0001702744-23-000098 | 10-K | XBRL Viewer

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Fair Value of Financial Instruments (Details) - USD ($)	12 Months Ended
Fair Value of Financial Instruments (Details) - USD ($)	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021	Feb. 24, 2023	Jul. 06, 2017
Fair Value, Option, Quantitative Disclosures [Line Items]
Loss in fair value change of warrant liability	$ 0	$ 30,062,000	$ 66,197,000
Share price				$ 38.54
Transfers of financial instruments out of Level 3	$ 0	$ 0	$ 0
Private Warrants
Fair Value, Option, Quantitative Disclosures [Line Items]
Outstanding warrant issued (in shares)		0	6,700,000
Loss in fair value change of warrant liability		$ 30,100,000	$ (66,200,000)
Warrant price per share (in dollars per share)					$ 11.50

Commitments and Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Loss Contingencies [Line Items]
Gain on legal settlement	$ 0	$ 0	$ 5,000
Celebrity endorsement payment obligation	$ 3,500

Omnibus Incentive Plan Stock Appreciation Rights Activity (Details) - Stock Appreciation Rights (SARs)	12 Months Ended
	Aug. 26, 2023 $ / shares shares
Stock Appreciation Rights
Outstanding at beginning of period (in shares) \| shares	150,000
Granted (in shares) \| shares	150,000
Exercised (in shares) \| shares	150,000
Forfeited (in shares) \| shares	0
Outstanding at end of period (in shares) \| shares	150,000
Vested or expected to vest (in shares) \| shares	150,000
Exercisable (in shares) \| shares	0
Weighted average exercise price
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 24.20
Granted (in dollars per share) \| $ / shares	37.67
Exercised (in dollars per share) \| $ / shares	24.20
Forfeited (in dollars per share) \| $ / shares	0
Outstanding at end of period (in dollars per share) \| $ / shares	37.67
Vested or expected to vest (in dollars per share) \| $ / shares	0
Exercisable (in dollars per share) \| $ / shares	$ 0
Weighted average remaining contractual life (if years)
Outstanding at end of period, contractual life	0 years
Vested or expected to vest, contractual life	0 years
Exercisable, contractual life	0 years
Additional disclosures
Award vesting period	3 years
Expiration period	10 years

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Aug. 26, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of inventories

Inventories, as presented with the Consolidated Balance Sheets, is summarized as follows:


(In thousands)	August 26, 2023		August 27, 2022
Finished goods	$	111,761	$	116,047
Raw materials	6,512		10,870
Reserve for obsolete inventory	(1,682)		(1,438)
Total inventories	$	116,591	$	125,479

Property and equipment, useful lives

The general ranges of estimated useful lives are:


Furniture and fixtures	7 years
Computer equipment, software and website development costs	3	-	5 years
Machinery and equipment	5	-	7 years
Office equipment	3	-	5 years

Omnibus Incentive Plan Fair Value Assumptions (Details) - Employee stock options - USD ($)	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Share-based Compensation
Weighted average grant date fair value	$ 16.58	$ 15.32	$ 9.99
Expected volatility, minimum	39.00%	37.07%	36.80%
Expected volatility, maximum			38.75%
Expected dividend rate	0.00%	0.00%	0.00%
Expected option term	6 years	6 years	6 years
Risk-free rate of return, minimum	4.27%	1.26%	0.80%
Risk-free rate of return, maximum			0.935%
Expected dividend payments	$ 0

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Operating activities
Net income	$ 133,575	$ 108,574	$ 40,880
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	20,253	19,299	18,174
Amortization of deferred financing costs and debt discount	2,763	2,559	4,636
Stock compensation expense	14,480	11,697	8,265
Loss in fair value change of warrant liability	0	30,062	66,197
Estimated credit losses	315	601	1,114
Unrealized loss (gain) on foreign currency transactions	344	(191)	5
Deferred income taxes	10,590	11,789	9,403
Amortization of operating lease right-of-use asset	6,729	6,620	5,051
Loss on operating lease right-of-use asset impairment	0	0	686
Gain on lease termination	0	(30)	(156)
Other	567	681	(16)
Changes in operating assets and liabilities:
Accounts receivable, net	(13,374)	(21,796)	(22,284)
Inventories	8,169	(29,508)	(39,349)
Prepaid expenses	(1,306)	(138)	(1,202)
Other current assets	6,837	(11,739)	2,322
Accounts payable	(9,510)	2,878	25,923
Accrued interest	1,780	100	(900)
Accrued expenses and other current liabilities	(5,223)	(15,283)	15,423
Other assets and liabilities	(5,872)	(5,536)	(2,083)
Net cash provided by operating activities	171,117	110,639	132,089
Investing activities
Purchases of property and equipment	(11,585)	(5,232)	(5,911)
Proceeds from sale of business	0	0	5,800
Investments in intangible assets and other assets	(603)	(524)	(795)
Net cash used in investing activities	(12,188)	(8,156)	(2,506)
Issuance of note receivable	0	2,400	1,600
Financing activities
Proceeds from option exercises	5,247	4,343	700
Tax payments related to issuance of restricted stock units	(2,859)	(3,660)	(435)
Repurchase of common stock	(16,448)	(59,858)	0
Payments on finance lease obligations	(278)	(313)	(314)
Principal payments of long-term debt	(121,500)	(50,000)	(150,000)
Deferred financing costs	(2,694)	(544)	0
Net cash (used in) financing activities	(138,532)	(110,032)	(150,049)
Net increase (decrease) in cash	20,397	(7,549)	(20,466)
Effect of exchange rate on cash	(176)	(302)	(36)
Cash at beginning of period	67,494
Cash at end of period	87,715	67,494	75,345
Supplemental disclosures of cash flow information
Cash paid for interest	25,511	19,222	27,821
Cash paid for taxes	27,411	49,181	32,190
Non-cash proceeds from sale of business	0	0	3,000
Non-cash additions to property and equipment	178	743	1,203
Non-cash additions to intangible assets and other assets	26	86	218
Issuance of common stock in extinguishment of warrant liabilities	0	189,897	0
Operating lease right-of-use assets recognized after ASU 2016-02 transition	289	$ 6,872	$ 26,222
Non-cash credits for repayment of note receivable	$ 395

Income Taxes - Narrative (Details) - USD ($) $ in Millions	Aug. 26, 2023	Aug. 27, 2022
Entity Information
Valuation allowance	$ 0.0
Unrecognized tax benefits	0.0	$ 0.0
Accrued interest or penalties on unrecognized tax benefits	0.0	0.0
State and local
Entity Information
Operating loss carryforwards	$ 0.3	2.1
Foreign
Entity Information
Operating loss carryforwards		$ 0.0

Business Combination (Details 1) $ in Millions	Oct. 09, 2019 USD ($)
Business Acquisition [Line Items]
Quest Acquisition consideration - common stock offering	$ 350.0

Consolidated Statement of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income	Treasury Stock, Common
Condensed Statement of Stockholders' Equity
Common stock, $0.01 par value, 600,000,000 shares authorized, 101,929,868 and 101,322,834 issued at August 26, 2023 and August 27, 2022, respectively	$ 958
Treasury stock, 2,365,100 shares and 1,818,754 shares at cost at August 26, 2023 and August 27, 2022, respectively	(2,145)
Additional paid-in-capital	1,076,472
Retained earnings	64,927
Accumulated other comprehensive loss	$ (879)
Treasury Stock, Common, Shares	98,234
Beginning balance (in shares) at Aug. 29, 2020	95,751,845
Beginning balance at Aug. 29, 2020	$ 1,139,333
Condensed Statement of Stockholders' Equity
Net income	40,880			$ 40,880
Stock-based compensation	8,265		$ 8,265
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	61				$ 61
Shares issued upon vesting of restricted stock units (in shares)		72,755
Shares issued upon vesting of restricted stock units	(435)	$ 1	(436)
Exercise of options to purchase common stock (in shares)		58,308
Exercise of options to purchase common stock	$ 700	$ 0	700
Repurchase of common stock (in shares)	0
Ending balance (in shares) at Aug. 28, 2021	95,882,908
Ending balance at Aug. 28, 2021	$ 1,188,804
Condensed Statement of Stockholders' Equity
Common stock, $0.01 par value, 600,000,000 shares authorized, 101,929,868 and 101,322,834 issued at August 26, 2023 and August 27, 2022, respectively	959
Treasury stock, 2,365,100 shares and 1,818,754 shares at cost at August 26, 2023 and August 27, 2022, respectively	(2,145)
Additional paid-in-capital	1,085,001
Retained earnings	105,807
Accumulated other comprehensive loss	$ (818)
Treasury Stock, Common, Shares	98,234
Net income	$ 108,574			108,574
Stock-based compensation	11,697		11,697
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	14				14
Foreign currency translation, net of reclassification adjustments	(1,147)				(1,147)
Shares issued upon vesting of restricted stock units (in shares)		256,374
Shares issued upon vesting of restricted stock units	(3,660)	$ 3	(3,663)
Exercise of options to purchase common stock (in shares)		352,791
Exercise of options to purchase common stock	$ 4,343	$ 3	4,340
Repurchase of common stock (in shares)	1,720,520					1,720,520
Repurchase of common stock	$ (59,858)					$ (59,858)
Warrant conversion	$ 189,897	$ 48	189,849
Warrant conversion (shares)		4,830,761
Ending balance (in shares) at Aug. 27, 2022	101,322,834
Ending balance at Aug. 27, 2022	$ 1,438,664
Condensed Statement of Stockholders' Equity
Common stock, $0.01 par value, 600,000,000 shares authorized, 101,929,868 and 101,322,834 issued at August 26, 2023 and August 27, 2022, respectively	1,013
Treasury stock, 2,365,100 shares and 1,818,754 shares at cost at August 26, 2023 and August 27, 2022, respectively	(62,003)
Additional paid-in-capital	1,287,224
Retained earnings	214,381
Accumulated other comprehensive loss	$ (1,951)
Treasury Stock, Common, Shares	1,818,754
Net income	$ 133,575			$ 133,575
Stock-based compensation	13,562		13,562
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	(642)				$ (642)
Shares issued upon vesting of restricted stock units (in shares)		210,718
Shares issued upon vesting of restricted stock units	(2,859)	$ 2	(2,861)
Exercise of options to purchase common stock (in shares)		396,316
Exercise of options to purchase common stock	$ 5,247	$ 4	$ 5,243
Repurchase of common stock (in shares)	546,346					546,346
Repurchase of common stock	$ (16,448)					$ (16,448)
Ending balance (in shares) at Aug. 26, 2023	101,929,868
Ending balance at Aug. 26, 2023	$ 1,571,099
Condensed Statement of Stockholders' Equity
Common stock, $0.01 par value, 600,000,000 shares authorized, 101,929,868 and 101,322,834 issued at August 26, 2023 and August 27, 2022, respectively	1,019
Treasury stock, 2,365,100 shares and 1,818,754 shares at cost at August 26, 2023 and August 27, 2022, respectively	(78,451)
Additional paid-in-capital	1,303,168
Retained earnings	347,956
Accumulated other comprehensive loss	$ (2,593)
Treasury Stock, Common, Shares	2,365,100

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Income Statement [Abstract]
Net sales	$ 1,242,672	$ 1,168,678	$ 1,005,613
Cost of goods sold	789,252	723,117	595,847
Gross profit	453,420	445,561	409,766
Operating expenses:
Selling and marketing	119,489	121,685	112,928
General and administrative	111,566	103,832	106,181
Depreciation and amortization	17,416	17,285	16,982
Total operating expenses	248,471	242,802	236,091
Income from operations	204,949	202,759	173,675
Other income (expense):
Interest income	1,144	15	84
Interest expense	(30,068)	(21,881)	(31,557)
(Loss) in fair value change of warrant liability	0	(30,062)	(66,197)
Gain on legal settlement	0	0	5,000
(Loss) gain on foreign currency transactions	(344)	191	(5)
Other income (expense)	11	(453)	(140)
Total other income (expense)	(29,257)	(52,190)	(92,815)
Income before income taxes	175,692	150,569	80,860
Income tax expense	42,117	41,995	39,980
Net income	133,575	108,574	40,880
Other comprehensive income:
Foreign currency translation, net of reclassification adjustments	(642)	(1,133)	61
Comprehensive income	$ 132,933	$ 107,441	$ 40,941
Earnings per share:
Basic (in dollars per share)	$ 1.34	$ 1.10	$ 0.43
Diluted (in dollars per share)	$ 1.32	$ 1.08	$ 0.42
Weighted average shares outstanding:
Basic (in shares)	99,442,046	98,754,913	95,743,413
Diluted (in shares)	100,880,079	100,589,156	97,365,598

Nature of Operations and Principles of Consolidation	12 Months Ended
Nature of Operations and Principles of Consolidation	Aug. 26, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Principles of Consolidation	Nature of Operations and Principles of Consolidation Description of Business The Simply Good Foods Company (“Simply Good Foods” or the “Company”) is a consumer packaged food and beverage company that aims to lead the nutritious snacking movement with trusted brands that offer a variety of convenient, innovative, great-tasting, better-for-you snacks and meal replacements, and other product offerings. The product portfolio the Company develops, markets and sells consists primarily of protein bars, ready-to-drink (“RTD”) shakes, sweet and salty snacks and confectionery products marketed under the Atkins® and Quest® brand names. Simply Good Foods is poised to expand its wellness platform through innovation and organic growth along with acquisition opportunities in the nutritional snacking space. The Company’s nutritious snacking platform consists of brands that specialize in providing products for consumers that follow certain nutritional philosophies and health-and-wellness trends: Atkins® for those following a low-carb lifestyle and Quest® for consumers seeking a variety of protein-rich foods and beverages that also limit sugars and simple carbs. The Company distributes its products in major retail channels, primarily in North America, including grocery, club, and mass merchandise, as well as through e-commerce, convenience, specialty, and other channels. The Company’s portfolio of nutritious snacking brands gives it a strong platform with which to introduce new products, expand distribution, and attract new consumers to its products. The common stock of Simply Good Foods is listed on the Nasdaq Capital Market under the symbol “SMPL.” While the Company’s business has improved from the end of fiscal year 2022, the Company’s business performance in fiscal year 2023 was affected by unfavorable raw material costs, higher co-manufacturing costs, and supply chain challenges, including supply chain disruptions resulting from labor shortages and disruptions in sourcing ingredients. The supply chain environment showed signs of improvement during the year, which we expect to continue during fiscal year 2024. Additionally, management is continuing to monitor the dynamic macroeconomic inflationary environment in the United States and elsewhere, elevated levels of supply chain costs, and consumer behavior. Current or future governmental policies may increase the risk of inflation and possible economic recession, which could further increase the costs of ingredients, packaging and finished goods for our business as well as negatively effect consumer behavior and demand for our products. Basis of Presentation The consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). The Company maintains its accounting records on a 52/53-week fiscal year, ending on the last Saturday in August. The financial information presented within the Company’s consolidated financial statements has been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The accompanying financial statements include Consolidated Balance Sheets for the periods ended August 26, 2023 and August 27, 2022. The remaining financial statements include the fifty-two weeks ended August 26, 2023, the fifty-two weeks ended August 27, 2022, and the fifty-two weeks ended August 28, 2021. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. Unless the context otherwise requires, “we,” “us,” “our” and the “Company” refer to Simply Good Foods and its subsidiaries on a consolidated basis.

Segment and Customer Information (Details) - segment	12 Months Ended
Segment and Customer Information (Details) - segment	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Segment Reporting [Abstract]
Number of operating segments	1	1	2

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Aug. 26, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation The Company is a party to certain litigation and claims that are considered normal to the operations of the business. From time to time, the Company has been and may again become involved in legal proceedings arising in the ordinary course of business. The Company is not presently a party to any litigation that it believes to be material, and the Company is not aware of any pending or threatened litigation against it that its management believes could have a material adverse effect on its business, operating results, financial condition or cash flows. During the fifty-two weeks ended August 28, 2021, the Company received a $5.0 million gain on a legal settlement, which has been presented as an item within Other income (expense) in the Consolidated Statements of Income and Comprehensive Income. Other The Company enters into endorsement contracts with certain celebrity figures and social media influencers to promote and endorse the Atkins® and Quest® brands and product lines. These contracts contain endorsement fees, which are expensed ratably over the life of the contract, and performance fees, that are recognized at the time of achievement. Based on the terms of contracts in place and achievement of performance conditions as of August 26, 2023, the Company will be required to make payments of $3.5 million over the next year.

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Aug. 26, 2023	Aug. 27, 2022
Deferred tax assets
Accounts receivable allowances	$ 1,381	$ 1,519
Accrued expenses	3,732	4,330
Net operating loss carryforwards	2,177	2,257
Share-based compensation	4,398	3,430
Deferred Tax Assets, Lease Liabilities	11,200	12,733
Other	1,664	659
Deferred tax assets	27,931	28,509
Valuation allowance	0
Deferred tax liabilities
Excess tax over book depreciation	(4,870)	(3,776)
Intangible assets	(127,791)	(116,682)
Lease right-of-use assets	(9,997)	(11,660)
Other	(1,406)	(1,935)
Deferred tax liabilities	(144,064)	(134,053)
Net deferred tax liabilities	(116,133)	(105,544)
Deferred Tax Assets, Investments	1,961	2,137
Federal benefit of state taxes	$ 1,418	$ 1,444

Long-Term Debt and Line of Credit

12 Months Ended

Aug. 26, 2023

Debt Disclosure [Abstract]

Long-Term Debt and Line of Credit

On July 7, 2017, the Company entered into a credit agreement with Barclays Bank PLC and other parties (as amended to date, the “Credit Agreement”). The Credit Agreement at that time provided for (i) a term facility of $200.0 million (“Term Facility”) with a seven-year maturity and (ii) a revolving credit facility of up to $75.0 million (the “Revolving Credit Facility”) with a five-year maturity. Substantially concurrent with the consummation of the business combination which formed the Company between Conyers Park Acquisition Corp. and NCP-ATK Holdings, Inc. on July 7, 2017, the full $200.0 million of the Term Facility (the “Term Loan”) was drawn.

On November 7, 2019, the Company entered into a second amendment (the “Incremental Facility Amendment”) to the Credit Agreement to increase the principal borrowed on the Term Facility by $460.0 million. The Term Facility together with the incremental

borrowing make up the Initial Term Loans (as defined in the Incremental Facility Amendment). The Incremental Facility Amendment was executed to partially finance the acquisition of Quest Nutrition, LLC on November 7, 2019. No amounts under the Term Facility were repaid as a result of the execution of the Incremental Facility Amendment.

Effective as of December 16, 2021, the Company entered into a third amendment (the “Extension Amendment”) to the Credit Agreement. The Extension Amendment provided for an extension of the stated maturity date of the Revolving Commitments and Revolving Loans (each as defined in the Credit Agreement) from July 7, 2022 to the earlier of (i) 91 days prior to the then-effective maturity date of the Initial Term Loans and (ii) December 16, 2026.

On January 21, 2022, the Company entered into the “2022 Repricing Amendment” to the Credit Agreement. The 2022 Repricing Amendment, among other things, (i) reduced the interest rate per annum applicable to the Initial Term Loans outstanding under the Credit Agreement immediately prior to the effective date of the 2022 Repricing Amendment, (ii) reset the prepayment premium for the existing Initial Term Loans to apply to Repricing Transactions (as defined in the Credit Agreement) that occur within six months after the effective date of the 2022 Repricing Amendment, and (iii) implemented SOFR and related replacement provisions for LIBOR.

On April 25, 2023, the Company entered into the “2023 Repricing Amendment” to the Credit Agreement. The 2023 Repricing Amendment, (i) reduced the interest rate per annum applicable to the Initial Term Loans outstanding under the Credit Agreement immediately prior to April 25, 2023, and (ii) provided for an extension of the maturity date of the Initial Term Loans from July 7, 2024, to March 17, 2027.

The 2023 Repricing Amendment did not change the interest rate on the Revolving Credit Facility, which continues to bear interest based upon the Company’s consolidated net leverage ratio as of the end of the fiscal quarter for which consolidated financial statements are delivered to the Administrative Agent under the Credit Agreement. No additional debt was incurred, or any proceeds received by the Company in connection with the 2023 Repricing Amendment. No amounts under the Term Facility were repaid as a result of the execution of the 2023 Repricing Amendment.

Effective as of the 2023 Repricing Amendment, the interest rate per annum for the Initial Term Loans is based on either:

i.A base rate equaling the higher of (a) the “prime rate,” (b) the federal funds effective rate plus 0.50%, or (c) the Adjusted Term SOFR Rate (as defined in the Credit Agreement) applicable for an interest period of one month plus 1.00% plus (x) 1.50% margin for the Term Loan or (y) 2.00% margin for the Revolving Credit Facility; or

ii.SOFR plus a credit spread adjustment equal to 0.10% for one-month SOFR, 0.15% for up to three-month SOFR and 0.25% for up to six-month SOFR, subject to a floor of 0.50%, plus (x) 2.50% margin for the Term Loan or (y) 3.00% margin for the Revolving Credit Facility.

In connection with the closing of the 2023 Repricing Amendment, the Company expensed $2.4 million primarily for third-party fees and capitalized an additional $2.7 million primarily for the payment of upfront lender fees (original issue discount).

The Simply Good Foods Company is not a borrower under the Credit Agreement and has not provided a guarantee of the Credit Agreement. Simply Good Foods USA, Inc., is the administrative borrower and certain other subsidiary holding companies are co-borrowers under the Credit Agreement. Each of the Company’s domestic subsidiaries that is not a named borrower under the Credit Agreement has provided a guarantee on a secured basis. As security for the payment or performance of the debt under the Credit Agreement, the borrowers and the guarantors have pledged certain equity interests in their respective subsidiaries and granted the lenders a security interest in substantially all of their domestic assets. All guarantors other than Quest Nutrition, LLC are holding companies with no assets other than their investments in their respective subsidiaries.

The Credit Agreement contains certain financial and other covenants that limit the Company’s ability to, among other things, incur and/or undertake asset sales and other dispositions, liens, indebtedness, certain acquisitions and investments, consolidations, mergers, reorganizations and other fundamental changes, payment of dividends and other distributions to equity and warrant holders, and prepayments of material subordinated debt, in each case, subject to customary exceptions materially consistent with credit facilities of such type and size. The Revolving Credit Facility has a maximum total net leverage ratio equal to or less than 6.00:1.00 contingent on credit extensions in excess of 30% of the total amount of commitments available under the Revolving Credit Facility. Any failure to comply with the restrictions of the credit facilities may result in an event of default. The Company was in compliance with all financial covenants as of August 26, 2023 and August 27, 2022, respectively.

Long-term debt consists of the following:


(In thousands)	August 26, 2023		August 27, 2022
Term Facility (effective rate of 7.9% at August 26, 2023)	$	285,000	$	406,500
Finance lease liabilities (effective rate of 5.6% at August 26, 2023)	143		406
Less: Deferred financing fees	3,351		3,620
Total debt	281,792		403,286

Less: Current finance lease liabilities	143		264
Long-term debt, net of deferred financing fees	$	281,649	$	403,022

As of August 26, 2023, the Company had letters of credit in the amount of $3.5 million outstanding. These letters of credit offset against the $75.0 million availability of the Revolving Credit Facility and exist to support three of the Company’s leased buildings and insurance programs relating to workers’ compensation. No amounts were drawn against these letters of credit at August 26, 2023.

The Company is not required to make principal payments on the Term Facility over the twelve months following the period ended August 26, 2023. The outstanding balance of the Term Facility is due upon its maturity in March 2027.

As of August 26, 2023, aggregate principal maturities of debt for each of the next five fiscal years and thereafter are as follows:


(In thousands)	Principal maturities
2024	$	143
2025	—
2026	—
2027	285,000
2028	—
Thereafter	—
Total debt	$	285,143

The Company utilizes market approaches to estimate the fair value of certain outstanding borrowings by discounting anticipated future cash flows derived from the contractual terms of the obligations and observable market interest and foreign exchange rates. The Company carries debt at historical cost and discloses fair value. As of August 26, 2023 and August 27, 2022, the book value of the Company’s debt approximated fair value. The estimated fair value of the Term Loan is valued based on observable inputs and classified as Level 2 in the fair value hierarchy.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1B
-Subparagraph (g)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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-Topic 470
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-Paragraph 1C
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Leases (Tables)

12 Months Ended

Aug. 26, 2023

Leases [Abstract]

Components of lease expense

The components of lease expense were as follows.


		52-Weeks Ended		52-Weeks Ended		52-Weeks Ended
(In thousands)	Statement of Operations Caption	August 26, 2023		August 27, 2022		August 28, 2021
Operating lease cost:
Lease cost	Cost of goods sold and General and administrative	$	8,998	$	9,077	$	6,752
Variable lease cost (1)	Cost of goods sold and General and administrative	3,556		3,068		1,681
Total operating lease cost		$	12,554	$	12,145	$	8,433



Finance lease cost:
Amortization of right-of use assets	Cost of goods sold	$	241	$	273	$	273
Interest on lease liabilities	Interest expense	14		30		45
Total finance lease cost		$	255	$	303	$	318

Total lease cost		$	12,809	$	12,448	$	8,751

(1)Variable lease cost primarily consists of common area maintenance, such as cleaning and repairs.

Lease assets and liabilities

The right-of-use assets and corresponding liabilities related to both operating and finance leases are as follows:


(In thousands)	Balance Sheets Caption	August 26, 2023		August 27, 2022
Assets
Operating lease right-of-use assets	Other long-term assets	$	40,022	$	46,460
Finance lease right-of-use assets	Property and equipment, net	125		367
Total lease assets		$	40,147	$	46,827

Liabilities
Current:
Operating lease liabilities	Accrued expenses and other current liabilities	$	7,566	$	6,249
Finance lease liabilities	Current maturities of long-term debt	143		264
Long-term:
Operating lease liabilities	Other long-term liabilities	37,272		44,482
Finance lease liabilities	Long-term debt, less current maturities	—		142
Total lease liabilities		$	44,981	$	51,137

Future maturities of operating lease liabilities

Future maturities of lease liabilities as of August 26, 2023 were as follows:


(In thousands)	Operating Leases		Finance Leases
Fiscal year ending:
2024	$	9,476	$	145
2025	8,750		—
2026	6,952		—
2027	7,110		—
2028	6,447		—
Thereafter	13,496		—
Total lease payments	52,231		145
Less: Interest	(7,393)		(2)
Present value of lease liabilities	$	44,838	$	143

Future maturities of finance lease liabilities

Future maturities of lease liabilities as of August 26, 2023 were as follows:


(In thousands)	Operating Leases		Finance Leases
Fiscal year ending:
2024	$	9,476	$	145
2025	8,750		—
2026	6,952		—
2027	7,110		—
2028	6,447		—
Thereafter	13,496		—
Total lease payments	52,231		145
Less: Interest	(7,393)		(2)
Present value of lease liabilities	$	44,838	$	143

Weighted-average remaining lease terms and discount rates

The weighted-average remaining lease terms and weighted-average discount rates for operating and finance leases were as follows:


	August 26, 2023		August 27, 2022
Weighted-average remaining lease term (in years)
Operating leases	6.24		7.27
Finance leases	0.61		1.51
Weighted-average discount rate
Operating leases	4.4	%	4.7	%
Finance leases	5.6	%	5.6	%

Supplemental cash flow information related to leases

Supplemental and other information related to leases was as follows:


	52-Weeks Ended		52-Weeks Ended		52-Weeks Ended
(In thousands)	August 26, 2023		August 27, 2022		August 28, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	11,002	$	9,656	$	7,622
Operating cash flows from finance leases	$	544	$	631	$	37
Financing cash flows from finance leases	$	278	$	313	$	314

Long-Term Debt and Line of Credit - Schedule of Debt (Details) - USD ($) $ in Thousands	Aug. 26, 2023	Aug. 27, 2022
Credit Agreement & Amendments
Term Facility	$ 285,000	$ 406,500
Finance lease liabilities	143	406
Less: Deferred financing fees	3,351	3,620
Total debt	281,792	403,286
Long-term debt, net of deferred financing fees	$ 281,649	$ 403,022
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current maturities of long-term debt	Current maturities of long-term debt
Long-Term Debt, Fiscal Year Maturity [Abstract]
2024	$ 143
2025	0
2026	0
2027	285,000
2028	0
Thereafter	0
Total debt	$ 285,143

Document and Entity Information - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Aug. 26, 2023	Oct. 18, 2023	Feb. 24, 2023
Document Information [Line Items]
Entity Central Index Key	0001702744
Document Type	10-K
Current Fiscal Year End Date	--08-26
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Annual Report	true
Document Period End Date	Aug. 26, 2023
Document Transition Report	false
Entity File Number	001-38115
Entity Registrant Name	The Simply Good Foods Company
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-1038121
Entity Address, Address Line One	1225 17th Street, Suite 1000
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	303
Local Phone Number	633-2840
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	SMPL
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 3,500
Share price			$ 38.54
Entity Common Stock, Shares Outstanding		99,603,880
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	Denver, Colorado
Documents Incorporated by Reference [Text Block]	Certain portions of the registrant’s definitive proxy statement, in connection with its 2024 annual meeting of stockholders, to be filed within 120 days after the end of fiscal year ended August 26, 2023, are incorporated by reference into Part III of this Annual Report on Form 10‑K.

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 09, 2019	Aug. 26, 2023	Aug. 27, 2022	Jan. 07, 2022	Aug. 28, 2021	Aug. 29, 2020	Jul. 06, 2017
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Common stock shares issued (in shares)	13,379,205	101,929,868	101,322,834		95,882,908	95,751,845
Shares Issued, Price Per Share	$ 26.35
Shares Issued, Underwriting Discounts and Commissions, Price per Share	0.19
Price Per Share Received Net Of Offering Costs	$ 26.16
Quest Acquisition consideration - common stock offering	$ 350.0
Equity Issuance costs, Legal	$ 0.8
Warrants and Rights Note Disclosure [Abstract]
Shares, Issued				4,830,761
Private Warrants
Warrants and Rights Note Disclosure [Abstract]
Outstanding warrant issued (in shares)			0		6,700,000
Warrant price per share (in dollars per share)							$ 11.50

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Lease, Cost [Abstract]
Operating lease cost	$ 8,998	$ 9,077	$ 6,752
Variable lease cost	3,556	3,068	1,681
Total operating lease cost	12,554	12,145	8,433
Finance lease amortization of right-of-use asset	241	273	273
Finance lease interest on liabilities	14	30	45
Total finance lease cost	255	303	318
Total operating and finance lease cost	$ 12,809	$ 12,448	8,751
Lease assets and liabilities
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other long-term assets	Other long-term assets
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Total lease assets	$ 40,147	$ 46,827
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current maturities of long-term debt	Current maturities of long-term debt
Noncurrent operating lease liabilities	Other long-term liabilities	Other long-term liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term debt, less current maturities	Long-term debt, less current maturities
Total lease liabilities	$ 44,981	$ 51,137
Future maturities of operating lease liabilities
2024	9,476
2025	8,750
2026	6,952
2027	7,110
2028	6,447
Thereafter	13,496
Total operating lease payments	52,231
Less: Interest	(7,393)
Present value of operating lease liabilities	44,838
Future maturities of finance lease liabilities
2024	145
2025	0
2026	0
2027	0
2028	0
Thereafter	0
Total finance lease payments	145
Less: Interest	(2)
Present value of finance lease liabilities	$ 143	$ 406
Operating lease weighted average remaining lease term	6 years 2 months 26 days	7 years 3 months 7 days
Finance lease weighted average remaining lease term	7 months 9 days	1 year 6 months 3 days
Operating lease weighted average discount rate	4.40%	4.70%
Finance lease weighted average discount rate	5.60%	5.60%
Supplemental cash flow information related to leases
Operating cash flows from operating leases	$ 11,002	$ 9,656	7,622
Operating cash flows from finance leases	544	631	37
Financing cash flow from finance leases	$ 278	$ 313	314
OperatingLeaseImpairmentLossNetOfGainLossOnTerminationOfLease			$ 500

Omnibus Incentive Plan (Tables)

12 Months Ended

Aug. 26, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of stock options activity

The following table summarizes stock option activity for the fifty-two weeks ended August 26, 2023:


(In thousands, except share and per share data)	Shares underlying options	Weighted average exercise price		Weighted average remaining life (years)	Aggregate intrinsic value
Outstanding as of August 27, 2022	2,776,551	$	18.04	6.10	$	39,702
Granted	285,001	37.73
Exercised	(357,466)	14.68
Forfeited	(35,624)	32.04
Outstanding as of August 26, 2023	2,668,462	$	20.41	5.56	$	39,610
Vested and expected to vest as of August 26, 2023	2,668,462	$	20.41	5.56	$	39,610
Exercisable as of August 26, 2023	2,030,917	$	15.62	4.66	$	38,539

Schedule of stock option exercise price ranges

The following table summarizes information about stock options outstanding at August 26, 2023:


Range of Exercise Prices				Number outstanding	Weighted average exercise price		Weighted average remaining life (years)	Number exercisable	Weighted average exercise price
$	12.00	-	17.77	1,408,964	$	12.44	3.99	1,408,964	$	12.44
$	17.78	-	23.55	478,275	20.27		6.17	403,727	20.27
$	23.56	-	29.33	178,392	24.35		6.18	176,191	24.30
$	29.34	-	35.11	—	—		0.00	—	—
$	35.12	-	40.88	602,831	37.97		8.59	42,035	40.88
				2,668,462	$	20.41	5.56	2,030,917	$	15.62

Schedule of stock options valuation assumptions

The fair value of each option grant is estimated on the date of grant using the Black-Scholes Option Pricing Model based on the following assumptions:


	52-Weeks Ended	52-Weeks Ended	52-Weeks Ended
	August 26, 2023	August 27, 2022	August 28, 2021
Expected volatility	39.00%	37.07%	36.80	%	-	38.75%
Expected dividend yield	—%	—%	—%
Expected option term	6	6	6
Risk-free rate of return	4.27%	1.26%	0.80	%	-	0.935%

Schedule of restricted stock units activity

The following table summarizes restricted stock unit activity for the fifty-two weeks ended August 26, 2023:


	Units	Weighted average grant-date fair value
Non-vested as of August 27, 2022	453,003	$	30.68
Granted	328,924	37.06
Vested	(213,568)	27.86
Forfeited	(53,861)	33.92
Non-vested as of August 26, 2023	514,498	$	35.59

Schedule of non-vested performance-based units activity

The following table summarizes performance stock unit activity for the fifty-two weeks ended August 26, 2023:


	Units	Weighted average grant-date fair value
Non-vested as of August 27, 2022	255,023	$	32.82
Granted	50,629	62.55
Vested	(72,452)	27.39
Forfeited	(41,421)	34.23
Non-vested as of August 26, 2023	191,779	$	42.41

Schedule of stock appreciation rights activity

The following table summarizes SARs activity for the fifty-two weeks ended August 26, 2023:


	Shares Underlying SARs	Weighted average exercise price		Weighted average remaining contractual life (in years)
Outstanding as of August 27, 2022	150,000	$	24.20
Granted	150,000	37.67
Exercised	(150,000)	24.20
Forfeited	—	—
Outstanding as of August 26, 2023	150,000	$	37.67	0.00
Vested and expected to vest as of August 26, 2023	150,000	$	—	0.00
Exercisable as of August 26, 2023	—	$	—	0.00

Goodwill and Intangibles - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands		12 Months Ended
	Sep. 24, 2020	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Intangible assets:
Intangible assets, Gross carrying amount		$ 1,183,407	$ 1,182,863
Accumulated amortization		(75,288)	(59,605)
Finite-lived intangible assets, Net carrying amount		134,040
Intangible assets, Net carrying amount		1,108,119	1,123,258
Carrying value of SimplyProtein brand intangible asset	$ 5,000
Amortization of intangible assets		15,700	$ 15,800	$ 15,600
Estimated future amortization expense
2024		15,091
2025		13,980
2026		13,740
2027		13,556
2028		13,517
Thereafter		$ 64,156
Customer relationships
Intangible assets:
Useful life		15 years	15 years
Finite-lived intangible assets, Gross carrying amount		$ 174,000	$ 174,000
Accumulated amortization		(53,303)	(41,703)
Finite-lived intangible assets, Net carrying amount		$ 120,697	$ 132,297
Licensing agreements
Intangible assets:
Useful life		13 years	13 years
Finite-lived intangible assets, Gross carrying amount		$ 22,000	$ 22,000
Accumulated amortization		(10,498)	(8,581)
Finite-lived intangible assets, Net carrying amount		$ 11,502	$ 13,419
Proprietary recipes and formulas
Intangible assets:
Useful life		7 years	7 years
Finite-lived intangible assets, Gross carrying amount		$ 7,000	$ 7,000
Accumulated amortization		(6,131)	(5,131)
Finite-lived intangible assets, Net carrying amount		869	1,869
Software and website development costs
Intangible assets:
Finite-lived intangible assets, Gross carrying amount		6,328	5,863
Accumulated amortization		(5,356)	(4,190)
Finite-lived intangible assets, Net carrying amount		972	1,673
Intangible assets in progress
Intangible assets:
Finite-lived intangible assets, Gross carrying amount		79
Accumulated amortization		0
Finite-lived intangible assets, Net carrying amount		79
Brands and trademarks
Intangible assets:
Indefinite-lived intangible assets		$ 974,000	$ 974,000
Minimum \| Software and website development costs
Intangible assets:
Useful life		3 years	3 years
Minimum \| Intangible assets in progress
Intangible assets:
Useful life		3 years
Maximum \| Software and website development costs
Intangible assets:
Useful life		5 years	5 years
Maximum \| Intangible assets in progress
Intangible assets:
Useful life		5 years

Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Property and Equipment
Property and equipment, gross	$ 36,741	$ 26,161
Less: accumulated depreciation	(11,880)	(8,004)
Property and equipment, net	24,861	18,157
Depreciation and amortization	4,400	3,200	$ 2,300
Furniture and fixtures
Property and Equipment
Property and equipment, gross	7,291	7,232
Computer equipment and software
Property and Equipment
Property and equipment, gross	1,570	1,432
Machinery and equipment
Property and Equipment
Property and equipment, gross	16,944	6,292
Leasehold improvements
Property and Equipment
Property and equipment, gross	9,747	9,883
Finance lease right-of-use assets
Property and Equipment
Property and equipment, gross	968	1,185
Construction in progress
Property and Equipment
Property and equipment, gross	$ 221	$ 137

Organization, Consolidation and Presentation of Financial Statements (Policies)	12 Months Ended
	Aug. 26, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). The Company maintains its accounting records on a 52/53-week fiscal year, ending on the last Saturday in August. The financial information presented within the Company’s consolidated financial statements has been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The accompanying financial statements include Consolidated Balance Sheets for the periods ended August 26, 2023 and August 27, 2022. The remaining financial statements include the fifty-two weeks ended August 26, 2023, the fifty-two weeks ended August 27, 2022, and the fifty-two weeks ended August 28, 2021. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. Unless the context otherwise requires, “we,” “us,” “our” and the “Company” refer to Simply Good Foods and its subsidiaries on a consolidated basis.

Property and Equipment, Net (Tables)

12 Months Ended

Aug. 26, 2023

Property, Plant and Equipment [Abstract]

Property and equipment

Property and equipment, net, as presented with the Consolidated Balance Sheets, is summarized as follows:


(In thousands)	August 26, 2023		August 27, 2022
Furniture and fixtures	$	7,291	$	7,232
Computer equipment and software	1,570		1,432
Machinery and equipment	16,944		6,292

Leasehold improvements	9,747		9,883
Finance lease right-of-use-assets	968		1,185
Construction in progress	221		137
Property and equipment, gross	36,741		26,161
Less: accumulated depreciation	(11,880)		(8,004)
Property and equipment, net	$	24,861	$	18,157

Segment and Customer Information - Schedules of Concentration of Risk, by Risk Factor (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Concentration Risk [Line Items]
Accounts receivable, net	$ 145,078	$ 132,667
Customer 1 \| Customer Concentration Risk \| Sales Revenue, Net
Concentration Risk [Line Items]
Risk percentage	31.00%	31.00%	31.00%
Customer 1 \| Customer Concentration Risk \| Accounts receivable, net
Concentration Risk [Line Items]
Risk percentage	30.00%	34.00%
Accounts receivable, net	$ 43,098	$ 44,638
Customer 2 \| Customer Concentration Risk \| Sales Revenue, Net
Concentration Risk [Line Items]
Risk percentage	16.00%	13.00%	12.00%
Customer 2 \| Customer Concentration Risk \| Accounts receivable, net
Concentration Risk [Line Items]
Risk percentage	26.00%	16.00%
Accounts receivable, net	$ 37,384	$ 21,829
Customer Three \| Customer Concentration Risk \| Sales Revenue, Net
Concentration Risk [Line Items]
Risk percentage		10.00%
Customer Three \| Customer Concentration Risk \| Accounts receivable, net
Concentration Risk [Line Items]
Risk percentage		14.00%
Accounts receivable, net		$ 18,521

Summary of Significant Accounting Policies

12 Months Ended

Aug. 26, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Significant Accounting Policies

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Estimates also affect the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Fair Value Measurements

Fair value represents the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Assets and liabilities are valued based upon observable and non-observable inputs. Valuations using Level 1 inputs are based on unadjusted quoted

prices that are available in active markets for the identical assets or liabilities at the measurement date. Level 2 inputs utilize significant other observable inputs available at the measurement date, other than quoted prices included in Level 1. Valuations using Level 3 inputs are based on significant unobservable inputs that cannot be corroborated by observable market data and require significant judgment. There were no significant transfers between levels during any period presented.

Cash

Cash consists of cash on hand, deposits available on demand and other short-term, highly liquid investments with original maturities of three months or less.

Accounts Receivable, Net and Expected Credit Losses

Accounts receivable, net consists primarily of trade receivables, net of allowances for doubtful accounts, returns, and trade promotions. The Company sells its products for cash or on credit terms, which are established in accordance with local and industry practices and typically require payment within 30 days of delivery and may allow discounts for early payment. The Company estimates its allowance for doubtful accounts and the related expected credit loss based upon the Company’s historical credit loss experience, adjusted for asset-specific risk characteristics, current economic conditions, and reasonable forecasts. Accounts receivable are written off when determined to be uncollectible.

Charges related to credit loss on accounts receivables from transactions with external customers were approximately $0.7 million, $0.1 million, and $0.6 million for the fifty-two weeks ended August 26, 2023, August 27, 2022, and August 28, 2021, respectively. As of August 26, 2023 and August 27, 2022, the allowance for doubtful accounts was $1.9 million and $1.2 million, respectively. Additionally, as of August 26, 2023, the Company had an expected credit loss reserve of $1.0 million on its $3.0 million note receivable related to the SimplyProtein Sale, as defined in Note 4, Goodwill and Intangibles, of which $0.5 million was recorded during each of the fifty-two weeks ended August 27, 2022 and August 28, 2021, respectively.

Inventories

Inventories are valued at the lower of cost or net realizable value on a first-in, first-out basis, adjusted for the value of inventory that is determined to be excess, obsolete, expired or unsaleable. Obsolete inventory is reserved at 50% for inventory four to six months from expiration, and 100% for items within three months of expiration. Reserves are also taken for certain products or packaging materials when it is determined their cost may not be recoverable.

Inventories, as presented with the Consolidated Balance Sheets, is summarized as follows:


(In thousands)	August 26, 2023		August 27, 2022
Finished goods	$	111,761	$	116,047
Raw materials	6,512		10,870
Reserve for obsolete inventory	(1,682)		(1,438)
Total inventories	$	116,591	$	125,479

Property and Equipment, Net

Property and equipment, net is stated at the allocated fair value for acquired assets. Additions to property and equipment are recorded at cost and depreciated on a straight-line basis over their estimated useful lives. The general ranges of estimated useful lives are:


Furniture and fixtures	7 years
Computer equipment, software and website development costs	3	-	5 years
Machinery and equipment	5	-	7 years
Office equipment	3	-	5 years

Leasehold improvements are amortized over the shorter of the remaining term of the lease or the useful life of the improvement utilizing the straight-line method.

The Company performs impairment tests for Property and equipment, net when circumstances indicate that the carrying value of the asset may not be recoverable. There were no indicators of impairment in the fifty-two weeks ended August 26, 2023, August 27, 2022, or August 28, 2021.

Goodwill and Intangible Assets, Net

Goodwill and Intangible assets, net result primarily from the consummation of the business combination between Conyers Park Acquisition Corp. and NCP-ATK Holdings, Inc. on July 7, 2017, which created the Company, and the acquisition of Quest. Intangible assets primarily includes brands and trademarks with indefinite lives and customer-related relationships with finite lives. Upon acquisition, the purchase price is first allocated to identifiable assets and liabilities, including customer-related intangible assets and trademarks, with any remaining purchase price recorded as Goodwill.

Goodwill and indefinite-lived intangible assets are not amortized but instead are tested for impairment at least annually, or more frequently if indicators of impairment exist. The Company conducts its annual impairment tests at the beginning of the fourth fiscal quarter. Goodwill and indefinite-lived intangible assets are assessed using either a qualitative or quantitative approach to determine whether it is more likely than not that the fair value of a reporting unit or an indefinite-lived intangible asset is less than its carrying amount. The qualitative assessment evaluates factors including macro-economic conditions, industry-specific and company-specific considerations, legal and regulatory environments, and historical performance. If the Company determines that it is more likely than not that the fair value of a reporting unit or an indefinite-lived intangible asset is less than its carrying value, a quantitative assessment is performed. Otherwise, no further assessment is required. The quantitative approach compares the estimated fair value of the reporting unit, including goodwill, or the indefinite-lived intangible asset to its carrying amount. Impairment is indicated if the estimated fair value of the reporting unit or indefinite-lived intangible asset is less than the carrying amount, and an impairment charge is recognized for the differential.

For fiscal year 2023, the Company performed a qualitative goodwill impairment assessment for its consolidated reporting unit and its indefinite-lived intangible assets. The qualitative assessments did not identify indicators of impairment, and it was determined that it was more likely than not the reporting unit and indefinite-lived intangibles had fair values in excess of their carrying values. Accordingly, no further impairment assessment was necessary, and the Company determined neither its reporting unit nor any indefinite-lived intangibles were impaired. There were no impairment charges related to goodwill in the fifty-two weeks ended August 26, 2023 or since the inception of the Company. There were no impairment charges related to indefinite-lived intangibles recognized in the fifty-two weeks ended August 26, 2023 or August 27, 2022. Refer to Note 4, Goodwill and Intangibles for additional information regarding the Company’s reporting units and impairment assessments.

Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. The Company reviews for impairment indicators of finite-lived intangibles and other long-lived assets as described in the “Property and Equipment, Net” significant accounting policy.

Deferred Financing Costs and Debt Discounts

Costs incurred in obtaining long-term financing paid to parties other than creditors are considered a deferred financing cost and are amortized over the terms of the long-term financing agreements using the effective-interest method. Amounts paid to creditors are recorded as a reduction in the proceeds received by the creditor and are considered a discount on the issuance of debt.

Income Taxes

Income taxes include federal, state and foreign taxes currently payable, and deferred taxes arising from temporary differences between income for financial reporting and income tax purposes. Deferred tax assets and liabilities are determined based on the differences between the financial statement balances and the tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the fiscal year that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to amounts expected to be realized.

Leases

Contracts are evaluated to determine whether they contain a lease at inception. Leases are classified as either finance leases or operating leases based on criteria in ASC Topic 842, Leases. The Company’s operating leases are generally comprised of real estate and certain equipment used in warehousing products. The Company’s finance leases are generally comprised of warehouse equipment.

Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The majority of the Company’s leases do not provide an implicit rate; therefore, the Company uses its secured incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments for those leases. The Company’s incremental borrowing rate for a lease is the rate of interest it would pay to borrow on a collateralized basis over a similar term to the lease in a similar economic environment. The Company applied incremental borrowing rates using a portfolio approach. Right-of-use assets also include any lease payments made and exclude lease incentives. Lease terms may

include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company has elected not to recognize right-of-use assets and lease liabilities for short-term operating leases that have a term of one year or less.

The Company monitors for triggering events or conditions that require a reassessment of its leases. When the reassessment requires a re-measurement of the lease liability, a corresponding adjustment is made to the carrying amount of the right-of-use asset. Additionally, the Company reviewed for impairment indicators of its right-of-use assets and other long-lived assets as described in the “Property and Equipment, Net” significant accounting policy.

Warrant Accounting

The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued private placement stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC Topic 480, Distinguishing Liabilities from Equity, and ASC Topic 815-40, Derivatives and Hedging: Contracts in Entity’s Own Equity (“ASC 815-40”). The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is assessed as part of this evaluation.

During the fifty-two weeks ended August 27, 2022 and August 28, 2021, the Company had outstanding liability-classified private warrants that allowed holders to purchase 6,700,000 shares of the Company’s common stock (the “Private Warrants”). Such Private Warrants were held by Conyers Park Sponsor, LLC (“Conyers Park”), a related party. Each whole warrant entitled the holder to purchase one share of the Company’s common stock at a price of $11.50 per share. On January 7, 2022, Conyers Park elected to exercise the Private Warrants in full on a cashless basis, resulting in a net issuance of 4,830,761 shares of the Company’s common stock. As a result of the cashless exercise on January 7, 2022, there were no outstanding liability-classified Private Warrants as of August 26, 2023 or August 27, 2022.

During the reporting periods the Private Warrants were outstanding, they were precluded from equity classification, being liability-classified. The Company accounted for these Private Warrants as a derivative warrant liability in accordance with ASC 815-40. Accordingly, the Company recognized the Private Warrants as a liability at fair value and adjusted the Private Warrants to fair value at each reporting period through other income. The fair value adjustments were determined using a Black-Scholes option-pricing methodology (“Black-Scholes model”). The valuation was primarily based on observable market data while the related theoretical private warrant volatility assumption within the Black-Scholes model represented a Level 3 measurement within the fair value measurement hierarchy. The periodic remeasurement of the Private Warrants was reflected in (Loss) in fair value change of warrant liability within the Consolidated Statements of Income and Comprehensive Income.

Revenue Recognition

The Company recognizes revenue when performance obligations under the terms of a contract with its customer are satisfied. The Company has determined that fulfilling and delivering products is a single performance obligation. Revenue is recognized at the point in time when the Company has satisfied its performance obligation and the customer has obtained control of the products. This generally occurs when the product is delivered to or picked up by the customer based on applicable shipping terms, which is typically within 30 days.

Revenue is measured as the amount of consideration expected to be received in exchange for fulfilled product orders, including estimates of variable consideration. The most common forms of variable consideration include trade promotions, such as consumer incentives, coupon redemptions and other marketing activities, allowances for unsaleable product, and any additional amounts where a distinct good or service cannot be identified or the value cannot be reasonably estimated. Trade promotions are recorded as a reduction to net sales with a corresponding reduction to accounts receivable at the time of revenue recognition for the underlying sale. The recognition of trade promotions requires management to make estimates regarding the volume of incentive that will be redeemed and their total cost. As of August 26, 2023 and August 27, 2022, the allowance for trade promotions was $28.8 million and $23.9 million, respectively.

Estimates of variable consideration are made using various information including historical data on performance of similar trade promotional activities, market data from IRI, and the Company’s best estimate of current activity. The Company reviews these estimates regularly and makes revisions as necessary. Revisions can include changes for consideration paid to customers that lack sufficient evidence to support a distinct good or service assertion, or for which a reasonably estimable fair value cannot be determined, primarily related to the Company’s assessments of cooperative advertising programs. Uncertainties related to the estimate of variable consideration are resolved in a short time frame and do not require any additional constraint on variable consideration. Adjustments to variable consideration are recognized in the period the adjustments are identified and have historically been insignificant. Revenue is recognized net of any taxes collected from customers and subsequently remitted to governmental authorities.

The Company provides standard assurance type warranties that its products will comply with all agreed-upon specifications. No

services beyond an assurance type warranty are provided to customers. While customers generally have a right to return defective or non-conforming products, past experience has demonstrated that product returns have been immaterial. Customer remedies for defective or non-conforming products may include a refund or exchange. As a result, the right of return is estimated and recorded as a reduction in revenue at the time of sale, if necessary.

The Company’s customer contracts identify product quantity, price and payment terms. Payment terms are granted consistent with industry standards. Although some payment terms may be more extended, the majority of the Company’s payment terms are less than 60 days. As a result, revenue is not adjusted for the effects of a significant financing component. Amounts billed and due from customers are classified as Accounts receivable, net on the Consolidated Balance Sheets.

The Company utilizes third-party contract manufacturers for the manufacture of its products. The Company has evaluated whether it is the principal or agent in these relationships. The Company has determined that it is the principal in all cases, as it retains the responsibility for fulfillment and risk of loss, as well as establishes the price.

In accordance with ASC Topic 606, Revenue from Contracts with Customers, the Company has elected the practical expedient to expense the incremental costs to obtain a contract, because the amortization period would be less than one year, and the practical expedient for shipping and handling costs. Shipping and handling costs incurred to deliver products to customers are accounted for as fulfillment activities, rather than a promised service, and as such are included in Cost of goods sold in the Consolidated Statements of Income and Comprehensive Income.

Revenues from transactions with external customers for each of the Company’s products would be impracticable to disclose and management does not view its business by product line. For revenue disaggregated by geographic area and brand refer to Note 14, Segment and Customer Information.

Cost of Goods Sold

Costs of goods sold represent costs directly related to the manufacture and distribution of the Company’s products. Such costs include raw materials, co-manufacturing costs, packaging, shipping and handling, third-party distribution, and depreciation of distribution center equipment and leasehold improvements.

Shipping and Handling Costs

Shipping and handling costs include costs paid to third-party warehouse operators associated with delivering product to customers and depreciation and amortization of company-owned assets at the third-party warehouse. Shipping and handling costs are recognized in Cost of goods sold. Costs relating to products shipped to customers were $89.2 million, $91.7 million, and $66.5 million for the fifty-two weeks ended August 26, 2023, August 27, 2022, and August 28, 2021, respectively.

Advertising Costs

Production costs related to television commercials are expensed when first aired. All other advertising costs are expensed when incurred or when the advertising service is received through Selling and marketing. Total advertising costs were $79.2 million, $84.3 million, and $74.9 million for the fifty-two weeks ended August 26, 2023, August 27, 2022, and August 28, 2021, respectively.

Production costs related to television commercials not yet aired and prepaid advertising services not yet received are included in Prepaid expenses in the accompanying Consolidated Balance Sheets. As of August 26, 2023 and August 27, 2022, total prepaid advertising expenses were $1.8 million and $2.0 million, respectively.

Research and Development Activities

The Company’s research and development activities primarily consist of generating and testing new product concepts, new flavors and packaging. The Company expenses research and development costs as incurred related to compensation, facility costs, consulting, and supplies. Research and development activities are primarily internal and associated costs are included in General and administrative. The Company’s total research and development expenses were $4.3 million, $4.1 million, and $3.5 million for the fifty-two weeks ended August 26, 2023, August 27, 2022, and August 28, 2021, respectively.

Share-Based Compensation

The Company uses share-based compensation, including stock options, restricted stock units, performance stock units, and stock appreciation rights, to provide long-term performance incentives for its employees, directors, and consultants. Share-based compensation is recognized on a straight-line basis over the requisite service period of the award based on their grant-date fair value. Forfeitures are

recognized as they occur. Share-based compensation expense is included in General and administrative.

Defined Contribution Plan

The Company sponsors defined contribution plans to provide retirement benefits to its employees. The Company’s 401(k) plan and similar plans for non-domestic employees are based on a portion of eligible pay up to a defined maximum. All matching contributions are made in cash. Expense associated with defined contribution plans was $1.4 million, $1.1 million, and $1.4 million for the fifty-two weeks ended August 26, 2023, August 27, 2022, and August 28, 2021, respectively.

Foreign Currency Translation

For all foreign operations, the functional currency is the local currency. Assets and liabilities of these operations are translated into U.S. dollars using the exchange rate in effect at the end of each reporting period. Income statement accounts are translated at the average exchange rate prevailing during each reporting period. Translation adjustments are recorded as a component of Other comprehensive income. Gains or losses resulting from transactions in foreign currencies are included in Other income (expense).

Recently Issued and Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

In March 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional guidance for a limited period of time to ease the potential burden in accounting for reference rate reform on financial reporting. Additionally, in December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848), Deferral of the Sunset Date of Topic 848, which extended the period of time for which ASU 2020-04 could be applied. As a result, the amendments in ASU 2020-04 can be applied to contract modifications due to rate reform and eligible existing and new hedging relationships entered into between March 12, 2020 and December 31, 2024. The amendments of these ASUs are effective for all entities and should be applied on a prospective basis.

On January 21, 2022, the Company entered into a repricing amendment (the “2022 Repricing Amendment”) to its credit agreement with Barclays Bank PLC and other parties (as amended to date, the “Credit Agreement”), as described in Note 6, Long-Term Debt and Line of Credit. In addition to replacing the London Interbank Offered Rate (“LIBOR”) as the Credit Agreement’s reference rate with the Secured Overnight Financing Rate (“SOFR”), the 2022 Repricing Amendment contemporaneously modified other terms that changed, or had the potential to change, the amount or timing of contractual cash flows as contemplated by the guidance in ASU 2020-04. As such, the contract modifications related to the 2022 Repricing Amendment were outside of the scope of the optional guidance in ASU 2020-04. The Company will continue to monitor the effects of rate reform, if any, on any new or amended contracts through December 31, 2024. The Company does not anticipate the amendments in this ASU will be material to its consolidated financial statements.

No other new accounting pronouncement issued or effective during the fiscal year had or is expected to have a material effect on the Company’s consolidated financial statements.

Stockholders' Equity (Details 2) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021	Oct. 21, 2022	Apr. 13, 2022	Nov. 13, 2018
Stock Repurchase Program
Repurchase of common stock (in shares)	546,346	1,720,520	0
Treasury Stock Acquired, Average Cost Per Share	$ 30.11	$ 34.79
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 71.5
Translation Adjustment Functional to Reporting Currency, Increase (Decrease), Gross of Tax		$ 1.1
Treasury Stock, Common
Stock Repurchase Program
Stock Repurchase Program, Authorized Amount	$ 150.0			$ 50.0	$ 50.0	$ 50.0
Repurchase of common stock (in shares)	546,346	1,720,520

Segment and Customer Information (Tables)

12 Months Ended

Aug. 26, 2023

Segment Reporting [Abstract]

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

The following is a summary of revenue disaggregated by geographic area and brand:


	52-Weeks Ended		52-Weeks Ended		52-Weeks Ended
(In thousands)	August 26, 2023		August 27, 2022		August 28, 2021
North America (1)
Atkins	$	526,769	$	540,328	$	506,860
Quest	682,789		593,943		453,619
Total North America	1,209,558		1,134,271		960,479
International	33,114		34,407		45,134
Total	$	1,242,672	$	1,168,678	$	1,005,613
(1) The North America geographic area consists of net sales substantially related to the United States and there is no individual foreign country to which more than 10% of the Company’s net sales are attributed or that is otherwise deemed individually material.

The following is a summary of long lived assets by geographic area:


(In thousands)	August 26, 2023		August 27, 2022
Long lived assets
North America (1)	$	24,861	$	18,157

Total	$	24,861	$	18,157
(1) The North America geographic area consists of long-lived assets substantially related to the United States and there is no individual foreign country in which more than 10% of the Company’s long-lived assets are located or that is otherwise deemed individually material.

Schedules of Concentration of Risk, by Risk Factor

Credit risk for the Company was concentrated in three customers who each comprised more than 10% of the Company’s total sales for the fifty-two weeks ended August 26, 2023, August 27, 2022, and August 28, 2021.


	52-Weeks Ended		52-Weeks Ended		52-Weeks Ended
	August 26, 2023		August 27, 2022		August 28, 2021
Customer 1	31	%	31	%	31	%
Customer 2	16	%	13	%	12	%
Customer 3	n/a		10	%	n/a
n/a - Not applicable as the customer was not significant during these fiscal years.

At August 26, 2023 and August 27, 2022, the following amounts of the Company’s accounts receivable, net were related to these significant customers for the periods in which the customers were significant:


(In thousands)	August 26, 2023				August 27, 2022
Customer 1	$	43,098	30	%	$	44,638	34	%
Customer 2	$	37,384	26	%	$	21,829	16	%
Customer 3	n/a		n/a		$	18,521	14	%
n/a - Not applicable as the customer was not significant during this fiscal year.

Goodwill and Intangibles - Schedule of Goodwill (Details) $ in Thousands	12 Months Ended
	Aug. 26, 2023 USD ($) segment	Aug. 27, 2022 USD ($) segment shares	Aug. 28, 2021 segment shares	Sep. 24, 2020 USD ($)
Goodwill
Beginning balance	$ 543,134
Ending balance	$ 543,134	$ 543,134
Note receivable from SimplyProtein Sale				$ 3,000
Number of operating segments \| segment	1	1	2
Goodwill, Impaired, Accumulated Impairment Loss	$ 0	$ 0
Private Warrants
Goodwill
Outstanding warrant issued (in shares) \| shares		0	6,700,000

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Earnings Per Share (Tables)

12 Months Ended

Aug. 26, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table reconciles the numerators and denominators used in the computations of both basic and diluted earnings per share:



	52-Weeks Ended		52-Weeks Ended		52-Weeks Ended
(In thousands, except share and per share data)	August 26, 2023		August 27, 2022		August 28, 2021
Basic earnings per share computation:
Numerator:
Net income available to common stock stockholders	$	133,575	$	108,574	$	40,880
Denominator:
Weighted average common shares outstanding – basic	99,442,046		98,754,913		95,743,413
Basic earnings per share from net income	$	1.34	$	1.10	$	0.43
Diluted earnings per share computation:
Numerator:


Numerator for diluted earnings per share	$	133,575	$	108,574	$	40,880
Denominator:
Weighted average common shares outstanding – basic	99,442,046		98,754,913		95,743,413

Employee stock options	1,241,762		1,578,329		1,311,889
Non-vested stock units	196,271		255,914		310,296
Weighted average common shares – diluted	100,880,079		100,589,156		97,365,598
Diluted earnings per share from net income	$	1.32	$	1.08	$	0.42

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Numerator:
Net income available to common stock stockholders	$ 133,575	$ 108,574	$ 40,880
Denominator:
Weighted average common shares - basic (in shares)	99,442,046	98,754,913	95,743,413
Basic earnings per share from net income (in dollars per share)	$ 1.34	$ 1.10	$ 0.43
Numerator:
Net income available to common stock stockholders	$ 133,575	$ 108,574	$ 40,880
Loss in fair value change of warrant liability	0	30,062	66,197
Numerator for Diluted Earnings	$ 133,575	$ 108,574	$ 40,880
Denominator:
Weighted average common shares - basic (in shares)	99,442,046	98,754,913	95,743,413
Employee stock options	1,241,762	1,578,329	1,311,889
Non-vested stock units	196,271	255,914	310,296
Weighted average common shares - diluted (in shares)	100,880,079	100,589,156	97,365,598
Diluted earnings per share from net income (in dollars per share)	$ 1.32	$ 1.08	$ 0.42
Private Warrants
Numerator:
Loss in fair value change of warrant liability		$ 30,100	$ (66,200)
Denominator:
Antidilutive securities excluded from computation of earnings per share	0	700,000
Non-vested stock units
Denominator:
Antidilutive securities excluded from computation of earnings per share	0	0	0
Employee stock options
Denominator:
Antidilutive securities excluded from computation of earnings per share	600,000	300,000

Goodwill and Intangibles (Tables)

12 Months Ended

Aug. 26, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

As of August 26, 2023 and August 27, 2022, Goodwill in the Consolidated Balance Sheets was $543.1 million. For fiscal year 2023, the Company performed a qualitative goodwill impairment assessment for its consolidated reporting unit. The qualitative assessment did not identify indicators of impairment, and it was determined that it was more likely than not the reporting unit had a fair value in excess of its carrying value. Accordingly, no further impairment assessment was necessary, and the Company determined its reporting unit was not impaired. There were no impairment charges related to goodwill during the fifty-two weeks ended August 26, 2023 or since the inception of the Company.

Schedule of Finite-Lived Intangible Assets

Intangible assets, net in the Consolidated Balance Sheets consist of the following:


				August 26, 2023
(In thousands)	Useful life			Gross carrying amount		Accumulated amortization		Net carrying amount
Intangible assets with indefinite life:
Brands and trademarks	Indefinite life			$	974,000	$	—	$	974,000
Intangible assets with finite lives:
Customer relationships	15 years			$	174,000	$	53,303	$	120,697
Licensing agreements	13 years			22,000		10,498		11,502
Proprietary recipes and formulas	7 years			7,000		6,131		869
Software and website development costs	3	-	5 years	6,328		5,356		972
Intangible assets in progress	3	-	5 years	79		—		79
				$	1,183,407	$	75,288	$	1,108,119


				August 27, 2022
(In thousands)	Useful life			Gross carrying amount		Accumulated amortization		Net carrying amount
Intangible assets with indefinite life:
Brands and trademarks	Indefinite life			$	974,000	$	—	$	974,000
Intangible assets with finite lives:
Customer relationships	15 years			$	174,000	$	41,703	$	132,297
Licensing agreements	13 years			22,000		8,581		13,419
Proprietary recipes and formulas	7 years			7,000		5,131		1,869
Software and website development costs	3	-	5 years	5,863		4,190		1,673

				$	1,182,863	$	59,605	$	1,123,258

Schedule of Indefinite-Lived Intangible Assets

Intangible assets, net in the Consolidated Balance Sheets consist of the following:


				August 26, 2023
(In thousands)	Useful life			Gross carrying amount		Accumulated amortization		Net carrying amount
Intangible assets with indefinite life:
Brands and trademarks	Indefinite life			$	974,000	$	—	$	974,000
Intangible assets with finite lives:
Customer relationships	15 years			$	174,000	$	53,303	$	120,697
Licensing agreements	13 years			22,000		10,498		11,502
Proprietary recipes and formulas	7 years			7,000		6,131		869
Software and website development costs	3	-	5 years	6,328		5,356		972
Intangible assets in progress	3	-	5 years	79		—		79
				$	1,183,407	$	75,288	$	1,108,119


				August 27, 2022
(In thousands)	Useful life			Gross carrying amount		Accumulated amortization		Net carrying amount
Intangible assets with indefinite life:
Brands and trademarks	Indefinite life			$	974,000	$	—	$	974,000
Intangible assets with finite lives:
Customer relationships	15 years			$	174,000	$	41,703	$	132,297
Licensing agreements	13 years			22,000		8,581		13,419
Proprietary recipes and formulas	7 years			7,000		5,131		1,869
Software and website development costs	3	-	5 years	5,863		4,190		1,673

				$	1,182,863	$	59,605	$	1,123,258

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Estimated future amortization for each of the next five fiscal years and thereafter is as follows:


(In thousands)	Amortization
2024	$	15,091
2025	13,980
2026	13,740
2027	13,556
2028	13,517
Thereafter	64,156
Total	$	134,040

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Paragraph 1A
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 95,847,000

Omnibus Incentive Plan

12 Months Ended

Aug. 26, 2023

Share-Based Payment Arrangement [Abstract]

Omnibus Incentive Plan

Stock-based compensation includes stock options, restricted stock units, performance stock unit awards, and stock appreciation rights, which are awarded to employees, directors, and consultants of the Company. Stock-based compensation expense is recognized on a straight-line basis over the requisite service period of the award based on its grant date fair value. Stock-based compensation expense is included within General and administrative expense, which is the same financial statement caption where the recipient’s other compensation is reported.

For the fifty-two weeks ended August 26, 2023, August 27, 2022, and August 28, 2021, the Company recorded stock-based compensation expense of $14.5 million, $11.7 million, and $8.3 million, respectively.

In July 2017, the Company’s stockholders approved the 2017 Omnibus Incentive Plan (the “Incentive Plan”). The Incentive Plan provides for the issuance of a maximum of 9,067,917 shares of stock-denominated awards to directors, employees, officers and agents of the Company. As of August 26, 2023, there were 3.5 million shares available for grant under the Incentive Plan.

Stock Options

Stock options granted under the Incentive Plan are granted at a price equal to or more than the fair value of common stock on the date the option is granted. Stock options under the Incentive Plan generally become exercisable ratably over three years from the date of grant and must be exercised within ten years from the date of grant.

The following table summarizes stock option activity for the fifty-two weeks ended August 26, 2023:


(In thousands, except share and per share data)	Shares underlying options	Weighted average exercise price		Weighted average remaining life (years)	Aggregate intrinsic value
Outstanding as of August 27, 2022	2,776,551	$	18.04	6.10	$	39,702
Granted	285,001	37.73
Exercised	(357,466)	14.68
Forfeited	(35,624)	32.04
Outstanding as of August 26, 2023	2,668,462	$	20.41	5.56	$	39,610
Vested and expected to vest as of August 26, 2023	2,668,462	$	20.41	5.56	$	39,610
Exercisable as of August 26, 2023	2,030,917	$	15.62	4.66	$	38,539

The following table summarizes information about stock options outstanding at August 26, 2023:


Range of Exercise Prices				Number outstanding	Weighted average exercise price		Weighted average remaining life (years)	Number exercisable	Weighted average exercise price
$	12.00	-	17.77	1,408,964	$	12.44	3.99	1,408,964	$	12.44
$	17.78	-	23.55	478,275	20.27		6.17	403,727	20.27
$	23.56	-	29.33	178,392	24.35		6.18	176,191	24.30
$	29.34	-	35.11	—	—		0.00	—	—
$	35.12	-	40.88	602,831	37.97		8.59	42,035	40.88
				2,668,462	$	20.41	5.56	2,030,917	$	15.62

The weighted average fair value of options granted during the fifty-two weeks ended August 26, 2023, August 27, 2022, and August 28, 2021 were $16.58, $15.32 and $9.99, respectively.

The fair value of each option grant is estimated on the date of grant using the Black-Scholes Option Pricing Model based on the following assumptions:


	52-Weeks Ended	52-Weeks Ended	52-Weeks Ended
	August 26, 2023	August 27, 2022	August 28, 2021
Expected volatility	39.00%	37.07%	36.80	%	-	38.75%
Expected dividend yield	—%	—%	—%
Expected option term	6	6	6
Risk-free rate of return	4.27%	1.26%	0.80	%	-	0.935%

Because the Company’s Incentive Plan has not been in place for a sufficient amount of time as compared to the expected stock option terms nor does the Company have sufficient history with changes in option vesting schedules and changes in the pool of employees receiving option grants, the Company estimates the expected term using its historical experience of the time awards have been outstanding as well as an expected time outstanding, which takes into account the award vesting and contractual term. Additionally, due to a lack of sufficient trading history for the Company’s common stock, expected stock price volatility is based on a combination of a sampling of comparable publicly traded companies and the Company’s historical common stock price activity. The Company believes the sample of comparable publicly traded companies used as inputs to its expected stock price volatility most closely models the nature of the business and stock price volatility. The risk-free rates are based on the implied yield available on U.S. Treasury zero-coupon issues with an equivalent remaining term. Future annual dividends over the expected term are estimated to be nil.

As of August 26, 2023, the Company had $5.5 million of total unrecognized compensation cost related to stock option plans that will be recognized over a weighted average period of 1.6 years. During the fifty-two weeks ended August 26, 2023, August 27, 2022, and August 28, 2021, the Company received $5.2 million, $4.3 million, and $0.7 million in cash from stock option exercises, respectively.

Restricted Stock Units

Restricted stock units granted under the Incentive Plan are granted at a price equal to closing market price of the Company’s common stock on the date of grant. Restricted stock units under the Incentive Plan generally vest over three years.

The following table summarizes restricted stock unit activity for the fifty-two weeks ended August 26, 2023:


	Units	Weighted average grant-date fair value
Non-vested as of August 27, 2022	453,003	$	30.68
Granted	328,924	37.06
Vested	(213,568)	27.86
Forfeited	(53,861)	33.92
Non-vested as of August 26, 2023	514,498	$	35.59

As of August 26, 2023, the Company had $10.9 million of total unrecognized compensation cost related to restricted stock units that will be recognized over a weighted average period of 1.4 years.

Performance Stock Units

During the fifty-two weeks ended August 26, 2023, the Board of Directors granted performance stock units under the Company’s equity compensation plan. Performance stock units vest in a range between 0% and 200% based upon certain performance criteria in a three-year period. Performance stock units were valued using a Monte-Carlo simulation.

The following table summarizes performance stock unit activity for the fifty-two weeks ended August 26, 2023:


	Units	Weighted average grant-date fair value
Non-vested as of August 27, 2022	255,023	$	32.82
Granted	50,629	62.55
Vested	(72,452)	27.39
Forfeited	(41,421)	34.23
Non-vested as of August 26, 2023	191,779	$	42.41

As of August 26, 2023, the Company had $3.4 million of total unrecognized compensation cost related to performance stock units that will be recognized over a weighted average period of 0.9 years.

Stock Appreciation Rights

Stock appreciation rights (“SARs”) permit the holder to participate in the appreciation of the Company’s common stock price and are awarded to non-employee consultants of the Company. The Company’s SARs settle in shares of its common stock if and when the applicable vesting criteria has been met. SARs cliff vest three years from the date of grant and must be exercised within ten years.

The following table summarizes SARs activity for the fifty-two weeks ended August 26, 2023:


	Shares Underlying SARs	Weighted average exercise price		Weighted average remaining contractual life (in years)
Outstanding as of August 27, 2022	150,000	$	24.20
Granted	150,000	37.67
Exercised	(150,000)	24.20
Forfeited	—	—
Outstanding as of August 26, 2023	150,000	$	37.67	0.00
Vested and expected to vest as of August 26, 2023	150,000	$	—	0.00
Exercisable as of August 26, 2023	—	$	—	0.00

The SARs exercised in the fifty-two weeks ended August 26, 2023 resulted in a net issuance of 38,850 shares of the Company’s common stock. The SARs granted in the fifty-two weeks ended August 26, 2023 are liability-classified; therefore the related stock-based compensation expense is based on the vesting provisions and the fair value of the awards.

Segment and Customer Information

12 Months Ended

Aug. 26, 2023

Segment Reporting [Abstract]

Segment and Customer Information

During the fifty-two weeks ended August 27, 2022, the Company substantially completed its efforts to fully integrate its operations and organization structure after the Quest Acquisition. The Company aligned the nature of its production processes and the methods used to distribute products to customers for the Atkins® and Quest® brands. The Company also designed its organizational structure to support entity-wide business functions across brands, products, customers, and geographic regions. Additionally, the Company’s chief operating decision maker reviews operating results and forecasts at the consolidated level. As a result, during the fifty-two weeks ended August 26, 2023 and August 27, 2022, the Company determined its operations are organized into one, consolidated operating segment and reportable segment. Previously, during the fifty-two weeks ended August 28, 2021, the Company had two operating segments, Atkins and Quest, which were aggregated into one reporting segment due to similar financial, economic and operating characteristics.

Reconciliation of the totals of reported segment revenue, profit or loss measurement, assets and other significant items reported by segment to the corresponding GAAP totals is not applicable to the Company as it only has one reportable segment. Additionally, revenue from transactions with external customers for each of Simply Good Foods’ products would be impracticable to disclose and management does not view its business by product line. The following is a summary of revenue disaggregated by geographic area and brand:


	52-Weeks Ended		52-Weeks Ended		52-Weeks Ended
(In thousands)	August 26, 2023		August 27, 2022		August 28, 2021
North America (1)
Atkins	$	526,769	$	540,328	$	506,860
Quest	682,789		593,943		453,619
Total North America	1,209,558		1,134,271		960,479
International	33,114		34,407		45,134
Total	$	1,242,672	$	1,168,678	$	1,005,613
(1) The North America geographic area consists of net sales substantially related to the United States and there is no individual foreign country to which more than 10% of the Company’s net sales are attributed or that is otherwise deemed individually material.

The following is a summary of long lived assets by geographic area:


(In thousands)	August 26, 2023		August 27, 2022
Long lived assets
North America (1)	$	24,861	$	18,157

Total	$	24,861	$	18,157
(1) The North America geographic area consists of long-lived assets substantially related to the United States and there is no individual foreign country in which more than 10% of the Company’s long-lived assets are located or that is otherwise deemed individually material.

Significant Customers


	52-Weeks Ended		52-Weeks Ended		52-Weeks Ended
	August 26, 2023		August 27, 2022		August 28, 2021
Customer 1	31	%	31	%	31	%
Customer 2	16	%	13	%	12	%
Customer 3	n/a		10	%	n/a
n/a - Not applicable as the customer was not significant during these fiscal years.


(In thousands)	August 26, 2023				August 27, 2022
Customer 1	$	43,098	30	%	$	44,638	34	%
Customer 2	$	37,384	26	%	$	21,829	16	%
Customer 3	n/a		n/a		$	18,521	14	%
n/a - Not applicable as the customer was not significant during this fiscal year.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Omnibus Incentive Plan Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Additional disclosures
Proceeds from option exercises	$ 5,247	$ 4,343	$ 700
Employee stock options
Shares underlying options
Outstanding at beginning of period (in shares)	2,776,551
Granted (in shares)	285,001
Exercised (in shares)	(357,466)
Forfeited (in shares)	(35,624)
Outstanding at end of period (in shares)	2,668,462	2,776,551
Vested or expected to vest (in shares)	2,668,462
Exercisable (in shares)	2,030,917
Weighted average exercise price
Outstanding at beginning of period (in dollars per share)	$ 18.04
Granted (in dollars per share)	37.73
Exercised (in dollars per share)	14.68
Forfeited (in dollars per share)	32.04
Outstanding at end of period (in dollars per share)	20.41	$ 18.04
Vested or expected to vest (in dollars per share)	20.41
Exercisable (in dollars per share)	$ 15.62
Weighted average remaining contractual life (if years)
Outstanding at end of period, contractual life	5 years 6 months 21 days	6 years 1 month 6 days
Vested or expected to vest, contractual life	5 years 6 months 21 days
Exercisable, contractual life	4 years 7 months 28 days
Intrinsic value
Outstanding, intrinsic value	$ 39,610	$ 39,702
Vested and expected to vest, intrinsic value	39,610
Exercisable, intrinsic value	$ 38,539
Additional disclosures
Award vesting period	3 years
Expiration period	10 years
Compensation not yet recognized	$ 5,500
Compensation cost not yet recognized, period for recognition	1 year 7 months 6 days
Proceeds from option exercises	$ 5,200	$ 4,300	$ 700

Property and Equipment, Net

12 Months Ended

Aug. 26, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net, as presented with the Consolidated Balance Sheets, is summarized as follows:


(In thousands)	August 26, 2023		August 27, 2022
Furniture and fixtures	$	7,291	$	7,232
Computer equipment and software	1,570		1,432
Machinery and equipment	16,944		6,292

Leasehold improvements	9,747		9,883
Finance lease right-of-use-assets	968		1,185
Construction in progress	221		137
Property and equipment, gross	36,741		26,161
Less: accumulated depreciation	(11,880)		(8,004)
Property and equipment, net	$	24,861	$	18,157

Total depreciation expense was $4.4 million for the fifty-two weeks ended August 26, 2023, $3.2 million for the fifty-two weeks

ended August 27, 2022, and $2.3 million for the fifty-two weeks ended August 28, 2021.

Segment and Customer Information Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 1,242,672	$ 1,168,678	$ 1,005,613
Long lived assets	24,861	18,157
North America [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	1,209,558	1,134,271	960,479
Long lived assets	24,861	18,157
International, Excluding North America [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	33,114	34,407	45,134
Atkins
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	526,769	540,328	506,860
Quest
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 682,789	$ 593,943	$ 453,619

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 22
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Subparagraph (a)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Leases

12 Months Ended

Aug. 26, 2023

Leases [Abstract]

Leases, ASC 842 Disclosure

Leases

The components of lease expense were as follows.


		52-Weeks Ended		52-Weeks Ended		52-Weeks Ended
(In thousands)	Statement of Operations Caption	August 26, 2023		August 27, 2022		August 28, 2021
Operating lease cost:
Lease cost	Cost of goods sold and General and administrative	$	8,998	$	9,077	$	6,752
Variable lease cost (1)	Cost of goods sold and General and administrative	3,556		3,068		1,681
Total operating lease cost		$	12,554	$	12,145	$	8,433



Finance lease cost:
Amortization of right-of use assets	Cost of goods sold	$	241	$	273	$	273
Interest on lease liabilities	Interest expense	14		30		45
Total finance lease cost		$	255	$	303	$	318

Total lease cost		$	12,809	$	12,448	$	8,751

(1)Variable lease cost primarily consists of common area maintenance, such as cleaning and repairs.

In conjunction with the Company’s restructuring activities as discussed in Note 15, Restructuring and Related Charges, the Company recorded an immaterial gain on lease termination related to its lease in the Netherlands in the fifty-two weeks ended August 27, 2022 and a $0.5 million impairment charge, net of a gain on lease termination, related to its leases in Toronto, Ontario and the Netherlands in the fifty-two weeks ended August 28, 2021. The effect of these restructuring activities has been included within General and administrative on the Consolidated Statements of Income and Comprehensive Income. Refer to Note 15, Restructuring and Related Charges, for additional information regarding restructuring activities.

The right-of-use assets and corresponding liabilities related to both operating and finance leases are as follows:


(In thousands)	Balance Sheets Caption	August 26, 2023		August 27, 2022
Assets
Operating lease right-of-use assets	Other long-term assets	$	40,022	$	46,460
Finance lease right-of-use assets	Property and equipment, net	125		367
Total lease assets		$	40,147	$	46,827

Liabilities
Current:
Operating lease liabilities	Accrued expenses and other current liabilities	$	7,566	$	6,249
Finance lease liabilities	Current maturities of long-term debt	143		264
Long-term:
Operating lease liabilities	Other long-term liabilities	37,272		44,482
Finance lease liabilities	Long-term debt, less current maturities	—		142
Total lease liabilities		$	44,981	$	51,137

Future maturities of lease liabilities as of August 26, 2023 were as follows:


(In thousands)	Operating Leases		Finance Leases
Fiscal year ending:
2024	$	9,476	$	145
2025	8,750		—
2026	6,952		—
2027	7,110		—
2028	6,447		—
Thereafter	13,496		—
Total lease payments	52,231		145
Less: Interest	(7,393)		(2)
Present value of lease liabilities	$	44,838	$	143

The weighted-average remaining lease terms and weighted-average discount rates for operating and finance leases were as follows:


	August 26, 2023		August 27, 2022
Weighted-average remaining lease term (in years)
Operating leases	6.24		7.27
Finance leases	0.61		1.51
Weighted-average discount rate
Operating leases	4.4	%	4.7	%
Finance leases	5.6	%	5.6	%

Supplemental and other information related to leases was as follows:


	52-Weeks Ended		52-Weeks Ended		52-Weeks Ended
(In thousands)	August 26, 2023		August 27, 2022		August 28, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	11,002	$	9,656	$	7,622
Operating cash flows from finance leases	$	544	$	631	$	37
Financing cash flows from finance leases	$	278	$	313	$	314

Earnings Per Share

12 Months Ended

Aug. 26, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings or loss per share is based on the weighted average number of common shares issued and outstanding. In computing diluted earnings per share, basic earnings per share is adjusted for the assumed issuance of all potentially dilutive securities, including the Company’s employee stock options, non-vested stock units, and Private Warrants for the periods during which they were outstanding. During periods when the effect of the outstanding Private Warrants was dilutive, the Company assumed share settlement of the instruments as of the beginning of the reporting period and adjusted the numerator to remove the change in fair value of the warrant liability and adjusted the denominator to include the dilutive shares, calculated using the treasury stock method. During periods when the effect of the outstanding Private Warrants was anti-dilutive, the share settlement was excluded.

In periods in which the Company has a net loss, diluted loss per share is based on the weighted average number of common shares issued and outstanding as the effect of including common stock equivalents outstanding would be anti-dilutive.

The following table reconciles the numerators and denominators used in the computations of both basic and diluted earnings per share:



	52-Weeks Ended		52-Weeks Ended		52-Weeks Ended
(In thousands, except share and per share data)	August 26, 2023		August 27, 2022		August 28, 2021
Basic earnings per share computation:
Numerator:
Net income available to common stock stockholders	$	133,575	$	108,574	$	40,880
Denominator:
Weighted average common shares outstanding – basic	99,442,046		98,754,913		95,743,413
Basic earnings per share from net income	$	1.34	$	1.10	$	0.43
Diluted earnings per share computation:
Numerator:


Numerator for diluted earnings per share	$	133,575	$	108,574	$	40,880
Denominator:
Weighted average common shares outstanding – basic	99,442,046		98,754,913		95,743,413

Employee stock options	1,241,762		1,578,329		1,311,889
Non-vested stock units	196,271		255,914		310,296
Weighted average common shares – diluted	100,880,079		100,589,156		97,365,598
Diluted earnings per share from net income	$	1.32	$	1.08	$	0.42

Diluted earnings per share calculations for the fifty-two weeks ended August 26, 2023 and August 27, 2022 excluded zero and 0.7 million shares, issuable upon exercise of Private Warrants, respectively, that would have been anti-dilutive.

Diluted earnings per share calculations for the fifty-two weeks ended August 26, 2023, August 27, 2022, and August 28, 2021 excluded 0.6 million shares, 0.3 million shares, and an immaterial number of shares of common stock issuable upon exercise of stock options, respectively, that would have been anti-dilutive.

Diluted earnings per share calculations for the fifty-two weeks ended August 26, 2023, August 27, 2022, and August 28, 2021 excluded an immaterial number of non-vested stock units that would have been anti-dilutive.

Long-Term Debt and Line of Credit (Tables)

12 Months Ended

Aug. 26, 2023

Debt Disclosure [Abstract]

Schedule of long-term debt

Long-term debt consists of the following:


(In thousands)	August 26, 2023		August 27, 2022
Term Facility (effective rate of 7.9% at August 26, 2023)	$	285,000	$	406,500
Finance lease liabilities (effective rate of 5.6% at August 26, 2023)	143		406
Less: Deferred financing fees	3,351		3,620
Total debt	281,792		403,286

Less: Current finance lease liabilities	143		264
Long-term debt, net of deferred financing fees	$	281,649	$	403,022

Principal maturities of debt

As of August 26, 2023, aggregate principal maturities of debt for each of the next five fiscal years and thereafter are as follows:


(In thousands)	Principal maturities
2024	$	143
2025	—
2026	—
2027	285,000
2028	—
Thereafter	—
Total debt	$	285,143

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Omnibus Incentive Plan (Details) - USD ($) $ in Thousands	12 Months Ended
Omnibus Incentive Plan (Details) - USD ($) $ in Thousands	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021	Jul. 07, 2017
Share-based Compensation
Stock compensation expense	$ 14,480	$ 11,697	$ 8,265
Incentive Plan
Share-based Compensation
Number of shares authorized				9,067,917
Number of shares available for grant	3,500,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Fair Value of Financial Instruments	12 Months Ended
Fair Value of Financial Instruments	Aug. 26, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measurements, a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies, is used: Level 1 – Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2 – Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 – Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. Level 3 Measurements During the fifty-two weeks ended August 27, 2022 and August 28, 2021, the Company had outstanding liability-classified Private Warrants that allowed holders to purchase 6,700,000 shares of the Company’s common stock. Such Private Warrants were held by Conyers Park Sponsor, LLC (“Conyers Park”), a related party. On January 7, 2022, Conyers Park elected to exercise the Private Warrants in full on a cashless basis, resulting in a net issuance of 4,830,761 shares of the Company’s common stock. As a result of Conyers Park’s election to exercise the Private Warrants, there were no outstanding liability-classified Private Warrants as of August 26, 2023 or August 27, 2022. Refer to Note 11, Stockholders’ Equity, for additional details regarding the cashless exercise of the Private Warrants. The Company utilized the Black-Scholes model to estimate the fair value of the Private Warrants at each reporting date. The application of the Black-Scholes model utilizes significant assumptions, including volatility. Significant judgment is required in determining the expected volatility, historically the key assumption, of the Private Warrants. In order to determine the most accurate measure of this volatility, the Company measured expected volatility based on several inputs, including considering a peer group of publicly traded companies, the Company’s implied volatility based on traded options, the implied volatility of comparable warrants, and the implied volatility of any outstanding public warrants during the periods they were outstanding. As a result of the unobservable inputs that were used to determine the expected volatility of the Private Warrants, the fair value measurement of these warrants reflected a Level 3 measurement within the fair value measurement hierarchy. The periodic remeasurement of the warrant liability has been reflected in (Loss) in fair value change of warrant liability within the Consolidated Statements of Income and Comprehensive Income. The adjustments for the fifty-two weeks ended August 27, 2022 and August 28, 2021 resulted in a loss of $30.1 million and $66.2 million, respectively. As a result of the warrant exercise on January 7, 2022, there was no associated adjustment during the fifty-two weeks ended August 26, 2023. There were no transfers of financial instruments between the three levels of the fair value hierarchy during the fiscal years ended August 26, 2023, August 27, 2022, and August 28, 2021, respectively. Additionally, all other components of the balance sheet such as accounts receivable, cash and cash equivalents and others approximated fair value as of August 26, 2023.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 26, 2023	Aug. 27, 2022
Current assets:
Cash	$ 87,715	$ 67,494
Accounts receivable, net	145,078	132,667
Inventories	116,591	125,479
Prepaid expenses	6,294	5,027
Other current assets	15,974	20,934
Total current assets	371,652	351,601
Long-term assets:
Property and equipment, net	24,861	18,157
Intangible assets, net	1,108,119	1,123,258
Goodwill	543,134	543,134
Other long-term assets	49,318	58,099
Total assets	2,097,084	2,094,249
Current liabilities:
Accounts payable	52,712	62,149
Accrued interest	1,940	160
Accrued expenses and other current liabilities	35,062	39,675
Current maturities of long-term debt	143	264
Total current liabilities	89,857	102,248
Long-term liabilities:
Long-term debt, less current maturities	281,649	403,022
Deferred income taxes	116,133	105,676
Other long-term liabilities	38,346	44,639
Total liabilities	525,985	655,585
Stockholders’ equity:
Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued	0	0
Common stock, $0.01 par value, 600,000,000 shares authorized, 101,929,868 and 101,322,834 issued at August 26, 2023 and August 27, 2022, respectively	1,019	1,013
Treasury stock, 2,365,100 shares and 1,818,754 shares at cost at August 26, 2023 and August 27, 2022, respectively	(78,451)	(62,003)
Additional paid-in-capital	1,303,168	1,287,224
Retained earnings	347,956	214,381
Accumulated other comprehensive loss	(2,593)	(1,951)
Total stockholders’ equity	1,571,099	1,438,664
Total liabilities and stockholders’ equity	$ 2,097,084	$ 2,094,249

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Aug. 26, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Use of Estimates

Fair Value Measurements

Cash

Cash consists of cash on hand, deposits available on demand and other short-term, highly liquid investments with original maturities of three months or less.

Accounts Receivable, Net and Expected Credit Losses

Inventories

Inventories, as presented with the Consolidated Balance Sheets, is summarized as follows:


(In thousands)	August 26, 2023		August 27, 2022
Finished goods	$	111,761	$	116,047
Raw materials	6,512		10,870
Reserve for obsolete inventory	(1,682)		(1,438)
Total inventories	$	116,591	$	125,479

Goodwill and Intangible Assets, Net

Deferred Financing Costs and Debt Discounts

The Company provides standard assurance type warranties that its products will comply with all agreed-upon specifications. No

Cost of Goods Sold

Shipping and Handling Costs

Advertising Cost

Advertising Costs

Research and Development Expense

Research and Development Activities

Share-Based Compensation

recognized as they occur. Share-based compensation expense is included in General and administrative.

Defined Contribution Plan

Foreign Currency Translations

Foreign Currency Translation

Recently Issued and Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

No other new accounting pronouncement issued or effective during the fiscal year had or is expected to have a material effect on the Company’s consolidated financial statements.

Property, Plant and Equipment, Impairment


Furniture and fixtures	7 years
Computer equipment, software and website development costs	3	-	5 years
Machinery and equipment	5	-	7 years
Office equipment	3	-	5 years

Leasehold improvements are amortized over the shorter of the remaining term of the lease or the useful life of the improvement utilizing the straight-line method.

Summary of Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021	Jan. 07, 2022	Sep. 24, 2020	Jul. 06, 2017
Entity Information
Credit loss charges on accounts receivable	$ 700,000	$ 100,000	$ 600,000
Allowance for doubtful accounts	1,900,000	1,200,000
Reserve for credit loss on note receivable	$ 1,000,000
Note receivable from SimplyProtein Sale					$ 3,000,000
Allowance for Credit Loss, Period Increase (Decrease)			500,000
Reserve for inventory four to six months from expiration	50.00%
Reserve for inventory within three months of expiration	100.00%
Finished goods	$ 111,761,000	116,047,000
Raw materials	6,512,000	10,870,000
Reserve for obsolete inventory	(1,682,000)	(1,438,000)
Inventories	116,591,000	125,479,000
Impairment of property and equipment	0
Shares, Issued				4,830,761
CustomerTradeAllowance	28,800,000	23,900,000
Cost of goods sold	789,252,000	723,117,000	595,847,000
Advertising expense	79,200,000	84,300,000	74,900,000
Prepaid advertising	1,800,000	2,000,000
Research and development expenses	4,300,000	4,100,000	3,500,000
Defined contribution plan expense	1,400,000	$ 1,100,000	$ 1,400,000
Private Warrants
Entity Information
Outstanding warrant issued (in shares)		0	6,700,000
Warrant price per share (in dollars per share)						$ 11.50
Shipping and Handling
Entity Information
Cost of goods sold	$ 89,200,000	$ 91,700,000	$ 66,500,000
Furniture and fixtures
Entity Information
Estimated useful lives	7 years
Computer equipment, software and website development \| Minimum
Entity Information
Estimated useful lives	3 years
Computer equipment, software and website development \| Maximum
Entity Information
Estimated useful lives	5 years
Machinery and equipment \| Minimum
Entity Information
Estimated useful lives	5 years
Machinery and equipment \| Maximum
Entity Information
Estimated useful lives	7 years
Office equipment \| Minimum
Entity Information
Estimated useful lives	3 years
Office equipment \| Maximum
Entity Information
Estimated useful lives	5 years

Business Combination (Details 2) - USD ($) $ in Thousands	12 Months Ended
Business Combination (Details 2) - USD ($) $ in Thousands	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Business Acquisition [Line Items]
Goodwill	$ 543,134	$ 543,134
Net sales	1,242,672	1,168,678	$ 1,005,613
Quest
Business Acquisition [Line Items]
Net sales	$ 682,789	$ 593,943	$ 453,619

- Definition

+ References + Details

- Definition

+ References

+ Details

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Accrued Liabilities, Current [Abstract]
Accrued professional fees	$ 1,290	$ 1,039
Accrued advertising allowances and claims	1,960	3,856
Accrued bonus expenses	8,387	12,761
Accrued freight expenses	1,171	2,065
Accrued payroll-related expenses	3,792	1,995
Accrued commissions	1,466	1,422
Income taxes payable	65	223
VAT payable	4,707	5,171
Accrued restructuring	0	0	$ 851
Accrued capital expenditures	2	350
Other accrued expenses	4,656	4,544
Current operating lease liabilities	7,566	6,249
Accrued expenses and other current liabilities	$ 35,062	$ 39,675

Goodwill and Intangibles

12 Months Ended

Aug. 26, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles

During the fifty-two weeks ended August 27, 2022, the Company substantially completed its efforts to fully integrate its operations and organization structure after the Quest Acquisition. The Company aligned the nature of its production processes and the methods used to distribute products to customers for the Atkins® and Quest® brands. The Company also designed its organizational structure to support entity-wide business functions across brands, products, customers, and geographic regions. Additionally, the Company’s chief operating decision maker reviews operating results and forecasts at the consolidated level. As a result, during fifty-two weeks ended August 26, 2023 and August 27, 2022, the Company determined its operations are organized into one, consolidated operating segment and reporting unit. Previously, during the fifty-two weeks ended August 28, 2021, the Company had two reporting units which were its operating segments, Atkins and Quest.

Intangible assets, net in the Consolidated Balance Sheets consist of the following:


				August 26, 2023
(In thousands)	Useful life			Gross carrying amount		Accumulated amortization		Net carrying amount
Intangible assets with indefinite life:
Brands and trademarks	Indefinite life			$	974,000	$	—	$	974,000
Intangible assets with finite lives:
Customer relationships	15 years			$	174,000	$	53,303	$	120,697
Licensing agreements	13 years			22,000		10,498		11,502
Proprietary recipes and formulas	7 years			7,000		6,131		869
Software and website development costs	3	-	5 years	6,328		5,356		972
Intangible assets in progress	3	-	5 years	79		—		79
				$	1,183,407	$	75,288	$	1,108,119


				August 27, 2022
(In thousands)	Useful life			Gross carrying amount		Accumulated amortization		Net carrying amount
Intangible assets with indefinite life:
Brands and trademarks	Indefinite life			$	974,000	$	—	$	974,000
Intangible assets with finite lives:
Customer relationships	15 years			$	174,000	$	41,703	$	132,297
Licensing agreements	13 years			22,000		8,581		13,419
Proprietary recipes and formulas	7 years			7,000		5,131		1,869
Software and website development costs	3	-	5 years	5,863		4,190		1,673

				$	1,182,863	$	59,605	$	1,123,258

Changes in Intangible assets, net during the fifty-two weeks ended August 26, 2023 and August 27, 2022 were primarily related to recurring amortization expense. Changes in Intangible assets, net during the fifty-two weeks ended August 28, 2021 were primarily related to the sale of the assets and liabilities of the Company’s SimplyProtein brand and recurring amortization expense. In conjunction with the SimplyProtein Sale, the Company sold its SimplyProtein brand intangible asset, which had a carrying value of approximately $5.0 million as of the date of the sale.

During the fifty-two weeks ended August 26, 2023, the Company performed qualitative impairment assessments for its indefinite-lived intangible assets. The qualitative assessments did not identify indicators of impairment, and it was determined that it was more likely than not each indefinite-lived intangible asset had fair values in excess of their carrying values. Accordingly, no further impairment assessment was necessary. There were no impairment charges related to indefinite-lived intangibles recognized in the fifty-two weeks ended August 26, 2023, August 27, 2022, or August 28, 2021, respectively.

During the fifty-two weeks ended August 26, 2023, the Company did not identify indicators of impairment related to its finite-lived intangible assets, which are tested for impairment when events or circumstances indicated that the carrying amount may not be recoverable. There were no impairment charges related to the Company’s finite-lived intangible assets in the fifty-two weeks ended August 26, 2023, August 27, 2022, or August 28, 2021, respectively.

Amortization expense related to intangible assets was $15.7 million for the fifty-two weeks ended August 26, 2023, $15.8 million for the fifty-two weeks ended August 27, 2022, and $15.6 million for the fifty-two weeks ended August 28, 2021.

Estimated future amortization for each of the next five fiscal years and thereafter is as follows:


(In thousands)	Amortization
2024	$	15,091
2025	13,980
2026	13,740
2027	13,556
2028	13,517
Thereafter	64,156
Total	$	134,040

Income Taxes

12 Months Ended

Aug. 26, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The sources of income before income taxes are as follows:



	52-Weeks Ended		52-Weeks Ended		52-Weeks Ended
(In thousands)	August 26, 2023		August 27, 2022		August 28, 2021
Domestic	$	173,733	$	148,080	$	79,526
Foreign	1,959		2,489		1,334
Total income before income taxes	$	175,692	$	150,569	$	80,860

Income tax expense was comprised of the following:



	52-Weeks Ended		52-Weeks Ended		52-Weeks Ended
(In thousands)	August 26, 2023		August 27, 2022		August 28, 2021
Current:
Federal	$	24,740	$	22,733	$	23,225
State and local	6,128		6,226		5,800
Foreign	659		1,247		1,552
Total current expense	$	31,527	$	30,206	$	30,577

Deferred:
Federal	$	8,804	$	11,218	$	5,982
State and local	1,740		1,614		3,096
Foreign	46		(1,043)		325
Total deferred income tax expense	10,590		11,789		9,403
Total tax expense	$	42,117	$	41,995	$	39,980

A reconciliation of the federal statutory income tax rate to the effective income tax rate is as follows:



	52-Weeks Ended		52-Weeks Ended		52-Weeks Ended
(In thousands)	August 26, 2023		August 27, 2022		August 28, 2021
Statutory income tax expense:	21.0	%	21.0	%	21.0	%
Change in fair value of warrant liabilities	—		5.0		20.5
State income tax expense, net of federal	4.0		4.2		4.3
Valuation allowance	—		(1.5)		(1.2)
Taxes on foreign income above the U.S. tax	0.2		1.3		1.6
Change in tax rate	—		(0.2)		1.8

Other permanent items	(1.2)		(1.9)		1.4
Income tax expense	24.0	%	27.9	%	49.4	%

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities at August 26, 2023 and August 27, 2022 were as follows:


(In thousands)	August 26, 2023		August 27, 2022
Deferred tax assets
Accounts receivable allowances	$	1,381	$	1,519
Accrued expenses	3,732		4,330
Share based compensation	4,398		3,430
Lease liabilities	11,200		12,733
Tax capitalization of inventory costs	2,177		2,257
Transaction costs	1,961		2,137
Federal benefit of state taxes	1,418		1,444
Other	1,664		659
Deferred tax assets	27,931		28,509



Deferred tax liabilities:
Excess tax over book depreciation	(4,870)		(3,776)
Intangible assets	(127,791)		(116,682)
Lease right-of-use assets	(9,997)		(11,660)
Other	(1,406)		(1,935)
Deferred tax liabilities	(144,064)		(134,053)
Net deferred tax liabilities	$	(116,133)	$	(105,544)

The Company had state net operating loss carryforwards of $0.3 million and $2.1 million at August 26, 2023 and August 27, 2022, respectively. The state net operating loss carryforwards will begin to expire in 2030.

As of August 26, 2023, the Company has no valuation allowances on its deferred tax assets.

As of August 26, 2023, the Company does not intend to indefinitely reinvest its foreign earnings within its subsidiary in Canada and has not recognized any tax liabilities related to this jurisdiction. It is the Company’s intention to reinvest the earnings of its other non-U.S. subsidiaries in its Australia and New Zealand operations. As of August 26, 2023, the Company has not made a provision for U.S. or additional foreign withholding taxes for any outside basis differences inherent in its investments in foreign subsidiaries that are indefinitely reinvested. It is not practicable to estimate the amount of deferred tax liability related to investments in these foreign subsidiaries.

As of August 26, 2023 and August 27, 2022, the Company has no unrecognized tax benefits.

The Company records interest and penalties associated with unrecognized tax benefits as a component of tax expense. As of August 26, 2023 and August 27, 2022, the Company has not accrued any interest or penalties on unrecognized tax benefits, as there is no position recorded as of these fiscal year-ends. No changes to the uncertain tax position balance are anticipated within the next 12 months,

and are not expected to materially affect the financial statements.

As of August 26, 2023, tax years 2016 to 2022 remain subject to examination in the United States and the tax years 2016 to 2022 remain subject to examination in other major foreign jurisdictions where the Company conducts business. State income tax returns are generally subject to examination for a period of three to six years after the filing of the respective return.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Restructuring and related charges (Tables)

12 Months Ended

Aug. 26, 2023

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs [Table Text Block]

Changes to the restructuring liability during the fifty-two weeks ended August 26, 2023 and August 27, 2022 were as follows:


(In thousands)	Termination benefits and severance		Other		Restructuring liability
Balance as of August 28, 2021	$	851	$	—	$	851
Charges	52		76		128
Cash payments	(903)		(76)		(979)
Balance as of August 27, 2022	$	—	$	—	$	—



Balance as of August 26, 2023	$	—	$	—	$	—

Omnibus Incentive Plan Performance Stock Units Activity (Details) - Performance Stock Units $ / shares in Units, $ in Millions	12 Months Ended
	Aug. 26, 2023 USD ($) $ / shares shares
Units
Non-vested at beginning of period (in shares) \| shares	255,023
Granted in period (in shares) \| shares	50,629
Vested in period (in shares) \| shares	(72,452)
Forfeited in period (in shares) \| shares	(41,421)
Non-vested at end of period (in shares) \| shares	191,779
Weighted average grant-date fair value
Non-vested at beginning of period (in dollars per share) \| $ / shares	$ 32.82
Granted (in dollars per share) \| $ / shares	62.55
Vested (in dollars per share) \| $ / shares	27.39
Forfeited (in dollars per share) \| $ / shares	34.23
Non-vested at end of period (in dollars per share) \| $ / shares	$ 42.41
Additional disclosures
Award vesting period	3 years
Compensation cost not yet recognized \| $	$ 3.4
Compensation cost not yet recognized, period for recognition	10 months 24 days
Minimum
Additional disclosures
Award vesting rights, percentage	0.00%
Maximum
Additional disclosures
Award vesting rights, percentage	200.00%

Income Taxes (Tables)

12 Months Ended

Aug. 26, 2023

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The sources of income before income taxes are as follows:



	52-Weeks Ended		52-Weeks Ended		52-Weeks Ended
(In thousands)	August 26, 2023		August 27, 2022		August 28, 2021
Domestic	$	173,733	$	148,080	$	79,526
Foreign	1,959		2,489		1,334
Total income before income taxes	$	175,692	$	150,569	$	80,860

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense was comprised of the following:



	52-Weeks Ended		52-Weeks Ended		52-Weeks Ended
(In thousands)	August 26, 2023		August 27, 2022		August 28, 2021
Current:
Federal	$	24,740	$	22,733	$	23,225
State and local	6,128		6,226		5,800
Foreign	659		1,247		1,552
Total current expense	$	31,527	$	30,206	$	30,577

Deferred:
Federal	$	8,804	$	11,218	$	5,982
State and local	1,740		1,614		3,096
Foreign	46		(1,043)		325
Total deferred income tax expense	10,590		11,789		9,403
Total tax expense	$	42,117	$	41,995	$	39,980

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the federal statutory income tax rate to the effective income tax rate is as follows:



	52-Weeks Ended		52-Weeks Ended		52-Weeks Ended
(In thousands)	August 26, 2023		August 27, 2022		August 28, 2021
Statutory income tax expense:	21.0	%	21.0	%	21.0	%
Change in fair value of warrant liabilities	—		5.0		20.5
State income tax expense, net of federal	4.0		4.2		4.3
Valuation allowance	—		(1.5)		(1.2)
Taxes on foreign income above the U.S. tax	0.2		1.3		1.6
Change in tax rate	—		(0.2)		1.8

Other permanent items	(1.2)		(1.9)		1.4
Income tax expense	24.0	%	27.9	%	49.4	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities at August 26, 2023 and August 27, 2022 were as follows:


(In thousands)	August 26, 2023		August 27, 2022
Deferred tax assets
Accounts receivable allowances	$	1,381	$	1,519
Accrued expenses	3,732		4,330
Share based compensation	4,398		3,430
Lease liabilities	11,200		12,733
Tax capitalization of inventory costs	2,177		2,257
Transaction costs	1,961		2,137
Federal benefit of state taxes	1,418		1,444
Other	1,664		659
Deferred tax assets	27,931		28,509



Deferred tax liabilities:
Excess tax over book depreciation	(4,870)		(3,776)
Intangible assets	(127,791)		(116,682)
Lease right-of-use assets	(9,997)		(11,660)
Other	(1,406)		(1,935)
Deferred tax liabilities	(144,064)		(134,053)
Net deferred tax liabilities	$	(116,133)	$	(105,544)

Restructuring and related charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Changes to the restructuring liability
Restructuring liability, beginning balance	$ 0	$ 851
Charges		128
Cash payments		(979)
Restructuring liability, ending balance	0	0	$ 851
Restructuring and related cost aggregate incurred to date	9,900
Restructuring and related cost incurred	$ 0	100	4,300
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	General and administrative
OperatingLeaseImpairmentLossNetOfGainLossOnTerminationOfLease			500
Employee-related severance and benefits
Changes to the restructuring liability
Restructuring liability, beginning balance	$ 0	851
Charges		52
Cash payments		(903)
Restructuring liability, ending balance	0	0	851
Other restructuring
Changes to the restructuring liability
Restructuring liability, beginning balance	0	0
Charges		76
Cash payments		(76)
Restructuring liability, ending balance	$ 0	$ 0	$ 0

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Aug. 26, 2023

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Liabilities

Accrued expenses and other current liabilities in the Consolidated Balance Sheets were comprised of the following:


(In thousands)	August 26, 2023		August 27, 2022
Accrued professional fees	$	1,290	$	1,039
Accrued advertising allowances and claims	1,960		3,856
Accrued bonus expenses	8,387		12,761
Accrued freight expenses	1,171		2,065
Accrued payroll-related expenses	3,792		1,995
Accrued commissions	1,466		1,422
Income taxes payable	65		223
VAT payable	4,707		5,171

Accrued capital expenditures	2		350
Other accrued expenses	4,656		4,544
Current operating lease liabilities	7,566		6,249
Accrued expenses and other current liabilities	$	35,062	$	39,675

Accrued Expenses and Other Current Liabilities

12 Months Ended

Aug. 26, 2023

Accrued Liabilities, Current [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities in the Consolidated Balance Sheets were comprised of the following:


(In thousands)	August 26, 2023		August 27, 2022
Accrued professional fees	$	1,290	$	1,039
Accrued advertising allowances and claims	1,960		3,856
Accrued bonus expenses	8,387		12,761
Accrued freight expenses	1,171		2,065
Accrued payroll-related expenses	3,792		1,995
Accrued commissions	1,466		1,422
Income taxes payable	65		223
VAT payable	4,707		5,171

Accrued capital expenditures	2		350
Other accrued expenses	4,656		4,544
Current operating lease liabilities	7,566		6,249
Accrued expenses and other current liabilities	$	35,062	$	39,675

Long-Term Debt and Line of Credit - Narrative (Details)	Apr. 25, 2023 USD ($)	Nov. 07, 2019 USD ($)	Jul. 07, 2017 USD ($)	Aug. 26, 2023 USD ($)
Credit Agreement & Amendments
Repayments of principal due in next twelve months				$ 143,000
Effective interest rate, finance lease liabilities				5.60%
Debt Related Commitment Fees and Debt Issuance Costs	$ 2,400,000
Debt Instrument, Fee Amount	$ 2,700,000
Term Loan
Credit Agreement & Amendments
Effective interest rate, Term Facility				7.91%
Barclays Bank PLC and Other Parties
Credit Agreement & Amendments
Letters of credit outstanding				$ 3,500,000
Barclays Bank PLC and Other Parties \| Term Loan
Credit Agreement & Amendments
Repayments of principal due in next twelve months				$ 0
Barclays Bank PLC and Other Parties \| Revolving Credit Facility
Credit Agreement & Amendments
Net leverage ratio post reduction (equal to or less than)			6.00
Line of Credit Facility \| Barclays Bank PLC and Other Parties \| Base Rate
Credit Agreement & Amendments
Basis spread on variable rate	0.50%
Line of Credit Facility \| Barclays Bank PLC and Other Parties \| SOFR Loan
Credit Agreement & Amendments
Basis spread on variable rate	1.00%
Line of Credit Facility \| Barclays Bank PLC and Other Parties \| Term Loan
Credit Agreement & Amendments
Borrowing capacity			$ 200,000,000
Maturity period			7 years
Proceeds from long-term credit facility			$ 200,000,000
Incremental long-term debt		$ 460,000,000
Line of Credit Facility \| Barclays Bank PLC and Other Parties \| Term Loan \| SOFR Loan
Credit Agreement & Amendments
Basis spread on variable rate	1.50%
Line of Credit Facility \| Barclays Bank PLC and Other Parties \| Term Loan \| Secured Overnight Financing Rate SOFR
Credit Agreement & Amendments
Basis spread on variable rate	2.50%
Interest rate floor	0.50%
Line of Credit Facility \| Barclays Bank PLC and Other Parties \| Term Loan \| Three Month Secured Overnight Financing Rate SOFR
Credit Agreement & Amendments
Interest rate floor	0.15%
Line of Credit Facility \| Barclays Bank PLC and Other Parties \| Term Loan \| Six Month Secured Overnight Financing Rate SOFR
Credit Agreement & Amendments
Interest rate floor	0.25%
Line of Credit Facility \| Barclays Bank PLC and Other Parties \| Term Loan \| One Month Secured Overnight Financing Rate SOFR [Member]
Credit Agreement & Amendments
Interest rate floor	0.10%
Line of Credit Facility \| Barclays Bank PLC and Other Parties \| Revolving Credit Facility
Credit Agreement & Amendments
Borrowing capacity			$ 75,000,000
Maturity period			5 years
Percent of commitments (in excess of)			30.00%
Line of Credit Facility \| Barclays Bank PLC and Other Parties \| Revolving Credit Facility \| SOFR Loan
Credit Agreement & Amendments
Basis spread on variable rate	2.00%
Line of Credit Facility \| Barclays Bank PLC and Other Parties \| Revolving Credit Facility \| Secured Overnight Financing Rate SOFR
Credit Agreement & Amendments
Basis spread on variable rate	3.00%

Omnibus Incentive Plan Range of Exercise Prices (Details)	12 Months Ended
	Aug. 26, 2023 $ / shares shares
Stock Options, Exercise Price Range
Number of outstanding options \| shares	2,668,462
Outstanding options, weighted average exercise price	$ 20.41
Outstanding options, weighted average remaining contractual term	5 years 6 months 21 days
Number of exercisable options \| shares	2,030,917
Exercisable options, weighted average exercise price	$ 15.62
Exercise Price Range from $12.00 to $14.99
Stock Options, Exercise Price Range
Exercise price range, lower range limit	12.00
Exercise price range, upper range limit	$ 17.77
Number of outstanding options \| shares	1,408,964
Outstanding options, weighted average exercise price	$ 12.44
Outstanding options, weighted average remaining contractual term	3 years 11 months 26 days
Number of exercisable options \| shares	1,408,964
Exercisable options, weighted average exercise price	$ 12.44
Exercise Price Range from $15.00 to $17.99
Stock Options, Exercise Price Range
Exercise price range, lower range limit	17.78
Exercise price range, upper range limit	$ 23.55
Number of outstanding options \| shares	478,275
Outstanding options, weighted average exercise price	$ 20.27
Outstanding options, weighted average remaining contractual term	6 years 2 months 1 day
Number of exercisable options \| shares	403,727
Exercisable options, weighted average exercise price	$ 20.27
Exercise Price Range from $18.00 to $20.99
Stock Options, Exercise Price Range
Exercise price range, lower range limit	23.56
Exercise price range, upper range limit	$ 29.33
Number of outstanding options \| shares	178,392
Outstanding options, weighted average exercise price	$ 24.35
Outstanding options, weighted average remaining contractual term	6 years 2 months 4 days
Number of exercisable options \| shares	176,191
Exercisable options, weighted average exercise price	$ 24.30
Exercise Price Range from $21.00 to $23.99
Stock Options, Exercise Price Range
Exercise price range, lower range limit	29.34
Exercise price range, upper range limit	$ 35.11
Number of outstanding options \| shares	0
Outstanding options, weighted average exercise price	$ 0
Outstanding options, weighted average remaining contractual term	0 years
Number of exercisable options \| shares	0
Exercisable options, weighted average exercise price	$ 0
Exercise Price Range from $24.00 to $26.99
Stock Options, Exercise Price Range
Exercise price range, lower range limit	35.12
Exercise price range, upper range limit	$ 40.88
Number of outstanding options \| shares	602,831
Outstanding options, weighted average exercise price	$ 37.97
Outstanding options, weighted average remaining contractual term	8 years 7 months 2 days
Number of exercisable options \| shares	42,035
Exercisable options, weighted average exercise price	$ 40.88

Consolidated Balance Sheets (Parentheticals) - $ / shares	Aug. 26, 2023	Aug. 27, 2022
Statement of Financial Position [Abstract]
Preferred stock par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock shares authorized (in shares)	100,000,000	100,000,000
Preferred stock shares issued (in shares)	0	0
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock shares authorized (in shares)	600,000,000	600,000,000
Common stock shares issued (in shares)	101,929,868	101,322,834
Common stock shares outstanding (in shares)	99,564,768	99,504,080
Treasury Stock, Common, Shares	2,365,100	1,818,754

Income Taxes - Components of Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Components of income before income taxes
Domestic	$ 173,733	$ 148,080	$ 79,526
Foreign	1,959	2,489	1,334
Income before income taxes	175,692	150,569	80,860
Current:
Federal	24,740	22,733	23,225
State and local	6,128	6,226	5,800
Foreign	659	1,247	1,552
Total current	31,527	30,206	30,577
Deferred:
Federal	8,804	11,218	5,982
State and local	1,740	1,614	3,096
Foreign	46	(1,043)	325
Total deferred income tax expense (benefit)	10,590	11,789	9,403
Income tax expense (benefit)	$ 42,117	$ 41,995	$ 39,980
Effective rate reconciliation
Statutory income tax expense	21.00%	21.00%	21.00%
Change in fair value of warrant liabilities	0.00%	5.00%	20.50%
State income tax expense, net of federal	4.00%	4.20%	4.30%
Valuation allowance	0.00%	(1.50%)	(1.20%)
Taxes on foreign income above (below) the U.S. tax	0.20%	1.30%	1.60%
Change in state tax rate	0.00%	(0.20%)	1.80%
Other permanent items	(1.20%)	(1.90%)	1.40%
Income tax expense (benefit)	24.00%	27.90%	49.40%

Omnibus Incentive Plan Restricted Stock Unit Activity (Details) - Non-vested stock units $ / shares in Units, $ in Millions	12 Months Ended
	Aug. 26, 2023 USD ($) $ / shares shares
Units
Non-vested at beginning of period (in shares) \| shares	453,003
Granted in period (in shares) \| shares	328,924
Vested in period (in shares) \| shares	(213,568)
Forfeited in period (in shares) \| shares	(53,861)
Non-vested at end of period (in shares) \| shares	514,498
Weighted average grant-date fair value
Non-vested at beginning of period (in dollars per share) \| $ / shares	$ 30.68
Granted (in dollars per share) \| $ / shares	37.06
Vested (in dollars per share) \| $ / shares	27.86
Forfeited (in dollars per share) \| $ / shares	33.92
Non-vested at end of period (in dollars per share) \| $ / shares	$ 35.59
Additional disclosures
Award vesting period	3 years
Compensation cost not yet recognized \| $	$ 10.9
Compensation cost not yet recognized, period for recognition	1 year 4 months 24 days

Restructuring and related charges

12 Months Ended

Aug. 26, 2023

Restructuring and Related Activities [Abstract]

Restructuring and related charges

Restructuring and Related Charges

In May 2020, the Company announced certain restructuring activities in conjunction with the implementation of the Company’s future-state organization design, which created a fully integrated organization with its completed Quest Acquisition. The new organization design became effective on August 31, 2020. These restructuring plans primarily included workforce reductions, changes in management structure, and the relocation of business activities from one location to another.

The Company substantially completed its restructuring activities during the fifty-two weeks ended August 27, 2022. Since the announcement of the restructuring activities in May 2020, the Company incurred aggregate restructuring and restructuring-related costs of $9.9 million.

The one-time termination benefits and employee severance costs incurred in relation to these restructuring activities were accounted for in accordance with ASC Topic 420, Exit or Disposal Cost Obligations, and ASC Topic 712, Compensation - Nonretirement Post-employment Benefits, respectively. The Company recognized a liability and the related expense for these restructuring costs when the liability was incurred and could be measured. Restructuring accruals were based upon management estimates at the time and could change depending upon changes in facts and circumstances subsequent to the date the original liability was recorded. The effect of these restructuring activities was included within General and administrative on the Consolidated Statements of Income and Comprehensive Income.

Changes to the restructuring liability during the fifty-two weeks ended August 26, 2023 and August 27, 2022 were as follows:


(In thousands)	Termination benefits and severance		Other		Restructuring liability
Balance as of August 28, 2021	$	851	$	—	$	851
Charges	52		76		128
Cash payments	(903)		(76)		(979)
Balance as of August 27, 2022	$	—	$	—	$	—



Balance as of August 26, 2023	$	—	$	—	$	—

The Company substantially completed its restructuring activities during the third quarter of fiscal 2022; therefore no restructuring and restructuring-related costs were incurred in the fifty-two weeks ended August 26, 2023. During the fifty-two weeks ended August 27, 2022, the Company incurred $0.1 million of restructuring charges which included an immaterial gain on lease termination related to its lease in the Netherlands. In the fifty-two weeks ended August 28, 2021, the Company incurred a total of $4.3 million in restructuring and restructuring-related costs, which included a $0.5 million impairment charge, net of a gain on lease termination, related to its leases in Toronto, Ontario and the Netherlands.

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Aug. 26, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Public Equity Offering On October 9, 2019, the Company completed an underwritten public offering of 13,379,205 shares of common stock at a price to the public of $26.35 per share. The Company paid underwriting discounts and commissions of $0.19 per share resulting in net proceeds to the Company of $26.16 per share, or approximately $350.0 million (the “Offering”). The Company paid $0.8 million for legal, accounting and registrations fees related to the Offering. The net proceeds were used to pay a portion of the purchase price and related fees and expenses for the Quest Acquisition. Warrants to Purchase Common Stock During the fifty-two weeks ended August 27, 2022, the Company had outstanding liability-classified Private Warrants that allowed holders to purchase 6,700,000 shares of the Company’s common stock. Such Private Warrants were held by Conyers Park, a related party. Each whole warrant entitled the holder to purchase one share of the Company’s common stock at a price of $11.50 per share. On January 7, 2022, Conyers Park elected to exercise the Private Warrants in full on a cashless basis, resulting in a net issuance of 4,830,761 shares of the Company’s common stock. As a result of the cashless exercise on January 7, 2022, there were no outstanding liability-classified Private Warrants as of August 26, 2023 or August 27, 2022. As discussed in Note 7, Fair Value of Financial Instruments, the liability-classified warrants were remeasured on a recurring basis, primarily based on observable market data while the related theoretical private warrant volatility assumption within the Black-Scholes model represents a Level 3 measurement within the fair value measurement hierarchy. The periodic fair value remeasurements of the warrant liability, including the cashless exercise and the settlement of the warrant liability, have been reflected in (Loss) in fair value change of warrant liability within the Consolidated Statements of Income and Comprehensive Income. Stock Repurchase Program The Company adopted a $50.0 million stock repurchase program on November 13, 2018. On April 13, 2022, and October 21, 2022, the Company announced that its Board of Directors had approved the addition of $50.0 million and $50.0 million, respectively, to its stock repurchase program, resulting in authorized stock repurchases of up to an aggregate of $150.0 million. Under the stock repurchase program, the Company may repurchase shares from time to time in the open market or in privately negotiated transactions. The stock repurchase program does not obligate the Company to acquire any specific number of shares or acquire shares over any specific period of time. The stock repurchase program may be suspended or discontinued at any time by the Company and does not have an expiration date. During the fifty-two weeks ended August 26, 2023, the Company repurchased 546,346 shares of common stock at an average share price of $30.11 per share. During the fifty-two weeks ended August 27, 2022, the Company repurchased 1,720,520 shares of common stock at an average share price of $34.79 per share. The Company did not repurchase any shares of common stock during the fifty-two weeks ended August 28, 2021. As of August 26, 2023, approximately $71.5 million remained available under the stock repurchase program. Accumulated Other Comprehensive Loss During the fifty-two weeks ended August 27, 2022, the Company recognized a foreign currency translation gain of $1.1 million related to the liquidation of a foreign subsidiary. The gain is reflected as a component of Other income (expense) in (Loss) gain on foreign currency transactions within the Consolidated Statements of Income and Comprehensive Income.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details