The Boston Beer Company, Inc. (NYSE: SAM), today reported financial
results for its fourth quarter and full fiscal year 2023 that ended
December 30, 2023. The 2023 fiscal fourth quarter included 13 weeks
and is compared to the 2022 fiscal fourth quarter, which included
14 weeks. The 2023 full fiscal year included 52 weeks and is
compared to the 2022 full fiscal year, which included 53 weeks.
Key results were:
Fourth Quarter 2023 Summary:
- Depletions decreased 9%. Depletions decreased 1% on a 13-week
comparable basis
- Shipments decreased 12.2%. Shipments decreased 3.5% on a
13-week comparable basis
- Net revenue of $393.7 million decreased 12.0%. Net revenue
decreased 3.1% on a 13-week comparable basis
- Gross margin of 37.6%, up 60 basis points year over year
- Net loss of $18.1 million
- GAAP diluted loss per share of $1.49
Full Year 2023 Summary:
- Depletions decreased 6%. Depletions decreased 5% on a 52-week
comparable basis
- Shipments decreased 6.2%. Shipments decreased 5.2% on a 52-week
comparable basis
- Net revenue of $2.009 billion decreased 3.9%. Net revenue
decreased 2.9% on a 52-week comparable basis
- Gross margin of 42.4%, up 120 basis points year over year
- Net income of $76.3 million
- GAAP diluted earnings per share of $6.21, which includes a
non-cash impairment charge of $0.96 per share recorded in the third
quarter of 2023
- Non-GAAP diluted earnings per share of $7.17
Capital Structure
- Generated $265 million in operating cash flow for the full 2023
fiscal year
- Ended the fourth quarter with $298.5 million in cash and no
debt
- Repurchased $128.5 million in shares from January 2, 2023 to
February 23, 2024
“We were pleased to deliver steady improvement in comparable
weeks depletions, solid progress on gross margin expansion and
strong cash flow generation for the full 2023 fiscal year,” said
Chairman and Founder Jim Koch. “As we look forward into 2024, we
believe we have the right strategies in place to steadily improve
our revenue and margin performance while continuing to invest in
our brands and industry leading salesforce.”
“The investments we made in our brands, marketing mix changes
and supply chain enhancements drove improvement in operational and
financial performance in 2023 and position us well to further
fortify our business in 2024 and beyond,” said President and CEO
Dave Burwick. “Moving forward, we’ll maintain our focus on driving
volume and gross margin performance and winning in the marketplace
with our advantaged Beyond Beer portfolio, new innovation and
improved Supply Chain capabilities.”
Details of the results were as follows:
Fourth Quarter 2023 (13 weeks ended December 30, 2023)
Summary of Results
The 2023 fiscal fourth quarter included 13 weeks and is compared
to the 2022 fiscal fourth quarter, which included 14 weeks.
Net revenue of $393.7 million decreased 12.0% compared to the
prior year. Approximately 8.9 percentage points of this decrease is
due to the impact of the 14th week in 2022. Net revenue decreased
3.1% on a 13-week comparable basis. Fourth quarter revenue was
negatively impacted by a $5.1 million international sales tax
adjustment. Excluding this impact, net revenue decreased 10.9% on a
reported basis and decreased 1.9% on a 13-week comparable
basis.
Depletions in the fourth quarter declined 9%. Depletions on a
13-week comparable basis decreased 1% from the prior year,
primarily due to declines in Truly Hard Seltzer, partially offset
by increases in Twisted Tea and growth in Samuel Adams
Non-Alcoholic styles and Dogfish Head Canned cocktails.
Shipment volume for the quarter was approximately 1.5 million
barrels, a 12.2% decrease from the prior year. On a 13-week
comparable basis, shipments decreased 3.5% in the fourth
quarter.
The Company believes distributor inventory as of December 30,
2023 was at an appropriate level for each of its brands and
averaged approximately four weeks on hand compared to five weeks on
hand at the end of the third quarter.
As previously disclosed in the Company’s SEC Forms 10-K and
10-Q, before the decline in volumes related to hard seltzer in the
second half of 2021, the Company entered into certain contractual
agreements to access third party production capacity. These
agreements continue to negatively impact the Company’s gross
margins. The costs associated with these agreements include
shortfall fees for not meeting contractual production minimums and
third party production pre-payments that are being expensed over
the estimated life of the related agreements.
Gross margin of 37.6% increased 60 basis points from the 37.0%
margin realized in the prior year. Gross margin primarily benefited
from price increases, procurement savings and lower inventory
obsolescence partially offset by inflationary costs, higher
third-party production shortfall fees and higher brewery processing
costs per barrel due to lower volumes. The fourth quarter gross
margin of 37.6% includes $6.5 million of shortfall fees which
negatively impacted gross margin by approximately 165 basis points
on an absolute basis and non-cash expense of third-party production
pre-payments of $5.6 million that negatively impacted gross margins
by approximately 140 basis points on an absolute basis.
Advertising, promotional and selling expenses for the fourth
quarter of 2023 decreased $10.6 million or 7.6% from the fourth
quarter of 2022, due to decreased freight to distributors of $11.8
million from lower rates and volumes, partially offset by an
increase in brand and selling costs of $1.2 million, mainly driven
by increased media investments.
General and administrative expenses increased by $2.1 million or
5.1% from the fourth quarter of 2022, primarily due to higher
salaries and benefits costs.
The Company incurred impairment costs for brewery equipment of
$1.5 million in the fourth quarter of 2023 and $1.5 million in the
fourth quarter of 2022.
The Company’s effective tax rate benefit for the fourth quarter
was 18.3% compared to 25.8% in the prior year. The decrease in the
tax benefit rate was primarily due to an increase in tax expense in
the fourth quarter of 2023 related to non-deductible stock
compensation of $3.5 million.
Full year 2023 (52 weeks ended December 30, 2023)
Summary of Results
The 2023 full fiscal year included 52 weeks and is compared to
the 2022 full fiscal year, which included 53 weeks.
Net revenue of $2.009 billion decreased 3.9% compared to full
year 2022. Approximately 1.0 percentage points of this decrease is
due to the impact of the 53rd week in 2022.
Depletions for the full year declined 6% with depletions on a
52-week comparable basis down 5% from full year 2022. These
decreases were primarily due to declines in Truly Hard Seltzer and
the Company’s beer portfolio which were partially offset by strong
growth in Twisted Tea and growth in Truly Vodka Soda, Dogfish Head
Canned Cocktails, and Samuel Adams Non Alcoholic offerings.
Shipment volume full year was approximately 7.7 million barrels,
a 6.2% decrease from full year 2022. On a 52-week comparable basis,
shipments decreased 5.2%.
As previously disclosed in the Company’s SEC Forms 10-K and
10-Q, before the decline in volumes related to hard seltzer in the
second half of 2021, the Company entered certain contractual
agreements to access third party production capacity. These
agreements continue to negatively impact the Company’s gross
margins. The costs associated with these agreements include
shortfall fees for not meeting contractual production minimums and
third party production pre-payments which are being expensed over
the estimated life of the related agreements.
Gross margin of 42.4% increased from the 41.2% gross margin
realized in full year 2022, with benefits from price increases,
procurement savings and lower inventory obsolescence partially
offset by inflationary costs, higher third-party production
shortfall fees and higher brewery processing costs per barrel due
to lower volumes. The full year gross margin of 42.4% includes $9.5
million of shortfall fees which negatively impacted gross margin by
approximately 45 basis points on an absolute basis and non-cash
expense of third-party production pre-payments of $27.8 million
which negatively impacted gross margins by approximately 140 basis
points on an absolute basis.
Advertising, promotional and selling expenses decreased $22.4
million or 3.9% from full year 2022, primarily due to decreased
freight to distributors of $50.9 million from lower rates and
volumes, partially offset by an increase in brand investments of
$28.5 million, mainly driven by higher investments in local
marketing and media and increased salaries and benefits costs.
General and administrative expenses increased by $17.0 million
or 10.8% from full year 2022, primarily due to increased consulting
and increased salaries and benefits costs.
Impairment of intangible assets reflects a $16.4 million
non-cash impairment charge recorded primarily for the Dogfish Head
brand, taken as a result of the Company’s annual impairment
analysis as of September 1, 2023. The impairment determination was
primarily based on the latest forecasts of brand performance which
have been below the Company’s projections made on the acquisition
date. In the third quarter of 2022, the Company recorded an
impairment charge of $27.1 million for the Dogfish Head brand.
The Company incurred impairment costs for brewery equipment of
$5.4 million in full year 2023 and $2.8 million in full year
2022.
In 2022, the Company recorded $5.4 million in contract
termination costs, most of which was recorded in the first quarter,
as a result of further negotiations with suppliers that eliminated
certain future shortfall fees.
The Company’s effective tax rate for the full year 2023 was
30.4% compared to 26.4% in the prior full year. The increase in the
effective tax rate was mainly due to increase in tax expense in the
fourth quarter of 2023 related to non-deductible stock compensation
of $3.5 million.
Net income of $76.3 million or $6.21 per diluted share,
represented an increase of $9.0 million or $0.77 per diluted share
compared to full year 2022. This increase between periods was
primarily driven by higher gross margins, lower operating expenses
and lower impairment, partially offset by lower revenue and a
higher tax rate.
The Company expects that its December 30, 2023 cash balance of
$298.5 million, together with its projected future operating cash
flows and the unused balance on its $150.0 million line of credit,
will be sufficient to fund future cash requirements.
During the 52-week period ended December 30, 2023 and the period
from January 2, 2024 through February 23, 2024, the Company
repurchased shares of its outstanding Class A Common Stock in the
amounts of $92.9 million and $35.6 million, respectively, for a
total of $128.5 million of repurchases since the beginning of the
Company’s 2023 fiscal year. As of February 23, 2024, the Company
had approximately $230 million remaining on the $1.2 billion share
buyback expenditure limit set by the Board of Directors.
Depletions Estimate
Year-to-date depletions through the 8-week period ended February
24, 2024 are estimated by the Company to have decreased
approximately 2% from the prior year comparable period.
Full Year 2024 Projections
The Company’s actual 2024 results could vary significantly from
the current projection and are highly sensitive to changes in
volume and supply chain performance as well as inflationary
impacts. The 2024 and 2023 fiscal years both include 52 weeks.
Full Year 2024 |
Guidance |
Depletions and Shipments Percentage Change |
Down low single digit to up low single digit |
Price Increases |
1% to 2% |
Gross Margin |
43% to 45% |
Advertising, Promotion, and Selling
Expense Year Over Year
Change ($ million) |
($5) to $15 |
Effective Tax Rate |
27.5% |
GAAP EPS |
$7.00 to $11.00 |
Capital Spending ($
million) |
$90 to $110 |
|
|
Underlying the Company’s current 2024 projection are the
following full-year estimates and targets:
- During full year 2024, the Company estimates shortfall fees
will negatively impact gross margin by 50 to 75 basis points and
non-cash expense of third-party production pre-payments will
negatively impact gross margins by 125 to 150 basis points
- The advertising, selling and promotional expense projection
does not include any changes in freight costs for the shipment of
products to the Company’s distributors
- The Company’s business is seasonal, with the first quarter and
fourth quarter being lower volume quarters and the fourth quarter
typically the lowest absolute gross margin rate of the year
Use of Non-GAAP Measures
Non-GAAP EPS is not a defined term under U.S. generally accepted
accounting principles (“GAAP”). Non-GAAP EPS, or Non-GAAP earnings
per diluted share, excludes from projected GAAP EPS the impact of
the non-cash asset impairment charge of $16.4 million, or $0.96 per
diluted share, recognized in the third quarter of fiscal 2023
relating primarily to the Dogfish Head brand. This non-GAAP measure
should not be considered in isolation or as a substitute for
diluted earnings per share prepared in accordance with GAAP, and
may not be comparable to calculations of similarly titled measures
by other companies. Management uses this non-GAAP financial measure
to make operating and strategic decisions and to evaluate the
Company’s underlying business performance. Management believes this
forward-looking non-GAAP measure provides meaningful and useful
information to investors and analysts regarding the Company’s
outlook for its ongoing financial and business performance or
trends and facilitates period to period comparisons of its
forecasted financial performance.
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 year ended December 30, 2023 and subsequent
reports filed by the Company with the SEC on Forms 10-Q and 8-K.
Copies of these documents are available from the SEC and may be
found on the Company’s website, www.bostonbeer.com. You should not
place undue reliance on forward-looking statements, which speak
only as of the date they are made. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements.
About the Company
The Boston Beer Company, Inc. (NYSE: SAM) began in 1984 brewing
Samuel Adams beer and has since grown to become one of the largest
and most respected craft brewers in the United States. We
consistently offer the highest-quality products to our drinkers,
and we apply what we’ve learned from making great-tasting craft
beer to making great-tasting and innovative “beyond beer” products.
Boston Beer Company has pioneered not only craft beer but also hard
cider, hard seltzer and hard tea. Our core brands include household
names like Angry Orchard Hard Cider, Dogfish Head, Truly Hard
Seltzer, Twisted Tea Hard Iced Tea, and Samuel Adams. We have
taprooms and hospitality locations in California, Delaware,
Massachusetts, New York and Ohio. For more information, please
visit our website at www.bostonbeer.com, which includes links to
our respective brand websites.
Tuesday, February 27, 2024
|
THE BOSTON BEER COMPANY, INC. AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME |
(in thousands, except per share data) |
|
(unaudited) |
|
|
|
December 30, |
|
December 31, |
|
December 30, |
|
December 31, |
|
2023 (13 weeks) |
|
2022 (14 weeks) |
|
2023 (52 weeks) |
|
2022 (53 weeks) |
Barrels sold |
|
1,503 |
|
|
|
1,712 |
|
|
|
7,678 |
|
|
|
8,183 |
|
Revenue |
$ |
417,409 |
|
|
$ |
476,025 |
|
|
$ |
2,133,292 |
|
|
$ |
2,222,667 |
|
Less excise taxes |
|
23,687 |
|
|
|
28,500 |
|
|
|
124,667 |
|
|
|
132,333 |
|
Net revenue |
|
393,722 |
|
|
|
447,525 |
|
|
|
2,008,625 |
|
|
|
2,090,334 |
|
Cost of goods sold |
|
245,826 |
|
|
|
282,012 |
|
|
|
1,156,256 |
|
|
|
1,228,348 |
|
Gross profit |
|
147,896 |
|
|
|
165,513 |
|
|
|
852,369 |
|
|
|
861,986 |
|
Operating expenses: |
|
|
|
|
|
|
|
Advertising, promotional, and selling expenses |
|
128,629 |
|
|
|
139,185 |
|
|
|
555,998 |
|
|
|
578,400 |
|
General and administrative expenses |
|
43,714 |
|
|
|
41,605 |
|
|
|
174,548 |
|
|
|
157,534 |
|
Impairment of intangible asset |
|
- |
|
|
|
- |
|
|
|
16,426 |
|
|
|
27,100 |
|
Impairment of brewery assets |
|
1,480 |
|
|
|
1,480 |
|
|
|
5,396 |
|
|
|
2,782 |
|
Contract termination costs and other |
|
- |
|
|
|
49 |
|
|
|
— |
|
|
|
5,379 |
|
Total operating expenses |
|
173,823 |
|
|
|
182,319 |
|
|
|
752,368 |
|
|
|
771,195 |
|
Operating (loss) income |
|
(25,927 |
) |
|
|
(16,806 |
) |
|
|
100,001 |
|
|
|
90,791 |
|
Other income (expense),
net: |
|
|
|
|
|
|
|
Interest income (expense), net |
|
4,018 |
|
|
|
1,752 |
|
|
|
10,995 |
|
|
|
2,561 |
|
Other expense, net |
|
(271 |
) |
|
|
(324 |
) |
|
|
(1,408 |
) |
|
|
(1,916 |
) |
Total other income (expense), net |
|
3,747 |
|
|
|
1,428 |
|
|
|
9,587 |
|
|
|
645 |
|
(Loss) income before income
tax (benefit) provision |
|
(22,180 |
) |
|
|
(15,378 |
) |
|
|
109,588 |
|
|
|
91,436 |
|
Income tax (benefit)
provision |
|
(4,056 |
) |
|
|
(3,961 |
) |
|
|
33,338 |
|
|
|
24,173 |
|
Net (loss) income |
$ |
(18,124 |
) |
|
$ |
(11,417 |
) |
|
$ |
76,250 |
|
|
$ |
67,263 |
|
|
|
|
|
|
|
|
|
Net (loss) income per common
share - basic |
$ |
(1.49 |
) |
|
$ |
(0.93 |
) |
|
$ |
6.23 |
|
|
$ |
5.46 |
|
Net (loss) income per common
share - diluted |
$ |
(1.49 |
) |
|
$ |
(0.93 |
) |
|
$ |
6.21 |
|
|
$ |
5.44 |
|
|
|
|
|
|
|
|
|
Weighted-average number of
common shares - basic |
|
12,166 |
|
|
|
12,329 |
|
|
|
12,243 |
|
|
|
12,317 |
|
Weighted-average number of
common shares - diluted |
|
12,166 |
|
|
|
12,329 |
|
|
|
12,258 |
|
|
|
12,345 |
|
|
|
|
|
|
|
|
|
Net (loss) income |
$ |
(18,124 |
) |
|
$ |
(11,417 |
) |
|
$ |
76,250 |
|
|
$ |
67,263 |
|
Other comprehensive income
(loss), net of tax: |
|
|
|
|
|
|
|
Currency translation adjustment |
|
166 |
|
|
|
6 |
|
|
|
166 |
|
|
|
(269 |
) |
Defined benefit plans liability adjustment |
|
(13 |
) |
|
|
90 |
|
|
|
(13 |
) |
|
|
253 |
|
Total other comprehensive
income (loss), net of tax: |
|
153 |
|
|
|
96 |
|
|
|
153 |
|
|
|
(16 |
) |
Comprehensive (loss)
income |
$ |
(17,971 |
) |
|
$ |
(11,321 |
) |
|
$ |
76,403 |
|
|
$ |
67,247 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE BOSTON BEER COMPANY, INC. AND
SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
(in thousands, except share data) |
|
|
(unaudited) |
|
|
|
|
|
|
December 30, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
Assets |
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
298,491 |
|
|
$ |
180,560 |
|
Accounts receivable |
|
|
66,997 |
|
|
|
56,672 |
|
Inventories |
|
|
115,773 |
|
|
|
148,450 |
|
Prepaid expenses and other current assets |
|
|
20,538 |
|
|
|
27,461 |
|
Income tax receivable |
|
|
1,711 |
|
|
|
10,126 |
|
Total current assets |
|
|
503,510 |
|
|
|
423,269 |
|
Property, plant, and equipment,
net |
|
|
642,509 |
|
|
|
667,909 |
|
Operating right-of-use
assets |
|
|
35,559 |
|
|
|
43,768 |
|
Goodwill |
|
|
112,529 |
|
|
|
112,529 |
|
Intangible assets |
|
|
59,644 |
|
|
|
76,324 |
|
Third-party production
prepayments |
|
|
33,581 |
|
|
|
61,339 |
|
Other assets |
|
|
42,661 |
|
|
|
35,635 |
|
Total assets |
|
$ |
1,429,993 |
|
|
$ |
1,420,773 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
87,245 |
|
|
$ |
84,248 |
|
Accrued expenses and other current liabilities |
|
|
126,930 |
|
|
|
111,153 |
|
Current operating lease liabilities |
|
|
9,113 |
|
|
|
8,866 |
|
Total current liabilities |
|
|
223,288 |
|
|
|
204,267 |
|
Deferred income taxes, net |
|
|
85,721 |
|
|
|
96,592 |
|
Non-current operating lease
liabilities |
|
|
36,161 |
|
|
|
45,274 |
|
Other liabilities |
|
|
6,894 |
|
|
|
6,091 |
|
Total liabilities |
|
|
352,064 |
|
|
|
352,224 |
|
Stockholders' Equity: |
|
|
|
|
|
|
Class A Common Stock, $0.01 par value; 22,700,000 shares
authorized; 10,033,303 and 10,238,009 issued and outstanding as of
December 30, 2023 and December 31, 2022, respectively |
|
|
100 |
|
|
|
102 |
|
Class B Common Stock, $0.01 par value; 4,200,000 shares authorized;
2,068,000 issued and outstanding at December 30, 2023 and December
31, 2022 |
|
|
21 |
|
|
|
21 |
|
Additional paid-in capital |
|
|
656,297 |
|
|
|
629,515 |
|
Accumulated other comprehensive
loss |
|
|
(57 |
) |
|
|
(210 |
) |
Retained earnings |
|
|
421,568 |
|
|
|
439,121 |
|
Total stockholders' equity |
|
|
1,077,929 |
|
|
|
1,068,549 |
|
Total liabilities and stockholders' equity |
|
$ |
1,429,993 |
|
|
$ |
1,420,773 |
|
|
|
|
|
|
|
|
|
|
THE BOSTON BEER COMPANY, INC. AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(in thousands) |
|
|
(unaudited) |
|
|
|
|
|
|
December 30, |
|
|
December 31, |
|
|
|
2023 (52 weeks) |
|
|
2022 (53 weeks) |
|
Cash flows provided by
operating activities: |
|
|
|
|
|
|
Net income |
|
$ |
76,250 |
|
|
$ |
67,263 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
88,141 |
|
|
|
81,356 |
|
Impairment of intangible asset |
|
|
16,426 |
|
|
|
27,100 |
|
Impairment of brewery assets |
|
|
5,396 |
|
|
|
2,782 |
|
Change in right-of-use assets |
|
|
7,678 |
|
|
|
7,972 |
|
Stock-based compensation expense |
|
|
16,971 |
|
|
|
13,988 |
|
Deferred income taxes |
|
|
(10,871 |
) |
|
|
9,097 |
|
Other non-cash expense |
|
|
224 |
|
|
|
89 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
(10,340 |
) |
|
|
(2,042 |
) |
Inventories |
|
|
31,500 |
|
|
|
131 |
|
Prepaid expenses, income tax receivable, and other current
assets |
|
|
13,979 |
|
|
|
38,652 |
|
Third-party production prepayments |
|
|
27,758 |
|
|
|
26,955 |
|
Other assets |
|
|
(5,849 |
) |
|
|
(14,031 |
) |
Accounts payable |
|
|
2,763 |
|
|
|
(2,219 |
) |
Accrued expenses, other current liabilities, and other
liabilities |
|
|
13,884 |
|
|
|
(50,632 |
) |
Operating lease liabilities |
|
|
(8,759 |
) |
|
|
(6,516 |
) |
Net cash provided by operating activities |
|
|
265,151 |
|
|
|
199,945 |
|
Cash flows used in
investing activities: |
|
|
|
|
|
|
Purchases of property, plant, and equipment |
|
|
(64,087 |
) |
|
|
(90,582 |
) |
Proceeds from sale of property, plant, and equipment |
|
|
1,709 |
|
|
|
2,076 |
|
Net cash used in investing activities |
|
|
(62,378 |
) |
|
|
(88,506 |
) |
Cash flows (used in)
provided by financing activities: |
|
|
|
|
|
|
Repurchases and retirement of Class A common stock |
|
|
(92,877 |
) |
|
|
— |
|
Proceeds from exercise of stock options and sale of investment
shares |
|
|
11,723 |
|
|
|
7,946 |
|
Net cash paid on finance leases and notes payable |
|
|
(1,575 |
) |
|
|
(1,672 |
) |
Payment of tax withholding on stock-based payment awards and
investment shares |
|
|
(2,113 |
) |
|
|
(3,474 |
) |
Line of credit borrowings |
|
|
— |
|
|
|
30,000 |
|
Line of credit repayments |
|
|
— |
|
|
|
(30,000 |
) |
Net cash (used in) provided by financing activities |
|
|
(84,842 |
) |
|
|
2,800 |
|
Change in cash and cash
equivalents |
|
|
117,931 |
|
|
|
114,239 |
|
Cash and cash equivalents and
restricted cash at beginning of period |
|
|
180,560 |
|
|
|
66,321 |
|
Cash and cash equivalents and
restricted cash at end of period |
|
$ |
298,491 |
|
|
$ |
180,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copies of The Boston Beer Company's press releases,
including quarterly financial results, |
|
are available on the Internet at
www.bostonbeer.com |
|
|
|
|
|
|
|
|
Investor Relations Contact: |
Media Contact: |
Jennifer
Larson |
Dave DeCecco |
(617)
368-5152 |
(914) 261-6572 |
jennifer.larson@bostonbeer.com |
dave.dececco@bostonbeer.com |
|
|
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