Boston Beer Co Inc: Form 10-Q for the period ended Jun 26, 2021
Filed with the SEC on Jul 22, 2021 and accepted by EDGAR at Jul 22, 2021, 16:33 ET.
Management's discussion and analysis
As filed, 22,489 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
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 26, 2021, as compared to the thirteen and twenty-six week period ended June 27, 2020. This discussion should be read in conjunction with the Management’s Discussion and Analysis of Financial Condition and Results of Operations, and the Condensed 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 26, 2020.
RESULTS OF OPERATIONS
Thirteen Weeks Ended June 26, 2021 compared to Thirteen Weeks Ended June 27, 2020
| Thirteen Weeks Ended (in thousands, except per barrel) June 26, 2021 | June 27, 2020 | Amount change | % change | Per barrel change | |
|---|---|---|---|---|---|
| Barrels sold | 2,447 | 1,921 | 526 | 27.4% | |
| Per barrel % of net revenue | Per barrel % of net revenue | ||||
| Net revenue | $602,805 $246.35 100.0% | $452,138 $235.34 100.0% | $150,667 | 33.3% | $11.01 |
| Cost of goods | 327,116 133.68 54.3% | 242,514 126.23 53.6% | 84,602 | 34.9% | 7.45 |
| Gross profit | 275,689 112.67 45.7% | 209,624 109.11 46.4% | 66,065 | 31.5% | 3.56 |
| Advertising, promotional and selling expenses | 161,620 66.05 26.8% | 100,336 52.23 22.2% | 61,284 | 61.1% | 13.82 |
| General and administrative expenses | 32,960 13.47 5.5% | 29,685 15.45 6.6% | 3,275 | 11.0% | (1.98) |
| Impairment of assets | 1,004 0.41 0.2% | 834 0.43 0.2% | 170 | 20.4% | (0.02) |
| Total operating expenses | 195,584 79.93 32.4% | 130,855 68.11 28.9% | 64,729 | 49.5% | 11.82 |
| Operating income | 80,105 32.74 13.3% | 78,769 41.00 17.4% | 1,336 | 1.7% | (8.26) |
| Other (expense) income, net | (21) (0.01) (0.0)% | (264) (0.14) (0.1)% | 243 | (92.0)% | 0.13 |
| Income before income tax expense | 80,084 32.73 13.3% | 78,505 40.86 17.4% | 1,579 | 2.0% | (8.13) |
| Income tax expense | 20,889 8.54 3.5% | 18,364 9.56 4.1% | 2,525 | 13.7% | (1.02) |
| Net income | $59,195 $24.19 9.8% | $60,141 $31.30 13.3% | $(946) | (1.6)% | $(7.11) |
Net revenue. Net revenue increased by $150.7 million, or 33.3%, to $602.8 million for the thirteen weeks ended June 26, 2021, as compared to $452.1 million for the thirteen weeks ended June 27, 2020, primarily as a result of an increase in shipments.
Volume. Total shipment volume increased by 27.4% to 2,447,000 barrels for the thirteen weeks ended June 26, 2021, as compared to 1,921,000 barrels for the thirteen weeks ended June 27, 2020, primarily due to increases in shipments of Truly Hard Seltzer, Twisted Tea, Samuel Adams and Dogfish Head brand products that were only partially offset by decreases in the Angry Orchard brand products.
Depletions, or sales by distributors to retailers, of the Company’s products for the thirteen weeks ended June 26, 2021 increased by approximately 24% compared to the thirteen weeks ended June 27, 2020, primarily due to increases in depletions of Truly Hard Seltzer, Twisted Tea, Samuel Adams and Dogfish Head brand products that were only partially offset by decreases in the Angry Orchard brand products.
Shipment volume for the first half was significantly higher than depletions volume and resulted in higher distributor inventory as of June 26, 2021 when compared to June 27, 2020. The Company believes distributor inventory as of June 26, 2021 averaged approximately 5 weeks on hand and was at an appropriate level for each of its brands except for Twisted Tea, which has significantly lower than planned distributor inventory levels for certain styles and packages. The Company expects wholesaler inventory levels in terms of weeks on hand to be between 3 and 7 weeks for the remainder of the year.
Net revenue per barrel. Net revenue per barrel increased by 4.7% to $246.35 per barrel for the thirteen weeks ended June 26, 2021, as compared to $235.34 per barrel for the comparable period in 2020, primarily due to price increases and product mix.
Cost of goods sold. Cost of goods sold was $133.68 per barrel for the thirteen weeks ended June 26, 2021, as compared to $126.23 per barrel for the thirteen weeks ended June 27, 2020. The 2021 increase in cost of goods sold of $7.45 per barrel was primarily the result of higher processing and other costs due to increased production at third party breweries, partially offset by cost saving initiatives at Company-owned breweries.
Gross profit. Gross profit was $112.67 per barrel for the thirteen weeks ended June 26, 2021, as compared to $109.11 per barrel for the thirteen weeks ended June 27, 2020.
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 increased by $61.3 million, or 61.1%, to $161.6 million for the thirteen weeks ended June 26, 2021, as compared to $100.4 million for the thirteen weeks ended June 27, 2020. The increase was primarily due to increased brand investments of $41.2 million, mainly driven by higher media, production and local marketing costs and increased freight to distributors of $20.1 million that was primarily due to higher rates and volumes.
Advertising, promotional and selling expenses were 26.8% of net revenue, or $66.05 per barrel, for the thirteen weeks ended June 26, 2021, as compared to 22.2% of net revenue, or $52.23 per barrel, for the thirteen weeks ended June 27, 2020. This increase per barrel is primarily due to advertising, promotional and selling expenses growing 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 statements of comprehensive income as reductions to advertising, promotional and selling expenses. Historically, contributions from distributors for advertising and promotional activities have amounted to between 2% 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 $3.3 million, or 11.0%, to $33.0 million for the thirteen weeks ended June 26, 2021, as compared to $29.7 million for the thirteen weeks ended June 27, 2020. The increase was primarily due to increases in external services and salaries and benefits costs.
Impairment of assets. Impairment of long-lived assets increased by $0.2 million from the comparable period of 2020, primarily due to increased write-downs of brewery equipment at Company-owned breweries.
Income tax expense. During the thirteen weeks ended June 26, 2021, the Company recorded a net income tax expense of $20.9 million which consists of $21.3 million income tax expenses partially offset by an $0.4 million tax benefit related to stock option exercises in accordance with ASU 2016-09. The Company’s effective tax rate for the thirteen weeks ended June 26, 2021, excluding the impact of ASU 2016-09, increased to 26.6% from 26.4% for the thirteen weeks ended June 27, 2020, primarily due to an increase in state taxes.
Twenty-Six Weeks Ended June 26, 2021 compared to Twenty-Six Weeks Ended June 27, 2020
| Twenty-Six Weeks Ended (in thousands, except per barrel) June 26, 2021 | June 27, 2020 | Amount change | % change | Per barrel change | |
|---|---|---|---|---|---|
| Barrels sold | 4,725 | 3,345 | 1,380 | 41.3% | |
| Per barrel % of net revenue | Per barrel % of net revenue | ||||
| Net revenue | $1,147,885 $242.96 100.0% | $782,703 $234.02 100.0% | $365,182 | 46.7% | $8.94 |
| Cost of goods | 622,566 131.77 54.2% | 425,106 127.10 53.6% | 197,460 | 46.4% | 4.67 |
| Gross profit | 525,319 111.19 45.8% | 357,597 106.92 46.4% | 167,722 | 46.9% | 4.27 |
| Advertising, promotional and selling expenses | 302,479 64.02 26.4% | 198,227 59.27 22.2% | 104,252 | 52.6% | 4.75 |
| General and administrative expenses | 64,906 13.74 5.7% | 56,714 16.96 6.6% | 8,192 | 14.4% | (3.22) |
| Impairment of assets | 1,231 0.26 0.1% | 2,355 0.70 0.2% | (1,124) | (47.7)% | (0.44) |
| Total operating expenses | 368,616 78.02 32.1% | 257,296 76.93 28.9% | 111,320 | 43.3% | 1.09 |
| Operating income | 156,703 33.17 13.7% | 100,301 29.99 17.4% | 56,402 | 56.2% | 3.18 |
| Other (expense) income, net | (56) (0.01) (0.0)% | (561) (0.17) (0.1)% | 505 | (90.0)% | 0.16 |
| Income before income tax expense | 156,647 33.16 13.6% | 99,740 29.82 17.4% | 56,907 | 57.1% | 3.34 |
| Income tax expense | 31,887 6.75 2.8% | 21,365 6.39 4.1% | 10,522 | 49.2% | 0.36 |
| Net income | $124,760 $26.41 10.9% | $78,375 $23.43 13.3% | $46,385 | 59.2% | $2.98 |
Net revenue. Net revenue increased by $365.2 million, or 46.7%, to $1,148.9 million for the twenty-six weeks ended June 26, 2021, as compared to $782.7 million for the twenty-six weeks ended June 27, 2020, primarily as a result of an increase in shipments.
Volume. Total shipment volume increased by 41.3% to 4,725,000 barrels for the twenty-six weeks ended June 26, 2021, as compared to 3,345,000 barrels for the twenty-six weeks ended June 27, 2020, primarily due to increases in shipments of Truly Hard Seltzer, Twisted Tea, Samuel Adams and Dogfish Head brand products that were only partially offset by decreases in the Angry Orchard brand products.
Depletions, or sales by distributors to retailers, of the Company’s products for the twenty-six weeks ended June 26, 2021 increased by approximately 33% compared to the twenty-six weeks ended June 27, 2020, primarily due to increases in shipments of Truly Hard Seltzer, Twisted Tea, Samuel Adams and Dogfish Head brand products that were only partially offset by decreases in the Angry Orchard brand products.
Net revenue per barrel. Net revenue per barrel increased by 3.8% to $242.96 per barrel for the twenty-six weeks ended June 26, 2021, as compared to $234.02 per barrel for the comparable period in 2020, primarily due to price increases and $5.8 million reduction to net revenue for estimated keg returns from distributors and retailers related to COVID-19 in the twenty-six weeks ended June 27, 2020.
Cost of goods sold. Cost of goods sold was $131.77 per barrel for the twenty-six weeks ended June 26, 2021, as compared to $127.10 per barrel for the twenty-six weeks ended June 27, 2020. The 2021 increase in cost of goods sold of $4.67 per barrel was primarily the result of higher processing costs due to increased production at third-party breweries, partially offset by cost saving initiatives at the Company-owned breweries and $5.6 million of COVID-19 related direct costs recorded in cost of goods sold in the twenty-six weeks ended June 27, 2020.
Gross profit. Gross profit was $111.19 per barrel for the twenty six weeks ended June 26, 2021, as compared to $106.92 per barrel for the twenty-six weeks ended June 27, 2020.
Advertising, promotional and selling. Advertising, promotional and selling expenses increased by $104.3 million, or 52.6%, to $302.5 million for the twenty-six weeks ended June 26, 2021, as compared to $198.2 million for the twenty-six weeks ended June 27, 2020. The increase was primarily due to increased brand investments of $62.2 million, mainly driven by higher media, production and local marketing costs and increased freight to distributors of $42.0 million that was primarily due to higher rates and volumes.
Advertising, promotional and selling expenses were 26.4% of net revenue, or $64.02 per barrel, for the twenty-six weeks ended June 26, 2021, as compared to 22.2% of net revenue, or $59.27 per barrel, for the twenty-six weeks ended June 27, 2020. This increase per barrel is primarily due to advertising, promotional and selling expenses growing 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.
General and administrative. General and administrative expenses increased by $8.2 million, or 14.4%, to $64.9 million for the twenty-six weeks ended June 26, 2021, as compared to $56.7 million for the twenty-six weeks ended June 27, 2020. The increase was primarily due to increases in salaries and benefits and external services.
Impairment of assets. Impairment of long-lived assets decreased $1.1 million from the first half of 2020, primarily due to lower write-downs of brewery equipment at Company-owned breweries.
Income tax expense. During the twenty-six weeks ended June 26, 2021, the Company recorded a net income tax expense of $31.9 million which consists of $40.9 million income tax expenses partially offset by an $9.0 million tax benefit related to stock option exercises in accordance with ASU 2016-09. The Company’s effective tax rate for the twenty-six weeks ended June 26, 2021, excluding the impact of ASU 2016-09, increased to 26.1% from 25.8% for the twenty-six weeks ended June 27, 2020, primarily due to an increase in state taxes.
LIQUIDITY AND CAPITAL RESOURCES
Cash decreased to $103.0 million as of June 26, 2021 from $163.6 million as of December 26, 2020, reflecting purchases of property, plant and equipment, partially offset by cash provided by operating activities.
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.
Cash provided by operating activities for the twenty-six weeks ended June 26, 2021 was $31.0 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. Cash provided by operating activities for the twenty-six weeks ended June 26, 2020 was $104.0 million and primarily consisted of net income of $78.4 million and non-cash items of $58.5 million, partially offset by a net increase in operating assets and liabilities of $32.9 million. The decrease in cash provided by operating activities for the twenty-six weeks ended June 26, 2021 compared to the prior period is primarily due to the increase in Truly brand finished goods inventory. This inventory was produced to support demand during the summer peak period and is expected to be sold during the second half of 2021.
The Company used $83.0 million in investing activities during the twenty-six weeks ended June 26, 2021, as compared to $59.8 million during the twenty-six weeks ended June 27, 2020. 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 used by financing activities was $8.4 million during the twenty-six weeks ended June 26, 2021, as compared to $5.8 million provided by financing activities during the twenty-six weeks ended June 27, 2020. The $14.2 million decrease in cash provided by financing activities in 2021 from 2020 is primarily due to $15.5 million in payments of tax withholding on stock-based payment awards and investment shares.
During the twenty-six weeks ended June 26, 2021 and the period from June 27, 2021 through July 16, 2021, the Company did not repurchase any shares of its Class A Common Stock. As of July 16, 2021, 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 26, 2021 of $103.0 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. 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.
2021 Outlook
Year-to-date depletions through the twenty-eight weeks ended July 10, 2021 are estimated to have increased approximately 32% from the comparable period in 2020.
The Company is currently estimating 2021 depletions and shipments growth of between 25% and 40%, a decrease from the previously communicated range of between 40% and 50%. The Company is targeting national price increases of between 1% and 3. Full-year 2021 gross margins are currently expected to be between 45% and 47%. The Company intends to increase advertising, promotional and selling expenses by between $80 million and $100 million for the full year 2021, a decrease from the previously communicated range of between $130 million and $150 million, not including any changes in freight costs for the shipment of products to Distributors. The Company intends to increase its investment in its brands in 2021, commensurate with the opportunities for growth that it sees, but there is no guarantee that such increased investments will result in increased volumes.
The Company currently projects Non-GAAP earnings per diluted share, which excludes the impact of ASU 2016-09, for 2021 of between $18.00 and $22.00, a decrease from the previously communicate range of between $22.00 and $26.00, but actual results could vary significantly from this target. The Company estimates a full-year 2021 Non-GAAP effective tax rate of approximately 26.0%, which excludes the impact of ASU 2016-09. Non-GAAP earnings per diluted share and Non-GAAP effective tax rate are not defined terms under U.S. generally accepted accounting principles (“GAAP”). These Non-GAAP measures should not be considered in isolation or as a substitute for diluted earnings per share and effective tax rate data prepared in accordance with GAAP, and may not be comparable to calculations of similarly titled measures by other companies. Management believes these Non-GAAP measures provide meaningful and useful information to investors and analysts regarding our outlook and facilitate period to period comparisons of our forecasted financial performance. Non-GAAP earnings per diluted share and Non-GAAP effective tax rate exclude the potential impact of ASU 2016-09, which could be significant and will depend largely upon unpredictable future events outside the Company’s control, including the timing and value realized upon exercise of stock options versus the fair value of those options when granted. Therefore, because of the uncertainty and variability of the impact of ASU 2016-09, the Company is unable to provide, without unreasonable effort, a reconciliation of these Non-GAAP measures on a forward-looking basis.
The Company is continuing to evaluate 2021 capital expenditures. Its current estimates are between $180 million and $230 million, a decrease of the previously communicated range of between $250 million and $350 million, consisting mostly of investments in capacity and supply chain efficiency improvements. The actual total amount spent on 2021 capital expenditures may well be different from these estimates. Based on information currently available, the Company believes that its capacity requirements for 2021 can be covered by its Company-owned breweries and existing contracted capacity at third-party brewers.
THE POTENTIAL IMPACT OF KNOWN FACTS, COMMITMENTS, EVENTS AND UNCERTAINTIES
Off-balance Sheet Arrangements
At June 26, 2021, the Company did not have off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K.
Contractual Obligations
There were no material changes outside of the ordinary course of the Company’s business to contractual obligations during the three-month period ended June 26, 2021.
Critical Accounting Policies
There were no material changes to the Company’s critical accounting policies during the three-month period ended June 26, 2021.
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 26, 2020.
Market risk
As filed, 295 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
Since December 26, 2020, 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, 1,883 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
As of June 26, 2021, 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.
As a result of the COVID-19 pandemic, certain employees of the Company began working remotely in March 2020 but these changes to the working environment did not have a material effect on the Company’s internal control over financial reporting. There was no other change in the Company’s internal control over financial reporting that occurred during the twenty-six weeks ended June 26, 2021 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, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
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 26, 2020, 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.
Figures reported in this filing
Standardized line items from the XBRL in this filing, for the period ended 2021-06-26. Comparative periods it repeats are left out.
| Line item | Period | Value | XBRL concept |
|---|---|---|---|
| Revenue | 3 months2021-03-28 to 2021-06-26 | $602.8m | us-gaap:Revenues |
| Revenue | 6 months2020-12-27 to 2021-06-26 | $1.15bn | us-gaap:Revenues |
| Cost of revenue | 3 months2021-03-28 to 2021-06-26 | $327.1m | us-gaap:CostOfGoodsAndServicesSold |
| Cost of revenue | 6 months2020-12-27 to 2021-06-26 | $622.6m | us-gaap:CostOfGoodsAndServicesSold |
| Gross profit | 3 months2021-03-28 to 2021-06-26 | $275.7m | us-gaap:GrossProfit |
| Gross profit | 6 months2020-12-27 to 2021-06-26 | $525.3m | us-gaap:GrossProfit |
| Operating income | 3 months2021-03-28 to 2021-06-26 | $80.1m | us-gaap:OperatingIncomeLoss |
| Operating income | 6 months2020-12-27 to 2021-06-26 | $156.7m | us-gaap:OperatingIncomeLoss |
| Income tax | 3 months2021-03-28 to 2021-06-26 | $20.9m | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 6 months2020-12-27 to 2021-06-26 | $31.9m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months2021-03-28 to 2021-06-26 | $59.2m | us-gaap:NetIncomeLoss |
| Net income | 6 months2020-12-27 to 2021-06-26 | $124.8m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months2021-03-28 to 2021-06-26 | $4.75 | us-gaap:EarningsPerShareDiluted |
| Diluted EPS | 6 months2020-12-27 to 2021-06-26 | $10.01 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months2021-03-28 to 2021-06-26 | $4.82 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 6 months2020-12-27 to 2021-06-26 | $10.16 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months2021-03-28 to 2021-06-26 | 12,465,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Diluted shares (weighted) | 6 months2020-12-27 to 2021-06-26 | 12,461,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 6 months2020-12-27 to 2021-06-26 | $31.0m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 6 months2020-12-27 to 2021-06-26 | $83.5m | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Cash and equivalents | At period end2021-06-26 | $103.0m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | At period end2021-06-26 | $515.1m | us-gaap:AssetsCurrent |
| Total assets | At period end2021-06-26 | $1.56bn | us-gaap:Assets |
| Current liabilities | At period end2021-06-26 | $317.4m | us-gaap:LiabilitiesCurrent |
| Total liabilities | At period end2021-06-26 | $476.8m | us-gaap:Liabilities |
| Shareholders' equity | At period end2021-06-26 | $1.08bn | us-gaap:StockholdersEquity |
Source: SEC EDGAR, the filing index for accession 0001564590-21-037611. Last ingested by Listed: Nov 2, 2026, 08:49 ET. Listed shows no prices and gives no investment advice.