(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | |||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||||||||
Emerging growth company |
Page | ||||||||
PART I. | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Three Months Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Net Sales | $ | $ | |||||||||
Cost of goods sold | |||||||||||
Gross Profit | |||||||||||
Selling, general and administrative expenses | |||||||||||
Amortization of intangible assets | |||||||||||
Operating Profit | |||||||||||
Interest expense, net | |||||||||||
Earnings before Income Taxes | |||||||||||
Income tax expense | |||||||||||
Net Earnings | $ | $ | |||||||||
Earnings per Common Share: | |||||||||||
Basic | $ | $ | |||||||||
Diluted | $ | $ | |||||||||
Weighted-Average Common Shares Outstanding: | |||||||||||
Basic | |||||||||||
Diluted |
Three Months Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Net Earnings | $ | $ | |||||||||
Unrealized foreign currency translation adjustments | |||||||||||
Other Comprehensive Income | |||||||||||
Total Comprehensive Income | $ | $ |
December 31, 2023 | September 30, 2023 | ||||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Receivables, net | |||||||||||
Inventories | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total Current Assets | |||||||||||
Property, net | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Deferred income taxes | |||||||||||
Other assets | |||||||||||
Total Assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |||||||||||
Current Liabilities | |||||||||||
Accounts payable | $ | $ | |||||||||
Other current liabilities | |||||||||||
Total Current Liabilities | |||||||||||
Long-term debt | |||||||||||
Deferred income taxes | |||||||||||
Other liabilities | |||||||||||
Total Liabilities | |||||||||||
Stockholders’ Deficit | |||||||||||
Common stock | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Treasury stock, at cost | ( | ( | |||||||||
Total Stockholders’ Deficit | ( | ( | |||||||||
Total Liabilities and Stockholders’ Deficit | $ | $ |
Three Months Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Cash Flows from Operating Activities | |||||||||||
Net earnings | $ | $ | |||||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Non-cash stock-based compensation expense | |||||||||||
Deferred income taxes | ( | ||||||||||
Other, net | ( | ||||||||||
Other changes in operating assets and liabilities: | |||||||||||
Increase in receivables, net | ( | ( | |||||||||
Decrease (increase) in inventories | ( | ||||||||||
Increase in prepaid expenses and other current assets | ( | ( | |||||||||
(Increase) decrease in other assets | ( | ||||||||||
Increase in accounts payable and other current liabilities | |||||||||||
Net Cash Provided by Operating Activities | |||||||||||
Cash Flows from Investing Activities | |||||||||||
Additions to property | ( | ( | |||||||||
Net Cash Used in Investing Activities | ( | ( | |||||||||
Cash Flows from Financing Activities | |||||||||||
Proceeds from issuance of long-term debt | |||||||||||
Repayments of long-term debt | ( | ( | |||||||||
Purchases of treasury stock | ( | ( | |||||||||
Other, net | ( | ( | |||||||||
Net Cash Used in Financing Activities | ( | ( | |||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | |||||||||||
Net Increase in Cash and Cash Equivalents | |||||||||||
Cash and Cash Equivalents, Beginning of Year | |||||||||||
Cash and Cash Equivalents, End of Period | $ | $ | |||||||||
As of and for the Three Months Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Common Stock | |||||||||||
Beginning and end of period | $ | $ | |||||||||
Additional Paid-in Capital | |||||||||||
Beginning of period | |||||||||||
Activity under stock and deferred compensation plans | ( | ( | |||||||||
Non-cash stock-based compensation expense | |||||||||||
End of period | |||||||||||
Accumulated Deficit | |||||||||||
Beginning of period | ( | ( | |||||||||
Net earnings | |||||||||||
End of period | ( | ( | |||||||||
Accumulated Other Comprehensive Loss | |||||||||||
Beginning of period | ( | ( | |||||||||
Foreign currency translation adjustments | |||||||||||
End of period | ( | ( | |||||||||
Treasury Stock | |||||||||||
Beginning of period | ( | ( | |||||||||
Purchases of treasury stock | ( | ( | |||||||||
End of period | ( | ( | |||||||||
Total Stockholders’ Deficit | $ | ( | $ | ( | |||||||
Three Months Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Shakes and other beverages | $ | $ | |||||||||
Powders | |||||||||||
Other | |||||||||||
Net Sales | $ | $ |
Three Months Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Net earnings | $ | $ | |||||||||
Weighted-average shares for basic earnings per share | |||||||||||
Effect of dilutive securities: | |||||||||||
Stock options | |||||||||||
Restricted stock units | |||||||||||
Performance-based restricted stock units | |||||||||||
Weighted-average shares for diluted earnings per share | |||||||||||
Basic earnings per common share | $ | $ | |||||||||
Diluted earnings per common share | $ | $ | |||||||||
Three Months Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Restricted stock units | |||||||||||
Performance-based restricted stock units | |||||||||||
December 31, 2023 | September 30, 2023 | ||||||||||
Raw materials and supplies | $ | $ | |||||||||
Work in process | |||||||||||
Finished products | |||||||||||
Inventories | $ | $ |
December 31, 2023 | September 30, 2023 | ||||||||||
Property, at cost | $ | $ | |||||||||
Accumulated depreciation | ( | ( | |||||||||
Property, net | $ | $ |
Goodwill, gross | $ | ||||
Accumulated impairment losses | ( | ||||
Goodwill | $ | ||||
December 31, 2023 | September 30, 2023 | ||||||||||||||||||||||||||||||||||
Carrying Amount | Accumulated Amortization | Net Amount | Carrying Amount | Accumulated Amortization | Net Amount | ||||||||||||||||||||||||||||||
Customer relationships | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Trademarks and brands | ( | ( | |||||||||||||||||||||||||||||||||
Other intangible assets | ( | ( | |||||||||||||||||||||||||||||||||
Intangible assets, net | $ | $ | ( | $ | $ | $ | ( | $ |
December 31, 2023 | September 30, 2023 | ||||||||||
7.00% Senior Notes maturing in March 2030 | $ | $ | |||||||||
Revolving Credit Facility | |||||||||||
Total principal amount of debt | |||||||||||
Less: Debt issuance costs, net | |||||||||||
Long-term debt | $ | $ |
Three Months Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Shares repurchased | |||||||||||
Average price per share (a) | $ | $ | |||||||||
Total share repurchase cost | $ | $ |
Three Months Ended December 31, | Change in | ||||||||||||||||||||||
dollars in millions | 2023 | 2022 | Dollars | Percentage | |||||||||||||||||||
Net Sales | $ | 430.4 | $ | 362.7 | $ | 67.7 | 19 | % | |||||||||||||||
Operating Profit | $ | 73.0 | $ | 75.2 | $ | (2.2) | (3) | % | |||||||||||||||
Interest expense, net | 14.9 | 16.7 | (1.8) | (11) | % | ||||||||||||||||||
Income tax expense | 14.2 | 14.3 | (0.1) | (1) | % | ||||||||||||||||||
Net Earnings | $ | 43.9 | $ | 44.2 | $ | (0.3) | (1) | % |
Three Months Ended December 31, | |||||||||||
dollars in millions | 2023 | 2022 | |||||||||
Cash provided by (used in): | |||||||||||
Operating activities | $ | 74.2 | $ | 36.3 | |||||||
Investing activities | (0.2) | (0.3) | |||||||||
Financing activities | (37.8) | (28.4) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 0.4 | 0.5 | |||||||||
Net increase in cash and cash equivalents | $ | 36.6 | $ | 8.1 |
Period | Total Number of Shares Purchased | Average Price Paid per Share (a) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (b) | Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs (b) | ||||||||||
October 1, 2023 - October 31, 2023 | 161,079 | $41.85 | 161,079 | $16,378,427 | ||||||||||
November 1, 2023 - November 30, 2023 | 28,462 | $50.49 | 28,462 | $14,941,256 | ||||||||||
December 1, 2023 - December 31, 2023 | 22,307 | $53.79 | 22,307 | $13,741,342 | ||||||||||
Total | 211,848 | $44.27 | 211,848 | $13,741,342 |
Exhibit No. | Description | |||||||
*2.1 | ||||||||
2.2 | ||||||||
3.1 | ||||||||
3.2 | ||||||||
*4.1 | ||||||||
4.2 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
101 | Interactive Data File (Form 10-Q for the quarterly period ended December 31, 2023 filed in iXBRL (Inline eXtensible Business Reporting Language)). The financial information contained in the iXBRL-related documents is “unaudited” and “unreviewed.” | |||||||
104 | The cover page from the Company’s Form 10-Q for the quarterly period ended December 31, 2023, formatted in iXBRL (Inline eXtensible Business Reporting Language) and contained in Exhibit 101 |
* | Exhibits and schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish supplementally to the Securities and Exchange Commission (the “SEC”) a copy of any omitted exhibit or schedule upon request by the SEC. | ||||
‡ | Certain portions of this document that constitute confidential information have been redacted in accordance with Regulation S-K, Item 601(b)(10). |
BELLRING BRANDS, INC. | |||||||||||
Date: | February 6, 2024 | By: | /s/ Darcy H. Davenport | ||||||||
Darcy H. Davenport | |||||||||||
President and Chief Executive Officer |
Date: | February 6, 2024 | By: | /s/ Darcy H. Davenport | ||||||||||||||
Darcy H. Davenport | |||||||||||||||||
President and Chief Executive Officer |
Date: | February 6, 2024 | By: | /s/ Paul A. Rode | ||||||||||||||
Paul A. Rode | |||||||||||||||||
Chief Financial Officer |
Date: | February 6, 2024 | By: | /s/ Darcy H. Davenport | ||||||||||||||
Darcy H. Davenport | |||||||||||||||||
President and Chief Executive Officer |
Date: | February 6, 2024 | By: | /s/ Paul A. Rode | ||||||||||||||
Paul A. Rode | |||||||||||||||||
Chief Financial Officer |
Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions |
3 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Income Statement [Abstract] | ||
Net Sales | $ 430.4 | $ 362.7 |
Cost of goods sold | 282.4 | 240.9 |
Gross Profit | 148.0 | 121.8 |
Selling, general and administrative expenses | 52.8 | 41.7 |
Amortization of intangible assets | 22.2 | 4.9 |
Operating Profit | 73.0 | 75.2 |
Interest expense, net | 14.9 | 16.7 |
Earnings before Income Taxes | 58.1 | 58.5 |
Income tax expense | 14.2 | 14.3 |
Net Earnings | $ 43.9 | $ 44.2 |
Earnings per share of Common Stock, basic (in USD per share) | $ 0.33 | $ 0.33 |
Earnings per share of Common Stock, diluted (in USD per share) | $ 0.33 | $ 0.33 |
Weighted Average shares of Common Stock Outstanding, basic (in shares) | 131.2 | 134.9 |
Weighted-Averages shares of Common Stock Outstanding, diluted (in shares) | 133.0 | 135.1 |
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||
Net Earnings | $ 43.9 | $ 44.2 |
Foreign currency translation adjustments: | ||
Unrealized foreign currency translation adjustments | 0.8 | 1.5 |
Other Comprehensive Income | 0.8 | 1.5 |
Total Comprehensive Income | $ 44.7 | $ 45.7 |
Condensed Consolidated Balance Sheets - USD ($) $ in Millions |
Dec. 31, 2023 |
Sep. 30, 2023 |
---|---|---|
ASSETS | ||
Cash and cash equivalents | $ 85.0 | $ 48.4 |
Receivables, net | 178.6 | 168.2 |
Inventories | 187.6 | 194.3 |
Prepaid expenses and other current assets | 13.6 | 13.3 |
Total Current Assets | 464.8 | 424.2 |
Property, net | 8.6 | 8.5 |
Goodwill | 65.9 | 65.9 |
Intangible assets, net | 154.6 | 176.8 |
Deferred income taxes | 7.5 | 4.2 |
Other assets | 14.1 | 12.0 |
Total Assets | 715.5 | 691.6 |
LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||
Accounts payable | 91.3 | 89.0 |
Other current liabilities | 71.2 | 61.2 |
Total Current Liabilities | 162.5 | 150.2 |
Long-term debt | 832.1 | 856.8 |
Deferred income taxes | 0.4 | 0.4 |
Other liabilities | 7.4 | 7.7 |
Total Liabilities | 1,002.4 | 1,015.1 |
Common stock | 1.4 | 1.4 |
Additional paid-in capital | 20.6 | 19.3 |
Accumulated deficit | (146.2) | (190.1) |
Accumulated other comprehensive loss | (2.3) | (3.1) |
Treasury stock, at cost | (160.4) | (151.0) |
Total Stockholders’ Deficit | (286.9) | (323.5) |
Total Liabilities and Stockholders’ Deficit | $ 715.5 | $ 691.6 |
Basis of Presentation (Notes) |
3 Months Ended |
---|---|
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BACKGROUND AND BASIS OF PRESENTATION BellRing Brands, Inc. is a consumer products holding company operating in the global convenient nutrition category and is a provider of ready-to-drink (“RTD”) protein shakes, other RTD beverages and powders. The Company has a single operating and reportable segment, with its principal products being protein-based consumer goods. The Company’s primary brands are Premier Protein and Dymatize. Unless otherwise stated or the context otherwise indicates, all references in these financial statements and notes to “BellRing,” the “Company,” “us,” “our” or “we” mean BellRing Brands, Inc. and its subsidiaries. These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), under the rules and regulations of the United States (the “U.S.”) Securities and Exchange Commission (the “SEC”), and on a basis substantially consistent with the audited consolidated financial statements of the Company as of and for the fiscal year ended September 30, 2023. These unaudited condensed consolidated financial statements should be read in conjunction with such audited consolidated financial statements, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023, filed with the SEC on November 21, 2023. These unaudited condensed consolidated financial statements include all adjustments (consisting of normal recurring adjustments and accruals) that management considers necessary for a fair statement of the Company’s results of operations, comprehensive income, financial position, cash flows and stockholders’ equity for the interim periods presented. Interim results are not necessarily indicative of the results for any other interim period or for the entire fiscal year.
|
Recently Issued and Adopted Accounting Standards (Notes) |
3 Months Ended |
---|---|
Dec. 31, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recently issued and adopted accounting standards | RECENTLY ISSUED ACCOUNTING STANDARDS The Company has considered all new accounting pronouncements and has concluded there are no new pronouncements (other than the ones described below) that had or will have a material impact on the Company’s results of operations, comprehensive income, financial position, cash flows, stockholders’ equity or related disclosures based on current information. In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This ASU is effective for fiscal years beginning after December 15, 2024 (i.e., the Company’s annual financial statements for the year ended September 30, 2026), with early adoption permitted. This ASU should be adopted prospectively; however, retrospective adoption is permitted. The Company is currently evaluating the impact of this standard. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU is effective for fiscal years beginning after December 15, 2023 (i.e., the Company’s annual financial statements for the year ended September 30, 2025) and for interim periods within fiscal years beginning after December 15, 2024 (i.e., the Company’s interim financial statements for the three months ended December 31, 2025), with early adoption permitted. This ASU requires retrospective adoption. The Company is currently evaluating the impact of this standard.
|
Revenue (Notes) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | REVENUE The following table presents net sales by product.
|
Related Party Transactions (Notes) |
3 Months Ended |
---|---|
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related party transactions | RELATED PARTY TRANSACTIONS Transactions between the Company and Post Holdings, Inc. (“Post”) are considered related party transactions as certain of the Company’s directors serve as officers or directors of Post. The MSA and other related party transactions The Company uses certain functions and services performed by Post under a master services agreement (the “MSA”). These functions and services include finance, internal audit, treasury, information technology support, insurance and tax matters, the use of office and/or data center space, payroll processing services and tax compliance services. During the three months ended December 31, 2023 and 2022, MSA fees were $0.9 and $1.3, respectively. MSA fees were reported in “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Operations. The Company sells certain products to, purchases certain products from and licenses certain intellectual property to and from Post and its subsidiaries based upon prices governed by agreements between the Company and Post and its subsidiaries, consistent with prices of similar arm's-length transactions. During the three months ended December 31, 2023 and 2022, net sales to, purchases from and royalties paid to and received from Post and its subsidiaries were immaterial. The Company had immaterial receivables, payables and other current liabilities with Post at both December 31, 2023 and September 30, 2023 related to sales, royalty income, purchases, MSA fees and royalty expense with Post and its subsidiaries. Co-Packing Agreement On September 30, 2022, Premier Nutrition Company, LLC (“Premier Nutrition”), a subsidiary of the Company, entered into a co-packing agreement with Comet Processing, Inc. (“Comet”), a wholly-owned subsidiary of Post (the “Co-Packing Agreement”). In December 2023, in accordance with the Co-Packing Agreement, Comet began manufacturing certain RTD shakes for Premier Nutrition. There were no purchases of RTD shakes from Comet during the three months ended December 31, 2023 or during fiscal 2023. During the three months ended December 31, 2023 and 2022, Premier Nutrition incurred $1.0 and zero, respectively, related to start-up costs that are reimbursable to Comet from Premier Nutrition pursuant to the Co-Packing Agreement. As of December 31, 2023 and September 30, 2023, the Company had a payable of $3.5 and $2.5, respectively, related to these costs, which was included in “Accounts payable” on the Condensed Consolidated Balance Sheets. Tax Matters Agreement In connection with the Company’s spin-off from Post in fiscal 2022 and the related distribution of Post’s shares of BellRing common stock to Post shareholders (the “Spin-off”), the Company entered into a tax matters agreement (the “Tax Matters Agreement”) with Post. The Tax Matters Agreement (i) governs the parties’ respective rights, responsibilities and obligations with respect to taxes, including taxes arising in the ordinary course of business and taxes, if any, that may be incurred if the Spin-off fails to qualify for its intended tax treatment, (ii) addresses U.S. federal, state, local and non-U.S. tax matters and (iii) sets forth the respective obligations of the parties with respect to the filing of tax returns, the administration of tax contests and assistance and cooperation on tax matters. Pursuant to the Tax Matters Agreement, BellRing is expected to indemnify Post for (i) all taxes for which BellRing is responsible (as described in the Tax Matters Agreement) and (ii) all taxes incurred by reason of certain actions or events, or by reason of any breach by BellRing or any of its subsidiaries of any of their respective representations, warranties or covenants under the Tax Matters Agreement that, in each case, affect the intended tax-free treatment of the Spin-off. Additionally, Post is expected to indemnify BellRing for the (i) taxes for which Post is responsible (as described in the Tax Matters Agreement) and (ii) taxes attributable to a failure of the Spin-off to qualify as tax-free, to the extent incurred by any action or failure to take any action within the control of Post. There were no amounts incurred by BellRing or Post under the Tax Matters Agreement during the three months ended December 31, 2023 or 2022.
|
Earnings Per Share (Notes) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share | EARNINGS PER SHARE Basic earnings per share is based on the average number of shares of common stock outstanding during each period. Diluted earnings per share is based on the average number of shares of common stock used for the basic earnings per share calculation, adjusted for the dilutive effect of stock options and restricted stock units using the “treasury stock” method. The following table presents the computation of basic and diluted earnings per share.
The following table presents the securities that have been excluded from the calculation of weighted-average shares for diluted earnings per share as they were anti-dilutive.
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Inventories (Notes) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | INVENTORIES
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Property, net (Notes) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, net | PROPERTY, NET
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Goodwill (Notes) |
3 Months Ended | ||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||
Goodwill [Abstract] | |||||||||||||||||||||||||
Goodwill | GOODWILL The components of “Goodwill” on the Condensed Consolidated Balance Sheets at both December 31, 2023 and September 30, 2023 are presented in the following table.
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Intangible Assets, net (Notes) |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets, net | INTANGIBLE ASSETS, NET
In August 2023, the Company approved a plan to discontinue the PowerBar business in North America. In connection with the discontinuance, the Company updated the useful lives of the customer relationships and trademark associated with the PowerBar business in North America to reflect the remaining period in which the Company expects to sell existing PowerBar product inventory in North America. Accelerated amortization of $17.4 was recorded during the three months ended December 31, 2023 resulting from the updated useful lives of the customer relationships and trademark associated with the PowerBar business in North America, which were fully amortized as of December 31, 2023.
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Fair Value Measurements (Notes) |
3 Months Ended |
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Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | FAIR VALUE MEASUREMENTS The Company’s financial assets and liabilities include cash and cash equivalents, receivables and accounts payable for which the carrying value approximates fair value due to their short maturities (less than 12 months). The Company does not record its long-term debt at fair value on the Condensed Consolidated Balance Sheets. The fair value of outstanding borrowings under the Revolving Credit Facility (as defined in Note 11) as of September 30, 2023 approximated its carrying value. Based on market rates, the fair value (Level 2) of the Company’s debt, excluding any borrowings under the Revolving Credit Facility, was $873.2 and $830.0 as of December 31, 2023 and September 30, 2023, respectively. Certain assets and liabilities, including property, goodwill and other intangible assets, are measured at fair value on a non-recurring basis.
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Long-Term Debt (Notes) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | LONG-TERM DEBT The following table presents the components of “Long-term debt” on the Condensed Consolidated Balance Sheets.
On March 10, 2022, the Company entered into a credit agreement (as amended, the “Credit Agreement”), which provides for a revolving credit facility in an aggregate principal amount of $250.0 (the “Revolving Credit Facility”), with commitments made available to the Company in U.S. Dollars, Euros and United Kingdom (“U.K.”) Pounds Sterling. Letters of credit are available under the Credit Agreement in an aggregate amount of up to $20.0. Any outstanding amounts under the Credit Agreement must be repaid on or before March 10, 2027. Borrowings under the Revolving Credit Facility bear interest at an annual rate equal to: (i) in the case of loans denominated in U.S. Dollars, at the Company’s option, the base rate (as defined in the Credit Agreement) plus a margin which ranges from 2.00% to 2.75% depending on the Company’s secured net leverage ratio (as defined in the Credit Agreement), or the adjusted term SOFR rate (as defined in the Credit Agreement) for the applicable interest period plus a margin which ranges from 3.00% to 3.75% depending on the Company’s secured net leverage ratio; (ii) in the case of loans denominated in Euros, the adjusted Eurodollar rate (as defined in the Credit Agreement) for the applicable interest period plus a margin which ranges from 3.00% to 3.75% depending on the Company’s secured net leverage ratio; and (iii) in the case of loans denominated in U.K. Pounds Sterling, the adjusted daily simple RFR (as defined in the Credit Agreement) plus a margin which ranges from 3.00% to 3.75% depending on the Company’s secured net leverage ratio. Facility fees on the daily unused amount of commitments under the Revolving Credit Facility will accrue at rates ranging from 0.25% to 0.375% per annum, depending on the Company’s secured net leverage ratio. During the three months ended December 31, 2023 and 2022, the Company borrowed zero and $55.0 under the Revolving Credit Facility, respectively, and repaid $25.0 and $40.0 under the Revolving Credit Facility, respectively. The interest rate on the utilized portion of the Revolving Credit Facility was 8.42% as of September 30, 2023, and there were no amounts outstanding under the Revolving Credit Facility as of December 31, 2023. The available borrowing capacity under the Revolving Credit Facility was $250.0 and $225.0 as of December 31, 2023 and September 30, 2023, respectively, and there were no outstanding letters of credit as of December 31, 2023 or September 30, 2023. Under the terms of the Credit Agreement, the Company is required to maintain a total net leverage ratio (as defined in the Credit Agreement) not to exceed 6.00:1.00, measured as of the last day of each fiscal quarter. The total net leverage ratio of the Company did not exceed this threshold as of December 31, 2023. The Credit Agreement provides for potential incremental revolving and term facilities at the Company’s request and at the discretion of the lenders or other persons providing such incremental facilities, in each case on terms to be determined, and also permits the Company to incur other secured or unsecured debt, in all cases subject to conditions and limitations as specified in the Credit Agreement. Furthermore, the Credit Agreement provides for customary events of default. Upon the occurrence and during the continuance of an event of default, the maturity of the loans under the Credit Agreement may accelerate and the administrative agent and lenders under the Credit Agreement may exercise other rights and remedies available at law or under the loan documents, including with respect to the collateral securing, and guarantees of, the Company’s obligations under the Credit Agreement. The Company’s obligations under the Credit Agreement are unconditionally guaranteed by its existing and subsequently acquired or organized direct and indirect subsidiaries (other than immaterial subsidiaries, certain excluded subsidiaries and subsidiaries the Company designates as unrestricted subsidiaries) and are secured by security interests in substantially all of the Company’s assets and the assets of its subsidiary guarantors, but excluding, in each case, real property.
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Commitments and Contingencies (Notes) |
3 Months Ended |
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Dec. 31, 2023 | |
Legal Proceedings [Abstract] | |
Commitments and contingencies | COMMITMENTS AND CONTINGENCIES Legal Proceedings Joint Juice Litigation In March 2013, a complaint was filed on behalf of a putative, nationwide class of consumers against Premier Nutrition in the U.S. District Court for the Northern District of California seeking monetary damages and injunctive relief. The case asserted that some of Premier Nutrition’s advertising claims regarding its Joint Juice line of glucosamine and chondroitin dietary supplement beverages, which it discontinued in the first quarter of fiscal 2023, were false and misleading. In April 2016, the district court certified a California-only class of consumers in this lawsuit (this lawsuit is hereinafter referred to as the “California Federal Class Lawsuit”). In 2016 and 2017, the lead plaintiff’s counsel in the California Federal Class Lawsuit filed ten additional class action complaints in the U.S. District Court for the Northern District of California on behalf of putative classes of consumers under the laws of Connecticut, Florida, Illinois, New Jersey, New Mexico, New York, Maryland, Massachusetts, Michigan and Pennsylvania (the “Related Federal Actions”). These complaints contain factual allegations similar to the California Federal Class Lawsuit, also seeking monetary damages and injunctive relief. The action on behalf of New Jersey consumers was voluntarily dismissed. Trial in the action on behalf of New York consumers was held beginning in May 2022, and the jury delivered its verdict in favor of plaintiff in June 2022. In August 2022, the Court entered a judgment in that case in favor of plaintiff in the amount of $12.9, which includes statutory damages and prejudgment interest. In October 2022, each plaintiff and Premier Nutrition filed Notices of Appeal to the Ninth Circuit, which appeals are pending. The other eight Related Federal Actions remain pending, and the court has certified individual state classes in each of those cases (except New Mexico). In April 2018, the district court dismissed the California Federal Class Lawsuit with prejudice. This dismissal was upheld on appeal by the U.S. Court of Appeals for the Ninth Circuit in 2020, and plaintiff’s petition for an en banc rehearing by the Ninth Circuit was denied. In September 2020, the same lead counsel re-filed the California Federal Class Lawsuit against Premier Nutrition in California Superior Court for the County of Alameda, alleging identical claims and seeking restitution and injunctive relief on behalf of the same putative class of California consumers as the California Federal Class Lawsuit. In March 2023, the Alameda Superior Court granted in part and denied in part Premier Nutrition’s motion for judgment based on res judicata and in May 2023, the Court reaffirmed its ruling. In July 2023, Premier Nutrition filed a petition for writ of mandamus in the California Court of Appeal, which writ is pending. In November 2023, the Court certified the case as a class action. Trial is anticipated in calendar year 2024. In January 2019, the same lead counsel filed an additional class action complaint against Premier Nutrition in California Superior Court for the County of Alameda, alleging claims similar to the above actions and seeking monetary damages and injunctive relief on behalf of a putative class of California consumers, beginning after the California Federal Class Lawsuit class period. In July 2020, the court issued an order certifying a statewide class. Premier Nutrition moved for summary judgment on July 7, 2023, which motion remains pending. Trial is anticipated in calendar year 2024. The Company continues to vigorously defend these cases and intends to appeal any adverse judgements and awards of damages. The Company does not believe that the ultimate resolution of these cases will have a material adverse effect on its consolidated financial condition, results of operations or cash flows. Other than legal fees, no expense related to this litigation was incurred during the three months ended December 31, 2023 or 2022. At both December 31, 2023 and September 30, 2023, the Company had an estimated liability of $21.0 related to these matters that was included in “Other current liabilities” on the Condensed Consolidated Balance Sheets. Protein Products Class Litigation In June 2023, a complaint was filed on behalf of a putative, nationwide class of consumers against the Company and Premier Nutrition in the U.S. District Court for the Northern District of California. The complaint alleges that Premier Nutrition engages in fraud and false advertising (via alleged affirmative representations and omissions) regarding its RTD protein shakes and protein powders by marketing the products as good sources of nutrition and protein when the products contain (or have a material risk of containing) high levels of undisclosed lead (this lawsuit is hereinafter referred to as the “Protein Products Class Lawsuit”). Plaintiffs seek monetary remedies for economic injury (products are allegedly worth less than what was paid for them), as well as injunctive relief. The Protein Products Class Lawsuit alleges that high levels of lead pose serious safety risks, but does not allege that any plaintiff or putative class member suffered personal injuries and does not seek any remedies for personal injuries. The Company and Premier Nutrition filed a motion to dismiss this case in August 2023, which motion is pending. The Company intends to vigorously defend the case, including appealing any adverse judgement or award. The Company does not believe that the ultimate resolution of the Protein Products Class Lawsuit will have a material adverse effect on its consolidated financial condition, results of operations or cash flows. Other than legal fees, no expense related to the Protein Products Class Lawsuit was incurred during the three months ended December 31, 2023 or 2022. California Proposition 65 Notice re Lead in Protein Products On June 7, 2023, the Fitzgerald Joseph LLP law firm (the same firm that filed the Protein Products Class Lawsuit) issued a 60-Day Notice of Intent to Sue under California’s Safe Water and Toxic Enforcement Act (Proposition 65) for alleged violation of Proposition 65 with respect to lead levels in Premier Nutrition’s RTD protein shakes and protein powders (this matter is hereinafter referred to as the “Protein Products Prop 65 Notice”). Premier Nutrition intends to vigorously defend against the Protein Products Prop 65 Notice. The Company does not believe that the ultimate resolution of the Protein Products Prop 65 Notice will have a material adverse effect on its consolidated financial condition, results of operations or cash flows. Other than legal fees, no expense related to the Protein Products Prop 65 Notice was incurred during the three months ended December 31, 2023 or 2022. Other The Company is subject to various other legal proceedings and actions arising in the normal course of business. In the opinion of management, based upon the information presently known, the ultimate liability, if any, arising from such pending legal proceedings, as well as from asserted legal claims and known potential legal claims which are likely to be asserted, taking into account established accruals for estimated liabilities (if any), are not expected to be material individually or in the aggregate to the consolidated financial condition, results of operations or cash flows of the Company. In addition, although it is difficult to estimate the potential financial impact of actions regarding expenditures for compliance with regulatory matters, in the opinion of management, based upon the information currently available, the ultimate liability arising from such compliance matters is not expected to be material to the consolidated financial condition, results of operations or cash flows of the Company.
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Stockholders' Equity (Notes) |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | STOCKHOLDERS’ DEFICIT The following table summarizes the Company’s repurchases of its common stock.
(a)Average price per share excludes accrued excise tax and broker’s commissions, which are included in “Total share repurchase cost” within this table.
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Pay vs Performance Disclosure - USD ($) $ in Millions |
3 Months Ended | |
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Dec. 31, 2023 |
Dec. 31, 2022 |
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Pay vs Performance Disclosure | ||
Net earnings | $ 43.9 | $ 44.2 |
Insider Trading Arrangements |
3 Months Ended |
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Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | OTHER INFORMATION. Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements During the three months ended December 31, 2023, no director or “officer,” as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended, of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.
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Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Revenue (Tables) |
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Revenues [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of revenues |
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of basic and diluted earnings per share |
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Antidilutive securities excluded from computation of earnings per share |
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Inventories (Tables) |
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Inventory [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories |
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Property, net (Tables) |
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Property, net |
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Goodwill (Tables) |
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Goodwill [Abstract] | |||||||||||||||||||||||||
Carrying amount of goodwill |
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Intangible Assets, net (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total intangible assets |
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Long-Term Debt (Tables) |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt |
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Stockholders' Equity (Table) |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Treasury Stock |
(a)Average price per share excludes accrued excise tax and broker’s commissions, which are included in “Total share repurchase cost” within this table.
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Revenue (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
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Disaggregation of Revenue | ||
Net Sales | $ 430.4 | $ 362.7 |
Shakes and other beverages | ||
Disaggregation of Revenue | ||
Net Sales | 350.2 | 297.0 |
Powders | ||
Disaggregation of Revenue | ||
Net Sales | 69.7 | 56.1 |
Other | ||
Disaggregation of Revenue | ||
Net Sales | $ 10.5 | $ 9.6 |
Related Party Transactions (Details) - USD ($) $ in Millions |
3 Months Ended | ||
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Dec. 31, 2023 |
Dec. 31, 2022 |
Sep. 30, 2023 |
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Related Party Transaction [Line Items] | |||
Selling, general and administrative expenses | $ 52.8 | $ 41.7 | |
Accounts payable | 91.3 | $ 89.0 | |
Master services agreement fees | |||
Related Party Transaction [Line Items] | |||
Selling, general and administrative expenses | 0.9 | 1.3 | |
Co-Packing Agreement | |||
Related Party Transaction [Line Items] | |||
Start-up costs reimbursable to related party | 1.0 | $ 0.0 | |
Accounts payable | $ 3.5 | $ 2.5 |
Inventories (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Sep. 30, 2023 |
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Inventory [Abstract] | ||
Raw materials and supplies | $ 59.5 | $ 60.4 |
Work in process | 0.1 | 0.1 |
Finished products | 128.0 | 133.8 |
Inventories | $ 187.6 | $ 194.3 |
Property, net (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Sep. 30, 2023 |
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Property, Plant and Equipment [Abstract] | ||
Property, at cost | $ 23.2 | $ 24.0 |
Accumulated depreciation | (14.6) | (15.5) |
Property, net | $ 8.6 | $ 8.5 |
Goodwill (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Sep. 30, 2023 |
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Goodwill [Abstract] | ||
Goodwill, gross | $ 180.7 | $ 180.7 |
Accumulated impairment losses | (114.8) | (114.8) |
Goodwill | $ 65.9 | $ 65.9 |
Intangible Assets, net (Details) - USD ($) $ in Millions |
3 Months Ended | |
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Dec. 31, 2023 |
Sep. 30, 2023 |
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Finite-Lived Intangible Assets | ||
Finite-lived intangible assets, gross | $ 375.5 | $ 375.5 |
Finite-lived intangible assets, accumulated amortization | (220.9) | (198.7) |
Finite-lived intangible assets, net | 154.6 | 176.8 |
Accelerated amortization | 17.4 | |
Customer relationships | ||
Finite-Lived Intangible Assets | ||
Finite-lived intangible assets, gross | 178.4 | 178.4 |
Finite-lived intangible assets, accumulated amortization | (105.8) | (97.2) |
Finite-lived intangible assets, net | 72.6 | 81.2 |
Trademarks and brands | ||
Finite-Lived Intangible Assets | ||
Finite-lived intangible assets, gross | 194.0 | 194.0 |
Finite-lived intangible assets, accumulated amortization | (112.0) | (98.4) |
Finite-lived intangible assets, net | 82.0 | 95.6 |
Other intangible assets | ||
Finite-Lived Intangible Assets | ||
Finite-lived intangible assets, gross | 3.1 | 3.1 |
Finite-lived intangible assets, accumulated amortization | (3.1) | (3.1) |
Finite-lived intangible assets, net | $ 0.0 | $ 0.0 |
Fair Value Measurements (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Sep. 30, 2023 |
---|---|---|
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt, fair value | $ 873.2 | $ 830.0 |
Long-Term Debt (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Sep. 30, 2023 |
|
Debt Instrument | |||
Long-term and short-term debt, combined amount | $ 840.0 | $ 865.0 | |
Unamortized Debt Issuance Expense | (7.9) | (8.2) | |
Long-term debt | 832.1 | 856.8 | |
7.00% Senior Notes Maturing in March 2030 | |||
Debt Instrument | |||
Long-term debt, gross | 840.0 | 840.0 | |
Revolving Credit Facility | |||
Debt Instrument | |||
Long-term debt, gross | 0.0 | 25.0 | |
Maximum borrowing capacity on line of credit | 250.0 | ||
Proceeds from borrowing under line of credit | 0.0 | $ 55.0 | |
Repayments of lines of credit | 25.0 | $ 40.0 | |
Remaining borrowing capacity on line of credit | 250.0 | 225.0 | |
Letters of credit outstanding, amount | 0.0 | $ 0.0 | |
Letter of Credit | |||
Debt Instrument | |||
Maximum borrowing capacity on line of credit | $ 20.0 |
Commitments and Contingencies (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2022 |
Dec. 31, 2023 |
Sep. 30, 2023 |
|
Loss Contingencies | |||
Litigation Settlement, Amount Awarded to Other Party | $ 12.9 | ||
Other current liabilities | |||
Loss Contingencies | |||
Estimated litigation liability, current | $ 21.0 | $ 21.0 |
Stockholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Class of Stock [Line Items] | ||
Total share repurchase cost | $ 9.4 | $ 41.2 |
BellRing Common Stock | Common Stock | ||
Class of Stock [Line Items] | ||
Shares repurchased | 0.2 | 1.8 |
Average price per share | $ 44.27 | $ 23.33 |
Total share repurchase cost | $ 9.4 | $ 41.2 |
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