The Simply Good Foods Company (SMPL) 10-Q 3 Jan 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Nov. 24, 2018	Dec. 21, 2018
Document Information [Abstract]
Entity Registrant Name	Simply Good Foods Co.
Entity Central Index Key	1,702,744
Current Fiscal Year End Date	--08-31
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	true
Entity Small Business	false
Entity Ex Transition Period	false
Document Type	10-Q
Document Period End Date	Nov. 24, 2018
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		81,888,474

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 24, 2018	Aug. 25, 2018
Current assets:
Cash and cash equivalents	$ 210,761	$ 111,971
Accounts receivable, net	37,132	36,622
Inventories	38,056	30,001
Prepaid expenses	4,108	2,069
Other current assets	6,649	5,077
Total current assets	296,706	185,740
Long-term assets:
Property and equipment, net	2,799	2,565
Intangible assets, net	311,017	312,643
Goodwill	471,427	471,427
Other long-term assets	3,402	2,230
Total assets	1,085,351	974,605
Current liabilities:
Accounts payable	16,875	11,158
Accrued interest	546	582
Accrued expenses and other current liabilities	14,270	15,875
Current portion of TRA liability	0	2,320
Current maturities of long-term debt	650	648
Total current liabilities	32,341	30,583
Long-term liabilities:
Long-term debt, less current maturities	190,767	190,935
Long-term portion of TRA liability	0	25,148
Deferred income taxes	58,937	54,475
Other long-term liabilities	728	863
Total liabilities	282,773	302,004
See commitments and contingencies (Note 8)
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, 81,877,918 and 70,605,675 issued and outstanding at November 24, 2018 and August 25, 2018, respectively	819	706
Additional paid-in-capital	728,864	614,399
Retained earnings	73,551	58,294
Accumulated other comprehensive loss	(656)	(798)
Total stockholders' equity	802,578	672,601
Total liabilities and stockholders' equity	$ 1,085,351	$ 974,605

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Nov. 24, 2018	Aug. 25, 2018
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)	81,877,918	70,605,675
Common stock shares outstanding (in shares)	81,877,918	70,605,675

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Nov. 24, 2018	Nov. 25, 2017
Income Statement [Abstract]
Net sales	$ 120,931	$ 106,587
Cost of goods sold	61,820	53,830
Gross profit	59,111	52,757
Operating expenses:
Distribution	5,284	4,817
Selling	3,856	3,903
Marketing	11,463	9,850
General and administrative	13,868	12,079
Depreciation and amortization	1,886	1,934
Business transaction costs	1,039	0
Loss in fair value change of contingent consideration - TRA liability	533	642
Other expense	0	246
Total operating expenses	37,929	33,471
Income from operations	21,182	19,286
Other income (expense):
Interest income	781	0
Interest expense	(3,261)	(3,019)
Gain on settlement of TRA liability	1,534	0
(Loss) gain on foreign currency transactions	(398)	355
Other income	44	86
Total other expense	(1,300)	(2,578)
Income before income taxes	19,882	16,708
Income tax expense	4,625	6,490
Net income	15,257	10,218
Other comprehensive income:
Foreign currency translation adjustments	142	(699)
Comprehensive income	$ 15,399	$ 9,519
Earnings per share from net income:
Basic (in dollars per share)	$ 0.20	$ 0.14
Diluted (in dollars per share)	$ 0.18	$ 0.14
Weighted average shares outstanding:
Basic (in shares)	77,290,307	70,571,008
Diluted (in shares)	82,774,761	71,240,590

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Nov. 24, 2018	Nov. 25, 2017
Operating activities
Net income	$ 15,257	$ 10,218
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,886	1,934
Amortization of deferred financing costs and debt discount	334	322
Stock compensation expense	1,061	1,068
Loss on fair value change of contingent consideration - TRA liability	533	642
Gain on settlement of TRA liability	(1,534)	0
Unrealized gain (loss) on foreign currency transactions	398	(355)
Deferred income taxes	4,465	3,125
Changes in operating assets and liabilities:
Accounts receivable, net	(592)	(6,985)
Inventories	(8,112)	(2,688)
Prepaid expenses	(2,042)	(375)
Other current assets	(2,567)	53
Accounts payable	5,777	2,627
Accrued interest	(36)	(30)
Accrued expenses and other current liabilities	(1,885)	(767)
Other	5	44
Net cash provided by operating activities	12,948	8,833
Investing activities
Purchases of property and equipment	(494)	(661)
Acquisition of business, net of cash acquired	0	(1,757)
Net cash used in investing activities	(494)	(2,418)
Financing activities
Proceeds from option exercises	53	0
Cash received from warrant exercises	113,464	0
Payment of TRA liability	26,468	0
Principal payments of long-term debt	(500)	0
Net cash provided by financing activities	86,549	0
Cash and cash equivalents
Net increase in cash	99,003	6,415
Effect of exchange rate on cash	(213)	(41)
Cash at beginning of period	111,971	56,501
Cash and cash equivalents at end of period	210,761	62,875
Supplemental disclosures of cash flow information
Cash paid for interest	2,963	2,727
Cash paid for taxes	$ 353	$ 341

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders Equity Statement - 3 months ended Nov. 24, 2018 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Balance (in shares) at Aug. 25, 2018	70,605,675	70,605,675
Balance at Aug. 25, 2018	$ 672,601	$ 706	$ 614,399	$ 58,294	$ (798)
Net income	15,257			15,257
Stock-based compensation	1,061		1,061
Foreign currency translation adjustments	142				142
Shares issued upon vesting of Restricted Stock Units (in shares)		67,500
Shares issued upon vesting of Restricted Stock Units	0	$ 1	(1)
Exercise of options to purchase common shares (in shares)		4,444
Exercise of options to purchase common stock	53	$ 0	53
Warrant conversion (in shares)		11,200,299
Warrant conversion	113,464	$ 112	113,352
Balance at Nov. 24, 2018	$ 802,578	$ 819	$ 728,864	$ 73,551	$ (656)
Balance (in shares) at Nov. 24, 2018	81,877,918	81,877,918

Nature of Operations and Princi

Nature of Operations and Principles of Consolidation	3 Months Ended
	Nov. 24, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Principles of Consolidation	Nature of Operations and Principles of Consolidation Conyers Park Acquisition Corp (“Conyers Park”) was formed on April 20, 2016, as a special purpose acquisition company for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Simply Good Foods Company (“Simply Good Foods”) was formed by Conyers Park on March 30, 2017. On April 10, 2017, Conyers Park and NCP-ATK Holdings, Inc. (“Atkins”) entered into a definitive merger agreement (the “Merger Agreement”), pursuant to which on July 7, 2017 , Conyers Park merged into Simply Good Foods, which acquired Atkins pursuant to the Merger Agreement. As a result, both entities became wholly-owned subsidiaries of Simply Good Foods (the "Business Combination"). Atkins was formerly owned by Roark Capital Management, LLC (“Roark”). The Business Combination resulted in Conyers Park controlling the Board of Directors of the combined entity. The common stock of Simply Good Foods is listed on the Nasdaq Capital Market under the symbol “SMPL.” The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All material 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. Description of Business Simply Good Foods operates in the healthy snacking category. The Atkins ® brand focuses on an approach to eating that advocates reduced levels of refined carbohydrates and refined sugars, and encourages the consumption of lean protein, fiber, fruits, vegetables, and good fats. The Company sells a variety of nutrition bars, Ready to Drink (“RTD”) shakes, snacks and confectionery products designed around the nutrition principles of the Atkins eating approach. In addition to snacking products, we have granted a license for frozen meals sold in the United States. Seasonality The Company has experienced in the past, and expects to continue to experience, seasonal fluctuations in sales as a result of consumer spending patterns. Historically, sales have been greatest in the second fiscal quarter as the Company sells product to retail locations, which sell to consumers in the post-holiday resolution season. The Company has also seen some seasonality in the summer and back-to-school shopping seasons each year. The period of the lowest sales has historically been the fourth fiscal quarter. The Company believes these consumer spending patterns are driven primarily by the predisposition of consumers to adjust their approach to nutrition at certain times of the year as well as the timing of the Company’s advertising linked with key customer promotion windows. Unaudited Interim Condensed Consolidated Financial Statements The interim condensed consolidated financial statements and related notes of the Company and its subsidiaries are unaudited. The 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 condensed consolidated financial statements reflect all adjustments and disclosures which are, in our 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. The results reported in these interim condensed consolidated financial statements are not necessarily indicative of the results that may be reported for the entire year and should be read in conjunction with the Company's consolidated financial statements for the fiscal year ended August 25, 2018 , included in our Annual Report on Form 10-K (“Annual Report”), filed on October 24, 2018. 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Nov. 24, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Refer to Note 2, Summary of Significant Accounting Policies , to our consolidated financial statements included in our Annual Report for a description of significant accounting policies. Recently Issued and Adopted Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (ASC Topic 606). The objective of ASU No. 2014-09 is to outline a new, single comprehensive model to use in accounting for revenue arising from contracts with customers. The new revenue recognition model provides a five-step analysis for determining when and how revenue is recognized, depicting the transfer of promised goods or services to customers in an amount that reflects the consideration expected to be received in exchange for those goods or services. The Company adopted the requirements of ASC Topic 606 and all related requirements using the modified retrospective method in the first quarter of fiscal 2019. Upon completing our assessment of ASC Topic 606, we concluded that no adjustments were required to the opening balance of retained earnings at the date of adoption and the comparative information has not been restated. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements. Disclosures required by ASC Topic 606 are presented within Note 3, Revenue Recognition. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments—Overall (Subtopic 825-10). This new standard enhances the reporting model for financial instruments regarding certain aspects of recognition, measurement, presentation, and disclosure. The provisions of this ASU are effective for annual reporting periods beginning after December 15, 2017, and interim reporting periods within those annual periods. This ASU is to be applied using a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The Company adopted this ASU in the first quarter of fiscal 2019. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The standard requires lessees to recognize the assets and liabilities that arise from leases on the balance sheet. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. The new guidance is effective for the Company beginning in fiscal 2020. The amendments should be applied at the beginning of the earliest period presented using a modified retrospective approach with earlier application permitted as of the beginning of an interim or annual reporting period. The Company is currently evaluating the effects adoption of this guidance will have on its consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The new guidance is intended to eliminate diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The new standard is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted for all entities, provided that all of the amendments are adopted in the same period. The guidance requires application using a retrospective transition method. The Company adopted this ASU in the first quarter of fiscal 2019. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and other (Topic 350): Simplifying the Test for Goodwill Impairment . The standard simplifies how an entity tests goodwill by eliminating Step 2 of the goodwill impairment test. The amended standard also modifies the concept of impairment from the condition that exists when the carrying amount of goodwill exceeds its implied fair value to the condition that exists when the carrying amount of a reporting unit exceeds its fair value. The new guidance is effective for the Company beginning in fiscal 2020. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact of the new guidance on its goodwill impairment testing. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805) , to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The provisions of this ASU provide a more robust framework to use in determining when a set of assets and activities is a business by clarifying the requirements related to inputs, processes, and outputs. These provisions are to be applied prospectively and are effective for annual reporting periods beginning after December 15, 2017, and interim reporting periods within those annual periods. The Company adopted this ASU in the first quarter of fiscal 2019. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting. The amended standard specifies the modification accounting applicable to any entity which changes the terms or conditions of a share-based payment award. The Company adopted this ASU in the first quarter of fiscal 2019. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Nov. 24, 2018
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer [Text Block]	A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The singular performance obligation of our customer contracts is determined by each individual purchase order and the products ordered, with revenue being recognized at a point-in-time when the obligation under the terms of the agreement is satisfied and product control is transferred to the customer. Specifically, control transfers to our customers when the product is delivered to or picked up by our customers based on applicable shipping terms. All shipping and handling costs incurred to deliver products are accounted for as fulfillment costs and are included in Distribution . The performance obligations of our customer contracts are generally satisfied within 30 days. Revenue is measured as the amount of consideration we expect to receive in exchange for fulfilled product orders. The amount of consideration we expect to receive includes estimates of variable consideration, including costs for trade programs, consumer incentives, coupon redemptions and allowances for unsaleable products. These estimates are made using various information including historical data on performance of similar trade promotional activities, as well as the Company's best estimate of current activity. We review these estimates regularly and make revisions as necessary. The impact of adjustments to variable consideration are recognized in the period the adjustments are identified. These changes have historically been insignificant. Revenue is recognized net of any taxes collected from customers and subsequently remitted to governmental authorities. Our customer contracts identify product quantity, price and payment terms. Payment terms are granted consistent with industry standards. Although some payment terms may be more extended, the majority of our payment terms are less than 60 days. As a result, we do not adjust our revenues for the effects of a significant financing component. Amounts billed and due from our customers are classified as accounts receivable on the condensed consolidated balance sheets. We provide standard assurance type warranties that our products will comply with all agreed-upon specifications. No services beyond an assurance type warranty are provided to our customers. The Company utilizes third-party contract manufacturers for the manufacture of our products. We have evaluated whether the Company is the principal or agent in these relationships. We have determined that the Company is the principal in all cases, as it maintains the responsibility for fulfillment, risk of loss and sets the price. We recognize a minor amount of royalty income for the license of Atkins' frozen meals. Royalty income represents less than 1% of the Company's net sales. Royalty revenue is recognized over time as sales of licensed products occur. Revenues from transactions with external customers for each of Atkins’ products would be impracticable to disclose and management does not view its business by product line. The following table presents our revenue disaggregated by geographic area. Thirteen Weeks Ended (In thousands) November 24, 2018 November 25, 2017 Net sales North America $ 114,606 $ 99,534 International 6,325 7,053 Total $ 120,931 $ 106,587

Goodwill and Intangibles

Goodwill and Intangibles	3 Months Ended
	Nov. 24, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangibles	Goodwill and Intangibles There were no changes to goodwill during the thirteen weeks ended November 24, 2018 . Intangible assets, net in our condensed consolidated balance sheets consist of the following: November 24, 2018 (In thousands) Useful life Gross carrying amount Accumulated amortization Net carrying amount Intangible assets with indefinite life: Brands and trademarks Indefinite life $ 232,000 $ — $ 232,000 Intangible assets with finite lives: Customer relationships 15 years 59,000 5,432 53,568 Proprietary recipes and formulas 7 years 7,000 1,381 5,619 Licensing agreements 14 years 22,000 2,170 19,830 $ 320,000 $ 8,983 $ 311,017 August 25, 2018 (In thousands) Useful life Gross carrying amount Accumulated amortization Net carrying amount Intangible assets with indefinite life: Brands and trademarks Indefinite life $ 232,000 $ — $ 232,000 Intangible assets with finite lives: Customer relationships 15 years 59,000 4,448 54,552 Proprietary recipes and formulas 7 years 7,000 1,131 5,869 Licensing agreements 14 years 22,000 1,778 20,222 $ 320,000 $ 7,357 $ 312,643 Intangible assets, net changed due to amortization expense. Amortization expense related to intangible assets during the thirteen weeks ended November 24, 2018 and November 25, 2017 were $1.6 million and $1.6 million , respectively. Estimated future amortization for each of the next five fiscal years and thereafter is as follows: (In thousands by fiscal year) Remainder of 2019 $ 4,879 2020 6,505 2021 6,505 2022 6,505 2023 6,505 2024 and thereafter 48,118 Total $ 79,017

Long-Term Debt and Line of Cred

Long-Term Debt and Line of Credit	3 Months Ended
	Nov. 24, 2018
Debt Disclosure [Abstract]
Long-Term Debt and Line of Credit	Long-Term Debt and Line of Credit On July 7, 2017, the Company entered into a credit agreement with Barclays Bank PLC and other parties (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 Business Combination, 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 bear interest at a 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 will continue 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. The Credit Agreement is subject to mandatory prepayments based on contractual terms. The Credit Agreement contains certain financial and other covenants that limit our ability to, among other things, incur and/or undertake asset sales and other dispositions, liens, indebtedness, certain acquisitions and investments, consolidations, mergers, reorganizations and other fundamental changes, payment of dividends and other distributions to equity and warrant holders, and prepayments of material subordinated debt, in each case, subject to customary exceptions materially consistent with credit facilities of such type and size. The Revolving Credit Facility has a maximum total net leverage ratio equal to or less than 6.25 :1.00 (with a reduction to 6.00 :1.00 on 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 Agreement may result in an event of default. The Company was in compliance with all covenants under the Credit Agreement as of November 24, 2018 and August 25, 2018 . At November 24, 2018 and August 25, 2018 , there were no amounts drawn against the Revolving Credit Facility. Long-term debt consists of the following: (In thousands) November 24, 2018 August 25, 2018 Term Loan $ 198,000 $ 198,500 Less: Deferred financing fees 6,583 6,917 Total debt 191,417 191,583 Less: Current maturities, net of deferred financing fees of $1.4 million at November 24, 2018 and August 25, 2018, respectively 650 648 Long-term debt, net of deferred financing fees $ 190,767 $ 190,935 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 24, 2018 and August 25, 2018 , the book value of the Company’s debt approximated fair value. The estimated fair value of the Term Loan is based on observable inputs and classified as Level 2 in the fair value hierarchy.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Nov. 24, 2018
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measurements, a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies, is as follows: Level 1 – Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2 – Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 – Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. The following table sets forth the Company’s liabilities measured at fair value. Fair value at August 25, 2018 is summarized as follows: (In thousands) Level 1 Level 2 Level 3 Total Liabilities TRA liability $ — $ — $ 27,468 $ 27,468 A loss of $0.5 million and $0.6 million was charged to the Loss in fair value change of contingent consideration - TRA liability for the thirteen weeks ended November 24, 2018 and November 25, 2017 , respectively. The Company settled the Income Tax Receivable Agreement (the "TRA") during the thirteen weeks ended November 24, 2018 , which resulted in a $1.5 million gain. Following the settlement of the TRA liability, the Company did not have any Level 3 financial assets or liabilities. The settlement of the TRA liability is discussed in Note 7 . The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximated fair value as of November 24, 2018 and August 25, 2018 due to the relatively short maturity of these instruments.

Income Taxes

Income Taxes	3 Months Ended
	Nov. 24, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Tax Act”) was signed into law. The change in the tax law was partially effective in the 2018 fiscal year and is fully effective in the 2019 fiscal year. The Tax Act, among other things, reduces the top U.S. federal corporate tax rate from 35% to 21%, requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred, and creates new taxes on certain foreign sourced earnings. Due to the complexities involved in accounting for the Tax Act, SEC Staff Accounting Bulletin 118 requires that the Company include in its financial statements the reasonable estimate of the impact of the Tax Act on earnings to the extent such reasonable estimate has been determined. The Company is allowed a measurement period of up to one year after the enactment date to finalize the recording of the related tax impacts. As of November 24, 2018 , we have not completed our accounting for the tax effects of enactment of the Tax Act; however, as described below, we have made a reasonable estimate of the effects on our existing deferred tax balances and the one-time transition tax and have recorded provisional amounts. For the items for which we were able to determine a reasonable estimate, we recognized a provisional gain of $31.0 million in fiscal year 2018. Provisional Amounts The Tax Act reduces the corporate federal tax rate to 21%, effective January 1, 2018. While we are able to make a reasonable estimate of the impact of the reduction in corporate rate, it may be affected by other analysis related to the Tax Act, including, but not limited to, our calculation of deemed repatriation of deferred foreign income and the state tax effect of adjustments made to federal temporary differences. The one-time transition tax is based on our total post-1986 earnings and profits (E&P) that we previously deferred from U.S. income taxes. We recorded immaterial provisional amounts for our one-time transition tax liability for of our foreign subsidiaries, resulting in an immaterial increase in income tax expense. We have not yet completed our calculation of the total post-1986 E&P for these foreign subsidiaries. Further, the transition tax is based in part on the amount of those earnings held in cash and other specified assets. This amount may change when we finalize the calculation of post-1986 foreign E&P previously deferred from U.S. federal taxation and finalize the amounts held in cash or other specified assets. We are continuing to gather additional information to compute the amount of the transition tax more precisely. Effective Tax Rate The following table shows the tax expense and the effective tax rate for the thirteen weeks ended November 24, 2018 and November 25, 2017 resulting from operations: Thirteen Weeks Ended (In thousands) November 24, 2018 November 25, 2017 Income before income taxes $ 19,882 $ 16,708 Provision for income taxes $ 4,625 $ 6,490 Effective tax rate 23.3 % 38.8 % The effective tax rate for the thirteen week period ended November 24, 2018 is lower than the effective tax rate for the thirteen week period ended November 25, 2017 by 15.5% , which is primarily driven by the change in the tax law due to the Tax Act, and also by the one time impact of the settlement of the TRA. Tax Receivable Agreement Concurrent with the Business Combination, the Company entered into the TRA with the historical shareholders of Atkins in consideration for the Business Combination. The TRA was valued based on the future expected payments under the terms of the agreement. The TRA provided for the payment by Simply Good Foods to the Atkins’ selling equity holders for certain federal, state, local and non-U.S. tax benefits deemed realized in post-closing taxable periods by Simply Good Foods, Conyers Park, Atkins and Atkins’ eligible subsidiaries from the use of up to $100.0 million of the following tax attributes: (i) net operating losses available to be carried forward as of the closing of the Business Combination, (ii) certain deductions generated by the consummation of the business transaction, and (iii) remaining depreciable tax basis from the 2003 acquisition of Atkins Nutritionals, Inc. During the thirteen weeks ended November 24, 2018, the Company entered into a termination agreement (the "Termination Agreement") with Atkins Holdings, LLC and Roark Capital Acquisition, LLC. Pursuant to the Termination Agreement, the Company paid $26.5 million to settle the TRA in full. Under the Termination Agreement, each of the parties thereto agreed to terminate the TRA and to release any and all obligations and liabilities of the other parties thereunder effective as of the receipt of the termination payment. The Company recorded a $0.5 million loss on the fair value change in the TRA liability through the settlement date and recognized a gain of $1.5 million in connection with the execution of the Termination Agreement and final cash payment.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Nov. 24, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases The Company has non-cancellable operating leases for six buildings. For the thirteen weeks ended November 24, 2018 and November 25, 2017 , rent expenses were $0.5 million and $0.6 million , respectively. Litigation From time to time, the Company has been and may again become involved in legal proceedings arising in the ordinary course of its 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 it believes could have a material adverse effect on its business, operating results, financial condition or cash flows. Other The Company has entered into endorsement contracts with certain celebrity figures to promote and endorse the Atkins brand and line of products. 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 24, 2018 , the Company will be required to make payments of $1.6 million over the next year.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Nov. 24, 2018
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Equity Warrants Prior to the Business Combination, Conyers Park issued 13,416,667 public warrants and 6,700,000 private placement warrants. Simply Good Foods assumed the Conyers Park equity warrants in connection with the Business Combination. As a result of the Business Combination, 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 Simply Good Foods. All other features of the warrants were unchanged. From August 26, 2018 through October 5, 2018, public warrants to purchase an aggregate of 9,866,451 shares of the Company's common stock were exercised for cash at an exercise price of $11.50 per share, resulting in aggregate gross proceeds to the Company of $113.5 million . On October 4, 2018, the Company delivered a notice for the redemption (the "Redemption Notice") of all of its public warrants that remained unexercised immediately after November 5, 2018. Holders who exercised public warrants following the Redemption Notice were required to do so 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. The Company's private warrants to purchase 6,700,000 shares of the Company's common stock remain outstanding. Stock Repurchase Program On November 13, 2018, the Company announced that its Board of Directors had adopted a $50.0 million stock repurchase program. Under the stock repurchase program, the Company may repurchase shares from time to time in the open market or in privately negotiated transactions. The stock repurchase program does not obligate the Company to acquire any specific number of shares or acquire shares over any specific period of time. The stock repurchase program may be suspended or discontinued at any time by the Company. The Company did not repurchase any shares of common stock during the thirteen weeks ended November 24, 2018 .

Earnings Per Share

Earnings Per Share	3 Months Ended
	Nov. 24, 2018
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share is based on the weighted average number of common shares issued and outstanding. Diluted earnings per share is based on the weighted average number of common shares issued and outstanding and the effect of all dilutive common stock equivalents outstanding during each period. The following table reconciles the numerators and denominators used in the computations of both basic and diluted earnings per share: Thirteen Weeks Ended (In thousands, except per share data) November 24, 2018 November 25, 2017 Basic earnings per share computation: Numerator: Net income available to common stock shareholders $ 15,257 $ 10,218 Denominator: Weighted average common shares - basic 77,290,307 70,571,008 Basic earnings per share from net income $ 0.20 $ 0.14 Diluted earnings per share computation: Numerator: Net income available to common stock shareholders $ 15,257 $ 10,218 Denominator: Weighted average common shares outstanding - basic 77,290,307 70,571,008 Public and Private Warrants 4,892,604 659,301 Employee stock options 559,659 — Non-vested shares 32,191 10,281 Weighted average common shares - diluted 82,774,761 71,240,590 Diluted earnings per share from net income $ 0.18 $ 0.14 Earnings per share calculations for the thirteen weeks ended November 24, 2018 and November 25, 2017 excluded 0.2 million and 2.6 million shares of stock options, respectively, that would have been anti-dilutive.

Stock Option Plan

Stock Option Plan	3 Months Ended
	Nov. 24, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Option Plan	Stock Option Plan Stock-based compensation includes stock options, restricted stock unit and performance stock unit awards, which are awarded to employees and directors 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 $1.1 million of stock-based compensation expense in each of the thirteen weeks ended November 24, 2018 and November 25, 2017 . Stock Options The following table summarizes stock option activity for the thirteen weeks ended November 24, 2018 : Shares Weighted average Weighted average remaining contractual life (in years) Outstanding as of August 25, 2018 2,506,083 $ 12.28 Granted 315,331 19.89 Exercised (4,444 ) 12.00 Forfeited — — Outstanding as of November 24, 2018 2,816,970 $ 13.13 8.77 Vested and expected to vest as of November 24, 2018 2,816,970 $ 13.13 8.77 Exercisable as of November 24, 2018 782,926 $ 12.00 8.32 As of November 24, 2018 , the Company had $7.6 million of total unrecognized compensation cost related to stock option plans that will be recognized over a weighted average period of 1.94 years. During the thirteen week period ended November 24, 2018 , the Company received $0.1 million in cash from stock option exercises. Restricted Stock Units The following table summarizes restricted stock unit activity for the thirteen weeks ended November 24, 2018 : Units Weighted average Non-vested as of August 25, 2018 111,085 $ 12.06 Granted 74,570 18.67 Vested (67,500 ) 11.91 Forfeited — — Non-vested as of November 24, 2018 118,155 $ 16.32 As of November 24, 2018 , the Company had $1.6 million of total unrecognized compensation cost related to restricted stock units that will be recognized over a weighted average period of 1.67 years. Performance Stock Units During the thirteen weeks ended November 24, 2018 , 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 100% based upon the price of the Company's common stock at the end of 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 24, 2018 : Units Weighted average Non-vested as of August 25, 2018 — $ — Granted 193,512 11.93 Vested — — Forfeited — — Non-vested as of November 24, 2018 193,512 $ 11.93 As of November 24, 2018 , the Company had $2.3 million of total unrecognized compensation cost related to performance stock units that will be recognized over a weighted average period of 2.96 years.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Nov. 24, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Tax Receivable Agreement During the thirteen weeks ended November 24, 2018 , the Company entered into the Termination Agreement, pursuant to which, the Company paid $26.5 million to settle the TRA (the "Termination Payment"), which provided former stockholders of Atkins with payments for federal, state, local and non-U.S. tax benefits deemed realized by the Company. Under the Termination Agreement, each of the parties thereto agreed to terminate the TRA and to release and discharge any and all obligations and liabilities of the other parties thereunder effective as of the exchange agent's receipt of the Termination Payment. Richard Laube, a director of the Company, Joseph Scalzo, our president and Chief Executive Officer and a director of the Company, and Scott Parker, our Chief Marketing Officer, were each former stockholders of Atkins and received their respective pro rata share of the Termination Payment as additional consideration for their former stock ownership in accordance with the terms of the Merger Agreement. The TRA liability and subsequent settlement are discussed in Note 7 . Execution of the Merger Agreement In the first quarter of fiscal 2018, per the terms of the Merger Agreement, Simply Good Foods paid a working capital adjustment of $1.8 million to the former owners of Atkins, which resulted in an increase to the previously recognized goodwill.

Segment and Customer Informatio

Segment and Customer Information	3 Months Ended
	Nov. 24, 2018
Segment Reporting [Abstract]
Segment and Customer Information	Segment and Customer Information The Company has organized its operations into one operating segment that sells its branded nutritional foods and snacking products designed around the nutrition principles of the Atkins eating approach. The results of the operating segment are reviewed by the Company’s chief operating decision maker to make decisions about resource expenditures and assessing financial performance. This operating segment is therefore the Company’s only reportable segment.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Nov. 24, 2018
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued and Adopted Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (ASC Topic 606). The objective of ASU No. 2014-09 is to outline a new, single comprehensive model to use in accounting for revenue arising from contracts with customers. The new revenue recognition model provides a five-step analysis for determining when and how revenue is recognized, depicting the transfer of promised goods or services to customers in an amount that reflects the consideration expected to be received in exchange for those goods or services. The Company adopted the requirements of ASC Topic 606 and all related requirements using the modified retrospective method in the first quarter of fiscal 2019. Upon completing our assessment of ASC Topic 606, we concluded that no adjustments were required to the opening balance of retained earnings at the date of adoption and the comparative information has not been restated. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements. Disclosures required by ASC Topic 606 are presented within Note 3, Revenue Recognition. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments—Overall (Subtopic 825-10). This new standard enhances the reporting model for financial instruments regarding certain aspects of recognition, measurement, presentation, and disclosure. The provisions of this ASU are effective for annual reporting periods beginning after December 15, 2017, and interim reporting periods within those annual periods. This ASU is to be applied using a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The Company adopted this ASU in the first quarter of fiscal 2019. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The standard requires lessees to recognize the assets and liabilities that arise from leases on the balance sheet. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. The new guidance is effective for the Company beginning in fiscal 2020. The amendments should be applied at the beginning of the earliest period presented using a modified retrospective approach with earlier application permitted as of the beginning of an interim or annual reporting period. The Company is currently evaluating the effects adoption of this guidance will have on its consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The new guidance is intended to eliminate diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The new standard is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted for all entities, provided that all of the amendments are adopted in the same period. The guidance requires application using a retrospective transition method. The Company adopted this ASU in the first quarter of fiscal 2019. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and other (Topic 350): Simplifying the Test for Goodwill Impairment . The standard simplifies how an entity tests goodwill by eliminating Step 2 of the goodwill impairment test. The amended standard also modifies the concept of impairment from the condition that exists when the carrying amount of goodwill exceeds its implied fair value to the condition that exists when the carrying amount of a reporting unit exceeds its fair value. The new guidance is effective for the Company beginning in fiscal 2020. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact of the new guidance on its goodwill impairment testing. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805) , to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The provisions of this ASU provide a more robust framework to use in determining when a set of assets and activities is a business by clarifying the requirements related to inputs, processes, and outputs. These provisions are to be applied prospectively and are effective for annual reporting periods beginning after December 15, 2017, and interim reporting periods within those annual periods. The Company adopted this ASU in the first quarter of fiscal 2019. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting. The amended standard specifies the modification accounting applicable to any entity which changes the terms or conditions of a share-based payment award. The Company adopted this ASU in the first quarter of fiscal 2019. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements.
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 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 condensed consolidated financial statements reflect all adjustments and disclosures which are, in our 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. The results reported in these interim condensed consolidated financial statements are not necessarily indicative of the results that may be reported for the entire year and should be read in conjunction with the Company's consolidated financial statements for the fiscal year ended August 25, 2018 , included in our Annual Report on Form 10-K (“Annual Report”), filed on October 24, 2018. 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.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Nov. 24, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Revenues from transactions with external customers for each of Atkins’ products would be impracticable to disclose and management does not view its business by product line. The following table presents our revenue disaggregated by geographic area. Thirteen Weeks Ended (In thousands) November 24, 2018 November 25, 2017 Net sales North America $ 114,606 $ 99,534 International 6,325 7,053 Total $ 120,931 $ 106,587

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	3 Months Ended
	Nov. 24, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Intangible assets, net in our condensed consolidated balance sheets consist of the following: November 24, 2018 (In thousands) Useful life Gross carrying amount Accumulated amortization Net carrying amount Intangible assets with indefinite life: Brands and trademarks Indefinite life $ 232,000 $ — $ 232,000 Intangible assets with finite lives: Customer relationships 15 years 59,000 5,432 53,568 Proprietary recipes and formulas 7 years 7,000 1,381 5,619 Licensing agreements 14 years 22,000 2,170 19,830 $ 320,000 $ 8,983 $ 311,017 August 25, 2018 (In thousands) Useful life Gross carrying amount Accumulated amortization Net carrying amount Intangible assets with indefinite life: Brands and trademarks Indefinite life $ 232,000 $ — $ 232,000 Intangible assets with finite lives: Customer relationships 15 years 59,000 4,448 54,552 Proprietary recipes and formulas 7 years 7,000 1,131 5,869 Licensing agreements 14 years 22,000 1,778 20,222 $ 320,000 $ 7,357 $ 312,643
Schedule of Indefinite-Lived Intangible Assets	Intangible assets, net in our condensed consolidated balance sheets consist of the following: November 24, 2018 (In thousands) Useful life Gross carrying amount Accumulated amortization Net carrying amount Intangible assets with indefinite life: Brands and trademarks Indefinite life $ 232,000 $ — $ 232,000 Intangible assets with finite lives: Customer relationships 15 years 59,000 5,432 53,568 Proprietary recipes and formulas 7 years 7,000 1,381 5,619 Licensing agreements 14 years 22,000 2,170 19,830 $ 320,000 $ 8,983 $ 311,017 August 25, 2018 (In thousands) Useful life Gross carrying amount Accumulated amortization Net carrying amount Intangible assets with indefinite life: Brands and trademarks Indefinite life $ 232,000 $ — $ 232,000 Intangible assets with finite lives: Customer relationships 15 years 59,000 4,448 54,552 Proprietary recipes and formulas 7 years 7,000 1,131 5,869 Licensing agreements 14 years 22,000 1,778 20,222 $ 320,000 $ 7,357 $ 312,643
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 by fiscal year) Remainder of 2019 $ 4,879 2020 6,505 2021 6,505 2022 6,505 2023 6,505 2024 and thereafter 48,118 Total $ 79,017

Long-Term Debt and Line of Cr_2

Long-Term Debt and Line of Credit (Tables)	3 Months Ended
	Nov. 24, 2018
Debt Disclosure [Abstract]
Schedule of Debt	At November 24, 2018 and August 25, 2018 , there were no amounts drawn against the Revolving Credit Facility. Long-term debt consists of the following: (In thousands) November 24, 2018 August 25, 2018 Term Loan $ 198,000 $ 198,500 Less: Deferred financing fees 6,583 6,917 Total debt 191,417 191,583 Less: Current maturities, net of deferred financing fees of $1.4 million at November 24, 2018 and August 25, 2018, respectively 650 648 Long-term debt, net of deferred financing fees $ 190,767 $ 190,935

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Nov. 24, 2018
Fair Value Disclosures [Abstract]
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis	Fair value at August 25, 2018 is summarized as follows: (In thousands) Level 1 Level 2 Level 3 Total Liabilities TRA liability $ — $ — $ 27,468 $ 27,468

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Nov. 24, 2018
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	The following table shows the tax expense and the effective tax rate for the thirteen weeks ended November 24, 2018 and November 25, 2017 resulting from operations: Thirteen Weeks Ended (In thousands) November 24, 2018 November 25, 2017 Income before income taxes $ 19,882 $ 16,708 Provision for income taxes $ 4,625 $ 6,490 Effective tax rate 23.3 % 38.8 %

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Nov. 24, 2018
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table reconciles the numerators and denominators used in the computations of both basic and diluted earnings per share: Thirteen Weeks Ended (In thousands, except per share data) November 24, 2018 November 25, 2017 Basic earnings per share computation: Numerator: Net income available to common stock shareholders $ 15,257 $ 10,218 Denominator: Weighted average common shares - basic 77,290,307 70,571,008 Basic earnings per share from net income $ 0.20 $ 0.14 Diluted earnings per share computation: Numerator: Net income available to common stock shareholders $ 15,257 $ 10,218 Denominator: Weighted average common shares outstanding - basic 77,290,307 70,571,008 Public and Private Warrants 4,892,604 659,301 Employee stock options 559,659 — Non-vested shares 32,191 10,281 Weighted average common shares - diluted 82,774,761 71,240,590 Diluted earnings per share from net income $ 0.18 $ 0.14

Stock Option Plan (Tables)

Stock Option Plan (Tables)	3 Months Ended
	Nov. 24, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock option activity	The following table summarizes stock option activity for the thirteen weeks ended November 24, 2018 : Shares Weighted average Weighted average remaining contractual life (in years) Outstanding as of August 25, 2018 2,506,083 $ 12.28 Granted 315,331 19.89 Exercised (4,444 ) 12.00 Forfeited — — Outstanding as of November 24, 2018 2,816,970 $ 13.13 8.77 Vested and expected to vest as of November 24, 2018 2,816,970 $ 13.13 8.77 Exercisable as of November 24, 2018 782,926 $ 12.00 8.32
Restricted stock activity	The following table summarizes restricted stock unit activity for the thirteen weeks ended November 24, 2018 : Units Weighted average Non-vested as of August 25, 2018 111,085 $ 12.06 Granted 74,570 18.67 Vested (67,500 ) 11.91 Forfeited — — Non-vested as of November 24, 2018 118,155 $ 16.32
Performance stock unit activity	The following table summarizes performance stock unit activity for the thirteen weeks ended November 24, 2018 : Units Weighted average Non-vested as of August 25, 2018 — $ — Granted 193,512 11.93 Vested — — Forfeited — — Non-vested as of November 24, 2018 193,512 $ 11.93

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 24, 2018	Nov. 25, 2017
Disaggregation of revenue
Net sales	$ 120,931	$ 106,587
North America
Disaggregation of revenue
Net sales	114,606	99,534
International
Disaggregation of revenue
Net sales	$ 6,325	$ 7,053

Goodwill and Intangibles - Narr

Goodwill and Intangibles - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Nov. 24, 2018	Nov. 25, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in goodwill	$ 0
Amortization expense	$ 1.6	$ 1.6

Goodwill and Intangibles - Sche

Goodwill and Intangibles - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Nov. 24, 2018	Aug. 25, 2018
Intangible assets with finite lives:
Intangible assets, Gross carrying amount	$ 320,000	$ 320,000
Accumulated amortization	8,983	7,357
Intangible assets, Net carrying amount	311,017	312,643
Finite-lived intangible assets, Net carrying amount	79,017
Brands and trademarks
Intangible assets with indefinite lives:
Indefinite-lived intangible assets	$ 232,000	$ 232,000
Customer relationships
Intangible assets with finite lives:
Useful life	15 years	15 years
Finite-lived intangible assets, Gross carrying amount	$ 59,000	$ 59,000
Accumulated amortization	5,432	4,448
Finite-lived intangible assets, Net carrying amount	$ 53,568	$ 54,552
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	1,381	1,131
Finite-lived intangible assets, Net carrying amount	$ 5,619	$ 5,869
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	2,170	1,778
Finite-lived intangible assets, Net carrying amount	$ 19,830	$ 20,222

Goodwill and Intangibles - Sc_2

Goodwill and Intangibles - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Thousands	Nov. 24, 2018USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2019	$ 4,879
2,020	6,505
2,021	6,505
2,022	6,505
2,023	6,505
2024 and thereafter	48,118
Finite-lived intangible assets, Net carrying amount	$ 79,017

Long-Term Debt and Line of Cr_3

Long-Term Debt and Line of Credit - Narrative (Details) - Barclays Bank PLC and Other Parties - USD ($) $ in Millions	Mar. 16, 2018	Jul. 07, 2017	Nov. 24, 2018
Term Loan
Debt Instrument [Line Items]
Borrowing capacity		$ 200
Maturity period		7 years
Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity		$ 75
Maturity period		5 years
Amounts drawn			$ 0
Net leverage ratio (equal to or less than)		6.25
Net leverage ratio post reduction (equal to or less than)		6
Percent of commitments (in excess of)		30.00%
Line of Credit | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%	0.50%
Line of Credit | Eurocurrency
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Line of Credit | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%
Line of Credit | Term Loan | Eurocurrency
Debt Instrument [Line Items]
Basis spread on variable rate		3.00%
Line of Credit | Term Loan | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		4.00%
Interest rate floor		1.00%
Line of Credit | Revolving Credit Facility | Eurocurrency
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%
Line of Credit | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		3.00%

Long-Term Debt and Line of Cr_4

Long-Term Debt and Line of Credit - Schedule of Debt (Details) - USD ($) $ in Thousands	Nov. 24, 2018	Aug. 25, 2018
Debt Disclosure [Abstract]
Debt, gross	$ 198,000	$ 198,500
Less: Deferred financing fees	6,583	6,917
Total debt	191,417	191,583
Less: Current maturities, net of deferred financing fees of $1.4 million at November 24, 2018 and August 25, 2018, respectively	650	648
Long-term debt, net of deferred financing fees	190,767	190,935
Deferred financing fees, current	$ 1,400	$ 1,400

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 24, 2018	Nov. 25, 2017	Aug. 25, 2018
Liabilities
TRA liability			$ 27,468
Change in fair value of contingent consideration	$ 533	$ 642
Gain of settlement of TRA liability	$ 1,534	$ 0
Level 1
Liabilities
TRA liability			0
Level 2
Liabilities
TRA liability			0
Level 3
Liabilities
TRA liability			$ 27,468

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 24, 2018	Nov. 25, 2017
Income Tax Disclosure [Abstract]
Income before income taxes	$ 19,882	$ 16,708
Provision for income taxes	$ 4,625	$ 6,490
Effective tax rate	23.30%	38.80%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Jul. 07, 2017	Nov. 24, 2018	Nov. 25, 2017	Aug. 25, 2018
Income Tax Disclosure [Abstract]
Provisional gain				$ 31,000
Effective tax rate difference		(15.50%)
TRA contingent payment (up to)	$ 100,000
Payment of TRA liability		$ 26,468	$ 0
Loss in fair value change of contingent consideration - TRA liability		533	642
Gain on settlement of TRA liability		$ (1,534)	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	3 Months Ended
	Nov. 24, 2018USD ($)building	Nov. 25, 2017USD ($)
Commitments and Contingencies Disclosure [Abstract]
Number of buildings with non-cancelable operating leases | building	6
Rent expense	$ 0.5	$ 0.6
Other commitment payment obligation	$ 1.6

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Nov. 24, 2018USD ($)$ / sharesshares	Nov. 25, 2017USD ($)	Jul. 06, 2017shares
Class of Stock [Line Items]
Cash received from warrant exercises | $	$ 113,464	$ 0
Stock repurchase program, authorized amount | $	$ 50,000
Public Warrants
Class of Stock [Line Items]
Warrants issued (in shares)			13,416,667
Warrants exercised prior to redemption (in shares)	9,866,451
Cash received from warrant exercises | $	$ 113,500
Warrant price per share (in dollars per share) | $ / shares	$ 11.50
Common shares surrendered upon cashless exercise	0.61885
Common shares issued upon cashless exercise	0.38115
Warrants exercised on a cashless basis (in shares)	3,499,639
Common shares issued for warrants exercised on a cashess basis (in shares)	1,333,848
Private Placement Warrants
Class of Stock [Line Items]
Warrants issued (in shares)	6,700,000

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Nov. 24, 2018	Nov. 25, 2017
Numerator:
Net income	$ 15,257	$ 10,218
Denominator:
Weighted average common shares - basic (in shares)	77,290,307	70,571,008
Basic earnings per share from net income (in dollars per share)	$ 0.20	$ 0.14
Numerator:
Net income	$ 15,257	$ 10,218
Denominator:
Weighted average common shares - basic (in shares)	77,290,307	70,571,008
Public and Private Warrants	4,892,604	659,301
Employee stock options	559,659	0
Non-vested shares	32,191	10,281
Weighted average common shares - diluted (in shares)	82,774,761	71,240,590
Diluted earnings per share from net income (in dollars per share)	$ 0.18	$ 0.14
Stock Options
Earnings per share, diluted
Antidilutive securities excluded from computation of earnings per share	200,000	2,600,000

Stock Option Plan (Details)

Stock Option Plan (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 24, 2018	Nov. 25, 2017
Share-based Compensation Arrangement by Share-based Payment Award
Stock compensation expense	$ 1,061	$ 1,068
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Requisite service period	3 years
Performance Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Performance stock vesting range	0.00%
Performance Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Performance stock vesting range	100.00%

Stock Option Plan - Stock Optio

Stock Option Plan - Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Nov. 24, 2018	Nov. 25, 2017
Additional disclosures
Proceeds from option exercises	$ 53	$ 0
Stock Options
Shares
Outstanding at beginning of period (in shares)	2,506,083
Granted (in shares)	315,331
Exercised (in shares)	(4,444)
Forfeited (in shares)	0
Outstanding at end of period (in shares)	2,816,970
Options vested or expected to vest (in shares)	2,816,970
Exercisable (in shares)	782,926
Weighted average exercise price
Outstanding at beginning of period (in dollars per share)	$ 12.28
Granted (in dollars per share)	19.89
Exercised (in dollars per share)	12
Forfeited (in dollars per share)	0
Outstanding at end of period (in dollars per share)	13.13
Options vested or expected to vest (in dollars per share)	13.13
Exercisable (in dollars per share)	$ 12
Weighted average remaining contractual term
Outstanding at end of period, weighted average remaining contractual life	8 years 9 months 7 days
Vested and expected to vest at end of period, weighted average remaining contractual life	8 years 9 months 7 days
Exercisable at end of period, weighted average remaining contractual life	8 years 3 months 25 days
Additional disclosures
Unrecognized compensation costs	$ 7,600
Period for recognition of unrecognized compensation cost	1 year 11 months 8 days
Proceeds from option exercises	$ 100

Stock Option Plan - Restricted

Stock Option Plan - Restricted Stock Units Activity (Details) - Restricted Stock Units $ / shares in Units, $ in Millions	3 Months Ended
	Nov. 24, 2018USD ($)$ / sharesshares
Units
Non-vested at beginning of period (in shares) | shares	111,085
Granted (in shares) | shares	74,570
Vested (in shares) | shares	67,500
Forfeited (in shares) | shares	0
Non-vested at end of period (in shares) | shares	118,155
Weighted average grant-date fair value
Non-vested at beginning of period (in dollars per share) | $ / shares	$ 12.06
Granted (in dollars per share) | $ / shares	18.67
Vested (in dollars per share) | $ / shares	11.91
Forfeited (in dollars per share) | $ / shares	0
Non-vested at end of period (in dollars per share) | $ / shares	$ 16.32
Additional disclosures
Unrecognized compensation costs | $	$ 1.6
Period for recognition of unrecognized compensation cost	1 year 8 months 1 day

Stock Option Plan - Performance

Stock Option Plan - Performance Stock Units Activity (Details) - Performance Stock Units $ / shares in Units, $ in Millions	3 Months Ended
	Nov. 24, 2018USD ($)$ / sharesshares
Units
Non-vested at beginning of period (in shares) | shares	0
Granted (in shares) | shares	193,512
Vested (in shares) | shares	0
Forfeited (in shares) | shares	0
Non-vested at end of period (in shares) | shares	193,512
Weighted average grant-date fair value
Non-vested at beginning of period (in dollars per share) | $ / shares	$ 0
Granted (in dollars per share) | $ / shares	11.93
Vested (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	0
Non-vested at end of period (in dollars per share) | $ / shares	$ 11.93
Additional disclosures
Period for recognition of unrecognized compensation cost	2 years 11 months 15 days
Unrecognized compensation costs | $	$ 2.3

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 24, 2018	Nov. 25, 2017
Related Party Transaction [Line Items]
Payment of TRA liability	$ 26,468	$ 0
Goodwill working capital adjustment		$ 1,800
Former Majority Stockholder, Atkins
Related Party Transaction [Line Items]
Payment of TRA liability	$ 26,500

Segment and Customer Informat_2

Segment and Customer Information (Details)	3 Months Ended
	Nov. 24, 2018segment
Segment Reporting [Abstract]
Number of operating segments	1