BellRing Brands, Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>BellRing Brands, Inc. filed its quarterly report (10-Q) for the period ending December 31, 2023, detailing financial performance and balance sheet information.</b>

AI Summary

BELLRING BRANDS, INC. (BRBR) filed a Quarterly Report (10-Q) with the SEC on February 6, 2024. BellRing Brands, Inc. reported financial results for the quarter ended December 31, 2023. The filing covers the period from October 1, 2023, to December 31, 2023. Key financial statement data, including balance sheet and income statement items, are presented for the current and comparative periods. Details on common stock, additional paid-in capital, retained earnings, and treasury stock are provided as of December 31, 2023, and other dates. Segment information for shakes and other beverages, powders, and other products is included for the three months ended December 31, 2023, and 2022.

Why It Matters

For investors and stakeholders tracking BELLRING BRANDS, INC., this filing contains several important signals. This 10-Q filing provides investors with the latest financial snapshot of BellRing Brands, Inc., crucial for understanding its performance and financial health during the specified quarter. The detailed segment reporting allows stakeholders to analyze the revenue contributions and trends across different product categories, aiding in investment decisions.

Risk Assessment

Risk Level: low — BELLRING BRANDS, INC. shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate red flags, indicating a low level of immediate risk from this document alone.

Analyst Insight

Review the detailed segment performance and balance sheet changes to assess the company's financial trajectory and identify any emerging trends.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Period End Date (Quarterly report period)
• 2023-10-01 — Period Start Date (Quarterly report period)
• 2022-12-31 — Comparative Period End Date (Financial comparison)
• 2022-10-01 — Comparative Period Start Date (Financial comparison)

Key Players & Entities

• BELLRING BRANDS, INC. (company) — Filer name
• 2023-12-31 (date) — Period of report
• 2024-02-06 (date) — Filed as of date
• ST. LOUIS (location) — Business address city
• MO (location) — Business address state
• 314-644-6400 (phone) — Business phone

FAQ

Key Dates

• 2023-12-31: Quarter End Date — Marks the end of the reporting period for the 10-Q filing.
• 2024-02-06: Filing Date — Date the 10-Q was officially submitted to the SEC.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share BRBR New York Stock

Filing Documents

• brbr-20231231.htm (10-Q) — 527KB
• brbrq12024ex311.htm (EX-31.1) — 11KB
• brbrq12024ex312.htm (EX-31.2) — 11KB
• brbrq12024ex321.htm (EX-32.1) — 15KB
• brbr-20231231_g1.jpg (GRAPHIC) — 15KB
• 0001772016-24-000030.txt (&nbsp;) — 3350KB
• brbr-20231231.xsd (EX-101.SCH) — 24KB
• brbr-20231231_cal.xml (EX-101.CAL) — 44KB
• brbr-20231231_def.xml (EX-101.DEF) — 82KB
• brbr-20231231_lab.xml (EX-101.LAB) — 369KB
• brbr-20231231_pre.xml (EX-101.PRE) — 223KB
• brbr-20231231_htm.xml (XML) — 316KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 1 Condensed Consolidated Statements of Operations (Unaudited) 1 Condensed Consolidated Statements of Comprehensive Income (Unaudited) 2 Condensed Consolidated Balance Sheets (Unaudited) 3 Condensed Consolidated Statements of Cash Flows (Unaudited) 4 Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) 5 Notes to Condensed Consolidated Financial Statements (Unaudited) 6

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 13

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 17

Controls and Procedures

Item 4. Controls and Procedures 17

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 19

Risk Factors

Item 1A. Risk Factors 19

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 19

Other Information

Item 5. Other Information 19

Exhibits

Item 6. Exhibits 20

SIGNATURES

SIGNATURES 21 i Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION.

FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED). BELLRING BRANDS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in millions, except per share data) Three Months Ended December 31, 2023 2022 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 Common Share: Basic $ 0.33 $ 0.33 Diluted $ 0.33 $ 0.33 Weighted-Average Common Shares Outstanding: Basic 131.2 134.9 Diluted 133.0 135.1 See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited). 1 Table of Contents BELLRING BRANDS, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (in millions) Three Months Ended December 31, 2023 2022 Net Earnings $ 43.9 $ 44.2 Unrealized foreign currency translation adjustments 0.8 1.5 Other Comprehensive Income 0.8 1.5 Total Comprehensive Income $ 44.7 $ 45.7 See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited). 2 Table of Contents BELLRING BRANDS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in millions) December 31, 2023 September 30, 2023 ASSETS Current 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 Current Liabilities 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 l

Legal Proceedings

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 Fede

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