BellRing Brands Files 2024 Annual Report

Ticker: BRBR · Form: 10-K · Filed: Nov 19, 2024 · CIK: 1772016

Sentiment: neutral

Topics: 10-K, annual-report, financials

TL;DR

BellRing Brands filed its 2024 10-K. Full financial details inside.

AI Summary

BellRing Brands, Inc. filed its 10-K for the fiscal year ending September 30, 2024, reporting on its financial performance and business operations. The company, headquartered in St. Louis, MO, operates within the Food & Kindred Products sector. Key financial details and operational highlights for the period are detailed within the comprehensive filing.

Why It Matters

This filing provides investors and stakeholders with a detailed overview of BellRing Brands' financial health and strategic direction for the past fiscal year, influencing investment decisions.

Risk Assessment

Risk Level: medium — This is a standard annual financial filing with no immediate red flags or significant new risks highlighted in the provided snippet.

Key Players & Entities

FAQ

What is BellRing Brands, Inc.'s primary business sector?

BellRing Brands, Inc. operates within the FOOD & KINDRED PRODUCTS sector, SIC code 2000.

What is the filing date of this 10-K report?

This 10-K report was filed on November 19, 2024.

What is the fiscal year end date for BellRing Brands, Inc. in this report?

The fiscal year end date for BellRing Brands, Inc. in this report is September 30, 2024.

Where is BellRing Brands, Inc. headquartered?

BellRing Brands, Inc. is headquartered at 2503 S. Hanley Road, St. Louis, MO 63144.

What is the SEC file number for BellRing Brands, Inc.?

The SEC file number for BellRing Brands, Inc. is 001-39093.

Filing Stats: 4,531 words · 18 min read · ~15 pages · Grade level 14.3 · Accepted 2024-11-19 13:18:03

Key Financial Figures

Filing Documents

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 13 Item 1B. Unresolved Staff Comments 30 Item 1C. Cybersecurity 30 Item 2.

Properties

Properties 31 Item 3.

Legal Proceedings

Legal Proceedings 31 Item 4. Mine Safety Disclosures 31 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 32 Item 6. [Reserved] 33 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 39 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 41 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 68 Item 9A.

Controls and Procedures

Controls and Procedures 68 Item 9B. Other Information 68 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 69 PART III Item 10. Directors, Executive Officers and Corporate Governance 70 Item 11.

Executive Compensation

Executive Compensation 70 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 70 Item 13. Certain Relationships and Related Transactions, and Director Independence 70 Item 14. Principal Accountant Fees and Services 70 PART IV Item 15. Exhibits and Financial Statement Schedules 71 Item 16. Form 10-K Summary 74

Signatures

Signatures 75 i Table of Contents CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS Forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), are made throughout this report, including statements regarding unanticipated developments that negatively impact our common stock. These forward-looking statements are sometimes identified from the use of forward-looking words such as "believe," "should," "could," "potential," "continue," "expect," "project," "estimate," "predict," "anticipate," "aim," "intend," "plan," "forecast," "target," "is likely," "will," "can," "may" or "would" or the negative of these terms or similar expressions elsewhere in this report. Our financial condition, results of operations and cash flows may differ materially from those in the forward-looking statements. Such statements are based on management's current views and assumptions and involve risks and uncertainties that could affect expected results. Those risks and uncertainties include, but are not limited to, the following: our dependence on sales from our ready-to-drink ("RTD") protein shakes; our ability to continue to compete in our product categories and our ability to retain our market position and favorable perceptions of our brands; disruptions or inefficiencies in our supply chain, including as a result of our reliance on third-party suppliers or manufacturers for the manufacturing of many of our products, pandemics and other outbreaks of contagious diseases, labor shortages, fires and evacuations related thereto, changes in weather conditions, natural disasters, agricultural diseases and pests and other events beyond our control; our dependence on third-party contract manufacturers for the manufacture of most of our products, including one manufacturer for nearly half of our RTD protein shakes; the ability of our third-party contract

BUSINESS

ITEM 1. BUSINESS General BellRing Brands, Inc. (formerly known as BellRing Distribution, LLC) ("BellRing") was formed in the State of Delaware on October 20, 2021 as a wholly-owned subsidiary of Post Holdings, Inc. ("Post") for the purpose of effecting the separation of BellRing Intermediate Holdings, Inc. (formerly known as BellRing Brands, Inc.) ("Old BellRing") from Post. Under a transaction agreement and plan of merger (the "Transaction Agreement") that we entered into on October 26, 2021 and amended as of February 28, 2022, with Post, Old BellRing and our subsidiary BellRing Merger Sub Corporation ("Merger Sub"), Post distributed approximately 80.1% of its interest in us to Post's shareholders and Merger Sub merged with and into Old BellRing, with Old BellRing surviving and becoming our subsidiary. On March 10, 2022, as a result of the completion of the transactions provided for under the Transaction Agreement (including the "Separation" and "Distribution", each defined below), we became a new public holding company and the successor registrant to Old BellRing. In this report, we refer to the transactions undertaken pursuant to the Transaction Agreement as the "Spin-off." The Spin-off is described in more detail below. Our Company We are a leader in the global convenient nutrition category, aiming to enhance the lives of our consumers by providing them with nutritious, great-tasting products they can enjoy throughout the day. Our primary brands, Premier Protein and Dymatize , target a broad range of consumers and compete in all major product forms, including ready-to-drink ("RTD") protein shakes and powders. Our products are distributed across a diverse network of channels including club, food, drug and mass ("FDM"), eCommerce, specialty and convenience. We have organically grown our net sales from $ 1,371.5 million in our year ended September 30, 2022 to $ 1,996.2 million in our year ended September 30, 2024. Over the same period, net earnings including r

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