0001702744-21-000067 | 10-Q/A | XBRL Viewer

Print Document View Excel Document

Cover - shares	3 Months Ended
Cover - shares	Nov. 28, 2020	Jan. 05, 2021
Document Information [Line Items]
Document Type	10-Q/A
Entity File Number	001-38115
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
Entity Central Index Key	0001702744
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		95,720,637
Current Fiscal Year End Date	--08-28
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	true
Document Transition Report	false
Document Quarterly Report	true
Entity Registrant Name	The Simply Good Foods Company
Document Period End Date	Nov. 28, 2020

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 28, 2020	Aug. 29, 2020
Current assets:
Cash and cash equivalents	$ 91,476	$ 95,847
Accounts receivable, net	97,887	89,740
Inventories	76,067	59,085
Prepaid expenses	4,345	3,644
Other current assets	9,178	11,947
Total current assets	278,953	260,263
Long-term assets:
Property and equipment, net	11,344	11,850
Intangible assets, net	1,149,895	1,158,768
Goodwill	543,134	544,774
Other long-term assets	31,892	32,790
Total assets	2,015,218	2,008,445
Current liabilities:
Accounts payable	41,409	32,240
Accrued interest	720	960
Accrued expenses and other current liabilities	32,972	38,007
Current maturities of long-term debt	275	271
Total current liabilities	75,376	71,478
Long-term liabilities:
Long-term debt, less current maturities	572,923	596,879
Deferred income taxes	88,543	84,352
Other long-term liabilities	21,884	22,765
Total liabilities	831,911	869,112
See commitments and contingencies (Note 11)
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, 95,818,871 and 95,751,845 shares issued at November 28, 2020 and August 29, 2020, respectively	958	958
Treasury stock, 98,234 and 98,234 shares at cost at November 28, 2020 and August 29, 2020, respectively	(2,145)	(2,145)
Additional paid-in-capital	1,077,538	1,076,472
Retained earnings	107,880	64,927
Accumulated other comprehensive loss	(924)	(879)
Total stockholders’ equity	1,183,307	1,139,333
Total liabilities and stockholders’ equity	2,015,218	2,008,445
Warrant Liabilities	$ 73,185	$ 93,638

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Nov. 28, 2020	Aug. 29, 2020
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)	95,818,871	95,751,845
Treasury stock (in shares)	98,234	98,234

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Nov. 28, 2020	Nov. 30, 2019
Income Statement [Abstract]
Net sales	$ 231,152	$ 152,153
Cost of goods sold	137,111	89,947
Gross profit	94,041	62,206
Operating expenses:
Selling and marketing	25,195	18,434
General and administrative	25,415	18,145
Depreciation and amortization	4,244	2,453
Business transaction costs	0	26,159
Total operating expenses	54,854	65,191
Income (loss) from operations	39,187	(2,985)
Other income (expense):
Interest income	3	1,379
Interest expense	(8,372)	(4,969)
Gain on foreign currency transactions	9	16
Other income	47	37
Total other income	12,140	9,771
Income before income taxes	51,327	6,786
Income tax expense (benefit)	8,374	(1,729)
Net income	42,953	8,515
Other comprehensive income (loss):
Foreign currency translation adjustments	(45)	0
Comprehensive income	$ 42,908	$ 8,515
Earnings per share from net income:
Basic (in dollars per share)	$ 0.45	$ 0.09
Diluted (in dollars per share)	$ 0.23	$ (0.05)
Weighted average shares outstanding:
Basic (in shares)	95,538,111	89,708,633
Diluted (in shares)	99,763,119	93,529,865
Fair Value Adjustment of Warrants	$ 20,453	$ 13,308

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Nov. 28, 2020	Nov. 30, 2019
Operating activities
Net income	$ 42,953	$ 8,515
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,513	2,525
Amortization of deferred financing costs and debt discount	1,077	455
Stock compensation expense	1,110	1,673
Unrealized loss (gain) on foreign currency transactions	9	(16)
Deferred income taxes	4,400	(1,853)
Amortization of operating lease right-of-use asset	1,182	626
Loss on operating lease right-of-use asset impairment	354	0
Other operating activities	402	566
Changes in operating assets and liabilities, net of acquisition:
Accounts receivable, net	(8,604)	4,304
Inventories	(18,138)	(9,740)
Prepaid expenses	(558)	(3,513)
Other current assets	2,874	(1,416)
Accounts payable	8,216	(6,533)
Accrued interest	(240)	1,536
Accrued expenses and other current liabilities	(5,127)	8,556
Other assets and liabilities	1,227	(305)
Net cash provided by (used in) operating activities	15,197	(7,928)
Investing activities
Purchases of property and equipment	(93)	(280)
Issuance of notes receivable	0	(1,250)
Acquisition of business, net of cash acquired	0	(984,201)
Proceeds from sale of business	5,800	0
Payments to Acquire Intangible Assets	(114)	0
Net cash provided by (used in) investing activities	5,593	(985,731)
Financing activities
Proceeds from option exercises	157	208
Issuance of common stock	(201)	(70)
Payments of finance lease obligations	(78)	(78)
Payments of Financing Costs	0	(8,208)
Principal payments of long-term debt	(25,000)	(1,000)
Proceeds from Issuance of Common Stock	0	352,542
Payments of Stock Issuance Costs	0	(3,323)
Proceeds from Issuance of Long-term Debt	0	460,000
Net cash (used in) provided by financing activities	(25,122)	800,071
Net decrease in cash	(4,332)	(193,588)
Cash and cash equivalents
Effect of exchange rate on cash	(39)	(42)
Cash at beginning of period	95,847	266,341
Cash and cash equivalents at end of period	91,476	72,711
Supplemental disclosures of cash flow information
Cash paid for interest	7,535	2,978
Cash paid for taxes	282	373
Non-cash proceeds from sale of business	3,000	0
Operating lease right-of-use assets recognized at ASU 2016-02 transition	0	5,102
Finance lease right-of-use assets recognized at ASU 2016-02 transition	0	1,211
Operating lease right-of-use assets recognized after ASU 2016-02 transition	306	0
Fair Value Adjustment of Warrants	$ (20,453)	$ (13,308)

Condensed Consolidated Statements of Stockholders Equity Statement - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance at Aug. 31, 2019	$ 712,868	$ 820	$ (2,145)	$ 715,740	$ (711)	$ (836)
Beginning balance (in shares) at Aug. 31, 2019		81,973,284
Beginning balance, Treasury (in shares) at Aug. 31, 2019			98,234
Net income	8,515				8,515
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	1,673			1,673
Foreign currency translation adjustments	0
Public equity offering (in shares)		13,379,205
Public equity offering	349,219	$ 134		349,085
Shares issued upon vesting of Restricted Stock Units	(70)	$ 0		(70)
Shares issued upon vesting of Restricted Stock Units (in shares)		46,911
Exercise of options to purchase common stock	208	$ 0		208
Exercise of options to purchase common stock (in shares)		17,372
Ending balance (in shares) at Nov. 30, 2019		95,416,772
Ending balance, Treasury (in shares) at Nov. 30, 2019			98,234
Ending balance at Nov. 30, 2019	1,072,413	$ 954	$ (2,145)	1,066,636	7,804	(836)
Beginning balance at Aug. 29, 2020	$ 1,139,333	$ 958	$ (2,145)	1,076,472	64,927	(879)
Beginning balance (in shares) at Aug. 29, 2020		95,751,845
Beginning balance, Treasury (in shares) at Aug. 29, 2020	98,234		98,234
Net income	$ 42,953				42,953
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	1,110			1,110
Foreign currency translation adjustments	(45)					(45)
Shares issued upon vesting of Restricted Stock Units	(201)	$ 0		(201)
Shares issued upon vesting of Restricted Stock Units (in shares)		53,908
Exercise of options to purchase common stock	$ 157	$ 0		157
Exercise of options to purchase common stock (in shares)		13,118
Ending balance (in shares) at Nov. 28, 2020		95,818,871
Ending balance, Treasury (in shares) at Nov. 28, 2020	98,234		98,234
Ending balance at Nov. 28, 2020	$ 1,183,307	$ 958	$ (2,145)	$ 1,077,538	$ 107,880	$ (924)

Nature of Operations and Principles of Consolidation	3 Months Ended
Nature of Operations and Principles of Consolidation	Nov. 28, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Principles of Consolidation	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, 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 unaudited condensed consolidated financial statements include the accounts of Simply Good Foods 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. The Company maintains its accounting records on a 52/53-week fiscal year, ending on the last Saturday in August of each year. Description of Business 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. Unaudited Interim Condensed Consolidated Financial Statements The interim condensed consolidated financial statements and related notes of the Company and its subsidiaries are unaudited. The unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”). The unaudited interim condensed consolidated financial statements reflect all adjustments and disclosures which are, in the Company’s opinion, necessary for a fair presentation of the results of operations, financial position and cash flows for the indicated periods. All such adjustments were of a normal and recurring nature unless otherwise disclosed. The year-end balance sheet data was derived from the audited financial statements and, in accordance with the instructions to Form 10-Q, certain information and footnote disclosures required by GAAP have been condensed or omitted. The results reported in these unaudited interim condensed consolidated financial statements are not necessarily indicative of the results that may be reported for the entire fiscal year and should be read in conjunction with the Company’s consolidated financial statements for the fiscal year ended August 29, 2020, included in Amendment No. 1 to Form 10-K (“Form 10-K/A”) filed with the SEC on June 30, 2021. As discussed in Note 2, Restatement of Previously Issued Financial Statements, the condensed consolidated financial statements have been restated to reflect certain warrants as liabilities rather than equity. Additionally, 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.

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Nov. 28, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Refer to Note 4, Summary of Significant Accounting Policies, to the consolidated financial statements included in the Company’s Form 10-K/A for a description of significant accounting policies. Recently Issued and Adopted Accounting Pronouncements Recently Issued Accounting Pronouncements Not Yet Adopted In December 2019, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“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 is currently evaluating the effects adoption of this guidance will have on the consolidated financial statements and does not expect that the adoption of this ASU will be material to 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 and can be applied to contract modifications due to rate reform and eligible existing and new hedging relationships entered into between March 12, 2020 through December 31, 2022. The amendments of this ASU should be applied on a prospective basis. The Company will continue to monitor the effects of rate reform, if any, on its contracts and the effects of adoption of this ASU through December 31, 2022. The Company does not anticipate the amendments in this ASU to be material to its consolidated financial statements. In October 2020, the FASB issued ASU No. 2020-10, Codification Improvements, which provides updates for technical corrections, clarifications to guidance, simplifications to wording or structure of guidance, and other minor improvements across various areas of accounting within U.S. GAAP. This ASU is effective for all entities for fiscal years beginning after December 15, 2020, with early adoption permitted. The amendments of this ASU should be applied retrospectively. The Company is currently evaluating the effects adoption of this guidance will have on the consolidated financial statements and does not anticipate the adoption of this ASU will be material to its consolidated financial statements. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326), which modified the measurement of expected credit losses of certain financial instruments. The Company adopted this ASU as of the first day of fiscal 2021. As a result of adopting this ASU, the Company changed its method of estimating its allowance for doubtful accounts for trade receivables to be based upon the Company’s historical credit loss experience adjusted for asset-specific risk characteristics, current economic conditions, and reasonable forecasts. The change in estimating the allowance for doubtful accounts did not have a material effect on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820), which modified disclosure requirements on fair value measurements of Accounting Standards Codification (“ASC”) 820. The Company adopted this ASU as of the first day of fiscal 2021. The adoption of this ASU did not have a material effect on the consolidated financial statements or the related disclosures.

Business Combination (Notes)

3 Months Ended

Nov. 28, 2020

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

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 November 28, 2020.

For the thirteen weeks ended November 30, 2019, Business transaction costs within the Consolidated Statements of Operations and Comprehensive Income were $26.2 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 $2.4 million of other costs, including legal, due diligence, and accounting fees. Included in the transaction advisory fees was $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 represented 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 final purchase price allocation of the Acquisition of Quest to the estimated fair value of the net assets acquired at the date of acquisition, in thousands:


Assets acquired:
Cash and cash equivalents	$	4,745
Accounts receivable, net	25,359
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	912,295
Goodwill(4)	74,525
Total assets acquired and liabilities assumed	$	986,820

(1) Property and equipment, net primarily consisted 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 are 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 consisted of $750.0 million of indefinite brands and trademarks, $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 was 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.

Since the initial preliminary estimates reported in the first fiscal quarter of 2020, the Company has updated certain amounts reflected in the final 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 $4.3 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 $21.5 million. Measurement period adjustments were recognized in the reporting period in which the adjustments were determined and calculated as if the accounting had been completed at the acquisition date.

The results of Quest’s operations have been included in the Company’s 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:


	Thirteen Weeks Ended
(in thousands)	November 28, 2020		November 30, 2019
Net sales(1)	$	95,769	$	17,082

(1) Net sales for the thirteen weeks ended November 28, 2020 excludes immaterial international net sales.

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. The pro forma combined financial information includes the fair value adjustments of the liability-classified Private Warrants.

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


	Thirteen Weeks Ended
(in thousands)	November 30, 2019

Revenue	$	220,556
Gross profit	$	88,188
Net income	$	28,956

Revenue Recognition

3 Months Ended

Nov. 28, 2020

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

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


	Thirteen Weeks Ended
(In thousands)	November 28, 2020		November 30, 2019
North America
Atkins	$	122,761	$	127,812
Quest(2)	95,769		17,082
Total North America	218,530		144,894
International	12,622		7,259
Total net sales	$	231,152	$	152,153

(1) The North America geographic area consists of net sales substantially related to the United States and there is no individual foreign country to which more than 10% of Company’s net sales are attributed or that is otherwise deemed individually material.

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

Charges related to credit loss on accounts receivables from transactions with external customers totaled approximately $0.1 million for the thirteen weeks ended November 28, 2020 and were nominal for the thirteen weeks ended November 30, 2019. As of November 28, 2020 and August 29, 2020, the allowance for doubtful accounts related to these accounts receivable was $0.6 million and $0.5 million, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Goodwill and Intangibles

3 Months Ended

Nov. 28, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles

Changes to Goodwill during the thirteen week period ended November 28, 2020 were as follows:


(in thousands)	Goodwill
Balance as of August 29, 2020	$	544,774
Acquisition of business, measurement period adjustment	1,178
Sale of business	(2,818)
Balance as of November 28, 2020	$	543,134

The change in Goodwill attributed to the acquisition of a business during the thirteen weeks ended November 28, 2020 was the result of measurement period adjustments made to finalize the acquisition method of accounting for the Acquisition of Quest as described in Note 4. Additionally, 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 former Canadian-based management team who had been responsible for this brand prior to the sale transaction (the “SimplyProtein Sale”). In addition to purchasing these assets, the buyer assumed certain liabilities related to the SimplyProtein brand’s business. There was no gain or loss recognized as a result of the SimplyProtein Sale. In conjunction with the SimplyProtein Sale, the Company disposed of $2.8 million of goodwill associated with the SimplyProtein business.

There were no impairment charges related to goodwill during the thirteen weeks ended November 28, 2020 or since the inception of the Company.

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


				November 28, 2020
(In thousands)	Useful life			Gross carrying amount		Accumulated amortization		Net carrying amount
Intangible assets with indefinite life:
Brands and trademarks	Indefinite life			$	974,000	$	—	$	974,000
Intangible assets with finite lives:
Customer relationships	15 years			174,000		21,403		152,597
Proprietary recipes and formulas	7 years			7,000		3,381		3,619
Licensing agreements	14 years			22,000		5,313		16,687
Software and website development costs	3	-	5 years	5,302		2,365		2,937
Intangible assets in progress	3	-	5 years	55		—		55
				$	1,182,357	$	32,462	$	1,149,895


				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

Changes in Intangible assets, net during the thirteen weeks ended November 28, 2020 were primarily related to the SimplyProtein Sale and recurring amortization expense. In conjunction with the SimplyProtein Sale, the Company sold its SimplyProtein brand intangible asset, which had a carrying value of approximately $5.0 million as of the date of the sale. Amortization expense related to intangible assets during the thirteen weeks ended November 28, 2020 and November 30, 2019 was $3.9 million and $2.3 million, respectively. There were no impairment charges related to intangible assets during the thirteen weeks ended November 28, 2020 and November 30, 2019.

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


(In thousands)	Amortization
Remainder of 2021	$	11,530
2022	15,224
2023	14,938
2024	14,257
2025	13,171
2026 and thereafter	106,720
Total	$	175,840

Long-Term Debt and Line of Credit

3 Months Ended

Nov. 28, 2020

Debt Disclosure [Abstract]

Debt Disclosure

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 the Term Loan or (y) 2.00% margin for the 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.

The Credit Agreement contains certain financial and other covenants that limit the Company’s ability to, among other things, incur and/or undertake asset sales and other dispositions, liens, indebtedness, certain acquisitions and investments, consolidations, mergers, reorganizations and other fundamental changes, payment of dividends and other distributions to equity and warrant holders, and prepayments of material subordinated debt, in each case, subject to customary exceptions materially consistent with credit facilities of such type and size. The Revolving Credit Facility has a maximum total net leverage ratio equal to or less than 6.25:1.00 (with a reduction to 6.00:1.00 on and after the third anniversary of the closing date of the Credit Agreement) 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 November 28, 2020 and August 29, 2020, respectively.

Long-term debt consists of the following:


(In thousands)	November 28, 2020		August 29, 2020
Term Facility (effective rate of 4.8% at November 28, 2020)	$	581,500	$	606,500

Finance lease liabilities (effective rate of 5.6% at November 28, 2020)	892		922
Less: Deferred financing fees	9,194		10,272
Total debt	573,198		597,150

Less: Current finance lease liabilities	275		271
Long-term debt, net of deferred financing fees	$	572,923	$	596,879

The Company is not required to make principal payments on the Term Facility over the twelve months following the period ended November 28, 2020. Additionally, as of November 28, 2020 and August 29, 2020, there were no amounts drawn against the Revolving Credit Facility.

As of November 28, 2020, the Company had letters of credit in the amount of $4.4 million outstanding. These letters of credit offset against the availability of the Revolving Credit Facility and exist to support three of the Company’s leased buildings and insurance programs relating to workers’ compensation. No amounts were drawn against these letters of credit at November 28, 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 November 28, 2020 and August 29, 2020, 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

3 Months Ended

Nov. 28, 2020

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

8. 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.

The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximated fair value as of November 28, 2020 and August 29, 2020 due to the relatively short maturity of these instruments.

Level 3 Measurements

The Company has outstanding liability-classified Private Warrants that allow holders to purchase 6,700,000 shares of the Company’s common stock. Such Private Warrants are held by Conyers Park Sponsor, LLC, a related party. The Company utilizes the Black-Scholes valuation model to estimate the fair value of the Private Warrants at each reporting date. The application of the Black-Scholes model utilizes significant assumptions, including volatility. Significant judgment is required in determining the expected volatility (the key assumption) of the Private Warrants. In order to determine the most accurate measure of this volatility, the Company measured expected volatility based on several inputs, including considering a peer group of publicly traded companies, the Company’s implied volatility based on traded options, the implied volatility of comparable SPAC warrants, and the implied volatility of any outstanding Public Warrants during the periods they were outstanding. As a result of the unobservable inputs that were used to determine the expected volatility of the Private Warrants, the fair value measurement of these warrants reflects a Level 3 measurement within the fair value measurement hierarchy.

There were 6,700,000 Private Warrants outstanding as of November 28, 2020 and November 30, 2019. The table below summarizes the inputs used to calculate the fair value of the warrant liability at each of the dates indicated below:


	November 28, 2020			November 30, 2019
Exercise Price	$	11.50		$	11.50
Stock Price	$	22.36		$	27.63
Dividend Yield	—		%	—		%
Expected Term (in Years)	1.60			2.60
Risk-Free Interest Rate	0.14		%	1.60		%
Expected Volatility	25.60		%	21.50		%
Per Share Value of Warrants	$	10.92		$	16.61

The periodic remeasurement of the warrant liability is reflected in Gain in fair value change of warrant liability within the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The adjustments for the thirteen weeks ended November 28, 2020 and November 30, 2019 were a gain of $20.5 million and a gain of $13.3 million, respectively. The adjustments resulted in a total warrant liability at November 28, 2020 and November 30, 2019 of $73.2 million and $111.3 million, respectively.

- 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

3 Months Ended

Nov. 28, 2020

Income Tax Disclosure [Abstract]

Income Taxes

The tax expense and the effective tax rate resulting from operations were as follows:


	Thirteen Weeks Ended
(In thousands)	November 28, 2020			November 30, 2019

Income (loss) before income taxes	$	51,327		$	6,786
Provision (benefit) for income taxes	$	8,374		$	(1,729)
Effective tax rate	16.3		%	(25.5)		%

The effective tax rate for the thirteen weeks ended November 28, 2020 was 41.8% greater than the effective tax rate for the thirteen weeks ended November 30, 2019, which was primarily driven by the non-cash change in the fair value of the warrant liability and other permanent differences.

- Definition

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

+ References + Details

Leases

3 Months Ended

Nov. 28, 2020

Leases [Abstract]

Leases of Lessee Disclosure [Text Block]

The components of lease expense were as follows:


		Thirteen Weeks Ended
(In thousands)	Statement of Operations Caption	November 28, 2020		November 30, 2019
Operating lease cost:
Lease cost	Cost of goods sold and General and administrative	$	1,498	$	806
Variable lease cost (1)	Cost of goods sold and General and administrative	398		310
Operating lease cost		1,896		1,116

Short term lease cost	General and administrative	—		6

Finance lease cost:
Amortization of right-of-use assets	Cost of goods sold	68		70
Interest on lease liabilities	Interest expense	13		16
Total finance lease cost		81		86

Total lease cost		$	1,977	$	1,208

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

In conjunction with the Company’s restructuring activities as discussed in Note 16, the Company incurred a $0.4 million impairment charge related to its operating lease right-of-use asset for its lease in Toronto, Ontario during the thirteen weeks ended November 28, 2020. Costs for these restructuring activities have been included within General and administrative on the Consolidated Statements of Operations and Comprehensive Income. Refer to Note 16, Restructuring and Related Charges, for additional information regarding restructuring activities.

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


(In thousands)	Balance Sheet Caption	November 28, 2020		August 29, 2020
Assets
Operating lease right- of-use assets	Other long-term assets	$	24,532	$	25,703
Finance lease right-of-use assets	Property and equipment, net	844		912
Total lease assets		$	25,376	$	26,615

Liabilities
Current:
Operating lease liabilities	Accrued expenses and other current liabilities	$	4,355	$	4,329
Finance lease liabilities	Current maturities of long-term debt	275		271
Long-term:
Operating lease liabilities	Other long-term liabilities	21,882		22,764
Finance lease liabilities	Long-term debt, less current maturities	617		651
Total lease liabilities		$	27,129	$	28,015

Future maturities of lease liabilities as of November 28, 2020 were as follows:


(In thousands)	Operating Leases		Finance Leases
Fiscal year ending:
Remainder of 2021	$	4,166	$	235
2022	4,722		313
2023	4,187		278
2024	4,289		145
2025	3,837		—
Thereafter	11,050		—
Total lease payments	32,251		971
Less: Interest	(6,014)		(79)
Present value of lease liabilities	$	26,237	$	892

As of November 28, 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 term and weighted-average discount rate for operating and finance leases were as follows:


	November 28, 2020		August 29, 2020
Weighted-average remaining lease term (in years)
Operating leases	6.78		6.97
Finance leases	3.17		3.41
Weighted-average discount rate
Operating leases	5.7	%	5.7	%
Finance leases	5.6	%	5.6	%

Supplemental and other information related to leases was as follows:


	Thirteen Weeks Ended
(In thousands)	November 28, 2020		November 30, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	1,811	$	1,170
Operating cash flows from finance leases	7		11
Financing cash flows from finance leases	$	78	$	78

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Nov. 28, 2020
Commitments and Contingencies Disclosure [Abstract]
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 fiscal year 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 thirteen weeks ended November 30, 2019, the Company reserved an additional $0.3 million. The reserve was 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 fiscal year ended August 29, 2020. As of November 28, 2020 and August 29, 2020, the Company had $1.3 million reserved for potential settlements. 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 November 28, 2020, the Company will be required to make payments of $2.9 million over the next year.

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Nov. 28, 2020
Equity [Abstract]
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. Warrants to Purchase Common Stock Prior to the Acquisition of Atkins, Conyers Park issued 13,416,667 public warrants and 6,700,000 Private Warrants. The Company assumed the Conyers Park warrants to purchase common stock 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. Each whole warrant entitles the holder to purchase one share of the Company’s common stock at a price of $11.50 per share. The warrants became exercisable 30 days after the completion of the Acquisition of Atkins in 2017 and expire five years after that date, or earlier upon redemption or liquidation, as applicable. 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. As of November 28, 2020, the Private Warrants to purchase 6,700,000 shares of the Company’s common stock remain outstanding, have not been transferred by Conyers Park Sponsor, LLC, a related party, and remain liability-classified. As discussed in Note 8, the liability-classified warrants are remeasured on a recurring basis, primarily based on observable market data while the related theoretical private warrant volatility assumption within the Black-Scholes model represents a Level 3 measurement within the fair value measurement hierarchy. The periodic remeasurement of the warrant liability is reflected in Gain in fair value change of warrant liability within the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). 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 thirteen weeks ended November 28, 2020 and November 30, 2019, the Company did not repurchase any shares of common stock. As of November 28, 2020, approximately $47.9 million remained available under the stock repurchase program.

Earnings Per Share

3 Months Ended

Nov. 28, 2020

Earnings Per Share [Abstract]

Earnings Per Share

13. Earnings Per Share

Basic earnings or loss per share is based on the weighted average number of common shares issued and outstanding. In computing diluted earnings per share, basic earnings per share is adjusted for the assumed issuance of all potentially dilutive securities. 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 antidilutive.

The Company has outstanding liability-classified Private Warrants to purchase 6,700,000 shares of the Company’s common stock. During periods when the effect is dilutive, the Company assumes share settlement of the instruments as of the beginning of the reporting period and adjusts the numerator to remove the change in fair value of the warrant liability and adjusts the denominator to include the dilutive shares, calculated using the treasury stock method. During periods when the impact is antidilutive, the share settlement is excluded.

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


	Thirteen Weeks Ended
(In thousands, except per share data)	November 28, 2020		November 30, 2019

Basic earnings per share computation:
Numerator:
Net income available to common stock stockholders	$	42,953	$	8,515
Denominator:
Weighted average common shares - basic	95,538,111		89,708,633
Basic earnings per share from net income	$	0.45	$	0.09
Diluted earnings (loss) per share computation:
Numerator:
Net income available to common stock stockholders	$	42,953	$	8,515
Gain in fair value change of warrant liability	(20,453)		(13,308)
Numerator for diluted earnings per share	$	22,500	$	(4,793)
Denominator:
Weighted average common shares outstanding - basic	95,538,111		89,708,633

Private Warrants	3,216,252		3,821,232
Employee stock options	899,375		—
Non-vested shares	109,381		—
Weighted average common shares - diluted	99,763,119		93,529,865
Diluted earnings (loss) per share from net income	$	0.23	$	(0.05)

Diluted earnings (loss) per share calculations for the thirteen weeks ended November 28, 2020 and November 30, 2019 excluded 0.7 million and 2.7 million shares of stock options issuable upon exercise, respectively, that would have been anti-dilutive. Diluted earnings per share for the thirteen weeks ended November 28, 2020 excluded an immaterial number of non-vested shares that would have been anti-dilutive. For the thirteen weeks ended November 30, 2019, the loss per share excluded 0.3 million of non-vested shares that would have been anti-dilutive.

Omnibus Incentive Plan

3 Months Ended

Nov. 28, 2020

Share-based Payment Arrangement [Abstract]

Stock Option Plan

Stock-based compensation includes stock options, restricted stock units, performance stock unit awards and stock appreciation rights, which are awarded to employees, directors, and consultants of the Company. Stock-based compensation expense is recognized on a straight-line basis over the requisite service period of the award based on 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 $1.1 million and $1.7 million in the thirteen weeks ended November 28, 2020 and November 30, 2019, respectively.

Stock Options

The following table summarizes stock option activity for the thirteen weeks ended November 28, 2020:


	Shares Underlying Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Outstanding as of August 29, 2020	2,615,899	$	14.33
Granted	282,952	20.28
Exercised	(13,118)	12.00
Forfeited	(39,575)	23.08
Outstanding as of November 28, 2020	2,846,158	$	14.81	7.34

Vested and expected to vest as of November 28, 2020	2,846,158	$	14.81	7.34

Exercisable as of November 28, 2020	2,228,465	$	13.22	6.85

As of November 28, 2020, the Company had $4.0 million of total unrecognized compensation cost related to stock option plans that will be recognized over a weighted average period of 2.1 years. During each of the thirteen weeks ended November 28, 2020 and November 30, 2019, the Company received $0.2 million in cash from stock option exercises.

Restricted Stock Units

The following table summarizes restricted stock unit activity for the thirteen weeks ended November 28, 2020:


	Restricted Stock Units	Weighted average grant-date fair value
Non-vested as of August 29, 2020	208,023	$	22.82
Granted	293,907	21.16
Vested	(63,759)	26.27
Forfeited	(12,530)	23.68
Non-vested as of November 28, 2020	425,641	$	21.13

As of November 28, 2020, the Company had $8.4 million of total unrecognized compensation cost related to restricted stock units that will be recognized over a weighted average period of 2.6 years.

Performance Stock Units

During the thirteen weeks ended November 28, 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 in a three-year period. Performance stock units were valued using a Monte-Carlo simulation.

The following table summarizes performance stock unit activity for the thirteen weeks ended November 28, 2020:


	Performance Stock Units	Weighted average grant-date fair value
Non-vested as of August 29, 2020	295,256	$	17.93
Granted	116,309	23.59
Vested	—	—
Forfeited	(26,400)	22.06
Non-vested as of November 28, 2020	385,165	$	19.35

As of November 28, 2020, the Company had $5.1 million of total unrecognized compensation cost related to performance stock units that will be recognized over a weighted average period of 1.8 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 3 years from the date of grant and must be exercised within 10 years.

The following table summarizes SARs activity for the thirteen weeks ended November 28, 2020:


	Shares Underlying SARs	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Outstanding as of August 29, 2020	150,000	$	24.20
Granted	—	—
Exercised	—	—
Forfeited	—	—
Outstanding as of November 28, 2020	150,000	$	24.20	8.93

Vested and expected to vest as of November 28, 2020	150,000	$	24.20	8.93

Exercisable as of November 28, 2020	—	$	—	0.00

As of November 28, 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 1.93 years.

Segment and Customer Information	3 Months Ended
Segment and Customer Information	Nov. 28, 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.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Restructuring and Related Charges

3 Months Ended

Nov. 28, 2020

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities Disclosure [Text Block]

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

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.

Changes to the restructuring liability during the thirteen weeks ended November 28, 2020 were as follows:


(in thousands)	Restructuring Liability
Balance as of August 29, 2020	$	4,139
Charges	2,165
Cash payments	(5,966)
Non-cash settlements or adjustments	—
Balance as of November 28, 2020	$	338

In addition to the $2.2 million restructuring costs incurred related to one-time termination benefits and employee severance as shown above, the Company incurred a $0.4 million restructuring-related impairment charge in the thirteen weeks ended November 28, 2020 related to its operating lease right-of-use asset for its lease in Toronto, Ontario. As a result, for the thirteen weeks ended November 28, 2020, the Company incurred a total of $2.5 million in restructuring and restructuring related costs, which have been included within General and administrative on the Consolidated Statements of Operations and Comprehensive Income.

As of November 28, 2020, the Company has incurred aggregate restructuring and restructuring-related costs of $8.0 million since May 2020. Overall, the Company expects to incur a total of approximately $9.2 million in restructuring and restructuring related costs, which are to be paid throughout fiscal 2021 and the first quarter of fiscal 2022.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Nov. 28, 2020
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued and Adopted Accounting Pronouncements Recently Issued Accounting Pronouncements Not Yet Adopted In December 2019, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“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 is currently evaluating the effects adoption of this guidance will have on the consolidated financial statements and does not expect that the adoption of this ASU will be material to 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 and can be applied to contract modifications due to rate reform and eligible existing and new hedging relationships entered into between March 12, 2020 through December 31, 2022. The amendments of this ASU should be applied on a prospective basis. The Company will continue to monitor the effects of rate reform, if any, on its contracts and the effects of adoption of this ASU through December 31, 2022. The Company does not anticipate the amendments in this ASU to be material to its consolidated financial statements. In October 2020, the FASB issued ASU No. 2020-10, Codification Improvements, which provides updates for technical corrections, clarifications to guidance, simplifications to wording or structure of guidance, and other minor improvements across various areas of accounting within U.S. GAAP. This ASU is effective for all entities for fiscal years beginning after December 15, 2020, with early adoption permitted. The amendments of this ASU should be applied retrospectively. The Company is currently evaluating the effects adoption of this guidance will have on the consolidated financial statements and does not anticipate the adoption of this ASU will be material to its consolidated financial statements. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326), which modified the measurement of expected credit losses of certain financial instruments. The Company adopted this ASU as of the first day of fiscal 2021. As a result of adopting this ASU, the Company changed its method of estimating its allowance for doubtful accounts for trade receivables to be based upon the Company’s historical credit loss experience adjusted for asset-specific risk characteristics, current economic conditions, and reasonable forecasts. The change in estimating the allowance for doubtful accounts did not have a material effect on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820), which modified disclosure requirements on fair value measurements of Accounting Standards Codification (“ASC”) 820. The Company adopted this ASU as of the first day of fiscal 2021. The adoption of this ASU did not have a material effect on the consolidated financial statements or the related disclosures.
Basis of Accounting, Policy [Policy Text Block]	The interim condensed consolidated financial statements and related notes of the Company and its subsidiaries are unaudited. The unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”). The unaudited interim condensed consolidated financial statements reflect all adjustments and disclosures which are, in the Company’s opinion, necessary for a fair presentation of the results of operations, financial position and cash flows for the indicated periods. All such adjustments were of a normal and recurring nature unless otherwise disclosed. The year-end balance sheet data was derived from the audited financial statements and, in accordance with the instructions to Form 10-Q, certain information and footnote disclosures required by GAAP have been condensed or omitted. The results reported in these unaudited interim condensed consolidated financial statements are not necessarily indicative of the results that may be reported for the entire fiscal year and should be read in conjunction with the Company’s consolidated financial statements for the fiscal year ended August 29, 2020, included in Amendment No. 1 to Form 10-K (“Form 10-K/A”) filed with the SEC on June 30, 2021. As discussed in Note 2, Restatement of Previously Issued Financial Statements, the condensed consolidated financial statements have been restated to reflect certain warrants as liabilities rather than equity. Additionally, 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.

Business Combination (Tables)

3 Months Ended

Nov. 28, 2020

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following table sets forth the final purchase price allocation of the Acquisition of Quest to the estimated fair value of the net assets acquired at the date of acquisition, in thousands:


Assets acquired:
Cash and cash equivalents	$	4,745
Accounts receivable, net	25,359
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	912,295
Goodwill(4)	74,525
Total assets acquired and liabilities assumed	$	986,820

Business Combination, Revenues of Acquired Entity


	Thirteen Weeks Ended
(in thousands)	November 28, 2020		November 30, 2019
Net sales(1)	$	95,769	$	17,082

Business Acquisition, Pro Forma Information

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


	Thirteen Weeks Ended
(in thousands)	November 30, 2019

Revenue	$	220,556
Gross profit	$	88,188
Net income	$	28,956

Revenue Recognition (Tables)

3 Months Ended

Nov. 28, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


	Thirteen Weeks Ended
(In thousands)	November 28, 2020		November 30, 2019
North America
Atkins	$	122,761	$	127,812
Quest(2)	95,769		17,082
Total North America	218,530		144,894
International	12,622		7,259
Total net sales	$	231,152	$	152,153

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

Goodwill and Intangibles (Tables)

3 Months Ended

Nov. 28, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes to Goodwill during the thirteen week period ended November 28, 2020 were as follows:


(in thousands)	Goodwill
Balance as of August 29, 2020	$	544,774
Acquisition of business, measurement period adjustment	1,178
Sale of business	(2,818)
Balance as of November 28, 2020	$	543,134

Schedule of Finite-Lived Intangible Assets

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


				November 28, 2020
(In thousands)	Useful life			Gross carrying amount		Accumulated amortization		Net carrying amount
Intangible assets with indefinite life:
Brands and trademarks	Indefinite life			$	974,000	$	—	$	974,000
Intangible assets with finite lives:
Customer relationships	15 years			174,000		21,403		152,597
Proprietary recipes and formulas	7 years			7,000		3,381		3,619
Licensing agreements	14 years			22,000		5,313		16,687
Software and website development costs	3	-	5 years	5,302		2,365		2,937
Intangible assets in progress	3	-	5 years	55		—		55
				$	1,182,357	$	32,462	$	1,149,895


				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

Schedule of Indefinite-Lived Intangible Assets

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


				November 28, 2020
(In thousands)	Useful life			Gross carrying amount		Accumulated amortization		Net carrying amount
Intangible assets with indefinite life:
Brands and trademarks	Indefinite life			$	974,000	$	—	$	974,000
Intangible assets with finite lives:
Customer relationships	15 years			174,000		21,403		152,597
Proprietary recipes and formulas	7 years			7,000		3,381		3,619
Licensing agreements	14 years			22,000		5,313		16,687
Software and website development costs	3	-	5 years	5,302		2,365		2,937
Intangible assets in progress	3	-	5 years	55		—		55
				$	1,182,357	$	32,462	$	1,149,895


				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

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
Remainder of 2021	$	11,530
2022	15,224
2023	14,938
2024	14,257
2025	13,171
2026 and thereafter	106,720
Total	$	175,840

Long-Term Debt and Line of Credit (Tables)

3 Months Ended

Nov. 28, 2020

Debt Disclosure [Abstract]

Schedule of Debt

Long-term debt consists of the following:


(In thousands)	November 28, 2020		August 29, 2020
Term Facility (effective rate of 4.8% at November 28, 2020)	$	581,500	$	606,500

Finance lease liabilities (effective rate of 5.6% at November 28, 2020)	892		922
Less: Deferred financing fees	9,194		10,272
Total debt	573,198		597,150

Less: Current finance lease liabilities	275		271
Long-term debt, net of deferred financing fees	$	572,923	$	596,879

Fair Value Measures and Disclosures (Tables)

3 Months Ended

Nov. 28, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurement Inputs and Valuation Techniques

The table below summarizes the inputs used to calculate the fair value of the warrant liability at each of the dates indicated below:


	November 28, 2020			November 30, 2019
Exercise Price	$	11.50		$	11.50
Stock Price	$	22.36		$	27.63
Dividend Yield	—		%	—		%
Expected Term (in Years)	1.60			2.60
Risk-Free Interest Rate	0.14		%	1.60		%
Expected Volatility	25.60		%	21.50		%
Per Share Value of Warrants	$	10.92		$	16.61

Income Taxes (Tables)

3 Months Ended

Nov. 28, 2020

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The tax expense and the effective tax rate resulting from operations were as follows:


	Thirteen Weeks Ended
(In thousands)	November 28, 2020			November 30, 2019

Income (loss) before income taxes	$	51,327		$	6,786
Provision (benefit) for income taxes	$	8,374		$	(1,729)
Effective tax rate	16.3		%	(25.5)		%

Leases (Tables)

3 Months Ended

Nov. 28, 2020

Leases [Abstract]

Lease, Cost

The components of lease expense were as follows:


		Thirteen Weeks Ended
(In thousands)	Statement of Operations Caption	November 28, 2020		November 30, 2019
Operating lease cost:
Lease cost	Cost of goods sold and General and administrative	$	1,498	$	806
Variable lease cost (1)	Cost of goods sold and General and administrative	398		310
Operating lease cost		1,896		1,116

Short term lease cost	General and administrative	—		6

Finance lease cost:
Amortization of right-of-use assets	Cost of goods sold	68		70
Interest on lease liabilities	Interest expense	13		16
Total finance lease cost		81		86

Total lease cost		$	1,977	$	1,208

(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	November 28, 2020		August 29, 2020
Assets
Operating lease right- of-use assets	Other long-term assets	$	24,532	$	25,703
Finance lease right-of-use assets	Property and equipment, net	844		912
Total lease assets		$	25,376	$	26,615

Liabilities
Current:
Operating lease liabilities	Accrued expenses and other current liabilities	$	4,355	$	4,329
Finance lease liabilities	Current maturities of long-term debt	275		271
Long-term:
Operating lease liabilities	Other long-term liabilities	21,882		22,764
Finance lease liabilities	Long-term debt, less current maturities	617		651
Total lease liabilities		$	27,129	$	28,015

Finance Lease, Liability, Maturity

Future maturities of lease liabilities as of November 28, 2020 were as follows:


(In thousands)	Operating Leases		Finance Leases
Fiscal year ending:
Remainder of 2021	$	4,166	$	235
2022	4,722		313
2023	4,187		278
2024	4,289		145
2025	3,837		—
Thereafter	11,050		—
Total lease payments	32,251		971
Less: Interest	(6,014)		(79)
Present value of lease liabilities	$	26,237	$	892

Lessee, Operating Lease, Liability, Maturity

Future maturities of lease liabilities as of November 28, 2020 were as follows:


(In thousands)	Operating Leases		Finance Leases
Fiscal year ending:
Remainder of 2021	$	4,166	$	235
2022	4,722		313
2023	4,187		278
2024	4,289		145
2025	3,837		—
Thereafter	11,050		—
Total lease payments	32,251		971
Less: Interest	(6,014)		(79)
Present value of lease liabilities	$	26,237	$	892

Schedule of Weighted Average Remaining Lease Terms

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


	November 28, 2020		August 29, 2020
Weighted-average remaining lease term (in years)
Operating leases	6.78		6.97
Finance leases	3.17		3.41
Weighted-average discount rate
Operating leases	5.7	%	5.7	%
Finance leases	5.6	%	5.6	%

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental and other information related to leases was as follows:


	Thirteen Weeks Ended
(In thousands)	November 28, 2020		November 30, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	1,811	$	1,170
Operating cash flows from finance leases	7		11
Financing cash flows from finance leases	$	78	$	78

Earnings Per Share (Tables)

3 Months Ended

Nov. 28, 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 (loss) per share:


	Thirteen Weeks Ended
(In thousands, except per share data)	November 28, 2020		November 30, 2019

Basic earnings per share computation:
Numerator:
Net income available to common stock stockholders	$	42,953	$	8,515
Denominator:
Weighted average common shares - basic	95,538,111		89,708,633
Basic earnings per share from net income	$	0.45	$	0.09
Diluted earnings (loss) per share computation:
Numerator:
Net income available to common stock stockholders	$	42,953	$	8,515
Gain in fair value change of warrant liability	(20,453)		(13,308)
Numerator for diluted earnings per share	$	22,500	$	(4,793)
Denominator:
Weighted average common shares outstanding - basic	95,538,111		89,708,633

Private Warrants	3,216,252		3,821,232
Employee stock options	899,375		—
Non-vested shares	109,381		—
Weighted average common shares - diluted	99,763,119		93,529,865
Diluted earnings (loss) per share from net income	$	0.23	$	(0.05)

Omnibus Incentive Plan (Tables)

3 Months Ended

Nov. 28, 2020

Share-based Payment Arrangement [Abstract]

Stock option activity

The following table summarizes stock option activity for the thirteen weeks ended November 28, 2020:


	Shares Underlying Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Outstanding as of August 29, 2020	2,615,899	$	14.33
Granted	282,952	20.28
Exercised	(13,118)	12.00
Forfeited	(39,575)	23.08
Outstanding as of November 28, 2020	2,846,158	$	14.81	7.34

Vested and expected to vest as of November 28, 2020	2,846,158	$	14.81	7.34

Exercisable as of November 28, 2020	2,228,465	$	13.22	6.85

Restricted stock activity

The following table summarizes restricted stock unit activity for the thirteen weeks ended November 28, 2020:


	Restricted Stock Units	Weighted average grant-date fair value
Non-vested as of August 29, 2020	208,023	$	22.82
Granted	293,907	21.16
Vested	(63,759)	26.27
Forfeited	(12,530)	23.68
Non-vested as of November 28, 2020	425,641	$	21.13

Performance stock unit activity

The following table summarizes performance stock unit activity for the thirteen weeks ended November 28, 2020:


	Performance Stock Units	Weighted average grant-date fair value
Non-vested as of August 29, 2020	295,256	$	17.93
Granted	116,309	23.59
Vested	—	—
Forfeited	(26,400)	22.06
Non-vested as of November 28, 2020	385,165	$	19.35

Stock appreciation right activity

The following table summarizes SARs activity for the thirteen weeks ended November 28, 2020:


	Shares Underlying SARs	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Outstanding as of August 29, 2020	150,000	$	24.20
Granted	—	—
Exercised	—	—
Forfeited	—	—
Outstanding as of November 28, 2020	150,000	$	24.20	8.93

Vested and expected to vest as of November 28, 2020	150,000	$	24.20	8.93

Exercisable as of November 28, 2020	—	$	—	0.00

Restructuring and related charges (Tables)

3 Months Ended

Nov. 28, 2020

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

Changes to the restructuring liability during the thirteen weeks ended November 28, 2020 were as follows:


(in thousands)	Restructuring Liability
Balance as of August 29, 2020	$	4,139
Charges	2,165
Cash payments	(5,966)
Non-cash settlements or adjustments	—
Balance as of November 28, 2020	$	338

Accounting Changes and Error Corrections (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Nov. 28, 2020	Nov. 30, 2019	Aug. 29, 2020	Aug. 31, 2019
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Warrant Liabilities	$ 73,185	$ 111,300	$ 93,638
Liabilities	831,911		869,112
Additional paid-in-capital	1,077,538		1,076,472
Retained earnings	107,880		64,927
Accumulated other comprehensive loss	(924)		(879)
Fair Value Adjustment of Warrants	20,453	13,308
Nonoperating Income (Expense)	12,140	9,771
Income before income taxes	51,327	6,786
Net income	42,953	8,515
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	42,908	8,515
Net Cash Provided by (Used in) Operating Activities	$ 15,197	$ (7,928)
Basic earnings per share from net income (in dollars per share)	$ 0.45	$ 0.09
Stockholders' Equity Attributable to Parent	$ 1,183,307	$ 1,072,413	$ 1,139,333	$ 712,868
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Warrant Liabilities	0
Liabilities	758,726
Additional paid-in-capital	1,095,573
Retained earnings	163,030
Fair Value Adjustment of Warrants	0
Nonoperating Income (Expense)	(8,313)
Income before income taxes	30,874
Net income	22,500
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	22,455
Net Cash Provided by (Used in) Operating Activities	$ 15,197
Basic earnings per share from net income (in dollars per share)	$ 0.24
Stockholders' Equity Attributable to Parent	$ 1,256,492
Change in Accounting Principle and Presentation
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Warrant Liabilities	73,185
Liabilities	73,185
Additional paid-in-capital	(18,035)
Retained earnings	(55,150)
Fair Value Adjustment of Warrants	(20,453)	$ 13,300
Nonoperating Income (Expense)	20,453
Income before income taxes	20,453
Net income	20,453
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	20,453
Net Cash Provided by (Used in) Operating Activities	$ 0
Basic earnings per share from net income (in dollars per share)	$ 0.21
Stockholders' Equity Attributable to Parent	$ (73,185)

Business Combination (Details) - USD ($) $ in Thousands			3 Months Ended
Business Combination (Details) - USD ($) $ in Thousands	Nov. 07, 2019	Oct. 09, 2019	Nov. 28, 2020	May 30, 2020	Nov. 30, 2019
Business Acquisition [Line Items]
Payments to acquire business, equity issuance		$ 350,000
Business transaction costs			$ 0		$ 26,159
Acquisition of Quest
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross	$ 988,900
Total purchase price	986,820		986,800
Payments to acquire business, cash on hand	195,300
Payments to acquire business, equity issuance		$ 350,000
Proceeds from long-term line of credit	443,600
Business transaction costs			26,200
Transaction advisory fees	14,500
Banker commitment fees	3,200
Non-deferrable debt issuance costs	6,100
Legal, due diligence and accounting fees	2,400
Intangible assets, net	868,375
Deferred income taxes	10,754
Property and equipment, net	9,843
Goodwill, Purchase Accounting Adjustments			21,500
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred				$ 2,100
Acquisition of Quest \| Deferred income taxes
Business Acquisition [Line Items]
Fair value measurement period adjustment			3,200
Acquisition of Quest \| Intangible assets, net
Business Acquisition [Line Items]
Fair value measurement period adjustment			20,000
Acquisition of Quest \| Accounts receivable, net
Business Acquisition [Line Items]
Fair value measurement period adjustment			(4,300)
Acquisition of Quest \| Inventories
Business Acquisition [Line Items]
Fair value measurement period adjustment			900
Acquisition of Quest \| Property and equipment, net
Business Acquisition [Line Items]
Fair value measurement period adjustment			$ (500)
Centerview Partners \| Acquisition of Quest
Business Acquisition [Line Items]
Transaction advisory fees	$ 12,000
Business Acquisition, Transaction Costs, Advisory Fees, Percentage	1.20%
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
Tax deductible goodwill	67,700
Software and website development costs \| Acquisition of Quest
Business Acquisition [Line Items]
Intangible assets, net	3,400
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

Business Combination (Details 2) - USD ($) $ in Thousands	3 Months Ended
Business Combination (Details 2) - USD ($) $ in Thousands	Nov. 28, 2020	Nov. 30, 2019	Aug. 29, 2020	Nov. 07, 2019
Business Combination, Consideration Transferred [Abstract]
Goodwill	$ 543,134		$ 544,774
Business Combination, Description [Abstract]
Net sales	231,152	$ 152,153
Acquisition of Quest
Business Combination, Consideration Transferred [Abstract]
Cash and equivalents				$ 4,745
Accounts receivable, net				25,359
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				912,295
Goodwill				74,525
Total assets acquired and liabilities assumed	986,800			$ 986,820
Quest \| Acquisition of Quest
Business Combination, Description [Abstract]
Net sales	$ 95,769	$ 17,082

Business Combination (Details 3) - Acquisition of Quest $ in Thousands	3 Months Ended
	Nov. 30, 2019 USD ($)
Business Acquisition [Line Items]
Pro forma revenue	$ 220,556
Pro forma gross profit	88,188
Pro forma net income (loss)	$ 28,956

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue Recognition (Details) - USD ($) $ in Thousands	Nov. 28, 2020	Nov. 30, 2019
Disaggregation of revenue
Net sales	$ 231,152	$ 152,153
North America
Disaggregation of revenue
Net sales	218,530	144,894
International
Disaggregation of revenue
Net sales	12,622	7,259
Atkins
Disaggregation of revenue
Net sales	122,761	127,812
Acquisition of Quest \| Quest
Disaggregation of revenue
Net sales	$ 95,769	$ 17,082

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue Recognition (Details 2) - USD ($) $ in Millions	3 Months Ended
Revenue Recognition (Details 2) - USD ($) $ in Millions	Nov. 28, 2020	Nov. 30, 2019	Aug. 29, 2020
Revenue from Contract with Customer [Abstract]
Allowance for doubtful accounts	$ 0.6		$ 0.5
Credit loss expense (reversal), accounts receivable	$ 0.1	$ 0.0

Goodwill and Intangibles Goodwill Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 28, 2020	Aug. 29, 2020
Goodwill [Line Items]
Goodwill	$ 543,134	$ 544,774
Change in goodwill due to acquisition of a business	1,178
Goodwill disposed of with sale of business	$ (2,818)

Goodwill and Intangibles - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
	Sep. 24, 2020	Nov. 28, 2020	Nov. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Proceeds from SimplyProtein Sale	$ 8,800
Cash proceeds from SimplyProtein Sale	5,800
Note Receivable from SimplyProtein Sale	3,000
Gain (loss) on sale of business	0
Goodwill, Impaired, Accumulated Impairment Loss		$ 0
Intangible asset amortization expense		3,900	$ 2,300
Indefinite-lived intangible assets disposed of in sale of business	$ 5,000
Impairment of intangible assets, excluding goodwill		0
Goodwill disposed of with sale of business		2,818
Goodwill Written Off from SimplyProtein Sale		$ 2,800

Goodwill and Intangibles - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Nov. 28, 2020	Aug. 29, 2020
Intangible assets with finite lives:
Intangible assets, Gross carrying amount	$ 1,182,357	$ 1,187,967
Accumulated amortization	32,462	29,199
Intangible assets, Net carrying amount	1,149,895	$ 1,158,768
Finite-lived intangible assets, Net carrying amount	$ 175,840
Customer relationships
Intangible assets with finite lives:
Useful life	15 years	15 years
Finite-lived intangible assets, Gross carrying amount	$ 174,000	$ 174,000
Accumulated amortization	21,403	18,503
Finite-lived intangible assets, Net carrying amount	152,597	155,497
Software and website development costs
Intangible assets with finite lives:
Finite-lived intangible assets, Gross carrying amount	5,302	5,967
Accumulated amortization	2,365	2,645
Finite-lived intangible assets, Net carrying amount	$ 2,937	$ 3,322
Proprietary recipes and formulas
Intangible assets with finite lives:
Useful life	7 years	7 years
Finite-lived intangible assets, Gross carrying amount	$ 7,000	$ 7,000
Accumulated amortization	3,381	3,131
Finite-lived intangible assets, Net carrying amount	$ 3,619	$ 3,869
Licensing agreements
Intangible assets with finite lives:
Useful life	14 years	14 years
Finite-lived intangible assets, Gross carrying amount	$ 22,000	$ 22,000
Accumulated amortization	5,313	4,920
Finite-lived intangible assets, Net carrying amount	16,687	$ 17,080
Intangible assets in progress
Intangible assets with finite lives:
Finite-lived intangible assets, Gross carrying amount	55
Accumulated amortization	0
Finite-lived intangible assets, Net carrying amount	$ 55
Minimum \| Software and website development costs
Intangible assets with finite lives:
Useful life	3 years	3 years
Minimum \| Intangible assets in progress
Intangible assets with finite lives:
Useful life	3 years
Maximum \| Software and website development costs
Intangible assets with finite lives:
Useful life	5 years	5 years
Maximum \| Intangible assets in progress
Intangible assets with finite lives:
Useful life	5 years
Brands and trademarks
Intangible assets with indefinite lives:
Indefinite-lived intangible assets	$ 974,000	$ 979,000

Goodwill and Intangibles - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 28, 2020	Nov. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 3,900	$ 2,300
Remainder of 2021	11,530
2020	15,224
2021	14,938
2022	14,257
2023	13,171
2026 and thereafter	106,720
Finite-lived intangible assets, Net carrying amount	$ 175,840

Long-Term Debt and Line of Credit - Narrative (Details) - USD ($) $ in Millions	Nov. 07, 2019	Mar. 16, 2018	Jul. 07, 2017	Nov. 28, 2020	Aug. 29, 2020
Debt Instrument [Line Items]
Revolving Credit Facility, Amount Outstanding					$ 0.0
Letters of Credit Outstanding, Amount				$ 4.4
Term Loan
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage				4.80%
Proceeds from long-term line of credit	$ 460.0
Term Loan \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	3.75%
Finance leases
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage				5.60%
Barclays Bank PLC and Other Parties \| Term Loan
Debt Instrument [Line Items]
Borrowing capacity			$ 200.0
Maturity period			7 years
Barclays Bank PLC and Other Parties \| Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity			$ 75.0
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%
Line of Credit \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
Line of Credit \| Barclays Bank PLC and Other Parties \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		2.50%	0.50%
Line of Credit \| Barclays Bank PLC and Other Parties \| Eurocurrency
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Line of Credit \| Barclays Bank PLC and Other Parties \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		3.50%
Line of Credit \| Barclays Bank PLC and Other Parties \| Term Loan \| Eurocurrency
Debt Instrument [Line Items]
Basis spread on variable rate			3.00%
Line of Credit \| Barclays Bank PLC and Other Parties \| Term Loan \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			4.00%
Interest rate floor			1.00%
Line of Credit \| Barclays Bank PLC and Other Parties \| Revolving Credit Facility \| Eurocurrency
Debt Instrument [Line Items]
Basis spread on variable rate			2.00%
Line of Credit \| Barclays Bank PLC and Other Parties \| Revolving Credit Facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			3.00%

Long-Term Debt and Line of Credit - Schedule of Debt (Details) - USD ($) $ in Thousands	Nov. 28, 2020	Aug. 29, 2020
Debt Disclosure [Abstract]
Term Facility (effective rate of 4.8% at November 28, 2020)	$ 581,500	$ 606,500
Finance lease liabilities (effective rate of 5.6% at November 28, 2020)	892	922
Less: Deferred financing fees	9,194	10,272
Total debt	573,198	597,150
Less: Current finance lease liabilities	(275)	(271)
Long-term debt, net of deferred financing fees	$ 572,923	$ 596,879

Fair Value of Financial Instruments (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Nov. 28, 2020	Nov. 30, 2019	Aug. 29, 2020	Jul. 06, 2017
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Share Price	$ 22.36	$ 27.63
Warrants and Rights Outstanding, Term	1 year 7 months 6 days	2 years 7 months 6 days
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	0.14%	1.60%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate	25.60%	21.50%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value	$ 10.92	$ 16.61
Fair Value Adjustment of Warrants	$ (20,453)	$ (13,308)
Warrant Liabilities	73,185	111,300	$ 93,638
Change in Accounting Principle and Presentation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value Adjustment of Warrants	20,453	$ (13,300)
Warrant Liabilities	$ 73,185
Private Placement Warrants
Fair Value Disclosures [Abstract]
Class of Warrant or Right, Outstanding	6,700,000			6,700,000
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Class of Warrant or Right, Outstanding	6,700,000			6,700,000
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 11.50	$ 11.50

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 28, 2020	Nov. 30, 2019
Income Tax Disclosure [Abstract]
Income before income taxes	$ 51,327	$ 6,786
Provision (benefit) for income taxes	$ 8,374	$ (1,729)
Effective tax rate	16.30%	(25.50%)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68072869&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Narrative (Details)	3 Months Ended
Income Taxes - Narrative (Details)	Nov. 28, 2020
Income Tax Disclosure [Abstract]
Effective tax rate difference	41.80%

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
Leases (Details) - USD ($) $ in Thousands	Nov. 28, 2020	Nov. 30, 2019	Aug. 29, 2020
Components of lease expense
Lease cost	$ 1,498	$ 806
Variable lease cost (1)	398	310
Operating lease cost	1,896	1,116
Short term lease cost	0	6
Amortization of right-of-use assets	68	70
Interest on lease liabilities	13	16
Total finance lease cost	81	86
Total lease cost	1,977	1,208
Assets and liabilities, lessee
Operating lease, right-of-use asset	24,532		$ 25,703
Finance lease, right-of-use asset	844		912
Total lease assets	25,376		26,615
Operating lease, liability, current	4,355		4,329
Finance lease, liability, current	275		271
Operating lease, liability, noncurrent	21,882		22,764
Finance lease, liability, noncurrent	617		651
Total lease liabilities	27,129		28,015
Future maturities of lease liabilities, operating leases
Remainder of 2021	4,166
2021	4,722
2022	4,187
2023	4,289
2024	3,837
Thereafter	11,050
Total lease payments	32,251
Less: Interest	(6,014)
Present value of lease liabilities	26,237
Future maturities of lease liabilities, finance leases
Remainder of 2021	235
2021	313
2022	278
2023	145
2024	0
Thereafter	0
Total lease payments	971
Less: Interest	(79)
Present value of lease liabilities	892		$ 922
Loss on operating lease right-of-use asset impairment	354	0
Lessee, Operating Lease, Lease Not Yet Commences, Expected Payments	$ 32,200
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract	10 years
Lessee, Lease, Description [Line Items]
Finance Lease, Weighted Average Discount Rate, Percent	5.60%		5.60%
Finance Lease, Weighted Average Remaining Lease Term	3 years 2 months 1 day		3 years 4 months 28 days
Operating Lease, Weighted Average Discount Rate, Percent	5.70%		5.70%
Operating Lease, Weighted Average Remaining Lease Term	6 years 9 months 10 days		6 years 11 months 19 days
Supplemental and other information related to leases
Operating cash flows from operating leases	$ 1,811	1,170
Operating cash flows from finance leases	7	11
Financing cash flows from finance leases	$ 78	$ 78
Maximum
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Lease Not yet Commenced, Renewal Term	10 years
Minimum
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Lease Not yet Commenced, Renewal Term	5 years

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Nov. 30, 2019	Aug. 31, 2019	Nov. 28, 2020	Aug. 29, 2020
Commitments and Contingencies Disclosure [Abstract]
Litigation Settlement, Expense	$ 0.3	$ 3.5
Other commitment payment obligation			$ 2.9
Loss Contingency Accrual	$ 1.3			$ 1.3

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended
	Oct. 09, 2019	Oct. 05, 2018	Nov. 28, 2020	Nov. 30, 2019	Oct. 04, 2018	Jul. 06, 2017
Class of Stock [Line Items]
Shares, Issued	13,379,205
Shares issued price per share to public	$ 26.35
Underwriting discounts and commissions, Price per share	0.19
Shares issued proceeds per shares	$ 26.16
Proceeds from issuance of equity	$ 350.0
Equity Issuance costs, Legal	$ 0.8
Repurchase of common stock (in shares)			0.00	0.00
Stock Repurchase Program, Remaining Authorized Repurchase Amount			$ 47.9
Number of Warrants Exercised in Exchange for Common Stock		9,866,451
Cash received from warrant exercises		$ 113.5
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		1,333,848
Private Placement Warrants
Class of Stock [Line Items]
Class of Warrant or Right, Outstanding			6,700,000			6,700,000
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 11.50	$ 11.50
Public Warrants
Class of Stock [Line Items]
Class of Warrant or Right, Outstanding						13,416,667
Class of Warrant or Right, Exercise Price of Warrants or Rights						$ 11.50
Treasury Stock
Class of Stock [Line Items]
Stock repurchase program, authorized amount			$ 50.0

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Nov. 28, 2020	Nov. 30, 2019	Jul. 06, 2017
Numerator:
Net income	$ 42,953	$ 8,515
Denominator:
Weighted average common shares - basic (in shares)	95,538,111	89,708,633
Basic earnings per share from net income (in dollars per share)	$ 0.45	$ 0.09
Numerator:
Net income	$ 42,953	$ 8,515
Fair Value Adjustment of Warrants	(20,453)	(13,308)
Numerator for Diluted Earnings per Share	$ 22,500	$ (4,793)
Denominator:
Weighted average common shares - basic (in shares)	95,538,111	89,708,633
Private Warrants	3,216,252	3,821,232
Employee stock options	899,375	0
Non-vested shares	109,381	0
Weighted average common shares - diluted (in shares)	99,763,119	93,529,865
Diluted earnings per share from net income (in dollars per share)	$ 0.23	$ (0.05)
Private Placement Warrants
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table]
Class of Warrant or Right, Outstanding	6,700,000		6,700,000
Stock Options
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table]
Antidilutive securities excluded from computation of earnings per share	700,000	2,700,000
Restricted Stock Units
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table]
Antidilutive securities excluded from computation of earnings per share		300,000

Omnibus Incentive Plan (Details) - USD ($) $ in Thousands	3 Months Ended
Omnibus Incentive Plan (Details) - USD ($) $ in Thousands	Nov. 28, 2020	Nov. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$ 1,110	$ 1,673
Stock compensation expense	$ 1,110	$ 1,673

Omnibus Incentive Plan - Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Nov. 28, 2020	Nov. 30, 2019
Additional disclosures
Proceeds from option exercises	$ 157	$ 208
Stock Options
Shares
Outstanding at beginning of period (in shares)	2,615,899
Granted (in shares)	282,952
Exercised (in shares)	(13,118)
Forfeited (in shares)	(39,575)
Outstanding at end of period (in shares)	2,846,158
Options vested or expected to vest (in shares)	2,846,158
Exercisable (in shares)	2,228,465
Weighted average exercise price
Outstanding at beginning of period (in dollars per share)	$ 14.33
Granted (in dollars per share)	20.28
Exercised (in dollars per share)	12.00
Forfeited (in dollars per share)	23.08
Outstanding at end of period (in dollars per share)	14.81
Options vested or expected to vest (in dollars per share)	14.81
Exercisable (in dollars per share)	$ 13.22
Weighted average remaining contractual term
Outstanding at end of period, weighted average remaining contractual life	7 years 4 months 2 days
Vested and expected to vest at end of period, weighted average remaining contractual life	7 years 4 months 2 days
Exercisable at end of period, weighted average remaining contractual life	6 years 10 months 6 days
Additional disclosures
Unrecognized compensation costs	$ 4,000
Period for recognition of unrecognized compensation cost	2 years 1 month 6 days
Proceeds from option exercises		$ 200

Omnibus Incentive Plan - Restricted Stock Units Activity (Details) - Restricted Stock Units $ / shares in Units, $ in Millions	3 Months Ended
	Nov. 28, 2020 USD ($) $ / shares shares
Units
Non-vested at beginning of period (in shares) \| shares	208,023
Granted (in shares) \| shares	293,907
Vested (in shares) \| shares	(63,759)
Forfeited (in shares) \| shares	(12,530)
Non-vested at end of period (in shares) \| shares	425,641
Weighted average grant-date fair value
Non-vested at beginning of period (in dollars per share) \| $ / shares	$ 22.82
Granted (in dollars per share) \| $ / shares	21.16
Vested (in dollars per share) \| $ / shares	26.27
Forfeited (in dollars per share) \| $ / shares	23.68
Non-vested at end of period (in dollars per share) \| $ / shares	$ 21.13
Additional disclosures
Unrecognized compensation costs \| $	$ 8.4
Period for recognition of unrecognized compensation cost	2 years 7 months 6 days

Omnibus Incentive Plan - Performance Stock Units Activity (Details) - Performance Stock Units $ / shares in Units, $ in Millions	3 Months Ended
	Nov. 28, 2020 USD ($) $ / shares shares
Units
Non-vested at beginning of period (in shares) \| shares	295,256
Granted (in shares) \| shares	116,309
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	(26,400)
Non-vested at end of period (in shares) \| shares	385,165
Weighted average grant-date fair value
Non-vested at beginning of period (in dollars per share) \| $ / shares	$ 17.93
Granted (in dollars per share) \| $ / shares	23.59
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	22.06
Non-vested at end of period (in dollars per share) \| $ / shares	$ 19.35
Additional disclosures
Period for recognition of unrecognized compensation cost	1 year 9 months 18 days
Unrecognized compensation costs \| $	$ 5.1
Requisite service period	3 years
Minimum
Additional disclosures
Performance stock vesting range	0.00%
Maximum
Additional disclosures
Performance stock vesting range	200.00%

Omnibus Incentive Plan - Stock Appreciation Rights (Activity) (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Nov. 28, 2020 USD ($) $ / shares shares
Additional disclosures
Award vesting period	3 years
Award expiration period	10 years
Stock Appreciation Rights (SARs)
Shares
Outstanding at beginning of period (in shares) \| shares	150,000
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Outstanding at end of period (in shares) \| shares	150,000
Options vested or expected to vest (in shares) \| shares	150,000
Exercisable (in shares) \| shares	0
Weighted average exercise price
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 24.20
Granted (in dollars per share) \| $ / shares	0
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
Options vested or expected to vest (in dollars per share) \| $ / shares	24.20
Exercisable (in dollars per share) \| $ / shares	$ 0
Weighted average remaining contractual term
Vested and expected to vest at end of period, weighted average remaining contractual life	8 years 11 months 4 days
Outstanding at end of period, weighted average remaining contractual life	8 years 11 months 4 days
Exercisable at end of period, weighted average remaining contractual life	0 years
Additional disclosures
Unrecognized compensation costs \| $	$ 0.3
Period for recognition of unrecognized compensation cost	1 year 11 months 4 days

Segment and Customer Information (Details)	3 Months Ended
Segment and Customer Information (Details)	Nov. 28, 2020
Segment Reporting [Abstract]
Number of operating segments	1

Restructuring and related charges (Details) $ in Thousands	3 Months Ended
Restructuring and related charges (Details) $ in Thousands	Nov. 28, 2020 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring, Incurred cost	$ 2,500
Restructuring and Related Cost, Cost Incurred to Date	8,000
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring, Expected cost	9,200
Changes to the restructuring liability
Balance as of August 29, 2020	4,139
Charges	2,165
Cash payments	(5,966)
Non-cash settlements or adjustments	0
Balance as of November 28, 2020	$ 338