growth of 26% in the fourth quarter and 37% for
the full year. We remain positive about the future growth of
our diversified brand portfolio and we believe that our depletions
growth is attributable to our key innovations, the quality of our
products and our strong brands. We see significant
distribution and volume growth opportunities in 2021 for our Truly,
Twisted Tea and Dogfish Head brands, which remain our top
priorities for 2021. Early in 2021, we launched Truly Iced
Tea Hard Seltzer which combines refreshing hard seltzer with real
brewed tea and fruit flavor. The launch has been well received by
distributors, retailers and drinkers, but it is too early to tell
if it will be successful. We are working hard to further
develop our brand support and messaging for our Samuel Adams and
Angry Orchard brands to position them for long-term sustainable
growth, in the face of the difficult on-premise environment. We are
excited about the response to the introduction in early 2021 of
several new beers, Samuel Adams Wicked Hazy, Samuel Adams Wicked
Easy and Samuel Adams Just the Haze,
our first non-alcoholic beer, as well as the positive reaction to
our Samuel Adams 'Your Cousin from Boston' advertising campaign. We are
confident in our ability to innovate and build strong brands that
complement our current portfolio and help support our mission of
long-term profitable growth."
Dave Burwick, the Company's
President and CEO, stated, "Our depletions growth in the fourth
quarter was the result of increases in our Truly Hard Seltzer and
Twisted Tea brands, partly offset by decreases in our Samuel Adams,
Angry Orchard and Dogfish Head brands. The growth of the
Truly brand, led by Truly Lemonade Hard Seltzer, continues to be
very strong and well ahead of hard seltzer category growth.
Truly Lemonade was the most incremental new product in the entire
beer industry in measured off-premise channels in 2020. The
Truly brand overall generated triple-digit volume growth in 2020
and grew its velocity and its market share sequentially despite
other national, regional and local hard seltzer brands entering the
category. In 2020, Truly increased its market share in
measured off-premise channels from 22 points to 26 points and was
the only national hard seltzer, not introduced in 2020, to grow
share. There remain many opportunities to expand package,
channel and geographic distribution and we expect the Truly brand
to continue to lead the growth of the business as it has come to
stand for a great-tasting, refreshing, pure-play hard seltzer
brand. In early 2021, we launched Truly Iced Tea Hard Seltzer
and, while it's still in the early stages, we're encouraged by the
support our wholesalers have provided, the trial we are generating
as a result of the brand's established equity, and the social media
response from consumers. We will continue to invest heavily
in the broader Truly brand and work to improve our position in the
hard seltzer category, as competition continues to increase.
Our Twisted Tea brand has benefited greatly from increased
at-home consumption and continues to generate accelerating
double-digit volume growth, even as new entrants have been
introduced and competition has increased. Our Samuel Adams,
Angry Orchard and Dogfish Head brands have been most negatively
impacted by COVID-19 and the related on-premise closures. For
2021, we plan to build upon our success and work to drive our
brands to their full potential, with a particular focus on our
Truly and Twisted Tea brands. We are expecting all of our brands to
grow in 2021 and for the growth rate of our operating expenses to
be below our top line growth rate, delivering leverage to our
operating income."
Mr. Burwick went on to say, "During the fourth quarter, as we
increased our brand spend, we also made investments in our supply
chain to ensure we are prepared for increased competitive activity
in the hard seltzer category. We have invested to increase our can
and automated variety pack capacity, but these capacity increases
keep on getting eclipsed by our depletions growth, resulting in
higher than expected usage of third-party breweries. We will
continue to take advantage of the fast-growing hard seltzer
category and deliver against the increased demand through this
combination of internal capacity increases and higher usage of
third-party breweries, although meeting these higher volumes
through increased usage of third-party breweries has a
negative impact on our gross margins. We have begun a
comprehensive program to transform our supply chain with the goal
of making our integrated supply chain more efficient, reduce costs,
increase our flexibility to better react to mix changes, and allow
us to scale up more efficiently. We expect to complete this
transformation over the next two to three years. While we
anticipate the program to start delivering margin improvements in
2021, our gross margins and gross margin expectations will continue
to be impacted negatively until the volume growth stabilizes. While
we are in a very competitive business, we are optimistic for
continued growth of our current brand portfolio and innovations and
we remain prepared to forsake short-term earnings as we invest to
sustain long-term profitable growth, in line with the opportunities
that we see."
COVID-19
The Company began seeing the impact of the
COVID-19 pandemic on its business in early March 2020. The direct financial impact of
the pandemic has primarily shown in significantly reduced keg
demand from the on-premise channel and higher labor and
safety-related costs at the Company's breweries. In the 52-week
period ended December 26, 2020, the
Company recorded COVID-19 related pre-tax reductions in net revenue
and increases in other costs that total $16.0 million, of which $1.8 million was recorded in the fourth
quarter. The total amount consists of a $3.3 million reduction in net revenue for
estimated keg returns from distributors and retailers and
$12.7 million of other COVID-19
related direct costs. In addition to these direct financial
impacts, COVID-19 related safety measures resulted in a
reduction of brewery productivity. This has shifted more volume to
third-party breweries, which increased production costs and
negatively impacted gross margins. The Company will continue
to assess and manage this situation and will provide a further
update in each quarterly earnings release, to the extent that the
effects of the COVID-19 pandemic are then known more clearly.
4th Quarter 2020 Summary of Results
Depletions
increased 26% from the comparable 13-week period in 2019.
Shipment volume was approximately 1.94 million barrels, a 54.0%
increase from the comparable 13-week period in 2019.
Shipments for the quarter increased at a higher rate than
depletions and resulted in higher distributor inventory as of
December 26, 2020, when compared to
December 28, 2019. The Company
believes distributor inventory as of December 26, 2020 averaged approximately 5 weeks
on hand and was at an appropriate level, based on supply chain
capacity constraints and wholesaler inventory requirements to
support the forecasted growth.
Gross margin of 46.9% decreased from the 47.4% margin realized
in the comparable 13-week period in 2019, primarily as a result of
higher processing costs due to increased production at third party
breweries, partially offset by cost saving initiatives at
Company-owned breweries and price increases.
Advertising, promotional and selling expenses increased
$48.1 million from the comparable
13-week period in 2019, primarily due to increased investments in
media and production, increased salaries and benefits costs and
increased freight to distributors because of higher volumes.
General and administrative expenses were flat from the
comparable 13-week period in 2019, primarily due to non-recurring
Dogfish Head transaction-related expenses of $2.1 million incurred in the comparable 13-week
period in 2019, partially offset by increases in salaries and
benefits costs.
Impairment of long-lived assets increased $1.0 million from the comparable 13-week period
in 2019, primarily due to write-downs of brewery equipment at the
Company's breweries.
The Company's effective tax rate for the 13-week period ended
December 26, 2020 increased to 22.9%
from 21.4% in the comparable 13-week period in 2019.
Full Year 2020 Summary of Results
Depletions increased
37% from the comparable 52-week period in 2019, reflecting
increases in the Company's Truly Hard Seltzer, Twisted Tea brands
and the addition of the Dogfish Head brands that were only
partially offset by decreases in the Samuel Adams and Angry Orchard
brands. Excluding the addition of the Dogfish Head brands
beginning July 3, 2019, depletions
increased 35%, from the 52-week comparable period.
Shipment volume was approximately 7.37 million barrels, a 38.8%
increase from the comparable 52-week period in 2019.
Gross margin of 46.9% decreased from the 49.1% margin realized
in the comparable 52-week period in 2019, primarily as a result of
higher processing costs due to increased production at third party
breweries and higher processing costs and finished goods keg
inventory write-offs at Company-owned breweries, partially offset
by cost saving initiatives at Company-owned breweries and price
increases.
Advertising, promotional and selling expenses increased
$92.0 million from the comparable
52-week period in 2019, primarily due to increased investments in
media and production, higher salaries and benefits costs, the
addition of Dogfish Head brand-related expenses beginning
July 3, 2019, and increased freight
to distributors due to higher volumes.
General and administrative expenses increased $5.5 million from the comparable 52-week period
in 2019, primarily due to increases in salaries and benefits costs
and the addition of Dogfish Head general and administrative
expenses beginning July 3, 2019,
partially offset by the Dogfish Head transaction-related fees of
$7.8 million incurred in the
comparable 52-week period in 2019.
Impairment of long-lived assets increased $3.5 million from the comparable 52-week period
in 2019, primarily due to write-downs of brewery equipment at the
Company's Breweries.
The Company's effective tax rate for the 52-week period ended
December 26, 2020 decreased to 21.4%
from 23.8% in the comparable 52-week period in 2019. This
decrease was primarily due to a higher tax benefit from stock
option activity recorded in accordance with ASU 2016-09.
The Company expects that its December 26,
2020 cash balance of $163.3
million, together with its future operating cash flows and
its $150.0 million line of credit,
will be sufficient to fund future cash requirements. The Company
currently has no amounts outstanding on its line of credit.
During the 52-week period ended December
26, 2020 and the period from December
26, 2020 through February 12,
2021, the Company did not repurchase any shares of its Class
A Common Stock. As of February 12,
2021, the Company had approximately $90.3 million remaining on the $931.0 million share buyback expenditure limit
set by the Board of Directors.
Depletion estimates
Year-to-date depletions through
the 6-week period ended February 6,
2021 are estimated by the Company to have increased
approximately 53% from the comparable weeks in 2020.
2021 Outlook
The Company currently projects full year
2021 Non-GAAP earnings per diluted share of between $20.00 and $24.00. This Non-GAAP projection excludes
the impact of ASU 2016-09. The Company's actual 2021 earnings
per share could vary significantly from the current
projection. Underlying the Company's current 2021 projection
are the following full-year estimates and targets:
- Depletions and shipments percentage increase between 35% and
45%.
- National price increases of between 1% and 2%.
- Gross margin of between 45% and 47%, a decrease from the
previously communicated estimate of between 46% and 48%.
- Increased investments in advertising, promotional and selling
expenses of between $120 million and
$140 million, a decrease from the
previously communicated estimate of between $130 million and $150
million. This does not include any changes in freight
costs for the shipment of products to the Company's
distributors.
- Non-GAAP effective tax rate of approximately 26.5%, excluding
the impact of ASU 2016-09. This effective tax rate also excludes
any potential future changes to current federal income tax rates
and regulations.
- Estimated capital spending of between $300 million and $400
million, which could be significantly higher, if deemed
necessary to meet future growth.
Non-GAAP effective tax rate and Non-GAAP earnings per diluted
share are not defined terms under U.S. generally accepted
accounting principles ("GAAP"). These Non-GAAP measures should not
be considered in isolation or as a substitute for diluted earnings
per share and effective tax rate data prepared in accordance with
GAAP, and may not be comparable to calculations of similarly titled
measures by other companies. The Company's projection for its
Non-GAAP effective tax rate and Non-GAAP earnings per diluted share
exclude the impact of ASU 2016-09, which could be significant and
will depend largely upon unpredictable future events outside the
Company's control, including the timing and value realized upon
exercise of stock options versus the fair value of those options
when granted. Therefore, because of the uncertainty and variability
of the impact of ASU 2016-09, the Company is unable to provide,
without unreasonable effort, a reconciliation of these Non-GAAP
measures on a forward-looking basis.
About the Company
The Boston Beer Company, Inc. (NYSE:
SAM) began in 1984 brewing Samuel Adams beer and the Samuel Adams
brand is currently recognized as one of the largest and most
respected craft beer brands. Our portfolio of brands also
includes Truly Hard Seltzer, Twisted Tea, Angry Orchard Hard Cider
and Dogfish Head Brewery as well as other craft beer brands such as
Angel City Brewery and Coney Island Brewing. For more information,
please visit our investor relations website at www.bostonbeer.com,
which includes links to all of our respective brand websites.
Forward-Looking Statements
Statements made in this
press release that state the Company's or management's intentions,
hopes, beliefs, expectations or predictions of the future are
forward-looking statements. It is important to note that the
Company's actual results could differ materially from those
projected in such forward-looking statements. Additional
information concerning factors that could cause actual results to
differ materially from those in the forward-looking statements is
contained from time to time in the Company's SEC filings,
including, but not limited to, the Company's report on Form 10-K
for the years ended December 28, 2019
and December 26, 2020 and subsequent
filings made prior to or after the date hereof. Copies of
these documents may be found on the Company's website,
www.bostonbeer.com, or obtained by contacting the Company or
the SEC.
THE BOSTON BEER
COMPANY, INC. AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
|
|
(in thousands, except
per share data)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
December
26,
|
|
|
December
28,
|
|
|
December 26,
|
|
|
December
28,
|
|
|
2020 (13
weeks)
|
|
|
2019 (13
weeks)
|
|
|
2020 (52
weeks)
|
|
|
2019 (52
weeks)
|
|
Barrels
sold
|
|
1,943
|
|
|
|
1,262
|
|
|
|
7,368
|
|
|
|
5,307
|
|
Revenue
|
$
|
493,250
|
|
|
$
|
320,215
|
|
|
$
|
1,851,813
|
|
|
$
|
1,329,108
|
|
Less excise
taxes
|
|
32,313
|
|
|
|
18,915
|
|
|
|
115,381
|
|
|
|
79,284
|
|
Net revenue
|
|
460,937
|
|
|
|
301,300
|
|
|
|
1,736,432
|
|
|
|
1,249,824
|
|
Cost of goods
sold
|
|
244,667
|
|
|
|
158,511
|
|
|
|
921,980
|
|
|
|
635,658
|
|
Gross
profit
|
|
216,270
|
|
|
|
142,789
|
|
|
|
814,452
|
|
|
|
614,166
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising,
promotional and selling expenses
|
|
141,318
|
|
|
|
93,241
|
|
|
|
447,568
|
|
|
|
355,613
|
|
General and
administrative expenses
|
|
31,157
|
|
|
|
31,178
|
|
|
|
118,211
|
|
|
|
112,730
|
|
Impairment of
assets
|
|
1,670
|
|
|
|
668
|
|
|
|
4,466
|
|
|
|
911
|
|
Total operating
expenses
|
|
174,145
|
|
|
|
125,087
|
|
|
|
570,245
|
|
|
|
469,254
|
|
Operating
income
|
|
42,125
|
|
|
|
17,702
|
|
|
|
244,207
|
|
|
|
144,912
|
|
Other income
(expense), net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest (expense)
income, net
|
|
(30)
|
|
|
|
175
|
|
|
|
(199)
|
|
|
|
647
|
|
Other income
(expense), net
|
|
444
|
|
|
|
(371)
|
|
|
|
222
|
|
|
|
(1,189)
|
|
Total other income
(expense), net
|
|
414
|
|
|
|
(196)
|
|
|
|
23
|
|
|
|
(542)
|
|
Income before income
tax provision
|
|
42,539
|
|
|
|
17,506
|
|
|
|
244,230
|
|
|
|
144,370
|
|
Income tax
provision
|
|
9,722
|
|
|
|
3,744
|
|
|
|
52,270
|
|
|
|
34,329
|
|
Net income
|
$
|
32,817
|
|
|
$
|
13,762
|
|
|
$
|
191,960
|
|
|
$
|
110,041
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share - basic
|
$
|
2.68
|
|
|
$
|
1.13
|
|
|
$
|
15.73
|
|
|
$
|
9.26
|
|
Net income per common
share - diluted
|
$
|
2.64
|
|
|
$
|
1.12
|
|
|
$
|
15.53
|
|
|
$
|
9.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
number of common shares - Class A basic
|
|
9,947
|
|
|
|
9,242
|
|
|
|
9,734
|
|
|
|
8,908
|
|
Weighted-average
number of common shares - Class B basic
|
|
2,232
|
|
|
|
2,794
|
|
|
|
2,396
|
|
|
|
2,873
|
|
Weighted-average
number of common shares - diluted
|
|
12,355
|
|
|
|
12,170
|
|
|
|
12,283
|
|
|
|
11,908
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
32,817
|
|
|
$
|
13,762
|
|
|
$
|
191,960
|
|
|
$
|
110,041
|
|
Other comprehensive
income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency translation
adjustment
|
|
35
|
|
|
|
4
|
|
|
|
25
|
|
|
|
47
|
|
Defined benefit plans
liability adjustment
|
|
275
|
|
|
|
(519)
|
|
|
|
1,392
|
|
|
|
(519)
|
|
Total other
comprehensive income (loss), net of tax:
|
|
310
|
|
|
|
(515)
|
|
|
|
1,417
|
|
|
|
(472)
|
|
Comprehensive
income
|
$
|
33,127
|
|
|
$
|
13,247
|
|
|
$
|
193,377
|
|
|
$
|
109,569
|
|
THE BOSTON BEER
COMPANY, INC. AND SUBSIDIARIES
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
(in thousands, except
share data)
|
|
|
|
|
December 26,
|
|
|
December
28,
|
|
|
|
|
2020
|
|
|
2019
|
|
Assets
|
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
$
|
163,282
|
|
|
$
|
36,670
|
|
Accounts
receivable
|
|
|
|
78,358
|
|
|
|
54,404
|
|
Inventories
|
|
|
|
130,910
|
|
|
|
106,038
|
|
Prepaid expenses and
other current assets
|
|
|
|
30,230
|
|
|
|
12,077
|
|
Income tax
receivable
|
|
|
|
10,393
|
|
|
|
9,459
|
|
Total current
assets
|
|
|
|
413,173
|
|
|
|
218,648
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
|
623,083
|
|
|
|
541,068
|
|
Operating right-of-use
assets
|
|
|
|
58,483
|
|
|
|
53,758
|
|
Goodwill
|
|
|
|
112,529
|
|
|
|
112,529
|
|
Intangible
assets
|
|
|
|
103,930
|
|
|
|
104,272
|
|
Other
assets
|
|
|
|
67,627
|
|
|
|
23,782
|
|
Total
assets
|
|
|
$
|
1,378,825
|
|
|
$
|
1,054,057
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
$
|
121,647
|
|
|
$
|
76,374
|
|
Accrued expenses and
other current liabilities
|
|
|
|
129,544
|
|
|
|
99,107
|
|
Current operating
lease liabilities
|
|
|
|
8,232
|
|
|
|
5,168
|
|
Total current
liabilities
|
|
|
|
259,423
|
|
|
|
180,649
|
|
Deferred income
taxes
|
|
|
|
92,665
|
|
|
|
75,010
|
|
Non-current operating
lease liabilities
|
|
|
|
59,171
|
|
|
|
53,940
|
|
Other
liabilities
|
|
|
|
10,599
|
|
|
|
8,822
|
|
Total
liabilities
|
|
|
|
421,858
|
|
|
|
318,421
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity:
|
|
|
|
|
|
|
|
|
|
Class A Common Stock,
$.01 par value; 22,700,000 shares authorized; 10,004,681 and
9,370,526 shares
issued and outstanding as of December 26,
2020 and December
28, 2019, respectively
|
|
|
|
100
|
|
|
|
94
|
|
Class B Common
Stock, $.01 par value; 4,200,000 shares authorized; 2,177,983 and
2,672,983 shares issued and outstanding as of December 26, 2020 and
December 28, 2019,
respectively
|
|
|
|
22
|
|
|
|
27
|
|
Additional paid-in
capital
|
|
|
|
599,737
|
|
|
|
571,784
|
|
Accumulated other
comprehensive loss, net of tax
|
|
|
|
(252)
|
|
|
|
(1,669)
|
|
Retained
earnings
|
|
|
|
357,360
|
|
|
|
165,400
|
|
Total stockholders'
equity
|
|
|
|
956,967
|
|
|
|
735,636
|
|
Total liabilities and
stockholders' equity
|
|
|
$
|
1,378,825
|
|
|
$
|
1,054,057
|
|
THE BOSTON BEER
COMPANY, INC. AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(in
thousands)
|
|
|
|
|
Year
Ended
|
|
|
|
|
December 26,
|
|
|
December
28,
|
|
|
|
|
2020
|
|
|
2019
|
|
Cash flows
provided by operating activities:
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
191,960
|
|
|
$
|
110,041
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
|
65,657
|
|
|
|
56,271
|
|
Impairment of
assets
|
|
|
|
4,466
|
|
|
|
911
|
|
(Gain) loss on
disposal of property, plant and equipment
|
|
|
|
(639)
|
|
|
|
871
|
|
Change in ROU
assets
|
|
|
|
7,355
|
|
|
|
4,207
|
|
Bad debt
expense
|
|
|
|
488
|
|
|
|
45
|
|
Stock-based
compensation expense
|
|
|
|
15,282
|
|
|
|
12,337
|
|
Deferred income
taxes
|
|
|
|
17,655
|
|
|
|
7,404
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
|
(24,014)
|
|
|
|
(12,260)
|
|
Inventories
|
|
|
|
(24,463)
|
|
|
|
(24,932)
|
|
Prepaid expenses,
income tax receivable and other current assets
|
|
|
|
(19,411)
|
|
|
|
(1,530)
|
|
Other
assets
|
|
|
|
(44,322)
|
|
|
|
(12,332)
|
|
Accounts
payable
|
|
|
|
40,771
|
|
|
|
21,417
|
|
Accrued expenses and
other current liabilities
|
|
|
|
24,469
|
|
|
|
18,618
|
|
Change in operating
lease liability
|
|
|
|
(3,786)
|
|
|
|
(3,277)
|
|
Other
liabilities
|
|
|
|
1,939
|
|
|
|
451
|
|
Net cash provided by
operating activities
|
|
|
|
253,407
|
|
|
|
178,242
|
|
Cash flows used in
investing activities:
|
|
|
|
|
|
|
|
|
|
Purchases of property,
plant and equipment
|
|
|
|
(139,996)
|
|
|
|
(93,233)
|
|
Proceeds from sale of
property, plant and equipment
|
|
|
|
487
|
|
|
|
165
|
|
Investment in Dogfish
Head, net of cash acquired
|
|
|
|
—
|
|
|
|
(165,517)
|
|
Other investing
activities
|
|
|
|
392
|
|
|
|
(244)
|
|
Net cash used in
investing activities
|
|
|
|
(139,117)
|
|
|
|
(258,829)
|
|
Cash flows
provided by financing activities:
|
|
|
|
|
|
|
|
|
|
Proceeds from exercise
of stock options and sale of investment shares
|
|
|
|
15,274
|
|
|
|
9,236
|
|
Net cash paid on note
payable and finance leases
|
|
|
|
(1,260)
|
|
|
|
(378)
|
|
Cash borrowed on line
of credit
|
|
|
|
100,000
|
|
|
|
97,000
|
|
Cash paid on line of
credit
|
|
|
|
(100,000)
|
|
|
|
(97,000)
|
|
Payment of tax
withholdings on stock-based payment awards and investment
shares
|
|
|
|
(1,692)
|
|
|
|
—
|
|
Net cash provided by
financing activities
|
|
|
|
12,322
|
|
|
|
8,858
|
|
Change in cash and
cash equivalents
|
|
|
|
126,612
|
|
|
|
(71,729)
|
|
Cash and cash
equivalents at beginning of year
|
|
|
|
36,670
|
|
|
|
108,399
|
|
Cash and cash
equivalents at end of period
|
|
|
$
|
163,282
|
|
|
$
|
36,670
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/boston-beer-reports-fourth-quarter-2020-results-301230323.html
SOURCE The Boston Beer Company, Inc.