DENVER, Jan. 04, 2024 (GLOBE NEWSWIRE) -- The Simply Good Foods Company (NASDAQ:SMPL) ("Simply Good Foods," or the "Company"), a developer, marketer and seller of branded nutritional foods and snacking products, today reported financial results for the thirteen weeks ended November 25, 2023. First Quarter Summary:(1) Net sales of $308.7 million versus $300.9 millionNet income of $35.6 million versus $35.9 millionEarnings per diluted share ("EPS") of $0.35 versus $0.36Adjusted Diluted EPS(2) of $0.43 versus ...

[PART I. Financial Information](index=4&type=section&id=PART%20I.%20Financial%20Information) [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements and accompanying notes for the quarter [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) **Consolidated Balance Sheets** | Metric (in thousands) | Nov 25, 2023 | Aug 26, 2023 | Change | % Change | | :-------------------- | :----------- | :----------- | :----- | :------- | | Cash | $121,391 | $87,715 | $33,676 | 38.39% | | Total current assets | $396,539 | $371,652 | $24,887 | 6.69% | | Total assets | $2,115,059 | $2,097,084 | $17,975 | 0.86% | | Total current liabilities | $78,989 | $89,857 | $(10,868)| -12.09% | | Total liabilities | $507,881 | $525,985 | $(18,104)| -3.44% | | Total stockholders' equity | $1,607,178 | $1,571,099 | $36,079 | 2.30% | [Consolidated Statements of Operations and Comprehensive Income](index=5&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) **Consolidated Statements of Operations and Comprehensive Income** | Metric (in thousands) | 13 Weeks Ended Nov 25, 2023 | 13 Weeks Ended Nov 26, 2022 | Change | % Change | | :-------------------- | :-------------------------- | :-------------------------- | :----- | :------- | | Net sales | $308,678 | $300,878 | $7,800 | 2.59% | | Cost of goods sold | $193,560 | $189,886 | $3,674 | 1.93% | | Gross profit | $115,118 | $110,992 | $4,126 | 3.72% | | Income from operations | $51,820 | $52,490 | $(670) | -1.28% | | Net income | $35,561 | $35,860 | $(299) | -0.83% | | Basic EPS | $0.36 | $0.36 | $0.00 | 0.00% | | Diluted EPS | $0.35 | $0.36 | $(0.01) | -2.78% | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) **Consolidated Statements of Cash Flows** | Metric (in thousands) | 13 Weeks Ended Nov 25, 2023 | 13 Weeks Ended Nov 26, 2022 | Change | % Change | | :-------------------- | :-------------------------- | :-------------------------- | :----- | :------- | | Net cash provided by operating activities | $47,523 | $8,718 | $38,805 | 445.12% | | Net cash used in investing activities | $(800) | $(1,238) | $438 | -35.38% | | Net cash used in financing activities | $(13,103) | $(20,761) | $7,658 | -36.88% | | Net increase (decrease) in cash | $33,620 | $(13,281) | $46,901 | -353.14% | | Cash at end of period | $121,391 | $54,144 | $67,247 | 124.21% | [Consolidated Statements of Stockholders' Equity](index=8&type=section&id=Consolidated%20Statements%20of%20Stockholders'%20Equity) - Total stockholders' equity increased to **$1,607,178 thousand** from $1,571,099 thousand, driven by net income of **$35,561 thousand**[19](index=19&type=chunk) - The Company **did not repurchase any common stock** during the thirteen weeks ended November 25, 2023[19](index=19&type=chunk) [Notes to Unaudited Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) [1. Nature of Operations and Principles of Consolidation](index=9&type=section&id=1.%20Nature%20of%20Operations%20and%20Principles%20of%20Consolidation) - The Simply Good Foods Company is a consumer packaged food and beverage company marketing products under the **Quest® and Atkins®** brand names[20](index=20&type=chunk) - Quest® products target consumers seeking high protein, while Atkins® products cater to a low-carb lifestyle[21](index=21&type=chunk) - Products are distributed primarily in North America through major retail channels and e-commerce[21](index=21&type=chunk) [2. Summary of Significant Accounting Policies](index=9&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies) - The Company does not anticipate a material impact from the transition from LIBOR to SOFR[27](index=27&type=chunk)[28](index=28&type=chunk) - The Company is evaluating ASU 2023-07, which updates disclosure requirements for significant segment expenses[29](index=29&type=chunk) [3. Revenue Recognition](index=10&type=section&id=3.%20Revenue%20Recognition) **Net Sales by Brand and Geography** | (In thousands) | 13 Weeks Ended Nov 25, 2023 | 13 Weeks Ended Nov 26, 2022 | | :------------- | :-------------------------- | :-------------------------- | | **North America** | | | | Atkins | $119,498 | $131,745 | | Quest | $181,463 | $161,472 | | Total North America | $300,961 | $293,217 | | International | $7,717 | $7,661 | | **Total net sales** | **$308,678** | **$300,878** | - North America net sales **increased by 2.6%** year-over-year, driven by Quest brand growth which offset softness in Atkins[31](index=31&type=chunk) [4. Goodwill and Intangibles](index=11&type=section&id=4.%20Goodwill%20and%20Intangibles) - Goodwill remained stable at **$543.1 million** as of November 25, 2023, with no impairment charges[32](index=32&type=chunk) **Net Carrying Amount of Intangible Assets** | Intangible Asset (in thousands) | Nov 25, 2023 Net Carrying Amount | Aug 26, 2023 Net Carrying Amount | | :------------------------------ | :------------------------------- | :------------------------------- | | Brands and trademarks | $974,000 | $974,000 | | Customer relationships | $117,797 | $120,697 | | Licensing agreements | $11,023 | $11,502 | | Proprietary recipes and formulas | $619 | $869 | | Software and website development costs | $695 | $972 | | Intangible assets in progress | $184 | $79 | | **Total Intangible assets, net** | **$1,104,318** | **$1,108,119** | - Amortization expense for intangible assets was **$3.9 million** for the quarter, consistent with the prior year[33](index=33&type=chunk) [5. Long-Term Debt and Line of Credit](index=12&type=section&id=5.%20Long-Term%20Debt%20and%20Line%20of%20Credit) - The Company amended its Credit Agreement, reducing the interest rate on Initial Term Loans and extending maturity to March 17, 2027[39](index=39&type=chunk) - As of November 25, 2023, the Term Facility outstanding balance was **$275.0 million** with an effective interest rate of **8.0%**[45](index=45&type=chunk) - The Company was in compliance with all debt covenants as of November 25, 2023[44](index=44&type=chunk) [6. Fair Value of Financial Instruments](index=13&type=section&id=6.%20Fair%20Value%20of%20Financial%20Instruments) - The fair value of the Company's debt approximated its book value, with the Term Loan classified as Level 2 in the fair value hierarchy[47](index=47&type=chunk) [7. Income Taxes](index=13&type=section&id=7.%20Income%20Taxes) **Income Tax Provision** | Metric (in thousands) | 13 Weeks Ended Nov 25, 2023 | 13 Weeks Ended Nov 26, 2022 | | :-------------------- | :-------------------------- | :-------------------------- | | Income before income taxes | $47,108 | $45,556 | | Provision for income taxes | $11,547 | $9,696 | | Effective tax rate | 24.5% | 21.3% | - The effective tax rate **increased by 3.2%** year-over-year, primarily due to permanent differences[51](index=51&type=chunk) [8. Leases](index=14&type=section&id=8.%20Leases) **Lease Costs** | Lease Cost (in thousands) | 13 Weeks Ended Nov 25, 2023 | 13 Weeks Ended Nov 26, 2022 | | :------------------------ | :-------------------------- | :-------------------------- | | Total operating lease cost | $3,055 | $2,990 | | Total finance lease cost | $54 | $73 | | **Total lease cost** | **$3,109** | **$3,063** | **Lease Liabilities** | Lease Liabilities (in thousands) | Nov 25, 2023 | Aug 26, 2023 | | :------------------------------- | :----------- | :----------- | | Current operating lease liabilities | $7,724 | $7,566 | | Long-term operating lease liabilities | $35,306 | $37,272 | | Current finance lease liabilities | $83 | $143 | | **Total lease liabilities** | **$43,113** | **$44,981** | - The weighted-average remaining lease term for operating leases was **6.08 years** and for finance leases was **0.37 years**[53](index=53&type=chunk) [9. Commitments and Contingencies](index=15&type=section&id=9.%20Commitments%20and%20Contingencies) - The Company is not a party to any material litigation that could adversely affect its business[54](index=54&type=chunk) - Future payments of **$2.9 million** are required over the next year for endorsement contracts[55](index=55&type=chunk) [10. Stockholders' Equity](index=15&type=section&id=10.%20Stockholders'%20Equity) - The Company has approximately **$71.5 million** remaining available under its **$150.0 million** stock repurchase program[56](index=56&type=chunk)[57](index=57&type=chunk) - **No shares were repurchased** during the quarter, compared to 546,346 shares for $16.4 million in the prior year period[57](index=57&type=chunk) [11. Earnings Per Share](index=16&type=section&id=11.%20Earnings%20Per%20Share) **Earnings Per Share** | EPS Metric | 13 Weeks Ended Nov 25, 2023 | 13 Weeks Ended Nov 26, 2022 | | :--------- | :-------------------------- | :-------------------------- | | Basic EPS | $0.36 | $0.36 | | Diluted EPS | $0.35 | $0.36 | - Diluted EPS decreased slightly to **$0.35** from $0.36 year-over-year, as weighted average diluted shares outstanding increased[59](index=59&type=chunk) [12. Omnibus Incentive Plan](index=16&type=section&id=12.%20Omnibus%20Incentive%20Plan) - Stock-based compensation expense increased to **$4.2 million** for the quarter from $3.3 million in the prior year period[62](index=62&type=chunk) - Unrecognized compensation cost for stock options, RSUs, and PSUs totaled **$28.0 million** as of November 25, 2023[63](index=63&type=chunk)[64](index=64&type=chunk)[66](index=66&type=chunk) - The Company granted **194,353 restricted stock units** and **178,788 performance stock units** during the quarter[64](index=64&type=chunk)[66](index=66&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, highlighting Quest brand growth, margin expansion, and non-GAAP measure reconciliations [Overview](index=19&type=section&id=Overview) - The Company aims to lead the nutritious snacking movement with its Quest® and Atkins® brands[73](index=73&type=chunk) - The Company's strategy focuses on innovation, organic growth, and potential acquisitions in the nutritional snacking space[73](index=73&type=chunk) [Business Trends](index=19&type=section&id=Business%20Trends) - Business performance improved due to strong Quest sales volume growth offsetting Atkins softness[76](index=76&type=chunk) - The Company benefited from lower ingredient and packaging costs, leading to gross margin expansion[76](index=76&type=chunk) - Management continues to monitor supply chain dynamics and consumer behavior amid potential economic risks[77](index=77&type=chunk) [Key Financial Definitions](index=20&type=section&id=Key%20Financial%20Definitions) - Net sales are defined as product sales less promotional activities and other sales credits[78](index=78&type=chunk) - Cost of goods sold includes costs paid to contract manufacturers for ingredients, packaging, and logistics[79](index=79&type=chunk) - Operating expenses comprise selling and marketing, G&A, and depreciation and amortization[80](index=80&type=chunk) [Results of Operations](index=20&type=section&id=Results%20of%20Operations) **Key Operating Metrics** | Metric (in thousands) | 13 Weeks Ended Nov 25, 2023 | 13 Weeks Ended Nov 26, 2022 | Change | % Change | | :-------------------- | :-------------------------- | :-------------------------- | :----- | :------- | | Net sales | $308,678 | $300,878 | $7,800 | 2.59% | | Gross profit | $115,118 | $110,992 | $4,126 | 3.72% | | Gross profit margin | 37.3% | 36.9% | 0.4% pts | | | Income from operations | $51,820 | $52,490 | $(670) | -1.28% | | Net income | $35,561 | $35,860 | $(299) | -0.83% | | Adjusted EBITDA | $61,965 | $60,766 | $1,199 | 1.97% | - The increase in gross profit margin was primarily driven by **lower ingredient and packaging costs**[85](index=85&type=chunk) - Operating expenses **increased by $4.8 million**, or 8.2%, due to higher selling, marketing, and G&A expenses[86](index=86&type=chunk)[90](index=90&type=chunk) [Reconciliation of EBITDA and Adjusted EBITDA](index=22&type=section&id=Reconciliation%20of%20EBITDA%20and%20Adjusted%20EBITDA) - EBITDA and Adjusted EBITDA are non-GAAP measures used to evaluate operating performance[92](index=92&type=chunk) **Reconciliation of Net Income to Adjusted EBITDA** | Metric (in thousands) | 13 Weeks Ended Nov 25, 2023 | 13 Weeks Ended Nov 26, 2022 | | :-------------------- | :-------------------------- | :-------------------------- | | Net income | $35,561 | $35,860 | | Interest income | $(1,090) | $(7) | | Interest expense | $6,034 | $7,055 | | Income tax expense | $11,547 | $9,696 | | Depreciation and amortization | $5,605 | $4,952 | | **EBITDA** | **$57,657** | **$57,556** | | Stock-based compensation expense | $4,168 | $3,313 | | Executive transition costs | $366 | $0 | | Other | $(226) | $(103) | | **Adjusted EBITDA** | **$61,965** | **$60,766** | [Liquidity and Capital Resources](index=24&type=section&id=Liquidity%20and%20Capital%20Resources) - The Company had **$121.4 million in cash** and believes its liquidity is sufficient for the next twelve months[96](index=96&type=chunk) - Principal uses of cash include working capital, debt service, stock repurchases, and acquisitions[95](index=95&type=chunk) **Summary of Cash Flow Activities** | Cash Flow Activity (in thousands) | 13 Weeks Ended Nov 25, 2023 | 13 Weeks Ended Nov 26, 2022 | | :-------------------------------- | :-------------------------- | :-------------------------- | | Net cash provided by operating activities | $47,523 | $8,718 | | Net cash used in investing activities | $(800) | $(1,238) | | Net cash used in financing activities | $(13,103) | $(20,761) | - The significant increase in cash from operating activities was primarily due to favorable changes in working capital[111](index=111&type=chunk) - Financing activities included **$10.0 million in principal payments** on the Term Facility and **$3.6 million in tax payments** related to stock units[114](index=114&type=chunk) [New Accounting Pronouncements](index=26&type=section&id=New%20Accounting%20Pronouncements) - The Company refers to Note 2 of its financial statements for information on recently issued accounting standards[115](index=115&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=27&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section states there were no material changes in the Company's market risk exposure during the quarter - No material changes in market risk exposure occurred during the thirteen weeks ended November 25, 2023[117](index=117&type=chunk) [Item 4. Controls and Procedures](index=27&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirms the effectiveness of disclosure controls with no material changes in internal controls - The CEO and CFO concluded that the Company's disclosure controls and procedures were **effective** as of November 25, 2023[119](index=119&type=chunk) - There were **no material changes** in internal controls over financial reporting during the quarter[120](index=120&type=chunk) - The Company acknowledges the inherent limitations of internal control systems, which provide reasonable assurance[121](index=121&type=chunk) [PART II. Other Information](index=28&type=section&id=PART%20II.%20Other%20Information) [Item 1. Legal Proceedings](index=28&type=section&id=Item%201.%20Legal%20Proceedings) The Company is not involved in any material legal proceedings that could adversely affect its business - The Company is not a party to any material litigation and is unaware of any that could materially affect its business[124](index=124&type=chunk) [Item 1A. Risk Factors](index=28&type=section&id=Item%201A.%20Risk%20Factors) This section indicates no material changes to the risk factors previously disclosed in the Annual Report - There have been **no material changes** to the risk factors included in the Company's Annual Report[125](index=125&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=28&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities or use of proceeds to report for the period - No unregistered sales of equity securities or use of proceeds were reported[126](index=126&type=chunk) [Item 3. Defaults Upon Senior Securities](index=28&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The Company reported no defaults upon senior securities during the period - No defaults upon senior securities were reported[127](index=127&type=chunk) [Item 4. Mine Safety Disclosures](index=28&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the Company - Mine Safety Disclosures are not applicable to the Company[128](index=128&type=chunk) [Item 5. Other Information](index=28&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 trading arrangements during the quarter - No directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter[129](index=129&type=chunk) [Item 6. Exhibits](index=29&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including officer certifications and XBRL documents - Exhibits include certifications (31.1, 31.2, 32.1) and XBRL documents (101.INS, 101.SCH, 101.CAL, 101.DEF, 101.LAB, 101.PRE, 104)[131](index=131&type=chunk) [Signatures](index=30&type=section&id=Signatures) The report is duly signed by the Vice President, Controller, and Chief Accounting Officer on January 4, 2024 - The report was signed by Timothy A. Matthews, Vice President, Controller, and Chief Accounting Officer, on January 4, 2024[136](index=136&type=chunk)

The Simply Good Foods Company (NASDAQ:SMPL) Q4 2023 Results Conference Call October 24, 2023 8:30 AM ET Company Participants Mark Pogharian - Vice President of Investor Relations Geoff Tanner - CEO, President & Director Shaun Mara - Chief Financial Officer Conference Call Participants John Baumgartner - Mizuho Securities Jason English - Goldman Sachs Pamela Kaufman - Morgan Stanley Matt Smith - Stifel Jim Salera - Stephens Inc Jon Andersen - William Blair Rob Dickerson - Jefferies Matt McGinley - Needham & ...

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 August 26, 2023 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: 001-38115 __ ...

The Simply Good Foods Company (NASDAQ:SMPL) Q3 2023 Earnings Conference Call June 29, 2023 9:00 AM ET Company Participants Mark Pogharian - Vice President of Investor Relations Joe Scalzo - President & Chief Executive Officer Geoff Tanner - President, Chief Operating Officer & Chief Executive Officer Elect Shaun Mara - Chief Financial Officer Conference Call Participants Matt Smith - Stifel John Baumgartner - Mizuho Securities Pamela Kaufman - Morgan Stanley Rob Dickerson - Jefferies Jason English - Goldman ...

FORM 10-Q _______________________________________________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended May 27, 2023 OR o 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: 001 ...

The Simply Good Foods Company (NASDAQ:SMPL) Q2 2023 Earnings Conference Call April 5, 2023 8:30 AM ET Company Participants Mark Pogharian - Vice President, Investor Relations Joe Scalzo - President and Chief Executive Officer Geoff Tanner - President, COO, and CEO Elect Shaun Mara - Chief Financial Officer Conference Call Participants Cody Ross - UBS Steve Powers - Deutsche Bank Alexia Howard - Bernstein John Baumgartner - Mizuho Securities Pamela Kaufman - Morgan Stanley Rob Dickerson - Jefferies Operator ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________ FORM 10-Q _______________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended February 25, 2023 OR o 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 ...

The Simply Good Foods Company (NASDAQ:SMPL) Q1 2023 Earnings Conference Call January 5, 2023 8:30 AM ET Company Participants Mark Pogharian - Vice President, Investor Relations Joe Scalzo - President and Chief Executive Officer Shaun Mara - Chief Financial Officer Conference Call Participants Chris Growe - Stifel Cody Ross - UBS Alexia Howard - Bernstein Jason English - Goldman Sachs Pamela Kaufman - Morgan Stanley Brian Holland - Cowen and company John Baumgartner - Mizuho Operator Greetings and welcome to ...

1 ▪ Atkins Q1 POS growth in combined measured and unmeasured channels increased about 4% as strong e-commerce growth outperformed flat measured channels - Retail takeaway at Amazon increased about 75% versus last year - Total unmeasured channel retail takeaway increased more than 40% ▪ In Q1, new buyer growth increased as post pandemic work trends improved - Buy rate slightly down but improving. Strength in meal replacement bars and shakes offset by snack bars and confections that lapped strong pandemic con ...