The Boston Beer Company, Inc. (NYSE:SAM) Q1 2022 Earnings Conference Call April 21, 2022 5:00 PM ET

Company Participants

Mike Andrews – Associate General Counsel and Corporate Secretary

Jim Koch – Founder and Chairman

Dave Burwick – Chief Executive Officer

Frank Smalla – Chief Financial Officer

Conference Call Participants

Nadine Sarwat – Bernstein

Kevin Grundy – Jefferies

Vivien Azer – Cowen

Kaumil Gajrawala – Credit Suisse

Rob Ottenstein – Evercore

Steve Powers – Deutsche Bank

Eric Serotta – Morgan Stanley

Bonnie Herzog – Goldman Sachs

Laurent Grandet – Guggenheim

Brett Cooper – Consumer Edge Research

Operator

Greetings and welcome to The Boston Beer Company’s First Quarter 2022 Earnings Conference Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn this conference over to your host, Mr. Mike Andrews, Associate General Counsel and Corporate Secretary. Thank you, sir. You may begin.

Mike Andrews

Thank you. Good afternoon and welcome. This is Mike Andrews, Associate General Counsel and Corporate Secretary of The Boston Beer Company. I’m pleased to kick off our 2022 first quarter earnings call. Joining the call from Boston Beer are Jim Koch, Founder and Chairman; Dave Burwick, our CEO; and Frank Smalla, our CFO.

Before we discuss our business, I’ll start with our disclaimer. As we stated in our earnings release, some of the information we discuss and that may come up on this call reflects the company’s or management’s expectations or predictions of the future. Such predictions are forward-looking statements. It’s important to note that the company’s actual results could differ materially from those projected in the forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained in the company’s most recent 10-Q and 10-K. The company does not undertake to publicly update forward-looking statements whether as a result of new information, future events or otherwise.

I will now pass it over to Jim for some introductory comments.

Jim Koch

Thanks Mike. I’ll begin my remarks this afternoon with a few introductory comments and then I’ll hand it over to Dave, who will provide an overview of our business. Dave will then turn the call over to Frank, who will focus on the financial details of our first quarter results as well as our outlook for the remainder of 2022. Immediately following Frank’s comments, we’ll open the line for questions.