BellRing Brands(BRBR) - 2024 Q4 - Annual Results

Net Sales Performance - Q4 2024 net sales reached $555.8 million, a 17.6% increase YoY, driven by an 18.9% volume growth and a 1.3% decrease in price/mix[5] - Fiscal year 2024 net sales totaled $1,996.2 million, up 19.8% YoY, with Premier Protein net sales increasing 22.9% and Dymatize net sales rising 5.6%[14] - Net sales for the three months ended September 30, 2024, were $555.8 million, compared to $472.6 million in the same period in 2023, representing a 17.6% increase[36] - Net sales for the twelve months ended September 30, 2024, were $1,996.2 million, compared to $1,666.8 million in the same period in 2023, representing a 19.8% increase[36] Operating Profit and EBITDA - Q4 2024 operating profit was $112.1 million, a 43.5% increase YoY, while fiscal year 2024 operating profit reached $387.7 million, up 34.9% YoY[10][17] - Adjusted EBITDA for Q4 2024 was $116.5 million, an 18.3% increase YoY, and fiscal year 2024 Adjusted EBITDA was $440.2 million, up 30.1% YoY[13][20] - Adjusted EBITDA for Q3 2024 was $116.5 million, compared to $98.5 million in Q3 2023, representing a 21.0% and 20.8% of net sales respectively[50] - Adjusted EBITDA for the twelve months ended September 30, 2024, was $440.2 million, up from $338.3 million in the same period last year, representing 22.1% and 20.3% of net sales respectively[50] Product Performance - Premier Protein RTD shake dollar consumption increased 14.4% YoY, while Premier Protein powder products saw a 42.7% increase in dollar consumption[4] - Dymatize powder products dollar consumption decreased 10.1% YoY in the 13-week period ended September 29, 2024[4] Financial Outlook - Fiscal year 2025 net sales are expected to range between $2.24-$2.32 billion, with Adjusted EBITDA projected to be between $460-$490 million[23] Cash Flow and Share Repurchase - Fiscal year 2024 cash from operations was $199.6 million, and the company repurchased 2.6 million shares for $146.6 million during the year[3][22] - Net increase in cash and cash equivalents for the twelve months ended September 30, 2024, was $22.7 million, compared to $12.6 million in the same period in 2023, representing an 80.2% increase[38] Gross Profit and Expenses - Gross profit for Q4 2024 was $205.1 million, or 36.9% of net sales, a 32.1% increase YoY, driven by net input cost deflation and production attainment fees[7] - SG&A expenses for Q4 2024 were $88.7 million, or 16.0% of net sales, up $23.5 million YoY, primarily due to higher marketing and consumer advertising expenses[9] Net Earnings - Net earnings for the three months ended September 30, 2024, were $71.7 million, compared to $46.1 million in the same period in 2023, representing a 55.5% increase[36] - Net earnings for the twelve months ended September 30, 2024, were $246.5 million, compared to $165.5 million in the same period in 2023, representing a 48.9% increase[36] - Net earnings for Q3 2024 were $71.7 million, a significant increase from $46.1 million in Q3 2023[50] - Net earnings for the twelve months ended September 30, 2024, were $246.5 million, up from $165.5 million in the same period last year[50] - Adjusted net earnings for Q3 2024 were $67.1 million, compared to $54.7 million in Q3 2023[48] - Adjusted net earnings for the twelve months ended September 30, 2024, were $255.5 million, up from $177.2 million in the same period last year[48] Earnings Per Share - Diluted earnings per share for Q3 2024 were $0.55, compared to $0.35 in Q3 2023[48] - Adjusted diluted earnings per share for Q3 2024 were $0.51, compared to $0.41 in Q3 2023[48] Balance Sheet - Cash and cash equivalents as of September 30, 2024, were $71.1 million, compared to $48.4 million as of September 30, 2023, representing a 46.9% increase[38] - Receivables, net as of September 30, 2024, were $220.4 million, compared to $168.2 million as of September 30, 2023, representing a 31.0% increase[38] - Inventories as of September 30, 2024, were $286.1 million, compared to $194.3 million as of September 30, 2023, representing a 47.2% increase[38] - Total current assets as of September 30, 2024, were $592.7 million, compared to $424.2 million as of September 30, 2023, representing a 39.7% increase[38] - Total liabilities as of September 30, 2024, were $1,042.9 million, compared to $1,015.1 million as of September 30, 2023, representing a 2.7% increase[38] Other Financial Metrics - Stock-based compensation for Q3 2024 was $5.7 million, up from $3.7 million in Q3 2023[50] - Depreciation and amortization for Q3 2024 was $4.7 million, down from $12.5 million in Q3 2023[50]