Financial Data and Key Metrics Changes - The company reported a net income of $53.3 million or $4.31 per diluted share for Q2 2022, down from $59.2 million or $4.75 per diluted share in Q2 2021, primarily due to lower gross margins despite increased revenue and lower operating expenses [37] - Q2 2022 gross margin was 43.1%, a decrease from 45.7% in Q2 2021, attributed to higher material costs and increased returns on scrap [41] - Depletions and shipments for the first 29 weeks of 2022 declined by 7% and 11% respectively compared to the same period in 2021 [42] Business Line Data and Key Metrics Changes - Depletions for Truly Hard Seltzer declined by 17% in Q2 2022, while Twisted Tea and Hard Mountain Dew showed growth, with Twisted Tea expanding its position as the number one FMB [19][25] - Excluding Truly, depletion volumes for the rest of the business increased by 14% in Q2 2022 [15] - Samuel Adams brand depletions were down low single digits, while Angry Orchard maintained a 48% share in the hard cider segment [31][32] Market Data and Key Metrics Changes - The hard seltzer segment saw a 13% decline in dollar sales in Q2 2022, with a shift in consumer preference back to premium light beers, particularly among the 35 to 44 age group [19][20] - The hard seltzer category's growth forecast was adjusted down from flat to +10% to a decline of 15% to 20% for 2022 [22] - Hard seltzers accounted for 10% of total beer dollars in Q2 2022, down from 11.4% in Q2 2021 [21] Company Strategy and Development Direction - The company aims to become the number one player in the fast-growing Beyond Beer segment, focusing on Twisted Tea, Truly, and Hard Mountain Dew for growth [16][11] - A reformulation of Truly's core flavors is underway, with the addition of real fruit juice to enhance taste [24] - The company plans to maintain momentum for Twisted Tea and Hard Mountain Dew while improving Truly's performance through innovation and marketing [18][30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by declining consumer demand and supply chain issues, leading to a reduction in volume and earnings guidance for the remainder of 2022 [10] - The company remains optimistic about the long-term outlook for its diversified beverage portfolio despite current challenges [34] - Management emphasized the need to reengage consumers with hard seltzer and simplify choices in a crowded market [66] Other Important Information - The company generated over $100 million in operating cash flow during Q2 2022 [10] - The 2022 fiscal year includes 53 weeks, which is expected to positively impact growth rates [45] - The company plans to invest between $110 million and $140 million in capital expenditures, primarily for brewery improvements [47][48] Q&A Session Summary Question: How has Truly been trending around the 4th of July? - Management noted that while there was good execution during the 4th of July weekend, it is too early to determine if this indicates a trend [51][53] Question: How to address margin issues related to Truly? - Management explained that margins have been impacted by lower volumes and higher product returns, but improvements are expected as internal production capacity increases [56][58] Question: What are the assumptions behind updated shipment guidance? - The updated guidance reflects a more conservative outlook based on current trends, with expectations of continued declines in Truly and stable performance from Twisted Tea [80][84] Question: What is the expected contribution of Hard Mountain Dew to shipments? - Hard Mountain Dew's contribution is anticipated to be more significant in the latter half of the year as the brand continues to roll out [86] Question: What is the outlook for Truly's shipment volume? - Management confirmed that Truly's shipment volume is expected to decline more than 20% for the full year, aligning with the overall category decline [88][89]

The Boston Beer Company, Inc. (NYSE:SAM) Q1 2022 Earnings Conference Call April 21, 2022 5:00 PM ET Company Participants Mike Andrews – Associate General Counsel and Corporate Secretary Jim Koch – Founder and Chairman Dave Burwick – Chief Executive Officer Frank Smalla – Chief Financial Officer Conference Call Participants Nadine Sarwat – Bernstein Kevin Grundy – Jefferies Vivien Azer – Cowen Kaumil Gajrawala – Credit Suisse Rob Ottenstein – Evercore Steve Powers – Deutsche Bank Eric Serotta – Morgan Stanle ...

Part I [Business](index=3&type=section&id=Item%201.%20Business) The Boston Beer Company sells alcoholic beverages, including hard seltzer, malt beverages, and hard cider, primarily in the U.S., operating through company-owned breweries and contract arrangements, focusing on 'High End' and 'Beyond Beer' categories with key brands like Truly Hard Seltzer and Samuel Adams - The company operates under multiple trade names, including The Boston Beer Company®, Twisted Tea Brewing Company®, and Truly Hard Seltzer Beverage Company, producing beverages at four primary company-owned breweries and under contract arrangements - The company's business goal is to lead the 'High End' and 'Beyond Beer' categories by offering high-quality, innovative alcohol beverages, supported by a large sales organization and world-class brewers - In 2021, the company entered into licensing agreements with PepsiCo, Jim Beam, and Patagonia to develop, market, and sell new alcoholic beverages, though these are expected to be less than **4%** of net revenue in 2022 - The slowdown in the hard seltzer category growth from **158% growth** in 2020 to **13%** in 2021 significantly impacted the company's business, leading to inventory write-offs and reduced distributor orders in the second half of 2021 [Industry Background](index=3&type=section&id=Industry%20Background) - The 'High End' beer category, which includes hard seltzer, craft beers, and imports, grew approximately **2%** in 2021, significantly outpacing the total beer category's **5% decline**. The company holds an **11% market share** in this category[18](index=18&type=chunk) - The 'Beyond Beer' category (hard seltzer, FMBs, cider, etc.) grew approximately **14%** in 2021 and now represents over **19%** of the combined U.S. beer and Beyond Beer market. The company has a **26% market share** in this category[21](index=21&type=chunk) - The spirits Ready-to-Drink (RTD) market is an emerging category that the company entered in 2021. It is estimated to have grown **118%** during 2021[22](index=22&type=chunk) [Product Portfolio](index=5&type=section&id=Product%20Portfolio) - Truly Hard Seltzer is a leading brand in the hard seltzer category, which grew **13%** in 2021 after a **158% growth** in 2020. The slowdown significantly impacted the company's 2021 business[32](index=32&type=chunk) - Twisted Tea became the largest selling flavored malt beverage (FMB) brand in 2021. The FMB category grew approximately **3%** in 2021[25](index=25&type=chunk)[34](index=34&type=chunk) - The craft beer category, where Samuel Adams and Dogfish Head compete, declined by approximately **6%** in 2021[36](index=36&type=chunk) - Angry Orchard is the largest selling hard cider in the U.S., but the hard cider category declined by **8%** in 2021[25](index=25&type=chunk)[42](index=42&type=chunk) [Production Strategy](index=9&type=section&id=Production%20Strategy) - The company's production at its own breweries decreased from **65%** of volume in 2020 to **56%** in 2021. Capital investments in 2021 were approximately **$147.9 million**, with **$140-$190 million** planned for 2022[71](index=71&type=chunk) - Due to lower than anticipated demand for Truly, the company terminated some third-party production contracts, incurring **$19.6 million** in termination costs and writing off **$9.5 million** in prepayments[75](index=75&type=chunk) Expected Shortfall Fees at Third-Party Facilities | Year | Expected Shortfall Fees (in millions) | | :--- | :--- | | 2022 | $6 | | 2023 | $15 | | 2024 | $11 | | 2025 | $6 | | 2026 | $0 | | Thereafter | $0 | | **Total** | **$38** | [Human Capital Resources](index=13&type=section&id=Human%20Capital%20Resources) - As of December 25, 2021, the company had **2,543** employees, with **132** represented by unions[101](index=101&type=chunk) - The company has implemented numerous Diversity, Equity, and Inclusion (DEI) initiatives since 2019, including creating a full-time DEI Leader position, establishing Coworker Resource Groups, and undergoing a pay equity analysis[108](index=108&type=chunk)[114](index=114&type=chunk) - The 'Samuel Adams Brewing the American Dream' program, in partnership with Accion Opportunity Fund, has loaned over **$74 million** to nearly **3,500** small business owners since 2008, helping to create or maintain over **9,000** jobs[111](index=111&type=chunk) [Risk Factors](index=16&type=section&id=Item%201A.%20Risk%20Factors) The company identifies several material risks, with the COVID-19 pandemic continuing to pose threats to operations, supply chains, and demand, alongside industry competition, shifts in consumer tastes, and business-specific challenges like managing product portfolio expansion and dependence on key suppliers - The 2021 slowdown in hard seltzer market growth from **158%** in 2020 to **13%** greatly impacted the company's production and shipments, leading to **$102.9 million** in direct supply chain costs, including inventory destruction and contract termination fees[135](index=135&type=chunk) - The company faces increasing competition from large non-alcoholic beverage companies like Pepsi, Coca-Cola, and Monster entering the alcohol market through licensing agreements or acquisitions[126](index=126&type=chunk) - The company is dependent on its network of over **400** independent distributors, and changes in control or ownership within this network could lead to less support for its products[131](index=131&type=chunk)[132](index=132&type=chunk) - The company's reliance on its own breweries (**56%** of 2021 volume) exposes it to capacity constraints, while its use of third-party brewers (like City Brewing, which produced **32%** of 2021 volume) creates logistical costs and potential service-level risks[146](index=146&type=chunk)[147](index=147&type=chunk) - The holder of **100%** of the Class B Common Stock, C. James Koch, is able to exercise substantial influence over all matters requiring stockholder approval, which could delay or prevent a change in control[172](index=172&type=chunk) [Properties](index=26&type=section&id=Item%202.%20Properties) The company owns several major properties, including approximately **76** acres for its Pennsylvania Brewery, **57** acres for its Milton Brewery, and **10** acres for its Cincinnati Brewery, also leasing its principal corporate offices in Boston and various tap room and brewery spaces - The company owns its three largest production breweries, located in Breinigsville, PA (approx. **1 million** sq. ft.), Milton, DE (approx. **240,000** sq. ft.), and Cincinnati, OH (approx. **128,500** sq. ft.)[178](index=178&type=chunk)[179](index=179&type=chunk)[180](index=180&type=chunk) - The company leases its principal corporate offices in Boston, MA, with a term expiring in 2031, as well as numerous tap rooms and smaller breweries in key urban markets[178](index=178&type=chunk)[182](index=182&type=chunk)[184](index=184&type=chunk)[185](index=185&type=chunk) [Legal Proceedings](index=27&type=section&id=Item%203.%20Legal%20Proceedings) The company is facing two notable legal proceedings: a consolidated securities class action lawsuit alleging misleading statements about business prospects, and a proposed class action lawsuit for false advertising regarding Truly product ingredients, both of which the company intends to vigorously defend against - A consolidated securities class action lawsuit was filed against the company and three officers, alleging misleading statements about business operations and prospects between April 22, 2021, and September 8, 2021[191](index=191&type=chunk) - A proposed class action lawsuit filed in August 2021 alleges false advertising and other claims, stating that Truly products were misleadingly labeled regarding their ingredients[192](index=192&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=28&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's Class A Common Stock trades on the NYSE under SAM, experiencing significant volatility with a **168%** return in 2020 followed by a **48%** decline in 2021, while Class B shares, held by Chairman C. James Koch, retain full voting rights, and the company has a **$931.0 million** stock repurchase program with **$90.3 million** remaining Annual Stock Return Percentage | Company/Index | 2020 | 2021 | % Change | | :--- | :--- | :--- | :--- | | The Boston Beer Company, Inc. | 167.97% | (48.29)% | | S&P 500 Index | 16.40% | 29.44% | | S&P 500 Beverages Index | 6.56% | 14.51% | - The company has a dual-class stock structure. Class A shares have no voting rights, while Class B shares, held entirely by Chairman C. James Koch, have full voting rights[198](index=198&type=chunk)[199](index=199&type=chunk)[200](index=200&type=chunk) - As of December 25, 2021, the company has approximately **$90.3 million** remaining under its **$931.0 million** stock repurchase authorization. No shares were repurchased under the program in 2021[202](index=202&type=chunk)[203](index=203&type=chunk)[235](index=235&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The company's 2021 financial performance was heavily impacted by the hard seltzer market slowdown, with net revenue growing **18.5%** to **$2.06 billion** but operating income plummeting **96.7%** to **$8.0 million** due to **$102.9 million** in direct costs and **$93.5 million** in indirect costs, resulting in a gross margin decline from **46.9%** to **38.8%**, though liquidity remains solid - The slowdown in the hard seltzer market resulted in **$102.9 million** of direct costs, including **$59.5 million** for inventory obsolescence, **$30.7 million** in contract termination fees, and **$12.7 million** in asset impairments[208](index=208&type=chunk)[209](index=209&type=chunk)[210](index=210&type=chunk)[211](index=211&type=chunk) - Depletions (distributor sales to retailers) increased by approximately **22%** in 2021, driven by Truly Hard Seltzer, Twisted Tea, Samuel Adams, and Dogfish Head brands[217](index=217&type=chunk) Fiscal Year 2021 vs. 2020 Financial Results (in thousands) | Metric | 2021 | 2020 | % Change | | :--- | :--- | :--- | :--- | | Net Revenue | $2,057,622 | $1,736,432 | 18.5% | | Gross Profit | $797,792 | $814,452 | (2.0)% | | Operating Income | $7,997 | $244,207 | (96.7)% | | Net Income | $14,553 | $191,960 | (92.4)% | [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) - Cash and cash equivalents decreased from **$163.3 million** at year-end 2020 to **$66.3 million** at year-end 2021[231](index=231&type=chunk) - Cash provided by operating activities fell sharply to **$56.3 million** in 2021 from **$253.4 million** in 2020, mainly due to lower net income and an increase in income tax receivables[233](index=233&type=chunk) - The company has a **$150.0 million** revolving credit facility expiring in March 2023. As of the filing date, **$20.0 million** had been drawn under the facility[236](index=236&type=chunk) [Critical Accounting Policies](index=34&type=section&id=Critical%20Accounting%20Policies) - Provision for excess or expired inventory was a significant estimate, increasing to **$62.6 million** in 2021 from **$11.3 million** in 2020, driven by the hard seltzer slowdown[240](index=240&type=chunk) - The company performs annual impairment testing for its goodwill and indefinite-lived intangible assets, such as the Dogfish Head trademark. The 2021 test indicated no impairment, but the fair value of the Dogfish Head trademark was only **120.7%** of its carrying value, indicating sensitivity to changes in revenue growth or discount rates[244](index=244&type=chunk)[246](index=246&type=chunk) - Revenue recognition involves key estimates for stale beer returns. The stale beer reserve increased to **$6.0 million** at year-end 2021 from **$3.1 million** in 2020[250](index=250&type=chunk) [Financial Statements and Supplementary Data](index=38&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section includes Deloitte & Touche LLP's unqualified opinion on the financial statements and internal controls, highlighting the valuation of the Dogfish Head brand name intangible asset and the reserve for excess or expired inventory as critical audit matters, and provides consolidated financial statements and detailed notes - The independent auditor, Deloitte & Touche LLP, issued an unqualified opinion on the financial statements and the company's internal control over financial reporting[268](index=268&type=chunk)[269](index=269&type=chunk) - Critical Audit Matters identified were the valuation of the Dogfish Head brand name intangible asset and the reserve for excess or expired inventory, due to the significant judgments and assumptions required by management[273](index=273&type=chunk)[275](index=275&type=chunk) [Notes to Consolidated Financial Statements](index=46&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) - Note C details the financial impact of the hard seltzer market slowdown, including **$59.5 million** in inventory-related costs, **$14.8 million** in contract termination costs, a **$9.5 million** write-off of production prepayments, and a **$12.7 million** impairment of capital projects[340](index=340&type=chunk)[342](index=342&type=chunk)[343](index=343&type=chunk) - Note E shows that inventory obsolescence reserves increased significantly to **$43.1 million** as of Dec 25, 2021, from **$6.3 million** as of Dec 26, 2020, primarily due to excess hard seltzer inventory[346](index=346&type=chunk) - Note J discloses that at current projections, the company anticipates incurring approximately **$38 million** in shortfall fees under its third-party production contracts between 2022 and 2025[360](index=360&type=chunk) - Note U outlines new perpetual licensing agreements with Jim Beam (for Sauza FMBs and Truly spirits) and PepsiCo (for Hard MTN DEW), both expected to launch in early 2022[427](index=427&type=chunk)[428](index=428&type=chunk)[429](index=429&type=chunk) [Controls and Procedures](index=70&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures and internal control over financial reporting were effective as of December 25, 2021, an assessment affirmed by Deloitte & Touche LLP's unqualified opinion - Management concluded that the company's disclosure controls and procedures were effective as of the end of the fiscal year 2021[434](index=434&type=chunk) - Based on the COSO 2013 framework, management assessed the company's internal control over financial reporting as effective as of December 25, 2021[436](index=436&type=chunk) Part III [Directors, Executive Compensation, Security Ownership, and Accountant Fees](index=72&type=section&id=Items%2010-14) Information for Items 10 through 14, covering Directors, Executive Officers, Corporate Governance, Executive Compensation, Security Ownership, Related Transactions, and Principal Accounting Fees, is incorporated by reference from the company's definitive Proxy Statement for its 2022 Annual Meeting - Information regarding directors, executive compensation, security ownership, related party transactions, and principal accounting fees is incorporated by reference from the registrant's definitive Proxy Statement for the 2022 Annual Meeting[450](index=450&type=chunk)[451](index=451&type=chunk)[452](index=452&type=chunk)[454](index=454&type=chunk)[455](index=455&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=73&type=section&id=Item%2015.%20Exhibits,%20Financial%20Statement%20Schedules) This section lists the financial statements, schedules, and exhibits filed as part of the Form 10-K report, including consolidated financial statements, notes, various agreements, equity plans, executive contracts, and required CEO and CFO certifications - This section provides a comprehensive list of all financial statements, schedules, and exhibits filed with the Form 10-K, including key agreements and required certifications[456](index=456&type=chunk)[458](index=458&type=chunk)

The Boston Beer Company, Inc. (NYSE:SAM) Q4 2021 Earnings Conference Call February 16, 2022 5:00 PM ET Company Participants Mike Andrews – Associate General Counsel and Corporate Secretary Jim Koch – Founder and Chairman Dave Burwick – Chief Executive Officer Frank Smalla – Chief Financial Officer Conference Call Participants Filippo Falorni – RBC Capital Markets Eric Serotta – Evercore Kaumil Gajrawala – Credit Suisse Laurent Grandet – Guggenheim Nadine Sarwat – Bernstein Bonnie Herzog – Goldman Sachs Kevi ...

The Boston Beer Company, Inc. (NYSE:SAM) Q3 2021 Earnings Conference Call October 21, 2021 5:00 PM ET Company Participants Mike Andrews - Associate General Counsel & Corporate Secretary Jim Koch - Founder & Chairman Dave Burwick - Chief Executive Officer Frank Smalla - Chief Financial Officer Conference Call Participants Nik Modi - RBC Capital Markets Eric Serotta - Evercore Laurent Grandet - Guggenheim Nadine Sarwat - Bernstein Bonnie Herzog - Goldman Sachs Kaumil Gajrawala - Credit Suisse Sean King - UBS ...

The Boston Beer Company, Inc. (NYSE:SAM) Q2 2021 Earnings Conference Call July 22, 2021 5:00 PM ET Company Participants Jim Koch - Founder and Chairman Dave Burwick - CEO Frank Smalla - CFO Conference Call Participants Bonnie Herzog - Goldman Sachs Vivien Azer - Cowen Eric Serotta - Evercore Laurent Grandet - Guggenheim Filippo Falorni - Morgan Stanley Kevin Grundy - Jefferies Nadine Sarwat - Bernstein Operator Greetings, and welcome to The Boston Beer Company Second Quarter 2021 Earnings Conference Call. A ...

Financial Data and Key Metrics Changes - The company reported a net income of $65.6 million or $5.26 per diluted share, an increase of $3.77 per diluted share from the first quarter of last year [25] - Shipment volumes were approximately 2.3 million barrels, a 60.1% increase from the first quarter of 2020 [26] - The gross margin for the first quarter of 2021 was 45.8%, up from 44.8% in the same period last year [28] - The company adjusted its earnings per diluted share target for 2021 to between $22 and $26, up from the previous range of $20 to $24 [31] - The company is targeting increases in shipments and depletions of between 40% and 50% for 2021, an increase from the previously communicated range of 35% to 45% [32] Business Line Data and Key Metrics Changes - Depletions increased by 48% in the first quarter, driven by growth in the Truly Hard Seltzer and Twisted Tea brands, partially offset by declines in Sam Adams, Angry Orchard, and Dogfish Head brands [5][14] - The Truly brand outgrew the hard seltzer category by nearly 2x, resulting in a market share increase of 6.5 percentage points, reaching over 28% [15] - Twisted Tea's case growth was almost 3x higher than its closest competitor, positioning it to potentially become the number one flavored malt beverage by year-end [17] Market Data and Key Metrics Changes - The Truly Iced Tea Hard Seltzer achieved a 4.3 percentage point market share in measured off-premise channels, leading among new entrants in the beer category [15] - The company expects the launch of Truly Punch Hard Seltzer to continue the positive momentum in the hard seltzer category [16] - The company reported that year-to-date depletions increased approximately 49% from the comparable weeks in 2020 [23] Company Strategy and Development Direction - The company is focused on innovation and brand support to ensure long-term sustainable growth, particularly in the hard seltzer category [7][9] - A comprehensive program to transform the supply chain is underway, aiming for increased efficiency and flexibility over the next 2 to 3 years [20][21] - The company plans to invest heavily in the Truly brand and its new product launches to maintain its competitive edge [16][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of the on-premise business as COVID-19 restrictions are lifted [7] - The company anticipates continued growth in its brand portfolio and is prepared to protect short-term earnings while investing for long-term growth [23] - Management noted that the hard seltzer category is expected to grow significantly, with a revised growth outlook of 60% to 90% [40] Other Important Information - The company plans to increase advertising, promotional, and selling expenses for the full year 2021 to between $130 million and $150 million [33] - Capital expenditures are estimated to be between $250 million and $350 million, a decrease from the previous range of $300 million to $400 million [35] - The effective tax rate for the full year 2021 is estimated to be approximately 26.5% [34] Q&A Session Summary Question: Update on full year growth for the hard seltzer category - Management revised the growth outlook for the hard seltzer category to 60% to 90%, citing increased household penetration and shelf space [40][41] Question: Impact of bars and restaurants reopening on hard seltzer - Management is optimistic about the demand for hard seltzers in on-premise settings, noting active efforts to drive distribution [47][50] Question: Visibility on market share amidst competition - Management believes they can outgrow the category growth rate, supported by strong performance from Truly and upcoming product launches [59][62] Question: Pricing environment and competition - The company raised its pricing guidance, indicating confidence in maintaining pricing power across its portfolio [67] Question: Future innovation pipeline - Management is confident in their innovation capabilities and has many ideas lined up for future product launches [68][70] Question: Growth drivers for Twisted Tea - Twisted Tea has seen significant growth due to increased penetration and distribution, particularly in urban areas [104][106]

The Boston Beer Company, Inc. (NYSE:SAM) Q4 2020 Results Earnings Conference Call February 17, 2021 5:00 PM ET Company Participants Jim Koch - Founder and Chairman Dave Burwick - Chief Executive Officer Frank Smalla - Chief Financial Officer Conference Call Participants Bonnie Herzog - Goldman Sachs Vivien Azer - Cowen Eric Serotta - Evercore Kevin Grundy - Jefferies Wendy Nicholson - Citigroup Laurent Grandet - Guggenheim Nik Modi - RBC Steve Powers - Deutsche Bank Operator Greetings. And welcome to The Bo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 26, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-14092 THE BOSTON BEER COMPANY, INC. (Exact name of registrant as specified in its charter) Massachusetts 04-3284048 (State or other ...

The Boston Beer Company, Inc. (NYSE:SAM) Q3 2020 Earnings Conference Call October 22, 2020 5:00 PM ET Company Participants | --- | --- | |------------------------------------------|-------| | | | | | | | Jim Koch - Founder and Chairman | | | Dave Burwick - Chief Executive Officer | | | Frank Smalla - Chief Financial Officer | | | Conference Call Participants | | | Vivien Azer - Cowen | | | Bonnie Herzog - Goldman Sachs | | | Eric Serotta - Evercore | | | Kevin Grundy - Jefferies | | | Stephen Powers - Deuts ...