0001702744-20-000100 | 10-K | XBRL Viewer

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Weighted-average remaining lease term (in years)

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Document and Entity Information - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Aug. 29, 2020	Oct. 26, 2020	Feb. 28, 2020
Document Information [Line Items]
Entity Central Index Key	0001702744
Document Type	10-K
Document Annual Report	true
Document Period End Date	Aug. 29, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--08-29
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			$ 1,800,000
Share Price			$ 22.06
Entity Common Stock, Shares Outstanding		95,683,897
Amendment Flag	false
Documents Incorporated by Reference [Text Block]	Certain portions of the registrant’s definitive proxy statement, in connection with its 2021 annual meeting of stockholders, to be filed within 120 days after the end of fiscal year ended August 29, 2020, are incorporated by reference into Part III of this Annual Report on Form 10‑K.

Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 29, 2020	Aug. 31, 2019
Current assets:
Cash and cash equivalents	$ 95,847	$ 266,341
Accounts receivable, net	89,740	44,240
Inventories	59,085	38,085
Prepaid expenses	3,644	2,882
Other current assets	11,947	6,059
Total current assets	260,263	357,607
Long-term assets:
Property and equipment, net	11,850	2,456
Intangible assets, net	1,158,768	306,139
Goodwill	544,774	471,427
Other long-term assets	32,790	4,021
Total assets	2,008,445	1,141,650
Current liabilities:
Accounts payable	32,240	15,730
Accrued interest	960	1,693
Accrued expenses and other current liabilities	38,007	29,933
Current maturities of long-term debt	271	676
Total current liabilities	71,478	48,032
Long-term liabilities:
Long-term debt, less current maturities	596,879	190,259
Deferred income taxes	84,352	65,383
Other long-term liabilities	22,765	532
Total liabilities	775,474	304,206
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, 95,751,845 and 81,973,284 issued at August 29, 2020 and August 31, 2019, respectively	958	820
Treasury stock, 98,234 and 98,234 shares at cost at August 29, 2020 and August 31, 2019, respectively	(2,145)	(2,145)
Additional paid-in-capital	1,094,507	733,775
Retained earnings	140,530	105,830
Accumulated other comprehensive loss	(879)	(836)
Total stockholders' equity	1,232,971	837,444
Total liabilities and stockholders' equity	$ 2,008,445	$ 1,141,650

Consolidated Balance Sheets (Parentheticals) - $ / shares	Aug. 29, 2020	Aug. 31, 2019
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)	95,751,845	81,973,284
Common stock shares outstanding (in shares)	95,653,611	81,875,050
Treasury stock (in shares)	98,234	98,234

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Income Statement [Abstract]
Net sales	$ 816,641	$ 523,383	$ 431,429
Cost of goods sold	492,313	305,978	251,063
Gross profit	324,328	217,405	180,366
Operating expenses:
Selling and marketing	94,469	67,488	59,092
General and administrative	106,251	61,972	49,635
Depreciation and amortization	15,259	7,496	7,498
Business transaction costs	27,125	7,107	2,259
Loss on impairment	3,000	0	0
Loss (gain) in fair value change of contingent consideration - TRA liability	0	533	(2,848)
Total operating expenses	246,104	144,596	115,636
Income from operations	78,224	72,809	64,730
Other income (expense):
Interest income	1,516	3,826	0
Interest expense	(32,813)	(13,627)	(12,551)
Gain of settlement of TRA liability	0	1,534	0
Gain (loss) on foreign currency transactions	658	(452)	97
Other income	441	196	815
Total other expense	(30,198)	(8,523)	(11,639)
Income before income taxes	48,026	64,286	53,091
Income tax expense (benefit)	13,326	16,750	(17,364)
Net income	34,700	47,536	70,455
Other comprehensive income (loss):
Foreign currency translation adjustments	(43)	(38)	(817)
Comprehensive income	$ 34,657	$ 47,498	$ 69,638
Earnings per share from net income:
Basic (in dollars per share)	$ 0.37	$ 0.59	$ 1.00
Diluted (in dollars per share)	$ 0.35	$ 0.56	$ 0.96
Weighted average shares outstanding:
Basic (in shares)	93,968,953	80,734,091	70,582,149
Diluted (in shares)	98,343,722	85,243,909	73,681,355

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Operating activities
Net income	$ 34,700	$ 47,536	$ 70,455
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	16,007	7,644	7,672
Amortization of deferred financing costs and debt discount	3,508	1,352	1,312
Stock compensation expense	7,636	5,501	4,029
Loss on impairment	3,000	0	0
Loss (gain) in fair value change of contingent consideration - TRA liability	0	533	(2,848)
Gain on settlement of TRA liability	0	(1,534)	0
Unrealized loss (gain) on foreign currency transactions	(658)	452	(97)
Deferred income taxes	8,216	10,908	(21,108)
Loss on disposal of property and equipment	0	6	128
Amortization of operating lease right-of-use asset	3,848	0	0
Other	(389)	0	0
Changes in operating assets and liabilities, net of acquisition:
Accounts receivable, net	(18,288)	(7,985)	267
Inventories	23,880	(8,272)	(1,081)
Prepaid expenses	680	(824)	847
Other current assets	(5,022)	(2,155)	3,094
Accounts payable	(8,736)	4,734	(3,603)
Accrued interest	(733)	1,111	21
Accrued expenses and other current liabilities	(5,572)	13,961	1,962
Other	(3,156)	74	(12)
Net cash provided by operating activities	58,921	73,042	61,038
Investing activities
Purchases of property and equipment	(1,736)	(1,037)	(1,770)
Proceeds from sale of property and equipment	0	0	14
Issuance of note receivable	(500)	(750)	0
Proceeds from note receivable	1,250	0	0
Acquisition of business, net of cash acquired	(982,075)	0	(1,757)
Payments to Acquire Intangible Assets	(933)	0	0
Net cash used in investing activities	(983,994)	(1,787)	(3,513)
Financing activities
Proceeds from option exercises	4,206	706	120
Cash received from warrant exercises	0	113,464	232
Tax payments related to issuance of restricted stock units	(191)	(181)	(120)
Proceeds from Issuance of Common Stock	352,542	0	0
Equity issuance costs	(3,323)	0	0
Repurchase of common stock	0	(2,145)	0
Payments on finance lease obligations	(374)	0	0
Principal payments of long-term debt	(50,000)	(2,000)	(1,500)
Repayments of revolving credit facility	(25,000)	0	0
Proceeds from issuance of long term debt	460,000	0	0
Proceeds from revolving credit facility	25,000	0	0
Deferred financing costs	(8,208)	0	(319)
Settlement of TRA liability	0	(26,468)	0
Net cash provided by (used in) financing activities	754,652	83,376	(1,587)
Cash and cash equivalents
Net (decrease) increase in cash	(170,421)	154,631	55,938
Effect of exchange rate on cash	(73)	(261)	(468)
Cash at beginning of period	266,341	111,971	56,501
Cash and cash equivalents at end of period	95,847	266,341	111,971
Supplemental disclosures of cash flow information
Cash paid for interest	30,038	11,164	11,218
Cash paid for taxes	4,530	7,451	4,577
Operating lease right-of-use assets recognized at ASU 2016-02 transition	5,102	0	0
Finance lease right-of-use assets recognized at ASU 2016-02 transition	1,185	0	0
Operating lease right-of-use assets recognized after ASU 2016-02 transition	$ 3,554	$ 0	$ 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
Balance, Treasury (in shares) at Aug. 26, 2017						0
Balance (in shares) at Aug. 26, 2017		70,562,477
Balance at Aug. 26, 2017	$ 598,702	$ 706	$ 610,138	$ (12,161)	$ 19	$ 0
Condensed Statement of Stockholders' Equity
Net income	70,455			70,455
Stock compensation	4,029		4,029
Foreign currency translation adjustment	(817)				(817)
Issuance of Restricted Stock Units (in shares)		12,986
Issuance of Restricted Stock Units	(120)		(120)
Exercise of options to purchase common stock (in shares)		10,000
Exercise of options to purchase common stock	120		120
Warrant conversion (shares)		20,212
Warrant conversion	232		232
Balance, Treasury (in shares) at Aug. 25, 2018						0
Balance (in shares) at Aug. 25, 2018		70,605,675
Balance at Aug. 25, 2018	672,601	$ 706	614,399	58,294	(798)	$ 0
Condensed Statement of Stockholders' Equity
Net income	47,536			47,536
Stock compensation	5,501		5,501
Foreign currency translation adjustment	$ (38)				(38)
Repurchase of common stock	98,234					98,234
Treasury Stock, Value, Acquired, Cost Method	$ (2,145)					$ (2,145)
Issuance of Restricted Stock Units (in shares)		80,293
Issuance of Restricted Stock Units	(181)	$ 1	(182)
Exercise of options to purchase common stock (in shares)		87,017
Exercise of options to purchase common stock	706	$ 1	705
Warrant conversion (shares)		11,200,299
Warrant conversion	$ 113,464	$ 112	113,352
Balance, Treasury (in shares) at Aug. 31, 2019	98,234					98,234
Balance (in shares) at Aug. 31, 2019	81,973,284	81,973,284
Balance at Aug. 31, 2019	$ 837,444	$ 820	733,775	105,830	(836)	$ (2,145)
Condensed Statement of Stockholders' Equity
Net income	34,700			34,700
Stock compensation	7,636		7,636
Foreign currency translation adjustment	(43)				(43)
Stock Issued During Period, Shares, New Issues		13,379,205
Stock Issued During Period, Value, New Issues	$ 349,219	$ 134	349,085
Repurchase of common stock	0
Issuance of Restricted Stock Units (in shares)		58,974
Issuance of Restricted Stock Units	$ (191)	$ 1	(192)
Exercise of options to purchase common stock (in shares)		340,382
Exercise of options to purchase common stock	$ 4,206	$ 3	4,203
Balance, Treasury (in shares) at Aug. 29, 2020	98,234					98,234
Balance (in shares) at Aug. 29, 2020	95,751,845	95,751,845
Balance at Aug. 29, 2020	$ 1,232,971	$ 958	$ 1,094,507	$ 140,530	$ (879)	$ (2,145)

Nature of Operations and Principles of Consolidation	12 Months Ended
Nature of Operations and Principles of Consolidation	Aug. 29, 2020
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") was formed by Conyers Park Acquisition Corp. (“Conyers Park”) on March 30, 2017. On April 10, 2017, Conyers Park and NCP-ATK Holdings, Inc., among others, entered into a definitive merger agreement (the “Merger Agreement”), pursuant to which on July 7, 2017, Conyers Park merged into Simply Good Foods and as a result acquired the companies which conducted the Atkins® brand business (the “Acquisition of Atkins”). The common stock of Simply Good Foods is listed on the Nasdaq Capital Market under the symbol “SMPL." On August 21, 2019, the Company's wholly-owned subsidiary Simply Good Foods USA, Inc., formerly known as Atkins Nutritionals, Inc. (“Simply Good USA”) entered into a Stock and Unit Purchase Agreement (the "Purchase Agreement") to acquire Quest Nutrition, LLC ("Quest"), a healthy lifestyle food company (the "Acquisition of Quest"). On November 7, 2019, pursuant to the Purchase Agreement, Simply Good USA completed the Acquisition of Quest, via Simply Good USA’s direct or indirect acquisition of 100% of the equity interests of Voyage Holdings, LLC (“Voyage Holdings”), and VMG Quest Blocker, Inc. (“Voyage Blocker” and, together with Voyage Holdings, the “Target Companies”) for a cash purchase price of approximately $1.0 billion (subject to customary adjustments for the Target Companies’ levels of cash, indebtedness, net working capital and transaction expenses as of the closing date). The Simply Good Foods 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. The Company’s nutritious snacking platform consists of the following core brands that specialize in providing products for consumers that follow certain nutritional philosophies, dietary approaches and/or health-and-wellness trends: Atkins® for those following a low-carb lifestyle; and Quest® for consumers seeking to partner with a brand that makes the foods they crave work for them, not against them, through 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 Company's platform also positions it to continue to selectively pursue acquisition opportunities of brands in the nutritious snacking category. Based on the duration and severity of economic effects from the novel coronavirus ("COVID-19") pandemic, including but not limited to stock market volatility, the potential for (i) continued increased rates of reported cases of COVID-19 (which has been referred to as a second wave), (ii) unexpected supply chain disruptions, (iii) changes to customer operations, (iv) continued or additional changes in consumer purchasing and consumption behavior beyond those evidenced to date, and (v) the closure of customer establishments, the Company remains uncertain of the ultimate effect COVID-19 could have on its business. 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 29, 2020 and August 31, 2019. The remaining financial statements include the fifty-two week period ended August 29, 2020, the fifty-three week period ended August 31, 2019, and the fifty-two week period ended August 25, 2018. 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. Reclassification of Prior Year Amounts Certain prior year amounts have been reclassified to conform to the current year presentation including (i) Selling expenses and Marketing expenses, which have been combined as Selling and marketing expenses on the Consolidated Statements of Operations and Comprehensive Income and (ii) Other operating expense, which has been combined with General and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income.

Change in Accounting Principle (Notes)

12 Months Ended

Aug. 29, 2020

Change in Accounting Principle [Abstract]

Changes in Accounting Principles

Change in Accounting Principle

During the fourth quarter ended August 31, 2019, the Company changed its accounting principle related to the presentation of third-party delivery costs associated with shipping and handling activities previously included as operating expenses in Distribution in the Consolidated Statements of Operations and Comprehensive Income. The Company now presents these expenses within Cost of goods sold in the Consolidated Statements of Operations and Comprehensive Income. In connection with the change in accounting principle, the Company also changed its definition of shipping and handling costs to include costs paid to third-party warehouse operators associated with delivering product to a customer, previously included in General and administrative, and Depreciation and amortization of the assets at the third-party warehouse, previously included in Depreciation and amortization. Under the previous definition of shipping and handling costs, the Company only included delivery costs in Distribution. The accounting policy change was applied retrospectively to all periods presented and the Consolidated Statements of Operations and Comprehensive Income reflect the effect of this accounting principle change for all periods presented. The effect of the adjustment is as follows in thousands:



Fifty-Two Weeks Ended August 25, 2018	As Reported		Change in Accounting Principle and Presentation			Other Operating Expense⁽¹⁾		As Adjusted
Cost of goods sold	$	223,873	$	27,190		$	—	$	251,063
Distribution	19,685		(19,685		)	—		—
General and administrative	56,333		(7,331		)	633		49,635
Depreciation and amortization	$	7,672	$	(174	)	$	—	$	7,498



(1	)	Other operating expenses have been combined with General and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income.

Summary of Significant Accounting Policies

12 Months Ended

Aug. 29, 2020

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.

Business Combination

On November 7, 2019, pursuant to the Purchase Agreement, the Company completed the Acquisition of Quest for a cash purchase price of approximately $1.0 billion, subject to customary post-closing adjustments. The Acquisition of Quest was accounted for using the acquisition method of accounting prescribed by Accounting Standard Codification ("ASC") Topic 805, Business Combinations (“ASC 805”), whereby the results of operations, including the revenues and earnings of Quest, are included in the financial statements from the date of acquisition. Additionally, assets acquired and liabilities assumed were recognized at their fair values based on widely accepted valuation techniques in accordance with ASC Topic 820, Fair Value Measurements, as of the closing date. The process for estimating fair values requires the use of significant estimates, assumptions and judgments, including determining the timing and estimates of future cash flows and developing appropriate discount rates. ASC 805 establishes a measurement period to provide the Company with a reasonable amount of time to obtain the information necessary to identify and measure various items in a business combination and cannot extend beyond one year from the acquisition date. Measurement period adjustments are recognized in the reporting period in which the adjustments are determined and calculated as if the accounting had been completed as of acquisition date. The Company expects to complete the final fair value determination of the assets acquired and liabilities assumed as soon as practicable within the measurement period, but not to exceed one year from the acquisition date.

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 and Cash Equivalents

Cash and cash equivalents consist of cash on hand, deposits available on demand and other short-term, highly liquid investments with original maturities of three months or less. Cash equivalents are carried at cost, which approximates fair value.

Accounts Receivable, Net

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 an allowance for doubtful accounts based upon a review of outstanding receivables, historical collection information and an analysis of customer data. Accounts receivable are written off when determined to be uncollectible. At August 29, 2020 and August 31, 2019, the allowance for doubtful accounts was $0.5 million and $0.6 million, 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. At August 29, 2020 and August 31, 2019, the provision for obsolete inventory was $0.5 million and $0.4 million, respectively.

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	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 week period ended August 29, 2020, the fifty-three week period ended August 31, 2019, or the fifty-two week period ended August 25, 2018.

Goodwill and Intangible Assets, Net

Goodwill and Intangible assets, net result primarily from the Business Combination and acquisitions. Intangible assets primarily include 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 values of the reporting units are less than their carrying amounts. 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 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 to its carrying amount, including goodwill. Impairment is indicated if the estimated fair value of the reporting unit is less than the carrying amount of the reporting unit, and an impairment charge is recognized for the differential.

For fiscal year 2020, the Company elected to perform both qualitative and quantitative assessments of its goodwill and indefinite-lived intangible assets. During the fourth quarter of fiscal 2020, the Company determined there were indicators of impairment related to the SimplyProtein brand intangible asset. Therefore, the Company performed a quantitative assessment of its brand intangible asset, which indicated the fair value exceeded the carrying value, resulting in a loss on impairment of $3.0 million in the fifty-two week period ended August 29, 2020. There were no impairment charges related to goodwill in the fifty-two week period ended August 29, 2020. Additionally, for fiscal year 2019, we elected to perform quantitative assessments of goodwill and indefinite-lived intangible assets. No impairment charges related to goodwill or indefinite-lived intangibles were recognized in the fifty-three week period ended August 31, 2019.

The Company performed qualitative assessments of goodwill and indefinite-lived intangible assets for fiscal year 2018. The qualitative assessments determined that it was more likely than not the reporting unit, brands and trademarks had a fair value in excess of their carrying value. Accordingly, no further impairment assessment was necessary, and no impairment charges related to goodwill or indefinite-lived intangibles were recognized in the fifty-two week period ended August 25, 2018.

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.

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. At August 29, 2020 and August 31, 2019, the allowance for trade promotions was $25.2 million and $10.3 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 the it is the principal or agent in these relationships. The Company has determined that it is the principal in all cases, as it maintains the responsibility for fulfillment, risk of loss and 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 Operations 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 17, 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 assets at the third-party warehouse. Shipping and handling costs are recognized in Cost of goods sold. Costs of $49.8 million for the fifty-two week period ended August 29, 2020, $32.3 million for the fifty-three week period ended August 31, 2019, and $27.2 million for the fifty-two week period ended August 25, 2018 were recorded relating to products shipped to customers.

Advertising Costs

Production costs related to television commercials are expensed when first aired. All other advertising costs are expensed when incurred through Selling and marketing. Total advertising costs were $55.3 million for the fifty-two week period ended August 29, 2020, $35.4 million for the fifty-three week period ended August 31, 2019, and $34.0 million for the fifty-two week period ended August 25, 2018.

Production costs related to television commercials not yet aired are included in Prepaid expenses in the accompanying Consolidated Balance Sheets. There were no productions costs related to television commercials not yet aired at August 29, 2020 or August 31, 2019.

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 $4.0 million for the fifty-two week period ended August 29, 2020, $2.2 million for the fifty-three week period ended August 31, 2019, and $2.5 million for the fifty-two week period ended August 25, 2018.

Share-Based Compensation

The Company uses share-based compensation, including stock options, restricted stock units and performance stock units, to provide long-term performance incentives for its employees and directors. 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 $1.3 million for the fifty-two week period ended August 29, 2020, $0.6 million for the fifty-three week period ended August 31, 2019, and $0.4 million for the fifty-two week period ended August 25, 2018.

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 (loss). 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 June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments-Credit Losses (Topic 326), which modifies disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. This ASU is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The amendments of this ASU should be applied on a retrospective basis to all periods presented. The Company is currently evaluating the effects adoption of this guidance will have on the consolidated financial statements.

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820), which modifies disclosure requirements on fair value measurements of Accounting Standards Codification (“ASC”) 820. This ASU is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. Early adoption is permitted including in any interim period for which financial statements have not yet been issued. Entities are permitted to early adopt the eliminated or modified disclosure requirements and delay the adoption new disclosure requirements until their effective date. The Company is currently evaluating the effects adoption of this guidance will have on the consolidated financial statements and does not anticipate adoption of this ASU will be material to its consolidated financial statements.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which amends the existing guidance relating to the accounting for income taxes. This ASU is intended to simplify the accounting for income taxes by removing certain exceptions to the general principles of accounting for income taxes and to improve the consistent application of U.S. GAAP for other areas of accounting for income taxes by clarifying and amending existing guidance. This ASU is effective for fiscal years beginning after December 15, 2021, with early adoption permitted.. The Company does not expect that the adoption of this new guidance will have a material effect on its consolidated financial statements.

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance for a limited period of time to ease the potential burden in accounting for reference rate reform on financial reporting. The amendments in this ASU are effective for all entities as of March 12, 2020 through December 31, 2022. The amendments of this ASU should be applied on a prospective basis. The Company is currently evaluating the effects adoption of this guidance will have on the consolidated financial statements.

Recently Adopted Accounting Pronouncements

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The standard requires lessees to recognize the assets and liabilities that arise from leases on the balance sheet. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements. ASU 2018-11 provides entities another option for transition, allowing entities to not apply the new standard in the comparative periods they present in their financial statements in the year of adoption. The amendments provide the option for the ASU to be applied at the beginning of the period adopted using a modified retrospective approach with earlier application permitted as of the beginning of an interim or annual reporting period.

On September 1, 2019, the Company adopted ASU No. 2016-02 using the alternative transition method under ASU No. 2018-11, which permits application of the new lease guidance at the beginning of the period of adoption, with comparative periods continuing to be reporting under Topic 840. Upon adoption, the Company recorded the following within the Condensed Consolidated Balance Sheet: operating lease right-of-use assets of $5.1 million included within Other long-term assets, current operating lease liabilities of $2.0 million included within Accrued expenses and other current liabilities, long-term operating lease liabilities of $3.8 million included within Other long-term liabilities, finance lease right-of-use assets of $1.2 million included within Property and equipment, net, current finance lease liabilities of $0.2 million included within Current maturities of long term debt, and long-term finance lease liabilities of $1.0 million included within Long-term debt less current maturities. Following the Acquisition of Quest, the Company recorded the following amounts in the Condensed Consolidated Balance Sheet as of the closing date on November 7, 2019: operating lease right-of-use assets of $21.1 million included within Other long-term assets, current operating lease liabilities of $2.0 million included within Accrued expenses and other current liabilities, and long-term operating lease liabilities of $18.9 million included within Other long-term liabilities. The adoption of these ASUs did not result in a cumulative-effect adjustment to the opening balance of retained earnings.

The guidance provided a number of optional practical expedients in adoption. The Company elected to adopt the package of practical expedients permitted under the transition guidance within the standard, which among other things, permits it to not reassess prior conclusions about lease identification, lease classification and initial direct costs under the new standard. The Company did not elect the use-of-hindsight practical expedient or the practical expedient pertaining to land easements, the latter not being applicable. Additionally, the Company elected to include both lease and non-lease components as a single component for all asset classes in which the Company is the lessee. For additional information regarding leases, refer to Note 11.

In June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting. This ASU simplifies aspects of share-based compensation issued to non-employees by aligning the guidance with accounting for employee share-based compensation. The Company adopted this ASU as of the first day of fiscal 2020. The adoption of this ASU did not have a material effect on the consolidated financial statements.

In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract, which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The Company adopted this ASU as of the first day of fiscal 2020. The adoption of this ASU did not have a material effect on the consolidated financial statements.

Business Combination (Notes)

12 Months Ended

Aug. 29, 2020

Business Combinations [Abstract]

Business Combinations

Business Combination

On August 21, 2019, Simply Good USA entered into the Purchase Agreement with VMG Voyage Holdings, LLC, VMG Tax-Exempt II, L.P., Voyage Employee Holdings, LLC, and other sellers defined in the Purchase Agreement. On November 7, 2019, pursuant to the Purchase Agreement, Simply Good USA completed the Acquisition of Quest for a cash purchase price at closing of $988.9 million subject to customary post-closing adjustments.

Simply Good USA acquired Quest as a part of the Company's vision 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. Quest is a healthy lifestyle food company offering a variety of bars, cookies, chips, ready-to-drink shakes and pizzas that compete in many of the attractive, fast growing sub-segments within the nutritional snacking category.

The Acquisition of Quest was funded by the Company through a combination of cash, equity and debt financing. Total consideration paid on the closing date was $988.9 million. Cash sources of funding included $195.3 million of cash on hand, net proceeds of approximately $350.0 million from an underwritten public offering of common stock, and $443.6 million in new term loan debt. In the third fiscal quarter of 2020, the Company received a post-closing release from escrow of approximately $2.1 million related to net working capital adjustments, resulting in a total net consideration paid of $986.8 million as of August 29, 2020. Business transaction costs within the Consolidated Statements of Operations and Comprehensive Income for fifty-two week period ended August 29, 2020 was $27.1 million, which included $14.5 million of transaction advisory fees related to the Acquisition of Quest, $3.2 million of banker commitment fees, $6.1 million of non-deferrable debt

issuance costs related to the incremental term loan, and $3.3 million of other costs, including legal, due diligence, and accounting fees.

Included in the transaction advisory fees paid for the Acquisition of Quest is $12.0 million paid to Centerview Partners LLC, an investment banking firm that served as the lead financial advisor to the Company for this transaction. Three members of the Company’s Board of Directors, Messrs. Kilts, West, and Ratzan, have business relationships with certain partners of Centerview Partners LLC (including relating to Centerview Capital Consumer, a private equity firm and affiliate of Conyers Park Sponsor LLC), but they are not themselves partners, executives or employees of Centerview Partners LLC, and Centerview Partners LLC is not a related party of the Company pursuant to applicable rules and policies. The advisory fee paid to Centerview Partners LLC represents approximately 1.2% of the total cash purchase price paid by the Company on the closing date of the Acquisition of Quest. All transaction advisory fees relating to the Acquisition of Quest were approved by the Company’s Audit Committee.

The following table sets forth the preliminary purchase price allocation of the Acquisition of Quest to the estimated fair value of the net assets acquired at the date of acquisition. The preliminary purchase price allocation may be adjusted as a result of the finalization of our purchase price allocation procedures related to the assets acquired and liabilities assumed.

The preliminary November 7, 2019 fair value is as follows in thousands:



Assets acquired:
Cash and cash equivalents	$	4,745
Accounts receivable, net	26,537
Inventories	44,032
Prepaid assets	1,214
Other current assets	3,812
Property and equipment, net⁽¹⁾	9,843
Intangible assets, net⁽²⁾	868,375
Other long-term assets	20,997
Liabilities assumed:
Accounts payable	25,200
Other current liabilities	11,237
Deferred income taxes⁽³⁾	10,754
Other long-term liabilities	18,891
Total identifiable net assets	913,473
Goodwill⁽⁴⁾	73,347
Total assets acquired and liabilities assumed	$	986,820

(1) Property and equipment, net primarily consists of leasehold improvements for the Quest headquarters of $6.9 million, furniture and fixtures of $2.2 million, and equipment of $0.7 million. The Quest headquarters lease ends in April 2029. The useful lives of the leasehold improvements, furniture and fixtures, and equipment is consistent with the Company's accounting policies.

(2) Intangible assets were recorded at fair value consistent with ASC 820 as a result of the Acquisition of Quest. Intangible assets consist of $750.0 million of indefinite brand and trademark, $115.0 million of amortizable customer relationships, and $3.4 million of internally developed software. The useful lives of the intangible assets are disclosed in Note 6 of the consolidated financial statements. The fair value measurement of the assets and liabilities was based on significant inputs not observable in the market and thus represent Level 3 measurements within the fair value measurement hierarchy. Level 3 fair market values were determined using a variety of information, including estimated future cash flows and market comparable data and companies. The fair values of the intangible assets were estimated using inputs primarily from the income approach and the with/without method, which estimates the value using the cash flow impact in a hypothetical scenario where the customer relationships are not in place. The significant assumptions used in estimating the fair value of the intangible assets include the estimated life the asset will contribute to cash flows, profitability, and the estimated discount rate.

(3) Primarily as a result of the fair value attributable to the identifiable intangible assets, the deferred income tax liability was $10.8 million.

(4) Goodwill was recorded at fair value consistent with ASC 820 as a result of the Acquisition of Quest. Amounts recorded for goodwill created in an acquisition structured as a stock purchase for tax are generally not expected to be deductible for tax purposes. Amounts recorded for goodwill resulting in a tax basis step-up are generally expected to be deductible for tax purposes. Tax deductible Goodwill is estimated to be $67.7 million. Goodwill represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized.

The final determination of the fair value of the assets acquired and liabilities assumed is expected to be completed in the first fiscal quarter of 2021. Since the initial preliminary estimates reported in the first fiscal quarter of 2020, the Company has updated certain amounts reflected in the preliminary purchase price allocation, as summarized in the fair values of assets acquired and liabilities assumed as set forth above. Specifically, the carrying amount of the intangible assets, net were increased by $20.0 million as a result of valuation adjustments related to the Company's finalization of tax attributes, which also resulted in a decrease to deferred income taxes of $3.2 million. Additionally, accounts receivable, net decreased $3.1 million and inventories increased $0.9 million due to fair value measurement period adjustments, and the carrying amount of property and equipment, net decreased by $0.5 million to reflect its estimated fair value. As a result of these adjustments and the change in total net consideration paid of approximately $2.1 million related to net working capital adjustments discussed above, goodwill has decreased $22.7 million.

Measurement period adjustments are recognized in the reporting period in which the adjustments are determined and calculated as if the accounting had been completed at the acquisition date. The final fair value determination of the assets acquired and liabilities assumed will be completed prior to one year from the transaction completion, consistent with ASC 805.

The results of Quest's operations have been included in the Simply Good Foods' Consolidated Financial Statements since November 7, 2019, the date of acquisition. The following table provides net sales from the acquired Quest business included in the Company's results:



	52-Weeks Ended
(In thousands)	August 29, 2020
Net sales	$	286,803

Unaudited Pro Forma Financial Information

Pro forma financial information is not intended to represent or be indicative of the actual results of operations of the combined business that would have been reported had the Acquisition of Quest been completed at the beginning of the fiscal year 2019, nor is it representative of future operating results of the Company.

This unaudited pro forma combined financial information is prepared based on Article 11 of Regulation S-X period end guidance. The Company and the legacy Quest entity have different fiscal year ends, with Simply Good Foods’ fiscal year being the last Saturday of August while the legacy Quest business fiscal year end was December 31. Because the year ends differ by more than 93 days, Quest's financial information is required to be adjusted to a period within 93 days of Simply Good Foods’ fiscal period end. For the purposes of preparing the unaudited pro forma combined financial information for the fifty-three week period ended August 31, 2019, the Company added Quest’s unaudited consolidated statement of operations for the six months ended June 30, 2019 to Quest's unaudited consolidated statement of operations for the six months ended December 31, 2018, which was derived by deducting the historical unaudited consolidated statement of operations for the six months ended June 30, 2018, from the unaudited consolidated statement of operations for the fiscal year ended December 31, 2018.

In addition to the above period end adjustments, the pro forma results include certain adjustments, as required under ASC 805, which are different than Article 11 pro forma requirements. ASC 805 requires pro forma adjustments to reflect the effects of fair value adjustments, transaction costs, capital structure changes, the tax effects of such adjustments, and also requires nonrecurring adjustments be prepared as though the Acquisition of Quest had occurred as of the beginning of the earliest period presented. The adjustments to the historical Quest financial results include the exclusion of legacy derivatives and interest expense that were settled in the execution of the Acquisition of Quest. Additional adjustments include non-recurring transaction costs and the portion of the inventory fair value adjustment recorded by the Company during the fifty-two week period ended August 29, 2020. Both periods were further adjusted to reflect a full period of (a) fair value adjustments related to inventory and incremental customer relationship amortization, (b) interest expense with the higher principal and interest rates associated with the Company's new term loan debt incurred to finance, in part, the Acquisition of Quest, and (c) the effects of the adjustments on income taxes and net income.

The following unaudited pro forma combined financial information presents combined results of the Company and Quest as if the Acquisition of Quest has occurred at the beginning of fiscal 2019:



	52-Weeks Ended		53-Weeks Ended
(In thousands)	August 29, 2020		August 31, 2019
Net sales	$	885,044	$	832,254
Gross profit	355,395		317,480
Net income	$	59,090	$	30,143

Property and Equipment, Net

12 Months Ended

Aug. 29, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

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



(In thousands)	August 29, 2020			August 31, 2019
Furniture and fixtures	$	3,197		$	715
Computer equipment and software	1,062			956
Machinery and equipment	1,135			385
Website development costs	—			2,237
Leasehold improvements	8,137			361
Finance lease right-of-use-assets	1,185			—
Construction in progress	—			139
Property and equipment, gross	14,716			4,793
Less: accumulated depreciation	(2,866		)	(2,337		)
Property and equipment, net	$	11,850		$	2,456

The increase in Property and equipment, net as of August 29, 2020 as compared to August 31, 2019 was primarily a result of the Acquisition of Quest. Total depreciation expense was $1.8 million for the fifty-two week period ended August 29, 2020, $1.1 million for the fifty-three week period ended August 31, 2019, and $1.2 million for the fifty-two week period ended August 25, 2018. General and administrative includes a $0.1 million loss on disposal of property and equipment in the fifty-two week period ended August 25, 2018.

Goodwill and Intangibles

12 Months Ended

Aug. 29, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles

Changes to Goodwill during the fifty-two week period ended August 29, 2020 were as follows:



(In thousands)	Goodwill
Balance as of August 31, 2019	$	471,427
Acquisition of business	73,347
Balance as of August 29, 2020	$	544,774

The change in Goodwill during the fifty-two week period ended August 29, 2020 was the result of the acquisition method of accounting related to the Acquisition of Quest as described in Note 4. There were no changes in the Company's goodwill in the fifty-three week period ended August 31, 2019. There were no impairment charges related to goodwill in the fifty-two week period ended August 29, 2020 or since the inception of the Company.

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



				August 29, 2020
(In thousands)	Useful life			Gross carrying amount		Accumulated amortization		Net carrying amount
Intangible assets with indefinite life:
Brands and trademarks	Indefinite life			$	979,000	$	—	$	979,000
Intangible assets with finite lives:
Customer relationships	15 years			174,000		18,503		155,497
Proprietary recipes and formulas	7 years			7,000		3,131		3,869
Licensing agreements	14 years			22,000		4,920		17,080
Software and website development costs	3	-	5 years	5,967		2,645		3,322
				$	1,187,967	$	29,199	$	1,158,768



		August 31, 2019
(In thousands)	Useful life	Gross carrying amount		Accumulated amortization		Net carrying amount
Intangible assets with indefinite life:
Brands and trademarks	Indefinite life	$	232,000	$	—	$	232,000
Intangible assets with finite lives:
Customer relationships	15 years	59,000		8,382		50,618
Proprietary recipes and formulas	7 years	7,000		2,131		4,869
Licensing agreements	14 years	22,000		3,348		18,652
		$	320,000	$	13,861	$	306,139

Intangible assets, net changed due to the Acquisition of Quest, amortization expense, and an impairment loss related to brand and trademark intangible assets. During the fourth quarter of fiscal 2020, the Company determined there were indicators of impairment related to the SimplyProtein brand intangible asset. Therefore, the Company performed a quantitative assessment of its brand intangible asset, which indicated its fair value exceeded its carrying value, resulting in a loss on impairment of $3.0 million.

Amortization expense related to intangible assets was $14.0 million for the fifty-two week period ended August 29, 2020, $6.5 million for the fifty-three week period ended August 31, 2019, and $6.5 million for the fifty-two week period ended August 25, 2018. Estimated future amortization for each of the next five fiscal years and thereafter is as follows:



(In thousands)	Amortization
2021	$	15,446
2022	15,212
2023	14,938
2024	14,281
2025	13,171
Thereafter	106,720
Total	$	179,768

Accrued Expenses and Other Current Liabilities

12 Months Ended

Aug. 29, 2020

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 29, 2020		August 31, 2019
Accrued professional fees	$	3,125	$	8,903
Accrued advertising allowances and claims	2,625		2,095
Accrued bonus expenses	12,261		10,908
Accrued freight expenses	1,795		1,791
Accrued payroll-related expenses	2,179		841
Accrued commissions	1,789		932
Income taxes payable	839		382
VAT payable	2,367		1,787
Accrued restructuring	4,139		—
Other accrued expenses	2,559		2,294
Current operating lease liabilities	4,329		—
Accrued expenses and other current liabilities	$	38,007	$	29,933

The increase in Accrued expenses and other current liabilities as of August 29, 2020 as compared to August 31, 2019 was primarily a result of the Acquisition of Quest.

Long-Term Debt and Line of Credit

12 Months Ended

Aug. 29, 2020

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 provides 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 Acquisition of Atkins, the full $200.0 million of the Term Facility (the “Term Loan”) was drawn. The interest rate per annum 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% and (c) the Euro-currency rate applicable for an interest period of one month plus 1.00% plus (x) 3.00% margin for Term Loan or (y) 2.00% margin for Revolving Credit Facility, or (ii) London Interbank Offered Rate (“LIBOR”) adjusted for statutory reserve requirements, plus (x) 4.00% margin for the Term Loan subject to a floor of 1.00% or (y) 3.00% margin for the Revolving Credit Facility. As security for the payment or performance of its debt, the Company has pledged certain equity interests in its subsidiaries.

On March 16, 2018 (the “Amendment Date”), the Company entered into an amendment (the “Repricing Amendment”) to the Credit Agreement. As a result of the Repricing Amendment, the interest rate on the Term Loan was reduced and, as of the Amendment Date, such loans had an interest rate equal to, at the Company's option, either LIBOR plus an applicable margin of 3.50% or a base rate plus an applicable margin of 2.50%. The Repricing Amendment did not change the interest rate on the Revolving Credit Facility. The Revolving Credit Facility continued to bear interest based upon the Company's consolidated net leverage ratio as of the last financial statements delivered to the administrative agent. No additional debt was incurred, or any proceeds received, by the Company in connection with the Repricing Amendment. The incremental fees paid to the administrative agent are reflected as additional debt discount and are amortized over the terms of the long-term financing agreements using the effective-interest method.

On November 7, 2019, the Company entered into an 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) and as of the Amendment No. 2 Effective Date (as defined in the Incremental Facility Amendment), the Initial Term Loans bear interest at a rate equal to, at the Company's option, either LIBOR plus an applicable margin of 3.75% or a base rate plus an applicable margin of 2.75%. The Incremental Facility Amendment was executed to partially finance the Acquisition of Quest. No amounts under the Term Facility were repaid as a result of the execution of the Incremental Facility Amendment.

During the third fiscal quarter of 2020, the Company borrowed $25.0 million under the Revolving Credit Facility. This was a precautionary measure to preserve financial flexibility and to maintain liquidity in response to the spread of COVID-19 and uncertainty around consumer behavior. The Company used the proceeds of the Revolving Credit Facility to meet initial elevated customer orders in response to COVID-19, build finished goods inventory of some of its high velocity items, support working capital and support general corporate purposes. In the fourth fiscal quarter of 2020, the Company repaid the $25.0 million borrowing under the Revolving Credit Facility. The Company may repay borrowings under the Revolving Credit Facility at any time without penalty. As of August 29, 2020 and August 31, 2019, there were no amounts drawn against the Revolving Credit Facility.

The Credit Agreement contains certain financial and other covenants that limit our 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 6.25:1.00 (with a reduction to 6.00:1.00 on the third anniversary of the closing date of the credit facilities) 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 29, 2020 and August 31, 2019, respectively.

Long-term debt consists of the following:



(In thousands)	August 29, 2020		August 31, 2019
Term Facility (effective rate of 4.8% at August 29, 2020)	$	606,500	$	196,500
Finance lease liabilities (effective rate of 5.6% at August 29, 2020)	922		—
Less: Deferred financing fees	10,272		5,565
Total debt	597,150		190,935
Less: Current maturities, net of deferred financing fees of $0.0 million at August 29, 2020 and $1.3 million at August 31, 2019, respectively	—		676
Less: Current finance lease liabilities	271		—
Long-term debt, net of deferred financing fees	$	596,879	$	190,259

As of August 29, 2020, aggregate principal maturities of debt for each of the next five fiscal years and thereafter are as follows:



(In thousands)	Principal Maturities
2021	$	236
2022	282
2023	262
2024	606,642
2025	—
Total debt	$	607,422

The Company is not required to make principal payments on the Term Facility over the twelve months following the period ended August 29, 2020.

As of August 29, 2020, the Company had letters of credit in the amount of $5.9 million outstanding. Our letters of credit offset against the availability of the Revolving Credit Facility. These letters of credit 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 29, 2020.

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 29, 2020 and August 31, 2019, 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.

Fair Value of Financial Instruments	12 Months Ended
Fair Value of Financial Instruments	Aug. 29, 2020
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 as follows: 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. A loss of $0.5 million and a benefit of $2.8 million was charged to the Loss (gain) in fair value change of contingent consideration - TRA liability for the fifty-three week period ended August 31, 2019 and fifty-two week period ended August 25, 2018, respectively. The Company settled the Income Tax Receivable Agreement (the “TRA”) during the fifty-three week period ended August 31, 2019, which resulted in a $1.5 million gain. Following the settlement of the TRA liability, the Company did not have any Level 3 financial assets or liabilities as of August 29, 2020 or August 31, 2019. Refer to Note 10, Income Taxes, for additional details regarding the TRA liability settlement.

- 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

Income Taxes

12 Months Ended

Aug. 29, 2020

Income Tax Disclosure [Abstract]

Income Taxes

The sources of income before income taxes are as follows:



	52-Weeks Ended		53-Weeks Ended		52-Weeks Ended
(In thousands)	August 29, 2020		August 31, 2019		August 25, 2018
Domestic	$	47,480	$	64,244	$	49,748
Foreign	546		42		3,343
Total income before income taxes	$	48,026	$	64,286	$	53,091

Income tax expense (benefit) was comprised of the following:



	52-Weeks Ended			53-Weeks Ended			52-Weeks Ended
(In thousands)	August 29, 2020			August 31, 2019			August 25, 2018
Current:
Federal	$	3,056		$	2,784		$	2,584
State and local	1,835			2,684			159
Foreign	219			374			1,001
Total current expense	$	5,110		$	5,842		$	3,744

Deferred:
Federal	$	6,747		$	9,976		$	(21,223	)
State and local	1,637			1,086			(26		)
Foreign	(168		)	(154		)	141
Total deferred income tax expense (benefit)	8,216			10,908			(21,108		)
Total tax expense (benefit)	$	13,326		$	16,750		$	(17,364	)

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



	52-Weeks Ended		53-Weeks Ended		52-Weeks Ended
(In thousands)	August 29, 2020		August 31, 2019		August 25, 2018
Statutory income tax expense:	21.0	%	21.0	%	25.5	%
State income tax expense, net of federal	5.0		3.9		3.1
Valuation allowance	(1.2	)	(0.6	)	0.6
Taxes on foreign income above the U.S. tax	0.1		0.2		0.4
Tax Cuts and Jobs Act	—		—		(58.4	)
Change in tax rate	1.5		1.5		(4.0	)
Non-deductible transaction costs	0.1		—		—
TRA contingent consideration	—		(0.4	)	(1.5	)
Other permanent items	1.2		0.5		1.6
Income tax expense (benefit)	27.7	%	26.1	%	(32.7	)%

The comparability of the Company's operating results of fiscal 2018 as compared to subsequent fiscal years 2019 and 2020 was effected by the U.S. Tax Cuts and Jobs Act of 2017 (the “Tax Act”), which was enacted on December 22, 2017. The Tax Act introduced significant changes to U.S. income tax law including reducing the U.S. federal statutory tax rate from 35% to 21% and imposing new taxes on certain foreign-sourced earnings and certain intercompany payments. Due to the timing of the enactment and the complexity involved in applying the provisions of the Tax Act, the Company made reasonable estimates of the effects and recorded provisional amounts in its financial statements as of fiscal 2018 in accordance with SEC Staff Accounting Bulletin No. 118 (“SAB 118”). During the period ended February 23, 2019, the Company completed its accounting for the Tax Act with no material adjustment to the provisional estimates recorded.

For the Global Intangible Low-Taxed Income (“GILTI”) provisions of the Tax Act, the Company completed its assessment during the second quarter of 2019 and, effective August 26, 2018, elected an accounting policy to record GILTI as period costs if and when incurred. Additionally, the Company concluded that it had not met the threshold requirements of the base erosion and anti-abuse tax. Although the measurement period has closed, further technical guidance related to the Tax Act, including final regulations on a broad range of topics, is expected to be issued. In accordance with Accounting Standards Codification (ASC) 740, the Company will recognize any effects of the guidance in the period that such guidance is issued.

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities at August 29, 2020 and August 31, 2019 were as follows:



(In thousands)	August 29, 2020			August 31, 2019
Deferred tax assets
Accounts receivable allowances	$	2,427		$	2,601
Inventories write-downs	92			67
Accrued expenses	3,968			3,680
Net operating loss carryforwards	3,837			4,179
Share-based compensation	2,770			1,755
Tax credits	256			351
Lease liabilities	6,785			—
Other	3,714			2,247
Deferred tax assets	23,849			14,880
Valuation allowance	(3,190		)	(3,786		)
Deferred tax asset, net of valuation allowance	$	20,659		$	11,094

Deferred tax liabilities:
Prepaid expense	$	(514	)	$	(474	)
Excess tax over book depreciation	(2,278		)	(169		)
Website development costs	(816		)	(226		)
Intangible assets	(94,398		)	(74,431		)
Lease right-of-use assets	(6,442		)	—
Other	(563		)	(1,177		)
Deferred tax liabilities	(105,011		)	(76,477		)
Net deferred tax liabilities	$	(84,352	)	$	(65,383	)

The Company had state net operating loss carryforwards of $11.9 million and $12.2 million and foreign net operating losses of $12.8 million and $14.2 million at August 29, 2020 and August 31, 2019, respectively. The state net operating loss carryforwards will begin to expire in 2021.

As of August 29, 2020, the Company has recorded total valuation allowances of $3.2 million, of which $2.9 million relates to valuation allowances on deferred tax assets related to foreign net operating loss carryforwards. The majority of this amount represents a full valuation allowance on the deferred tax assets of foreign entities within the United Kingdom, Netherlands, and Spain. Of the valuation allowance on deferred tax assets, $0.3 million relates to state net operating losses.

During the fifty-two week period ended August 29, 2020, there was a $1.4 million decrease to the tax loss carryforwards in foreign jurisdictions. As the carryforwards were generated in jurisdictions where the Company has historically recognized book losses or does not have strong future earnings projections, the Company concluded it is more likely than not that the operating losses would not be realized, and thus maintained a full valuation allowance against the associated deferred tax assets.

During the fifty-two week period ended August 29, 2020, the Company changed its intentions and determined to not indefinitely reinvest its foreign earnings within its subsidiaries in the United Kingdom, Spain, and Canada. The change in assertion did not result in recognition of tax liabilities related to these jurisdictions. It is the Company’s intention to reinvest the earnings of its other non-U.S. subsidiaries in those operations. As of August 29, 2020, 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 29, 2020 and August 31, 2019, 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 29, 2020 and August 31, 2019, the Company has not accrued interest or penalties on unrecognized tax benefits, as there is no position recorded as of these fiscal years. 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 29, 2020, tax years 2014 to 2019 remain subject to examination in the United States and the tax years 2014 to 2019 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 five years after the filing of the respective return.

Tax Receivable Agreement

Concurrent with the Acquisition of Atkins, the Company entered into the TRA with the historical stockholders of Atkins. The TRA was valued based on the future expected payments under the terms of the agreement. The TRA provides for the payment by Simply Good Foods to the Atkins’ selling equity holders for certain federal, state, local and non-U.S. tax benefits deemed realized in post-closing taxable periods by Simply Good Foods, Conyers Park, Atkins and Atkins’ eligible subsidiaries from the use of up to $100 million of the following tax attributes: (i) net operating losses available to be carried forward as of the closing of the Business Combination, (ii) certain deductions generated by the consummation of the business transaction and (iii) remaining depreciable tax basis from the 2003 acquisition of Atkins Nutritionals, Inc.

The Company re-measured the TRA in the second fiscal quarter of 2018 due to the Tax Act. The second quarter assessment of these changes resulted in a provisional one-time gain of $4.7 million, recognized in Loss (gain) in fair value change of contingent consideration - TRA liability.

During the first fiscal quarter of 2019, the Company entered into a termination agreement (the “Termination Agreement”) with Atkins Holdings, LLC and Roark Capital Acquisition, LLC. Pursuant to the Termination Agreement, the Company paid $26.5 million to settle the TRA in full. Under the Termination Agreement, each of the parties thereto agreed to terminate the TRA and to release any and all obligations and liabilities of the other parties thereunder effective as of the receipt of the termination payment. The Company recorded a $0.5 million loss on the fair value change in the TRA liability through the settlement on November 14, 2018 and recognized a gain of $1.5 million in connection with the execution of the Termination Agreement and final cash payment.

Leases (Notes)

12 Months Ended

Aug. 29, 2020

Aug. 31, 2019

Leases [Abstract]

Leases, ASC 840 Disclosure

Comparative Information as Reported Under Previous Accounting Standards

The following comparative information is reported based upon previous accounting standards in effect for the periods presented.

Future minimum payments under lease arrangements with a remaining term in excess of one year were as follows as of August 31, 2019:



(In thousands)	August 31, 2019
2020	$	2,546
2021	1,947
2022	1,677
2023	1,093
2024	87
Thereafter	56
Total	$	7,406

For the fifty-three week period ended August 31, 2019, rent expenses for operating leases were $2.2 million. For the fifty-two week period ended August 25, 2018, rent expenses for operating leases were $2.4 million.

Leases, ASC 842 Disclosure

Leases

On September 1, 2019, the Company adopted ASU No. 2016-02, Leases, using the modified retrospective approach under ASU No. 2018-11, which permits application of the new guidance at the beginning of the period of adoption, with comparative periods continuing to be reported under ASC Topic 840, Leases.

The components of lease expense were as follows:



		52-Weeks Ended
(In thousands)	Statement of Operations Caption	August 29, 2020
Operating lease cost:
Lease cost	Cost of goods sold and General and administrative	$	5,242
Variable lease cost ⁽¹⁾	Cost of goods sold and General and administrative	1,648
Operating lease cost		$	6,890

Short term lease cost	General and administrative	$	30

Finance lease cost:
Amortization of right-of use assets	Cost of goods sold	$	273
Interest on lease liabilities	Interest expense	60
Total finance lease cost		$	333

Total lease cost		$	7,253

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

The gross amounts of assets and liabilities related to both operating and finance leases are as follows:



(In thousands)	Balance Sheet Caption	August 29, 2020
Assets
Operating lease right-of-use assets	Other long-term assets	$	25,703
Finance lease right-of-use assets	Property and equipment, net	912
Total lease assets		$	26,615

Liabilities
Current:
Operating lease liabilities	Accrued expenses and other current liabilities	$	4,329
Finance lease liabilities	Current maturities of long-term debt	271
Long-term:
Operating lease liabilities	Other long-term liabilities	22,764
Finance lease liabilities	Long-term debt, less current maturities	651
Total lease liabilities		$	28,015

Future maturities of lease liabilities as of August 29, 2020 were as follows:



(In thousands)	Operating Leases			Finance Leases
Fiscal year ending:
2021	$	5,697		$	313
2022	4,649			313
2023	4,114			278
2024	4,216			145
2025	3,765			—
Thereafter	11,014			—
Total lease payments	33,455			1,049
Less: Interest	(6,362		)	(127		)
Present value of lease liabilities	$	27,093		$	922

As of August 29, 2020, the Company had entered into a lease with estimated total minimum future lease payments of $32.2 million over a 10.0-year minimum lease term that had not yet commenced, and as a result it is not recorded on the Consolidated Balance Sheets. The Company expects the lease to commence in fiscal year 2021, and the Company has the option to renew the lease for an additional 5.0 years or 10.0 years after the minimum lease term.

The weighted-average remaining lease terms and weighted-average discount rates for operating and finance leases as of August 29, 2020 were as follows:

Supplemental and other information related to leases was as follows:



	52-Weeks Ended
(In thousands)	August 29, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	6,534
Operating cash flows from finance leases	18
Financing cash flows from finance leases	$	338

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Aug. 29, 2020
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 result, financial condition or cash flows. During the fifty-three week period ended August 31, 2019, the Company reserved $3.5 million for the potential settlement of class action litigation concerning certain product label claims. During the fifty-two week period ended August 29, 2020, the Company reserved an additional $0.3 million. The reserve is included within General and administrative in the Consolidated Statements of Operations and Comprehensive Income and the reserve was fully paid into escrow and settled during the fifty-two week period ended August 29, 2020. As of August 29, 2020, the Company had $1.3 million reserved for potential settlements, of which $1.2 million were acquired as part of the Acquisition of Quest. Other The Company has entered 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 the contracts in place and achievement of performance conditions as of August 29, 2020 the Company will be required to make payments of $2.9 million over the next year.

Stockholders' Equity (Notes)	12 Months Ended
Stockholders' Equity (Notes)	Aug. 29, 2020
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 Acquisition of Quest. Equity Warrants Prior to the Acquisition of Atkins, Conyers Park issued 13,416,667 public warrants and 6,700,000 private placement warrants. The Company assumed the Conyers Park equity warrants in connection with the Acquisition of Atkins. As a result of the Acquisition of Atkins, the warrants issued by Conyers Park were no longer exercisable for shares of Conyers Park common stock, but were instead exercisable for common stock of the Company. All other features of the warrants were unchanged. From August 26, 2018 through October 5, 2018, public warrants to purchase an aggregate of 9,866,451 shares of the Company’s common stock were exercised for cash at an exercise price of $11.50 per share, resulting in aggregate gross proceeds to the Company of $113.5 million. On October 4, 2018, the Company delivered a notice for the redemption (the “Redemption Notice”) of all of its public warrants that remained unexercised immediately after November 5, 2018. Exercises of public warrants following the Redemption Notice were required to be done on a cashless basis. Accordingly, holders were no longer permitted to exercise public warrants in exchange for payment in cash of $11.50 per share. Instead, a holder exercising a public warrant was deemed to have paid the $11.50 per share exercise price by the surrender of 0.61885 of a share of common stock that the holder would have been entitled to receive upon a cash exercise of each public warrant. Exercising holders received 0.38115 of a share of the Company’s common stock for each public warrant surrendered for exercise. Following the Redemption Notice, 3,499,639 public warrants were exercised on a cashless basis. An aggregate of 1,333,848 shares of the Company’s common stock were issued in connection with these exercises of the public warrants. All remaining public warrants were redeemed as of November 5, 2018 for an immaterial amount. The Company’s private placement warrants to purchase 6,700,000 shares of the Company’s common stock remain outstanding. Stock Repurchase Program On November 13, 2018, the Company announced that its Board of Directors had adopted a $50.0 million stock repurchase program. 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 week period ended August 29, 2020, the Company did not repurchase any shares of common stock. During the fifty-three week period ended August 31, 2019, the Company repurchased 98,234 shares of common stock at an average share price of $21.83 per share. As of August 29, 2020, approximately $47.9 million remained available under the stock repurchase program.

Earnings Per Share

12 Months Ended

Aug. 29, 2020

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share is based on the weighted average number of common shares issued and outstanding. In periods in which the Company has net income, diluted earnings per share is based on the weighted average number of common shares issued and outstanding and the effect of all dilutive common stock equivalents outstanding during each period. In periods in which the Company has a net loss, diluted earnings 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		53-Weeks Ended		52-Weeks Ended
(In thousands, except share and per share data)	August 29, 2020		August 31, 2019		August 25, 2018
Basic earnings per share computation:
Numerator:
Net income available to common stock stockholders	$	34,700	$	47,536	$	70,455
Denominator:
Weighted average common shares - basic	93,968,953		80,734,091		70,582,149
Basic earnings per share from net income	$	0.37	$	0.59	$	1.00
Diluted earnings per share computation:
Numerator:
Net income available to common stock stockholders	$	34,700	$	47,536	$	70,455
Denominator:
Weighted average common shares outstanding - basic	93,968,953		80,734,091		70,582,149
Public and private warrants	3,327,656		3,615,198		3,006,073
Employee stock options	1,001,542		801,700		43,779
Non-vested shares	45,571		92,920		49,354
Weighted average common shares - diluted	98,343,722		85,243,909		73,681,355
Diluted earnings per share from net income	$	0.35	$	0.56	$	0.96

Earnings per share calculations for the fifty-two week period ended August 29, 2020, fifty-three week period ended August 31, 2019, and fifty-two week period ended August 25, 2018 excluded 0.6 million, 0.2 million and 0.2 million shares of stock options, respectively, that would have been anti-dilutive. An immaterial number of non-vested shares were excluded from earnings per share calculations for the fifty-two week period ended August 29, 2020, fifty-three week period ended August 31, 2019, and fifty-two week period ended August 25, 2018 .

Omnibus Incentive Plan

12 Months Ended

Aug. 29, 2020

Share-based Payment Arrangement [Abstract]

Omnibus Incentive Plan

Stock-based compensation includes stock options, restricted stock unit, 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 their 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.

The Company recorded stock-based compensation expense of $7.6 million in the fifty-two week period ended August 29, 2020, $5.5 million in the fifty-three week period ended August 31, 2019, and $4.0 million in the fifty-two week period ended August 25, 2018.

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 29, 2020, there were 5.2 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 week period ended August 29, 2020:



(In thousands, except share and per share data)	Shares		Weighted average exercise price		Weighted average remaining contractual life (in years)	Aggregate intrinsic value
Outstanding as of August 31, 2019	2,748,735		$	13.35	8.13	$	44,743

Granted	229,024		23.87
Exercised	(340,382	)	12.36
Forfeited	(21,478	)	21.92
Outstanding as of August 29, 2020	2,615,899		$	14.33	7.29	$	28,927

Vested and expected to vest as of August 29, 2020	2,615,899		$	14.33	7.29	$	28,927

Exercisable as of August 29, 2020	2,082,569		$	12.65	7.00	$	26,537

The following table summarizes information about stock options outstanding at August 29, 2020:



Range of Exercise Prices				Number Outstanding	Weighted-Average Exercise Price		Weighted-Average Remaining Life (Years)	Number Exercisable	Weighted-Average Exercise Price
$	12.00	-	14.99	1,938,833	$	12.04	6.90	1,893,950	$	12.02
$	15.00	-	17.99	117,553	16.88		7.89	78,368	16.88
$	18.00	-	20.99	293,465	19.89		8.02	94,507	19.89
$	21.00	-	23.99	48,396	21.85		9.56	4,462	21.49
$	24.00	-	26.99	217,652	24.19		8.91	11,282	24.08
				2,615,899	$	14.33	7.29	2,082,569	$	12.65

The weighted average fair value of options granted during the fifty-two week period ended August 29, 2020, fifty-three week period ended August 31, 2019, and fifty-two week period ended August 25, 2018 were $7.79, $7.10 and $4.60, 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				53-Weeks Ended				52-Weeks Ended
	August 29, 2020				August 31, 2019				August 25, 2018
Expected volatility	30.27	%	-	33.82%	29.30	%	-	32.09%	26.72	%	-	27.50%
Expected dividend yield	—%				—%				—				%
Expected option term	6				6				6
Risk-free rate of return	0.38	%	-	1.8%	1.82	%	-	3.13%	1.98	%	-	2.79%

Expected term is estimated using the simplified method, which takes into account vesting and contractual term. The simplified method is being used to calculate expected term instead of historical experience due to a lack of relevant historical data resulting from changes in option vesting schedules and changes in the pool of employees receiving option grants. Due to a lack of sufficient trading history for the Company's common stock, expected stock price volatility is based on a sampling of comparable publicly traded companies. The Company believes a sample of comparable publicly traded companies 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 29, 2020, $2.3 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 week period ended August 29, 2020, fifty-three week period ended August 31, 2019, and fifty-two week period ended August 25, 2018, the Company received $4.2 million, $0.7 million, and $0.1 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 week period ended August 29, 2020:



	Units		Weighted average grant-date fair value
Non-vested as of August 31, 2019	92,400		$	17.50
Granted	193,533		23.17
Vested	(67,354	)	17.07
Forfeited	(10,556	)	19.45
Non-vested as of August 29, 2020	208,023		$	22.82

As of August 29, 2020, the Company had $3.0 million of total unrecognized compensation cost related to restricted stock units that will be recognized over a weighted average period of 1.9 years.

Performance Stock Units

During the fifty-two week period ended August 29, 2020, 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 over a period of three years. Performance stock units were valued using a Monte-Carlo simulation.

The following table summarizes performance stock unit activity for the fifty-two week period ended August 29, 2020:



	Units		Weighted average grant-date fair value
Non-vested as of August 31, 2019	192,389		$	11.93
Granted	121,288		27.39
Vested	—		—
Forfeited	(18,421	)	17.62
Non-vested as of August 29, 2020	295,256		$	17.93

As of August 29, 2020, the Company had $3.2 million of total unrecognized compensation cost related to performance stock units that will be recognized over a weighted average period of 1.6 years.

Stock Appreciation Rights

Stock appreciation rights ("SARs") permit the holder to participate in the appreciation of the Company's common stock price. The Company's SARs settle in shares of its common stock once 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 week period ended August 29, 2020:



	Shares Underlying SARs	Weighted average exercise price		Weighted average remaining contractual life (in years)
Outstanding as of August 31, 2019	—	$	—
Granted	150,000	24.20
Exercised	—	—
Forfeited	—	—
Outstanding as of August 29, 2020	150,000	$	24.20	9.18

Vested and expected to vest as of August 29, 2020	150,000	$	24.20	9.18

Exercisable as of August 29, 2020	—	$	—	0.00

As of August 29, 2020, the Company had $0.3 million of total unrecognized compensation cost related to its SARs that will be recognized over a weighted average period of 2.2 years.

Related Party Transactions	12 Months Ended
Related Party Transactions	Aug. 29, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Tax Receivable Agreement During the fifty-three week period ended August 31, 2019, the Company entered into the Termination Agreement, pursuant to which, the Company paid $26.5 million to settle the TRA (the “Termination Payment”), which provided former stockholders of Atkins with payments for federal, state, local and non-U.S. tax benefits deemed realized by the Company. Under the Termination Agreement, each of the parties thereto agreed to terminate the TRA and to release and discharge any and all obligations and liabilities of the other parties thereunder effective as of the exchange agent’s receipt of the Termination Payment. Richard Laube, a former director of the Company, Joseph Scalzo, President and Chief Executive Officer and a director of the Company, and Scott Parker, Chief Marketing Officer, were each former stockholders of Atkins and received their respective pro rata share of the Termination Payment as additional consideration for their former stock ownership in accordance with the terms of the Merger Agreement. The TRA liability and subsequent settlement are discussed in Note 10, Income Taxes. Merger Agreement Working Capital Adjustment In the first quarter of fiscal 2018, pursuant to the terms of the Merger Agreement, Simply Good Foods paid a working capital adjustment of $1.8 million to the former owners of Atkins, which resulted in an increase to the previously recognized goodwill.

Segment and Customer Information

12 Months Ended

Aug. 29, 2020

Segment Reporting [Abstract]

Segment and Customer Information

Following the Acquisition of Quest, the Company's operations are organized into two operating segments, Atkins and Quest, which are aggregated into one reporting segment due to similar financial, economic and operating characteristics. The operating segments are also similar in the following areas: (a) the nature of the products; (b) the nature of the production processes; (c) the methods used to distribute products to customers; (d) the type of customer for the products; and, (e) the nature of the regulatory environment.

Reconciliations 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, revenues 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		53-Weeks Ended		52-Weeks Ended
(In thousands)	August 29, 2020		August 31, 2019		August 25, 2018
Net sales
North America	$	501,472	$	498,196	$	405,055
International	28,366		25,187		26,374
Total Atkins	529,838		523,383		431,429
Quest⁽¹⁾	286,803		—		—
Total	$	816,641	$	523,383	$	431,429

(1) Quest net sales are primarily in North America.

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



(In thousands)	August 29, 2020		August 31, 2019
Long lived assets
North America	$	11,841	$	2,437
International	9		19
Total	$	11,850	$	2,456

Significant Customers

As a result of the Acquisition of Quest, the Company's exposure to credit risk concentrated in one customer was reduced during 2020. Credit risk for the Company was concentrated in two customers who comprised more than 10% of the Company’s total sales for the fifty-two week period ended August 29, 2020. For the fifty-three week period ended August 31, 2019 and the fifty-two week period ended August 25, 2018, credit risk for the Company was concentrated in one customer who comprised more than 10% of the Company’s total sales.



	52-Weeks Ended		53-Weeks Ended		52-Weeks Ended
	August 29, 2020		August 31, 2019		August 25, 2018
Customer 1	34	%	44	%	43	%
Customer 2	10	%	n/a		n/a

n/a - Not applicable as the customer was not significant during these fiscal years.

At August 29, 2020 and August 31, 2019, 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 29, 2020				August 31, 2019
Customer 1	$	34,411	38	%	$	17,386	39	%
Customer 2	$	12,345	14	%	n/a		n/a

n/a - Not applicable as the customer was not significant as of this date.

No other customers of the Company accounted for more than 10% of sales during these periods. The Company generally does not require collateral from its customers and has not incurred any significant losses on uncollectible accounts receivable.

Restructuring and related charges (Notes)

12 Months Ended

Aug. 29, 2020

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 creates a fully integrated organization with its completed Acquisition of Quest. The new organization design became effective on August 31, 2020. These restructuring plans primarily include workforce reductions and changes in management structure.

The one-time termination benefits and employee severance costs to be incurred in relation to these restructuring activities are accounted for in accordance with ASC Topic 420, Exit or Disposal Cost Obligations, and ASC Topic 712, Compensation-Nonretirement Postemployment Benefits, respectively. The Company recognizes a liability and the related expense for these restructuring costs when the liability is incurred and can be measured. Restructuring accruals are based upon management estimates at the time and can change depending upon changes in facts and circumstances subsequent to the date the original liability was recorded.

For the fifty-two week period ended August 29, 2020, the Company incurred $5.5 million of costs for these restructuring activities which have been included within General and administrative on the Consolidated Statements of Operations and Comprehensive Income. Overall, the Company expects to incur a total of approximately $8.1 million in restructuring costs, including the $5.5 million referenced above. The one-time termination benefits and employee severance costs are to be paid throughout fiscal 2021 and the first quarter of fiscal 2022.

Changes to the restructuring liability during the fifty-two week period ended August 29, 2020 were as follows:



(in thousands)	Termination benefits and severance		Other			Restructuring Liability
Balance as of August 31, 2019	$	—	$	—		$	—
Charges	4,139		1,388			5,527
Cash payments	—		(1,388		)	(1,388		)
Non-cash settlements or adjustments	—		—			—
Balance as of August 29, 2020	$	4,139	$	—		$	4,139

Unaudited Quarterly Financial Data

12 Months Ended

Aug. 29, 2020

Quarterly Financial Information Disclosure [Abstract]

Unaudited Quarterly Financial Data

Summarized quarterly financial data:



	52-Weeks Ended		13-Weeks Ended		13-Weeks Ended		13-Weeks Ended		13-Weeks Ended
(In thousands, except per share amounts)	August 29, 2020		August 29, 2020		May 30, 2020		February 29, 2020		November 30, 2019
Net sales	$	816,641	$	222,286	$	215,101	$	227,101	$	152,153
Gross profit	$	324,328	$	88,102	$	88,626	$	85,394	$	62,206
Income from operations	$	78,224	$	24,832	$	31,108	$	25,269	$	(2,985	)
Net income	$	34,700	$	12,427	$	16,409	$	10,657	$	(4,793	)

Earnings per share from net income:
Basic	$	0.37	$	0.13	$	0.17	$	0.11	$	(0.05	)
Diluted	$	0.35	$	0.12	$	0.17	$	0.11	$	(0.05	)



	53-Weeks Ended		14-Weeks Ended		13-Weeks Ended		13-Weeks Ended		13-Weeks Ended
(In thousands, except per share amounts)	August 31, 2019		August 31, 2019		May 25, 2019		February 23, 2019		November 24, 2018
Net sales	$	523,383	$	139,184	$	139,468	$	123,800	$	120,931
Gross profit ⁽¹⁾	$	217,405	$	59,173	$	56,657	$	49,655	$	51,920
Income from operations	$	72,809	$	12,115	$	20,510	$	19,002	$	21,182
Net income	$	47,536	$	6,091	$	13,466	$	12,722	$	15,257

Earnings per share from net income:
Basic	$	0.59	$	0.07	$	0.16	$	0.16	$	0.20
Diluted	$	0.56	$	0.07	$	0.16	$	0.15	$	0.18



(1)		During the fifty-three weeks period ended August 31, 2019, certain reclassifications were made to previously reported amounts to conform to the current presentation. On the consolidated statement of operations, inbound freight previously included in Distribution, distribution center expenses previously included in General and administrative, and depreciation for equipment used in warehouse operations were reclassified to Cost of goods sold. Including these expenses in Cost of goods sold better aligned costs with the related revenue. As a result, the first three quarters of fiscal year 2019 have been adjusted on a retrospective basis to reflect the reclassification. For additional information on the change in accounting principle, see Note 2.

Earnings per common share amounts are computed independently for each of the quarters presented. Therefore, the sum of the quarterly earnings per share amounts may not equal the quarterly earnings per share amounts or the annual earnings per share amounts due to rounding.

Subsequent Events	12 Months Ended
Subsequent Events	Aug. 29, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Effective September 24, 2020, the Company sold the assets exclusively related to its SimplyProtein® brand of products for approximately $8.8 million of consideration, including cash of $5.8 million and a note receivable for $3.0 million, to a newly formed entity led by the Company’s Canadian-based management team who had been responsible for this brand prior to the sale transaction. In addition to purchasing these assets, the buyer assumed certain liabilities related to the SimplyProtein brand’s business. The transaction enables management to focus its full time and Company’s resources on its core Atkins® and Quest® branded businesses and other strategic initiatives.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Aug. 29, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 29, 2020 and August 31, 2019. The remaining financial statements include the fifty-two week period ended August 29, 2020, the fifty-three week period ended August 31, 2019, and the fifty-two week period ended August 25, 2018.

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.

Reclassification of Prior Year Amounts

Certain prior year amounts have been reclassified to conform to the current year presentation including (i) Selling expenses and Marketing expenses, which have been combined as Selling and marketing expenses on the Consolidated Statements of Operations and Comprehensive Income and (ii) Other operating expense, which has been combined with General and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income.

Use of Estimates

Business Combinations

Business Combination

Fair Value Measurements

Cash and Cash Equivalents

Accounts Receivable, Net

Inventories

Property and Equipment, Net



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

Goodwill and Intangible Assets, Net

Deferred Financing Costs and Debt Discounts

Shipping and Handling Costs

Advertising Cost

Advertising Costs

Research and Development Expense

Research and Development Activities

Share-based Compensation

Share-Based Compensation

Defined Contribution Plan

Foreign Currency Translations

Foreign Currency Translation

Recently Issued and Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

Recently Adopted Accounting Pronouncements

Change in Accounting Principle (Tables)

12 Months Ended

Aug. 29, 2020

Change in Accounting Principle [Abstract]

Change in Accounting Principle

The effect of the adjustment is as follows in thousands:



Fifty-Two Weeks Ended August 25, 2018	As Reported		Change in Accounting Principle and Presentation			Other Operating Expense⁽¹⁾		As Adjusted
Cost of goods sold	$	223,873	$	27,190		$	—	$	251,063
Distribution	19,685		(19,685		)	—		—
General and administrative	56,333		(7,331		)	633		49,635
Depreciation and amortization	$	7,672	$	(174	)	$	—	$	7,498

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Aug. 29, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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	7 years
Office equipment	3	-	5 years

Business Combination (Tables)

12 Months Ended

Aug. 29, 2020

Business Combinations [Abstract]

Schedule of Business Acquisitions

The preliminary November 7, 2019 fair value is as follows in thousands:



Assets acquired:
Cash and cash equivalents	$	4,745
Accounts receivable, net	26,537
Inventories	44,032
Prepaid assets	1,214
Other current assets	3,812
Property and equipment, net⁽¹⁾	9,843
Intangible assets, net⁽²⁾	868,375
Other long-term assets	20,997
Liabilities assumed:
Accounts payable	25,200
Other current liabilities	11,237
Deferred income taxes⁽³⁾	10,754
Other long-term liabilities	18,891
Total identifiable net assets	913,473
Goodwill⁽⁴⁾	73,347
Total assets acquired and liabilities assumed	$	986,820

Revenues of Acquired Entity



	52-Weeks Ended
(In thousands)	August 29, 2020
Net sales	$	286,803

Pro Forma Acquisition Information

The following unaudited pro forma combined financial information presents combined results of the Company and Quest as if the Acquisition of Quest has occurred at the beginning of fiscal 2019:



	52-Weeks Ended		53-Weeks Ended
(In thousands)	August 29, 2020		August 31, 2019
Net sales	$	885,044	$	832,254
Gross profit	355,395		317,480
Net income	$	59,090	$	30,143

Property and Equipment, Net (Tables)

12 Months Ended

Aug. 29, 2020

Property, Plant and Equipment [Abstract]

Property and equipment

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



(In thousands)	August 29, 2020			August 31, 2019
Furniture and fixtures	$	3,197		$	715
Computer equipment and software	1,062			956
Machinery and equipment	1,135			385
Website development costs	—			2,237
Leasehold improvements	8,137			361
Finance lease right-of-use-assets	1,185			—
Construction in progress	—			139
Property and equipment, gross	14,716			4,793
Less: accumulated depreciation	(2,866		)	(2,337		)
Property and equipment, net	$	11,850		$	2,456

Goodwill and Intangibles (Tables)

12 Months Ended

Aug. 29, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes to Goodwill during the fifty-two week period ended August 29, 2020 were as follows:



(In thousands)	Goodwill
Balance as of August 31, 2019	$	471,427
Acquisition of business	73,347
Balance as of August 29, 2020	$	544,774

Schedule of Finite-Lived Intangible Assets

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



				August 29, 2020
(In thousands)	Useful life			Gross carrying amount		Accumulated amortization		Net carrying amount
Intangible assets with indefinite life:
Brands and trademarks	Indefinite life			$	979,000	$	—	$	979,000
Intangible assets with finite lives:
Customer relationships	15 years			174,000		18,503		155,497
Proprietary recipes and formulas	7 years			7,000		3,131		3,869
Licensing agreements	14 years			22,000		4,920		17,080
Software and website development costs	3	-	5 years	5,967		2,645		3,322
				$	1,187,967	$	29,199	$	1,158,768



		August 31, 2019
(In thousands)	Useful life	Gross carrying amount		Accumulated amortization		Net carrying amount
Intangible assets with indefinite life:
Brands and trademarks	Indefinite life	$	232,000	$	—	$	232,000
Intangible assets with finite lives:
Customer relationships	15 years	59,000		8,382		50,618
Proprietary recipes and formulas	7 years	7,000		2,131		4,869
Licensing agreements	14 years	22,000		3,348		18,652
		$	320,000	$	13,861	$	306,139

Schedule of Indefinite-Lived Intangible Assets

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



				August 29, 2020
(In thousands)	Useful life			Gross carrying amount		Accumulated amortization		Net carrying amount
Intangible assets with indefinite life:
Brands and trademarks	Indefinite life			$	979,000	$	—	$	979,000
Intangible assets with finite lives:
Customer relationships	15 years			174,000		18,503		155,497
Proprietary recipes and formulas	7 years			7,000		3,131		3,869
Licensing agreements	14 years			22,000		4,920		17,080
Software and website development costs	3	-	5 years	5,967		2,645		3,322
				$	1,187,967	$	29,199	$	1,158,768



		August 31, 2019
(In thousands)	Useful life	Gross carrying amount		Accumulated amortization		Net carrying amount
Intangible assets with indefinite life:
Brands and trademarks	Indefinite life	$	232,000	$	—	$	232,000
Intangible assets with finite lives:
Customer relationships	15 years	59,000		8,382		50,618
Proprietary recipes and formulas	7 years	7,000		2,131		4,869
Licensing agreements	14 years	22,000		3,348		18,652
		$	320,000	$	13,861	$	306,139

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
2021	$	15,446
2022	15,212
2023	14,938
2024	14,281
2025	13,171
Thereafter	106,720
Total	$	179,768

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Aug. 29, 2020

Accrued Liabilities, Current [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

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



(In thousands)	August 29, 2020		August 31, 2019
Accrued professional fees	$	3,125	$	8,903
Accrued advertising allowances and claims	2,625		2,095
Accrued bonus expenses	12,261		10,908
Accrued freight expenses	1,795		1,791
Accrued payroll-related expenses	2,179		841
Accrued commissions	1,789		932
Income taxes payable	839		382
VAT payable	2,367		1,787
Accrued restructuring	4,139		—
Other accrued expenses	2,559		2,294
Current operating lease liabilities	4,329		—
Accrued expenses and other current liabilities	$	38,007	$	29,933

Long-Term Debt and Line of Credit (Tables)

12 Months Ended

Aug. 29, 2020

Debt Disclosure [Abstract]

Schedule of long-term debt

Long-term debt consists of the following:



(In thousands)	August 29, 2020		August 31, 2019
Term Facility (effective rate of 4.8% at August 29, 2020)	$	606,500	$	196,500
Finance lease liabilities (effective rate of 5.6% at August 29, 2020)	922		—
Less: Deferred financing fees	10,272		5,565
Total debt	597,150		190,935
Less: Current maturities, net of deferred financing fees of $0.0 million at August 29, 2020 and $1.3 million at August 31, 2019, respectively	—		676
Less: Current finance lease liabilities	271		—
Long-term debt, net of deferred financing fees	$	596,879	$	190,259

Principal maturities of debt

As of August 29, 2020, aggregate principal maturities of debt for each of the next five fiscal years and thereafter are as follows:



(In thousands)	Principal Maturities
2021	$	236
2022	282
2023	262
2024	606,642
2025	—
Total debt	$	607,422

- 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.

+ References

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+ Details

Income Taxes (Tables)

12 Months Ended

Aug. 29, 2020

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		53-Weeks Ended		52-Weeks Ended
(In thousands)	August 29, 2020		August 31, 2019		August 25, 2018
Domestic	$	47,480	$	64,244	$	49,748
Foreign	546		42		3,343
Total income before income taxes	$	48,026	$	64,286	$	53,091

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefit) was comprised of the following:



	52-Weeks Ended			53-Weeks Ended			52-Weeks Ended
(In thousands)	August 29, 2020			August 31, 2019			August 25, 2018
Current:
Federal	$	3,056		$	2,784		$	2,584
State and local	1,835			2,684			159
Foreign	219			374			1,001
Total current expense	$	5,110		$	5,842		$	3,744

Deferred:
Federal	$	6,747		$	9,976		$	(21,223	)
State and local	1,637			1,086			(26		)
Foreign	(168		)	(154		)	141
Total deferred income tax expense (benefit)	8,216			10,908			(21,108		)
Total tax expense (benefit)	$	13,326		$	16,750		$	(17,364	)

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		53-Weeks Ended		52-Weeks Ended
(In thousands)	August 29, 2020		August 31, 2019		August 25, 2018
Statutory income tax expense:	21.0	%	21.0	%	25.5	%
State income tax expense, net of federal	5.0		3.9		3.1
Valuation allowance	(1.2	)	(0.6	)	0.6
Taxes on foreign income above the U.S. tax	0.1		0.2		0.4
Tax Cuts and Jobs Act	—		—		(58.4	)
Change in tax rate	1.5		1.5		(4.0	)
Non-deductible transaction costs	0.1		—		—
TRA contingent consideration	—		(0.4	)	(1.5	)
Other permanent items	1.2		0.5		1.6
Income tax expense (benefit)	27.7	%	26.1	%	(32.7	)%

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 29, 2020 and August 31, 2019 were as follows:



(In thousands)	August 29, 2020			August 31, 2019
Deferred tax assets
Accounts receivable allowances	$	2,427		$	2,601
Inventories write-downs	92			67
Accrued expenses	3,968			3,680
Net operating loss carryforwards	3,837			4,179
Share-based compensation	2,770			1,755
Tax credits	256			351
Lease liabilities	6,785			—
Other	3,714			2,247
Deferred tax assets	23,849			14,880
Valuation allowance	(3,190		)	(3,786		)
Deferred tax asset, net of valuation allowance	$	20,659		$	11,094

Deferred tax liabilities:
Prepaid expense	$	(514	)	$	(474	)
Excess tax over book depreciation	(2,278		)	(169		)
Website development costs	(816		)	(226		)
Intangible assets	(94,398		)	(74,431		)
Lease right-of-use assets	(6,442		)	—
Other	(563		)	(1,177		)
Deferred tax liabilities	(105,011		)	(76,477		)
Net deferred tax liabilities	$	(84,352	)	$	(65,383	)

Leases (Tables)

12 Months Ended

Aug. 29, 2020

Leases [Abstract]

Components of lease expense

The components of lease expense were as follows:



		52-Weeks Ended
(In thousands)	Statement of Operations Caption	August 29, 2020
Operating lease cost:
Lease cost	Cost of goods sold and General and administrative	$	5,242
Variable lease cost ⁽¹⁾	Cost of goods sold and General and administrative	1,648
Operating lease cost		$	6,890

Short term lease cost	General and administrative	$	30

Finance lease cost:
Amortization of right-of use assets	Cost of goods sold	$	273
Interest on lease liabilities	Interest expense	60
Total finance lease cost		$	333

Total lease cost		$	7,253

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

Lease assets and liabilities

The gross amounts of assets and liabilities related to both operating and finance leases are as follows:



(In thousands)	Balance Sheet Caption	August 29, 2020
Assets
Operating lease right-of-use assets	Other long-term assets	$	25,703
Finance lease right-of-use assets	Property and equipment, net	912
Total lease assets		$	26,615

Liabilities
Current:
Operating lease liabilities	Accrued expenses and other current liabilities	$	4,329
Finance lease liabilities	Current maturities of long-term debt	271
Long-term:
Operating lease liabilities	Other long-term liabilities	22,764
Finance lease liabilities	Long-term debt, less current maturities	651
Total lease liabilities		$	28,015

Future maturities of operating lease liabilities

Future maturities of lease liabilities as of August 29, 2020 were as follows:



(In thousands)	Operating Leases			Finance Leases
Fiscal year ending:
2021	$	5,697		$	313
2022	4,649			313
2023	4,114			278
2024	4,216			145
2025	3,765			—
Thereafter	11,014			—
Total lease payments	33,455			1,049
Less: Interest	(6,362		)	(127		)
Present value of lease liabilities	$	27,093		$	922

Future maturities of finance lease liabilities

Future maturities of lease liabilities as of August 29, 2020 were as follows:



(In thousands)	Operating Leases			Finance Leases
Fiscal year ending:
2021	$	5,697		$	313
2022	4,649			313
2023	4,114			278
2024	4,216			145
2025	3,765			—
Thereafter	11,014			—
Total lease payments	33,455			1,049
Less: Interest	(6,362		)	(127		)
Present value of lease liabilities	$	27,093		$	922

Weighted-average remaining lease terms and discount rates

The weighted-average remaining lease terms and weighted-average discount rates for operating and finance leases as of August 29, 2020 were as follows:

Supplemental cash flow information related to leases

Supplemental and other information related to leases was as follows:



	52-Weeks Ended
(In thousands)	August 29, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	6,534
Operating cash flows from finance leases	18
Financing cash flows from finance leases	$	338

Earnings Per Share (Tables)

12 Months Ended

Aug. 29, 2020

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		53-Weeks Ended		52-Weeks Ended
(In thousands, except share and per share data)	August 29, 2020		August 31, 2019		August 25, 2018
Basic earnings per share computation:
Numerator:
Net income available to common stock stockholders	$	34,700	$	47,536	$	70,455
Denominator:
Weighted average common shares - basic	93,968,953		80,734,091		70,582,149
Basic earnings per share from net income	$	0.37	$	0.59	$	1.00
Diluted earnings per share computation:
Numerator:
Net income available to common stock stockholders	$	34,700	$	47,536	$	70,455
Denominator:
Weighted average common shares outstanding - basic	93,968,953		80,734,091		70,582,149
Public and private warrants	3,327,656		3,615,198		3,006,073
Employee stock options	1,001,542		801,700		43,779
Non-vested shares	45,571		92,920		49,354
Weighted average common shares - diluted	98,343,722		85,243,909		73,681,355
Diluted earnings per share from net income	$	0.35	$	0.56	$	0.96

Omnibus Incentive Plan (Tables)

12 Months Ended

Aug. 29, 2020

Share-based Payment Arrangement [Abstract]

Schedule of stock options activity

The following table summarizes stock option activity for the fifty-two week period ended August 29, 2020:



(In thousands, except share and per share data)	Shares		Weighted average exercise price		Weighted average remaining contractual life (in years)	Aggregate intrinsic value
Outstanding as of August 31, 2019	2,748,735		$	13.35	8.13	$	44,743

Granted	229,024		23.87
Exercised	(340,382	)	12.36
Forfeited	(21,478	)	21.92
Outstanding as of August 29, 2020	2,615,899		$	14.33	7.29	$	28,927

Vested and expected to vest as of August 29, 2020	2,615,899		$	14.33	7.29	$	28,927

Exercisable as of August 29, 2020	2,082,569		$	12.65	7.00	$	26,537

Schedule of stock option exercise price ranges

The following table summarizes information about stock options outstanding at August 29, 2020:



Range of Exercise Prices				Number Outstanding	Weighted-Average Exercise Price		Weighted-Average Remaining Life (Years)	Number Exercisable	Weighted-Average Exercise Price
$	12.00	-	14.99	1,938,833	$	12.04	6.90	1,893,950	$	12.02
$	15.00	-	17.99	117,553	16.88		7.89	78,368	16.88
$	18.00	-	20.99	293,465	19.89		8.02	94,507	19.89
$	21.00	-	23.99	48,396	21.85		9.56	4,462	21.49
$	24.00	-	26.99	217,652	24.19		8.91	11,282	24.08
				2,615,899	$	14.33	7.29	2,082,569	$	12.65

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				53-Weeks Ended				52-Weeks Ended
	August 29, 2020				August 31, 2019				August 25, 2018
Expected volatility	30.27	%	-	33.82%	29.30	%	-	32.09%	26.72	%	-	27.50%
Expected dividend yield	—%				—%				—				%
Expected option term	6				6				6
Risk-free rate of return	0.38	%	-	1.8%	1.82	%	-	3.13%	1.98	%	-	2.79%

Schedule of restricted stock units activity

The following table summarizes restricted stock unit activity for the fifty-two week period ended August 29, 2020:



	Units		Weighted average grant-date fair value
Non-vested as of August 31, 2019	92,400		$	17.50
Granted	193,533		23.17
Vested	(67,354	)	17.07
Forfeited	(10,556	)	19.45
Non-vested as of August 29, 2020	208,023		$	22.82

Schedule of non-vested performance-based units activity

The following table summarizes performance stock unit activity for the fifty-two week period ended August 29, 2020:



	Units		Weighted average grant-date fair value
Non-vested as of August 31, 2019	192,389		$	11.93
Granted	121,288		27.39
Vested	—		—
Forfeited	(18,421	)	17.62
Non-vested as of August 29, 2020	295,256		$	17.93

Schedule of stock appreciation rights activity

The following table summarizes SARs activity for the fifty-two week period ended August 29, 2020:



	Shares Underlying SARs	Weighted average exercise price		Weighted average remaining contractual life (in years)
Outstanding as of August 31, 2019	—	$	—
Granted	150,000	24.20
Exercised	—	—
Forfeited	—	—
Outstanding as of August 29, 2020	150,000	$	24.20	9.18

Vested and expected to vest as of August 29, 2020	150,000	$	24.20	9.18

Exercisable as of August 29, 2020	—	$	—	0.00

Segment and Customer Information (Tables)

12 Months Ended

Aug. 29, 2020

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		53-Weeks Ended		52-Weeks Ended
(In thousands)	August 29, 2020		August 31, 2019		August 25, 2018
Net sales
North America	$	501,472	$	498,196	$	405,055
International	28,366		25,187		26,374
Total Atkins	529,838		523,383		431,429
Quest⁽¹⁾	286,803		—		—
Total	$	816,641	$	523,383	$	431,429

(1) Quest net sales are primarily in North America.

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



(In thousands)	August 29, 2020		August 31, 2019
Long lived assets
North America	$	11,841	$	2,437
International	9		19
Total	$	11,850	$	2,456

Schedules of Concentration of Risk, by Risk Factor

For the fifty-three week period ended August 31, 2019 and the fifty-two week period ended August 25, 2018, credit risk for the Company was concentrated in one customer who comprised more than 10% of the Company’s total sales.



	52-Weeks Ended		53-Weeks Ended		52-Weeks Ended
	August 29, 2020		August 31, 2019		August 25, 2018
Customer 1	34	%	44	%	43	%
Customer 2	10	%	n/a		n/a

n/a - Not applicable as the customer was not significant during these fiscal years.



(In thousands)	August 29, 2020				August 31, 2019
Customer 1	$	34,411	38	%	$	17,386	39	%
Customer 2	$	12,345	14	%	n/a		n/a

n/a - Not applicable as the customer was not significant as of this date.

Restructuring and related charges (Tables)

12 Months Ended

Aug. 29, 2020

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs [Table Text Block]

Changes to the restructuring liability during the fifty-two week period ended August 29, 2020 were as follows:



(in thousands)	Termination benefits and severance		Other			Restructuring Liability
Balance as of August 31, 2019	$	—	$	—		$	—
Charges	4,139		1,388			5,527
Cash payments	—		(1,388		)	(1,388		)
Non-cash settlements or adjustments	—		—			—
Balance as of August 29, 2020	$	4,139	$	—		$	4,139

Unaudited Quarterly Financial Data (Tables)

12 Months Ended

Aug. 29, 2020

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information

Summarized quarterly financial data:



	52-Weeks Ended		13-Weeks Ended		13-Weeks Ended		13-Weeks Ended		13-Weeks Ended
(In thousands, except per share amounts)	August 29, 2020		August 29, 2020		May 30, 2020		February 29, 2020		November 30, 2019
Net sales	$	816,641	$	222,286	$	215,101	$	227,101	$	152,153
Gross profit	$	324,328	$	88,102	$	88,626	$	85,394	$	62,206
Income from operations	$	78,224	$	24,832	$	31,108	$	25,269	$	(2,985	)
Net income	$	34,700	$	12,427	$	16,409	$	10,657	$	(4,793	)

Earnings per share from net income:
Basic	$	0.37	$	0.13	$	0.17	$	0.11	$	(0.05	)
Diluted	$	0.35	$	0.12	$	0.17	$	0.11	$	(0.05	)



	53-Weeks Ended		14-Weeks Ended		13-Weeks Ended		13-Weeks Ended		13-Weeks Ended
(In thousands, except per share amounts)	August 31, 2019		August 31, 2019		May 25, 2019		February 23, 2019		November 24, 2018
Net sales	$	523,383	$	139,184	$	139,468	$	123,800	$	120,931
Gross profit ⁽¹⁾	$	217,405	$	59,173	$	56,657	$	49,655	$	51,920
Income from operations	$	72,809	$	12,115	$	20,510	$	19,002	$	21,182
Net income	$	47,536	$	6,091	$	13,466	$	12,722	$	15,257

Earnings per share from net income:
Basic	$	0.59	$	0.07	$	0.16	$	0.16	$	0.20
Diluted	$	0.56	$	0.07	$	0.16	$	0.15	$	0.18

Nature of Operations and Principles of Consolidation (Details) $ in Millions	Nov. 07, 2019 USD ($)
Acquisition of Quest
Entity Information
Payments to Acquire Businesses, Gross	$ 988.9

Change in Accounting Principle (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Change in Accounting Principle
Cost of goods sold	$ 492,313	$ 305,978	$ 251,063
Distribution			0
General and administrative	106,251	61,972	49,635
Depreciation and amortization	$ 15,259	$ 7,496	7,498
Change in accounting principle and presentation
Change in Accounting Principle
Cost of goods sold			27,190
Distribution			(19,685)
General and administrative			(7,331)
Depreciation and amortization			(174)
Other operating expense
Change in Accounting Principle
Cost of goods sold			0
Distribution			0
General and administrative			633
Depreciation and amortization			0
Under previous method
Change in Accounting Principle
Cost of goods sold			223,873
Distribution			19,685
General and administrative			56,333
Depreciation and amortization			$ 7,672

Summary of Significant Accounting Policies (Details) - USD ($)		12 Months Ended
	Nov. 07, 2019	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Accounts receivable, net
Allowance for doubtful accounts		$ 500,000	$ 600,000
Inventories
Reserve for inventory four to six months from expiration		50.00%
Reserve for inventory within three months of expiration		100.00%
Provision for obsolete inventory		$ 500,000	400,000
Property, Plant and Equipment
Impairment of Long-Lived Assets Held-for-use		0
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)		3,000,000.0
CustomerTradeAllowance		25,200,000	10,300,000
Cost of goods sold		492,313,000	305,978,000	$ 251,063,000
Advertising expense		55,300,000	35,400,000	34,000,000.0
Production costs		0
Research and development expenses		4,000,000.0	2,200,000	2,500,000
Defined contribution plan expense		1,300,000	600,000	400,000
Shipping and Handling
Property, Plant and Equipment
Cost of goods sold		$ 49,800,000	$ 32,300,000	$ 27,200,000
Furniture and fixtures
Property, Plant and Equipment
Estimated useful lives		7 years
Computer equipment, software and website development \| Minimum
Property, Plant and Equipment
Estimated useful lives		3 years
Computer equipment, software and website development \| Maximum
Property, Plant and Equipment
Estimated useful lives		5 years
Machinery and equipment
Property, Plant and Equipment
Estimated useful lives		7 years
Office equipment \| Minimum
Property, Plant and Equipment
Estimated useful lives		3 years
Office equipment \| Maximum
Property, Plant and Equipment
Estimated useful lives		5 years
Acquisition of Quest
Entity Information
Payments to Acquire Businesses, Gross	$ 988,900,000

Summary of Significant Accounting Policies (Details 2) - USD ($) $ in Thousands	Aug. 29, 2020	Nov. 07, 2019	Sep. 01, 2019	Aug. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating Lease, Right-of-Use Asset	$ 25,703
Operating Lease, Liability, Current	4,329			$ 0
Finance Lease, Right-of-Use Asset	912
Finance Lease, Liability, Noncurrent	651
Other long -term assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating Lease, Right-of-Use Asset		$ 21,100
Other long -term assets \| Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating Lease, Right-of-Use Asset			$ 5,100
Accrued expenses and other current liabilities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating Lease, Liability, Current	$ 4,329	2,000
Accrued expenses and other current liabilities \| Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating Lease, Liability, Current			2,000
Property and equipment, net \| Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finance Lease, Right-of-Use Asset			1,200
Current maturities of long-term debt
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating Lease, Liability, Noncurrent		$ 18,900
Current maturities of long-term debt \| Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating Lease, Liability, Noncurrent			3,800
Long-term debt less current maturities \| Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finance Lease, Liability, Noncurrent			$ 1,000

Business Combination (Details 1) - USD ($) $ in Thousands				12 Months Ended
Business Combination (Details 1) - USD ($) $ in Thousands	Nov. 07, 2019	Oct. 09, 2019	Aug. 21, 2019	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Business Acquisition [Line Items]
Proceeds from Issuance or Sale of Equity		$ 350,000
Business transaction costs				$ 27,125	$ 7,107	$ 2,259
Acquisition of Quest
Business Acquisition [Line Items]
Business Acquisition, Date of Acquisition Agreement			Aug. 21, 2019
Business Acquisition, Effective Date of Acquisition	Nov. 07, 2019
Payments to Acquire Businesses, Gross	$ 988,900
Payments to Acquire Business Cash on Hand	195,300
Proceeds from Issuance or Sale of Equity		$ 350,000
Proceeds from long-term credit facility	443,600
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred				2,100
Business Combination, Consideration Transferred, Net				986,800
Business transaction costs				27,100
Business Transaction Costs, Advisory Fees	$ 12,000			14,500
Business Transaction Costs, Banker Commitment Fees				3,200
Business Transaction Costs, Non-deferrable debt issuance costs				6,100
Business Transaction Costs, Legal				$ 3,300

Business Combination (Details 2) - USD ($) $ in Thousands	12 Months Ended
Business Combination (Details 2) - USD ($) $ in Thousands	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018	Nov. 07, 2019
Business Acquisition [Line Items]
Goodwill	$ 544,774	$ 471,427
Goodwill, Purchase Accounting Adjustments	(22,700)		$ 1,800
Net sales	816,641	$ 523,383	$ 431,429
Acquisition of Quest
Business Acquisition [Line Items]
Cash and cash equivalents				$ 4,745
Accounts receivable, net				26,537
Inventories				44,032
Prepaid assets				1,214
Other current assets				3,812
Property and equipment, net				9,843
Intangible assets, net				868,375
Other long-term assets				20,997
Accounts payable				25,200
Other current liabilities				11,237
Deferred income taxes				10,754
Other long-term liabilities				18,891
Total identifiable net assets				913,473
Goodwill				73,347
Total assets acquired and liabilities assumed				986,820
Quest \| Acquisition of Quest
Business Acquisition [Line Items]
Net sales	286,803
Leasehold improvements \| Acquisition of Quest
Business Acquisition [Line Items]
Property and equipment, net				6,900
Furniture and fixtures \| Acquisition of Quest
Business Acquisition [Line Items]
Property and equipment, net				2,200
Equipment \| Acquisition of Quest
Business Acquisition [Line Items]
Property and equipment, net				700
Brands and trademarks \| Acquisition of Quest
Business Acquisition [Line Items]
Intangible assets, net				750,000
Customer relationships \| Acquisition of Quest
Business Acquisition [Line Items]
Intangible assets, net				115,000
Business Acquisition, Goodwill, Expected Tax Deductible Amount				67,700
Computer Software, Intangible Asset \| Acquisition of Quest
Business Acquisition [Line Items]
Intangible assets, net				$ 3,400
Intangible assets, net
Business Acquisition [Line Items]
Business Combination, Measurement Period Adjustment, Fair Value	(20,000)
Deferred income taxes
Business Acquisition [Line Items]
Business Combination, Measurement Period Adjustment, Fair Value	(3,200)
Accounts receivable, net
Business Acquisition [Line Items]
Business Combination, Measurement Period Adjustment, Fair Value	(3,100)
Inventories
Business Acquisition [Line Items]
Business Combination, Measurement Period Adjustment, Fair Value	900
Property and equipment, net
Business Acquisition [Line Items]
Business Combination, Measurement Period Adjustment, Fair Value	$ (500)

Business Combination (Details 3) - Acquisition of Quest - USD ($) $ in Thousands	12 Months Ended
	Aug. 29, 2020	Aug. 31, 2019
Business Acquisition [Line Items]
Net sales, pro forma	$ 885,044	$ 832,254
Gross profit, pro forma	355,395	317,480
Net income, pro forma	$ 59,090	$ 30,143

Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Property and Equipment
Property and equipment, gross	$ 14,716	$ 4,793
Less: accumulated depreciation	(2,866)	(2,337)
Property and equipment, net	11,850	2,456
Depreciation and amortization	1,800	1,100	$ 1,200
Loss on disposal of property and equipment	0	6	$ 128
Furniture and fixtures
Property and Equipment
Property and equipment, gross	3,197	715
Computer equipment and software
Property and Equipment
Property and equipment, gross	1,062	956
Machinery and equipment
Property and Equipment
Property and equipment, gross	1,135	385
Website development costs
Property and Equipment
Property and equipment, gross	0	2,237
Leasehold improvements
Property and Equipment
Property and equipment, gross	8,137	361
Finance lease right-of-use assets
Property and Equipment
Property and equipment, gross	1,185	0
Construction in progress
Property and Equipment
Property and equipment, gross	$ 0	$ 139

Goodwill and Intangibles - Schedule of Goodwill (Details) - USD ($)	12 Months Ended
	Aug. 29, 2020	Aug. 31, 2019
Goodwill
Beginning Balance	$ 471,427,000
Acquisition of a business	73,347,000	$ 0
Ending Balance	544,774,000	$ 471,427,000
Goodwill impairment charges	$ 0

Goodwill and Intangibles - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Intangible assets
Intangible assets, Gross carrying amount	$ 1,187,967	$ 320,000
Accumulated amortization	(29,199)	(13,861)
Intangible assets, Net carrying amount	1,158,768	306,139
Finite-lived intangible assets, Net carrying amount	179,768
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)	3,000
Amortization of Intangible Assets	14,000	$ 6,500	$ 6,500
Estimated future amortization expense
2020	15,446
2021	15,212
2022	14,938
2023	14,281
2024	13,171
Thereafter	$ 106,720
Customer relationships
Intangible assets with indefinite life:
Useful life	15 years	15 years
Intangible assets
Finite-lived intangible assets, Gross carrying amount	$ 174,000	$ 59,000
Accumulated amortization	(18,503)	(8,382)
Finite-lived intangible assets, Net carrying amount	$ 155,497	$ 50,618
Proprietary recipes and formulas
Intangible assets with indefinite life:
Useful life	7 years	7 years
Intangible assets
Finite-lived intangible assets, Gross carrying amount	$ 7,000	$ 7,000
Accumulated amortization	(3,131)	(2,131)
Finite-lived intangible assets, Net carrying amount	$ 3,869	$ 4,869
Licensing agreements
Intangible assets with indefinite life:
Useful life	14 years	14 years
Intangible assets
Finite-lived intangible assets, Gross carrying amount	$ 22,000	$ 22,000
Accumulated amortization	(4,920)	(3,348)
Finite-lived intangible assets, Net carrying amount	17,080	18,652
Software and website development costs
Intangible assets
Finite-lived intangible assets, Gross carrying amount	5,967
Accumulated amortization	(2,645)
Finite-lived intangible assets, Net carrying amount	3,322
Brands and trademarks
Intangible assets with indefinite life:
Indefinite-lived intangible assets	$ 979,000	$ 232,000
Maximum \| Software and website development costs
Intangible assets with indefinite life:
Useful life	5 years
Minimum \| Software and website development costs
Intangible assets with indefinite life:
Useful life	3 years

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Aug. 29, 2020	Aug. 31, 2019
Accrued Liabilities, Current [Abstract]
Accrued professional fees	$ 3,125	$ 8,903
Accrued advertising allowances and claims	2,625	2,095
Accrued bonus expenses	12,261	10,908
Accrued freight expenses	1,795	1,791
Accrued payroll-related expenses	2,179	841
Accrued commissions	1,789	932
Income taxes payable	839	382
VAT payable	2,367	1,787
Restructuring Reserve	4,139	0
Other accrued expenses	2,559	2,294
Operating Lease, Liability, Current	4,329	0
Accrued expenses and other current liabilities	$ 38,007	$ 29,933

Long-Term Debt and Line of Credit - Narrative (Details) - USD ($)				3 Months Ended		12 Months Ended
	Nov. 07, 2019	Mar. 16, 2018	Jul. 07, 2017	Aug. 29, 2020	May 30, 2020	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Debt Instrument
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months				$ 236,000		$ 236,000
Proceeds from revolving credit facility						25,000,000	$ 0	$ 0
Repayments of revolving credit facility						25,000,000	0	$ 0
Barclays Bank PLC and Other Parties
Debt Instrument
Letters of credit outstanding				5,900,000		5,900,000
Barclays Bank PLC and Other Parties \| Term Loan
Debt Instrument
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months				0		0
Line of Credit Facility \| Barclays Bank PLC and Other Parties \| Base Rate
Debt Instrument
Basis spread on variable rate	2.75%		0.50%
Line of Credit Facility \| Barclays Bank PLC and Other Parties \| Eurocurrency
Debt Instrument
Basis spread on variable rate			1.00%
Line of Credit Facility \| Barclays Bank PLC and Other Parties \| LIBOR
Debt Instrument
Basis spread on variable rate	3.75%
Line of Credit Facility \| Barclays Bank PLC and Other Parties \| Term Loan
Debt Instrument
Borrowing capacity			$ 200,000,000.0
Maturity period			7 years
Proceeds from long-term credit facility	$ 460,000,000.0		$ 200,000,000.0
Line of Credit Facility \| Barclays Bank PLC and Other Parties \| Term Loan \| Base Rate
Debt Instrument
Basis spread on variable rate		2.50%
Line of Credit Facility \| Barclays Bank PLC and Other Parties \| Term Loan \| Eurocurrency
Debt Instrument
Basis spread on variable rate			3.00%
Line of Credit Facility \| Barclays Bank PLC and Other Parties \| Term Loan \| LIBOR
Debt Instrument
Basis spread on variable rate		3.50%	4.00%
Interest rate floor			1.00%
Line of Credit Facility \| Barclays Bank PLC and Other Parties \| Revolving Credit Facility
Debt Instrument
Borrowing capacity			$ 75,000,000.0
Maturity period			5 years
Net leverage ratio (equal to or less than)			6.25
Net leverage ratio post reduction (equal to or less than)			6.00
Percent of commitments (in excess of)			30.00%
Proceeds from revolving credit facility					$ 25,000,000.0
Repayments of revolving credit facility				25,000,000.0
Amount outstanding on revolving credit facility				$ 0		$ 0	$ 0
Line of Credit Facility \| Barclays Bank PLC and Other Parties \| Revolving Credit Facility \| Eurocurrency
Debt Instrument
Basis spread on variable rate			2.00%
Line of Credit Facility \| Barclays Bank PLC and Other Parties \| Revolving Credit Facility \| LIBOR
Debt Instrument
Basis spread on variable rate			3.00%

Long-Term Debt and Line of Credit - Schedule of Debt (Details) - USD ($)	Aug. 29, 2020	Aug. 31, 2019
Line of credit facility
Long-term debt under Credit Agreement	$ 606,500,000	$ 196,500,000
Finance lease liabilities	922,000	0
Less: Deferred financing fees	10,272,000	5,565,000
Total debt	597,150,000	190,935,000
Current maturities of long-term Credit Agreement, net of deferred financing fees	0	676,000
Less: Current finance lease liabilities	271,000	0
Long-term debt, net of deferred financing fees	596,879,000	190,259,000
Deferred financing fees, current	0	$ 1,300,000
Aggregate principal maturities
2021	236,000
2022	282,000
2023	262,000
2024	606,642,000
2025	0
Total debt	$ 607,422,000
Finance leases [Member]
Line of credit facility
Effective Interest Rate	5.60%
Term Loan
Line of credit facility
Effective Interest Rate, Line of Credit Facility	4.80%
Term Loan \| Barclays Bank PLC and Other Parties
Aggregate principal maturities
2021	$ 0
Revolving Credit Facility
Line of credit facility
Effective Interest Rate, Line of Credit Facility	0.00%

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Feb. 24, 2018	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Liabilities
Gain of settlement of TRA liability		$ 0	$ 1,534	$ 0
Change in fair value of contingent consideration	$ 4,700	0	533	(2,848)
Level 3
Liabilities
TRA liability		$ 0	0
Acquisition of Atkins
Liabilities
Gain of settlement of TRA liability			1,500
Change in fair value of contingent consideration			$ 500	$ 2,800

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Feb. 24, 2018	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018	Jul. 07, 2017
Entity Information
Valuation allowance		$ (3,190)	$ (3,786)
Unrecognized tax benefits		0	0
Accrued interest or penalties on unrecognized tax benefits		0
Tax Receivable Agreement
Loss (gain) in fair value change of contingent consideration - TRA liability	$ 4,700	0	533	$ (2,848)
Payment of TRA liability		0	26,468	0
Gain of settlement of TRA liability		0	1,534	0
Acquisition of Atkins
Tax Receivable Agreement
TRA contingent payment (up to)					$ 100,000
Loss (gain) in fair value change of contingent consideration - TRA liability			500	$ 2,800
Gain of settlement of TRA liability			1,500
State and local
Entity Information
Operating loss carryforwards		11,900	12,200
Operating loss carryforwards, valuation allowance		300
Foreign
Entity Information
Operating loss carryforwards		12,800	$ 14,200
Increase in operating loss carryforward		1,400
Operating loss carryforwards, valuation allowance		$ 2,900

Income Taxes - Components of Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Current:
Federal	$ 3,056	$ 2,784	$ 2,584
State and local	1,835	2,684	159
Foreign	219	374	1,001
Total current	5,110	5,842	3,744
Deferred:
Federal	6,747	9,976	(21,223)
State and local	1,637	1,086	(26)
Foreign	(168)	(154)	141
Total deferred income tax expense (benefit)	8,216	10,908	(21,108)
Income tax expense (benefit)	13,326	16,750	(17,364)
Components of income before income taxes
Domestic	47,480	64,244	49,748
Foreign	546	42	3,343
Income before income taxes	$ 48,026	$ 64,286	$ 53,091
Effective rate reconciliation
Statutory income tax expense	21.00%	21.00%	25.50%
State income tax expense, net of federal	5.00%	3.90%	3.10%
Valuation allowance	(1.20%)	(0.60%)	0.60%
Taxes on foreign income above (below) the U.S. tax	0.10%	0.20%	0.40%
Tax Cuts and Jobs Act	0.00%	0.00%	(58.40%)
Change In State Tax Rate	1.50%	1.50%	(4.00%)
Non-deductible transaction costs	0.10%	0.00%	0.00%
TRA contingent consideration	0.00%	(0.40%)	(1.50%)
Other permanent items	1.20%	0.50%	1.60%
Income tax expense (benefit)	27.70%	26.10%	(32.70%)

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Aug. 29, 2020	Aug. 31, 2019
Deferred tax assets
Accounts receivable allowances	$ 2,427	$ 2,601
Inventories write-downs	92	67
Accrued expenses	3,968	3,680
Net operating loss carryforwards	3,837	4,179
Share-based compensation	2,770	1,755
Tax credits	256	351
Lease liabilities	6,785	0
Other	3,714	2,247
Deferred tax assets	23,849	14,880
Valuation allowance	(3,190)	(3,786)
Deferred tax assets, net of valuation allowance	20,659	11,094
Deferred tax liabilities
Prepaid expense	(514)	(474)
Excess tax over book depreciation	(2,278)	(169)
Website development costs	(816)	(226)
Intangible assets	(94,398)	(74,431)
Lease right-of-use assets	(6,442)	0
Other	(563)	(1,177)
Deferred tax liabilities	(105,011)	(76,477)
Net deferred tax liabilities	$ (84,352)	$ (65,383)

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	Aug. 29, 2020	Nov. 07, 2019	Aug. 31, 2019
Components of lease expense
Operating Lease, Cost	$ 5,242
Variable Lease, Cost	1,648
Operating Lease, Expense	6,890
Short-term Lease, Cost	30
Finance Lease, Right-of-Use Asset, Amortization	273
Finance Lease, Interest Expense	60
Finance lease cost	333
Lease, Cost	7,253
Lease assets and liabilities
Operating Lease, Right-of-Use Asset	25,703
Finance Lease, Right-of-Use Asset	912
Total lease right of use asset	26,615
Operating Lease, Liability, Current	4,329		$ 0
Finance Lease, Liability, Current	271		0
Finance Lease, Liability, Noncurrent	651
Total lease liability	28,015
Future maturities of operating lease liabilities
2021	5,697
2022	4,649
2023	4,114
2024	4,216
2025	3,765
Thereafter	11,014
Total operating lease payments	33,455
Less: Interest	(6,362)
Present value of operating lease liabilities	27,093
Future maturities of finance lease liabilities
2021	313
2022	313
2023	278
2024	145
2025	0
Thereafter	0
Total finance lease payments	1,049
Less: Interest	(127)
Present value of finance lease liabilities	922		$ 0
Operating leases not yet commenced
Expected payments of operating lease not yet commenced	$ 32,200
Term of operating lease not yet commenced	10 years
Supplemental cash flow information related to leases
Operating cash flows from operating leases	$ 6,534
Operating cash flows from finance leases	18
Financing cash flow from finance leases	$ 338
Operating Lease, Weighted Average Remaining Lease Term	6 years 11 months 19 days
Finance Lease, Weighted Average Remaining Lease Term	3 years 4 months 28 days
Operating Lease, Weighted Average Discount Rate, Percent	5.70%
Finance Lease, Weighted Average Discount Rate, Percent	5.60%
Minimum
Operating leases not yet commenced
Renewal term lease not yet commenced	5 years
Maximum
Operating leases not yet commenced
Renewal term lease not yet commenced	10 years
Other long-term liabilities
Lease assets and liabilities
Operating Lease, Liability, Noncurrent	$ 22,764
Accrued expenses and other current liabilities
Lease assets and liabilities
Operating Lease, Liability, Current	$ 4,329	$ 2,000

Leases (Details 2) - USD ($) $ in Thousands	12 Months Ended
Leases (Details 2) - USD ($) $ in Thousands	Aug. 31, 2019	Aug. 25, 2018
Leases [Abstract]
Rent Expense	$ 2,200	$ 2,400
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2020	2,546
2021	1,947
2022	1,677
2023	1,093
2024	87
Thereafter	56
Total	$ 7,406

Commitments and Contingencies (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 29, 2020	Aug. 31, 2019
Loss Contingencies [Line Items]
Celebrity endorsement payment obligation	$ 2.9
Potential settlement accrual	0.3	$ 3.5
Loss Contingency Accrual	1.3
Loss contingency acquired	$ 1.2

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Oct. 09, 2019	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018	Jul. 06, 2017
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Common stock shares issued (in shares)	13,379,205	95,751,845	81,973,284
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
Proceeds from Issuance or Sale of Equity	$ 350,000
Equity Issuance costs, Legal	$ 800
Warrants and Rights Note Disclosure [Abstract]
Number of Warrants Exercised in Exchange for Common Stock			9,866,451
Cash received from warrant exercises		$ 0	$ 113,464	$ 232
Common Shares Surrendered For Each Public Warrant Surrendered			0.61885
Common Shares Received for each Public Warrant Surrendered			0.38115
Public Warrants Exercised			3,499,639
Common Shares Issued for Public Warrant Exercises (in shares)			1,333,848
Public Warrants [Member]
Warrants and Rights Note Disclosure [Abstract]
Warrant issued (in shares)					13,416,667
Warrant price per share (in dollars per share)			$ 11.50
Private Placement Warrants [Member]
Warrants and Rights Note Disclosure [Abstract]
Warrant issued (in shares)					6,700,000

Stockholders' Equity (Details 2) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Aug. 29, 2020	Aug. 31, 2019
Stock Repurchase Program
Stock Repurchase Program, Authorized Amount	$ 50.0
Repurchase of common stock	0	98,234
Treasury Stock Acquired, Average Cost Per Share		$ 21.83
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 47.9

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Aug. 29, 2020	May 30, 2020	Feb. 29, 2020	Nov. 30, 2019	Aug. 31, 2019	May 25, 2019	Feb. 23, 2019	Nov. 24, 2018	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Numerator:
Net income available to common stock stockholders	$ 12,427	$ 16,409	$ 10,657	$ (4,793)	$ 6,091	$ 13,466	$ 12,722	$ 15,257	$ 34,700	$ 47,536	$ 70,455
Denominator:
Weighted average common shares - basic (in shares)									93,968,953	80,734,091	70,582,149
Basic earnings per share from net income (in dollars per share)	$ 0.13	$ 0.17	$ 0.11	$ (0.05)	$ 0.07	$ 0.16	$ 0.16	$ 0.20	$ 0.37	$ 0.59	$ 1.00
Numerator:
Net income available to common stock stockholders	$ 12,427	$ 16,409	$ 10,657	$ (4,793)	$ 6,091	$ 13,466	$ 12,722	$ 15,257	$ 34,700	$ 47,536	$ 70,455
Denominator:
Weighted average common shares - basic (in shares)									93,968,953	80,734,091	70,582,149
Warrant conversion (in shares)									3,327,656	3,615,198	3,006,073
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements									45,571	92,920	49,354
Incremental Common Shares Attributable to Dilutive Effect of Stock Options									1,001,542	801,700	43,779
Weighted average common shares - diluted (in shares)									98,343,722	85,243,909	73,681,355
Diluted earnings per share from net income (in dollars per share)	$ 0.12	$ 0.17	$ 0.11	$ (0.05)	$ 0.07	$ 0.16	$ 0.15	$ 0.18	$ 0.35	$ 0.56	$ 0.96
Antidilutive stock options excluded from computation of earnings per share									600,000	200,000	200,000

Omnibus Incentive Plan (Details) - USD ($) $ in Thousands	12 Months Ended
Omnibus Incentive Plan (Details) - USD ($) $ in Thousands	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018	Jul. 07, 2017
Share-based Compensation
Stock compensation expense	$ 7,636	$ 5,501	$ 4,029
Incentive Plan
Share-based Compensation
Number of shares authorized				9,067,917
Number of shares available for grant	5,200,000

Omnibus Incentive Plan Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Additional disclosures
Proceeds from option exercises	$ 4,206	$ 706	$ 120
Employee stock options
Shares
Outstanding at beginning of period (in shares)	2,748,735
Granted (in shares)	229,024
Exercised (in shares)	(340,382)
Forfeited (in shares)	(21,478)
Outstanding at end of period (in shares)	2,615,899	2,748,735
Vested or expected to vest (in shares)	2,615,899
Exercisable (in shares)	2,082,569
Weighted average exercise price
Outstanding at beginning of period (in dollars per share)	$ 13.35
Granted (in dollars per share)	23.87
Exercised (in dollars per share)	12.36
Forfeited (in dollars per share)	21.92
Outstanding at end of period (in dollars per share)	14.33	$ 13.35
Vested or expected to vest (in dollars per share)	14.33
Exercisable (in dollars per share)	$ 12.65
Weighted average remaining contractual life (if years)
Outstanding at end of period, contractual life	7 years 3 months 14 days	8 years 1 month 17 days
Vested or expected to vest, contractual life	7 years 3 months 14 days
Exercisable, contractual life	7 years
Intrinsic value
Outstanding, intrinsic value	$ 28,927	$ 44,743
Vested and expected to vest, intrinsic value	28,927
Exercisable, intrinsic value	$ 26,537
Additional disclosures
Award vesting period	3 years
Expiration period	10 years
Compensation not yet recognized	$ 2,300
Compensation cost not yet recognized, period for recognition	1 year 7 months 6 days
Proceeds from option exercises	$ 4,200	$ 700	$ 100

Omnibus Incentive Plan Range of Exercise Prices (Details)	12 Months Ended
	Aug. 29, 2020 $ / shares shares
Stock Options, Exercise Price Range
Number of outstanding options \| shares	2,615,899
Outstanding options, weighted average exercise price	$ 14.33
Outstanding options, weighted average remaining contractual term	7 years 3 months 14 days
Number of exercisable options \| shares	2,082,569
Exercisable options, weighted average exercise price	$ 12.65
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	$ 14.99
Number of outstanding options \| shares	1,938,833
Outstanding options, weighted average exercise price	$ 12.04
Outstanding options, weighted average remaining contractual term	6 years 10 months 24 days
Number of exercisable options \| shares	1,893,950
Exercisable options, weighted average exercise price	$ 12.02
Exercise Price Range from $15.00 to $17.99
Stock Options, Exercise Price Range
Exercise price range, lower range limit	15.00
Exercise price range, upper range limit	$ 17.99
Number of outstanding options \| shares	117,553
Outstanding options, weighted average exercise price	$ 16.88
Outstanding options, weighted average remaining contractual term	7 years 10 months 20 days
Number of exercisable options \| shares	78,368
Exercisable options, weighted average exercise price	$ 16.88
Exercise Price Range from $18.00 to $20.99
Stock Options, Exercise Price Range
Exercise price range, lower range limit	18.00
Exercise price range, upper range limit	$ 20.99
Number of outstanding options \| shares	293,465
Outstanding options, weighted average exercise price	$ 19.89
Outstanding options, weighted average remaining contractual term	8 years 7 days
Number of exercisable options \| shares	94,507
Exercisable options, weighted average exercise price	$ 19.89
Exercise Price Range from $21.00 to $23.99
Stock Options, Exercise Price Range
Exercise price range, lower range limit	21.00
Exercise price range, upper range limit	$ 23.99
Number of outstanding options \| shares	48,396
Outstanding options, weighted average exercise price	$ 21.85
Outstanding options, weighted average remaining contractual term	9 years 6 months 21 days
Number of exercisable options \| shares	4,462
Exercisable options, weighted average exercise price	$ 21.49
Exercise Price Range from $24.00 to $26.99
Stock Options, Exercise Price Range
Exercise price range, lower range limit	24.00
Exercise price range, upper range limit	$ 26.99
Number of outstanding options \| shares	217,652
Outstanding options, weighted average exercise price	$ 24.19
Outstanding options, weighted average remaining contractual term	8 years 10 months 28 days
Number of exercisable options \| shares	11,282
Exercisable options, weighted average exercise price	$ 24.08

Omnibus Incentive Plan Fair Value Assumptions (Details) - Employee stock options - USD ($)	12 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Share-based Compensation
Weighted average grant date fair value	$ 7.79	$ 7.10	$ 4.60
Expected volatility, minimum	30.27%	29.30%	26.72%
Expected volatility, maximum	33.82%	32.09%	27.50%
Expected dividend rate	0.00%	0.00%	0.00%
Expected option term	6 years	6 years	6 years
Risk-free rate of return, minimum	0.38%	1.82%	1.98%
Risk-free rate of return, maximum	1.80%	3.13%	2.79%
Expected dividend payments	$ 0

Omnibus Incentive Plan Restricted Stock Unit Activity (Details) - Non-vested shares $ / shares in Units, $ in Millions	12 Months Ended
	Aug. 29, 2020 USD ($) $ / shares shares
Units
Non-vested at beginning of period (in shares) \| shares	92,400
Granted in period (in shares) \| shares	193,533
Vested in period (in shares) \| shares	(67,354)
Forfeited in period (in shares) \| shares	(10,556)
Non-vested at end of period (in shares) \| shares	208,023
Weighted average grant-date fair value
Non-vested at beginning of period (in dollars per share) \| $ / shares	$ 17.50
Granted (in dollars per share) \| $ / shares	23.17
Vested (in dollars per share) \| $ / shares	17.07
Forfeited (in dollars per share) \| $ / shares	19.45
Non-vested at end of period (in dollars per share) \| $ / shares	$ 22.82
Additional disclosures
Award vesting period	3 years
Compensation cost not yet recognized \| $	$ 3.0
Compensation cost not yet recognized, period for recognition	1 year 10 months 24 days

Omnibus Incentive Plan Performance Stock Units Activity (Details) - Performance Stock Units $ / shares in Units, $ in Millions	12 Months Ended
	Aug. 29, 2020 USD ($) $ / shares shares
Units
Non-vested at beginning of period (in shares) \| shares	192,389
Granted in period (in shares) \| shares	121,288
Vested in period (in shares) \| shares	0
Forfeited in period (in shares) \| shares	(18,421)
Non-vested at end of period (in shares) \| shares	295,256
Weighted average grant-date fair value
Non-vested at beginning of period (in dollars per share) \| $ / shares	$ 11.93
Granted (in dollars per share) \| $ / shares	27.39
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	17.62
Non-vested at end of period (in dollars per share) \| $ / shares	$ 17.93
Additional disclosures
Compensation cost not yet recognized \| $	$ 3.2
Compensation cost not yet recognized, period for recognition	1 year 7 months 6 days
Award vesting period	3 years
Minimum
Additional disclosures
Award vesting rights, percentage	0.00%
Maximum
Additional disclosures
Award vesting rights, percentage	200.00%

Omnibus Incentive Plan Stock Appreciation Rights Activity (Details) - Stock Appreciation Rights (SARs) $ / shares in Units, $ in Millions	12 Months Ended
	Aug. 29, 2020 USD ($) $ / shares shares
Stock Appreciation Rights
Outstanding at beginning of period (in shares) \| shares	0
Granted (in shares) \| shares	150,000
Exercised (in shares) \| shares	0
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	$ 0
Granted (in dollars per share) \| $ / shares	24.20
Exercised (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0
Outstanding at end of period (in dollars per share) \| $ / shares	24.20
Vested or expected to vest (in dollars per share) \| $ / shares	24.20
Exercisable (in dollars per share) \| $ / shares	$ 0
Weighted average remaining contractual life (if years)
Outstanding at end of period, contractual life	9 years 2 months 4 days
Vested or expected to vest, contractual life	9 years 2 months 4 days
Exercisable, contractual life	0 years
Additional disclosures
Award vesting period	3 years
Expiration period	10 years
Compensation cost not yet recognized \| $	$ 0.3
Compensation cost not yet recognized, period for recognition	2 years 2 months 12 days

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Related Party Transaction
Payment of TRA liability	$ 0	$ 26,468	$ 0
Goodwill, Purchase Accounting Adjustments	$ (22,700)		$ 1,800
Former Majority Stockholder, Atkins
Related Party Transaction
Payment of TRA liability		$ 26,500

Segment and Customer Information (Details)	12 Months Ended
Segment and Customer Information (Details)	Aug. 29, 2020 segment
Segment Reporting [Abstract]
Number of operating segments	2

Segment and Customer Information Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Aug. 29, 2020	May 30, 2020	Feb. 29, 2020	Nov. 30, 2019	Aug. 31, 2019	May 25, 2019	Feb. 23, 2019	Nov. 24, 2018	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 222,286	$ 215,101	$ 227,101	$ 152,153	$ 139,184	$ 139,468	$ 123,800	$ 120,931
Long lived assets	11,850				2,456				$ 11,850	$ 2,456
Net sales									816,641	523,383	$ 431,429
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									501,472	498,196	405,055
Long lived assets	11,841				2,437				11,841	2,437
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									28,366	25,187	26,374
Long lived assets	$ 9				$ 19				9	19
Atkins
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									529,838	523,383	431,429
Quest
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									$ 286,803	$ 0	$ 0

Segment and Customer Information - Schedules of Concentration of Risk, by Risk Factor (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Concentration Risk [Line Items]
Accounts receivable, net	$ 89,740	$ 44,240
Customer 1 \| Customer Concentration Risk \| Sales Revenue, Net
Concentration Risk [Line Items]
Risk percentage	34.00%	44.00%	43.00%
Customer 1 \| Customer Concentration Risk \| Accounts receivable, net
Concentration Risk [Line Items]
Risk percentage	38.00%	39.00%
Accounts receivable, net	$ 34,411	$ 17,386
Customer 2 \| Customer Concentration Risk \| Sales Revenue, Net
Concentration Risk [Line Items]
Risk percentage	10.00%
Customer 2 \| Customer Concentration Risk \| Accounts receivable, net
Concentration Risk [Line Items]
Risk percentage	14.00%
Accounts receivable, net	$ 12,345

Restructuring and related charges (Details) $ in Thousands	12 Months Ended
Restructuring and related charges (Details) $ in Thousands	Aug. 29, 2020 USD ($)
Restructuring charges and liability
Restructuring and Related Cost, Expected Cost	$ 8,100
Changes to the restructuring liability
Restructuring liability, beginning balance	0
Charges	5,527
Cash payments	(1,388)
Non-cash settlements or adjustments	0
Restructuring liability, ending balance	4,139
General and administrative expense
Restructuring charges and liability
Restructuring and Related Cost, Incurred Cost	5,500
Employee-related severance and benefits
Changes to the restructuring liability
Restructuring liability, beginning balance	0
Charges	4,139
Cash payments	0
Non-cash settlements or adjustments	0
Restructuring liability, ending balance	4,139
Other Restructuring
Changes to the restructuring liability
Restructuring liability, beginning balance	0
Charges	1,388
Cash payments	(1,388)
Non-cash settlements or adjustments	0
Restructuring liability, ending balance	$ 0

Unaudited Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Aug. 29, 2020	May 30, 2020	Feb. 29, 2020	Nov. 30, 2019	Aug. 31, 2019	May 25, 2019	Feb. 23, 2019	Nov. 24, 2018	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Entity Information
Net sales	$ 222,286	$ 215,101	$ 227,101	$ 152,153	$ 139,184	$ 139,468	$ 123,800	$ 120,931
Gross profit	88,102	88,626	85,394	62,206	59,173	56,657	49,655	51,920	$ 324,328	$ 217,405	$ 180,366
Income from operations	24,832	31,108	25,269	(2,985)	12,115	20,510	19,002	21,182	78,224	72,809	64,730
Net income	$ 12,427	$ 16,409	$ 10,657	$ (4,793)	$ 6,091	$ 13,466	$ 12,722	$ 15,257	$ 34,700	$ 47,536	$ 70,455
Earnings per share from net income:
Basic (in dollars per share)	$ 0.13	$ 0.17	$ 0.11	$ (0.05)	$ 0.07	$ 0.16	$ 0.16	$ 0.20	$ 0.37	$ 0.59	$ 1.00
Diluted (in dollars per share)	$ 0.12	$ 0.17	$ 0.11	$ (0.05)	$ 0.07	$ 0.16	$ 0.15	$ 0.18	$ 0.35	$ 0.56	$ 0.96

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Subsequent Events (Details) - Subsequent Event $ in Millions	Sep. 24, 2020 USD ($)
Subsequent Event [Line Items]
Proceeds from SimplyProtein Sale	$ 8.8
Cash proceeds from SimplyProtein Sale	5.8
Note Receivable from SimplyProtein Sale	$ 3.0