# Boston Beer Co Inc: Form 10-Q for the period ended Jun 25, 2022

- Company: [Boston Beer Co Inc](/companies/sam.md) (CIK 949870)
- Form: 10-Q
- Filed: 2022-07-21
- Accepted by EDGAR: Jul 21, 2022, 16:22 ET
- Period: 2022-06-25
- Accession: 0000950170-22-012879
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/949870/000095017022012879/sam-20220625.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/949870/000095017022012879/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2022-06-25.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 3 months, 2022-03-27 to 2022-06-25 | $616.2m | us-gaap:Revenues |
| Revenue | 6 months, 2021-12-26 to 2022-06-25 | $1.05bn | us-gaap:Revenues |
| Cost of revenue | 3 months, 2022-03-27 to 2022-06-25 | $350.5m | us-gaap:CostOfGoodsAndServicesSold |
| Cost of revenue | 6 months, 2021-12-26 to 2022-06-25 | $607.6m | us-gaap:CostOfGoodsAndServicesSold |
| Gross profit | 3 months, 2022-03-27 to 2022-06-25 | $265.8m | us-gaap:GrossProfit |
| Gross profit | 6 months, 2021-12-26 to 2022-06-25 | $438.7m | us-gaap:GrossProfit |
| Operating income | 3 months, 2022-03-27 to 2022-06-25 | $71.4m | us-gaap:OperatingIncomeLoss |
| Operating income | 6 months, 2021-12-26 to 2022-06-25 | $69.2m | us-gaap:OperatingIncomeLoss |
| Income tax | 3 months, 2022-03-27 to 2022-06-25 | $17.5m | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 6 months, 2021-12-26 to 2022-06-25 | $17.2m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months, 2022-03-27 to 2022-06-25 | $53.3m | us-gaap:NetIncomeLoss |
| Net income | 6 months, 2021-12-26 to 2022-06-25 | $51.4m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months, 2022-03-27 to 2022-06-25 | $4.31 | us-gaap:EarningsPerShareDiluted |
| Diluted EPS | 6 months, 2021-12-26 to 2022-06-25 | $4.15 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months, 2022-03-27 to 2022-06-25 | $4.33 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 6 months, 2021-12-26 to 2022-06-25 | $4.18 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months, 2022-03-27 to 2022-06-25 | 12,341,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Diluted shares (weighted) | 6 months, 2021-12-26 to 2022-06-25 | 12,341,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 6 months, 2021-12-26 to 2022-06-25 | $121.5m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 6 months, 2021-12-26 to 2022-06-25 | $50.8m | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Cash and equivalents | at 2022-06-25 | $137.8m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2022-06-25 | $449.6m | us-gaap:AssetsCurrent |
| Total assets | at 2022-06-25 | $1.48bn | us-gaap:Assets |
| Current liabilities | at 2022-06-25 | $290.9m | us-gaap:LiabilitiesCurrent |
| Total liabilities | at 2022-06-25 | $436.4m | us-gaap:Liabilities |
| Shareholders' equity | at 2022-06-25 | $1.04bn | us-gaap:StockholdersEquity |

## Management's discussion and analysis

As filed, 19,734 characters.

The following is a discussion of the significant factors affecting the consolidated operating results, financial condition and liquidity and cash flows of the Company for the thirteen and twenty-six week period ended June 25, 2022, as compared to the thirteen and twenty-six week period ended June 26, 2021. This discussion should be read in conjunction with the Management’s Discussion and

Analysis of Financial Condition and Results of Operations, and the Consolidated Financial Statements of the Company and Notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 25, 2021.

### RESULTS OF OPERATIONS

### Thirteen Weeks Ended June 25, 2022 compared to Thirteen Weeks Ended June 26, 2021

|  | Thirteen Weeks Ended (in thousands, except per barrel) June 25, 2022 |  |  | June 26, 2021 |  |  | Amount change | % change | Per barrel change |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Barrels sold |  | 2,419 |  |  | 2,447 |  | (28) | (1.1)% |  |
|  |  | **Per barrel** | **% of net revenue** |  | **Per barrel** | **% of net revenue** |  |  |  |
| Net revenue | $616,243 | $254.77 | 100.0% | $602,805 | $246.35 | 100.0% | $13,438 | 2.2% | $8.42 |
| Cost of goods | 350,468 | 144.89 | 56.9% | 327,116 | 133.68 | 54.3% | 23,352 | 7.1% | 11.21 |
| Gross profit | 265,775 | 109.88 | 43.1% | 275,689 | 112.67 | 45.7% | (9,914) | (3.6)% | (2.79) |
| Advertising, promotional and selling expenses | 154,883 | 64.03 | 25.1% | 161,620 | 66.05 | 26.8% | (6,737) | (4.2)% | (2.02) |
| General and administrative expenses | 38,849 | 16.06 | 6.3% | 32,960 | 13.47 | 5.5% | 5,889 | 17.9% | 2.59 |
| Contract termination costs and other | 578 | 0.24 | 0.1% | — | — | 0.0% | 578 | 100.0% | 0.24 |
| Impairment of assets | 80 | 0.03 | 0.0% | 1,004 | 0.41 | 0.2% | (924) | (92.0)% | (0.38) |
| Total operating expenses | 194,390 | 80.36 | 31.5% | 195,584 | 79.93 | 32.4% | (1,194) | (0.6)% | 0.43 |
| Operating income | 71,385 | 29.52 | 11.6% | 80,105 | 32.74 | 13.3% | (8,720) | (10.9)% | (3.22) |
| Other expense, net | (518) | (0.21) | (0.1)% | (21) | (0.01) | (0.0)% | (497) | 2366.7% | (0.20) |
| Income before income tax provision | 70,867 | 29.31 | 11.5% | 80,084 | 32.73 | 13.3% | (9,217) | (11.5)% | (3.42) |
| Income tax provision | 17,518 | 7.24 | 2.8% | 20,889 | 8.54 | 3.5% | (3,371) | (16.1)% | (1.30) |
| Net income | 53,349 | 22.07 | 8.7% | 59,195 | 24.19 | 9.8% | (5,846) | (9.9)% | (2.12) |

**Net revenue.** Net revenue increased by $13.4 million, or 2.2%, to $616.2 million for the thirteen weeks ended June 25, 2022, as compared to $602.8 million for the thirteen weeks ended June 26, 2021, primarily as a result of price increases, partially offset by a decrease in shipments.

*Volume.* Total shipment volume decreased by 1.1% to 2,419,000 barrels for the thirteen weeks ended June 25, 2022, as compared to 2,447,000 barrels for the thirteen weeks ended June 26, 2021, , reflecting decreases in the Company’s Truly Hard Seltzer, Angry Orchard, Samuel Adams, and Dogfish Head brands, partially offset by increases in its Twisted Tea and Hard Mountain Dew brands.

Depletions, or sales by distributors to retailers, of the Company’s products for the thirteen weeks ended June 25, 2022 decreased by approximately 7% compared to the thirteen weeks ended June 26, 2021, reflecting decreases in the Company’s Truly Hard Seltzer, Angry Orchard, Samuel Adams, and Dogfish Head brands, partially offset by increases in its Twisted Tea and Hard Mountain Dew brands.

The Company believes distributor inventory as of June 25, 2022 averaged approximately four weeks on hand and was at an appropriate level for each of its brands except for low inventory levels for certain Truly brand packages. The Company expects distributors will keep inventory levels for the remainder of the year below 2021 levels in terms of weeks on hand.

*Net revenue per barrel.* Net revenue per barrel increased by 3.4% to $254.77 per barrel for the thirteen weeks ended June 25, 2022, as compared to $246.35 per barrel for the comparable period in 2021, primarily due to price increases.

**Cost of goods sold.** Cost of goods sold was $144.89 per barrel for the thirteen weeks ended June 25, 2022, as compared to $133.68 per barrel for the thirteen weeks ended June 26, 2021. The 2022 increase in cost of goods sold of $11.21 per barrel was primarily due to higher materials costs, higher returns, and inventory write-offs.

**Gross profit.** Gross profit was $109.88 per barrel for the thirteen weeks ended June 25, 2022, as compared to $112.67 per barrel for the thirteen weeks ended June 26, 2021.

The Company includes freight charges related to the movement of finished goods from its manufacturing locations to distributor locations in its advertising, promotional and selling expense line item. As such, the Company’s gross margins may not be comparable to those of other entities that classify costs related to distribution differently.

**Advertising, promotional and selling.** Advertising, promotional and selling expenses decreased by $6.7 million, or 4.2%, to $154.9 million for the thirteen weeks ended June 25, 2022, as compared to $161.6 million for the thirteen weeks ended June 26, 2021. The decrease was primarily due to a net decrease in brand investments of $11.3 million, mainly driven by lower media costs. The decrease in brand investments was partially offset by increased freight to distributors of $4.6 million, which was primarily due to higher freight rates.

Advertising, promotional and selling expenses were 25.1% of net revenue, or $64.03 per barrel, for the thirteen weeks ended June 25, 2022, as compared to 26.8% of net revenue, or $66.05 per barrel, for the thirteen weeks ended June 26, 2021. This decrease per barrel is primarily due to advertising, promotional and selling expenses decreasing at a higher rate than shipments. The Company invests in advertising and promotional campaigns that it believes will be effective, but there is no guarantee that such investments will generate sales growth.

The Company conducts certain advertising and promotional activities in its distributors’ markets, and the distributors make contributions to the Company for such efforts. These amounts are included in the Company’s condensed consolidated statements of comprehensive operations as reductions to advertising, promotional and selling expenses. Historically, contributions from distributors for advertising and promotional activities have amounted to between 1% and 3% of net sales. The Company may adjust its promotional efforts in the distributors’ markets, if changes occur in these promotional contribution arrangements, depending on industry and market conditions.

**General and administrative.** General and administrative expenses increased by $5.9 million, or 17.9%, to $38.8 million for the thirteen weeks ended June 25, 2022, as compared to $32.9 million for the thirteen weeks ended June 26, 2021. The increase was primarily due to increased salaries and benefits costs and increases in services provided by third parties.

**Contract termination costs and other.** During the second quarter of 2022 the Company recorded $0.6 million in contract termination costs for non-cancellable purchase orders on discontinued capital projects.

**Impairment of assets.** Impairment of long-lived assets decreased by $0.9 million from the comparable period of 2021, primarily due to lower write-downs of equipment at Company-owned breweries.

**Income tax expense.** During the thirteen weeks ended June 25, 2022, the Company’s effective tax rate, excluding the impact of ASU 2016-09, was 26.1% compared to 26.6% for the thirteen weeks ended June 26, 2021, primarily due to a decrease in non-deductible officer compensation.

### Twenty-six Weeks Ended June 25, 2022 compared to Twenty-six Weeks Ended June 26, 2021

|  | Twenty-Six Weeks Ended (in thousands, except per barrel) June 25, 2022 |  |  | June 26, 2021 |  |  | Amount change | % change | Per barrel change |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Barrels sold |  | 4,127 |  |  | 4,725 |  | (598) | (12.6)% |  |
|  |  | **Per barrel** | **% of net revenue** |  | **Per barrel** | **% of net revenue** |  |  |  |
| Net revenue | $1,046,356 | $253.54 | 100.0% | $1,147,885 | $242.96 | 100.0% | $(101,529) | (8.8)% | $10.58 |
| Cost of goods | 607,629 | 147.23 | 58.1% | 622,566 | 131.77 | 54.2% | (14,937) | (2.4)% | 15.46 |
| Gross profit | 438,727 | 106.31 | 41.9% | 525,319 | 111.19 | 45.8% | (86,592) | (16.5)% | (4.88) |
| Advertising, promotional and selling expenses | 285,498 | 69.18 | 27.3% | 302,479 | 64.02 | 26.4% | (16,981) | (5.6)% | 5.16 |
| General and administrative expenses | 78,547 | 19.03 | 7.5% | 64,906 | 13.74 | 5.7% | 13,641 | 21.0% | 5.29 |
| Contract termination costs and other | 5,330 | 1.29 | 0.5% | — | — | 0.0% | 5,330 | 100.0% | 1.29 |
| Impairment of assets | 121 | 0.03 | 0.0% | 1,231 | 0.26 | 0.1% | (1,110) | (90.2)% | (0.23) |
| Total operating expenses | 369,496 | 89.53 | 35.3% | 368,616 | 78.02 | 32.1% | 880 | 0.2% | 11.51 |
| Operating income | 69,231 | 16.78 | 6.6% | 156,703 | 33.17 | 13.7% | (87,472) | (55.8)% | (16.39) |
| Other expense, net | (651) | (0.16) | (0.1)% | (56) | (0.01) | (0.0)% | (595) | 1062.5% | (0.15) |
| Income before income tax provision | 68,580 | 16.62 | 6.6% | 156,647 | 33.16 | 13.6% | (88,067) | (56.2)% | (16.54) |
| Income tax provision | 17,186 | 4.16 | 1.6% | 31,887 | 6.75 | 2.8% | (14,701) | (46.1)% | (2.59) |
| Net income | 51,394 | 12.46 | 4.9% | 124,760 | 26.41 | 10.9% | (73,366) | (58.8)% | (13.95) |

**Net revenue.** Net revenue decreased by $101.5 million, or 8.8%, to $1,046.4 million for the twenty-six weeks ended June 25, 2022, as compared to $1,147.9 million for the thirteen weeks ended June 26, 2021, primarily as a result of a decrease in shipments, partially offset by price increases.

*Volume.* Total shipment volume decreased by 12.6% to 4,127,000 barrels for the twenty-six weeks ended June 26, 2022, as compared to 4,725,000 barrels for the twenty-six weeks ended June 26, 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.

Depletions, or sales by distributors to retailers, of the Company’s products for the twenty-six weeks ended June 25, 2022 decreased by approximately 7% compared to the twenty-six weeks ended June 26, 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.

*Net revenue per barrel.* Net revenue per barrel increased by 4.4% to $253.54 per barrel for the twenty-six weeks ended June 26, 2022, as compared to $242.96 per barrel for the comparable period in 2021, primarily due to price increases.

**Cost of goods sold.** Cost of goods sold was $147.23 per barrel for the twenty-six weeks ended June 25, 2022, as compared to $131.77 per barrel for the twenty-six weeks ended June 26, 2021. The 2022 increase in cost of goods sold of $15.46 per barrel was primarily due to higher materials costs, higher returns and inventory write-offs and higher per barrel processing costs at Company-owned breweries due to lower volumes.

**Gross profit.** Gross profit was $106.31 per barrel for the twenty-six weeks ended June 25, 2022, as compared to $111.19 per barrel for the twenty-six weeks ended June 26, 2021.

**Advertising, promotional and selling.** Advertising, promotional and selling expenses decreased by $17.0 million, or 5.6%, to $285.5 million for the twenty-six weeks ended June 25, 2022, as compared to $302.5 million for the twenty-six weeks ended June 26, 2021. The decrease was primarily due to a net decrease in brand investments of $20.7 million, mainly driven by lower media costs. The decrease in brand investments was partially offset by higher investments in local marketing and increased freight to distributors of $3.8 million, which was primarily due to higher rates partially offset by lower volumes.

Advertising, promotional and selling expenses were 27.3% of net revenue, or $69.18 per barrel, for the twenty-six weeks ended June 25, 2022, as compared to 26.4% of net revenue, or $64.02 per barrel, for the twenty-six weeks ended June 26, 2021. This increase per barrel is primarily due to advertising, promotional and selling expenses decreasing at a lower rate than shipments.

**General and administrative.** General and administrative expenses increased by $13.6 million, or 21.0%, to $78.5 million for the twenty-six weeks ended June 25, 2022, as compared to $64.9 million for the twenty-six weeks ended June 26, 2021. The increase was primarily due to increased salaries and benefits costs and increases in services provided by third parties.

**Contract termination costs and other.** During the first half of 2022 the Company recorded $5.3 million in contract termination costs, primarily in connection with the termination of a third-party production contract. This contract termination eliminated future production shortfall fees that the Company estimated would have been incurred over the duration of the contract.

**Impairment of assets.** Impairment of long-lived assets decreased by $1.1 million from the comparable period of 2021, primarily due to lower write-downs of equipment at Company-owned breweries.

**Income tax expense.** During the twenty-six weeks ended June 25, 2022, the Company’s effective tax rate, excluding the impact of ASU 2016-09, was 26.0% compared to 26.1% for the twenty-six weeks ended June 26, 2021, primarily due to a decrease in non-deductible officer compensation.

### LIQUIDITY AND CAPITAL RESOURCES

The Company’s primary sources of liquidity are its existing cash balances, cash flows from operating activities and amounts available under its revolving credit facility. The Company’s material cash requirements include working capital needs, satisfaction of contractual commitments, and investment in the Company’s business through capital expenditures.

Cash increased to $137.8 million as of June 25, 2022 from $26.8 million as of December 25, 2021, reflecting cash provided by operating activities and proceeds from the exercise of stock options and sale of investment shares, partially offset by purchases of property, plant and equipment and payments of tax withholdings on stock-based payment awards and investment shares.

Cash provided by operating activities consists of net income, adjusted for certain non-cash items, such as depreciation and amortization, stock-based compensation expense, other non-cash items included in operating results, and changes in operating assets and liabilities, such as accounts receivable, inventory, accounts payable and accrued expenses. In the first half of 2022 compared to the first half of 2021, the Company’s average account receivable payment terms shifted slightly toward customers with longer payment terms. This impact for the remainder of the year ending December 31, 2022 is uncertain due to product and geographical mix but the Company does not expect this to significantly impact its liquidity.

Cash provided by operating activities for the twenty-six weeks ended June 25, 2022 was $121.5 million and primarily consisted of non-cash items of $54.3 million, net income of $51.4 million, and a net decrease in operating assets and liabilities of $15.8 million. Cash provided by operating activities for the twenty-six weeks ended June 26, 2021 was $34.0 million and primarily consisted of net income of $124.8 million and non-cash items of $49.4 million, partially offset by a net increase in operating assets and liabilities of $143.1 million. The increase in cash provided by operating activities for the twenty-six weeks ended June 25, 2022 compared to the prior period is primarily due to decreases in inventory and income tax refunds received.

The Company used $50.3 million in investing activities during the twenty-six weeks ended June 25, 2022, as compared to $83.0 million during the thirteen weeks ended June 26, 2021. Investing activities primarily consisted of capital investments made mostly in the Company’s breweries to drive efficiencies and cost reductions and support product innovation and future growth.

Cash provided by financing activities was $0.3 million during the twenty-six weeks ended June 25, 2022, as compared to $8.4 million used during the twenty-six weeks ended June 26, 2021. The $8.6 million increase in cash provided by financing activities in 2022 from 2021 is primarily due to lower tax withholdings on stock-based payment awards and investment shares, partially offset by lower proceeds from exercises of stock options and sales of investment shares.

During the twenty-six weeks ended June 25, 2022 and the period from June 26, 2022 through July 16, 2022, the Company did not repurchase any shares of its Class A Common Stock. As of July 16, 2022, the Company had repurchased a cumulative total of approximately 13.8 million shares of its Class A Common Stock for an aggregate purchase price of $840.7 million and had approximately $90.3 million remaining on the $931.0 million stock repurchase expenditure limit set by the Board of Directors.

The Company expects that its cash balance as of June 25, 2022 of $137.8 million, along with future operating cash flow and the unused balance of the Company’s line of credit of $150.0 million, will be sufficient to fund future cash requirements. The Company’s $150.0 million credit facility has a term not scheduled to expire until March 31, 2023. The Company is currently in negotiations on an extension of the term on the credit facility and expects an agreement to be reached during the second half of 2022. As of the date of this filing, the Company was not in violation of any of its covenants to the lender under the credit facility.

### Critical Accounting Policies

There were no material changes to the Company’s critical accounting policies during the twenty-six ended June 25, 2022.

### FORWARD-LOOKING STATEMENTS

In this Quarterly Report on Form 10-Q and in other documents incorporated herein, as well as in oral statements made by the Company, statements that are prefaced with the words “may,” “will,” “expect,” “anticipate,” “continue,” “estimate,” “project,” “intend,” “designed” and similar expressions, are intended to identify forward-looking statements regarding events, conditions, and financial trends that may affect the Company’s future plans of operations, business strategy, results of operations and financial position. These statements are based on the Company’s current expectations and estimates as to prospective events and circumstances about which the Company can give no firm assurance. Further, any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to update any forward-looking statement to reflect subsequent events or circumstances. Forward-looking statements should not be relied upon as a prediction of actual future financial condition or results. These forward-looking statements, like any forward-looking statements, involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. Such risks and uncertainties include the factors set forth below in addition to the other information set forth in this Quarterly Report on Form 10-Q and in the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 25, 2021.

## Market risk

As filed, 295 characters.

Since December 25, 2021, there have been no significant changes in the Company’s exposures to interest rate or foreign currency rate fluctuations. The Company currently does not enter into derivatives or other market risk sensitive instruments for the purpose of hedging or for trading purposes.

## Controls and procedures

As filed, 1,635 characters.

As of June 25, 2022, the Company conducted an evaluation under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer (its principal executive officer and principal financial officer, respectively) regarding the effectiveness of the design and operation of the Company’s disclosure controls and procedures as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 (the “Exchange Act”). Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) were effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the requisite time periods and that such disclosure controls and procedures were effective to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to its management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

There were no changes in the Company’s internal control over financial reporting that occurred during the twenty-six weeks ended June 25, 2022 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

## Risk factors

As filed, 653 characters.

In addition to the other information set forth in this report, careful consideration should be given to the factors discussed in Part I, "Item 1A. Risk Factors" in the Company’s Annual Report on Form 10-K for the year ended December 25, 2021, which could materially affect the Company’s business, financial condition or future results. The risks described in the Company’s Annual Report on Form 10-K are not the only risks facing the Company. Additional risks and uncertainties not currently known to the Company or that it currently deems to be immaterial also may materially adversely affect its business, financial condition and/or operating results.

Filed Jul 21, 2022.
Source: SEC EDGAR, the filing index for accession 0000950170-22-012879. Last ingested by Listed: Nov 2, 2026, 08:49 ET. No prices; not investment advice.