ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for monitor Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.

SAM Boston Beer Company Inc

295.34
-7.43 (-2.45%)
After Hours
Last Updated: 23:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type
Boston Beer Company Inc NYSE:SAM NYSE Common Stock
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  -7.43 -2.45% 295.34 300.14 292.30 300.00 122,853 23:00:00

Form 8-K - Current report

24/10/2024 9:27pm

Edgar (US Regulatory)


0000949870false00009498702024-10-242024-10-24

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 24, 2024

The Boston Beer Company, Inc.

(Exact name of Registrant as Specified in Its Charter)

Massachusetts

001-14092

04-3284048

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

 

 

 

One Design Center Place, Suite 850,

Boston, MA

02210

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (617) 368-5000

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Class A Common Stock

 

SAM

 

NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 


 

 

Item 2.02 Results of Operations and Financial Condition

On October 24, 2024, The Boston Beer Company, Inc. disclosed financial information for the third quarter of 2024 in an earnings release, a copy of which is set forth in the attached Exhibit 99.

The information in this Form 8-K and the Exhibit 99 attached hereto is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits

 

 Exhibit 99

Earnings Release of The Boston Beer Company, Inc. dated October 24, 2024.

 

 

 

 104

Cover Page Interactive Data File (embedded within Inline XBRL document).

 

 


 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

The Boston Beer Company, Inc.

 

 

(Registrant)

 

 

 

Date: October 24, 2024

 

/s/ Diego Reynoso

 

 

Diego Reynoso

 

 

Chief Financial Officer

 

 


 

Exhibit 99

Investor Relations Contact:

Media Contact:

Jennifer Larson

Dave DeCecco

(617) 368-5152

(914) 261-6572

jennifer.larson@bostonbeer.com

dave.dececco@bostonbeer.com

BOSTON BEER REPORTS

THIRD QUARTER FINANCIAL RESULTS

BOSTON (October 24, 2024) -- The Boston Beer Company, Inc. (NYSE: SAM), today reported financial results for the third quarter ended September 28, 2024. Key results were:

Third Quarter 2024 Summary:

Depletions decreased 3% and shipments decreased 1.9%
Net revenue increased 0.6% to $605.5 million
Gross margin of 46.3% up 60 basis points year over year
GAAP diluted earnings per share of $2.86, which includes a non-cash brand impairment charge of $2.49 per share recorded in the third quarter of 2024
Non-GAAP diluted earnings per share of $5.35

Year-to-date 2024 Summary:

Depletions decreased 3% and shipments decreased 2.9%
Net revenue decreased 0.3% to $1.611 billion
Gross margin of 45.5% up 190 basis points year over year
GAAP diluted earnings per share of $8.27, which includes a non-cash brand impairment charge of $2.49 per share recorded in the third quarter of 2024
Non-GAAP diluted earnings per share of $10.76

Capital Structure

Generated $207.0 million in operating cash flow year-to-date
Ended the third quarter with $255.6 million in cash and no debt
Repurchased $191.0 million in shares from January 2, 2024 to October 18, 2024
Increased expenditure authorization for stock repurchase program by $400 million

 


 

“We continue to believe that there is significant growth opportunity in Beyond Beer categories despite some near-term variability in alcoholic beverage demand. The Boston Beer Company has a proven track record in creating new categories, producing beyond beer beverages and getting them into the hands of drinkers,” said Chairman and Founder Jim Koch. “We are using the strong cash generation of the business to invest in our brands and return cash to shareholders. Based on our view of the long-term growth prospects for the company, we recently expanded our share repurchase authorization by $400 million.”

 

“We continue to make progress on our strategic priorities to nurture our core brands, launch and support innovation in a disciplined way and modernize our supply chain,” said President and CEO Michael Spillane. “Our guidance has been narrowed to reflect three quarters of results, somewhat softer near-term category trends and solid gross margin delivery. We are focused on implementing plans to position the company for an improvement in operational and financial performance in 2025 and beyond.”

Details of the results were as follows:

Third Quarter 2024 (13 weeks ended September 28, 2024) Summary of Results

Depletions for the third quarter decreased 3% from the prior year. Shipment volume for the quarter was approximately 2.24 million barrels, a 1.9% decrease from the prior year, primarily due to declines in Truly Hard Seltzer that were partially offset by growth in the Company’s Twisted Tea, Sun Cruiser and Hard Mountain Dew brands.

The Company believes distributor inventory as of September 28, 2024 averaged approximately five and a half weeks on hand which is slightly higher than its target level of four to five weeks. This is expected to have a negative impact on fourth-quarter shipment volume which is reflected in the Company’s updated volume guidance.

Net revenue for the quarter increased 0.6% due to price increases and lower returns, partially offset by lower volumes.

 

Gross margin of 46.3% increased 60 basis points from the 45.7% margin realized in the prior year. Gross margin primarily benefited from price increases, procurement savings and lower returns, which more than offset higher inventory obsolescence and increased inflationary costs.

 

The third quarter gross margin of 46.3% includes $0.6 million of shortfall fees, which negatively impacted gross margin by approximately 10 basis points on an absolute basis, and a non-cash expense of third-party production pre-payments of $6.1 million that negatively impacted gross margins by approximately 100 basis points on an absolute basis.

 

Advertising, promotional and selling expenses for the third quarter of 2024 decreased $4.6 million or 3.0% from the third quarter of 2023, due to decreased freight to distributors of $2.8 million from improved efficiencies and lower volumes. Brand and selling costs decreased $1.8 million due to lower salaries and benefits.

General and administrative expenses increased by $1.6 million or 3.7% from the third quarter of 2023, primarily due to increased professional fees.

 


 

Impairment of intangible assets reflects a $42.6 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, 2024. The impairment determination was primarily based on the latest forecasts of brand performance which has been below our projections made on the acquisition date. Beginning in the fourth quarter of 2024 the Company will be amortizing the remaining intangible asset of $14.4 million over a 10 year life and does not expect any future impairments related to the Dogfish Head brand.

The Company’s effective tax rate for the third quarter of 31.7% compared to 29.3% in the prior year. The increased effective tax rate is due to the impact of the impairment charge which resulted in lower pre-tax income compared to the prior year and higher non-deductible compensation expense.

Third quarter net income of $33.5 million or $2.86 per share, represented a decrease of $11.8 million or $0.84 per diluted share compared to the prior year. This decrease between periods was primarily driven by brand impairment and a higher tax rate partially offset by higher revenue, higher gross margins and lower advertising, promotional and selling expenses.

Year-to-date 2024 (39 weeks ended September 28, 2024) Summary of Results

Net revenue year-to-date of $1.611 billion decreased 0.3% compared to year-to-date 2023.

Depletions year-to-date decreased 3% from the prior year. Shipment volume year-to-date was approximately 6.0 million barrels, a 2.9% decrease from the prior year, primarily due to declines in Truly Hard Seltzer that were partially offset by growth in Twisted Tea and Sun Cruiser brands.

 

Gross margin year-to-date of 45.5% increased from the 43.6% margin realized in year-to-date 2023, or an increase of 190 basis points year over year. Gross margin primarily benefited from price increases, procurement savings, lower returns and a non-recurring payment in the prior year to a third-party contract brewery, partially offset by higher brewery processing costs per barrel due to lower volumes and increased inflationary costs.

The year-to-date gross margin of 45.5% includes $4.6 million of shortfall fees, which negatively impacted gross margin by approximately 30 basis points on an absolute basis and a non-cash expense of third-party production pre-payments of $16.5 million that negatively impacted gross margins by approximately 100 basis points on an absolute basis.

 

Advertising, promotional and selling expenses year-to-date decreased $14.9 million or 3.5% from year-to-date 2023, primarily due to decreased freight to distributors of $9.2 million from lower rates and volumes. Brand and selling costs decreased $5.7 million, primarily due to lower consulting costs.

General and administrative expenses year-to-date increased by $11.4 million or 8.7% from year-to-date 2023, primarily due to higher salaries and benefits costs resulting from Chief Executive Officer transition costs recorded in the first quarter and inflation costs.

The Company’s effective tax rate year-to-date was 30.3% compared to 28.4% year-to-date 2023 is due to higher non-deductible compensation primarily related to Chief Executive Officer transition costs.

 


 

Net income year-to-date of $98.5 million or $8.27 per share, represented an increase of $4.1 million or $0.60 per diluted share compared to year-to-date 2023. This increase between periods was primarily driven by higher gross margins, partially offset by lower revenue, increased brand impairment and an increased tax rate.

The Company expects that its September 28, 2024 cash balance of $255.6 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 39-week period ended September 28, 2024 and the period from September 30, 2024 through October 18, 2024, the Company repurchased shares of its Class A Common Stock in the amounts of $176.0 million and $15.0 million, respectively, for a total of $191.0 million year to date. As of October 18, 2024, the Company had approximately $476 million remaining on the $1.6 billion share buyback expenditure limit set by the Board of Directors.

 

Depletions Estimate

Year-to-date depletions through the 42-week period ended October 18, 2024 are estimated by the Company to have decreased approximately 2% from the comparable period in 2023.

 

Full-Year 2024 Projections

 

The Company has updated its full year guidance. The Company’s actual 2024 results could vary significantly from the current projection and are highly sensitive to changes in volume projections and supply chain performance as well as inflationary impacts.

Full Year 2024

Current Guidance

Prior Guidance

Depletions and Shipments Percentage Decrease

Down low single digits

Down low single digit to zero

Price Increases

2%

1% to 2%

Gross Margin

44% to 45%

43% to 45%

Advertising, Promotion, and Selling Expense Year Over Year Change ($ million)

($5) to $15

($5) to $15

Effective Tax Rate

30%

28.5%

GAAP EPS

$5.50 to $7.50

$7.00 to $11.00

Non-GAAP EPS

$8.00 to $10.00

-

Capital Spending ($ million)

$80 to $95

$90 to $110

The non-GAAP earnings per share (Non-GAAP EPS) projection excludes the impact of the non-cash brand impairments of $42.6 million or $2.49 per diluted share.

 


 

Underlying the Company's current 2024 projections are the following full-year estimates and targets:

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.
During full year 2024, the Company estimates shortfall fees will negatively impact gross margin by 65 to 75 basis points and the non-cash expense of third-party production pre-payments will negatively impact gross margins by 95 to 105 basis points.
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.
The increase in the estimated full year effective tax rate is due to the impact of the third quarter non-cash brand impairment charge which decreased estimated full year pre-tax income but did not significantly change estimated full year non-deductible expenses.

2025 Financial Guidance

 

The Company is planning to provide full year 2025 financial guidance during its fourth quarter earnings call in February 2025.

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 $42.6 million, or $2.49 per diluted share, recognized in the third quarter of fiscal 2024 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 brewing Samuel Adams beer in 1984 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, Sun Cruiser, 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.

 

Thursday, October 24, 2024

 


 

THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

(in thousands, except per share data)

 

 

 

(unaudited)

 

 

 

Thirteen weeks ended

 

 

Thirty-nine weeks ended

 

 

 

September 28,
2024

 

 

September 30,
2023

 

 

September 28,
2024

 

 

September 30,
2023

 

Revenue

 

$

642,131

 

 

$

639,394

 

 

$

1,708,555

 

 

$

1,715,883

 

Less excise taxes

 

 

36,654

 

 

 

37,795

 

 

 

97,928

 

 

 

100,980

 

Net revenue

 

 

605,477

 

 

 

601,599

 

 

 

1,610,627

 

 

 

1,614,903

 

Cost of goods sold

 

 

325,236

 

 

 

326,951

 

 

 

877,580

 

 

 

910,430

 

Gross profit

 

 

280,241

 

 

 

274,648

 

 

 

733,047

 

 

 

704,473

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Advertising, promotional, and selling expenses

 

 

147,986

 

 

 

152,579

 

 

 

412,484

 

 

 

427,369

 

General and administrative expenses

 

 

43,818

 

 

 

42,241

 

 

 

142,226

 

 

 

130,834

 

Impairment of intangible assets

 

 

42,584

 

 

 

16,426

 

 

 

42,584

 

 

 

16,426

 

Impairment of brewery assets

 

 

20

 

 

 

1,900

 

 

 

3,751

 

 

 

3,916

 

Total operating expenses

 

 

234,408

 

 

 

213,146

 

 

 

601,045

 

 

 

578,545

 

Operating income

 

 

45,833

 

 

 

61,502

 

 

 

132,002

 

 

 

125,928

 

Other income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

3,582

 

 

 

3,478

 

 

 

10,021

 

 

 

6,977

 

Other expense

 

 

(317

)

 

 

(913

)

 

 

(795

)

 

 

(1,137

)

Total other income

 

 

3,265

 

 

 

2,565

 

 

 

9,226

 

 

 

5,840

 

Income before income tax provision

 

 

49,098

 

 

 

64,067

 

 

 

141,228

 

 

 

131,768

 

Income tax provision

 

 

15,584

 

 

 

18,772

 

 

 

42,778

 

 

 

37,394

 

Net income

 

$

33,514

 

 

$

45,295

 

 

$

98,450

 

 

$

94,374

 

Net income per common share – basic

 

$

2.87

 

 

$

3.70

 

 

$

8.29

 

 

$

7.69

 

Net income per common share – diluted

 

$

2.86

 

 

$

3.70

 

 

$

8.27

 

 

$

7.67

 

Weighted-average number of common shares – basic

 

 

11,682

 

 

 

12,228

 

 

 

11,878

 

 

 

12,268

 

Weighted-average number of common shares – diluted

 

 

11,671

 

 

 

12,233

 

 

 

11,871

 

 

 

12,280

 

Net income

 

$

33,514

 

 

$

45,295

 

 

$

98,450

 

 

$

94,374

 

Other comprehensive income (loss) :

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

40

 

 

 

(144

)

 

 

(181

)

 

 

 

  Total other comprehensive income (loss)

 

 

40

 

 

 

(144

)

 

 

(181

)

 

 

 

  Comprehensive income

 

$

33,554

 

 

$

45,151

 

 

$

98,269

 

 

$

94,374

 

 

 


 

THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

(in thousands, except share data)

 

 

 

(unaudited)

 

 

 

 

 

 

September 28,
2024

 

 

December 30,
2023

 

Assets

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

255,601

 

 

$

298,491

 

Accounts receivable

 

 

94,101

 

 

 

66,997

 

Inventories

 

 

160,322

 

 

 

115,773

 

Prepaid expenses and other current assets

 

 

25,659

 

 

 

20,538

 

Income tax receivable

 

 

-

 

 

 

1,711

 

Total current assets

 

 

535,683

 

 

 

503,510

 

Property, plant, and equipment, net

 

 

619,013

 

 

 

642,509

 

Operating right-of-use assets

 

 

29,766

 

 

 

35,559

 

Goodwill

 

 

112,529

 

 

 

112,529

 

Intangible assets, net

 

 

16,870

 

 

 

59,644

 

Third-party production prepayments

 

 

18,015

 

 

 

33,581

 

Note receivable

 

 

16,606

 

 

 

 

Other assets

 

 

33,510

 

 

 

42,661

 

Total assets

 

$

1,381,992

 

 

$

1,429,993

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Accounts payable

 

$

102,906

 

 

$

87,245

 

Accrued expenses and other current liabilities

 

 

154,139

 

 

 

126,930

 

Current operating lease liabilities

 

 

6,602

 

 

 

9,113

 

Total current liabilities

 

 

263,647

 

 

 

223,288

 

Deferred income taxes, net

 

 

66,445

 

 

 

85,721

 

Non-current operating lease liabilities

 

 

31,592

 

 

 

36,161

 

Other liabilities

 

 

6,151

 

 

 

6,894

 

Total liabilities

 

 

367,835

 

 

 

352,064

 

Stockholders' Equity:

 

 

 

 

 

 

Class A Common Stock, $0.01 par value; 22,700,000 shares authorized; 9,470,066 and 10,033,303 issued and outstanding as of September 28, 2024 and December 30, 2023 respectively

 

 

95

 

 

 

100

 

Class B Common Stock, $0.01 par value; 4,200,000 shares authorized; 2,068,000
   issued and outstanding at September 28, 2024 and December 30, 2023

 

 

21

 

 

 

21

 

Additional paid-in capital

 

 

671,781

 

 

 

656,297

 

Accumulated other comprehensive loss

 

 

(238

)

 

 

(57

)

Retained earnings

 

 

342,498

 

 

 

421,568

 

Total stockholders' equity

 

 

1,014,157

 

 

 

1,077,929

 

Total liabilities and stockholders' equity

 

$

1,381,992

 

 

$

1,429,993

 

 

 


 

THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

(in thousands)

 

 

 

(unaudited)

 

 

 

Thirty-nine weeks ended

 

 

 

September 28,
2024

 

 

September 30,
2023

 

Cash flows provided by operating activities:

 

 

 

 

 

 

Net income

 

$

98,450

 

 

$

94,374

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

70,904

 

 

 

66,603

 

Impairment of intangible assets

 

 

42,584

 

 

 

16,426

 

Impairment of brewery assets

 

 

3,751

 

 

 

3,916

 

Gain on sale of property, plant, and equipment

 

 

(263

)

 

 

 

Change in right-of-use assets

 

 

5,793

 

 

 

5,781

 

Stock-based compensation expense

 

 

14,686

 

 

 

12,313

 

Deferred income taxes

 

 

(19,276

)

 

 

(10,349

)

Other non-cash expense

 

 

220

 

 

 

40

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(27,324

)

 

 

(31,253

)

Inventories

 

 

(40,148

)

 

 

3,786

 

Prepaid expenses, income tax receivable, and other assets

 

 

(3,429

)

 

 

3,986

 

Third-party production prepayments

 

 

15,566

 

 

 

22,130

 

Other assets

 

 

4,987

 

 

 

(9,368

)

Accounts payable

 

 

18,053

 

 

 

31,341

 

Accrued expenses and other liabilities

 

 

29,244

 

 

 

29,217

 

Operating lease liabilities

 

 

(6,808

)

 

 

(6,542

)

Net cash provided by operating activities

 

 

206,990

 

 

 

232,401

 

Cash flows used in investing activities:

 

 

 

 

 

 

Cash paid for note receivable

 

 

(20,000

)

 

 

 

Purchases of property, plant, and equipment

 

 

(52,770

)

 

 

(48,777

)

Proceeds from disposal of property, plant, and equipment

 

 

23

 

 

 

1,708

 

Net cash used in investing activities

 

 

(72,747

)

 

 

(47,069

)

Cash flows used in financing activities:

 

 

 

 

 

 

Repurchases and retirement of Class A common stock

 

 

(175,953

)

 

 

(62,477

)

Proceeds from exercise of stock options and sale of investment shares

 

 

2,699

 

 

 

10,660

 

Cash paid on finance leases

 

 

(1,473

)

 

 

(1,184

)

Payment of tax withholding on stock-based payment awards and investment shares

 

 

(2,406

)

 

 

(2,113

)

Net cash used in financing activities

 

 

(177,133

)

 

 

(55,114

)

Change in cash and cash equivalents

 

 

(42,890

)

 

 

130,218

 

Cash and cash equivalents at beginning of period

 

 

298,491

 

 

 

180,560

 

Cash and cash equivalents at end of period

 

$

255,601

 

 

$

310,778

 

 

 

 

 

 

 

 

Copies of The Boston Beer Company's press releases, including quarterly financial results,

 

are available on the Internet at www.bostonbeer.com

 

 

 


v3.24.3
Document and Entity Information
Oct. 24, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Oct. 24, 2024
Entity Registrant Name The Boston Beer Company, Inc.
Entity Central Index Key 0000949870
Entity Emerging Growth Company false
Entity File Number 001-14092
Entity Incorporation, State or Country Code MA
Entity Tax Identification Number 04-3284048
Entity Address, Address Line One One Design Center Place
Entity Address, Address Line Two Suite 850
Entity Address, City or Town Boston
Entity Address, State or Province MA
Entity Address, Postal Zip Code 02210
City Area Code (617)
Local Phone Number 368-5000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A Common Stock
Trading Symbol SAM
Security Exchange Name NYSE

1 Year Boston Beer Chart

1 Year Boston Beer Chart

1 Month Boston Beer Chart

1 Month Boston Beer Chart

Your Recent History

Delayed Upgrade Clock