BOSTON, Feb. 15,
2023 /PRNewswire/ -- The Boston Beer Company,
Inc. (NYSE: SAM), today reported financial results for the fiscal
fourth quarter 2022 and full fiscal year 2022 ended December 31, 2022. The 2022 fiscal fourth quarter
included 14 weeks and is compared to the 2021 fiscal fourth
quarter, which included 13 weeks. The 2022 full fiscal year
included 53 weeks and is compared to the 2021 full fiscal year,
which included 52 weeks.
Fourth Quarter 2022 Summary:
- Depletions increased 3%. Depletions decreased 3% on a 13-week
comparable basis
- Shipments increased 16.7%. Shipments increased 10.9% on 13-week
comparable basis
- Net revenue of $447.5 million
increased 28.6%
- Gross margin of 37.0%
- Net loss of $11.4 million
- GAAP diluted loss per share of $0.93
Full Year 2022 Summary:
- Depletions decreased 5%. Depletions decreased 6% on a 52-week
comparable basis
- Shipments decreased 3.8%. Shipments decreased 4.6% on a 52-week
comparable basis
- Net revenue of $2.090 billion
increased 1.6%
- Gross margin of 41.2%
- Net income of $67.3 million
- GAAP diluted earnings per share of $5.44, which includes a non-cash impairment
charge of $1.61 per share recorded in
the third quarter of 2022
Capital Structure
- Ended the fiscal year with $180.6
million in cash and no debt
- Repurchased $8.9 million in
shares from January 3, 2023 to
February 10, 2023
"We were pleased to deliver shipments slightly ahead of our
guidance, and are also encouraged by the improvement in our
depletions trends as the fourth quarter unfolded." said Chairman
and Founder Jim Koch. "We
continue to believe building a diversified Beyond Beer portfolio is
the right strategy to deliver long-term balanced growth and value
creation. Although near-term trends remain challenging
because of the hard seltzer category's trajectory, we have strong
brands across multiple segments, the top salesforce in beer and a
highly cash generative business with a strong balance sheet."
"Revenue growth was strong in the fourth quarter; however,
margins came in below our expectations largely due to our
production mix and supply chain inefficiencies," said President and
CEO Dave Burwick. "Twisted Tea
continues to experience industry-leading double-digit growth, while
hard seltzer remains in decline. We have new initiatives in
place to improve Truly share trends and adapt our cost structure to
the current volume environment, which we believe will lead to
long-term success."
Details of the results were as follows:
4th Quarter 2022 (14 weeks Ended December 31, 2022) Summary of Results
Comparisons between the fourth quarter 2022 and the fourth
quarter 2021 are benefitted by $52.0
million, before the related tax benefit, in direct and
indirect costs recorded in the fourth quarter of 2021, resulting
from the 2021 slowdown in hard seltzer category growth. Those costs
included unfavorable absorption impacts at Company-owned breweries
and downtime charges at third party breweries of $30.7 million, provisions for out-of-code or
damaged products of $13.8 million,
increased materials sourcing and warehousing costs of $5.7 million and other costs of $1.8 million. These total direct and indirect
costs of $52.0 million were recorded
in the fourth quarter 2021 financial statements as a $9.2 million reduction in net revenue and a
$42.8 million increase in cost of
goods sold.
Fourth quarter 2022 net loss of $11.4
million, or $0.93 per diluted
share, decreased from the fourth quarter 2021 net loss of
$51.8 million, or a loss of
$4.22 per diluted share. This
decrease of $40.4 million, or
$3.29 per diluted share, was due to
favorable impacts of the comparison against fourth quarter 2021
combined direct and indirect costs related to the slowing hard
seltzer category growth noted above, as well as higher net revenue
in the current quarter, which were partially offset by increased
supply chain costs and higher operating expenses.
Depletions for the fourth quarter increased 3% from the prior
year, reflecting increases in the Company's Twisted Tea and Hard
Mountain Dew brands that were partially offset by decreases in
Truly Hard Seltzer, Angry Orchard, Samuel Adams, and Dogfish Head
brands. On a 13-week comparable basis, depletions decreased 3% in
the fourth quarter.
Shipment volume for the fourth quarter was approximately 1.71
million barrels, a 16.7% increase from the prior year, reflecting
increases in the Company's Truly Hard Seltzer, Twisted Tea, Hard
Mountain Dew, Angry Orchard and Dogfish Head brands, partially
offset by decreases in its Samuel Adams brand. Shipment volume
increased 10.7% on a 13-week comparable basis.
The Company believes distributor inventory as of December 31, 2022 averaged approximately five
weeks on hand and was at an appropriate level for each of its
brands.
Gross margin of 37.0% increased from the 28.7% margin realized
in the fourth quarter of 2021, primarily due to costs recorded in
the fourth quarter of 2021 resulting from the slowdown of hard
seltzer and in the current quarter from increased pricing, which
was partially offset by inflationary cost increases, primarily due
to increased packaging, ingredient, and energy costs, as well as
higher brewery processing and inventory obsolescence costs.
Advertising, promotional and selling expenses increased
$1.5 million, or 1.1%, from the
fourth quarter of 2021, primarily due to higher media spend and
higher salary and benefit costs, partially offset by lower local
marketing investments. Freight to distributors was flat as higher
volumes were offset by lower rates.
General and administrative expenses increased by $5.0 million, or 13.5%, from the fourth quarter
of 2021, primarily due to increased salaries and benefits
costs.
Impairment of brewery assets decreased $1.6 million from the fourth quarter of 2021,
primarily due to lower write-downs of brewery equipment.
Contract termination benefit decreased $4.75 million from the fourth quarter of 2021,
due to a favorable contract settlement in the prior year quarter
not replicated in 2022.
The Company's effective tax rate benefit for the fourth quarter
was 25.8% compared to a tax benefit of 29.3% in the fourth quarter
of 2021. In the fourth quarters of 2022 and 2021, the Company
recorded a tax benefit of $0.04 per
diluted share and $0.10 per diluted
share, respectively, resulting from stock activity recorded under
Accounting Standard "Employee Share-Based Payment Accounting" ("ASU
2016-09").
Full Year 2022 (53 weeks Ended December 31, 2022) Summary of Results
Comparisons between fiscal year 2022 and 2021 results are
impacted by the $196.4 million,
before the related tax benefit, in direct and indirect costs
recorded in fiscal 2021 resulting from the 2021 slowdown in hard
seltzer category growth. Those costs included inventory
obsolescence, destruction costs and other inventory related costs
of $59.5 million, contract
termination costs, primarily for excess third-party contract
production, of $30.7 million,
increased materials sourcing and warehousing costs of $28.0 million, equipment impairments of
$12.7 million, unfavorable absorption
impacts at Company-owned breweries and downtime charges at third-
party breweries of $38.8 million,
customer return provisions for out of code or damaged products of
$19.7 million and other costs of
$7.0 million. The total direct and
indirect costs of $196.4 million were
recorded in fiscal year 2021 financial statements as a $16.1 million reduction in net revenue,
$136.9 million increase in cost of
goods sold, $30.7 million in contract
termination fees, and $12.7 million
in impairments of brewery assets.
Fiscal year 2022 net income of $67.3
million, or $5.44 per diluted
share, increased from net income of $14.5
million or $1.17 per diluted
share in fiscal year 2021. This increase of $52.7 million, or $4.26 per diluted share, was due to comparisons
against the 2021 combined direct and indirect costs related to the
2021 slowdown of hard seltzer category growth and also reflects
lower advertising, promotional and selling expenses and higher
revenue in the current year, partially offset by a $27.1 million non-cash impairment charge
recognized in the third quarter relating to the Dogfish Head brand,
increased supply chain costs and increased income taxes.
Depletions decreased 5% from fiscal year 2021, reflecting
decreases in the Company's Truly Hard Seltzer, Angry Orchard,
Dogfish Head, and Samuel Adams brands, partially offset by
increases in its Twisted Tea and Hard Mountain Dew brands. On a
52-week comparable basis, depletions decreased 6% from fiscal year
2021.
Shipment volume was approximately 8.2 million barrels, a 3.8%
decrease from fiscal year 2021, reflecting decreases in the
Company's Truly Hard Seltzer, Angry Orchard, Dogfish Head, and
Samuel Adams brands, partially offset by increases in its Twisted
Tea and Hard Mountain Dew brands. Shipment volume decreased 4.6% on
a 52-week comparable basis.
Gross margin of 41.2% increased from the 38.8% margin realized
in fiscal 2021, primarily due to costs recorded in fiscal year 2021
resulting from the slowdown of hard seltzer category growth and
full year 2022 increased pricing, which was partially offset by
inflationary cost increases, primarily experienced in increased
packaging, ingredient, and energy costs, as well as higher brewery
processing and inventory obsolescence costs, and higher
returns.
Advertising, promotional and selling expenses year-to-date
decreased $28.6 million, or 4.7%,
from fiscal year 2021, primarily due to a net decrease in brand
investments, mainly driven by lower media costs, partially offset
by higher salaries and benefits costs. Freight to distributors was
flat as higher rates were offset by lower volumes.
General and administrative expenses year-to-date increased by
$23.9 million or 17.9% from fiscal
year 2021, primarily due to increased salaries and benefits
costs.
Impairment of intangible assets reflects a $27.1 million non-cash impairment charge recorded
for the Dogfish Head brand that was recorded in the third quarter
of 2022. The impairment determination was primarily based on the
latest forecasts of brand performance, which has been below our
projections made on the acquisition date.
The Company's effective tax rate for full-year 2022 was a tax
provision of 26.4% compared to a benefit of 110.7% in 2021. This
change in rate was primarily due to the impact of changes in the
tax benefit from stock option activity recorded in accordance with
ASU 2016-09 and the impact of lower pretax income for the full-year
2021 compared to 2022. In full year 2022 and 2021, the Company
recorded a tax benefit of $0.06 per
diluted share and $0.85 per diluted
share, respectively, resulting from stock activity recorded under
ASU 2016-09.
The Company expects that its December 31,
2022 cash balance of $180.6
million, together with its 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 53-week period ended December
31, 2022 the Company did not repurchase any shares of its
Class A Common Stock. During the period from January 3, 2023 through February 10, 2023 the company purchased
approximately 25 thousand shares at a cost of $8.9 million. As of February 10, 2023, the Company had approximately
$81.5 million remaining on the
$931.0 million share buyback
expenditure limit set by the Board of Directors.
Depletion and Shipments Estimates
Year-to-date depletions through the 6-week period ended
February 11, 2023 are estimated by
the Company to have decreased approximately 4% from the comparable
period in 2022.
Full Year 2023 Projections
The Company's actual 2023 results could vary significantly from
the current projection and are highly sensitive to changes in
volume projections particularly related to the hard seltzer
category and supply chain performance as well as inflationary
impacts. The 2023 fiscal year includes 52 weeks compared to the
2022 fiscal year which included 53 weeks.
Full Year
2023
|
Current
Guidance
|
Depletions
Decreases
|
(2%) to (8%)
|
Shipments
Decreases
|
(2%) to (8%)
|
Price
Increases
|
1% to 3%
|
Gross
Margin
|
41% to 43%
|
Advertising,
Promotion, and Selling Expense Year Over Year Change
($ million)
|
($5) to $15
|
Effective Tax
Rate
|
28 %
|
GAAP
EPS
|
$6.00 to
$10.00
|
Capital Spending
($ million)
|
$100 to $140
|
Underlying the Company's current 2023 projection are the
following full-year estimates and targets:
- The Company's guidance on depletions and shipments includes the
estimated negative impact of approximately 1.0 percentage point due
to the fact that fiscal 2022 had 53 weeks and fiscal 2023 will have
52 weeks. On a 52-week comparable basis the Company expects
depletions and shipments to decrease 1% to 7%.
- 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.
- First quarter 2023 shipments are expected to be at the low end
of the full year guidance range primarily due to the launch of
Truly Margarita during the first quarter of 2022.
- Year over year margin improvement is expected to be weighted to
the second half of the year based on volume expectations, the
expected timing of cost reduction efforts and the timing of
obsolescence expense recognized in 2022.
- The Company expects to report a net loss in the first quarter
of 2023 due to the factors mentioned above.
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 $27.1 million, or $1.61 per diluted share, recognized in the third
quarter of fiscal 2022 relating 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 25,
2021 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 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, Dogfish Head Brewery, Hard
Mountain Dew and Sauza Agave Cocktails 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.
Wednesday, February 15, 2023
THE BOSTON BEER
COMPANY, INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
|
(in thousands, except
per share data)
|
|
(unaudited)
|
|
|
|
December
31,
|
|
December
25,
|
|
December
31,
|
|
December
25,
|
|
2022 (14
weeks)
|
|
2021 (13
weeks)
|
|
2022 (53
weeks)
|
|
2021 (52
weeks)
|
Barrels sold
|
1,712
|
|
1,467
|
|
8,183
|
|
8,504
|
Revenue
|
$476,025
|
|
$373,656
|
|
$2,222,667
|
|
$2,196,650
|
Less excise
taxes
|
28,500
|
|
25,562
|
|
132,333
|
|
139,028
|
Net revenue
|
447,525
|
|
348,094
|
|
2,090,334
|
|
2,057,622
|
Cost of goods
sold
|
282,012
|
|
248,317
|
|
1,228,348
|
|
1,259,830
|
Gross
profit
|
165,513
|
|
99,777
|
|
861,986
|
|
797,792
|
Operating
expenses:
|
|
|
|
|
|
|
|
Advertising,
promotional, and selling expenses
|
139,185
|
|
137,698
|
|
578,400
|
|
606,994
|
General and
administrative expenses
|
41,605
|
|
36,652
|
|
157,534
|
|
133,624
|
Contract termination
costs (benefit)
|
49
|
|
(4,750)
|
|
5,379
|
|
30,678
|
Impairment of
intangible asset
|
—
|
|
—
|
|
27,100
|
|
—
|
Impairment of brewery
assets
|
1,480
|
|
3,110
|
|
2,782
|
|
18,499
|
Total operating
expenses
|
182,319
|
|
172,710
|
|
771,195
|
|
789,795
|
Operating (loss)
income
|
(16,806)
|
|
(72,933)
|
|
90,791
|
|
7,997
|
Other income (expense),
net:
|
|
|
|
|
|
|
|
Interest income
(expense), net
|
1,752
|
|
(26)
|
|
2,561
|
|
(110)
|
Other expense,
net
|
(324)
|
|
(323)
|
|
(1,916)
|
|
(978)
|
Total other income
(expense), net
|
1,428
|
|
(349)
|
|
645
|
|
(1,088)
|
(Loss) income before
income tax (benefit) provision
|
(15,378)
|
|
(73,282)
|
|
91,436
|
|
6,909
|
Income tax (benefit)
provision
|
(3,961)
|
|
(21,496)
|
|
24,173
|
|
(7,644)
|
Net (loss)
income
|
$(11,417)
|
|
$(51,786)
|
|
$67,263
|
|
$14,553
|
|
|
|
|
|
|
|
|
Net (loss) income per
common share - basic
|
$(0.93)
|
|
$(4.22)
|
|
$5.46
|
|
$1.19
|
Net (loss) income per
common share - diluted
|
$(0.93)
|
|
$(4.22)
|
|
$5.44
|
|
$1.17
|
|
|
|
|
|
|
|
|
Weighted-average number
of common shares - basic
|
12,329
|
|
12,284
|
|
12,317
|
|
12,280
|
Weighted-average number
of common shares - diluted
|
12,329
|
|
12,284
|
|
12,345
|
|
12,436
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
$(11,417)
|
|
$(51,786)
|
|
$67,263
|
|
$14,553
|
Other comprehensive
income (loss), net of tax:
|
|
|
|
|
|
|
|
Currency translation
adjustment
|
(6)
|
|
6
|
|
(269)
|
|
(32)
|
Defined benefit plans
liability adjustment
|
253
|
|
90
|
|
253
|
|
90
|
Total other
comprehensive income (loss), net of tax:
|
247
|
|
96
|
|
(16)
|
|
58
|
Comprehensive (loss)
income
|
$(11,170)
|
|
$(51,690)
|
|
$67,247
|
|
$14,611
|
THE BOSTON BEER
COMPANY, INC. AND SUBSIDIARIES
|
CONSOLIDATED BALANCE
SHEETS
|
(in thousands, except
share data)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
December
31,
|
|
|
December
25,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
Assets
|
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
180,560
|
|
|
$
|
26,853
|
|
|
Restricted
cash
|
|
|
—
|
|
|
|
39,468
|
|
|
Accounts
receivable
|
|
|
56,672
|
|
|
|
55,022
|
|
|
Inventories
|
|
|
148,450
|
|
|
|
149,118
|
|
|
Prepaid expenses and
other current assets
|
|
|
27,461
|
|
|
|
21,462
|
|
|
Income tax
receivable
|
|
|
10,126
|
|
|
|
53,418
|
|
|
Total current
assets
|
|
|
423,269
|
|
|
|
345,341
|
|
|
Property, plant, and
equipment, net
|
|
|
667,909
|
|
|
|
664,815
|
|
|
Operating right-of-use
assets
|
|
|
43,768
|
|
|
|
52,774
|
|
|
Goodwill
|
|
|
112,529
|
|
|
|
112,529
|
|
|
Intangible
assets
|
|
|
76,324
|
|
|
|
103,677
|
|
|
Third-party production
prepayments
|
|
|
61,339
|
|
|
|
88,294
|
|
|
Other assets
|
|
|
35,635
|
|
|
|
19,354
|
|
|
Total
assets
|
|
$
|
1,420,773
|
|
|
$
|
1,386,784
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
84,248
|
|
|
$
|
85,920
|
|
|
Accrued expenses and
other current liabilities
|
|
|
111,153
|
|
|
|
161,552
|
|
|
Current operating
lease liabilities
|
|
|
8,866
|
|
|
|
7,634
|
|
|
Total current
liabilities
|
|
|
204,267
|
|
|
|
255,106
|
|
|
Deferred income taxes,
net
|
|
|
96,592
|
|
|
|
87,495
|
|
|
Non-current operating
lease liabilities
|
|
|
45,274
|
|
|
|
53,849
|
|
|
Other
liabilities
|
|
|
6,091
|
|
|
|
6,925
|
|
|
Total
liabilities
|
|
|
352,224
|
|
|
|
403,375
|
|
|
Stockholders'
Equity:
|
|
|
|
|
|
|
|
Class A Common Stock,
$0.01 par value; 22,700,000 shares authorized;
10,238,009 and 10,183,801 shares issued and
outstanding as of
December 31, 2022 and December 25, 2021,
respectively
|
|
|
102
|
|
|
|
102
|
|
|
Class B Common Stock,
$0.01 par value; 4,200,000 shares authorized;
2,068,000 shares issued and outstanding at December
31, 2022 and
December 25, 2021
|
|
|
21
|
|
|
|
21
|
|
|
Additional paid-in
capital
|
|
|
629,515
|
|
|
|
611,622
|
|
|
Accumulated other
comprehensive loss
|
|
|
(210)
|
|
|
|
(194)
|
|
|
Retained
earnings
|
|
|
439,121
|
|
|
|
371,858
|
|
|
Total stockholders'
equity
|
|
|
1,068,549
|
|
|
|
983,409
|
|
|
Total liabilities and
stockholders' equity
|
|
$
|
1,420,773
|
|
|
$
|
1,386,784
|
|
|
|
|
|
|
|
|
|
|
THE BOSTON BEER
COMPANY, INC. AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(in
thousands)
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
December
31,
|
|
|
December
25,
|
|
|
|
2022 (53
weeks)
|
|
|
2021 (52
weeks)
|
|
Cash flows provided
by operating activities:
|
|
|
|
|
|
|
Net income
|
|
$
|
67,263
|
|
|
$
|
14,553
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
81,356
|
|
|
|
72,096
|
|
Impairment of
intangible asset
|
|
|
27,100
|
|
|
|
—
|
|
Impairment of brewery
assets
|
|
|
2,782
|
|
|
|
18,499
|
|
Gain on sale of
property, plant, and equipment
|
|
|
(237)
|
|
|
|
(217)
|
|
Change in right-of-use
assets
|
|
|
7,972
|
|
|
|
8,018
|
|
Other non-cash expense
(income)
|
|
|
326
|
|
|
|
(182)
|
|
Stock-based
compensation expense
|
|
|
13,988
|
|
|
|
18,615
|
|
Deferred income
taxes
|
|
|
9,097
|
|
|
|
(5,225)
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
(2,042)
|
|
|
|
23,071
|
|
Inventories
|
|
|
131
|
|
|
|
(21,224)
|
|
Prepaid expenses,
income tax receivable, and other current assets
|
|
|
38,652
|
|
|
|
(49,073)
|
|
Third-party production
prepayments
|
|
|
26,955
|
|
|
|
(16,635)
|
|
Other
assets
|
|
|
(14,031)
|
|
|
|
(5,699)
|
|
Accounts
payable
|
|
|
(2,219)
|
|
|
|
(27,361)
|
|
Accrued expenses and
other current liabilities
|
|
|
(50,358)
|
|
|
|
38,894
|
|
Change in operating
lease liabilities
|
|
|
(6,516)
|
|
|
|
(8,229)
|
|
Other
liabilities
|
|
|
(274)
|
|
|
|
(3,604)
|
|
Net cash provided by
operating activities
|
|
|
199,945
|
|
|
|
56,297
|
|
Cash flows used in
investing activities:
|
|
|
|
|
|
|
Purchases of property,
plant, and equipment
|
|
|
(90,582)
|
|
|
|
(147,919)
|
|
Proceeds from sale of
property, plant, and equipment
|
|
|
2,076
|
|
|
|
1,157
|
|
Other investing
activities
|
|
|
—
|
|
|
|
145
|
|
Net cash used in
investing activities
|
|
|
(88,506)
|
|
|
|
(146,617)
|
|
Cash flows provided
by (used in) financing activities:
|
|
|
|
|
|
|
Proceeds from exercise
of stock options and sale of investment shares
|
|
|
7,946
|
|
|
|
10,465
|
|
Net cash paid on note
payable and finance leases
|
|
|
(1,672)
|
|
|
|
(1,570)
|
|
Cash borrowed on line
of credit
|
|
|
30,000
|
|
|
|
—
|
|
Cash paid on line of
credit
|
|
|
(30,000)
|
|
|
|
—
|
|
Payment of tax
withholding on stock-based payment awards and investment
shares
|
|
|
(3,474)
|
|
|
|
(15,536)
|
|
Net cash provided by
(used in) financing activities
|
|
|
2,800
|
|
|
|
(6,641)
|
|
Change in cash and cash
equivalents
|
|
|
114,239
|
|
|
|
(96,961)
|
|
Cash and cash
equivalents and restricted cash at beginning of period
|
|
|
66,321
|
|
|
|
163,282
|
|
Cash and cash
equivalents and restricted cash at end of period
|
|
$
|
180,560
|
|
|
$
|
66,321
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copies of The
Boston Beer Company's press releases, including quarterly financial
results,
|
|
are
available on the Internet at www.bostonbeer.com
|
|
View original
content:https://www.prnewswire.com/news-releases/boston-beer-reports-fourth-quarter-2022-financial-results-301748054.html
SOURCE The Boston Beer Company, Inc.