$SAM
BOSTON BEER CO INC

2018 Q2 Form 10-Q Financial Statement

#000119312518227834 Filed on July 26, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q3 2016 Q4
Revenue $273.1M $247.0M $219.4M
YoY Change 68.9% -2.52% 1.98%
Cost Of Revenue $131.1M $115.5M $111.7M
YoY Change 53.6% -3.57% 4.98%
Gross Profit $142.0M $134.0M $107.7M
YoY Change 85.96% 0.31% -0.98%
Gross Profit Margin 51.98% 54.25% 49.09%
Selling, General & Admin $110.4M $80.01M $73.60M
YoY Change 52.65% -3.95% -10.68%
% of Gross Profit 77.76% 59.7% 68.34%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.20M $12.90M $12.30M
YoY Change 3.74% 0.78% 8.85%
% of Gross Profit 9.3% 9.63% 11.42%
Operating Expenses $110.9M $80.01M $73.60M
YoY Change 53.36% -3.95% -10.68%
Operating Profit $31.06M $45.29M $34.10M
YoY Change 671.2% -9.98% 29.47%
Interest Expense $273.0K $211.0K $100.0K
YoY Change 225.0% 859.09%
% of Operating Profit 0.88% 0.47% 0.29%
Other Income/Expense, Net $70.00K $407.0K -$100.0K
YoY Change 483.33% -376.87% -75.0%
Pretax Income $31.13M $51.90M $34.30M
YoY Change 670.64% 3.47% 31.92%
Income Tax $7.599M $18.22M $12.20M
% Of Pretax Income 24.41% 35.1% 35.57%
Net Earnings $23.54M $29.13M $22.20M
YoY Change 312.1% -7.63% 37.76%
Net Earnings / Revenue 8.62% 11.79% 10.12%
Basic Earnings Per Share $1.99 $2.38
Diluted Earnings Per Share $1.98 $2.35 $1.762M
COMMON SHARES
Basic Shares Outstanding 11.80M shares 11.95M shares
Diluted Shares Outstanding 11.79M shares 12.04M shares

Balance Sheet

Concept 2018 Q2 2017 Q3 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $76.20M $71.70M $91.00M
YoY Change 27.21% -7.24% -3.4%
Cash & Equivalents $76.18M $71.65M $91.04M
Short-Term Investments
Other Short-Term Assets $13.30M $8.600M $8.700M
YoY Change 40.0% -54.26% -54.21%
Inventory $63.65M $54.94M $52.50M
Prepaid Expenses $1.644M
Receivables $54.06M $43.18M $36.69M
Other Receivables $4.800M $2.400M $4.900M
Total Short-Term Assets $212.0M $179.1M $193.9M
YoY Change 27.67% -12.42% -13.29%
LONG-TERM ASSETS
Property, Plant & Equipment $384.0M $387.6M $408.4M
YoY Change -5.04% -5.59% -0.37%
Goodwill $3.683M $3.683M $3.683M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $18.75M $16.65M $9.965M
YoY Change 46.76% 91.57% 21.7%
Total Long-Term Assets $406.5M $408.0M $422.1M
YoY Change -3.42% -3.54% 0.06%
TOTAL ASSETS
Total Short-Term Assets $212.0M $179.1M $193.9M
Total Long-Term Assets $406.5M $408.0M $422.1M
Total Assets $618.5M $587.1M $615.9M
YoY Change 5.37% -6.44% -4.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $59.48M $42.19M $40.59M
YoY Change 64.89% 15.97% -4.99%
Accrued Expenses $72.00M $67.20M $60.90M
YoY Change 48.76% -3.72% 103.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $131.5M $109.4M $101.5M
YoY Change 55.67% 2.92% -8.67%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $8.721M $9.751M $10.58M
YoY Change -9.98% 0.0% -36.04%
Total Long-Term Liabilities $8.721M $9.751M $10.58M
YoY Change -9.98% 0.0% -36.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $131.5M $109.4M $101.5M
Total Long-Term Liabilities $8.721M $9.751M $10.58M
Total Liabilities $175.8M $172.8M $169.4M
YoY Change 16.02% -2.5% -8.04%
SHAREHOLDERS EQUITY
Retained Earnings $44.46M $44.64M $97.65M
YoY Change -36.58% -56.27% -43.21%
Common Stock $399.6M $370.6M $349.9M
YoY Change 9.1% 6.17% 20.62%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $442.7M $414.3M $446.6M
YoY Change
Total Liabilities & Shareholders Equity $618.5M $587.1M $615.9M
YoY Change 5.37% -6.44% -4.56%

Cashflow Statement

Concept 2018 Q2 2017 Q3 2016 Q4
OPERATING ACTIVITIES
Net Income $23.54M $29.13M $22.20M
YoY Change 312.1% -7.63% 37.76%
Depreciation, Depletion And Amortization $13.20M $12.90M $12.30M
YoY Change 3.74% 0.78% 8.85%
Cash From Operating Activities $64.10M $66.00M $45.80M
YoY Change -1382.0% 15.59% 74.81%
INVESTING ACTIVITIES
Capital Expenditures -$14.00M -$9.700M -$12.80M
YoY Change -300.54% -12.61% -30.81%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $3.800M
YoY Change -3900.0%
Cash From Investing Activities -$14.00M -$9.700M -$9.000M
YoY Change 100.0% -12.61% -51.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -20.60M -44.60M -23.10M
YoY Change 7.85% -1273.68% -51.98%
NET CHANGE
Cash From Operating Activities 64.10M 66.00M 45.80M
Cash From Investing Activities -14.00M -9.700M -9.000M
Cash From Financing Activities -20.60M -44.60M -23.10M
Net Change In Cash 29.50M 11.70M 13.70M
YoY Change -194.86% -76.51% -133.83%
FREE CASH FLOW
Cash From Operating Activities $64.10M $66.00M $45.80M
Capital Expenditures -$14.00M -$9.700M -$12.80M
Free Cash Flow $78.10M $75.70M $58.60M
YoY Change -751.87% 11.0% 31.1%

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IncreaseDecreaseInContractReceivablesNet
-1310000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
43217000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
18636000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-244000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
101000 shares
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-25370000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
18000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-17829000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
32845000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
32589000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-10000
us-gaap Operating Expenses
OperatingExpenses
197765000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
53741000
us-gaap Net Income Loss
NetIncomeLoss
32845000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-488000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
39725000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
25470000
us-gaap Operating Income Loss
OperatingIncomeLoss
40302000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
21529000
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
78000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
2000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
154031000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
2730 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y11M12D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
574507 shares
us-gaap Revenues
Revenues
463557000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
27000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
201.91
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
210.24
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
92412 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
18918 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
152.19
us-gaap Share Based Compensation
ShareBasedCompensation
4570000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
0 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y2M5D
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
106.69
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
32570 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P5Y11M23D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
157.09
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
207.29
dei Trading Symbol
TradingSymbol
SAM
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
200898 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11809000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11801000 shares
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-258000
sam Decrease Increase In Accounts Payable For Purchase Of Property Plant And Equipment
DecreaseIncreaseInAccountsPayableForPurchaseOfPropertyPlantAndEquipment
774000
sam Income Allocated To Equity Instruments Other Than Option Nonvested
IncomeAllocatedToEquityInstrumentsOtherThanOptionNonvested
2000
sam Net Proceeds From Sale Of Investment Shares
NetProceedsFromSaleOfInvestmentShares
445000
sam Tax Cuts And Jobs Act Of2017 Reduction In Federal Excise Taxes
TaxCutsAndJobsActOf2017ReductionInFederalExciseTaxes
2800000
CY2018Q1 sam Tax Cuts And Jobs Act Of2017 Reclassification From Aoci To Retained Earnings Tax Effect
TaxCutsAndJobsActOf2017ReclassificationFromAociToRetainedEarningsTaxEffect
200000
CY2017Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
1505000
CY2017Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
29115000
CY2017Q3 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
16546000
CY2017Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.360 pure
CY2017Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
168000
CY2017Q3 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
16734000
CY2017Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.35
CY2017Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.38
CY2017Q3 us-gaap Gross Profit
GrossProfit
134019000
CY2017Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
19395000
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
45503000
CY2017Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
16378000
CY2017Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
86000
CY2017Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
155000 shares
CY2017Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-10000
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
29125000
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
28965000
CY2017Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
215000
CY2017Q3 us-gaap Operating Expenses
OperatingExpenses
88731000
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
29125000
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
129000
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
45288000
CY2017Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
67831000
CY2017Q3 us-gaap Revenues
Revenues
247930000
CY2017Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1800000
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12344000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12257000 shares
CY2017Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-162000
CY2017Q3 sam Income Allocated To Equity Instruments Other Than Option Nonvested
IncomeAllocatedToEquityInstrumentsOtherThanOptionNonvested
2000
CY2018Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
517000
CY2018Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
23542000
CY2018Q2 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
8727000
CY2018Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.280 pure
CY2018Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
1128000
CY2018Q2 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
16474000
CY2018Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.98
CY2018Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.99
CY2018Q2 us-gaap Gross Profit
GrossProfit
141970000
CY2018Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
23879000
CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
31134000
CY2018Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7599000
CY2018Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
273000
CY2018Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
102000 shares
CY2018Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
7000
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
23535000
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
23312000
CY2018Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
70000
CY2018Q2 us-gaap Operating Expenses
OperatingExpenses
110906000
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
23535000
CY2018Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-203000
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
31064000
CY2018Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
86510000
CY2018Q2 us-gaap Revenues
Revenues
273100000
CY2018Q2 us-gaap Share Based Compensation
ShareBasedCompensation
3100000
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11787000 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11797000 shares
CY2018Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-225000
CY2018Q2 sam Income Allocated To Equity Instruments Other Than Option Nonvested
IncomeAllocatedToEquityInstrumentsOtherThanOptionNonvested
2000
CY2018Q2 sam Tax Cuts And Jobs Act Of2017 Reduction In Federal Excise Taxes
TaxCutsAndJobsActOf2017ReductionInFederalExciseTaxes
1700000

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