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 ...

Financial Data and Key Metrics Changes - The company reported a net loss of $58.4 million for Q3 2021, a decrease of $139.2 million from Q3 2020, with a loss per diluted share of $4.76, down $11.27 per diluted share from the previous year [32] - Depletions increased by 11% year-over-year, reflecting growth in Twisted Tea, Truly Hard Seltzer, Samuel Adams, and Dogfish Head brands, while Angry Orchard saw a decrease [33] - Gross margin for Q3 2021 was 30.7%, down from 48.8% in Q3 2020, primarily due to $84.9 million in costs related to the slowdown in hard seltzer growth and higher material costs [36] Business Line Data and Key Metrics Changes - Truly achieved the second highest household penetration in the beer category, generating 54% of all hard seltzer category growth in 2021 [14] - Twisted Tea grew by 22% in the last 13 weeks in measured off-premise channels, making it the second fastest-growing brand among the top 25 in beer [23] - The company plans to introduce new products, including Truly Margarita Style and Twisted Tea Light, to drive future growth [24][25] Market Data and Key Metrics Changes - Hard seltzers accounted for 11% of total beer dollars year-to-date, up from 9% in the same period in 2020 [12] - The company believes hard seltzers can reach 15% to 20% of total beer dollars in the next five years despite current slowing growth [12] - The company has gained 23 share points against the category leader since January 2020 [15] Company Strategy and Development Direction - The company aims to continue double-digit depletions growth by leveraging a balanced portfolio of healthy brands, especially as consumers increasingly drink Beyond Beer products [22] - The company is focused on innovation and brand building, with plans to launch new brands and products in 2022 [25] - The company has a long-term view of the business, emphasizing the importance of maintaining market share in a competitive environment [49] Management's Comments on Operating Environment and Future Outlook - Management acknowledged unexpected costs due to the slowdown in hard seltzer growth, which impacted Q3 financials [9][19] - The company expects Truly to finish the year with volume growth between 20% and 25% despite the overall category slowdown [17] - Management remains optimistic about the future, citing strong brand equity and consumer interest in hard seltzers [72] Other Important Information - The company incurred a $102.4 million charge in Q3 related to the hard seltzer slowdown, including inventory obsolescence and contract termination costs [29] - Full-year 2021 depletions growth is now estimated to be between 18% and 22%, with gross margins expected to be between 40% and 42% [39] - The company has sufficient cash reserves and credit lines to fund future cash requirements [43] Q&A Session Summary Question: Context on 2022 preliminary guidance - Management expects all five major brands to grow in 2022, with innovation playing a significant role in driving growth [53] Question: Truly's marketing effectiveness - Social media engagement for Truly is positive, with 91% of comments being favorable, indicating strong consumer sentiment [55] Question: 2022 growth scenarios for Truly - Management expects Truly to outgrow the category, with growth rates north of zero if the category is flat [60] Question: Confidence in hard seltzer category growth - Management cited consumer data indicating ongoing interest in hard seltzers, with household penetration and buy rates increasing [72] Question: Potential additional expenses due to volume forecasts - Management indicated that while there are risks related to shortfall fees, they have sufficient capacity to meet demand [82] Question: Incremental spend strategy for 2022 - Management plans to reduce incremental spend in 2022 but remains committed to investing in brands that show positive consumer response [91] Question: Pricing power amid category deceleration - Management believes brand strength will support pricing power despite potential category shakeouts [100]

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 ...

The Boston Beer Company, Inc. (SAM) Q2 2020 Earnings Conference Call July 23, 2020 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 Kevin Grundy - Jefferies Eric Serotta - Evercore Nik Modi - RBC Capital Markets Laurent Grandet - Guggenheim Wendy Nicholson - Citigroup Steven Powers - Deutsche Bank Operator Greetings, and welcome to the Boston Beer Company Second Quarter 2020 Ea ...

The Boston Beer Company, Inc. (NYSE:SAM) Q1 2020 Results Conference Call April 22, 2020 5:00 PM ET Company Participants Jim Koch - Founder and Chairman David Burwick - CEO Frank Smalla - CFO Conference Call Participants Bonnie Herzog - Goldman Sachs Vivien Azer - Cowen & Company Kevin Grundy - Jefferies Steve Powers - Deutsche Bank Nik Modi - RBC Capital Markets Laurent Grandet - Guggenheim Partners Kaumil Gajrawala - Crédit Suisse Sean King - UBS Eric Serotta - Evercore Operator Greetings, and welcome to t ...

The Boston Beer Company, Inc. (NYSE:SAM) Q4 2019 Earnings Conference Call February 19, 2020 5:00 PM ET Company Participants Jim Koch - Founder and Chairman Dave Burwick - CEO Frank Smalla - CFO Conference Call Participants Vivien Azer - Cowen Kevin Grundy - Jefferies Steve Powers - Deutsche Bank Sean King - UBS Laurent Grandet - Guggenheim Operator Greetings and welcome to the Boston Beer Company Fourth Quarter 2019 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answ ...