波斯頓啤酒報告

第三季度財務結果

波士頓（2024年10月24日）--波斯頓啤酒公司（紐交所：SAM）今天公佈了截至2024年9月28日的第三季度財務業績。主要業績包括：

2024年第三季度摘要：

2024年迄今摘要:

資本結構；

「儘管近期酒精飲料需求有所波動，我們仍然相信在啤酒之外的領域有着巨大的增長機會。波斯頓啤酒公司在創造新領域、生產除啤酒之外的飲料並讓飲用者嘗試方面擁有着良好的記錄，」主席兼創始人吉姆·科克表示。「我們正在利用業務的強勁現金生成能力來投資於我們的品牌，並向股東返還現金。鑑於我們對公司長期增長前景的看法，我們最近將回購授權額度擴大了4,0000萬美元。」

「我們繼續在我們的戰略重點上取得進展，培育我們的核心品牌，以紀律的方式推出和支持創新，並現代化我們的供應鏈，」總裁兼首席執行官邁克爾·斯皮爾恩說。「我們的指導已經細化，以反映三個季度的結果，臨近期的類別趨勢略微疲軟，毛利率交付穩固。我們專注於實施計劃，爲公司在2025年及以後的運營和財務表現的改善做好準備。」

結果的詳細情況如下：

2024年第三季度（截至2024年9月28日的13周）成果摘要

第三季度的銷量與去年同期相比下降了3%。該季度的出貨量約爲224萬桶，與去年同期相比下降了1.9%，主要是由於Truly硬蘇打水產品銷量下降部分抵消了公司Twisted Tea、Sun Cruiser和Hard Mountain Dew品牌的增長。

公司認爲，截至2024年9月28日的經銷商庫存平均水平約爲五週半，略高於其目標水平四至五週。這預計將對第四季度出貨量產生負面影響，這一點反映在公司更新後的成交量指導中。

本季度的淨營業收入增加了0.6%，主要是由於價格上漲和退貨減少，部分抵消了銷量的下降。

46.3%的毛利率比去年的45.7%提高了60個點子。毛利率主要受益於價格上漲、採購節省和退貨率降低，這些優勢超過了更高的庫存報廢和通貨膨脹成本的增加。

第三季度的毛利率爲46.3%，其中包括60萬美元的缺口費，這在絕對基礎上對毛利率造成了約10個點子的負面影響，還有第三方生產預付款的非現金支出610萬美元，這在絕對基礎上對毛利率造成了約100個點子的負面影響。

2024年第三季度的廣告、促銷和銷售費用與2023年第三季度相比減少了460萬美元，這是由於向經銷商運費減少了280萬美元，這是由於效率提高和貨物銷量減少。品牌和銷售成本減少了180萬美元，這是由於較低的工資和福利。

2023年第三季度，一般和管理費用增加了160萬美元，或者3.7%，主要是因爲專業費用增加。

無形資產減值反映了一個爲4200萬美元的非現金減值費用，主要記錄在Dogfish Head品牌，由於公司截至2024年9月1日的年度減值分析而形成。減值決定主要基於品牌表現的最新預測，這已低於我們在收購日期時所作的預測。從2024年第四季度開始，公司將在10年內分攤剩餘的1400萬美元的無形資產，並不預計未來會有任何與Dogfish Head品牌相關的減值。

公司第三季度的有效稅率爲31.7%，而去年爲29.3%。增加的有效稅率是由於減值損失的影響，導致稅前收入較去年下降，而不可抵扣的薪酬支出增加。

第三季度淨利潤爲3350萬美元，每股2.86美元，相比去年同期淨減1180萬美元，每股攤薄後0.84美元。這一時期的減少主要是由品牌減值和較高的稅率驅動，部分抵銷了更高的營業收入、更高的毛利率和更低的 廣告、促銷和銷售費用。

2024年迄今爲止（截至2024年9月28日的39周）成果摘要

截至今年的淨營業收入爲16.11億美元，較2023年同期減少0.3%。

年初至今，減少了3%的銷量。與去年同期相比，年初至今的出貨量約爲600萬桶，較去年同期下降了2.9%，主要是由於在真正硬蘇打水中的下降部分抵消了Twisted Tea和Sun Cruiser品牌的增長。

截至今年迄今的毛利率爲45.5%，較2023年迄今實現的43.6%毛利率增長，同比增長190個點子。毛利率主要受益於價格上漲、採購節省、退貨減少以及去年向第三方合同釀酒廠支付的一筆非經常性款項，部分抵消了由於產量下降和通貨膨脹成本增加導致的每桶釀酒廠加工成本的增加。

截至今年的毛利率爲45.5%，其中包括460萬美元的遞補費，對毛利率產生了約30個點子的負面影響，以及第三方生產預付款項1650萬美元的非現金支出，對毛利率造成了約100個點子的負面影響。

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

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

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

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

The Company expects that its September 28, 2024 cash balance of $255.6 million, together with its projected future operating cash flows and the unused balance on its $150.0 million line of credit, will be sufficient to fund future cash requirements.

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

Depletions Estimate

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

Full-Year 2024 Projections

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

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

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

2025 Financial Guidance

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

Use of Non-GAAP Measures

Non-GAAP EPS is not a defined term under U.S. generally accepted accounting principles (“GAAP”). Non-GAAP EPS, or Non-GAAP earnings per diluted share, excludes from projected GAAP EPS the impact of the non-cash asset impairment charge of $42.6 million, or $2.49 per diluted share, recognized in the third quarter of fiscal 2024 relating primarily to the Dogfish Head brand. This non-GAAP measure should not be considered in isolation or as a substitute for diluted earnings per share prepared in accordance with GAAP, and may not be comparable to calculations of similarly titled measures by other companies. Management uses this non-GAAP financial measure to make operating and strategic decisions and to evaluate the Company’s underlying business performance. Management believes this forward-looking non-GAAP measure provides meaningful and useful information to investors and analysts regarding the Company’s outlook for its ongoing financial and business performance or trends and facilitates period to period comparisons of its forecasted financial performance.

Forward-Looking Statements

Statements made in this press release that state the Company’s or management’s intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. It is important to note that the Company’s actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company’s SEC filings, including, but not limited to, the Company’s report on Form 10-K for the year ended December 30, 2023 and subsequent reports filed by the Company with the SEC on Forms 10-Q and 8-K. Copies of these documents are available from the SEC and may be found on the Company’s website, www.bostonbeer.com. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements.

About the Company

The Boston Beer Company, Inc. (NYSE: SAM) began brewing Samuel Adams beer in 1984 and has since grown to become one of the largest and most respected craft brewers in the United States. We consistently offer the highest-quality products to our drinkers, and we apply what we’ve learned from making great-tasting craft beer to making great-tasting and innovative “beyond beer” products. Boston Beer Company has pioneered not only craft beer but also hard cider, hard seltzer and hard tea. Our core brands include household names like Angry Orchard Hard Cider, Dogfish Head, Sun Cruiser, Truly Hard Seltzer, Twisted Tea Hard Iced Tea, and Samuel Adams. We have taprooms and hospitality locations in California, Delaware, Massachusetts, New York and Ohio. For more information, please visit our website at www.bostonbeer.com, which includes links to our respective brand websites.

Thursday, October 24, 2024