Sovos Brands, Inc.(NASDAQ:SOVO) 
Sovos Brands, Inc., through its subsidiaries, manufactures and distributes food products in the United States. The company operates through two segments, Dinners & Sauces, and Breakfast & Snacks. It provides Italian sauces, dry pastas, soups, yogurts, frozen ready-to-eat meals, pancake and waffle mi...
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• Market Cap:
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
| Unit: USD | 2023-12-30 | 2023-09-30 | 2023-07-01 | 2023-04-01 | 2022-12-31 | 2022-09-24 | 2022-06-25 | 2022-03-26 | 2021-12-25 | 2021-09-25 |
|---|---|---|---|---|---|---|---|---|---|---|
net sales | 292,051,000 | 257,944,000 | 217,635,000 | 252,791,000 | 262,098,000 | 208,907,000 | 197,433,000 | 209,933,000 | 189,244,000 | 178,733,000 |
yoy | 11.43% | 23.47% | 10.23% | 20.42% | 38.50% | 16.88% | ||||
qoq | 13.22% | 18.52% | -13.91% | -3.55% | 25.46% | 5.81% | -5.95% | 10.93% | 5.88% | |
cost of sales | 181,451,000 | 146,928,000 | 181,979,000 | 147,090,000 | 142,410,000 | 156,025,000 | 129,752,000 | 128,878,000 | ||
gross profit | 76,493,000 | 70,707,000 | 70,812,000 | 61,817,000 | 55,023,000 | 53,908,000 | 59,492,000 | 49,855,000 | ||
yoy | 23.74% | 28.50% | 31.36% | 23.99% | ||||||
qoq | 8.18% | -0.15% | 12.35% | 2.07% | -9.39% | 19.33% | ||||
gross margin % | 0% | 29.65% | 32.49% | 28.01% | 0% | 29.59% | 27.87% | 25.68% | 31.44% | 27.89% |
operating expenses: | ||||||||||
selling, general and administrative | 58,471,000 | 47,633,000 | 43,414,000 | 43,965,000 | 39,449,000 | 33,915,000 | ||||
depreciation and amortization | 6,039,000 | 6,004,000 | 5,980,000 | 7,209,000 | 7,200,000 | 7,203,000 | ||||
impairment of goodwill | ||||||||||
total operating expenses | ||||||||||
operating income | 11,983,000 | 17,070,000 | 21,418,000 | 10,643,000 | -33,678,000 | 12,790,000 | -2,106,000 | 11,430,000 | ||
yoy | 12.59% | -150.69% | 67.46% | -6.89% | ||||||
qoq | -29.80% | -20.30% | -131.60% | -363.32% | -707.31% | -118.43% | ||||
operating margin % | 0% | 4.65% | 7.84% | 8.47% | 0% | 5.09% | -17.06% | 6.09% | -1.11% | 6.40% |
interest expense | 8,621,000 | 8,678,000 | 8,701,000 | 6,679,000 | 5,713,000 | 6,022,000 | 6,272,000 | 12,547,000 | ||
income before income taxes | 3,362,000 | 8,392,000 | 12,717,000 | 3,964,000 | -39,391,000 | 6,768,000 | -8,378,000 | -1,117,000 | ||
income tax benefit | -1,936,000 | -3,003,000 | -2,500,000 | 9,106,000 | 4,538,000 | -3,497,000 | ||||
net income | 15,513,000 | 1,426,000 | 5,389,000 | 7,846,000 | -28,687,000 | 1,464,000 | -30,285,000 | 4,057,000 | -3,840,000 | -4,614,000 |
yoy | -154.08% | -2.60% | -117.79% | 93.39% | 647.06% | -131.73% | ||||
qoq | 987.87% | -73.54% | -31.32% | -127.35% | -2059.49% | -104.83% | -846.49% | -205.65% | -16.78% | |
net income margin % | 5.31% | 0.55% | 2.48% | 3.10% | -10.95% | 0.70% | -15.34% | 1.93% | -2.03% | -2.58% |
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earnings per share: | ||||||||||
basic | 0.16 | 0.01 | 0.05 | 0.08 | -0.28 | 0.01 | -0.3 | 0.04 | -0.06 | -0.06 |
diluted | 0.15 | 0.01 | 0.05 | 0.08 | -0.28 | 0.01 | -0.3 | 0.04 | -0.06 | -0.06 |
weighted-average shares outstanding: | ||||||||||
basic | 101,303,730 | 101,327,970 | 101,265,446 | 101,186,223 | 100,917,978 | 100,913,121 | 100,897,815 | 100,892,547 | 80,616,326 | 74,058,447 |
diluted | 103,143,363 | 103,775,264 | 103,271,838 | 101,507,696 | 100,917,978 | 101,613,928 | 100,897,815 | 101,262,103 | 80,616,326 | 74,058,447 |
income tax | -4,871,000 | |||||||||
loss on extinguishment of debt | 2,429,250 | |||||||||
income tax expense | -2,711,000 | |||||||||
selling general, and administrative expenses | 22,841,750 | 31,189,000 | ||||||||
depreciation and amortization expenses | 5,407,750 | 7,236,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2023-12-30 | 2023-09-30 | 2023-07-01 | 2023-04-01 | 2022-12-31 | 2022-09-24 | 2022-06-25 | 2022-03-26 | 2021-12-25 | 2021-09-25 |
|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||
current assets: | ||||||||||
cash and cash equivalents | 231,988,000 | 202,524,000 | 169,625,000 | 153,638,000 | 138,654,000 | 81,926,000 | 72,651,000 | 70,149,000 | 66,154,000 | 43,115,000 |
accounts receivable | 97,655,000 | 96,962,000 | 67,891,000 | 93,447,000 | 87,695,000 | 83,964,000 | 73,907,000 | 82,802,000 | 70,729,000 | 80,269,000 |
inventories | 95,515,000 | 80,629,000 | 107,553,000 | 86,727,000 | 92,602,000 | 84,086,000 | 76,626,000 | 49,856,000 | 51,615,000 | 60,277,000 |
prepaid expenses and other current assets | 7,843,000 | 7,326,000 | 8,708,000 | 12,382,000 | 11,974,000 | 5,865,000 | 4,221,000 | 7,339,000 | 6,685,000 | 10,965,000 |
total current assets | 433,001,000 | 387,441,000 | 353,777,000 | 346,194,000 | 330,925,000 | 255,841,000 | 227,405,000 | 210,146,000 | 195,183,000 | 194,626,000 |
property and equipment | 64,699,000 | 62,955,000 | 62,024,000 | 63,275,000 | 64,317,000 | 65,132,000 | 66,701,000 | 67,534,000 | 62,671,000 | 56,558,000 |
operating lease right-of-use assets | ||||||||||
goodwill | 395,399,000 | 395,399,000 | 395,399,000 | 395,399,000 | 395,399,000 | 395,399,000 | 395,399,000 | 437,451,000 | 437,451,000 | 437,451,000 |
intangible assets | 329,122,000 | 334,728,000 | 340,335,000 | 345,941,000 | 351,547,000 | 444,225,000 | 451,035,000 | 457,845,000 | 464,655,000 | 471,465,000 |
other long-term assets | 1,313,000 | 1,420,000 | 2,392,000 | 2,485,000 | 3,279,000 | 3,978,000 | 2,197,000 | 2,243,000 | 2,299,000 | 6,934,000 |
total assets | 1,234,981,000 | 1,193,425,000 | 1,166,034,000 | 1,166,018,000 | 1,158,799,000 | 1,178,507,000 | 1,157,234,000 | 1,190,287,000 | 1,177,931,000 | 1,183,301,000 |
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liabilities and stockholders’ equity | ||||||||||
current liabilities: | ||||||||||
accounts payable | 64,486,000 | 54,395,000 | 47,155,000 | 55,349,000 | 49,264,000 | 52,203,000 | 49,720,000 | 42,577,000 | 37,254,000 | 33,597,000 |
accrued expenses | 81,356,000 | 70,523,000 | 55,467,000 | 57,679,000 | 69,571,000 | 60,373,000 | 48,002,000 | 50,831,000 | 51,757,000 | 60,414,000 |
current portion of long-term debt | 184,000 | 202,000 | 80,000 | 94,000 | 98,000 | 90,000 | 93,000 | 98,000 | 5,897,000 | |
current portion of long-term operating lease liabilities | ||||||||||
total current liabilities | 149,301,000 | 128,165,000 | 105,907,000 | 116,487,000 | 122,242,000 | 115,972,000 | 101,020,000 | 96,786,000 | 92,325,000 | 103,084,000 |
long-term debt | 483,800,000 | 483,588,000 | 482,824,000 | 482,580,000 | 482,344,000 | 482,114,000 | 481,883,000 | 481,652,000 | 481,420,000 | 768,923,000 |
deferred income taxes | 60,157,000 | 60,032,000 | 62,502,000 | 64,269,000 | 63,644,000 | 65,736,000 | 66,275,000 | 77,282,000 | 76,976,000 | 81,248,000 |
long-term operating lease liabilities | ||||||||||
other long-term liabilities | 346,000 | 590,000 | 550,000 | 517,000 | 483,000 | 459,000 | 442,000 | 431,000 | 421,000 | 1,413,000 |
total liabilities | 704,992,000 | 684,242,000 | 664,328,000 | 677,057,000 | 682,776,000 | 679,193,000 | 665,341,000 | 672,656,000 | 668,444,000 | 972,757,000 |
commitments and contingencies | ||||||||||
stockholders’ equity: | ||||||||||
preferred stock, 0.001 par value per share... | ||||||||||
common stock, 0.001 par value per share... | 101,000 | 101,000 | 101,000 | 101,000 | 101,000 | 101,000 | 101,000 | 101,000 | 101,000 | 74,000 |
additional paid-in-capital | 602,123,000 | 595,958,000 | 589,591,000 | 583,172,000 | 577,664,000 | 572,466,000 | 567,860,000 | 563,313,000 | 559,226,000 | 256,470,000 |
accumulated deficit | -73,117,000 | -88,630,000 | -90,056,000 | -95,445,000 | -103,291,000 | -74,604,000 | -76,068,000 | -45,783,000 | -49,840,000 | -46,000,000 |
accumulated other comprehensive income | ||||||||||
total stockholders’ equity | 529,989,000 | 509,183,000 | 501,706,000 | 488,961,000 | 476,023,000 | 499,314,000 | 491,893,000 | 517,631,000 | 509,487,000 | 210,544,000 |
total liabilities and stockholders’ equity | 1,234,981,000 | 1,193,425,000 | 1,166,034,000 | 1,166,018,000 | 1,158,799,000 | 1,178,507,000 | 1,157,234,000 | 1,190,287,000 | 1,177,931,000 | 1,183,301,000 |
current portion of long-term finance lease liabilities | 99,000 | |||||||||
current portion of long-term lease liabilities | ||||||||||
stockholder's note receivable | ||||||||||
operating lease liabilities |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2023-12-30 | 2023-09-30 | 2023-07-01 | 2023-04-01 | 2022-12-31 | 2022-09-24 | 2022-06-25 | 2022-03-26 | 2021-12-25 |
|---|---|---|---|---|---|---|---|---|---|
operating activities | |||||||||
net income | 15,513,000 | 1,426,000 | 5,389,000 | 7,846,000 | -28,687,000 | 1,464,000 | -30,285,000 | 4,057,000 | -3,840,000 |
adjustments to reconcile net income to net cash from operating activities: | |||||||||
depreciation and amortization | 8,468,000 | 8,450,000 | 8,564,000 | 8,469,000 | 9,684,000 | 9,804,000 | 9,825,000 | 9,555,000 | 9,510,000 |
equity-based compensation expense | 6,165,000 | 6,367,000 | 6,419,000 | 5,508,000 | 5,198,000 | 4,606,000 | 4,547,000 | 4,087,000 | 7,739,000 |
(gain) loss on foreign currency contracts | |||||||||
non-cash interest expense | |||||||||
deferred income taxes | 404,000 | -2,366,000 | -2,067,000 | 758,000 | -2,147,000 | -973,000 | -11,007,000 | 306,000 | -4,273,000 |
amortization of debt issuance costs | 317,000 | 316,000 | 317,000 | 316,000 | 382,000 | 316,000 | 317,000 | 316,000 | 317,000 |
non-cash operating lease expense | 861,000 | 625,000 | 617,000 | 608,000 | 600,000 | 602,000 | 613,000 | 603,000 | 595,000 |
benefit from excess and obsolete inventory | |||||||||
loss on disposal of property and equipment | 63,000 | ||||||||
impairment of goodwill | |||||||||
loss on extinguishment of debt | |||||||||
loss on asset sale | |||||||||
forgiveness of capital advance | |||||||||
other | 0 | -6,000 | 468,000 | ||||||
changes in operating assets and liabilities: | |||||||||
accounts receivable | -693,000 | -29,071,000 | 25,556,000 | -5,752,000 | -3,798,000 | -10,063,000 | 8,894,000 | -12,065,000 | 9,544,000 |
inventories | -15,533,000 | 26,144,000 | -21,874,000 | 5,039,000 | -14,068,000 | -9,589,000 | -26,509,000 | 1,275,000 | 8,193,000 |
prepaid expenses and other current assets | -2,301,000 | 1,635,000 | 2,937,000 | -4,209,000 | 388,000 | -1,862,000 | 3,120,000 | -1,043,000 | -2,979,000 |
other long-term assets | 41,000 | 87,000 | -10,000 | -45,000 | 16,000 | 402,000 | -20,000 | -10,000 | -431,000 |
accounts payable | 10,206,000 | 7,343,000 | -8,504,000 | 6,437,000 | -3,122,000 | 2,269,000 | 7,509,000 | 4,896,000 | 3,660,000 |
accrued expenses | 12,536,000 | 13,868,000 | -759,000 | -7,897,000 | 6,734,000 | 9,368,000 | -3,326,000 | -538,000 | -9,044,000 |
other long-term liabilities | -244,000 | 41,000 | 34,000 | 34,000 | 24,000 | 18,000 | 10,000 | 10,000 | -991,000 |
operating lease liabilities | |||||||||
net cash from operating activities | 34,304,000 | 36,437,000 | 17,406,000 | 17,177,000 | 18,625,000 | 10,496,000 | 5,075,000 | 11,199,000 | 28,638,000 |
capital expenditures | -4,784,000 | -3,506,000 | -1,398,000 | -2,173,000 | -1,694,000 | -995,000 | -2,917,000 | -6,713,000 | -9,075,000 |
free cash flows | 29,520,000 | 32,931,000 | 16,008,000 | 15,004,000 | 16,931,000 | 9,501,000 | 2,158,000 | 4,486,000 | 19,563,000 |
investing activities | |||||||||
proceeds from sale of business | |||||||||
purchases of property and equipment | -4,784,000 | -3,506,000 | -1,398,000 | -2,173,000 | -1,878,000 | -1,209,000 | -2,550,000 | -7,180,000 | -9,071,000 |
net cash from investing activities | 38,122,000 | -1,209,000 | -2,550,000 | -7,180,000 | -9,071,000 | ||||
financing activities | |||||||||
payments of debt issuance costs | 0 | ||||||||
proceeds from long-term debt | 0 | ||||||||
repayments of long-term debt | -299,200,000 | ||||||||
repayments of capital lease obligations | -56,000 | -32,000 | -21,000 | -20,000 | -19,000 | -12,000 | -23,000 | -24,000 | -17,000 |
net proceeds from issuance of common stock | |||||||||
proceeds from stockholder's note receivable | 0 | ||||||||
contingent earn out consideration paid | |||||||||
dividends paid | |||||||||
net cash (used in) financing activities | -56,000 | -32,000 | -21,000 | -20,000 | |||||
cash and cash equivalents | |||||||||
net increase in cash and cash equivalents | 29,464,000 | 32,899,000 | 15,987,000 | 14,984,000 | 56,728,000 | 9,275,000 | 2,502,000 | 3,995,000 | 23,039,000 |
cash and cash equivalents at beginning of period | 0 | 0 | 0 | 138,654,000 | 0 | 0 | 0 | 66,154,000 | 0 |
cash and cash equivalents at end of period | 29,464,000 | 32,899,000 | 15,987,000 | 153,638,000 | 56,728,000 | 9,275,000 | 2,502,000 | 70,149,000 | 23,039,000 |
| 13,000 | 13,000 | 13,000 | ||||||
supplemental disclosures of cash flow information | |||||||||
cash paid (received) during period for: | |||||||||
cash paid for interest | 5,397,000 | 7,959,000 | 5,413,000 | 5,937,000 | 9,932,000 | ||||
cash proceeds from interest | |||||||||
cash paid for taxes | 2,108,000 | 0 | 3,633,000 | 37,000 | 286,000 | ||||
proceeds from income tax refunds | -4,000 | 0 | -1,000 | -10,000 | 0 | ||||
non-cash investing and financing transactions | |||||||||
lease liabilities arising from operating lease right-of-use assets recognized at asu no. 2016-02 transition | 0 | ||||||||
lease liabilities arising from operating lease right-of-use assets recognized after asu no. 2016-02 transition | |||||||||
lease liabilities arising from finance lease right-of-use assets recognized after asu no. 2016-02 transition | |||||||||
capitalized ipo costs netted with ipo proceeds | |||||||||
acquisition of property and equipment not yet paid | 184,000 | 214,000 | -367,000 | 467,000 | -4,000 | ||||
loss on foreign currency contracts | |||||||||
net cash (used in) investing activities | -3,506,000 | -1,398,000 | -2,173,000 | ||||||
gain on foreign currency contracts | |||||||||
acquisition of businesses, net of cash acquired | |||||||||
contributions to limited partnership | |||||||||
proceeds from revolving facility | |||||||||
repayments of revolving facility | |||||||||
net cash from financing activities | -19,000 | -12,000 | -23,000 | -24,000 | 3,472,000 | ||||
contingent earn out consideration related to birch benders acquisition | |||||||||
acquisition of property and equipment through tenant improvement allowance | |||||||||
acquisition of property and equipment through capital leases | |||||||||
loss on impairment of goodwill and intangible assets | |||||||||
contributions from ultimate parent | |||||||||
contributions to ultimate parent | |||||||||
contingent earnout consideration paid | |||||||||
dividend paid | |||||||||
stockholder note receivable issued in exchange for class a units | |||||||||
loss on sale/disposal of property and equipment | |||||||||
proceeds from revolver | |||||||||
repayments of revolver |