$SAM
BOSTON BEER CO INC

2019 Q1 Form 10-Q Financial Statement

#000119312519117188 Filed on April 24, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2018 Q1
Revenue $251.7M $225.2M $190.5M
YoY Change 32.13% 9.16%
Cost Of Revenue $127.1M $108.3M $94.36M
YoY Change 34.71% 10.17%
Gross Profit $124.5M $116.9M $96.10M
YoY Change 29.6% 8.25%
Gross Profit Margin 49.49% 51.93% 50.46%
Selling, General & Admin $95.10M $88.00M $86.86M
YoY Change 9.48% -4.56%
% of Gross Profit 76.36% 75.25% 90.39%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.86M $13.10M $12.82M
YoY Change 0.34% 1.55%
% of Gross Profit 10.33% 11.2% 13.34%
Operating Expenses $95.10M $88.00M $86.86M
YoY Change 9.48% -4.66%
Operating Profit $29.44M $28.85M $9.238M
YoY Change 218.72% 94.11%
Interest Expense $637.0K $500.0K $205.0K
YoY Change 210.73% 150.0%
% of Operating Profit 2.16% 1.73% 2.22%
Other Income/Expense, Net $385.0K -$300.0K -$80.00K
YoY Change -581.25% 0.0%
Pretax Income $29.83M $29.00M $9.158M
YoY Change 225.7% 97.28%
Income Tax $6.134M $8.500M -$152.0K
% Of Pretax Income 20.56% 29.31% -1.66%
Net Earnings $23.69M $21.81M $9.310M
YoY Change 154.5% -28.56%
Net Earnings / Revenue 9.42% 9.68% 4.89%
Basic Earnings Per Share $2.04 $1.88 $0.79
Diluted Earnings Per Share $2.02 $1.86 $0.78
COMMON SHARES
Basic Shares Outstanding 11.64M 11.81M
Diluted Shares Outstanding 11.64M 11.83M

Balance Sheet

Concept 2019 Q1 2018 Q4 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $102.9M $108.4M $46.60M
YoY Change 120.82% 65.24%
Cash & Equivalents $102.9M $108.4M $46.65M
Short-Term Investments
Other Short-Term Assets $16.80M $13.10M $14.10M
YoY Change 19.15% 22.43%
Inventory $85.86M $70.25M $56.23M
Prepaid Expenses $3.500M $1.629M
Receivables $54.53M $34.07M $49.01M
Other Receivables $900.0K $5.700M $9.000M
Total Short-Term Assets $260.9M $231.6M $174.9M
YoY Change 49.15% 37.55%
LONG-TERM ASSETS
Property, Plant & Equipment $398.9M $389.8M $385.6M
YoY Change 3.45% 1.43%
Goodwill $3.683M $3.683M $3.683M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $14.42M $14.81M $15.73M
YoY Change -8.35% 11.23%
Total Long-Term Assets $443.2M $408.3M $405.0M
YoY Change 9.43% 1.75%
TOTAL ASSETS
Total Short-Term Assets $260.9M $231.6M $174.9M
Total Long-Term Assets $443.2M $408.3M $405.0M
Total Assets $704.0M $639.9M $579.9M
YoY Change 21.41% 12.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $61.62M $47.10M $43.18M
YoY Change 42.7% 23.49%
Accrued Expenses $70.40M $73.40M $56.70M
YoY Change 24.16% 15.41%
Deferred Revenue $17.00M
YoY Change 31.78%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $132.0M $120.5M $99.92M
YoY Change 32.1% 18.43%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.841M $9.851M $8.041M
YoY Change -39.8% 3.43%
Total Long-Term Liabilities $4.841M $9.851M $8.041M
YoY Change -39.8% 3.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $132.0M $120.5M $99.92M
Total Long-Term Liabilities $4.841M $9.851M $8.041M
Total Liabilities $214.2M $179.5M $143.0M
YoY Change 49.83% 22.88%
SHAREHOLDERS EQUITY
Retained Earnings $79.38M $55.69M $44.01M
YoY Change 80.39% 6.88%
Common Stock $411.5M $405.7M $394.3M
YoY Change 4.35% 8.89%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $489.8M $460.3M $436.9M
YoY Change
Total Liabilities & Shareholders Equity $704.0M $639.9M $579.9M
YoY Change 21.41% 12.33%

Cashflow Statement

Concept 2019 Q1 2018 Q4 2018 Q1
OPERATING ACTIVITIES
Net Income $23.69M $21.81M $9.310M
YoY Change 154.5% -28.56%
Depreciation, Depletion And Amortization $12.86M $13.10M $12.82M
YoY Change 0.34% 1.55%
Cash From Operating Activities $13.64M $55.30M -$10.42M
YoY Change -230.99% 98.92%
INVESTING ACTIVITIES
Capital Expenditures $22.08M -$16.70M $11.48M
YoY Change 92.38% 73.96%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $100.0K
YoY Change -100.0% -100.0%
Cash From Investing Activities -$22.05M -$16.70M -$11.36M
YoY Change 94.04% 75.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $16.64M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.896M 900.0K 2.787M
YoY Change 3.91% -103.96%
NET CHANGE
Cash From Operating Activities 13.64M 55.30M -10.42M
Cash From Investing Activities -22.05M -16.70M -11.36M
Cash From Financing Activities 2.896M 900.0K 2.787M
Net Change In Cash -5.512M 39.50M -18.99M
YoY Change -70.98% -997.73%
FREE CASH FLOW
Cash From Operating Activities $13.64M $55.30M -$10.42M
Capital Expenditures $22.08M -$16.70M $11.48M
Free Cash Flow -$8.437M $72.00M -$21.89M
YoY Change -61.46% 92.51%

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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
169.58
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y7M17D
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
43879000
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
135926
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
127.73
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y5M4D
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
22717000
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
316274
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
166.69
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P5Y5M26D
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
40747000
CY2019Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
100000
CY2018Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
100000
CY2019Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
26177000
CY2018Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
CY2019Q1 us-gaap Capital Lease Obligations Current
CapitalLeaseObligationsCurrent
3727000
CY2018Q4 us-gaap Capital Lease Obligations Current
CapitalLeaseObligationsCurrent
CY2019Q1 us-gaap Capital Lease Obligations Noncurrent
CapitalLeaseObligationsNoncurrent
27161000
CY2018Q4 us-gaap Capital Lease Obligations Noncurrent
CapitalLeaseObligationsNoncurrent
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
267559000
CY2018Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
201831000
CY2019Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
37000
CY2018Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
11000
CY2018Q1 sam Bad Debt Recovery Of Doubtful Accounts
BadDebtRecoveryOfDoubtfulAccounts
-47000
CY2019Q1 sam Increase Decrease Lease Liabilities
IncreaseDecreaseLeaseLiabilities
624000
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2896000
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2787000
CY2018Q1 us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
-1310000
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
192.74
CY2019Q1 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
258.92
CY2019Q1 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
163.83
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
134.61
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
209.96
CY2019Q1 us-gaap Cumulative Effect On Retained Earnings Net Of Tax1
CumulativeEffectOnRetainedEarningsNetOfTax1
1000000
CY2018Q1 sam Tax Cuts And Jobs Act Of2017 Reduction In Federal Excise Taxes
TaxCutsAndJobsActOf2017ReductionInFederalExciseTaxes
1100000
CY2018Q4 us-gaap Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
100000
CY2018Q1 sam Income Allocated To Equity Instruments Other Than Option Nonvested
IncomeAllocatedToEquityInstrumentsOtherThanOptionNonvested
1000
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
9253000
CY2019Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
112000
CY2018Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
99000
CY2018Q1 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2023-03-31
CY2019Q1 sam Domestic Sales Percentage Of Sales
DomesticSalesPercentageOfSales
0.96
CY2019Q1 sam International Sales Percentage Of Sales
InternationalSalesPercentageOfSales
0.03
CY2019Q1 sam Retail Sales Percentage Of Sales
RetailSalesPercentageOfSales
0.01
CY2019Q1 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
11200000
CY2018Q1 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
8100000
CY2019Q1 sam Tax Cuts And Jobs Act Of2017 Reduction In Federal Excise Taxes
TaxCutsAndJobsActOf2017ReductionInFederalExciseTaxes
1700000
CY2019Q1 us-gaap Contractual Obligation
ContractualObligation
184900000
CY2018Q4 sam Description Of Amendment
DescriptionOfAmendment
The amendment grants the Company the right to extend the agreement beyond the December 31, 2021 termination date on an annual basis through December 31, 2025.
CY2019Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
3500000
CY2019Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
900000
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
900000
CY2019Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
7909000
CY2018Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
2571000
CY2019Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
1775000
CY2018Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
2723000
CY2019Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
3704000
CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2066000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
423523000
CY2018Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
20234000
CY2018Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1491000
CY2018Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
16639000
CY2018Q1 sam Other Comprehensive Income Loss New Accounting Pronouncement Or Change In Accounting Principle Effect To Retained Earnings
OtherComprehensiveIncomeLossNewAccountingPronouncementOrChangeInAccountingPrincipleEffectToRetainedEarnings
-982000
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
436926000
CY2018Q1 sam Other Comprehensive Income Loss New Accounting Pronouncement Or Change In Accounting Principle Effect To Retained Earnings Tax
OtherComprehensiveIncomeLossNewAccountingPronouncementOrChangeInAccountingPrincipleEffectToRetainedEarningsTax
329000
CY2019Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
400000
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1100000
CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.265
CY2018Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.280
CY2019Q1 dei Document Type
DocumentType
10-Q
CY2019Q1 dei Amendment Flag
AmendmentFlag
false
CY2019Q1 dei Document Period End Date
DocumentPeriodEndDate
2019-03-30
CY2019Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2019Q1 dei Entity Registrant Name
EntityRegistrantName
BOSTON BEER CO INC
CY2019Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000949870
CY2019Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-29
CY2019Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2019Q1 dei Trading Symbol
TradingSymbol
SAM
CY2019Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2019Q1 dei Entity Small Business
EntitySmallBusiness
false
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
901000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3482000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4946000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4809000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4513000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
4395000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
13179000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
35324000
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4436000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
30888000
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y6M
CY2019Q1 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.034
CY2018Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
31500000
CY2018Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
27000000
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
26200000
CY2019Q1 sam Lessee Operating Lease Lease Not Yet Commenced Additional Lease Liability
LesseeOperatingLeaseLeaseNotYetCommencedAdditionalLeaseLiability
2800000
CY2019Q1 us-gaap Lessee Operating Lease Lease Not Yet Commenced Term Of Contract1
LesseeOperatingLeaseLeaseNotYetCommencedTermOfContract1
P5Y
CY2019Q1 us-gaap Lease Cost
LeaseCost
859000
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
27037000

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