Boston Beer Reports Fourth Quarter Financial Results
Boston Beer Company (NYSE: SAM) reported its Q4 2024 financial results with mixed performance. Q4 net revenue increased 2.2% to $402.3 million, while depletions were flat and shipments decreased 0.5%. The quarter saw a GAAP diluted loss per share of $3.38, including a $1.70 per share contract settlement expense.
For full-year 2024, net revenue grew marginally by 0.2% to $2.01 billion, with depletions down 2% and shipments declining 2.4%. The company achieved a gross margin of 44.4%, up 200 basis points year-over-year. Full-year GAAP earnings were $5.06 per share, while non-GAAP earnings reached $9.43 per share.
Notable operational highlights include:
- Generated $249 million in operating cash flow for 2024
- Ended with $212 million in cash and no debt
- Repurchased $239 million in shares during 2024
- Recorded a $42.6 million non-cash impairment charge primarily for Dogfish Head brand
Boston Beer Company (NYSE: SAM) ha riportato i risultati finanziari del quarto trimestre 2024 con una performance mista. I ricavi netti del quarto trimestre sono aumentati del 2,2% a $402,3 milioni, mentre le vendite sono rimaste stabili e le spedizioni sono diminuite dello 0,5%. Nel trimestre si è registrata una perdita diluita per azione secondo i principi contabili GAAP di $3,38, inclusa una spesa per risoluzione contrattuale di $1,70 per azione.
Per l'intero anno 2024, i ricavi netti sono cresciuti marginalmente dello 0,2% a $2,01 miliardi, con una diminuzione delle vendite del 2% e un calo delle spedizioni del 2,4%. L'azienda ha raggiunto un margine lordo del 44,4%, in aumento di 200 punti base rispetto all'anno precedente. Gli utili GAAP per l'intero anno sono stati di $5,06 per azione, mentre gli utili non GAAP hanno raggiunto $9,43 per azione.
I principali punti operativi includono:
- Generato $249 milioni di flusso di cassa operativo per il 2024
- Chiuso con $212 milioni in contante e senza debiti
- Riacquistato $239 milioni di azioni durante il 2024
- Registrato un addebito per impairment non monetario di $42,6 milioni principalmente per il marchio Dogfish Head
Boston Beer Company (NYSE: SAM) reportó sus resultados financieros del cuarto trimestre de 2024 con un desempeño mixto. Los ingresos netos del cuarto trimestre aumentaron un 2,2% a $402,3 millones, mientras que las ventas se mantuvieron estables y los envíos disminuyeron un 0,5%. El trimestre vio una pérdida diluida por acción según GAAP de $3,38, incluyendo un gasto de liquidación de contrato de $1,70 por acción.
Para el año completo 2024, los ingresos netos crecieron marginalmente un 0,2% a $2,01 mil millones, con una disminución de las ventas del 2% y un descenso de los envíos del 2,4%. La compañía logró un margen bruto del 44,4%, un aumento de 200 puntos básicos en comparación con el año anterior. Las ganancias GAAP para el año completo fueron de $5,06 por acción, mientras que las ganancias no GAAP alcanzaron $9,43 por acción.
Los aspectos operativos destacados incluyen:
- Generó $249 millones en flujo de efectivo operativo para 2024
- Terminó con $212 millones en efectivo y sin deudas
- Recompró $239 millones en acciones durante 2024
- Registró un cargo por deterioro no monetario de $42,6 millones principalmente para la marca Dogfish Head
보스턴 맥주 회사 (NYSE: SAM)는 2024년 4분기 재무 결과를 혼합된 성과로 보고했습니다. 4분기 순수익은 2.2% 증가하여 4억 230만 달러에 달했으며, 판매량은 변동이 없었고 출하량은 0.5% 감소했습니다. 이번 분기에는 주당 GAAP 희석 손실이 3.38달러로 나타났으며, 여기에는 주당 1.70달러의 계약 합의 비용이 포함됩니다.
2024년 전체 연도 동안 순수익은 0.2% 증가하여 20억 1000만 달러에 달했으며, 판매량은 2% 감소하고 출하량은 2.4% 감소했습니다. 회사는 44.4%의 총 마진을 달성했으며, 이는 전년 대비 200 베이시스 포인트 증가한 수치입니다. 전체 연도 GAAP 수익은 주당 5.06달러였으며, 비 GAAP 수익은 주당 9.43달러에 도달했습니다.
주요 운영 하이라이트는 다음과 같습니다:
- 2024년 운영 현금 흐름으로 2억 4900만 달러 생성
- 2억 1200만 달러의 현금과 무부채로 종료
- 2024년 동안 2억 3900만 달러의 주식 재매입
- 주로 Dogfish Head 브랜드에 대한 4260만 달러의 비현금 손상 차감 기록
Boston Beer Company (NYSE: SAM) a annoncé ses résultats financiers pour le quatrième trimestre 2024 avec des performances mitigées. Les revenus nets du quatrième trimestre ont augmenté de 2,2 % pour atteindre 402,3 millions de dollars, tandis que les ventes sont restées stables et les expéditions ont diminué de 0,5 %. Le trimestre a enregistré une perte diluée par action selon les normes GAAP de 3,38 dollars, y compris une dépense de règlement de contrat de 1,70 dollar par action.
Pour l'année complète 2024, les revenus nets ont légèrement augmenté de 0,2 % pour atteindre 2,01 milliards de dollars, avec des ventes en baisse de 2 % et des expéditions en déclin de 2,4 %. L'entreprise a atteint une marge brute de 44,4 %, en hausse de 200 points de base par rapport à l'année précédente. Les bénéfices GAAP pour l'année complète étaient de 5,06 dollars par action, tandis que les bénéfices non GAAP ont atteint 9,43 dollars par action.
Les points opérationnels notables incluent:
- Généré 249 millions de dollars de flux de trésorerie d'exploitation pour 2024
- Terminé avec 212 millions de dollars en espèces et sans dettes
- Racheté 239 millions de dollars d'actions en 2024
- Enregistré une charge de dépréciation non monétaire de 42,6 millions de dollars principalement pour la marque Dogfish Head
Boston Beer Company (NYSE: SAM) hat ihre finanziellen Ergebnisse für das 4. Quartal 2024 mit gemischten Leistungen veröffentlicht. Die Nettoumsätze im 4. Quartal stiegen um 2,2% auf 402,3 Millionen Dollar, während die Abverkäufe stabil blieben und die Lieferungen um 0,5% zurückgingen. Im Quartal wurde ein GAAP-dilutierter Verlust pro Aktie von 3,38 Dollar verzeichnet, einschließlich einer Vertragsabfindungskosten von 1,70 Dollar pro Aktie.
Für das Gesamtjahr 2024 wuchsen die Nettoumsätze marginal um 0,2% auf 2,01 Milliarden Dollar, während die Abverkäufe um 2% und die Lieferungen um 2,4% zurückgingen. Das Unternehmen erzielte eine Bruttomarge von 44,4%, was einem Anstieg von 200 Basispunkten im Vergleich zum Vorjahr entspricht. Die GAAP-Gewinne für das Gesamtjahr betrugen 5,06 Dollar pro Aktie, während die Non-GAAP-Gewinne 9,43 Dollar pro Aktie erreichten.
Bemerkenswerte betriebliche Höhepunkte sind:
- 2024 wurden 249 Millionen Dollar an operativem Cashflow generiert
- Endete mit 212 Millionen Dollar in bar und ohne Schulden
- 2024 wurden Aktien im Wert von 239 Millionen Dollar zurückgekauft
- Erfasste eine nicht monetäre Wertminderung von 42,6 Millionen Dollar, hauptsächlich für die Marke Dogfish Head
- Strong cash position with $212M and zero debt
- Generated $249M operating cash flow in 2024
- Gross margin improved 200 basis points to 44.4%
- Non-GAAP EPS grew 31.5% to $9.43
- Continued share repurchase program with $268M spent
- Q4 GAAP loss of $3.38 per share
- Annual depletions decreased 2%
- Shipments declined 2.4% in 2024
- $42.6M Dogfish Head brand impairment charge
- Marginal revenue growth of 0.2% for full year
Insights
Boston Beer's Q4 and full-year 2024 results reveal a company navigating a challenging beverage alcohol landscape with strategic portfolio adjustments and operational improvements. While the headline Q4 GAAP loss of $3.38 per share appears concerning, the underlying business fundamentals show resilience with flat depletions and a meaningful 230 basis point gross margin expansion to 39.9%.
The $26 million contract settlement expense ($1.70 per share) represents a strategic pivot rather than an operational failure. By amending this supplier contract, Boston Beer gains production flexibility critical for adapting to volatile category demand patterns - particularly important given the continued decline in Truly Hard Seltzer. This one-time expense should be viewed as an investment in future operational agility.
Similarly, the $42.6 million Dogfish Head impairment charge reflects a realistic reassessment of acquired brand value in a crowded craft beer market. This non-cash charge, while disappointing, demonstrates management's willingness to acknowledge changing market realities rather than maintaining overly optimistic valuations.
The company's portfolio transformation continues with mixed results. Truly Hard Seltzer remains challenged, but Twisted Tea, Sun Cruiser, and Hard Mountain Dew are delivering growth. This diversification strategy is proving essential as consumer preferences shift away from traditional beer and early-boom hard seltzer products.
From an operational perspective, Boston Beer has made notable improvements in inventory management, reducing distributor inventory from 5.5 weeks to 4 weeks. This tighter control helps minimize obsolescence risk while improving working capital efficiency.
The company's strong cash position ($212 million), zero debt, and $249 million operating cash flow provide significant financial flexibility. Management is balancing shareholder returns ($268 million in share repurchases through February 2025) with increased brand investment for 2025, signaling confidence in their strategic direction despite market headwinds.
For 2025, the flat depletion forecast suggests stabilization rather than growth, but the planned increase in advertising investment (heavily weighted to H1) indicates management's belief that brand building can drive improved performance. Investors should monitor whether this investment translates to volume growth, particularly for emerging brands like Sun Cruiser that could offset Truly's continued challenges.
Boston Beer's Q4 and full-year 2024 results reveal a company successfully navigating the post-pandemic normalization of the beverage alcohol landscape. The flat Q4 depletions represent a meaningful achievement in a craft beer market that continues to face mid-single-digit volume declines, suggesting Boston Beer's portfolio diversification strategy is delivering relative outperformance.
The company's brand portfolio is undergoing a significant evolution that mirrors broader consumer preference shifts. While Truly Hard Seltzer continues its decline, the brand has maintained its #2 category position as the hard seltzer segment stabilizes at approximately 50% of its pandemic-era peak. Meanwhile, Twisted Tea has emerged as the company's crown jewel, delivering consistent growth and demonstrating Boston Beer's ability to build enduring, category-leading brands rather than merely capitalizing on temporary trends.
The emergence of Sun Cruiser as a growth contributor is particularly encouraging as the company enters 2025. This brand represents Boston Beer's entry into the rapidly growing ready-to-drink cocktail segment, which continues to outpace other beverage alcohol categories as consumers seek flavor variety and premium experiences.
The $26 million contract settlement likely represents the company's strategic exit from expensive co-packing arrangements established during the hard seltzer boom. While costly in the short term, this decision reflects prudent capacity management and will enhance production flexibility and cost structure going forward. Similarly, the Dogfish Head impairment represents a realistic reassessment of an acquisition made in a very different craft beer market environment.
Operationally, Boston Beer has made significant strides in inventory management, reducing distributor inventory from 5.5 to 4 weeks. This improvement reduces obsolescence risk while enhancing working capital efficiency - critical in a category where freshness directly impacts quality perception.
The planned increase in advertising investment for 2025, heavily weighted toward the first half, indicates management's commitment to building brand equity rather than chasing short-term profitability. This timing aligns with the critical summer selling season, particularly important for Sun Cruiser's growth trajectory.
With strong gross margin expansion of 230 basis points in Q4 and 200 basis points for the full year, Boston Beer has demonstrated pricing power and operational efficiency that should provide financial flexibility to support increased brand investment while maintaining profitability.
Boston Beer's Q4 and full-year 2024 results reveal a company successfully executing a strategic pivot amid evolving consumer preferences in the beverage alcohol market. The flat Q4 depletions represent an inflection point following the full-year decline of 2%, suggesting the portfolio transformation strategy is gaining traction.
The headline Q4 GAAP loss of $3.38 per share requires careful unpacking. The $26 million contract settlement represents a strategic decision to right-size production capacity following the hard seltzer category normalization - essentially paying a premium to exit expensive co-packing arrangements established during peak demand. This one-time expense, while impacting short-term results, positions the company for improved operational efficiency and margin structure going forward.
When examining the underlying business performance, the 230 basis point gross margin expansion in Q4 and 200 basis point improvement for the full year demonstrate pricing power and operational efficiency despite volume challenges. This margin strength has driven impressive non-GAAP EPS growth of 31.5% for the full year, highlighting the company's earnings potential when excluding one-time items.
Boston Beer's portfolio evolution continues to progress, with the company effectively transitioning from being highly dependent on Samuel Adams and Truly to a more diversified model. Twisted Tea has emerged as a consistent growth driver, while newer innovations like Sun Cruiser (in the high-growth RTD cocktail space) are contributing meaningfully to the portfolio.
The company's capital allocation strategy reflects strong confidence in future cash generation. Despite planning increased advertising investment for 2025, Boston Beer has aggressively repurchased shares ($268 million through February 2025), reducing the share count and enhancing EPS potential. With $212 million in cash, zero debt, and $249 million in operating cash flow, the company maintains significant financial flexibility.
Operationally, the reduction in distributor inventory from 5.5 to 4 weeks demonstrates improved supply chain management and forecasting accuracy, reducing obsolescence risk while enhancing working capital efficiency.
The planned advertising increase weighted toward H1 2025 represents a strategic focus on building momentum heading into the critical summer selling season, particularly important for seasonal brands like Sun Cruiser. This investment, coupled with the company's industry-leading sales force, positions Boston Beer to potentially outperform the broader market despite challenging industry conditions.
BOSTON, Feb. 25, 2025 (GLOBE NEWSWIRE) -- The Boston Beer Company, Inc. (NYSE: SAM), today reported financial results for the fourth quarter ended December 28, 2024. Key results were:
Fourth Quarter 2024 Summary:
- Depletions were flat and shipments decreased
0.5% - Net revenue increased
2.2% to$402.3 million - Gross margin of
39.9% up 230 basis points year over year - GAAP diluted loss per share of
$3.38 , which includes a previously announced contract settlement expense of$1.70 per share - Non-GAAP diluted loss per share of
$1.68
Full Year 2024 Summary:
- Depletions decreased
2% and shipments decreased2.4% - Net revenue increased
0.2% to$2.01 billion - Gross margin of
44.4% up 200 basis points year over year - GAAP diluted earnings per share of
$5.06 , which includes a non-cash brand impairment charge and contract settlement expense together totaling$4.37 per share - Non-GAAP diluted earnings per share of
$9.43 , or31.5% growth year over year
Capital Structure
- Generated
$249 million in operating cash flow for the full year 2024 - Ended the year with
$212 million in cash and no debt - Repurchased
$239 million in shares in 2024 and$29 million in 2025 through February 21, 2025
“We were pleased to deliver improved operational and financial performance in 2024,” said Chairman and Founder Jim Koch. “I’m confident we have the right strategy and team in place and we will be stepping up advertising investment in 2025 to further strengthen our brands and drive long-term sustainable growth. Our strong balance sheet and cash flow generation allow us to both increase advertising investment and continue to return cash to shareholders through share repurchases.”
“The fourth quarter provided a solid finish to 2024 with flat depletions, gross margin expansion and strong cash generation,” said President and CEO Michael Spillane. “We are entering 2025 as a stronger company focused on end-to-end execution which is showing progress in a dynamic operating environment. We remain committed to our strategy of a diversified portfolio of core brands and strong innovation supported by increased advertising investment, transforming our supply chain and leveraging our industry leading salesforce.”
Details of the results were as follows:
Fourth Quarter 2024 (13 weeks ended December 28, 2024) Summary of Results
Depletions for the fourth quarter were flat from the prior year. Shipment volume for the quarter was approximately 1.5 million barrels, a
The Company believes distributor inventory as of December 28, 2024 averaged approximately four weeks on hand and was at an appropriate level for each of its brands compared to five and one half weeks on hand at the end of the third quarter.
Net revenue for the quarter increased
Gross margin of
The fourth quarter gross margin of
Advertising, promotional and selling expenses for the fourth quarter of 2024 increased
General and administrative expenses increased by
Contract settlement costs reflect a
The Company incurred impairment costs for brewery equipment and other brewery related assets of
The Company’s effective tax rate benefit for the fourth quarter was
Fourth quarter GAAP net loss of
Fourth quarter Non-GAAP net loss of
Full Year 2024 (52 weeks ended December 28, 2024) Summary of Results
Net revenue of
Depletions decreased
Gross margin of
Gross margin of
Advertising, promotional and selling expenses decreased
General and administrative expenses increased by
Impairment of intangible assets reflects a
Contract settlement costs reflect a
The Company incurred impairment costs for brewery equipment and other brewery related assets of
The Company’s effective tax rate was
Full-year GAAP net income of
Full-year Non-GAAP net income of
The Company expects that its December 28, 2024 cash balance of
During the 52-week period ended December 28, 2024 and the period from December 30, 2024 through February 21, 2025, the Company repurchased shares of its Class A Common Stock in the amounts of
Depletions Estimate
Year-to-date depletions through the 8-week period ended February 21, 2025 are estimated by the Company to be flat to the comparable period in 2024.
Full-Year 2025 Projections
The Company’s actual 2025 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. The Company’s projections below do not include any impact related to potential tariffs.
| Full Year 2025 | Guidance |
| Depletions and Shipments Percentage Change | Down low single digit to up low single digit |
| Price Increases | |
| Gross Margin | |
| Advertising, Promotion, and Selling Expense Year Over Year Increase ($ million) | |
| Effective Tax Rate | |
| GAAP EPS | |
| Capital Spending ($ million) |
Underlying the Company's current 2025 projections are the following full-year estimates and targets:
- 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.
- First half 2025 shipments are expected to be at the high end of the full year guidance range due to timing of estimated demand and wholesaler inventory levels for certain brands and styles, primarily driven by Sun Cruiser, Hard Mountain Dew and Truly Unruly.
- During full year 2025, the Company estimates shortfall fees will negatively impact gross margin by 60 to 80 basis points and non-cash expense of third-party production pre-payments will negatively impact gross margins by 40 to 60 basis points
- 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.
- The dollar increases in advertising, selling and promotional expense for the year are expected to occur primarily in the first half of the year with a significant year over year increase in the first quarter
- The benefit of lapping CEO transition costs incurred in 2024 is expected to be offset by an increase in estimated incentive compensation at target for 2025 compared to 2024 achievement.
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 fourth quarter earnings per diluted share, excludes from fourth quarter GAAP EPS
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 28, 2024 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.
| THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES | |||||||||||||||
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||
| (in thousands, except per share data) | |||||||||||||||
| (unaudited) | |||||||||||||||
| December 28, | December 30, | December 28, | December 30, | ||||||||||||
| 2024 (13 weeks) | 2023 (13 weeks) | 2024 (52 weeks) | 2023 (52 weeks) | ||||||||||||
| Barrels sold | 1,496 | 1,503 | 7,493 | 7,678 | |||||||||||
| Revenue | $ | 429,247 | $ | 417,409 | $ | 2,137,802 | $ | 2,133,292 | |||||||
| Less excise taxes | 26,948 | 23,687 | 124,876 | 124,667 | |||||||||||
| Net revenue | 402,299 | 393,722 | 2,012,926 | 2,008,625 | |||||||||||
| Cost of goods sold | 241,614 | 245,826 | 1,119,194 | 1,156,256 | |||||||||||
| Gross profit | 160,685 | 147,896 | 893,732 | 852,369 | |||||||||||
| Operating expenses: | |||||||||||||||
| Advertising, promotional, and selling expenses | 139,549 | 128,629 | 552,033 | 555,998 | |||||||||||
| General and administrative expenses | 47,680 | 43,714 | 189,906 | 174,548 | |||||||||||
| Impairment of intangible asset | - | - | 42,584 | 16,426 | |||||||||||
| Impairment of brewery assets | 3,433 | 1,480 | 7,184 | 5,396 | |||||||||||
| Contract settlement costs | 26,052 | - | 26,052 | — | |||||||||||
| Total operating expenses | 216,714 | 173,823 | 817,759 | 752,368 | |||||||||||
| Operating (loss) income | (56,029 | ) | (25,927 | ) | 75,973 | 100,001 | |||||||||
| Other income, net: | |||||||||||||||
| Interest income, net | 3,228 | 4,018 | 13,249 | 10,995 | |||||||||||
| Other expense, net | (825 | ) | (271 | ) | (1,620 | ) | (1,408 | ) | |||||||
| Total other income, net | 2,403 | 3,747 | 11,629 | 9,587 | |||||||||||
| (Loss) income before income tax (benefit) provision | (53,626 | ) | (22,180 | ) | 87,602 | 109,588 | |||||||||
| Income tax (benefit) provision | (14,871 | ) | (4,056 | ) | 27,907 | 33,338 | |||||||||
| Net (loss) income | $ | (38,755 | ) | $ | (18,124 | ) | $ | 59,695 | $ | 76,250 | |||||
| Net (loss) income per common share - basic | $ | (3.38 | ) | $ | (1.49 | ) | $ | 5.07 | $ | 6.23 | |||||
| Net (loss) income per common share - diluted | $ | (3.38 | ) | $ | (1.49 | ) | $ | 5.06 | $ | 6.21 | |||||
| Weighted-average number of common shares - basic | 11,460 | 12,166 | 11,774 | 12,243 | |||||||||||
| Weighted-average number of common shares - diluted | 11,452 | 12,190 | 11,766 | 12,258 | |||||||||||
| Net (loss) income | $ | (38,755 | ) | $ | (18,124 | ) | $ | 59,695 | $ | 76,250 | |||||
| Other comprehensive (loss) income: | |||||||||||||||
| Currency translation adjustment | (534 | ) | 166 | (715 | ) | 166 | |||||||||
| Defined benefit plans liability adjustment | 76 | (13 | ) | 76 | (13 | ) | |||||||||
| Total other comprehensive (loss) income, net of tax: | (458 | ) | 153 | (639 | ) | 153 | |||||||||
| Comprehensive (loss) income | $ | (39,213 | ) | $ | (17,971 | ) | $ | 59,056 | $ | 76,403 | |||||
| THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| (in thousands, except share data) | ||||||||
| December 28, | December 30, | |||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 211,819 | $ | 298,491 | ||||
| Accounts receivable | 61,423 | 66,997 | ||||||
| Inventories | 117,159 | 115,773 | ||||||
| Prepaid expenses and other current assets | 20,209 | 20,538 | ||||||
| Income tax receivable | 6,681 | 1,711 | ||||||
| Total current assets | 417,291 | 503,510 | ||||||
| Property, plant, and equipment, net | 616,242 | 642,509 | ||||||
| Operating right-of-use assets | 27,837 | 35,559 | ||||||
| Goodwill | 112,529 | 112,529 | ||||||
| Intangible assets | 16,446 | 59,644 | ||||||
| Third-party production prepayments | 14,473 | 33,581 | ||||||
| Note receivable | 16,738 | — | ||||||
| Other assets | 28,462 | 42,661 | ||||||
| Total assets | $ | 1,250,018 | $ | 1,429,993 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 87,276 | $ | 87,245 | ||||
| Accrued expenses and other current liabilities | 138,618 | 126,930 | ||||||
| Current operating lease liabilities | 5,735 | 9,113 | ||||||
| Total current liabilities | 231,629 | 223,288 | ||||||
| Deferred income taxes, net | 65,803 | 85,721 | ||||||
| Non-current operating lease liabilities | 30,205 | 36,161 | ||||||
| Other liabilities | 6,194 | 6,894 | ||||||
| Total liabilities | 333,831 | 352,064 | ||||||
| Stockholders' Equity: | ||||||||
| Class A Common Stock, | 93 | 100 | ||||||
| Class B Common Stock, | 21 | 21 | ||||||
| Additional paid-in capital | 676,454 | 656,297 | ||||||
| Accumulated other comprehensive loss | (696 | ) | (57 | ) | ||||
| Retained earnings | 240,315 | 421,568 | ||||||
| Total stockholders' equity | 916,187 | 1,077,929 | ||||||
| Total liabilities and stockholders' equity | $ | 1,250,018 | $ | 1,429,993 | ||||
| THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES | ||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| (in thousands) | ||||||||
| December 28, | December 30, | |||||||
| 2024 (52 weeks) | 2023 (52 weeks) | |||||||
| Cash flows provided by operating activities: | ||||||||
| Net income | $ | 59,695 | $ | 76,250 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 93,992 | 88,141 | ||||||
| Impairment of intangible assets | 42,584 | 16,426 | ||||||
| Impairment of brewery assets | 7,184 | 5,396 | ||||||
| Change in right-of-use assets | 7,722 | 7,678 | ||||||
| Stock-based compensation expense | 18,954 | 16,971 | ||||||
| Deferred income taxes | (19,918 | ) | (10,871 | ) | ||||
| Other non-cash (income) expense | (237 | ) | 224 | |||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 5,548 | (10,340 | ) | |||||
| Inventories | 6,907 | 31,500 | ||||||
| Prepaid expenses, income tax receivable, and other current assets | (4,660 | ) | 13,979 | |||||
| Third-party production prepayments | 19,108 | 27,758 | ||||||
| Other assets | 6,156 | (5,849 | ) | |||||
| Accounts payable | 2,602 | 2,763 | ||||||
| Accrued expenses, other current liabilities, and other liabilities | 12,320 | 13,884 | ||||||
| Operating lease liabilities | (9,065 | ) | (8,759 | ) | ||||
| Net cash provided by operating activities | 248,892 | 265,151 | ||||||
| Cash flows used in investing activities: | ||||||||
| Purchases of property, plant, and equipment | (76,277 | ) | (64,087 | ) | ||||
| Proceeds from sale of property, plant, and equipment | 23 | 1,709 | ||||||
| Cash paid for note receivable | (20,000 | ) | — | |||||
| Net cash used in investing activities | (96,254 | ) | (62,378 | ) | ||||
| Cash flows used in financing activities: | ||||||||
| Repurchases and retirement of Class A common stock | (238,614 | ) | (92,877 | ) | ||||
| Proceeds from exercise of stock options and sale of investment shares | 3,597 | 11,723 | ||||||
| Net cash paid on finance leases and notes payable | (1,886 | ) | (1,575 | ) | ||||
| Payment of tax withholding on stock-based payment awards and investment shares | (2,407 | ) | (2,113 | ) | ||||
| Net cash used in financing activities | (239,310 | ) | (84,842 | ) | ||||
| Change in cash and cash equivalents | (86,672 | ) | 117,931 | |||||
| Cash and cash equivalents and restricted cash at beginning of period | 298,491 | 180,560 | ||||||
| Cash and cash equivalents and restricted cash at end of period | $ | 211,819 | $ | 298,491 | ||||
| Copies of The Boston Beer Company's press releases, | ||||||||
| including quarterly financial results, are available at www.bostonbeer.com | ||||||||
| Investor Relations Contact: | Media Contact: | ||
| Jennifer Larson | Dave DeCecco | ||
| (617) 368-5152 | (914) 261-6572 | ||
| jennifer.larson@bostonbeer.com | dave.dececco@bostonbeer.com |
FAQ
What was Boston Beer's (SAM) Q4 2024 revenue and how did it compare to last year?
How much did Boston Beer (SAM) spend on share repurchases in 2024-2025?
What caused the Q4 2024 loss per share for Boston Beer (SAM)?
How did Boston Beer's (SAM) gross margin perform in 2024?
What was the impact of the Dogfish Head brand impairment on SAM's 2024 results?
