BOSTON, July 22, 2021 /PRNewswire/ -- The Boston
Beer Company, Inc. (NYSE: SAM) reported second quarter 2021 net
revenue of $602.8 million, an
increase of $150.7 million or 33.3%,
from the same period last year. Net income for the second quarter
was $59.2 million, a decrease of
$0.9 million or 1.6% from the same
period last year. Earnings per diluted share were $4.75, a decrease of $0.13 per diluted share, or 2.7% from the second
quarter of 2020. This decrease was primarily due to increases
in operating expenses, lower gross margins, and a higher tax rate,
partially offset by increased revenue driven by shipment growth of
27.4%.
Net revenue for the 26-week period ended June 26, 2021, was $1.15
billion, an increase of $365.2
million, or 46.7%, from the comparable 26-week period in
2020. Earnings per diluted share for the 26-week period ended
June 26, 2021, were $10.01, an increase of $3.64 per diluted share or 57.2% from the
comparable 26-week period in 2020.
In the second quarter and the 26-week period ended June 26, 2021, the Company recorded a tax benefit
of $0.03 per diluted share and
$0.72 per diluted share,
respectively, resulting from the Accounting Standard "Employee
Share-Based Payment Accounting" ("ASU 2016-09").
Highlights of this release include:
- Depletions increased 24% and 33% from the 13-and 26-week
comparable periods in the prior year.
- Shipments increased 27.4% and 41.3% from the 13- and 26-week
comparable periods in the prior year.
- Full-year depletion and shipment growth is now estimated at
between 25% and 40%, a decrease from the previously reported
estimate of between 40% and 50%.
- Gross margin was 45.7% for the second quarter, a decrease from
46.4% in the comparable 13-week period in 2020, and 45.8% for the
26-week period ending June 26, 2021,
a slight increase from 45.7% in the comparable 26-week period in
2020. The Company's full-year gross margin target remains between
45% and 47%.
- Advertising, promotional and selling expense increased by
$61.3 million, or 61.1%, in the
second quarter over the comparable period in 2020 and increased
$104.3 million, or 52.6%, from the
comparable 26-week period in 2020.
- Based on current spending and investment plans, full-year 2021
Non-GAAP earnings per diluted share1, which excludes the
impact of ASU 2016-09, is now estimated at between $18.00 and $22.00 a
decrease from the previously reported estimate of between
$22.00 and $26.00.
Jim Koch, Chairman and Founder of
the Company, commented that "During the second quarter we saw
significant growth in the On-Premise channel and re-opened all our
retail locations as most COVID-19 restrictions have been lifted.
However, our 24% depletions growth for the second quarter
decelerated from our first quarter growth of 48% and was below our
expectations, as the hard seltzer category and overall beer
industry were softer than we had anticipated. Hard seltzer category
growth was negatively impacted by several developments: (1) slowing
growth in household penetration as the market matures and there is
less new trial, (2) a gradual transition of volume to the
On-Premise channel as hard seltzer becomes a more regular option in
that channel, (3) new hard seltzer brands at retail that resulted
in a proliferation of choices and consumer confusion, and (4) a
challenging comparative period of significant pantry loading
related to On-Premise restrictions in the second quarter of 2020.
We are encouraged that four of our five major brands grew in the
second quarter and we continue to expand our market share. In
measured Off-Premise channels in the first half of this year, where
our brand portfolio represents 4% of the total beer industry
volume, we've delivered over 45% of the industry volume growth, the
highest of all brewers. We are thankful to our outstanding
coworkers, distributors and retailers for their continued focus and
diligence to continue to operate and help grow our business and
achieve our thirteenth consecutive quarter of double-digit volume
growth. We will continue to invest behind all our brands, with a
particular emphasis on fueling the momentum behind Truly and
Twisted Tea. We recently announced plans to develop new innovative
beverages with Beam Suntory that we are planning to launch in early
2022. We believe these new beverages will further demonstrate our
ability to innovate and grow our business as drinker preferences
evolve. We remain highly positive about the future growth of our
brands and that our diversified brand portfolio continues to fuel
double-digit growth."
Dave Burwick, the Company's
President and CEO stated, "Our depletions growth in the second
quarter was a result of increases in our Truly Hard Seltzer,
Twisted Tea, Samuel Adams and Dogfish Head brands that were only
partially offset by decreases in our Angry Orchard brand. Twisted
Tea continues to generate double-digit volume growth rates and is
the fastest growing flavored malt beverage brand family in measured
Off-Premise channels during the first half of this year. Early in
2021, we launched Truly Iced Tea Hard Seltzer and during the second
quarter we launched Truly Punch Hard Seltzer. Similar to Truly
Lemonade Hard Seltzer, these new products deliver against drinkers'
interest in bolder flavor profiles and demonstrate Truly's
distinctiveness and innovation leadership within the hard seltzer
category. In measured Off-Premise channels, Truly Iced Tea is the
number one innovation in the overall beer industry over the first
half of this year and Truly Punch is the number two innovation over
the past four weeks. The overall Truly brand growth rate improved
to 2.7 times the hard seltzer category growth rate in the latest 13
weeks, resulting in a 4-point share gain and closing the share gap
to the number one brand to single digits. We are excited about our
new Truly advertising campaign "No One Is Just One Flavor"
featuring Grammy award winner and pop icon Dua Lipa and showcasing Truly's superior variety
of flavors and the colorful and adventurous nature of Truly
drinkers. Based on the brand's innovation leadership, strong brand
building and growing cultural relevance, we believe Truly is well
positioned to continue to grow share."
Mr. Burwick continued, "We overestimated the growth of the hard
seltzer category in the second quarter and the demand for Truly,
which negatively impacted our volume and earnings for the quarter
and our estimates for the remainder of the year. We increased our
production of Truly to meet our summer peak and have had lower than
anticipated demand for certain Truly brand styles which has
resulted in higher than planned inventory levels at our breweries
and increased supply chain costs and complexity. At the same time,
we have been experiencing out of stocks on certain of our can
products, most significantly on our Twisted Tea brand family. We
expect wholesaler inventories of Twisted Tea to remain tight for
the rest of the summer. Our outlook for the hard seltzer category
in the second half of 2021 is uncertain and we have planned our
capacity and spending based upon several volume scenarios. We will
continue to manage our capacity requirements through a combination
of internal capacity increases and higher usage of third-party
breweries. We continue to work hard on our 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. While we are in a very competitive business, we are
confident in the 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."
COVID-19
As the COVID-19 pandemic slowly winds down, the Company's
primary focus continues to be on operating its breweries and
business safely and working hard to meet customer demand. The
Company is very proud of the passion, creativity and commitment to
community that coworkers demonstrated during this pandemic.
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 primarily included significantly reduced keg demand
from the On-Premise channel and higher labor and safety-related
costs at the Company's breweries. In addition to these direct
financial impacts, COVID-19 related safety measures resulted in a
reduction of brewery productivity, with more volume shifted to
third-party breweries, increasing production costs and negatively
impacting gross margins. In the first half of 2020, the
Company recorded COVID-19 related pre-tax reductions in net revenue
and increases in other costs that total $14.1 million, of which $10.0 million was recorded in the first quarter
and $4.1 million was recorded in the
second quarter. The total amount consists of a $5.8 million reduction in net revenue for
estimated keg returns from distributors and retailers and
$8.3 million of other COVID-19
related direct costs, of which $5.6
million are recorded in cost of goods sold and $2.7 million are recorded in operating
expenses. In 2021 and going forward, the Company has chosen
not to report COVID-19 related direct costs separately, as they are
viewed to be a normal part of operations.
2nd Quarter 2021 Summary of Results
Depletions increased 24% from the comparable 13-week period in
the prior year. Shipment volume was approximately 2.45 million
barrels, a 27.4% increase from the comparable 13-week period in the
prior year.
Shipment volume for the first half was significantly higher than
depletions volume and resulted in higher distributor inventory as
of June 26, 2021, when compared to
June 27, 2020. The Company
believes distributor inventory as of June
26, 2021, averaged approximately 5 weeks on hand and was at
an appropriate level for each of its brands, except for Twisted
Tea, which has significantly lower than planned distributor
inventory levels for certain styles and packages.
Gross margin of 45.7% decreased from the 46.4% margin realized
in the comparable 13-week period in 2020, primarily as a result of
higher processing and other costs due to increased production at
third party breweries, partially offset by price increases and cost
saving initiatives at Company-owned breweries.
Advertising, promotional and selling expenses increased
$61.3 million from the comparable
13-week period in 2020, primarily due to increased brand
investments of $41.2 million, mainly
driven by higher media, production and local marketing costs and
increased freight to distributors of $20.1
million that was primarily due to higher rates and
volumes.
General and administrative expenses increased by $3.3 million from the second quarter of 2020,
primarily due to increases in external services and salaries and
benefits costs.
The Company's effective tax rate for the second quarter
increased to 26.1% from 23.4% in the second quarter of 2020. The
Company's effective tax rate for the second quarter, excluding the
impact of ASU 2016-09, increased to 26.6% from 26.4% in the second
quarter of 2020.
Year-to-Date 2021 Summary of Results
Depletions increased 33% from the comparable 26-week period in
2020, reflecting increases in the Company's Truly Hard Seltzer,
Twisted Tea, Samuel Adams and Dogfish Head brands that were only
partially offset by decreases in the Angry Orchard brand.
Shipment volume was approximately 4.7 million barrels, a 41.3%
increase from the comparable 26-week period in 2020.
Gross margin at 45.8% increased slightly from the 45.7% margin
realized in the comparable 26-week period in 2020, primarily due to
price increases, cost saving initiatives at Company-owned
breweries, and direct costs related to COVID-19 of $5.6 million in the second quarter of 2020 that
were partially offset by higher processing and other costs due to
increased production at third party breweries.
Advertising, promotional and selling expenses increased
$104.3 million from the comparable
26-week period in 2020, primarily due to increased brand
investments of $62.2 million, mainly
driven by higher media, production and local marketing costs and
increased freight to distributors of $42.0
million that was primarily due to higher rates and
volumes.
General and administrative expenses increased by $8.2 million from the comparable 26-week period
in 2020, primarily due to increases in salaries and benefits and
external services costs.
Impairment of long-lived assets decreased $1.1 million from the first half of 2020,
primarily due to lower write-downs of brewery equipment at company
owned breweries.
The Company's effective tax rate for the 26-week period ended
June 26, 2021, decreased to 20.4%
from 21.4% in the comparable 26-week period in 2020. 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 June 26,
2021, cash balance of $103.0
million, together with its future operating cash flows and
the $150.0 million unused balance on
its line of credit, will be sufficient to fund future cash
requirements.
During the 26-week period ended June 26,
2021 and the period from June 27,
2021 through July 16, 2021,
the Company did not repurchase any shares of its Class A Common
Stock. As of July 16, 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 28-week period ended
July 10, 2021, are estimated by the
Company to have increased approximately 32% from the comparable
period in 2020.
Outlook
The Company currently projects full year 2021 earnings per
diluted share to be between $18.00
and $22.00. This 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 25% and
40%.
- National price increases of between 1% and 3%.
- Gross margin of between 45% and 47%.
- Increased investments in advertising, promotional and selling
expenses of between $80 million and
$100 million, a decrease from the
previously communicated range 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%, 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 $180 million and $230
million, a decrease from the previously communicated range
of between $250 million and
$350 million.
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 26, 2020 and December 28, 2019. Copies of these
documents may be found on the Company's website,
www.bostonbeer.com, or obtained by contacting the Company or
the SEC.
________________________
|
1 See
"Outlook" below for additional information regarding non-GAAP
forward-looking measures used in this press release.
|
THE BOSTON BEER
COMPANY, INC. AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
|
|
(in thousands, except
per share data)
|
|
|
(unaudited)
|
|
|
Thirteen weeks
ended
|
|
|
Twenty-six weeks
ended
|
|
|
June
26,
2021
|
|
|
June
27,
2020
|
|
|
June
26,
2021
|
|
|
June
27,
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barrels
sold
|
|
2,447
|
|
|
|
1,921
|
|
|
|
4,725
|
|
|
|
3,345
|
|
Revenue
|
$
|
641,314
|
|
|
$
|
481,089
|
|
|
$
|
1,223,023
|
|
|
$
|
833,314
|
|
Less excise
taxes
|
|
38,509
|
|
|
|
28,951
|
|
|
|
75,138
|
|
|
|
50,611
|
|
Net
revenue
|
|
602,805
|
|
|
|
452,138
|
|
|
|
1,147,885
|
|
|
|
782,703
|
|
Cost of goods
sold
|
|
327,116
|
|
|
|
242,514
|
|
|
|
622,566
|
|
|
|
425,106
|
|
Gross
profit
|
|
275,689
|
|
|
|
209,624
|
|
|
|
525,319
|
|
|
|
357,597
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising,
promotional and selling expenses
|
|
161,620
|
|
|
|
100,336
|
|
|
|
302,479
|
|
|
|
198,227
|
|
General and
administrative expenses
|
|
32,960
|
|
|
|
29,685
|
|
|
|
64,906
|
|
|
|
56,714
|
|
Impairment of
assets
|
|
1,004
|
|
|
|
834
|
|
|
|
1,231
|
|
|
|
2,355
|
|
Total operating
expenses
|
|
195,584
|
|
|
|
130,855
|
|
|
|
368,616
|
|
|
|
257,296
|
|
Operating
income
|
|
80,105
|
|
|
|
78,769
|
|
|
|
156,703
|
|
|
|
100,301
|
|
Other
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(29)
|
|
|
|
(212)
|
|
|
|
(58)
|
|
|
|
(149)
|
|
Other income
(expense), net
|
|
8
|
|
|
|
(52)
|
|
|
|
2
|
|
|
|
(412)
|
|
Total other expense,
net
|
|
(21)
|
|
|
|
(264)
|
|
|
|
(56)
|
|
|
|
(561)
|
|
Income before income
tax provision
|
|
80,084
|
|
|
|
78,505
|
|
|
|
156,647
|
|
|
|
99,740
|
|
Income tax
provision
|
|
20,889
|
|
|
|
18,364
|
|
|
|
31,887
|
|
|
|
21,365
|
|
Net income
|
$
|
59,195
|
|
|
$
|
60,141
|
|
|
$
|
124,760
|
|
|
$
|
78,375
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share - basic
|
$
|
4.82
|
|
|
$
|
4.93
|
|
|
$
|
10.16
|
|
|
$
|
6.44
|
|
Net income per common
share - diluted
|
$
|
4.75
|
|
|
$
|
4.88
|
|
|
$
|
10.01
|
|
|
$
|
6.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
number of common shares - basic
|
|
12,283
|
|
|
|
12,196
|
|
|
|
12,277
|
|
|
|
12,177
|
|
Weighted-average
number of common shares - diluted
|
|
12,465
|
|
|
|
12,258
|
|
|
|
12,461
|
|
|
|
12,221
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
$
|
59,195
|
|
|
$
|
60,141
|
|
|
$
|
124,760
|
|
|
$
|
78,375
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
15
|
|
|
|
(13)
|
|
|
|
35
|
|
|
|
(71)
|
|
Comprehensive
income
|
$
|
59,210
|
|
|
$
|
60,128
|
|
|
$
|
124,795
|
|
|
$
|
78,304
|
|
THE BOSTON BEER
COMPANY, INC. AND SUBSIDIARIES
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
(in thousands, except
share data)
|
|
|
(unaudited)
|
|
|
June
26,
|
|
|
December
26,
|
|
|
2021
|
|
|
2020
|
|
Assets
|
|
Current
Assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
102,953
|
|
|
$
|
163,282
|
|
Accounts
receivable
|
|
113,458
|
|
|
|
78,358
|
|
Inventories
|
|
247,550
|
|
|
|
130,910
|
|
Prepaid expenses and
other current assets
|
|
38,240
|
|
|
|
30,230
|
|
Income tax
receivable
|
|
12,896
|
|
|
|
10,393
|
|
Total current
assets
|
|
515,097
|
|
|
|
413,173
|
|
Property, plant and
equipment, net
|
|
664,200
|
|
|
|
623,083
|
|
Operating
right-of-use assets
|
|
56,490
|
|
|
|
58,483
|
|
Goodwill
|
|
112,529
|
|
|
|
112,529
|
|
Intangible
assets
|
|
103,804
|
|
|
|
103,930
|
|
Third-party
production prepayments
|
|
88,683
|
|
|
|
56,843
|
|
Other
assets
|
|
20,149
|
|
|
|
10,784
|
|
Total
assets
|
$
|
1,560,952
|
|
|
$
|
1,378,825
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
$
|
201,043
|
|
|
$
|
121,647
|
|
Accrued expenses and
other current liabilities
|
|
108,036
|
|
|
|
129,544
|
|
Current operating
lease liabilities
|
|
8,272
|
|
|
|
8,232
|
|
Total current
liabilities
|
|
317,351
|
|
|
|
259,423
|
|
Deferred income
taxes, net
|
|
92,681
|
|
|
|
92,665
|
|
Non-current operating
lease liabilities
|
|
57,040
|
|
|
|
59,171
|
|
Other
liabilities
|
|
9,745
|
|
|
|
10,599
|
|
Total
liabilities
|
$
|
476,817
|
|
|
$
|
421,858
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
Stockholders'
Equity:
|
|
|
|
|
|
|
|
Class A Common Stock,
$.01 par value; 22,700,000 shares authorized; 10,165,649
and 10,004,681 issued and outstanding as
of June 26, 2021 and December 26, 2020, respectively
|
|
102
|
|
|
|
100
|
|
Class B Common Stock,
$.01 par value; 4,200,000 shares authorized; 2,078,000
and 2,177,983 issued and outstanding as
of June 26, 2021 and December 26,
2020, respectively
|
|
21
|
|
|
|
22
|
|
Additional paid-in
capital
|
|
602,163
|
|
|
|
599,737
|
|
Accumulated other
comprehensive loss, net of tax
|
|
(217)
|
|
|
|
(252)
|
|
Retained
earnings
|
|
482,066
|
|
|
|
357,360
|
|
Total stockholders'
equity
|
$
|
1,084,135
|
|
|
$
|
956,967
|
|
Total liabilities and
stockholders' equity
|
$
|
1,560,952
|
|
|
$
|
1,378,825
|
|
THE BOSTON BEER
COMPANY, INC. AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(in
thousands)
|
|
|
(unaudited)
|
|
|
Twenty-six weeks
ended
|
|
|
June
26,
2021
|
|
|
June
27,
2020
|
|
Cash flows
provided by operating activities:
|
|
|
|
|
|
|
|
Net income
|
$
|
124,760
|
|
|
$
|
78,375
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
34,174
|
|
|
|
32,584
|
|
Impairment of
assets
|
|
1,231
|
|
|
|
2,355
|
|
(Gain) loss on
disposal of property, plant and equipment
|
|
(150)
|
|
|
|
39
|
|
Change in right-of-use
assets
|
|
3,954
|
|
|
|
3,649
|
|
Other non-cash
(income) expense
|
|
(98)
|
|
|
|
375
|
|
Stock-based
compensation expense
|
|
10,291
|
|
|
|
7,103
|
|
Deferred income
taxes
|
|
(39)
|
|
|
|
12,407
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
(35,075)
|
|
|
|
(45,326)
|
|
Inventories
|
|
(120,675)
|
|
|
|
(12,795)
|
|
Prepaid expenses,
income tax receivable and other current assets
|
|
(25,329)
|
|
|
|
(3,347)
|
|
Third-party production
prepayments
|
|
(17,024)
|
|
|
|
(11,415)
|
|
Other
assets
|
|
(5,475)
|
|
|
|
(253)
|
|
Accounts
payable
|
|
78,801
|
|
|
|
19,560
|
|
Accrued expenses and
other current liabilities
|
|
(14,427)
|
|
|
|
20,803
|
|
Change in operating
lease liabilities
|
|
(4,052)
|
|
|
|
(80)
|
|
Other
liabilities
|
|
120
|
|
|
|
(23)
|
|
Net cash provided by
operating activities
|
|
30,987
|
|
|
|
104,011
|
|
Cash flows used in
investing activities:
|
|
|
|
|
|
|
|
Purchases of property,
plant and equipment
|
|
(83,521)
|
|
|
|
(60,072)
|
|
Proceeds from disposal
of property, plant and equipment
|
|
420
|
|
|
|
45
|
|
Other investing
activities
|
|
145
|
|
|
|
260
|
|
Net cash used in
investing activities
|
|
(82,956)
|
|
|
|
(59,767)
|
|
Cash flows (used
in) provided by financing activities:
|
|
|
|
|
|
|
|
Proceeds from exercise
of stock options and sale of investment shares
|
|
7,944
|
|
|
|
8,010
|
|
Net cash paid on note
payable and finance leases
|
|
(795)
|
|
|
|
(649)
|
|
Cash borrowed on line
of credit
|
|
—
|
|
|
|
100,000
|
|
Cash paid on line of
credit
|
|
—
|
|
|
|
(100,000)
|
|
Payment of tax
withholding on stock-based payment awards and investment
shares
|
|
(15,509)
|
|
|
|
(1,559)
|
|
Net cash (used in)
provided by financing activities
|
|
(8,360)
|
|
|
|
5,802
|
|
Change in cash and
cash equivalents
|
|
(60,329)
|
|
|
|
50,046
|
|
Cash and cash
equivalents at beginning of year
|
|
163,282
|
|
|
|
36,670
|
|
Cash and cash
equivalents at end of period
|
$
|
102,953
|
|
|
$
|
86,716
|
|
View original
content:https://www.prnewswire.com/news-releases/boston-beer-reports-second-quarter-2021-results-301339826.html
SOURCE The Boston Beer Company, Inc.