BOSTON BEER CO INC
For the period ended Sep 28, 2024. Filed Oct 24, 2024.
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Sep 28, 2024 · Filed Oct 24, 2024
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Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
In 1998, the Company's Board of Directors ("the Board") authorized the Company's share buyback program. In October 2024, the Board authorized an increase in the share buyback expenditure limit set for the program from $1.2 billion to $1.6 billion. The Board did not specify a date upon which the authorization would expire. Share repurchases for the periods included herein were effected through open market transactions.
As of October 18, 2024, the Company had repurchased a cumulative total of approximately 14.7 million shares of its Class A Common Stock for an aggregate purchase price of $1.1 billion and had $476 million remaining on the $1.6 billion share buyback expenditure limit set by the Board.
During the thirty-nine weeks ended September 28, 2024, the Company repurchased and subsequently retired 595,732 shares of its Class A Common Stock, including 1,319 unvested investment shares issued under the Investment Share Program of the Company’s Employee Equity Incentive Plan, as illustrated in the table below:
| Period | Total Number of SharesPurchased | Average Price Paidper Share | Total Number of SharesPurchased as Part ofPublicly AnnouncedPlans or Programs | Approximate DollarValue of Shares thatMay Yet be PurchasedUnder the Plansor Programs(in thousands) |
|---|---|---|---|---|
| December 31, 2023 - February 3, 2024 | 61,817 | $349.89 | 61,525 | $244,893 |
| February 4, 2024 - March 2, 2024 | 53,335 | 345.82 | 53,328 | 226,450 |
| March 3, 2024 - March 30, 2024 | 33,386 | 298.76 | 33,330 | 216,490 |
| March 31, 2024 - May 4, 2024 | 86,768 | 288.13 | 86,741 | 191,494 |
| May 5, 2024 - June 1, 2024 | 69,743 | 273.32 | 69,339 | 172,497 |
| June 2, 2024 - June 29, 2024 | 64,486 | 294.91 | 64,366 | 153,499 |
| June 30, 2024 - August 3, 2024 | 84,144 | 285.37 | 84,067 | 129,502 |
| August 4, 2024 - August 31, 2024 | 72,999 | 274.42 | 72,744 | 109,504 |
| September 1, 2024 - September 28, 2024 | 69,054 | 275.29 | 68,973 | 90,505 |
| Total | 595,732 | $295.74 | 594,413 | $90,505 |
As of October 18, 2024, the Company had 9.4 million shares of Class A Common Stock outstanding and 2.1 million shares of Class B Common Stock outstanding.
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