Sovos Brands (SOVO) 10-Q 4 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 26, 2022	Apr. 29, 2022
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 26, 2022
Entity File Number	001-40837
Entity Registrant Name	Sovos Brands, Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-5119352
Entity Address State Or Province	CO
Entity Address, Address Line One	168 Centennial Parkway
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Louisville
Entity Address, Postal Zip Code	80027
City Area Code	720
Local Phone Number	316-1225
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	SOVO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		100,895,085
Entity Central Index Key	0001856608
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 26, 2022	Dec. 25, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 70,149	$ 66,154
Accounts receivable, net	82,802	70,729
Inventories	49,856	51,615
Prepaid expenses and other current assets	7,339	6,685
Total current assets	210,146	195,183
Property and equipment, net	67,534	62,671
Operating lease right-of-use assets	15,068	15,672
Goodwill	437,451	437,451
Intangible assets, net	457,845	464,655
Other long-term assets	2,243	2,299
TOTAL ASSETS	1,190,287	1,177,931
CURRENT LIABILITIES:
Accounts payable	42,577	37,254
Accrued expenses	50,831	51,757
Current portion of long-term debt	93	98
Current portion of long-term lease liabilities	3,285	3,216
Total current liabilities	96,786	92,325
Long-term debt, net of debt issuance costs	481,652	481,420
Deferred income taxes	77,282	76,976
Long-term operating lease liabilities	16,505	17,302
Other long-term liabilities	431	421
TOTAL LIABILITIES	672,656	668,444
COMMITMENTS AND CONTINGENCIES (Note 10)
STOCKHOLDERS' EQUITY:
Preferred stock, $0.001 par value per share, 10,000,000 shares authorized, no shares issued and outstanding
Common stock, $0.001 par value per share, 500,000,000 shares authorized, 100,892,547 and 100,892,547 shares issued and outstanding as of March 26, 2022 and December 25, 2021, respectively	101	101
Additional paid-in-capital	563,313	559,226
Accumulated deficit	(45,783)	(49,840)
TOTAL STOCKHOLDERS' EQUITY	517,631	509,487
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 1,190,287	$ 1,177,931

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 26, 2022	Dec. 25, 2021
Condensed Consolidated Balance Sheets
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	100,892,547	100,892,547
Common stock, outstanding (in shares)	100,892,547	100,892,547

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Condensed Consolidated Statements of Operations
Net sales	$ 209,933	$ 189,371
Revenue, Product and Service [Extensible Enumeration]	us-gaap:ProductMember	us-gaap:ProductMember
Cost of sales	$ 156,025	$ 127,629
Cost, Product and Service [Extensible Enumeration]	us-gaap:ProductMember	us-gaap:ProductMember
Gross profit	$ 53,908	$ 61,742
Operating expenses:
Selling, general and administrative	33,915	33,433
Depreciation and amortization	7,203	7,190
Total operating expenses	41,118	40,623
Operating income	12,790	21,119
Interest expense	6,022	5,367
Income before income taxes	6,768	15,752
Income tax expense	(2,711)	(4,040)
Net income	$ 4,057	$ 11,712
Earnings per share:
Basic (in dollars per shares)	$ 0.04	$ 0.16
Diluted (in dollars per shares)	$ 0.04	$ 0.15
Weighted average shares outstanding:
Basic (in shares)	100,892,547	74,058,447
Diluted (in shares)	101,262,103	76,867,992

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Stockholder's note receivable	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit).	Total
Balances, at Beginning of Period at Dec. 26, 2020	$ 74	$ (6,000)	$ 654,386	$ (51,759)	$ 596,701
Balances, Beginning (in shares) at Dec. 26, 2020	74,058,447
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from stockholder's note receivable		$ 6,000			6,000
Equity-based compensation expense			561		561
Net income (loss)				11,712	11,712
Balances, at End of period at Mar. 27, 2021	$ 74		654,947	(40,047)	614,974
Balances, Ending (in shares) at Mar. 27, 2021	74,058,447
Balances, at Beginning of Period at Dec. 25, 2021	$ 101		559,226	(49,840)	509,487
Balances, Beginning (in shares) at Dec. 25, 2021	100,892,547
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation expense			4,087		4,087
Net income (loss)				4,057	4,057
Balances, at End of period at Mar. 26, 2022	$ 101		$ 563,313	$ (45,783)	$ 517,631
Balances, Ending (in shares) at Mar. 26, 2022	100,892,547

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Operating activities
Net income	$ 4,057	$ 11,712
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9,555	9,379
Equity-based compensation expense	4,087	561
Deferred income taxes	306	2,764
Amortization of debt issuance costs	316	575
Non-cash operating lease expense	603	536
Provision for excess and obsolete inventory	484	70
Loss on disposal of property and equipment		54
Other	(6)	122
Changes in operating assets and liabilities:
Accounts receivable, net	(12,065)	(23,292)
Inventories	1,275	(9,394)
Prepaid expenses and other current assets	(1,043)	(251)
Other long-term assets	(10)	396
Accounts payable	4,896	7,193
Accrued expenses	(538)	2,534
Other long-term liabilities	10	4
Operating lease liabilities	(728)	(632)
Net cash provided by operating activities	11,199	2,331
Investing activities
Purchases of property and equipment	(7,180)	(1,367)
Net cash used in investing activities	(7,180)	(1,367)
Financing activities
Repayments of capital lease obligations	(24)	(19)
Proceeds from stockholder's note receivable		6,000
Net cash provided by (used in) financing activities	(24)	5,981
Cash and cash equivalents
Net increase in cash and cash equivalents	3,995	6,945
Cash and cash equivalents at beginning of period	66,154	37,026
Cash and cash equivalents at end of period	70,149	43,971
Supplemental disclosures of cash flow information
Cash paid for interest	5,937	4,860
Cash paid for taxes	37	6
Proceeds from income tax refunds	(10)
Non-cash investing and financing transactions
Lease liabilities arising from operating lease right-of-use assets recognized at ASU No. 2016-02 transition		21,711
Acquisition of property and equipment not yet paid	$ 467	$ 134

Company Overview

Company Overview	3 Months Ended
	Mar. 26, 2022
Company Overview
Company Overview	1. Company Overview Sovos Brands, Inc. and its subsidiaries (the “Company,” “we,” “our”) is a consumer-packaged food company that creates value for its stockholders through acquisition and executive management of brands in the food industry. On September 22, 2021, Sovos Brands, Inc. priced its initial public offering (the “IPO”) of 23,334,000 shares of its common stock, $0.001 par value per share, which excluded the underwriters’ option to purchase up to an additional 3,500,100 shares of common stock, at an offering price of $12.00 per share. In conjunction with the IPO, the Company became actively traded on the Nasdaq Global Select Market (“NASDAQ”) listed under the trade symbol of “SOVO.” Upon the closing of the IPO on September 27, 2021, the Company issued 23,334,000 shares of its common stock and received approximately $263.2 million, net of underwriting discounts and commissions. Subsequent to the IPO, the underwriters exercised their options to purchase an additional 3,500,100 shares of common stock. The Company closed its sale of such additional shares on October 5, 2021, resulting in net proceeds of approximately $39.5 million, net of underwriting discounts and commissions. See Note 12. Stockholders’ Equity ​ Prior to the IPO, Sovos Brands Limited Partnership (the “Ultimate Parent” or the “Limited Partnership”) owned 100% of Sovos Brands, Inc., which owns 100% of Sovos Brands Holdings, Inc., which owns 100% of Sovos Brands Intermediate, Inc. (“Sovos Intermediate”). Sovos Intermediate has four wholly-owned operating subsidiaries: Rao’s Specialty Foods, Inc. (“Rao’s”); Bottom Line Food Processors, Inc. doing business as Michael Angelo’s Gourmet Foods, Inc. (“Michael Angelo’s”); Noosa Yoghurt, LLC (“Noosa”); and Birch Benders, LLC (“Birch Benders”). Through its wholly-owned operating subsidiaries, the Company produces and distributes food products in various locations throughout the United States. The Company was founded on January 17, 2017 and has its executive headquarters in Louisville, Colorado. ​ The unaudited condensed consolidated financial statements include the accounts of Sovos Brands, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated. Unless the context otherwise requires, “we,” “us,” “our,” “Sovos Brands” and the “Company” refer to Sovos Brands, Inc. and its subsidiaries. The Company maintains its accounting records on a 52/53-week fiscal year, ending on the last Saturday in December of each year. Description of Business Sovos Brands, Inc. is a consumer-packaged food company that is focused on acquiring and building disruptive growth brands that bring today’s consumers great tasting food that fits the way they live. The Company’s principal products include a variety of pasta sauces, dry pasta, soups, frozen entrees, yogurts, gelato, pancake and waffle mixes, other baking mixes, and frozen waffles, which are primarily sold in the United States. The Company sells products marketed under the brand names Rao’s Michael Angelo’s noosa Birch Benders 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 United States 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 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 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 our consolidated financial statements for the fiscal year ended December 25, 2021, included in our Annual Report on Form 10-K, as amended, filed with the SEC on March 15, 2022 (“Form 10-K”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 26, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies There have been no material changes in the Company’s significant accounting policies as compared to the significant accounting policies described in Note 2. Summary of Significant Accounting Policies New Accounting Pronouncements and Policies Recently Issued Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 26, 2022
Revenue Recognition
Revenue Recognition	3. Revenue Recognition Revenue disaggregated by brand is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended (In thousands) March 26, 2022 March 27, 2021 Rao’s ​ $ 137,412 ​ $ 115,070 Noosa ​ 41,851 ​ 38,870 Michael Angelo’s ​ 20,242 ​ 19,003 Birch Benders ​ 10,428 ​ 16,428 Total net sales ​ $ 209,933 ​ $ 189,371 ​

Inventories

Inventories	3 Months Ended
	Mar. 26, 2022
Inventories
Inventories	4. Inventories ​ Inventories consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) March 26, 2022 December 25, 2021 Finished goods ​ $ 36,233 ​ $ 38,715 Raw materials and packaging supplies ​ 13,623 ​ 12,900 Total inventories ​ $ 49,856 ​ $ 51,615 ​ ​

Goodwill

Goodwill	3 Months Ended
	Mar. 26, 2022
Goodwill.
Goodwill	5. Goodwill There was no change in the carrying value of Goodwill during the 13 weeks ended March 26, 2022. There were no impairment charges related to goodwill during the 13 weeks ended March 26, 2022 or March 27, 2021.

Intangible Assets, Net

Intangible Assets, Net	3 Months Ended
	Mar. 26, 2022
Intangible Assets, Net
Intangible Assets, Net	6. Intangible Assets, Net Intangible asset, net, consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 26, 2022 ​ ​ Gross carrying ​ Accumulated ​ Net carrying (In thousands) ​ amount ​ amortization ​ amount Intangible assets - definite lives ​ ​ ​ ​ Customer relationships ​ $ 213,000 ​ $ 75,797 ​ $ 137,203 Tradename ​ 192,347 ​ 24,705 ​ 167,642 ​ ​ ​ 405,347 ​ ​ 100,502 ​ ​ 304,845 Intangible assets - indefinite lives ​ ​ ​ ​ Tradename ​ ​ 153,000 ​ ​ — ​ ​ 153,000 Total intangible assets ​ $ 558,347 ​ $ 100,502 ​ $ 457,845 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 25, 2021 ​ ​ Gross carrying ​ Accumulated ​ Net carrying (In thousands) amount amortization amount Intangible assets - definite lives ​ ​ ​ ​ ​ ​ Customer relationships ​ $ 213,000 ​ $ 71,330 ​ $ 141,670 Tradename ​ 192,347 ​ 22,362 ​ 169,985 ​ ​ ​ 405,347 ​ ​ 93,692 ​ ​ 311,655 Intangible assets - indefinite lives ​ ​ ​ ​ ​ ​ ​ ​ ​ Tradename ​ 153,000 ​ ​ — ​ ​ 153,000 Total intangible assets ​ $ 558,347 ​ $ 93,692 ​ $ 464,655 ​ Amortization expense related to intangible assets during the 13 weeks ended March 26, 2022 and March 27, 2021 was $6.8 million and $6.8 million, respectively. There were no impairment charges related to intangible assets during the 13 weeks ended March 26, 2022 and March 27, 2021. Estimated total intangible amortization expense during the next five fiscal years and thereafter is as follows: ​ ​ ​ ​ ​ (In thousands) Amortization Remainder of 2022 ​ $ 20,430 2023 ​ 27,240 2024 ​ 27,240 2025 ​ 27,240 2026 ​ 27,240 2027 and thereafter ​ 175,455 Total ​ $ 304,845 ​

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 26, 2022
Accrued Expenses
Accrued Expenses	7. Accrued Expenses ​ Accrued expenses consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) March 26, 2022 December 25, 2021 Accrued trade ​ $ 23,772 ​ $ 23,122 Accrued general expense ​ 14,798 ​ 15,327 Accrued compensation and benefits ​ 10,520 ​ 10,478 Accrued marketing ​ 1,741 ​ 2,830 Total accrued expenses ​ $ 50,831 ​ $ 51,757 ​

Long-term debt

Long-term debt	3 Months Ended
	Mar. 26, 2022
Long-term debt
Long-term debt	8. Long-Term Debt Long-term debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 26, 2022 ​ ​ ​ ​ ​ Unamortized ​ ​ ​ ​ ​ ​ ​ ​ debt issuance ​ ​ ​ (In thousands) ​ Principal ​ costs ​ Total debt, net Initial First Lien Term Loan Facility $ 480,800 $ (6,126) $ 474,674 Finance lease liabilities ​ ​ 7,071 ​ ​ — ​ ​ 7,071 Total debt ​ $ 487,871 ​ $ (6,126) ​ 481,745 Less: current portion of finance lease liabilities ​ ​ ​ ​ 93 Total long-term debt ​ ​ ​ ​ ​ $ 481,652 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 25, 2021 ​ ​ ​ ​ ​ Unamortized ​ ​ ​ ​ ​ ​ ​ ​ debt issuance ​ ​ ​ (In thousands) ​ Principal ​ costs ​ Total debt, net Initial First Lien Term Loan Facility $ 480,800 $ (6,377) $ 474,423 Finance lease liabilities ​ 7,095 ​ — ​ 7,095 Total debt ​ $ 487,895 ​ $ (6,377) ​ 481,518 Less: current portion of finance lease liabilities ​ ​ ​ ​ 98 Total long-term debt ​ ​ ​ ​ ​ $ 481,420 ​ ​ Senior Debt In November 2018, in conjunction with the acquisition of Noosa, Sovos Intermediate (“Borrower”) entered into a Credit Facility Agreement with Credit Suisse, Citizens Bank N.A. (“Citizens”), Deutsche Bank, and Aresbank, S.A. (“Credit Agreement”) with a term loan of $280 million (“2018 Term Loan”) and a revolving line of credit of $45 million (“Revolving Line of Credit”). In accordance with the Credit Agreement, the Company repaid the outstanding 2017 term loan of $158.4 million with Citizens as well as the amount outstanding under the revolving line of credit of $7.0 million. In October 2020, the Company entered into an amendment to its Credit Agreement (“Amended Credit Agreement”). The Amended Credit Agreement provided, among other things, for an additional $100.0 million term loan (the “Incremental Term Loan”) which was part of the same class and had the same terms as the 2018 Term Loan. The Company analyzed the amendment and determined the Incremental Term Loan was not considered a debt modification because the existing 2018 Term Loan was not paid off. The Company paid debt issuance costs related to the Incremental Term Loan of $3.2 million, which were all capitalized. In June 2021, Sovos Intermediate Sovos Intermediate Sovos Intermediate Stockholders’ Equity As the June 2021 debt transaction on the Initial First Lien Term Loan Facility and Initial Second Lien Facility was accounted for as an extinguishment of the old debt, the Company wrote off $9.4 million of the existing 2018 Term Loan and Incremental Term Loan debt issuance costs to expense. The Initial First Lien Term Loan Facility and Initial Second Lien Facility were issued with discounts of $1.5 million and $4.0 million respectively, and the Company paid debt issuance costs of $6.8 million and $0.5 million respectively. The discounts and debt issuance costs paid on the Initial First Lien Term Loan Facility and Initial Second Lien Facility were capitalized. The debt transaction on the Revolving Facility was accounted for as a debt modification. The Company continued to amortize $0.2 million of the existing Revolving Line of Credit debt issuance costs over the new life of the debt, wrote off $0.3 million of the existing Revolving Line of Credit debt issuance costs to expense, and paid $1.1 million in debt issuance costs for the new Revolving Facility, which was capitalized. In September 2021, using net proceeds of the IPO, the Company paid the full outstanding principal balance on the Initial Second Lien Facility of $200.0 million plus accrued interest of approximately $2.9 million. Upon the full prepayment of the Initial Second Lien Facility, the Company recognized a loss on the loan extinguishment resulting in a write-off of $4.3 million of the related unamortized issuance costs and discounts. Additionally, in September 2021 and October 2021, the Company prepaid $59.7 million and $39.5 million, respectively, of the outstanding principal balance under the Initial First Lien Term Loan Facility, plus total accrued interest of approximately $0.9 million. Upon the partial prepayment of the Initial First Lien Term Loan Facility, the Company recognized a $1.4 million proportional loss on the partial extinguishment of the related unamortized issuance costs and discounts. The remaining principal balance on the Initial First Lien Term Loan Facility, after the $59.7 million and $39.5 million prepayments, is $480.8 million. The Company has directed Credit Suisse to apply the prepayments against future scheduled principal installments, which eliminates all future principal payments for the remaining term of the loan. The amortization of debt issuance costs and discount of $0.3 million and $0.6 million for the 13 weeks ended March 26, 2022 and March 27, 2021, respectively, is included within interest expense in the Condensed Consolidated Statements of Operations. The interest rate for the Initial First Lien Term Loan Facility and Revolving Facility is London Inter-Bank Offered Rate (“LIBO Rate”) plus an applicable rate contingent on the Company’s calculated first lien leverage ratio, ranging from 400 to 425 basis points, and is subject to a 50 basis points reduction, at each level, after the consummation of an initial public offering (as used in this paragraph, an "IPO"). In no event shall the LIBO Rate be less than 0.75% per annum for the Initial First Lien Term Loan Facility or less than 0.00% per annum for the Revolving Line of Credit. The Initial First Lien Term Loan Facility matures on June 8, 2028 and the Revolving Facility matures on June 8, 2026. The Initial First Lien Term Loan Facility is collateralized by substantially all of the assets of the Company. The interest rate for the Initial Second Lien Facility was LIBO Rate plus 8.00% per annum and was subject to a 25 basis points reduction after the consummation of an IPO. In no event could the LIBO Rate be less than 0.75% per annum. The Initial Second Lien Facility was originally scheduled to mature on June 8, 2029 and was collateralized by substantially all of the assets of the Company. As described above, in September 2021, the Initial Second Lien Facility was paid in full. As of September 27, 2021, the closing date of the IPO, the interest rate on the Initial First Lien Term Loan Facility and Revolving Facility decreased 50 basis points. As of March 26, 2022 and December 25, 2021, the effective interest rate for the Initial First Lien Term Loan Facility and Revolving Facility was 4.25% and 4.50%, respectively. As of March 26, 2022 and December 25, 2021, the Company had available credit of $125 million under the Revolving Facility. There was zero outstanding on the Revolving Facility as of March 26, 2022 and December 25, 2021. Loan Covenants In connection with the First Lien Credit Agreement, the Company has various financial, affirmative, and negative covenants that it must adhere to as specified within the loan agreements. The First Lien Credit Agreement contains a springing financial covenant, which requires the Borrower to maintain a first lien net leverage ratio of consolidated first lien net debt to consolidated EBITDA (with certain adjustments as set forth in the First Lien Credit Agreement) no greater than 6.95:1.00. Such financial covenant is tested only if outstanding revolving loans (excluding any undrawn letters of credit) minus unrestricted cash exceed 35% of the aggregate revolving credit commitments. The financial covenant is subject to customary “equity cure” rights. In addition, under the First Lien Credit Agreement, an annual excess cashflow calculation is required, to determine if any excess is required to be paid on the Initial First Lien Term Loan Facility. As of March 26, 2022, the Company had no outstanding revolving loans, so did not meet the requirement to test the financial covenant under the First Lien Credit Agreement. See Note 9. Leases Related Party Transactions

Leases

Leases	3 Months Ended
	Mar. 26, 2022
Leases
Leases	9. Leases The Company leases real estate in the form of distribution centers, manufacturing facilities, equipment, and office space. Generally, the term for real estate leases ranges from 2 to 10 years at inception of the contract. Generally, the term for equipment leases is 5 years at inception of the contract. Most manufacturing facilities and office space leases include one or more options to renew, with renewal terms that generally can extend the lease term from 2 to 30 years. The exercise of lease renewal options is at the Company’s discretion. Operating and finance lease costs are included within Cost of sales and Selling, general, and administrative expenses in the Condensed Consolidated Statements of Operations. Sublease income was not material for the periods presented. The components of lease expense were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended (In thousands) ​ Statement of Operations Caption ​ March 26, 2022 ​ March 27, 2021 Operating lease cost: ​ ​ ​ Lease cost Cost of sales and Selling, general, and administrative ​ $ 840 ​ $ 777 Variable lease cost (1) Cost of sales and Selling, general, and administrative ​ 363 ​ 339 Total operating lease cost ​ ​ 1,203 ​ 1,116 ​ ​ ​ ​ ​ ​ ​ ​ ​ Short term lease cost Cost of sales and Selling, general, and administrative ​ 46 ​ 80 ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance lease cost: ​ ​ ​ Amortization of right-of-use assets Cost of sales and Selling, general, and administrative ​ 65 ​ 65 Interest on lease liabilities Interest expense ​ 133 ​ 133 Total finance lease cost ​ ​ 198 ​ 198 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total lease cost ​ ​ ​ $ 1,447 ​ $ 1,394 (1) Variable lease cost primarily consists of common area maintenance, utilities, taxes, and insurance. The gross amount of assets and liabilities related to both operating and finance leases were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ Balance Sheet Caption ​ March 26, 2022 ​ December 25, 2021 Assets ​ ​ Operating lease right-of-use assets Operating lease right-of-use assets ​ $ 15,068 ​ $ 15,672 Finance lease right-of-use assets Property and equipment, net ​ 6,234 ​ 6,299 Total lease assets ​ ​ $ 21,302 ​ $ 21,971 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ Current: ​ ​ ​ ​ ​ ​ ​ ​ Operating lease liabilities ​ Operating lease liabilities ​ $ 3,285 ​ $ 3,216 Finance lease liabilities ​ Current portion of long-term debt ​ ​ 93 ​ ​ 98 Long-term: ​ ​ ​ ​ ​ ​ ​ ​ Operating lease liabilities Long-term operating lease liabilities ​ 16,505 ​ 17,302 Finance lease liabilities Long-term debt, net of debt issuance costs ​ 6,978 ​ 6,997 Total lease liabilities ​ ​ $ 26,861 ​ $ 27,613 ​ The weighted-average remaining lease term and weighted-average discount rate for operating and finance leases at March 26, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ Operating Leases Finance Leases Weighted-average remaining lease term (in years) 6.9 34.6 ​ Weighted-average discount rate 4.9 % 7.8 % ​ Future maturities of lease liabilities as of March 26, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) Operating Leases Finance Leases Fiscal year ending: ​ ​ Remainder of 2022 ​ $ 3,144 ​ $ 450 2023 ​ 4,040 ​ 609 2024 ​ 3,472 ​ 557 2025 ​ 2,961 ​ 549 2026 ​ 2,995 ​ 520 Thereafter ​ 6,920 ​ 18,970 Total lease payments ​ 23,532 ​ 21,655 Less: Interest ​ (3,742) ​ (14,584) Present value of lease liabilities ​ $ 19,790 ​ $ 7,071 ​ As of March 26, 2022, the Company did not have any significant additional operating or finance leases that have not yet commenced. Supplemental cash flow and other information related to leases were as follows: ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended (In thousands) ​ March 26, 2022 ​ March 27, 2021 Cash paid for amounts included in the measurement of lease liabilities ​ ​ Operating cash flows from operating leases ​ $ 1,011 ​ $ 942 Operating cash flows from finance leases ​ 133 ​ 133 Financing cash flows from finance leases ​ ​ 24 ​ $ 17 ​

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 26, 2022
Commitments and Contingencies.
Commitments and Contingencies	10. Commitments and Contingencies Litigation From time to time, we are subject to various legal actions arising in the ordinary course of our business. We cannot predict with reasonable assurance the outcome of these legal actions brought against us as they are subject to uncertainties. Accordingly, any settlement or resolution in these legal actions may occur and affect our net income (loss) in such period as the settlement or resolution. We do not believe the outcome of any existing legal actions would have a material adverse effect on our consolidated financial statements taken as a whole. Purchase Commitments As of March 26, 2022, the Company had purchase commitments to third-party suppliers, primarily for materials and supplies used in the manufacture of the Company’s products, for an aggregate of $13.7 million. See Note 15. Related Party Transactions

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 26, 2022
Fair Value of Financial Instruments
Fair Value of Financial Instruments	11. Fair Value of Financial Instruments ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value as the price that would be received for an asset, or paid to transfer a liability, in an orderly transaction between market participants on the measurement date, and establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value as follows: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and Level 3: inputs for the asset or liability that are based on unobservable inputs in which there is little or no market data. Cash and cash equivalents, accounts receivable, prepaid expenses, accounts payable and accrued expenses are reflected in the Condensed Consolidated Balance Sheets at carrying value, which approximates fair value due to the short-term nature of these instruments. The Company’s borrowing instruments are recorded at their carrying values in the Condensed Consolidated Balance Sheets, which may differ from their respective fair values. The carrying values and estimated fair values of the Company’s Initial First Lien Term Loan Facility and Revolving Facility approximate their carrying values as of March 26, 2022 and December 25, 2021, based on interest rates currently available to the Company for similar borrowings. There were no transfers of financial instruments between the three levels of fair value hierarchy during the 13 weeks ended March 26, 2022 and the fiscal year ended December 25, 2021.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 26, 2022
Stockholders' Equity
Stockholders' Equity	12. Stockholders’ Equity Dividend distribution ​ On June 8, 2021, the Company paid a one-time cash dividend to the Ultimate Parent. The total amount of the dividend was $400 million and was recorded against APIC. ​ Stock split On September 8, 2021, the Company filed a certificate of amendment to its Certificate of Incorporation (“Certificate of Amendment”) with the Secretary of State of the State of Delaware. Prior to the effective date of the Certificate of Amendment, the Company was authorized to issue 750,000 shares of common stock at $0.01 par value. As a result of the filing of the Certificate of Amendment, the Company became authorized to issue 500,000,000 shares of common stock at $0.001 par value. Pursuant to the Certificate of Amendment, on September 8, 2021 the Company effected a stock split of its common stock, at a rate of 120.8 -for-1 (the “Stock Split”), accompanied by a corresponding increase in the Company's issued and outstanding shares of common stock. No fractional shares of common stock were issued upon the Stock Split. Any holder of common stock with aggregated shares totaling to fractional shares were rounded up to the nearest whole share. The accompanying consolidated financial statements and related disclosure for periods prior to the Stock Split have been retroactively restated to reflect the filing of the Certificate of Amendment, including the Stock Split. As a result of the Stock Split, the Company had a total of 74,058,447 shares issued and outstanding as of September 8, 2021. In connection with the IPO, on September 22, 2021, the Ultimate Parent distributed its shares of Sovos Brands, Inc. common stock to its limited partners, including holders of IUs, in accordance with the applicable terms of its partnership agreement. Preferred Stock On September 23, 2021, the Company filed an amended and restated certificate of incorporation (“Amended and Restated Charter”) with the Secretary of State of the State of Delaware, which was effective on September 23, 2021 . As a result of the filing of the Amended and Restated Charter, the Company was authorized to issue 510,000,000 shares, divided into two classes as follows: (i) 500,000,000 shares are designated shares of common stock, par value $0.001 per share, and (ii) 10,000,000 shares are designated shares of preferred stock, par value $0.001 per share. Organizational Transactions and IPO ​ On September 27, 2021, the Company closed its IPO of 23,334,000 shares of common stock, $0.001 par value per share, at an offering price of $12.00 per share, and received net proceeds from the IPO of approximately $263.2 million, net of $16.8 million in underwriting discounts and commissions. ​ Subsequent to the IPO, the underwriters exercised their option to purchase an additional 3,500,100 shares of common stock. The Company closed its sale of such additional shares on October 5, 2021, resulting in net proceeds of approximately $39.5 million, net of $2.5 million in underwriting discounts and commissions. ​ As a result of the IPO and the exercise of the underwriters’ option to purchase additional shares, the new investors in the Company owned 26,834,100 shares of the common stock, or approximately 26.6% of the total 100,892,547 shares of common stock outstanding after the IPO.

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 26, 2022
Equity-Based Compensation.
Equity-Based Compensation	13. Equity-Based Compensation Pre-IPO Equity 2017 Equity Incentive Plan In 2017, the Ultimate Parent established the Sovos Brands Limited Partnership 2017 Equity Incentive Plan (“2017 Plan”), in which certain employees and nonemployees of the Company received equity-based compensation in the form of Incentive Units (“IUs”) of the Ultimate Parent, as consideration for services to the Company. The IUs, were deemed to be equity instruments subject to expense recognition under FASB ASC 718, Compensation — Stock Compensation. The estimate of fair value of the IUs granted was determined as of the grant date. The fair value of the IUs granted in 2019 and 2020 was estimated using a two-step process. First, the enterprise value of Sovos Brands Holdings, Inc. was established using two generally accepted valuation methodologies: discounted cash flow analysis and guideline comparable public company analysis. Second, the enterprise value was allocated among the securities that comprise the capital structure of Sovos Brands Holdings, Inc. using the Black-Scholes option-pricing model. The use of the Black-Scholes option-pricing model requires the Company to make estimates and assumptions, such as expected volatility, expected term and expected risk-free interest rate. The fair value of the IUs granted in 2021 was estimated using the Probability Weighted Expected Return Method (“PWERM”), which is a forward-looking approach that was considered to be appropriate when expected future liquidity events, such as an IPO, are reasonably certain. The PWERM analysis considered three potential liquidation time horizons, ranging from current value to three years and assigned a 33.3% probability to each scenario. The valuation of the total company enterprise and equity values was calculated for each of the three scenarios, and then applied a weighted average calculation. Distribution of Sovos Common Stock with respect to IUs In connection with the IPO, the Ultimate Parent distributed its shares of Sovos Brands, Inc. common stock to its limited partners, including holders of IUs, in accordance with the applicable terms of its partnership agreement. Holders of IUs received shares of common stock and restricted common stock of Sovos Brands, Inc. in respect of their IUs. The common stock was distributed with respect to vested IUs and the restricted common stock was distributed with respect to nonvested IUs, with the vesting of such restricted common stock tracking the same vesting terms as the related nonvested IUs at the time of distribution. The distribution of Sovos common stock with respect to IUs was calculated based on a multi-step valuation which included a comparison of the fair value of the Company based on the pricing at the Company’s IPO to the fair value of the outstanding partnership units of the Ultimate Parent, including the IUs granted under the 2017 Plan. The conversion was based on: ● a ratio that takes into account the number of IUs held, ● the application distribution threshold applicable to the IUs, and ● the value of distributions that the holder would have been entitled to receive had the Ultimate Parent liquidated on the date of such replacement in accordance with the terms of the distribution “waterfall” set forth in the Ultimate Parent partnership agreement. Restricted Common Stock In connection with the IPO, a change in the vesting of the existing performance-based IUs and accordingly the related distributed restricted stock resulted in a modification to the grants and required the shares to be revalued as of the IPO date, resulting in a modified grant date fair value of approximately $13.0 million. The fair value of the performance-based restricted stock awards was calculated using a Monte Carlo simulation option pricing model estimates and assumptions, such as expected volatility, expected term and expected risk-free interest rate. Specifically, the model revalued the performance units based on the 2.0 2.0 2.0 ​ On November 4, 2021, the Company and the Limited Partnership modified a portion of the existing equity-based compensation awards dated September 22, 2021 among the Company, the Limited Partnership and the holders of such restricted stock. As a result of this modification, a portion of the shares that would have vested based upon a 4.0 The fair value of the modified performance-based restricted stock awards was calculated using a Monte Carlo simulation option pricing model estimates and assumptions, such as expected volatility, expected term and expected risk-free interest rate, resulting in an incremental modified grant date fair value of approximately $6.1 million. As of March 26, 2022, 51,258 shares of restricted common stock resulting from the distribution of common stock with respect to unvested time-based IUs vest upon fulfilling time-based service conditions and are scheduled to vest through 2024. As of March 26, 2022, the remaining 2,341,649 shares of restricted common stock resulting from the distribution with respect to unvested performance-based IUs will vest only if certain performance conditions, including exceeding various multiple of invested capital (“MOIC”) levels, are achieved. S During the 13 weeks ended March 26, 2022, the Company recorded equity-based compensation expense of approximately $0.4 million related to the restricted common stock with time-based service vesting conditions. During the 13 weeks ended March 27, 2021, the Company recorded equity-based compensation expense of approximately $0.6 million related to the IUs with time-based service vesting conditions. The Company recognized approximately $1.6 million of equity-based compensation expense during the 13 weeks ended March 26, 2022 related to the performance-based restricted common stock and will recognize the remaining expense for these awards ratably over the applicable 30-month period. Prior to the distribution of common stock with respect to the performance-based IUs, the performance conditions for the performance-based IUs were not deemed probable of occurrence, and therefore, no compensation cost was recorded for such IUs prior to September 23, 2021. The equity-based compensation expense prior to the IPO was considered to be a transaction with the Ultimate Parent and was classified as a component within additional paid-in capital in the Company’s consolidated statements of changes in stockholder’s equity. Post-IPO Equity 2021 Equity Incentive Plan Effective September 21, 2021, the Company approved the 2021 Equity Incentive Plan (the “2021 Plan”) which reserves 9,739,244 shares of common stock. The 2021 Plan provides for the granting of stock options, stock appreciation rights, restricted stock awards, restricted stock units or equity-based awards to eligible employees, consultants and directors. Restricted Stock Units In connection with the IPO and under the 2021 Plan, the Company granted 967,158 time-based restricted stock units (“RSUs”) to certain employees and independent directors. The RSUs include (i) 759,362 RSUs issued to certain employees with each award vesting 100% on the third anniversary of the grant date, subject in general to the applicable employee’s continued service through the vesting date, (ii) 191,130 RSUs issued to certain employees and independent directors with each award vesting in three equal annual installments, subject in general to the employee’s or director’s continued service through the vesting date, and (iii) 16,666 RSUs issued to certain of our independent directors that vest on the earlier of the first anniversary of the grant date and immediately prior to our first annual meeting of stockholders following the IPO, in each case subject in general to the applicable director’s continued service through the vesting date. During the 13 weeks ended March 26, 2022, the Company granted 561,355 RSUs to certain employees. The RSUs include (i) 485,316 RSUs issued with each award vesting in two equal annual installments, and (ii) 76,039 RSUs issued with each award vesting in three equal annual installments, all of which are subject in general to the employee’s continued service through the vesting date. Performance-based Restricted Stock Units In connection with the IPO and under the 2021 Plan, the Company granted 687,690 performance-based restricted stock units (“PSUs) to certain employees with each award vesting subject in general to the achievement of the performance condition and subject in general to the employee’s continued service through the vesting date. The fair value of the PSUs was estimated using a Monte Carlo simulation option pricing model, which requires the Company to make estimates and assumptions, such as expected volatility, expected term and expected risk-free interest rate. During the 13 weeks ended March 26, 2022, the Company granted 343,800 PSUs to certain employees with each award vesting subject in general to the achievement of a performance condition that measures the total shareholder return (“TSR”) relative to the TSR of the constituents of a custom peer group (“relative TSR”). The number of shares that may be earned ranges from 0% to 200% with straight-line interpolation applied and subject in general to the employee’s continued service through the vesting date. The fair value of the PSUs granted during the 13 weeks ended March 26, 2022 was estimated using a Monte Carlo simulation option pricing model, which requires the Company to make estimates and assumptions, such as expected volatility, expected term and expected risk-free interest rate. The Company recognized approximately $2.1 million for the 13 weeks ended March 26, 2022 resulting from the issuance of RSUs and PSUs under the 2021 Plan and expects to record equity-based compensation expense of approximately $24.3 million through the first quarter of 2025. As of March 26, 2022, there was an aggregate of 7,426,379 shares of common stock available for future equity awards under the 2021 Plan.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 26, 2022
Income Taxes
Income Taxes	14. Income Taxes The tax expense and the effective tax rate resulting from operations were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ (In thousands) ​ March 26, 2022 ​ March 27, 2021 Income before income taxes $ 6,768 $ 15,752 ​ Effective income tax expense ​ $ (2,711) ​ $ (4,040) ​ Effective tax rate ​ 40.0 % 25.7 % ​ The effective tax rates for the 13 weeks ended March 26, 2022 and March 27, 2021 differ from the statutory U.S. federal income and state and local income tax rates primarily due to nondeductible equity-based compensation and limitation on the deduction of executive compensation for public companies. The Company’s effective tax rate may increase or decrease with changes in, among other things, the amount of income or loss by jurisdiction, changes in tax law, and the movement of liabilities established pursuant to accounting guidance for unrecognized tax benefits as statutes of limitations expire, positions are effectively settled, or when additional information becomes available. Significant unusual or infrequently occurring items are excluded from the estimated annual effective tax rate and recognized in the interim period in which the transaction arises. For the 13 weeks ended March 26, 2022, the Company recorded return to provision items within the effective tax rate. For the 13 weeks ended March 27, 2021, there were no significant unusual or infrequent items excluded in the calculation of the effective tax rate. Proposed or pending tax law changes in the various jurisdictions in which we do business may have an impact on our effective tax rate and will be reflected as such in the period of enactment. Based upon the mix and timing of the Company’s actual annual earnings or loss compared to annual projections, as well as changes in the factors noted above, the Company’s effective tax rate may vary quarterly and may make quarterly comparisons not meaningful.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 26, 2022
Related Party Transactions
Related Party Transactions	15. Related Party Transactions The Company has two related party leases for a manufacturing facility and land. The facility and land are leased from Morning Fresh Dairy (“Morning Fresh”), a related party entity owned and controlled by an employee, board member of the Company and major equity holder of the Ultimate Parent. The facility lease and land lease are classified as a finance lease and operating lease, respectively, based on the original lease term and reasonably certain renewal options. As of March 26, 2022, the facility has a lease liability balance of $6.8 million which is primarily recognized as long-term debt in our Condensed Consolidated Balance Sheets. As of March 26, 2022, the land lease has a liability balance of $0.5 million which is primarily recognized as long-term operating lease liabilities in our Condensed Consolidated Balance Sheets. The facility and land lease contained total payments of approximately $142 thousand and $124 thousand for the 13 weeks ended March 26, 2022 and March 27, 2021, respectively. In addition, $46 thousand and $42 thousand was paid for the 13 weeks ended March 26, 2022 and March 27, 2021, respectively, for a proportionate share of utilities, taxes and insurance. Morning Fresh regularly purchases finished goods inventory from the Company for sale to its customers. Additionally, Morning Fresh regularly supplies milk used in the Company’s manufacturing process. Sales to and purchases from Morning Fresh were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended (In thousands) ​ March 26, 2022 ​ March 27, 2021 Sales ​ $ 117 ​ $ 112 Purchases ​ $ 1,970 ​ $ 1,311 ​ Amounts outstanding in respect to Morning Fresh transactions were as follows: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) March 26, 2022 December 25, 2021 Receivables ​ $ 11 ​ $ 26 Payables ​ $ 826 ​ $ 354 ​ The Company has a milk supply agreement with Morning Fresh for a base term ending December 31, 2027, with the option available for extension for a total of fifteen additional 2-year In January 2019, the Company entered into an agreement with a stockholder, to sell and issue 5,217 Class A units in exchange for a $6 million stockholder note receivable, which was recorded within stockholders’ equity. In accordance with the agreement, interest on the note accrued and compounded quarterly at a rate equal to the long-term applicable federal rate per annum on date of issuance on the unpaid principal amount of the note. The federal rate used on the date of issuance was the January 2019 long-term applicable federal rates for purposes of IRC 1274(d), which was 3.12%. On February 26, 2021, the stockholder note receivable plus accrued and unpaid interest was paid in full in the amount of $6.4 million. Advent International Corporation (“Advent” or “our Sponsor”) is a private equity firm which has invested funds in our common stock. Although no individual fund owns a controlling interest in us, together the funds represent our current majority owners. Our Sponsor and its affiliates have ownership interests in a broad range of companies. We have entered and may in the future enter into commercial transactions in the ordinary course of our business with some of these companies, including the sale of goods and services and the purchase of goods and services. The Company pays legal expenses on behalf of the Limited Partnership and carries balances within other long-term assets that reflects the amount due from the Limited Partnership. As of March 26, 2022 and December 25, 2021, the receivable balance was $0.5 million and $0.4 million, respectively.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 26, 2022
Earnings Per Share
Earnings Per Share	16. Earnings Per Share Basic and diluted earnings per share (“EPS”) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended (In thousands, except share and per share amounts) March 26, 2022 March 27, 2021 Net income ​ $ 4,057 ​ $ 11,712 Basic ​ ​ ​ Weighted average basic common shares outstanding ​ 100,892,547 ​ ​ 74,058,447 Basic earnings per share ​ $ 0.04 ​ $ 0.16 Diluted ​ ​ ​ Weighted average diluted common shares outstanding ​ 101,262,103 ​ ​ 76,867,992 Diluted earnings per share ​ $ 0.04 ​ $ 0.15 ​ There were no anti-dilutive shares for the diluted EPS calculations for the 13 weeks ended March 26, 2022 and March 27, 2021.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 26, 2022
Summary of Significant Accounting Policies
New Accounting Pronouncements and Policies	New Accounting Pronouncements and Policies Recently Issued Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 26, 2022
Revenue Recognition
Schedule of revenue disaggregated	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended (In thousands) March 26, 2022 March 27, 2021 Rao’s ​ $ 137,412 ​ $ 115,070 Noosa ​ 41,851 ​ 38,870 Michael Angelo’s ​ 20,242 ​ 19,003 Birch Benders ​ 10,428 ​ 16,428 Total net sales ​ $ 209,933 ​ $ 189,371

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 26, 2022
Inventories
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ ​ (In thousands) March 26, 2022 December 25, 2021 Finished goods ​ $ 36,233 ​ $ 38,715 Raw materials and packaging supplies ​ 13,623 ​ 12,900 Total inventories ​ $ 49,856 ​ $ 51,615

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	3 Months Ended
	Mar. 26, 2022
Intangible Assets, Net
Schedule of intangible assets net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 26, 2022 ​ ​ Gross carrying ​ Accumulated ​ Net carrying (In thousands) ​ amount ​ amortization ​ amount Intangible assets - definite lives ​ ​ ​ ​ Customer relationships ​ $ 213,000 ​ $ 75,797 ​ $ 137,203 Tradename ​ 192,347 ​ 24,705 ​ 167,642 ​ ​ ​ 405,347 ​ ​ 100,502 ​ ​ 304,845 Intangible assets - indefinite lives ​ ​ ​ ​ Tradename ​ ​ 153,000 ​ ​ — ​ ​ 153,000 Total intangible assets ​ $ 558,347 ​ $ 100,502 ​ $ 457,845 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 25, 2021 ​ ​ Gross carrying ​ Accumulated ​ Net carrying (In thousands) amount amortization amount Intangible assets - definite lives ​ ​ ​ ​ ​ ​ Customer relationships ​ $ 213,000 ​ $ 71,330 ​ $ 141,670 Tradename ​ 192,347 ​ 22,362 ​ 169,985 ​ ​ ​ 405,347 ​ ​ 93,692 ​ ​ 311,655 Intangible assets - indefinite lives ​ ​ ​ ​ ​ ​ ​ ​ ​ Tradename ​ 153,000 ​ ​ — ​ ​ 153,000 Total intangible assets ​ $ 558,347 ​ $ 93,692 ​ $ 464,655
Schedule of amortization expenses intangible assets net	​ ​ ​ ​ ​ (In thousands) Amortization Remainder of 2022 ​ $ 20,430 2023 ​ 27,240 2024 ​ 27,240 2025 ​ 27,240 2026 ​ 27,240 2027 and thereafter ​ 175,455 Total ​ $ 304,845

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 26, 2022
Accrued Expenses
Schedule of Accrued Expenses	​ ​ ​ ​ ​ ​ ​ ​ (In thousands) March 26, 2022 December 25, 2021 Accrued trade ​ $ 23,772 ​ $ 23,122 Accrued general expense ​ 14,798 ​ 15,327 Accrued compensation and benefits ​ 10,520 ​ 10,478 Accrued marketing ​ 1,741 ​ 2,830 Total accrued expenses ​ $ 50,831 ​ $ 51,757

Long-term debt (Tables)

Long-term debt (Tables)	3 Months Ended
	Mar. 26, 2022
Long-term debt
Schedule of Long-term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 26, 2022 ​ ​ ​ ​ ​ Unamortized ​ ​ ​ ​ ​ ​ ​ ​ debt issuance ​ ​ ​ (In thousands) ​ Principal ​ costs ​ Total debt, net Initial First Lien Term Loan Facility $ 480,800 $ (6,126) $ 474,674 Finance lease liabilities ​ ​ 7,071 ​ ​ — ​ ​ 7,071 Total debt ​ $ 487,871 ​ $ (6,126) ​ 481,745 Less: current portion of finance lease liabilities ​ ​ ​ ​ 93 Total long-term debt ​ ​ ​ ​ ​ $ 481,652 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 25, 2021 ​ ​ ​ ​ ​ Unamortized ​ ​ ​ ​ ​ ​ ​ ​ debt issuance ​ ​ ​ (In thousands) ​ Principal ​ costs ​ Total debt, net Initial First Lien Term Loan Facility $ 480,800 $ (6,377) $ 474,423 Finance lease liabilities ​ 7,095 ​ — ​ 7,095 Total debt ​ $ 487,895 ​ $ (6,377) ​ 481,518 Less: current portion of finance lease liabilities ​ ​ ​ ​ 98 Total long-term debt ​ ​ ​ ​ ​ $ 481,420 ​

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 26, 2022
Leases
Schedule of components of lease expenses	The components of lease expense were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended (In thousands) ​ Statement of Operations Caption ​ March 26, 2022 ​ March 27, 2021 Operating lease cost: ​ ​ ​ Lease cost Cost of sales and Selling, general, and administrative ​ $ 840 ​ $ 777 Variable lease cost (1) Cost of sales and Selling, general, and administrative ​ 363 ​ 339 Total operating lease cost ​ ​ 1,203 ​ 1,116 ​ ​ ​ ​ ​ ​ ​ ​ ​ Short term lease cost Cost of sales and Selling, general, and administrative ​ 46 ​ 80 ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance lease cost: ​ ​ ​ Amortization of right-of-use assets Cost of sales and Selling, general, and administrative ​ 65 ​ 65 Interest on lease liabilities Interest expense ​ 133 ​ 133 Total finance lease cost ​ ​ 198 ​ 198 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total lease cost ​ ​ ​ $ 1,447 ​ $ 1,394 (1) Variable lease cost primarily consists of common area maintenance, utilities, taxes, and insurance. The gross amount of assets and liabilities related to both operating and finance leases were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ Balance Sheet Caption ​ March 26, 2022 ​ December 25, 2021 Assets ​ ​ Operating lease right-of-use assets Operating lease right-of-use assets ​ $ 15,068 ​ $ 15,672 Finance lease right-of-use assets Property and equipment, net ​ 6,234 ​ 6,299 Total lease assets ​ ​ $ 21,302 ​ $ 21,971 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ Current: ​ ​ ​ ​ ​ ​ ​ ​ Operating lease liabilities ​ Operating lease liabilities ​ $ 3,285 ​ $ 3,216 Finance lease liabilities ​ Current portion of long-term debt ​ ​ 93 ​ ​ 98 Long-term: ​ ​ ​ ​ ​ ​ ​ ​ Operating lease liabilities Long-term operating lease liabilities ​ 16,505 ​ 17,302 Finance lease liabilities Long-term debt, net of debt issuance costs ​ 6,978 ​ 6,997 Total lease liabilities ​ ​ $ 26,861 ​ $ 27,613 ​ The weighted-average remaining lease term and weighted-average discount rate for operating and finance leases at March 26, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ Operating Leases Finance Leases Weighted-average remaining lease term (in years) 6.9 34.6 ​ Weighted-average discount rate 4.9 % 7.8 % Supplemental cash flow and other information related to leases were as follows: ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended (In thousands) ​ March 26, 2022 ​ March 27, 2021 Cash paid for amounts included in the measurement of lease liabilities ​ ​ Operating cash flows from operating leases ​ $ 1,011 ​ $ 942 Operating cash flows from finance leases ​ 133 ​ 133 Financing cash flows from finance leases ​ ​ 24 ​ $ 17
Schedule of Future minimum lease payments of operating leases	Future maturities of lease liabilities as of March 26, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) Operating Leases Finance Leases Fiscal year ending: ​ ​ Remainder of 2022 ​ $ 3,144 ​ $ 450 2023 ​ 4,040 ​ 609 2024 ​ 3,472 ​ 557 2025 ​ 2,961 ​ 549 2026 ​ 2,995 ​ 520 Thereafter ​ 6,920 ​ 18,970 Total lease payments ​ 23,532 ​ 21,655 Less: Interest ​ (3,742) ​ (14,584) Present value of lease liabilities ​ $ 19,790 ​ $ 7,071 ​
Schedule of Future minimum lease payments of finance leases	​ ​ ​ ​ ​ ​ ​ ​ (In thousands) Operating Leases Finance Leases Fiscal year ending: ​ ​ Remainder of 2022 ​ $ 3,144 ​ $ 450 2023 ​ 4,040 ​ 609 2024 ​ 3,472 ​ 557 2025 ​ 2,961 ​ 549 2026 ​ 2,995 ​ 520 Thereafter ​ 6,920 ​ 18,970 Total lease payments ​ 23,532 ​ 21,655 Less: Interest ​ (3,742) ​ (14,584) Present value of lease liabilities ​ $ 19,790 ​ $ 7,071

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 26, 2022
Income Taxes
Schedule of income tax expense (benefit)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ (In thousands) ​ March 26, 2022 ​ March 27, 2021 Income before income taxes $ 6,768 $ 15,752 ​ Effective income tax expense ​ $ (2,711) ​ $ (4,040) ​ Effective tax rate ​ 40.0 % 25.7 %

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 26, 2022
Related Party Transactions
Schedule of transactions with related party	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended (In thousands) ​ March 26, 2022 ​ March 27, 2021 Sales ​ $ 117 ​ $ 112 Purchases ​ $ 1,970 ​ $ 1,311 ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) March 26, 2022 December 25, 2021 Receivables ​ $ 11 ​ $ 26 Payables ​ $ 826 ​ $ 354

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 26, 2022
Earnings Per Share
Schedule of Basic and diluted earnings (loss) per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended (In thousands, except share and per share amounts) March 26, 2022 March 27, 2021 Net income ​ $ 4,057 ​ $ 11,712 Basic ​ ​ ​ Weighted average basic common shares outstanding ​ 100,892,547 ​ ​ 74,058,447 Basic earnings per share ​ $ 0.04 ​ $ 0.16 Diluted ​ ​ ​ Weighted average diluted common shares outstanding ​ 101,262,103 ​ ​ 76,867,992 Diluted earnings per share ​ $ 0.04 ​ $ 0.15

Company Overview (Details)

Company Overview (Details) $ / shares in Units, $ in Millions	Oct. 05, 2021USD ($)shares	Sep. 27, 2021USD ($)$ / sharesshares	Sep. 22, 2021$ / sharesshares	Mar. 26, 2022subsidiary$ / shares	Dec. 25, 2021$ / shares	Sep. 23, 2021$ / shares	Sep. 08, 2021$ / shares	Sep. 07, 2021$ / shares
Consolidation, Wholly Owned Subsidiary, Parent Ownership Interest [Line Items]
Common stock, par value (in dollars per share)				$ 0.001	$ 0.001	$ 0.001	$ 0.001	$ 0.01
IPO
Consolidation, Wholly Owned Subsidiary, Parent Ownership Interest [Line Items]
Common stock issued (in shares) | shares		23,334,000	23,334,000
Common stock, par value (in dollars per share)		$ 0.001	$ 0.001
Offering price (in dollar per share)		$ 12	$ 12
Net proceeds | $		$ 263.2
Over-Allotment Option
Consolidation, Wholly Owned Subsidiary, Parent Ownership Interest [Line Items]
Common stock issued (in shares) | shares	3,500,100	3,500,100	3,500,100
Net proceeds | $	$ 39.5
Sovos Brands Holdings, Inc
Consolidation, Wholly Owned Subsidiary, Parent Ownership Interest [Line Items]
Ownership percentage				100.00%
Sovos Brands Limited Partnership | Sovos Brands, Inc
Consolidation, Wholly Owned Subsidiary, Parent Ownership Interest [Line Items]
Ownership percentage				100.00%
Sovos Brands Holdings, Inc | Sovos Brands Intermediate, Inc.
Consolidation, Wholly Owned Subsidiary, Parent Ownership Interest [Line Items]
Ownership percentage				100.00%
Sovos Brands Intermediate, Inc.
Consolidation, Wholly Owned Subsidiary, Parent Ownership Interest [Line Items]
Number of subsidiaries | subsidiary				4

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Revenue Recognition
Total net sales	$ 209,933	$ 189,371
Rao's
Revenue Recognition
Total net sales	137,412	115,070
Noosa
Revenue Recognition
Total net sales	41,851	38,870
Michael Angelo's
Revenue Recognition
Total net sales	20,242	19,003
Birch Bender's
Revenue Recognition
Total net sales	$ 10,428	$ 16,428

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 26, 2022	Dec. 25, 2021
Inventories
Finished goods	$ 36,233	$ 38,715
Raw materials and packaging supplies	13,623	12,900
Total inventories	$ 49,856	$ 51,615

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Goodwill.
Change in carrying value of goodwill	$ 0
Impairment charges	$ 0	$ 0

Intangible Assets, Net (Details

Intangible Assets, Net (Details) - USD ($) $ in Thousands	Mar. 26, 2022	Dec. 25, 2021
Intangible assets - definite lives
Gross carrying amount	$ 405,347	$ 405,347
Accumulated amortization	100,502	93,692
Total	304,845	311,655
Intangible assets - indefinite lives
Gross Carrying Amount	558,347	558,347
Accumulated amortization	100,502	93,692
Net carrying amount	457,845	464,655
Tradename
Intangible assets - indefinite lives
Net carrying amount	153,000	153,000
Customer relationships
Intangible assets - definite lives
Gross carrying amount	213,000	213,000
Accumulated amortization	75,797	71,330
Total	137,203	141,670
Intangible assets - indefinite lives
Accumulated amortization	75,797	71,330
Tradename
Intangible assets - definite lives
Gross carrying amount	192,347	192,347
Accumulated amortization	24,705	22,362
Total	167,642	169,985
Intangible assets - indefinite lives
Accumulated amortization	$ 24,705	$ 22,362

Intangible Assets, Net - Narrat

Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Intangible Assets, Net
Amortization expense	$ 6.8	$ 6.8
Impairment charges	$ 0	$ 0

Intangible Assets, Net - Amorti

Intangible Assets, Net - Amortization expense (Details) - USD ($) $ in Thousands	Mar. 26, 2022	Dec. 25, 2021
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2022	$ 20,430
2023	27,240
2024	27,240
2025	27,240
2026	27,240
2027 and thereafter	175,455
Total	$ 304,845	$ 311,655

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 26, 2022	Dec. 25, 2021
Accrued Expenses
Accrued trade	$ 23,772	$ 23,122
Accrued general expense	14,798	15,327
Accrued compensation and benefits	10,520	10,478
Accrued marketing	1,741	2,830
Total accrued expenses	$ 50,831	$ 51,757

Long-term debt - Schedule of Lo

Long-term debt - Schedule of Long-term debt (Details) - USD ($) $ in Thousands	Mar. 26, 2022	Dec. 25, 2021
Long-term debt
Principal	$ 487,871	$ 487,895
Unamortized debt issuance costs	(6,126)	(6,377)
Finance lease liabilities	7,071	7,095
Total debt	481,745	481,518
Less: current portion of finance lease liabilities	93	98
Total long-term debt	481,652	481,420
Initial First Lien Term Loan Facility
Long-term debt
Principal	480,800	480,800
Unamortized debt issuance costs	(6,126)	(6,377)
Total debt, net	$ 474,674	$ 474,423

Long-term debt (Details)

Long-term debt (Details) - USD ($) $ in Thousands	Sep. 27, 2021	Jun. 08, 2021	Oct. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Nov. 30, 2018	Mar. 26, 2022	Mar. 27, 2021	Dec. 25, 2021	Oct. 31, 2020
Long-term debt
Dividends		$ 400,000
Principal							$ 487,871		$ 487,895
Amortization of debt issuance costs							316	$ 575
Interest expense.
Long-term debt
Amortization of debt Discount							300	$ 600
Initial First Lien Term Loan Facility
Long-term debt
Prepayment of debt			$ 39,500	$ 59,700
Accrued interest				900
Loss on the extinguishment				(1,400)
Principal							$ 480,800
Payment of debt issuance costs					$ 6,800
Percentage of reduction in interest upon consummation of an IPO	0.50%
Threshold limit of Percentage of minimum interest rate					0.75%
Effective interest rate (as a percent)							4.25%		4.50%
Revolving Facility
Long-term debt
Write off of debt issuance costs					$ 300
Payment of debt issuance costs					1,100
Amortization of debt issuance costs					200
Available credit							$ 125,000		$ 125,000
Outstanding debt							$ 0
Revolving Facility | Deutsche Bank, and Aresbank, S.A
Long-term debt
Loan amount						$ 45,000
Repayments of Lines of Credit						7,000
Initial Second Lien Facility
Long-term debt
Prepayment of debt				200,000
Accrued interest				2,900
Write off of debt issuance costs				$ 4,300
Payment of debt issuance costs					$ 500
Percentage of reduction in interest upon consummation of an IPO							0.25%
Initial Second Lien Facility | LIBOR
Long-term debt
Interest rate (as a percent)							8.00%
Threshold limit of Percentage of minimum interest rate							0.75%
First Lien Revolving Line of Credit
Long-term debt
Threshold limit of Percentage of minimum interest rate					0.00%
Outstanding debt							$ 0		0
2018 Term loan | Credit Suisse, Citizens Bank N.A
Long-term debt
Loan amount						280,000
2017 Term loan
Long-term debt
Repayment of outstanding loan						$ 158,400
Incremental Term Loan
Long-term debt
Loan amount										$ 100,000
Debt issuance costs										$ 3,200
2018 Term loan and Incremental Term loan
Long-term debt
Write off of debt issuance costs					$ 9,400
2018 Term loan and Incremental Term loan | Credit Suisse, Citizens Bank N.A
Long-term debt
Repayment of outstanding loan					373,200
First Lien Credit Agreement
Long-term debt
Threshold limit, maximum leverage ratio of consolidated first lien net debt to consolidated EBITDA							6.95
Financial covenant testing threshold percentage of aggregate revolving credit commitments							35.00%
First Lien Credit Agreement | Initial First Lien Term Loan Facility
Long-term debt
Loan amount					580,000
First Lien Credit Agreement | Revolving Facility
Long-term debt
Maximum borrowing capacity					125,000
First Lien Credit Agreement | Letter of credit facility
Long-term debt
Maximum borrowing capacity					45,000
Second Lien Credit Agreement | Initial Second Lien Facility
Long-term debt
Loan amount					$ 200,000
Initial First Lien Term Loan Facility and Revolving Facility
Long-term debt
Percentage of reduction in interest upon consummation of an IPO					50.00%
Initial First Lien Term Loan Facility and Revolving Facility | LIBOR | Minimum
Long-term debt
Interest rate (as a percent)					4.00%
Initial First Lien Term Loan Facility and Revolving Facility | LIBOR | Maximum
Long-term debt
Interest rate (as a percent)					4.25%
Initial First Lien Term Loan Facility
Long-term debt
Principal							$ 480,800		$ 480,800
Debt discounts on issuance					$ 1,500
Initial Second Lien Facility
Long-term debt
Debt discounts on issuance					$ 4,000

Leases - Components of lease ex

Leases - Components of lease expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Operating lease cost:
Total operating lease cost	$ 1,203	$ 1,116
Total finance lease cost	198	198
Total lease cost	1,447	1,394
Cost of sales and Selling, general and administrative
Operating lease cost:
Lease cost	840	777
Variable lease cost	363	339
Short term lease cost	46	80
Amortization of right-of-use assets	65	65
Interest expense.
Operating lease cost:
Interest on lease liabilities	$ 133	$ 133
Real estate | Minimum
Leases
Lease term	2 years
Real estate | Maximum
Leases
Lease term	10 years
Equipment
Leases
Lease term	5 years
Manufacturing facilities and office space
Leases
Lessor, Operating Lease, Existence of Option to Extend [true false]	true
Manufacturing facilities and office space | Minimum
Leases
Lease term	2 years
Manufacturing facilities and office space | Maximum
Leases
Lease term	30 years

Leases - Assets and Liabilities

Leases - Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 26, 2022	Dec. 25, 2021
Leases
Operating lease right-of-use assets	$ 15,068	$ 15,672
Finance lease right-of-use assets	$ 6,234	6,299
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant and Equipment, Net
Total lease assets	$ 21,302	21,971
Current portion of long-term lease liabilities	3,285	3,216
Finance lease liabilities	$ 93	98
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Long-term Debt and Lease Obligation, Current
Operating lease liability, long-term	$ 16,505	17,302
Finance lease liabilities, long-term	$ 6,978	6,997
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term Debt and Lease Obligation
Total lease liabilities	$ 26,861	$ 27,613

Leases - Other information (Det

Leases - Other information (Details)	Mar. 26, 2022
Leases
Weighted-average remaining lease term (years) - operating leases	6 years 10 months 24 days
Weighted-average discount rate - operating leases	4.90%
Weighted-average remaining lease term (years) - Finance leases	34 years 7 months 6 days
Weighted-average discount rate - Finance leases	7.80%

Leases - Future maturities of l

Leases - Future maturities of lease liabilities (Details) - USD ($) $ in Thousands	Mar. 26, 2022	Dec. 25, 2021
Operating Leases
Remainder of 2022	$ 3,144
2023	4,040
2024	3,472
2025	2,961
2026	2,995
Thereafter	6,920
Total lease payments	23,532
Less: Interest	(3,742)
Present value of lease liabilities	19,790
Finance Leases
Remainder of 2022	450
2023	609
2024	557
2025	549
2026	520
Thereafter	18,970
Total lease payments	21,655
Less: Interest	(14,584)
Present value of lease liabilities	$ 7,071	$ 7,095

Leases - Supplemental cash flow

Leases - Supplemental cash flow and other information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Leases
Operating cash flows from operating leases	$ 1,011	$ 942
Operating cash flows from finance leases	133	133
Financing cash flows from finance leases	$ 24	$ 17

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions	Mar. 26, 2022USD ($)
Commitments and Contingencies.
Purchase commitments to third-party manufacturers	$ 13.7

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 26, 2022	Dec. 25, 2021
Fair Value of Financial Instruments
Assets transfer from level 1 to level 2	$ 0	$ 0
Assets transfer from level 2 to level 1	0	0
Liabilities transfer from level 1 to level 2	0	0
Liabilities transfer from level 2 to level 1	0	0
Assets transfer in or out of level 3	0	0
Liability transfer in or out of level 3	$ 0	$ 0

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ / shares in Units, $ in Millions	May 04, 2022shares	Oct. 05, 2021USD ($)shares	Sep. 27, 2021USD ($)$ / sharesshares	Sep. 22, 2021$ / sharesshares	Sep. 08, 2021$ / sharesshares	Jun. 08, 2021USD ($)	Mar. 26, 2022$ / sharesshares	Dec. 25, 2021$ / sharesshares	Sep. 23, 2021$ / sharesshares	Sep. 07, 2021$ / sharesshares
Subsidiary, Sale of Stock [Line Items]
Payment of dividends | $						$ 400
Shares authorized									510,000,000
Common stock, authorized (in shares)					500,000,000		500,000,000	500,000,000	500,000,000	750,000
Common stock, par value (in dollars per share) | $ / shares					$ 0.001		$ 0.001	$ 0.001	$ 0.001	$ 0.01
Preferred stock, authorized (in shares)							10,000,000	10,000,000	10,000,000
Preferred stock, par value (in dollars per share) | $ / shares							$ 0.001	$ 0.001	$ 0.001
Stock split ratio					120.8
Number of fractional shares issued					0
Common stock, issued (in shares)					74,058,447		100,892,547	100,892,547
Common stock, outstanding (in shares)					74,058,447		100,892,547	100,892,547
IPO
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares			$ 0.001	$ 0.001
Common stock issued (in shares)			23,334,000	23,334,000
Offering price (in dollar per share) | $ / shares			$ 12	$ 12
Net proceeds from IPO | $			$ 263.2
Underwriting discounts and commissions | $			$ 16.8
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Common stock issued (in shares)		3,500,100	3,500,100	3,500,100
Net proceeds from IPO | $		$ 39.5
Underwriting discounts and commissions | $		$ 2.5
Over-Allotment Option | Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Common stock, outstanding (in shares)	100,892,547
Common stock issued (in shares)	26,834,100
Ownership percentage held by new investors	26.60%

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) $ in Millions	Nov. 03, 2021trancheshares	Sep. 22, 2021itemtranche	Sep. 21, 2021installmentshares	Mar. 26, 2022USD ($)installmentitemshares	Mar. 27, 2021USD ($)	Sep. 23, 2021USD ($)	Dec. 25, 2021USD ($)	Nov. 04, 2021tranche
2021 Equity Incentive Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Allocated share based payments | $				$ 2.1
Shares reserved for future issuance			9,739,244	7,426,379
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $				$ 24.3
Time Based Restricted Common Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Equity-based compensation expense | $				$ 0.4	$ 0.6
Time Based Restricted Common Stock | 2021 Equity Incentive Plan | Employees and Independent Directors
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Grants in period			967,158
Performance Based Incentive Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Equity-based compensation expense | $						$ 0
Performance Based Restricted Stock Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expiration period				30 months
Grants in period				343,800
Equity-based compensation expense | $				$ 1.6
Performance Based Restricted Stock Units | Minimum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting percentage				0.00%
Performance Based Restricted Stock Units | Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting percentage				200.00%
Performance Based Restricted Stock Units | 2021 Equity Incentive Plan | Employees
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Grants in period			687,690
Performance Based Restricted Common Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Modified grant date fair value | $				$ 13			$ 6.1
Multiplying factor for invested capital | tranche	2	2						4
Volume of weighted average share price, number of day | item		30
Maximum percentage owned by ultimate parent		25.00%
Term of post IPO		30 months
Vested	683,442
Service Based Restricted Common Stock | Tranche One
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vested				51,258
Service Based Restricted Common Stock | Tranche Two
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vested				2,341,649
Restricted Stock Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Grants in period				561,355,000
Restricted Stock Units | Vesting in Two Installments
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Grants in period				485,316,000
Number of installments | installment				2
Restricted Stock Units | Vesting in Three Installments
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Grants in period				76,039,000
Number of installments | installment				3
Restricted Stock Units | 2021 Equity Incentive Plan | Tranche One | Employees
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Grants in period			759,362
Vesting percentage			100.00%
Restricted Stock Units | 2021 Equity Incentive Plan | Tranche Two | Employees and Independent Directors
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Grants in period			191,130
Number of installments | installment			3
Restricted Stock Units | 2021 Equity Incentive Plan | Tranche Four | Director
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Grants in period			16,666
Incentive Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of liquidation time horizons | item				3
Liquidation time horizon				3 years
Time Horizon Probability Percentage				33.30%

Income Taxes - Effective tax ra

Income Taxes - Effective tax rate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Income Taxes
Income before income taxes	$ 6,768	$ 15,752
Effective income tax expense	$ (2,711)	$ (4,040)
Effective tax rate	40.00%	25.70%

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands	3 Months Ended
	Mar. 26, 2022USD ($)item	Mar. 27, 2021USD ($)	Dec. 25, 2021USD ($)
Related Party Transaction [Line Items]
Related party leases | item	2
Finance lease liability	$ 6,978		$ 6,997
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term Debt and Lease Obligation
Operating lease liability, long-term	$ 16,505		$ 17,302
Morning Fresh
Related Party Transaction [Line Items]
Finance lease liability	6,800
Operating lease liability, long-term	500
Total facility lease payments	142	$ 124
Shares of utilities	$ 46	$ 42

Related Party Transactions - Tr

Related Party Transactions - Transactions (Details) - Morning Fresh - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021	Dec. 25, 2021
Related Party Transaction [Line Items]
Sales	$ 117	$ 112
Purchases	1,970	$ 1,311
Receivables	11		$ 26
Payables	$ 826		$ 354

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) shares in Thousands	Feb. 26, 2021USD ($)	Jan. 31, 2019USD ($)shares	Mar. 26, 2022USD ($)item	Dec. 25, 2021USD ($)
Related Party Transaction [Line Items]
Future commitments to purchase			$ 13,700,000
Morning Fresh | Milk supply agreement
Related Party Transaction [Line Items]
Number of additional periods | item			15
Term of extension period			2 years
Written notice required to terminate agreement			4 years
Maximum quantity agreed to be received			3,650,000
Future commitments to purchase			$ 43,900,000
Monthly additional costs			33,000
Early termination penalty			$ 0
Term of Agreement			10 years
Morning Fresh | Milk supply agreement | Maximum
Related Party Transaction [Line Items]
Early termination penalty			$ 3,000,000
Stockholder | Class A units
Related Party Transaction [Line Items]
Issuance of notes to stockholders (in shares) | shares		5,217
Stockholder's note receivable		$ 6,000,000
Interest rate (as a percent)		3.12%
Proceeds from stockholder note receivable	$ 6,400,000
Sovos Brands Limited Partnership
Related Party Transaction [Line Items]
Receivable balance			$ 500,000	$ 400,000

Earnings Per Share - Basic and

Earnings Per Share - Basic and diluted earnings (loss) per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Earnings Per Share
Net income	$ 4,057	$ 11,712
Basic
Weighted average basic common shares outstanding	100,892,547	74,058,447
Basic earnings per share	$ 0.04	$ 0.16
Diluted
Weighted average diluted common shares outstanding	101,262,103	76,867,992
Diluted earnings per share	$ 0.04	$ 0.15

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Earnings Per Share
Anti-dilutive shares underlying stock options	0	0