Sovos Brands (SOVO) 10-Q 2 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 24, 2022	Oct. 28, 2022
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 24, 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		100,961,986
Entity Central Index Key	0001856608
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 24, 2022	Dec. 25, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 81,926	$ 66,154
Accounts receivable, net	83,964	70,729
Inventories	84,086	51,615
Prepaid expenses and other current assets	5,865	6,685
Total current assets	255,841	195,183
Property and equipment, net	65,132	62,671
Operating lease right-of-use assets	13,932	15,672
Goodwill	395,399	437,451
Intangible assets, net	444,225	464,655
Other long-term assets	3,978	2,299
TOTAL ASSETS	1,178,507	1,177,931
CURRENT LIABILITIES:
Accounts payable	52,203	37,254
Accrued expenses	60,373	51,757
Current portion of long-term debt	98	98
Current portion of long-term lease liabilities	3,298	3,216
Total current liabilities	115,972	92,325
Long-term debt, net of debt issuance costs	482,114	481,420
Deferred income taxes	65,736	76,976
Long-term operating lease liabilities	14,912	17,302
Other long-term liabilities	459	421
TOTAL LIABILITIES	679,193	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, 100,961,986 and 100,892,547 shares issued and outstanding as of September 24, 2022 and December 25, 2021, respectively	101	101
Additional paid-in-capital	572,466	559,226
Accumulated deficit	(74,604)	(49,840)
Accumulated other comprehensive income	1,351
TOTAL STOCKHOLDERS' EQUITY	499,314	509,487
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 1,178,507	$ 1,177,931

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 24, 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)	100,961,986	100,892,547
Common stock, outstanding (in shares)	100,961,986	100,892,547

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Condensed Consolidated Statements of Operations
Net sales	$ 208,907	$ 178,733	$ 616,273	$ 529,942
Revenue, Product and Service [Extensible Enumeration]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Cost of sales	$ 147,090	$ 128,878	$ 445,525	$ 368,642
Cost, Product and Service [Extensible Enumeration]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Gross profit	$ 61,817	$ 49,855	$ 170,748	$ 161,300
Operating expenses:
Selling, general and administrative	43,965	31,189	117,329	91,367
Depreciation and amortization	7,209	7,236	21,612	21,631
Impairment of goodwill	0	0	42,052	0
Loss on extinguishment of debt				9,717
Total operating expenses	51,174	38,425	180,993	122,715
Operating income (loss)	10,643	11,430	(10,245)	38,585
Interest expense, net	6,679	12,547	18,414	24,613
Income (loss) before income taxes	3,964	(1,117)	(28,659)	13,972
Income tax (expense) benefit	(2,500)	(3,497)	3,895	(8,213)
Net income (loss)	$ 1,464	$ (4,614)	$ (24,764)	$ 5,759
Earnings (loss) per share:
Basic (in dollars per shares)	$ 0.01	$ (0.06)	$ (0.25)	$ 0.08
Diluted (in dollars per shares)	$ 0.01	$ (0.06)	$ (0.25)	$ 0.08
Weighted average shares outstanding:
Basic (in shares)	100,913,121	74,058,447	100,901,161	74,058,447
Diluted (in shares)	101,613,928	74,058,447	100,901,161	74,058,453

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Condensed Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ 1,464	$ (4,614)	$ (24,764)	$ 5,759
Other comprehensive income:
Change in net unrealized gain on derivative instrument	1,785		1,785
Income tax effect	(434)		(434)
Unrealized gain on derivative instruments, net of tax	1,351		1,351
Total comprehensive income (loss)	$ 2,815	$ (4,614)	$ (23,413)	$ 5,759

Condensed Consolidated Statem_3

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)	Accumulated Other Comprehensive Income	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			2,084			2,084
Dividend distribution ($5.40 per share)			(400,000)			(400,000)
Net income (loss)				5,759		5,759
Balances, at End of period at Sep. 25, 2021	$ 74		256,470	(46,000)		210,544
Balances, Ending (in shares) at Sep. 25, 2021	74,058,447
Balances, at Beginning of Period at Jun. 26, 2021	$ 74		255,491	(41,386)		214,179
Balances, Beginning (in shares) at Jun. 26, 2021	74,058,447
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation expense			979			979
Net income (loss)				(4,614)		(4,614)
Balances, at End of period at Sep. 25, 2021	$ 74		256,470	(46,000)		210,544
Balances, Ending (in shares) at Sep. 25, 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			13,240			13,240
Shares issued upon vesting of restricted stock units (in shares)	69,439
Other comprehensive income					$ 1,351	1,351
Net income (loss)				(24,764)		(24,764)
Balances, at End of period at Sep. 24, 2022	$ 101		572,466	(74,604)	1,351	499,314
Balances, Ending (in shares) at Sep. 24, 2022	100,961,986
Balances, at Beginning of Period at Jun. 25, 2022	$ 101		567,860	(76,068)		491,893
Balances, Beginning (in shares) at Jun. 25, 2022	100,912,023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation expense			4,606			4,606
Shares issued upon vesting of restricted stock units (in shares)	49,963
Other comprehensive income					1,351	1,351
Net income (loss)				1,464		1,464
Balances, at End of period at Sep. 24, 2022	$ 101		$ 572,466	$ (74,604)	$ 1,351	$ 499,314
Balances, Ending (in shares) at Sep. 24, 2022	100,961,986

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 25, 2021	Sep. 25, 2021
Condensed Consolidated Statements of Changes in Stockholders' Equity
Dividend distributions (in dollar per share)	$ 5.40	$ 5.40

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021
Operating activities
Net income (loss)	$ (24,764)	$ 5,759
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	29,184	28,302
Equity-based compensation expense	13,240	2,084
Loss on foreign currency contracts	3,255
Deferred income taxes	(11,674)	6,516
Amortization of debt issuance costs	949	1,566
Non-cash operating lease expense	1,818	1,683
Provision for excess and obsolete inventory	2,350
Loss on disposal of property and equipment		54
Impairment of goodwill	42,052	0
Loss on extinguishment of debt		9,717
Other		229
Changes in operating assets and liabilities:
Accounts receivable, net	(13,234)	(18,931)
Inventories	(34,823)	(13,642)
Prepaid expenses and other current assets	215	(6,588)
Other long-term assets	372	396
Accounts payable	14,674	2,582
Accrued expenses	5,504	649
Other long-term liabilities	38	12
Operating lease liabilities	(2,386)	(2,083)
Net cash provided by operating activities	26,770	18,305
Investing activities
Purchases of property and equipment	(10,939)	(5,111)
Net cash used in investing activities	(10,939)	(5,111)
Financing activities
Payments of debt issuance costs		(3,046)
Proceeds from long-term debt		769,136
Repayments of long-term debt		(374,146)
Repayments of capital lease obligations	(59)	(49)
Proceeds from stockholder's note receivable		6,000
Contingent earn out consideration paid		(5,000)
Dividends paid		(400,000)
Net cash used in financing activities	(59)	(7,105)
Cash and cash equivalents
Net increase in cash and cash equivalents	15,772	6,089
Cash and cash equivalents at beginning of period	66,154	37,026
Cash and cash equivalents at end of period	81,926	43,115
Supplemental disclosures of cash flow information
Cash paid for interest	19,309	18,603
Cash paid for taxes	3,670	2,236
Proceeds from income tax refunds	(11)	(44)
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
Lease liabilities arising from operating lease right-of-use assets recognized after ASU No. 2016-02 transition	78	1,638
Acquisition of property and equipment not yet paid	$ 314	$ 43

Company Overview

Company Overview	9 Months Ended
	Sep. 24, 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 13. Stockholders’ Equity ​ On August 10, 2022, the Company completed a secondary offering, in which certain of its stockholders (the “Selling Stockholders”) sold 8,500,000 shares of common stock in an underwritten public offering at an offering price of $14.00 per share, with all proceeds going to the Selling Stockholders. Subsequent to the secondary offering, the underwriters exercised their option to purchase an additional 1,275,000 shares of common stock, and the sale of such additional shares closed on August 22, 2022, with all proceeds going to the Selling Stockholders. ​ 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 (“2021 Form 10-K”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 24, 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 Hedging and Derivative Financial Instruments ​ We are exposed to certain risks relating to our ongoing business operations. From time to time, we use derivative financial instruments, principally option contracts, collars and interest rate caps, to reduce our exposure to foreign currency risk and interest rate risk. We do not hold or issue derivatives for speculative purposes. ​ The Financial Accounting Standards Board (the “FASB”) issued ASC 815, Derivatives and Hedging ​ Derivative instruments are recorded at fair value in the Condensed Consolidated Balance Sheets and are classified based on the contractual maturity of the instrument or the timing of the underlying cash flows. The fair value of derivative instruments is reflected in prepaid expenses and other current assets, other long-term assets or accrued expenses. On the Condensed Consolidated Statements of Cash Flows, cash flows associated with derivative instruments are classified according to the nature of the underlying hedged item. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship, whether the Company has elected to apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge that are exposed to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the earnings effect of the hedged forecasted transactions in a cash flow hedge. Changes in fair value of the cash flow hedges are recognized in the Condensed Consolidated Statements of Comprehensive Income in other comprehensive income (“OCI”). The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. Derivative instruments that have not been designated in an effective hedging relationship are considered economic hedges, and their change in fair value is recognized in the Condensed Consolidated Statements of Operations in selling, general and administrative. In accordance with the FASB’s fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. ​ ​ See Note 12. Hedging and Derivative Financial Instruments ​ New Accounting Pronouncements and Policies Recently Issued Accounting Pronouncements Not Yet Adopted In March 2020, 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. ​ In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments-Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures ​ ​

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 24, 2022
Revenue Recognition
Revenue Recognition	3. Revenue Recognition Revenue disaggregated by brand is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ 39 Weeks Ended (In thousands) September 24, 2022 September 25, 2021 September 24, 2022 September 25, 2021 Rao’s ​ $ 135,189 ​ $ 101,118 ​ $ 392,399 ​ $ 299,632 Noosa ​ 42,703 ​ 41,712 ​ 132,102 ​ 124,298 Michael Angelo’s ​ 21,269 ​ 22,090 ​ 61,251 ​ 59,687 Birch Benders ​ 9,746 ​ 13,813 ​ 30,521 ​ 46,325 Total net sales ​ $ 208,907 ​ $ 178,733 ​ $ 616,273 ​ $ 529,942 ​

Inventories

Inventories	9 Months Ended
	Sep. 24, 2022
Inventories
Inventories	4. Inventories ​ Inventories consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) September 24, 2022 December 25, 2021 Finished goods ​ $ 71,386 ​ $ 38,715 Raw materials and packaging supplies ​ 12,700 ​ 12,900 Total inventories ​ $ 84,086 ​ $ 51,615 ​

Goodwill

Goodwill	9 Months Ended
	Sep. 24, 2022
Goodwill.
Goodwill	5. Goodwill Changes in the carrying value of Goodwill ​ ​ ​ ​ ​ (In thousands) ​ Goodwill Balance as of December 25, 2021 ​ $ 437,451 Impairment ​ (42,052) Balance as of September 24, 2022 ​ $ 395,399 ​ In the second quarter of 2022, the Company identified the underperformance of the Birch Benders Birch Benders There were no impairment charges related to goodwill during the 13 weeks ended September 24, 2022 or during the 13 weeks or 39 weeks ended September 25, 2021.

Intangible Assets, Net

Intangible Assets, Net	9 Months Ended
	Sep. 24, 2022
Intangible Assets, Net
Intangible Assets, Net	6. Intangible Assets, Net Intangible asset, net, consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 24, 2022 ​ ​ Gross carrying ​ Accumulated ​ Net carrying (In thousands) ​ amount ​ amortization ​ amount Intangible assets - definite lives ​ ​ ​ ​ Customer relationships ​ $ 213,000 ​ $ 84,732 ​ $ 128,268 Tradename ​ 192,347 ​ 29,390 ​ 162,957 ​ ​ ​ 405,347 ​ ​ 114,122 ​ ​ 291,225 Intangible assets - indefinite lives ​ ​ ​ ​ Tradename ​ ​ 153,000 ​ ​ — ​ ​ 153,000 Total intangible assets ​ $ 558,347 ​ $ 114,122 ​ $ 444,225 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 September 24, 2022 and September 25, 2021 was $6.8 million and $6.8 million, respectively. Amortization expense related to intangible assets during the 39 weeks ended September 24, 2022 and September 25, 2021 was $20.4 million and $20.4 million, respectively. Intangible assets with definite useful lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. In the second quarter of 2022, the Company identified underperformance of the Birch Benders Birch Benders There were no impairment charges related to intangible assets during the 13 weeks or 39 weeks ended September 24, 2022 and September 25, 2021. Estimated total intangible amortization expense during the next five fiscal years and thereafter is as follows: ​ ​ ​ ​ ​ (In thousands) Amortization Remainder of 2022 ​ $ 6,810 2023 ​ 27,240 2024 ​ 27,240 2025 ​ 27,240 2026 ​ 27,240 2027 and thereafter ​ 175,455 Total ​ $ 291,225 ​

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 24, 2022
Accrued Expenses
Accrued Expenses	7. Accrued Expenses ​ Accrued expenses consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) September 24, 2022 December 25, 2021 Accrued trade ​ $ 26,793 ​ $ 23,122 Accrued general expense ​ 18,952 ​ 15,327 Accrued compensation and benefits ​ 12,527 ​ 10,478 Accrued marketing ​ 2,101 ​ 2,830 Total accrued expenses ​ $ 60,373 ​ $ 51,757 ​

Long-term debt

Long-term debt	9 Months Ended
	Sep. 24, 2022
Long-term debt
Long-term debt	8. Long-Term Debt Long-term debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 24, 2022 ​ ​ ​ ​ ​ Unamortized ​ ​ ​ ​ ​ ​ ​ ​ debt issuance ​ ​ ​ (In thousands) ​ Principal ​ costs ​ Total debt, net Initial First Lien Term Loan Facility $ 480,800 $ (5,624) $ 475,176 Finance lease liabilities ​ ​ 7,036 ​ ​ — ​ 7,036 Total debt ​ $ 487,836 ​ $ (5,624) ​ ​ 482,212 Less: current portion of finance lease liabilities ​ ​ ​ ​ ​ ​ ​ 98 Total long-term debt ​ ​ ​ ​ ​ $ 482,114 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 $400.0 million to the direct or indirect equity holders of the Ultimate Parent. See Note 13. 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 $0.5 million for the 13 weeks ended September 24, 2022 and September 25, 2021, respectively, and $0.9 million and $1.6 million for the 39 weeks ended September 24, 2022 and September 25, 2021, respectively, is included within interest expense, net 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 September 24, 2022 and December 25, 2021, the effective interest rate for the Initial First Lien Term Loan Facility and Revolving Facility was 6.02% and 4.50%, respectively. In July 2022, the Company entered into an interest rate hedge. See Note 12. Hedging and Derivative Financial Instruments As of September 24, 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 September 24, 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 September 24, 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	9 Months Ended
	Sep. 24, 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 ​ 39 Weeks Ended (In thousands) ​ Statement of Operations Caption ​ September 24, 2022 ​ September 25, 2021 ​ September 24, 2022 ​ September 25, 2021 Operating lease cost: ​ ​ ​ ​ ​ ​ ​ ​ Lease cost Cost of sales and Selling, general and administrative ​ $ 823 ​ $ 841 ​ $ 2,502 ​ $ 2,426 Variable lease cost (1) Cost of sales and Selling, general and administrative ​ 379 ​ ​ 356 ​ 1,099 ​ 1,012 Total operating lease cost ​ ​ 1,202 ​ ​ 1,197 ​ 3,601 ​ 3,438 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short term lease cost Cost of sales and Selling, general and administrative ​ 81 ​ ​ 61 ​ 177 ​ 172 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance lease cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets Cost of sales and Selling, general and administrative ​ 66 ​ ​ 66 ​ 196 ​ 196 Interest on lease liabilities Interest expense, net ​ 132 ​ ​ 133 ​ 397 ​ 399 Total finance lease cost ​ ​ 198 ​ ​ 199 ​ 593 ​ 595 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total lease cost ​ ​ ​ $ 1,481 ​ $ 1,457 ​ $ 4,371 ​ $ 4,205 (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 ​ September 24, 2022 ​ December 25, 2021 Assets ​ ​ Operating lease right-of-use assets Operating lease right-of-use assets ​ $ 13,932 ​ $ 15,672 Finance lease right-of-use assets Property and equipment, net ​ 6,103 ​ 6,299 Total lease assets ​ ​ $ 20,035 ​ $ 21,971 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ Current: ​ ​ ​ ​ ​ ​ ​ ​ Operating lease liabilities ​ Current portion of long-term operating lease liabilities ​ $ 3,298 ​ $ 3,216 Finance lease liabilities ​ Current portion of long-term debt ​ ​ 98 ​ ​ 98 Long-term: ​ ​ ​ ​ ​ ​ ​ ​ Operating lease liabilities Long-term operating lease liabilities ​ 14,912 ​ 17,302 Finance lease liabilities Long-term debt, net of debt issuance costs ​ 6,938 ​ 6,997 Total lease liabilities ​ ​ $ 25,246 ​ $ 27,613 ​ The weighted-average remaining lease term and weighted-average discount rate for operating and finance leases were as follows: ​ ​ ​ ​ ​ ​ ​ ​ September 24, 2022 December 25, 2021 Weighted-average remaining lease term (in years): ​ ​ ​ ​ ​ Operating leases ​ 6.6 ​ ​ 7.1 ​ Finance leases ​ 34.3 ​ ​ 34.8 ​ Weighted-average discount rate ​ ​ ​ ​ ​ ​ Operating leases ​ 4.9 % ​ 4.9 % Finance leases 7.8 % ​ 7.8 % ​ Future maturities of lease liabilities as of September 24, 2022, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) Operating Leases Finance Leases Fiscal year ending: ​ ​ Remainder of 2022 ​ $ 1,050 ​ $ 151 2023 ​ 4,062 ​ 609 2024 ​ 3,493 ​ 557 2025 ​ 2,982 ​ 549 2026 ​ 3,005 ​ 520 Thereafter ​ 6,920 ​ 18,970 Total lease payments ​ 21,512 ​ 21,356 Less: Interest ​ (3,302) ​ (14,320) Present value of lease liabilities ​ $ 18,210 ​ $ 7,036 ​ As of September 24, 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: ​ ​ ​ ​ ​ ​ ​ ​ 39 Weeks Ended (In thousands) ​ September 24, 2022 ​ September 25, 2021 Cash paid for amounts included in the measurement of lease liabilities ​ ​ Operating cash flows from operating leases ​ $ 3,042 ​ $ 2,883 Operating cash flows from finance leases ​ 397 ​ 399 Financing cash flows from finance leases ​ ​ 59 ​ $ 49 Right-of-use assets obtained in exchange for new lease liabilities ​ ​ ​ ​ ​ ​ Finance leases ​ ​ — ​ ​ — Operating leases ​ ​ 78 ​ ​ 1,638 ​

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 24, 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 September 24, 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 $25.2 million. See Note 16. Related Party Transactions

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 24, 2022
Fair Value of Financial Instruments
Fair Value of Financial Instruments	11. Fair Value of Financial Instruments ASC 820, Fair Value Measurements and Disclosures 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, current assets and current liabilities 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. Borrowing 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 September 24, 2022 and December 25, 2021, based on interest rates currently available to the Company for similar borrowings. Derivative financial instruments The Company uses option contracts to manage foreign currency risk and uses interest rate caps (options) to manage interest rate risk. The Company’s derivative assets and liabilities are carried at fair value as required by GAAP. The estimated fair values of the derivative assets and liabilities on the Company’s forward contracts is based on foreign currency exchange rates in active markets. The estimated fair value of the interest rate instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. To comply with the provisions of ASC 820, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by ourself and our counterparties. We have determined that the significance of the impact of the credit valuation adjustments made to our derivative contracts, which determination was based on the fair value of each individual contract, was not significant to the overall valuation. As a result, all of our derivatives held as of September 24, 2022 were classified as Level 2 of the fair value hierarchy. There were no derivative financial instruments as of December 25, 2021. The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of September 24, 2022, aggregated by the level in the fair value hierarchy within which those measurements fall. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using (In thousands) ​ ​ Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) ​ Significant Other Observable Inputs (Level 2) ​ Significant Unobservable Inputs (Level 3) ​ Balance at September 24, 2022 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives in cash flow hedging relationships ​ ​ $ — ​ $ 3,435 ​ $ — ​ $ 3,435 Total assets ​ ​ $ — ​ $ 3,435 ​ $ — ​ $ 3,435 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging instruments ​ ​ $ — ​ $ 3,255 ​ $ — ​ $ 3,255 Total liabilities ​ ​ $ — ​ $ 3,255 ​ $ — ​ $ 3,255 ​ The fair value estimates presented herein are based on information available to management as of September 24, 2022. These estimates are not necessarily indicative of the amounts we could ultimately realize. See Note 12. Hedging and Derivative Financial Instruments Non-financial assets ​ The Company’s non-financial assets, which primarily consist of property and equipment, right-of-use assets, goodwill and other intangible assets, are not required to be carried at fair value on a recurring basis and are reported at carrying value. The fair values of these assets are determined, as required, based on Level 3 measurements, including estimates of the amount and timing of future cash flows based upon historical experience, expected market conditions, and management’s plans. ​ For the 13 weeks ended June 25, 2022, the Company determined that the carrying value of the Birch Benders goodwill exceeded its estimate of the implied fair value of goodwill. As a result, the Company recorded an impairment charge for the full amount of goodwill, $42.1 million, for the 13 weeks ended June 25, 2022. See Note 5. Goodwill ​ There were no transfers of financial instruments between the three levels of fair value hierarchy during the 13 weeks and 39 weeks ended September 24, 2022 and the fiscal year ended December 25, 2021.

Hedging and Derivative Financia

Hedging and Derivative Financial Instruments	9 Months Ended
	Sep. 24, 2022
Hedging and Derivative Financial Instruments
Hedging and Derivative Financial Instruments	12. Hedging and Derivative Financial Instruments The Company is directly and indirectly affected by changes in certain market conditions. These changes in market conditions may adversely impact the Company’s financial performance and are referred to as “market risks.” When deemed appropriate, the Company uses derivatives as a risk management tool to mitigate the potential impact of certain market risks. The primary market risk managed by the Company through the use of derivative instruments is foreign currency exchange rate risk and interest rate risk. ​ The Company uses various types of derivative instruments including, but not limited to, option contracts, collars and interest rate caps. An option contract is an agreement that conveys the purchaser the right, but not the obligation, to buy or sell a quantity of a currency or commodity at a predetermined rate or price during a period or at a time in the future. A collar is a strategy that uses a combination of options to limit the range of possible positive or negative returns on an underlying asset or liability to a specific range, or to protect expected future cash flows. To do this, an investor simultaneously buys a put option and sells (writes) a call option, or alternatively buys a call option and sells (writes) a put option. An interest rate cap involves the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. We do not enter into derivative financial instruments for trading purposes. ​ All derivative instruments are carried at fair value in the Condensed Consolidated Balance Sheets, primarily in the following line items, as applicable: prepaid expenses and other current assets, other long-term assets and accrued expenses. The carrying values of the derivatives reflect the impact of netting agreements. These netting agreements allow the Company to net settle positive and negative positions (assets and liabilities) arising from different transactions with the same counterparty. ​ The accounting for gains and losses that result from changes in the fair values of derivative instruments depends on whether the derivatives have been designated and qualify as hedging instruments and the type of hedging relationships. Derivatives can be designated as fair value hedges, cash flow hedges or economic hedges. The interest rate cap derivative is designated and qualifies as a cash flow hedge. The foreign currency derivative instruments are considered an economic hedge as they do not qualify for hedge accounting treatment. The Company determines the fair values of its derivatives based on quoted market prices or pricing models using current market rates. The notional amounts of the derivative financial instruments do not necessarily represent amounts exchanged by the parties and, therefore, are not a direct measure of our exposure to the financial risks described above. The amounts exchanged are calculated by reference to the notional amounts and by other terms of the derivatives, such as interest rates or foreign currency exchange rates. The Company does not view the fair values of its derivatives in isolation but rather in relation to the fair values or cash flows of the underlying hedged transactions or other exposures. Virtually all our derivatives are straightforward over-the-counter instruments with liquid markets. See Note 11. Fair Value of Financial Instruments ​ Cash Flow Hedges of Interest Rate Risk ​ The Company’s objectives in using interest rate derivatives are to add stability to interest expense and manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate caps as part of its interest rate risk management strategy. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. During the 39 weeks ended September 24, 2022, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. ​ For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in OCI in the Condensed Consolidated Statements of Other Comprehensive Income and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in OCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. Over the next 12 months, the Company estimates that an additional $0.7 million will be reclassified as a reduction to interest expense. ​ During the 13 weeks ended September 24, 2022, the Company entered into a cash flow hedge to manage interest rate risk on its variable rate under the Initial First Lien Term Loan Facility. As of September 24, 2022, the Company had one LIBOR interest rate cap agreement with a total hedged notional amount of $240.0 million that was designated as a cash flow hedge of interest rate risk. The interest rate cap has a strike price of 4.00% and a maturity date of July 31, 2024. The interest rate cap was determined to be fully effective during all periods presented. ​ Within the Company’s Condensed Consolidated Balance Sheets, the interest rate cap is recorded at fair value. The cash flows related to the interest rate caps are classified as operating activities in the Condensed Consolidated Statements of Cash Flows. ​ Economic (Non-Designated) Hedging Strategy ​ The Company uses certain derivatives as economic hedges of foreign currency. Although these derivatives did not qualify for hedge accounting, they are effective economic hedges. The Company uses foreign currency economic hedges to offset the earnings impact that fluctuations in foreign currency exchange rates have on certain monetary assets and liabilities denominated in nonfunctional currencies outside of a contractually agreed upon foreign exchange rate range. The total notional values of derivatives related to our foreign currency economic hedges were $223.0 million and $0 as of September 24, 2022 and December 25, 2021, respectively. ​ The changes in the fair values of economic hedges used to offset those monetary assets and liabilities are immediately recognized in earnings in the selling, general and administrative line item in our Condensed Consolidated Statements of Operations. Within the Company’s Condensed Consolidated Balance Sheets, the foreign currency economic hedges are recorded at fair value. The cash flows related to the foreign currency economic hedges are classified as operating activities in the Condensed Consolidated Statements of Cash Flows. ​ The following table presents the fair values of the Company’s derivative instruments (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 24, 2022 ​ December 25, 2021 ​ Condensed Consolidated Balance Sheets Location Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Derivatives not designated as hedging instruments under Subtopic 815-20 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency contracts (1) Accrued expenses ​ $ — ​ $ 3,255 ​ $ — ​ $ — Total derivatives not designated as hedging instruments ​ ​ $ — ​ $ 3,255 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives designated as hedging instruments under Subtopic 815-20 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate caps - short term Prepaid expenses and other current assets ​ $ 1,187 ​ $ — ​ $ — ​ $ — Interest rate caps - long term Other long-term assets ​ ​ 2,248 ​ ​ — ​ ​ — ​ ​ — Total derivatives designated as hedging instruments ​ ​ $ 3,435 ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total derivatives ​ ​ $ 3,435 ​ $ 3,255 ​ $ — ​ $ — ​ (1) Derivative instruments within this category are subject to master netting arrangements and are presented on a net basis in the Condensed Consolidated Balance Sheets in accordance with ASC 210, Balance Sheet, Subtopic 210-20. See tables below showing the effects of offsetting derivative assets and liabilities. ​ The following table presents the pre-tax effect of cash flow hedge accounting on accumulated OCI for the periods presented (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Gain or (Loss) Recognized in OCI ​ ​ 13 Weeks Ended ​ 39 Weeks Ended Derivatives in Subtopic 815-20 Hedging Relationships September 24, 2022 September 25, 2021 September 24, 2022 September 25, 2021 Derivatives in cash flow hedging relationships ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate caps ​ $ (1,785) ​ $ — ​ $ (1,785) ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income ​ ​ ​ 13 Weeks Ended ​ ​ 39 Weeks Ended Location of Gain or (Loss) Reclassified from Accumulated OCI into Income ​ September 24, 2022 September 25, 2021 September 24, 2022 September 25, 2021 Derivatives in cash flow hedging relationships ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense, net ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ The following table presents the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations for the periods presented (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss Recognized ​ ​ ​ 13 Weeks Ended ​ 39 Weeks Ended ​ ​ ​ September 24, ​ September 25, ​ September 24, ​ September 25, ​ Statement of Operations Location 2022 2021 2022 2021 Total amounts of expense presented in the Statements of Operations in which the derivatives not designated as hedging are recorded Selling, general and administrative ​ $ 43,965 ​ $ 31,189 ​ $ 117,329 ​ $ 91,367 The effects of derivatives not designated as hedging instruments under Subtopic 815-20: ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency contracts Selling, general and administrative ​ 2,758 ​ — ​ 3,255 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total amounts of expense presented in the Statements of Operations in which the derivatives designated as hedging are recorded Interest expense, net ​ 6,679 ​ 12,547 ​ 18,414 ​ 24,613 The effects of derivatives designated as hedging instruments under Subtopic 815-20: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate caps Interest expense, net ​ — ​ — ​ — ​ — ​ ​ The net amounts of derivative assets or liabilities in the tables below can be reconciled to the tabular disclosure of fair value which provides the location that derivative assets and liabilities are presented on the Condensed Consolidated Balance Sheets. The following tables present a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of September 24, 2022 (in thousands). The Company had no derivatives as of December 25, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Offsetting of Derivative Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 24, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Amounts Not Offset in the Balance Sheet ​ ​ ​ ​ Gross Amounts of Recognized Assets Gross Amounts Offset in the Balance Sheet Net Amounts of Assets Presented in the Balance Sheet ​ Financial Instruments Cash Collateral Posted Gross Amounts of Recognized Assets Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency contracts ​ $ 25 ​ $ (25) ​ $ — ​ $ — ​ $ — ​ $ — Total derivatives, subject to a master netting arrangement ​ ​ 25 ​ ​ (25) ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total derivatives, not subject to a master netting arrangement ​ ​ 3,435 ​ ​ — ​ ​ 3,435 ​ ​ — ​ ​ — ​ ​ 3,435 Total derivatives ​ $ 3,460 ​ $ (25) ​ $ 3,435 ​ $ — ​ $ — ​ $ 3,435 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Offsetting of Derivative Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 24, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Amounts Not Offset in the Balance Sheet ​ ​ ​ ​ Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Liabilities Presented in the Balance Sheet ' Financial Instruments Cash Collateral Posted Net Amount Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency contracts ​ $ (3,280) ​ $ 25 ​ $ (3,255) ​ $ — ​ $ — ​ $ (3,255) Total derivatives, subject to a master netting arrangement ​ ​ (3,280) ​ ​ 25 ​ ​ (3,255) ​ ​ — ​ ​ — ​ ​ (3,255) Total derivatives, not subject to a master netting arrangement ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total derivatives ​ $ (3,280) ​ $ 25 ​ $ (3,255) ​ $ — ​ $ — ​ $ (3,255) ​

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 24, 2022
Stockholders' Equity
Stockholders' Equity	13. 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 additional paid-in capital (“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 ​ 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	9 Months Ended
	Sep. 24, 2022
Equity-Based Compensation.
Equity-Based Compensation	14. 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 to make 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 multiple of invested capital (“MOIC”) 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 September 24, 2022, 20,264 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 September 24, 2022, the remaining 2,298,866 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 levels, are achieved. S During the 13 weeks and 39 weeks ended September 24, 2022, the Company recorded equity-based compensation expense of approximately $0.3 million and $0.9 million, respectively, related to the restricted common stock with time-based service vesting conditions. During the 13 weeks and 39 weeks ended September 25, 2021, the Company recorded equity-based compensation expense of approximately $0.3 million and $1.4 million, respectively, related to the IUs with time-based service vesting conditions. The Company recognized approximately $1.7 million and $4.9 million of equity-based compensation expense during the 13 weeks and 39 weeks ended September 24, 2022, respectively, 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. In connection with the modification of the 2.0 x MOIC performance-based restricted common stock described above, the Company recognized approximately $0.7 million of equity-based compensation expense during each of the 13 weeks and 39 weeks ended September 25, 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 APIC 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 adopted the 2021 Equity Incentive Plan (the “2021 Plan”) which reserves 9,739,244 shares of common stock to grant 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 39 weeks ended September 24, 2022, the Company granted 708,682 RSUs to certain employees and independent directors. The RSUs include (i) 604,833 RSUs issued to employees with each award vesting in two equal annual installments, (ii) 76,039 RSUs issued to an employee with each award vesting in three equal annual installments, and (iii) 27,810 RSUs issued to independent directors that vest on the earlier of the first anniversary of the grant and immediately prior to our 2023 annual meeting of stockholders, all of which are subject in general to the employee’s and independent director’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 39 weeks ended September 24, 2022, the Company granted 343,800 PSUs to 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 39 weeks ended September 24, 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 $2.6 million and $7.4 million in equity-based compensation expense for the 13 weeks and 39 weeks ended September 24, 2022, respectively, resulting from the issuance of RSUs and PSUs under the 2021 Plan, and expects to record equity-based compensation expense of approximately $28.8 million through the first quarter of 2025. For the 13 weeks and 39 weeks ended September 25, 2021, there was no equity-based expense recognized for grants issued under the 2021 Plan. As of September 24, 2022, there was an aggregate of 7,366,911 shares of common stock available for future equity awards under the 2021 Plan.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 24, 2022
Income Taxes
Income Taxes	15. Income Taxes The tax (expense) benefit and the effective tax rate resulting from operations were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ 39 Weeks Ended ​ (In thousands) ​ September 24, 2022 ​ September 25, 2021 ​ September 24, 2022 ​ September 25, 2021 Income (loss) before income taxes $ 3,964 $ (1,117) ​ $ (28,659) $ 13,972 ​ Effective income tax (expense) benefit ​ $ (2,500) ​ $ (3,497) ​ ​ $ 3,895 ​ $ (8,213) ​ Effective tax rate ​ 63.1 % (313.1) % ​ 13.6 % 58.8 % ​ The effective tax rates for the 13 weeks and 39 weeks ended September 24, 2022 and September 25, 2021 differ from the U.S. federal statutory income tax rate of 21% primarily due to changes in earnings, permanent items including nondeductible equity-based compensation and limitation on the deduction of executive compensation for public companies, various discrete items including the impairment of goodwill, debt extinguishment costs and costs incurred in connection with the IPO and secondary offering and state taxes.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 24, 2022
Related Party Transactions
Related Party Transactions	16. 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 a board member and equity holder of the Company. 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 September 24, 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 September 24, 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 $144 thousand and $144 thousand for the 13 weeks ended September 24, 2022 and September 25, 2021, respectively, and $429 thousand and $393 thousand for the 39 weeks ended September 24, 2022 and September 25, 2021, respectively. In addition, $45 thousand and $48 thousand was paid for the 13 weeks ended September 24, 2022 and September 25, 2021, respectively, and $136 thousand and $143 thousand was paid for the 39 weeks ended September 24, 2022 and September 25, 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 39 Weeks Ended (In thousands) ​ September 24, 2022 ​ September 25, 2021 ​ September 24, 2022 ​ September 25, 2021 Sales ​ $ 136 ​ $ 122 ​ $ 377 ​ $ 357 Purchases ​ $ 2,174 ​ $ 1,468 ​ $ 6,440 ​ $ 4,309 ​ Amounts outstanding in respect to Morning Fresh transactions were as follows: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) September 24, 2022 December 25, 2021 Receivables ​ $ 38 ​ $ 26 Payables ​ $ 897 ​ $ 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 rate 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”) 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. Advent 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 and tax preparation fees 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 September 24, 2022 and December 25, 2021, the receivable balance was $0.1 million and $0.4 million, respectively.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 24, 2022
Earnings Per Share
Earnings Per Share	17. Earnings (Loss) Per Share Basic earnings (loss) per share (“EPS”) is calculated by dividing net income (loss) for the period by the weighted-average number of common shares outstanding for the period without consideration of potential common shares. Diluted EPS is calculated using the weighted average number of common shares outstanding including the dilutive effect of equity awards as determined under the treasury stock method. In periods when the Company has a net loss, equity awards are excluded from the calculation of diluted EPS as their inclusion would have an anti-dilutive effect. The following table presents the computation of EPS for the 13 weeks and 39 weeks ended September 24, 2022 and September 25, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ 39 Weeks Ended (In thousands, except share and per share amounts) September 24, 2022 September 25, 2021 September 24, 2022 September 25, 2021 Net income (loss) ​ $ 1,464 ​ $ (4,614) ​ $ (24,764) ​ $ 5,759 ​ ​ ​ ​ ​ ​ ​ Weighted average basic common shares outstanding ​ 100,913,121 ​ ​ 74,058,447 ​ ​ 100,901,161 ​ ​ 74,058,447 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock units ​ 476,939 ​ — ​ — ​ 6 Performance stock units ​ 223,868 ​ ​ — ​ ​ — ​ ​ — Total ​ ​ 700,807 ​ ​ — ​ ​ — ​ ​ 6 Weighted average and potential dilutive common shares outstanding ​ ​ 101,613,928 ​ ​ 74,058,447 ​ ​ 100,901,161 ​ ​ 74,058,453 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (loss) per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.01 ​ $ (0.06) ​ $ (0.25) ​ $ 0.08 Diluted ​ $ 0.01 ​ $ (0.06) ​ $ (0.25) ​ $ 0.08 ​ The following table presents the common stock shares equivalent excluded from the calculation of diluted earnings per share for the 13 weeks and 39 weeks ended September 24, 2022 and September 25, 2021, as they would have had an anti-dilutive effect: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ 39 Weeks Ended ​ September 24, 2022 September 25, 2021 September 24, 2022 September 25, 2021 Restricted stock units ​ ​ — ​ ​ 61 ​ ​ 186,041 ​ ​ — Performance stock units ​ ​ — ​ ​ — ​ ​ 139,061 ​ ​ — Total anti-dilutive shares ​ ​ — ​ ​ 61 ​ ​ 325,102 ​ ​ — ​ ​ ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 24, 2022
Summary of Significant Accounting Policies
Hedging and Derivative Financial Instruments	Hedging and Derivative Financial Instruments ​ We are exposed to certain risks relating to our ongoing business operations. From time to time, we use derivative financial instruments, principally option contracts, collars and interest rate caps, to reduce our exposure to foreign currency risk and interest rate risk. We do not hold or issue derivatives for speculative purposes. ​ The Financial Accounting Standards Board (the “FASB”) issued ASC 815, Derivatives and Hedging ​ Derivative instruments are recorded at fair value in the Condensed Consolidated Balance Sheets and are classified based on the contractual maturity of the instrument or the timing of the underlying cash flows. The fair value of derivative instruments is reflected in prepaid expenses and other current assets, other long-term assets or accrued expenses. On the Condensed Consolidated Statements of Cash Flows, cash flows associated with derivative instruments are classified according to the nature of the underlying hedged item. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship, whether the Company has elected to apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge that are exposed to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the earnings effect of the hedged forecasted transactions in a cash flow hedge. Changes in fair value of the cash flow hedges are recognized in the Condensed Consolidated Statements of Comprehensive Income in other comprehensive income (“OCI”). The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. Derivative instruments that have not been designated in an effective hedging relationship are considered economic hedges, and their change in fair value is recognized in the Condensed Consolidated Statements of Operations in selling, general and administrative. In accordance with the FASB’s fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. ​ ​ See Note 12. Hedging and Derivative Financial Instruments
New Accounting Pronouncements and Policies	New Accounting Pronouncements and Policies Recently Issued Accounting Pronouncements Not Yet Adopted In March 2020, 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. ​ In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments-Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures ​

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 24, 2022
Revenue Recognition
Schedule of revenue disaggregated	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ 39 Weeks Ended (In thousands) September 24, 2022 September 25, 2021 September 24, 2022 September 25, 2021 Rao’s ​ $ 135,189 ​ $ 101,118 ​ $ 392,399 ​ $ 299,632 Noosa ​ 42,703 ​ 41,712 ​ 132,102 ​ 124,298 Michael Angelo’s ​ 21,269 ​ 22,090 ​ 61,251 ​ 59,687 Birch Benders ​ 9,746 ​ 13,813 ​ 30,521 ​ 46,325 Total net sales ​ $ 208,907 ​ $ 178,733 ​ $ 616,273 ​ $ 529,942

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 24, 2022
Inventories
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ ​ (In thousands) September 24, 2022 December 25, 2021 Finished goods ​ $ 71,386 ​ $ 38,715 Raw materials and packaging supplies ​ 12,700 ​ 12,900 Total inventories ​ $ 84,086 ​ $ 51,615

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Sep. 24, 2022
Goodwill.
Schedule of Goodwill	​ ​ ​ ​ ​ (In thousands) ​ Goodwill Balance as of December 25, 2021 ​ $ 437,451 Impairment ​ (42,052) Balance as of September 24, 2022 ​ $ 395,399

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	9 Months Ended
	Sep. 24, 2022
Intangible Assets, Net
Schedule of intangible assets net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 24, 2022 ​ ​ Gross carrying ​ Accumulated ​ Net carrying (In thousands) ​ amount ​ amortization ​ amount Intangible assets - definite lives ​ ​ ​ ​ Customer relationships ​ $ 213,000 ​ $ 84,732 ​ $ 128,268 Tradename ​ 192,347 ​ 29,390 ​ 162,957 ​ ​ ​ 405,347 ​ ​ 114,122 ​ ​ 291,225 Intangible assets - indefinite lives ​ ​ ​ ​ Tradename ​ ​ 153,000 ​ ​ — ​ ​ 153,000 Total intangible assets ​ $ 558,347 ​ $ 114,122 ​ $ 444,225 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ 6,810 2023 ​ 27,240 2024 ​ 27,240 2025 ​ 27,240 2026 ​ 27,240 2027 and thereafter ​ 175,455 Total ​ $ 291,225

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 24, 2022
Accrued Expenses
Schedule of Accrued Expenses	​ ​ ​ ​ ​ ​ ​ ​ (In thousands) September 24, 2022 December 25, 2021 Accrued trade ​ $ 26,793 ​ $ 23,122 Accrued general expense ​ 18,952 ​ 15,327 Accrued compensation and benefits ​ 12,527 ​ 10,478 Accrued marketing ​ 2,101 ​ 2,830 Total accrued expenses ​ $ 60,373 ​ $ 51,757

Long-term debt (Tables)

Long-term debt (Tables)	9 Months Ended
	Sep. 24, 2022
Long-term debt
Schedule of Long-term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 24, 2022 ​ ​ ​ ​ ​ Unamortized ​ ​ ​ ​ ​ ​ ​ ​ debt issuance ​ ​ ​ (In thousands) ​ Principal ​ costs ​ Total debt, net Initial First Lien Term Loan Facility $ 480,800 $ (5,624) $ 475,176 Finance lease liabilities ​ ​ 7,036 ​ ​ — ​ 7,036 Total debt ​ $ 487,836 ​ $ (5,624) ​ ​ 482,212 Less: current portion of finance lease liabilities ​ ​ ​ ​ ​ ​ ​ 98 Total long-term debt ​ ​ ​ ​ ​ $ 482,114 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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)	9 Months Ended
	Sep. 24, 2022
Leases
Schedule of components of lease expenses	The components of lease expense were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ 39 Weeks Ended (In thousands) ​ Statement of Operations Caption ​ September 24, 2022 ​ September 25, 2021 ​ September 24, 2022 ​ September 25, 2021 Operating lease cost: ​ ​ ​ ​ ​ ​ ​ ​ Lease cost Cost of sales and Selling, general and administrative ​ $ 823 ​ $ 841 ​ $ 2,502 ​ $ 2,426 Variable lease cost (1) Cost of sales and Selling, general and administrative ​ 379 ​ ​ 356 ​ 1,099 ​ 1,012 Total operating lease cost ​ ​ 1,202 ​ ​ 1,197 ​ 3,601 ​ 3,438 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short term lease cost Cost of sales and Selling, general and administrative ​ 81 ​ ​ 61 ​ 177 ​ 172 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance lease cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets Cost of sales and Selling, general and administrative ​ 66 ​ ​ 66 ​ 196 ​ 196 Interest on lease liabilities Interest expense, net ​ 132 ​ ​ 133 ​ 397 ​ 399 Total finance lease cost ​ ​ 198 ​ ​ 199 ​ 593 ​ 595 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total lease cost ​ ​ ​ $ 1,481 ​ $ 1,457 ​ $ 4,371 ​ $ 4,205 (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 ​ September 24, 2022 ​ December 25, 2021 Assets ​ ​ Operating lease right-of-use assets Operating lease right-of-use assets ​ $ 13,932 ​ $ 15,672 Finance lease right-of-use assets Property and equipment, net ​ 6,103 ​ 6,299 Total lease assets ​ ​ $ 20,035 ​ $ 21,971 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ Current: ​ ​ ​ ​ ​ ​ ​ ​ Operating lease liabilities ​ Current portion of long-term operating lease liabilities ​ $ 3,298 ​ $ 3,216 Finance lease liabilities ​ Current portion of long-term debt ​ ​ 98 ​ ​ 98 Long-term: ​ ​ ​ ​ ​ ​ ​ ​ Operating lease liabilities Long-term operating lease liabilities ​ 14,912 ​ 17,302 Finance lease liabilities Long-term debt, net of debt issuance costs ​ 6,938 ​ 6,997 Total lease liabilities ​ ​ $ 25,246 ​ $ 27,613 ​ The weighted-average remaining lease term and weighted-average discount rate for operating and finance leases were as follows: ​ ​ ​ ​ ​ ​ ​ ​ September 24, 2022 December 25, 2021 Weighted-average remaining lease term (in years): ​ ​ ​ ​ ​ Operating leases ​ 6.6 ​ ​ 7.1 ​ Finance leases ​ 34.3 ​ ​ 34.8 ​ Weighted-average discount rate ​ ​ ​ ​ ​ ​ Operating leases ​ 4.9 % ​ 4.9 % Finance leases 7.8 % ​ 7.8 % Supplemental cash flow and other information related to leases were as follows: ​ ​ ​ ​ ​ ​ ​ ​ 39 Weeks Ended (In thousands) ​ September 24, 2022 ​ September 25, 2021 Cash paid for amounts included in the measurement of lease liabilities ​ ​ Operating cash flows from operating leases ​ $ 3,042 ​ $ 2,883 Operating cash flows from finance leases ​ 397 ​ 399 Financing cash flows from finance leases ​ ​ 59 ​ $ 49 Right-of-use assets obtained in exchange for new lease liabilities ​ ​ ​ ​ ​ ​ Finance leases ​ ​ — ​ ​ — Operating leases ​ ​ 78 ​ ​ 1,638
Schedule of Future minimum lease payments of operating leases	Future maturities of lease liabilities as of September 24, 2022, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) Operating Leases Finance Leases Fiscal year ending: ​ ​ Remainder of 2022 ​ $ 1,050 ​ $ 151 2023 ​ 4,062 ​ 609 2024 ​ 3,493 ​ 557 2025 ​ 2,982 ​ 549 2026 ​ 3,005 ​ 520 Thereafter ​ 6,920 ​ 18,970 Total lease payments ​ 21,512 ​ 21,356 Less: Interest ​ (3,302) ​ (14,320) Present value of lease liabilities ​ $ 18,210 ​ $ 7,036 ​
Schedule of Future minimum lease payments of finance leases	​ ​ ​ ​ ​ ​ ​ ​ (In thousands) Operating Leases Finance Leases Fiscal year ending: ​ ​ Remainder of 2022 ​ $ 1,050 ​ $ 151 2023 ​ 4,062 ​ 609 2024 ​ 3,493 ​ 557 2025 ​ 2,982 ​ 549 2026 ​ 3,005 ​ 520 Thereafter ​ 6,920 ​ 18,970 Total lease payments ​ 21,512 ​ 21,356 Less: Interest ​ (3,302) ​ (14,320) Present value of lease liabilities ​ $ 18,210 ​ $ 7,036

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 24, 2022
Fair Value of Financial Instruments
Schedule of assets and liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using (In thousands) ​ ​ Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) ​ Significant Other Observable Inputs (Level 2) ​ Significant Unobservable Inputs (Level 3) ​ Balance at September 24, 2022 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives in cash flow hedging relationships ​ ​ $ — ​ $ 3,435 ​ $ — ​ $ 3,435 Total assets ​ ​ $ — ​ $ 3,435 ​ $ — ​ $ 3,435 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging instruments ​ ​ $ — ​ $ 3,255 ​ $ — ​ $ 3,255 Total liabilities ​ ​ $ — ​ $ 3,255 ​ $ — ​ $ 3,255

Hedging and Derivative Financ_2

Hedging and Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 24, 2022
Hedging and Derivative Financial Instruments
Schedule of fair values derivative instruments	The following table presents the fair values of the Company’s derivative instruments (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 24, 2022 ​ December 25, 2021 ​ Condensed Consolidated Balance Sheets Location Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Derivatives not designated as hedging instruments under Subtopic 815-20 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency contracts (1) Accrued expenses ​ $ — ​ $ 3,255 ​ $ — ​ $ — Total derivatives not designated as hedging instruments ​ ​ $ — ​ $ 3,255 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives designated as hedging instruments under Subtopic 815-20 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate caps - short term Prepaid expenses and other current assets ​ $ 1,187 ​ $ — ​ $ — ​ $ — Interest rate caps - long term Other long-term assets ​ ​ 2,248 ​ ​ — ​ ​ — ​ ​ — Total derivatives designated as hedging instruments ​ ​ $ 3,435 ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total derivatives ​ ​ $ 3,435 ​ $ 3,255 ​ $ — ​ $ — ​ (1) Derivative instruments within this category are subject to master netting arrangements and are presented on a net basis in the Condensed Consolidated Balance Sheets in accordance with ASC 210, Balance Sheet, Subtopic 210-20. See tables below showing the effects of offsetting derivative assets and liabilities.
Schedule of pre-tax effect of cash flow hedge accounting on accumulated OCI	The following table presents the pre-tax effect of cash flow hedge accounting on accumulated OCI for the periods presented (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Gain or (Loss) Recognized in OCI ​ ​ 13 Weeks Ended ​ 39 Weeks Ended Derivatives in Subtopic 815-20 Hedging Relationships September 24, 2022 September 25, 2021 September 24, 2022 September 25, 2021 Derivatives in cash flow hedging relationships ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate caps ​ $ (1,785) ​ $ — ​ $ (1,785) ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income ​ ​ ​ 13 Weeks Ended ​ ​ 39 Weeks Ended Location of Gain or (Loss) Reclassified from Accumulated OCI into Income ​ September 24, 2022 September 25, 2021 September 24, 2022 September 25, 2021 Derivatives in cash flow hedging relationships ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense, net ​ $ — ​ $ — ​ $ — ​ $ —
Schedule of derivative financial instruments on Statements of Operations	The following table presents the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations for the periods presented (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss Recognized ​ ​ ​ 13 Weeks Ended ​ 39 Weeks Ended ​ ​ ​ September 24, ​ September 25, ​ September 24, ​ September 25, ​ Statement of Operations Location 2022 2021 2022 2021 Total amounts of expense presented in the Statements of Operations in which the derivatives not designated as hedging are recorded Selling, general and administrative ​ $ 43,965 ​ $ 31,189 ​ $ 117,329 ​ $ 91,367 The effects of derivatives not designated as hedging instruments under Subtopic 815-20: ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency contracts Selling, general and administrative ​ 2,758 ​ — ​ 3,255 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total amounts of expense presented in the Statements of Operations in which the derivatives designated as hedging are recorded Interest expense, net ​ 6,679 ​ 12,547 ​ 18,414 ​ 24,613 The effects of derivatives designated as hedging instruments under Subtopic 815-20: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate caps Interest expense, net ​ — ​ — ​ — ​ —
Schedule of net amounts of derivative assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Offsetting of Derivative Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 24, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Amounts Not Offset in the Balance Sheet ​ ​ ​ ​ Gross Amounts of Recognized Assets Gross Amounts Offset in the Balance Sheet Net Amounts of Assets Presented in the Balance Sheet ​ Financial Instruments Cash Collateral Posted Gross Amounts of Recognized Assets Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency contracts ​ $ 25 ​ $ (25) ​ $ — ​ $ — ​ $ — ​ $ — Total derivatives, subject to a master netting arrangement ​ ​ 25 ​ ​ (25) ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total derivatives, not subject to a master netting arrangement ​ ​ 3,435 ​ ​ — ​ ​ 3,435 ​ ​ — ​ ​ — ​ ​ 3,435 Total derivatives ​ $ 3,460 ​ $ (25) ​ $ 3,435 ​ $ — ​ $ — ​ $ 3,435
Schedule of net amounts of derivative liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Offsetting of Derivative Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 24, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Amounts Not Offset in the Balance Sheet ​ ​ ​ ​ Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Liabilities Presented in the Balance Sheet ' Financial Instruments Cash Collateral Posted Net Amount Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency contracts ​ $ (3,280) ​ $ 25 ​ $ (3,255) ​ $ — ​ $ — ​ $ (3,255) Total derivatives, subject to a master netting arrangement ​ ​ (3,280) ​ ​ 25 ​ ​ (3,255) ​ ​ — ​ ​ — ​ ​ (3,255) Total derivatives, not subject to a master netting arrangement ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total derivatives ​ $ (3,280) ​ $ 25 ​ $ (3,255) ​ $ — ​ $ — ​ $ (3,255)

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 24, 2022
Income Taxes
Schedule of income tax expense (benefit)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ 39 Weeks Ended ​ (In thousands) ​ September 24, 2022 ​ September 25, 2021 ​ September 24, 2022 ​ September 25, 2021 Income (loss) before income taxes $ 3,964 $ (1,117) ​ $ (28,659) $ 13,972 ​ Effective income tax (expense) benefit ​ $ (2,500) ​ $ (3,497) ​ ​ $ 3,895 ​ $ (8,213) ​ Effective tax rate ​ 63.1 % (313.1) % ​ 13.6 % 58.8 %

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 24, 2022
Related Party Transactions
Schedule of transactions with related party	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended 39 Weeks Ended (In thousands) ​ September 24, 2022 ​ September 25, 2021 ​ September 24, 2022 ​ September 25, 2021 Sales ​ $ 136 ​ $ 122 ​ $ 377 ​ $ 357 Purchases ​ $ 2,174 ​ $ 1,468 ​ $ 6,440 ​ $ 4,309 ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) September 24, 2022 December 25, 2021 Receivables ​ $ 38 ​ $ 26 Payables ​ $ 897 ​ $ 354

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 24, 2022
Earnings Per Share
Schedule of Basic and diluted earnings (loss) per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ 39 Weeks Ended (In thousands, except share and per share amounts) September 24, 2022 September 25, 2021 September 24, 2022 September 25, 2021 Net income (loss) ​ $ 1,464 ​ $ (4,614) ​ $ (24,764) ​ $ 5,759 ​ ​ ​ ​ ​ ​ ​ Weighted average basic common shares outstanding ​ 100,913,121 ​ ​ 74,058,447 ​ ​ 100,901,161 ​ ​ 74,058,447 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock units ​ 476,939 ​ — ​ — ​ 6 Performance stock units ​ 223,868 ​ ​ — ​ ​ — ​ ​ — Total ​ ​ 700,807 ​ ​ — ​ ​ — ​ ​ 6 Weighted average and potential dilutive common shares outstanding ​ ​ 101,613,928 ​ ​ 74,058,447 ​ ​ 100,901,161 ​ ​ 74,058,453 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (loss) per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.01 ​ $ (0.06) ​ $ (0.25) ​ $ 0.08 Diluted ​ $ 0.01 ​ $ (0.06) ​ $ (0.25) ​ $ 0.08

Company Overview (Details)

Company Overview (Details) $ / shares in Units, $ in Millions	Aug. 22, 2022 shares	Aug. 10, 2022 $ / shares shares	May 04, 2022 shares	Oct. 05, 2021 USD ($) shares	Sep. 27, 2021 USD ($) $ / shares shares	Sep. 22, 2021 $ / shares shares	Sep. 24, 2022 subsidiary $ / 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	1,275,000	8,500,000	26,834,100	3,500,100	3,500,100	3,500,100
Offering price (in dollar per share)		$ 14
Net proceeds | $				$ 39.5
Sovos Brands Holdings, Inc
Consolidation, Wholly Owned Subsidiary, Parent Ownership Interest [Line Items]
Ownership percentage							100%
Sovos Brands Limited Partnership | Sovos Brands, Inc
Consolidation, Wholly Owned Subsidiary, Parent Ownership Interest [Line Items]
Ownership percentage							100%
Sovos Brands Holdings, Inc | Sovos Brands Intermediate, Inc.
Consolidation, Wholly Owned Subsidiary, Parent Ownership Interest [Line Items]
Ownership percentage							100%
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		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Revenue Recognition
Total net sales	$ 208,907	$ 178,733	$ 616,273	$ 529,942
Rao's
Revenue Recognition
Total net sales	135,189	101,118	392,399	299,632
Noosa
Revenue Recognition
Total net sales	42,703	41,712	132,102	124,298
Michael Angelo's
Revenue Recognition
Total net sales	21,269	22,090	61,251	59,687
Birch Bender's
Revenue Recognition
Total net sales	$ 9,746	$ 13,813	$ 30,521	$ 46,325

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 24, 2022	Dec. 25, 2021
Inventories
Finished goods	$ 71,386	$ 38,715
Raw materials and packaging supplies	12,700	12,900
Total inventories	$ 84,086	$ 51,615

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 24, 2022	Jun. 25, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Goodwill
Beginning balance				$ 437,451
Impairment	$ 0	$ (42,100)	$ 0	(42,052)	$ 0
Ending balance	$ 395,399			$ 395,399

Intangible Assets, Net (Details

Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 24, 2022	Dec. 25, 2021
Intangible assets - definite lives
Gross carrying amount	$ 405,347	$ 405,347
Accumulated amortization	114,122	93,692
Total	291,225	311,655
Intangible assets - indefinite lives
Gross Carrying Amount	558,347	558,347
Accumulated amortization	114,122	93,692
Net carrying amount	444,225	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	84,732	71,330
Total	128,268	141,670
Intangible assets - indefinite lives
Accumulated amortization	84,732	71,330
Tradename
Intangible assets - definite lives
Gross carrying amount	192,347	192,347
Accumulated amortization	29,390	22,362
Total	162,957	169,985
Intangible assets - indefinite lives
Accumulated amortization	$ 29,390	$ 22,362

Intangible Assets, Net - Narrat

Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Intangible Assets, Net
Amortization expense	$ 6.8	$ 6.8	$ 20.4	$ 20.4
Impairment charges		$ 0		$ 0

Intangible Assets, Net - Amorti

Intangible Assets, Net - Amortization expense (Details) - USD ($) $ in Thousands	Sep. 24, 2022	Dec. 25, 2021
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2022	$ 6,810
2023	27,240
2024	27,240
2025	27,240
2026	27,240
2027 and thereafter	175,455
Total	$ 291,225	$ 311,655

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 24, 2022	Dec. 25, 2021
Accrued Expenses
Accrued trade	$ 26,793	$ 23,122
Accrued general expense	18,952	15,327
Accrued compensation and benefits	12,527	10,478
Accrued marketing	2,101	2,830
Total accrued expenses	$ 60,373	$ 51,757

Long-term debt - Schedule of Lo

Long-term debt - Schedule of Long-term debt (Details) - USD ($) $ in Thousands	Sep. 24, 2022	Dec. 25, 2021
Long-term debt
Principal	$ 487,836	$ 487,895
Unamortized debt issuance costs	(5,624)	(6,377)
Finance lease liabilities	7,036	7,095
Total debt	482,212	481,518
Less: current portion of finance lease liabilities	98	98
Total long-term debt	482,114	481,420
Initial First Lien Term Loan Facility
Long-term debt
Principal	480,800	480,800
Unamortized debt issuance costs	(5,624)	(6,377)
Total debt, net	$ 475,176	$ 474,423

Long-term debt (Details)

Long-term debt (Details) - USD ($) $ in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

Sep. 27, 2021

Jun. 08, 2021

Oct. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Nov. 30, 2018

Sep. 24, 2022

Sep. 25, 2021

Sep. 24, 2022

Sep. 25, 2021

Dec. 25, 2021

Oct. 31, 2020

Long-term debt

Dividends

$ 400,000

Loss on the extinguishment

$ (9,717)

Principal

$ 487,836

$ 487,836

$ 487,895

Payment of debt issuance costs

3,046

Amortization of debt issuance costs

949

1,566

Interest expense net

Long-term debt

Amortization of debt Discount

300

$ 500

900

$ 1,600

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

$ 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)

6.02%

6.02%

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

$ 125,000

Outstanding debt

$ 0

$ 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%

Threshold limit of Percentage of minimum interest rate

0.75%

0.75%

First Lien Revolving Line of Credit

Long-term debt

Threshold limit of Percentage of minimum interest rate

0%

Outstanding debt

$ 0

$ 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%

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%

Initial First Lien Term Loan Facility and Revolving Facility | LIBOR | Minimum

Long-term debt

Interest rate (as a percent)

4%

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

$ 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		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Operating lease cost:
Total operating lease cost	$ 1,202	$ 1,197	$ 3,601	$ 3,438
Total finance lease cost	198	199	593	595
Total lease cost	1,481	1,457	4,371	4,205
Cost of sales and Selling, general and administrative
Operating lease cost:
Lease cost	823	841	2,502	2,426
Variable lease cost	379	356	1,099	1,012
Short term lease cost	81	61	177	172
Amortization of right-of-use assets	66	66	196	196
Interest expense net
Operating lease cost:
Interest on lease liabilities	$ 132	$ 133	$ 397	$ 399
Real estate | Minimum
Leases
Lease term	2 years		2 years
Real estate | Maximum
Leases
Lease term	10 years		10 years
Equipment
Leases
Lease term	5 years		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		2 years
Manufacturing facilities and office space | Maximum
Leases
Lease term	30 years		30 years

Leases - Assets and Liabilities

Leases - Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 24, 2022	Dec. 25, 2021
Leases
Operating lease right-of-use assets	$ 13,932	$ 15,672
Finance lease right-of-use assets	$ 6,103	6,299
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant and Equipment, Net
Total lease assets	$ 20,035	21,971
Current portion of long-term lease liabilities	3,298	3,216
Finance lease liabilities	$ 98	98
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Long-term Debt and Lease Obligation, Current
Operating lease liability, long-term	$ 14,912	17,302
Finance lease liabilities, long-term	$ 6,938	6,997
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term Debt and Lease Obligation
Total lease liabilities	$ 25,246	$ 27,613

Leases - Other information (Det

Leases - Other information (Details)	Sep. 24, 2022	Dec. 25, 2021
Leases
Weighted-average remaining lease term (years) - operating leases	6 years 7 months 6 days	7 years 1 month 6 days
Weighted-average discount rate - operating leases	4.90%	4.90%
Weighted-average remaining lease term (years) - Finance leases	34 years 3 months 18 days	34 years 9 months 18 days
Weighted-average discount rate - Finance leases	7.80%	7.80%

Leases - Future maturities of l

Leases - Future maturities of lease liabilities (Details) - USD ($) $ in Thousands	Sep. 24, 2022	Dec. 25, 2021
Operating Leases
Remainder of 2022	$ 1,050
2023	4,062
2024	3,493
2025	2,982
2026	3,005
Thereafter	6,920
Total lease payments	21,512
Less: Interest	(3,302)
Present value of lease liabilities	18,210
Finance Leases
Remainder of 2022	151
2023	609
2024	557
2025	549
2026	520
Thereafter	18,970
Total lease payments	21,356
Less: Interest	(14,320)
Present value of lease liabilities	$ 7,036	$ 7,095

Leases - Supplemental cash flow

Leases - Supplemental cash flow and other information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021
Leases
Operating cash flows from operating leases	$ 3,042	$ 2,883
Operating cash flows from finance leases	397	399
Financing cash flows from finance leases	59	49
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 78	$ 1,638

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions	Sep. 24, 2022 USD ($)
Commitments and Contingencies.
Purchase commitments to third-party manufacturers	$ 25.2

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 24, 2022	Jun. 25, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021	Dec. 25, 2021
Fair Value of Financial Instruments
Asset transfer from level 1 to level 2	$ 0			$ 0		$ 0
Asset transfer from level 2 to level 1	0			0		0
Liabilities transfer from level 1 to level 2	0			0		0
Liabilities transfer from level 2 to level 1	0			0		0
Assets transfer in or out of level 3	0			0		0
Liability transfer in or out of level 3	0			0		0
Impairment of goodwill	0	$ 42,100	$ 0	42,052	$ 0
Derivative assets	3,435			3,435		0
Derivative liabilities	$ 3,255			$ 3,255		$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Assets and liabilities measured at fair value on recurring basis (Details) - USD ($) $ in Thousands	Sep. 24, 2022	Dec. 25, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets	$ 3,435	$ 0
Total Liabilities	3,255	$ 0
Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets	3,435
Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Liabilities	3,255
Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets	3,435
Total Liabilities	3,255
Recurring basis | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Liabilities	3,255
Recurring basis | Cash flow hedging | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets	3,435
Recurring basis | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets	3,435
Total Liabilities	3,255
Recurring basis | Significant Other Observable Inputs (Level 2) | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Liabilities	3,255
Recurring basis | Significant Other Observable Inputs (Level 2) | Cash flow hedging | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets	$ 3,435

Hedging and Derivative Financ_3

Hedging and Derivative Financial Instruments - Fair value of derivative instruments (Details) - USD ($) $ in Thousands	Sep. 24, 2022	Dec. 25, 2021
Assets
Total Assets	$ 3,435	$ 0
Liabilities
Total Liabilities	3,255	$ 0
Not Designated as Hedging Instrument
Liabilities
Total Liabilities	3,255
Designated as Hedging Instrument
Assets
Total Assets	$ 3,435
Foreign exchange contract | Not Designated as Hedging Instrument
Assets
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current
Liabilities
Total Liabilities	$ 3,255
Interest rate cap | Prepaid expenses and other current assets | Designated as Hedging Instrument
Assets
Total Assets	1,187
Interest rate cap | Other long-term assets | Designated as Hedging Instrument
Assets
Total Assets	$ 2,248

Hedging and Derivative Financ_4

Hedging and Derivative Financial Instruments - Pre-tax effect of cash flow hedge accounting on accumulated OCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021	Dec. 25, 2021
Derivative [Line Items]
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income			$ 700
Designated as Hedging Instrument | Cash flow hedging
Derivative [Line Items]
Total notional value	$ 240,000		$ 240,000
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Income (Expense), Net	Interest Income (Expense), Net	Interest Income (Expense), Net	Interest Income (Expense), Net
Foreign exchange contract | Not Designated as Hedging Instrument
Derivative [Line Items]
Total notional value	$ 223,000		$ 223,000		$ 0
Interest rate cap | Designated as Hedging Instrument | Cash flow hedging
Derivative [Line Items]
Amount of Gain or (Loss) Recognized in OCI	$ (1,785)		$ (1,785)

Hedging and Derivative Financ_5

Hedging and Derivative Financial Instruments - Effect of derivative financial instruments on Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Not Designated as Hedging Instrument
Derivative [Line Items]
Loss Recognized	$ 43,965	$ 31,189	$ 117,329	$ 91,367
Designated as Hedging Instrument | Cash flow hedging
Derivative [Line Items]
Loss Recognized	6,679	$ 12,547	18,414	$ 24,613
Foreign exchange contract | Not Designated as Hedging Instrument
Derivative [Line Items]
Loss Recognized	$ 2,758		$ 3,255

Hedging and Derivative Financ_6

Hedging and Derivative Financial Instruments - Offsetting of Derivative Assets (Details) - USD ($) $ in Thousands	Sep. 24, 2022	Dec. 25, 2021
Derivatives, subject to a master netting arrangement
Gross Amounts of Recognized Assets	$ 3,460
Gross Amounts Offset in the Balance Sheet	(25)
Gross Amounts Not Offset in the Balance Sheet, Gross Amounts of Recognized Assets	3,435
Derivatives, not subject to a master netting arrangement
Gross Amounts Not Offset in the Balance Sheet, Gross Amounts of Recognized Assets	3,435
Assets
Gross Amounts of Recognized Assets	3,460
Gross Amounts Offset in the Balance Sheet	(25)
Total Assets	3,435	$ 0
Gross Amounts Not Offset in the Balance Sheet, Gross Amounts of Recognized Assets	3,435
Foreign currency contract derivatives subject to master netting
Derivatives, subject to a master netting arrangement
Gross Amounts of Recognized Assets	25
Gross Amounts Offset in the Balance Sheet	(25)
Assets
Gross Amounts of Recognized Assets	25
Gross Amounts Offset in the Balance Sheet	(25)
Derivatives not Subject to master netting
Derivatives, subject to a master netting arrangement
Gross Amounts Not Offset in the Balance Sheet, Gross Amounts of Recognized Assets	3,435
Derivatives, not subject to a master netting arrangement
Gross Amounts Offset in the Balance Sheet	3,435
Net Amounts of Assets Presented in the Balance Sheet	3,435
Gross Amounts Not Offset in the Balance Sheet, Gross Amounts of Recognized Assets	3,435
Assets
Gross Amounts Not Offset in the Balance Sheet, Gross Amounts of Recognized Assets	$ 3,435

Hedging and Derivative Financ_7

Hedging and Derivative Financial Instruments - Offsetting of Derivative Liabilities (Details) $ in Thousands	Sep. 24, 2022 USD ($)
Derivative Liability, Subject to Master Netting Arrangement, after Offset and Deduction [Abstract]
Gross Amounts of Recognized Liabilities	$ (3,280)
Gross Amounts Offset in the Balance Sheet	25
Net Amounts of Liabilities Presented in the Balance Sheet	(3,255)
Net Amount	(3,255)
Liabilities
Gross Amounts of Recognized Liabilities	(3,280)
Gross Amounts Offset in the Balance Sheet	25
Net Amounts of Liabilities Presented in the Balance Sheet	(3,255)
Net Amount	(3,255)
Foreign currency contract derivatives subject to master netting
Derivative Liability, Subject to Master Netting Arrangement, after Offset and Deduction [Abstract]
Gross Amounts of Recognized Liabilities	(3,280)
Gross Amounts Offset in the Balance Sheet	25
Net Amounts of Liabilities Presented in the Balance Sheet	(3,255)
Net Amount	(3,255)
Liabilities
Gross Amounts of Recognized Liabilities	(3,280)
Gross Amounts Offset in the Balance Sheet	25
Net Amounts of Liabilities Presented in the Balance Sheet	(3,255)
Net Amount	$ (3,255)

Hedging and Derivative Financ_8

Hedging and Derivative Financial Instruments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 24, 2022	Dec. 25, 2021
Derivative [Line Items]
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income	$ 700
Derivative assets	3,435	$ 0
Derivative liabilities	3,255	0
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative liabilities	3,255
Designated as Hedging Instrument
Derivative [Line Items]
Derivative assets	3,435
Designated as Hedging Instrument | Cash flow hedging
Derivative [Line Items]
Total notional value	$ 240,000
Designated as Hedging Instrument | Cash flow hedging | LIBOR
Derivative [Line Items]
Interest rate cap	4%
Foreign exchange contract | Not Designated as Hedging Instrument
Derivative [Line Items]
Total notional value	$ 223,000	$ 0
Derivative liabilities	$ 3,255

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands									9 Months Ended
	Aug. 22, 2022 shares	Aug. 10, 2022 $ / shares shares	May 04, 2022 shares	Oct. 05, 2021 USD ($) shares	Sep. 27, 2021 USD ($) $ / shares shares	Sep. 22, 2021 $ / shares shares	Sep. 08, 2021 $ / shares shares	Jun. 08, 2021 USD ($)	Sep. 25, 2021 USD ($)	Sep. 24, 2022 $ / shares shares	Dec. 25, 2021 $ / shares shares	Sep. 23, 2021 $ / shares shares	Sep. 07, 2021 $ / shares shares
Subsidiary, Sale of Stock [Line Items]
Payment of dividends | $								$ 400,000	$ 400,000
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			100,961,986	100,892,547
Common stock, outstanding (in shares)							74,058,447			100,961,986	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 | $					$ 263,200
Underwriting discounts and commissions | $					$ 16,800
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Common stock, outstanding (in shares)			100,892,547
Common stock issued (in shares)	1,275,000	8,500,000	26,834,100	3,500,100	3,500,100	3,500,100
Offering price (in dollar per share) | $ / shares		$ 14
Net proceeds from IPO | $				$ 39,500
Underwriting discounts and commissions | $				$ 2,500
Ownership percentage held by new investors			26.60%

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) $ in Millions					3 Months Ended		9 Months Ended
	Nov. 04, 2021 USD ($) tranche	Nov. 03, 2021 tranche shares	Sep. 22, 2021 USD ($) tranche item	Sep. 21, 2021 installment shares	Sep. 24, 2022 USD ($) installment item shares	Sep. 25, 2021 USD ($)	Sep. 24, 2022 USD ($) installment item shares	Sep. 25, 2021 USD ($)	Sep. 23, 2021 USD ($)
2021 Equity Incentive Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Allocated share based payments | $					$ 2.6	$ 0	$ 7.4	$ 0
Shares reserved for future issuance				9,739,244	7,366,911		7,366,911
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $					$ 28.8		$ 28.8
Time Based Restricted Common Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Equity-based compensation expense | $					0.3	0.3	$ 0.9	1.4
Time Based Restricted Common Stock | 2021 Equity Incentive Plan | Employees
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]
Multiplying factor for invested capital | tranche	2
Expiration period							30 months
Grants in period							343,800
Equity-based compensation expense | $					$ 1.7	$ 0.7	$ 4.9	$ 0.7
Performance Based Restricted Stock Units | Minimum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting percentage							0%
Performance Based Restricted Stock Units | Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting percentage							200%
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 | $	$ 6.1		$ 13
Multiplying factor for invested capital | tranche	4	2	2
Volume of weighted average share price, number of day | item			30
Maximum percentage owned by ultimate parent			25%
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							20,264
Service Based Restricted Common Stock | Tranche Two
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vested							2,298,866
Restricted Stock Units | Employees and Independent Directors
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Grants in period							708,682
Restricted Stock Units | Vesting in Two Installments
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Grants in period							604,833
Number of installments | installment					2		2
Restricted Stock Units | Vesting in Three Installments
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Grants in period							76,039
Number of installments | installment					3		3
Restricted Stock Units | Vesting In First Anniversary | Employees and Independent Directors
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Grants in period							27,810
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%
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 Three | 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		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		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Income Taxes
Income (loss) before income taxes	$ 3,964	$ (1,117)	$ (28,659)	$ 13,972
Effective income tax (expense) benefit	$ (2,500)	$ (3,497)	$ 3,895	$ (8,213)
Effective tax rate	63.10%	(313.10%)	13.60%	58.80%
Federal income tax rate	21%	21%	21%	21%

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 24, 2022 USD ($) item	Sep. 25, 2021 USD ($)	Sep. 24, 2022 USD ($) item	Sep. 25, 2021 USD ($)	Dec. 25, 2021 USD ($)
Related Party Transaction [Line Items]
Related party leases | item	2		2
Finance lease liability	$ 6,938		$ 6,938		$ 6,997
Operating lease liability, long-term	14,912		14,912		$ 17,302
Morning Fresh
Related Party Transaction [Line Items]
Finance lease liability	6,800		6,800
Operating lease liability, long-term	500		500
Total facility lease payments	144	$ 144	429	$ 393
Shares of utilities	$ 45	$ 48	$ 136	$ 143

Related Party Transactions - Tr

Related Party Transactions - Transactions (Details) - Morning Fresh - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021	Dec. 25, 2021
Related Party Transaction [Line Items]
Sales	$ 136	$ 122	$ 377	$ 357
Purchases	2,174	$ 1,468	6,440	$ 4,309
Receivables	38		38		$ 26
Payables	$ 897		$ 897		$ 354

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) shares in Thousands		1 Months Ended	9 Months Ended
	Feb. 26, 2021 USD ($)	Jan. 31, 2019 USD ($) shares	Sep. 24, 2022 USD ($) item	Dec. 25, 2021 USD ($)
Related Party Transaction [Line Items]
Future commitments to purchase			$ 25,200,000
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			$ 40,000,000
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			$ 100,000	$ 400,000

Earnings (Loss) Per Share - Bas

Earnings (Loss) Per Share - Basic and Diluted earnings (loss) per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Earnings Per Share
Net income (loss)	$ 1,464	$ (4,614)	$ (24,764)	$ 5,759
Weighted average basic common shares outstanding	100,913,121	74,058,447	100,901,161	74,058,447
Restricted stock units	476,939			6
Performance stock units	223,868
Total	700,807			6
Weighted average and potential diluted common shares outstanding	101,613,928	74,058,447	100,901,161	74,058,453
Earnings (loss) per share
Basic earnings (loss) per share	$ 0.01	$ (0.06)	$ (0.25)	$ 0.08
Diluted earnings (loss) per share	$ 0.01	$ (0.06)	$ (0.25)	$ 0.08

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 25, 2021	Sep. 24, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	61	325,102
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	61	186,041
Performance Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares		139,061