Cover Page
Cover Page - shares | 9 Months Ended | |
Jun. 30, 2021 | Aug. 31, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --09-30 | |
Entity Registrant Name | Weber Inc. | |
Entity Central Index Key | 0001857951 | |
Trading Symbol | WEBR | |
Entity Filer Category | Non-accelerated Filer | |
Entity Interactive Data Current | Yes | |
Entity Current Reporting Status | No | |
Entity File Number | 001-40702 | |
Entity Address, Address Line One | 1415 S. Roselle Road | |
Entity Address, City or Town | Palatine | |
Entity Address, State or Province | IL | |
Entity Incorporation, State or Country Code | DE | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Address, Postal Zip Code | 60067 | |
Entity Tax Identification Number | 61-1999408 | |
City Area Code | 847 | |
Local Phone Number | 934-5700 | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NYSE | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 52,533,338 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 234,645,219 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2021 | Apr. 01, 2021 | Sep. 30, 2020 | |
Current assets: | ||||
Cash and cash equivalents | $ 146,469,000 | $ 123,792,000 | ||
Accounts receivable, less allowance of $2,491 and $3,262 at June 30, 2021 and September 30, 2020, respectively | [1] | 321,717,000 | 130,885,000 | |
Inventories, net | 333,935,000 | 233,327,000 | ||
Prepaid expenses and other current assets | [2] | 44,109,000 | 33,880,000 | |
Total current assets | 846,230,000 | 521,884,000 | ||
Property, equipment and leasehold improvements, net | 121,842,000 | 108,252,000 | ||
Operating lease right-of-use assets | [3] | 69,043,000 | 48,937,000 | |
Other long-term assets | 39,673,000 | 33,961,000 | ||
Trademarks, net | 358,668,000 | 343,965,000 | ||
Other intangible assets, net | 149,460,000 | 51,866,000 | ||
Goodwill | 113,241,000 | 30,570,000 | ||
Total assets | 1,698,157,000 | 1,139,435,000 | ||
Current liabilities: | ||||
Trade accounts payable | 408,031,000 | 298,078,000 | ||
Accrued expenses | [4] | 179,643,000 | 133,868,000 | |
Income taxes payable | 8,103,000 | 8,151,000 | ||
Current portion of long-term debt and other borrowings | 12,500,000 | 36,250,000 | ||
Current portion of long-term financing obligation | 571,000 | 514,000 | ||
Total current liabilities | 608,848,000 | 476,861,000 | ||
Long-term debt, less current portion | 1,208,248,000 | 575,659,000 | ||
Long-term financing obligation, less current portion | 38,545,000 | 38,986,000 | ||
Non-current operating lease liabilities | [5] | 57,177,000 | 37,986,000 | |
Other long-term liabilities | 186,928,000 | 53,491,000 | ||
Total liabilities | 2,099,746,000 | 1,182,983,000 | ||
Commitments and contingencies | ||||
Members' deficit, 531,716 and 551,774 common units authorized, issued and outstanding as of June 30, 2021 and September 30, 2020, respectively | (742,000) | (1,216,000) | ||
Accumulated other comprehensive loss | (46,319,000) | (68,580,000) | ||
Retained (deficit) earnings | (354,528,000) | 26,248,000 | ||
Total members' (deficit) equity | (401,589,000) | (43,548,000) | ||
Total liabilities and members' (deficit) equity | 1,698,157,000 | $ 1,139,435,000 | ||
WEBER INC [Member] | ||||
Assets | ||||
Cash | 0 | $ 0 | ||
Current assets: | ||||
Total assets | 0 | 0 | ||
Current liabilities: | ||||
Commitments and contingencies | ||||
Stockholders' equity | ||||
Common stock, $0.01 par value per share, 1,000 shares authorized | 0 | 0 | ||
Total stockholders' equity | $ 0 | $ 0 | ||
[1] | Includes related party royalty receivables of $75 and $220 at June 30, 2021 and September 30, 2020, respectively (see Note 10). | |||
[2] | Includes related party prepaid royalties of $0 and $10,044 at June 30, 2021 and September 30, 2020, respectively (see Note 10). | |||
[3] | Includes related party operating lease assets of $3,475 and $4,111 at June 30, 2021 and September 30, 2020, respectively (see Note 10). | |||
[4] | Includes related party operating lease liabilities of $1,105 and $0 at June 30, 2021 and September 30, 2020, respectively (see Note 10). | |||
[5] | Includes related party operating lease liabilities of $2,299 and $4,139 at June 30, 2021 and September 30, 2020, respectively (see Note 10). |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 |
Class of Stock and Related Party Balances [Line Items] | ||
Accounts receivable, allowance for credit loss | $ 2,491 | $ 3,262 |
Common unit, authorized | 531,716 | 551,774 |
Common unit, issued | 531,716 | 551,774 |
Common unit, outstanding | 531,716 | 551,774 |
Royalty receivables | $ 75 | $ 220 |
Prepaid royalties | 0 | 10,044 |
Related party operating lease, asset | 3,475 | 4,111 |
Related party operating lease, liability current | 1,105 | 0 |
Operating lease, liability noncurrent | $ 2,299 | $ 4,139 |
WEBER INC [Member] | ||
Class of Stock and Related Party Balances [Line Items] | ||
Common stock par or stated value per share | $ 0.01 | |
Common stock shares authorized | 1,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Income Statement [Abstract] | |||||
Net sales | [1] | $ 668,867 | $ 560,793 | $ 1,632,176 | $ 1,157,169 |
Cost of goods sold | [2] | 369,776 | 329,115 | 912,558 | 687,532 |
Gross profit | 299,091 | 231,678 | 719,618 | 469,637 | |
Operating expenses: | |||||
Selling, general and administrative | [3],[4] | 257,758 | 130,333 | 555,744 | 305,051 |
Amortization of intangible assets | 5,226 | 3,190 | 12,090 | 10,045 | |
Gain on disposal of assets held for sale | (5,185) | ||||
Income from operations | 36,107 | 98,155 | 156,969 | 154,541 | |
Foreign currency (gain) loss | (3,758) | (1,210) | (3,772) | 4,823 | |
Interest income | [5] | (252) | (311) | (677) | (1,012) |
Interest expense | 18,283 | 10,895 | 50,457 | 32,006 | |
Loss from early extinguishment of debt | 5,448 | ||||
Income before taxes | 21,834 | 88,781 | 105,513 | 118,724 | |
Income tax expense | 4,009 | 8,548 | 19,398 | 12,106 | |
Loss (gain) from investments in unconsolidated affiliates | 0 | 778 | (5,505) | 3,556 | |
Net income | 17,825 | 79,455 | 91,620 | 103,062 | |
Earnings allocated to participating securities | (129) | (721) | (730) | (1,006) | |
Net income attributable to common members | $ 17,696 | $ 78,734 | $ 90,890 | $ 102,056 | |
Net income per common unit | |||||
Basic | $ 32.84 | $ 142.69 | $ 166 | $ 184.97 | |
Diluted | $ 32.84 | $ 142.69 | $ 166 | $ 184.97 | |
Weighted average common units outstanding | |||||
Basic | 538,777 | 551,774 | 547,515 | 551,760 | |
Diluted | 538,777 | 551,774 | 547,515 | 551,760 | |
[1] | Includes related party royalty revenue of $128 and $34 for the three months ended June 30, 2021 and 2020, respectively, and $75 and $316 for the nine months ended June 30, 2021 and 2020, respectively (see Note 10). | ||||
[2] | Includes related party rental expense of $213 and $179 for the three months ended June 30, 2021 and 2020, respectively, and $605 and $538 for the nine months ended June 30, 2021 and 2020, respectively (see Note 10). | ||||
[3] | Includes related party rental expense of $68 and $59 for the three months ended June 30, 2021 and 2020, respectively, and $196 and $176 for the nine months ended June 30, 2021 and 2020, respectively (see Note 10). | ||||
[4] | Includes related party royalty expense of $0 and $471 for the three months ended June 30, 2021 and 2020, respectively, and $268 and $1,574 for the nine months ended June 30, 2021 and 2020, respectively (see Note 10). | ||||
[5] | Includes related party interest income of $11 and $14 for the for the three months ended June 30, 2021 and 2020, respectively, and $40 and $42 for the nine months ended June 30, 2021 and 2020, respectively (see Note 10). |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest Income, Related Party | $ 11 | $ 14 | $ 40 | $ 42 |
Rental Expense | Cost of Sales | ||||
Related Party Transaction, Amounts of Transaction | 213 | 179 | 605 | 538 |
Rental Expense | Selling, General and Administrative Expenses | ||||
Related Party Transaction, Amounts of Transaction | 68 | 59 | 196 | 176 |
Royalty Expense | ||||
Related Party Transaction, Amounts of Transaction | 0 | 471 | 268 | 1,574 |
Royalty [Member] | ||||
Revenues | $ 128 | $ 34 | $ 75 | $ 316 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 17,825 | $ 79,455 | $ 91,620 | $ 103,062 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 577 | 9,576 | 2,941 | 9,196 |
(Loss) gain on derivative instruments | (4,273) | (1,996) | 19,320 | (18,012) |
Comprehensive income | $ 14,129 | $ 87,035 | $ 113,881 | $ 94,246 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Members' Equity (Deficit) - USD ($) $ in Thousands | Total | Units [Member] | Capital Contribution [Member] | Notes Receivable From Members [Member] | Accumulated Other Comprehensive Income (Loss) Cumulative Translation Adjustments [Member] | Accumulated Other Comprehensive Income (Loss) Unrealized Gain (Loss) on Derivative Instruments [Member] | Retained Earnings (Deficit) [Member] |
Beginning Balance at Sep. 30, 2019 | $ (121,760) | $ (1,427) | $ (48,411) | $ (23,850) | $ (48,072) | ||
Beginning Balance (Shares) at Sep. 30, 2019 | 551,732 | ||||||
Capital contributions | 125 | $ 125 | |||||
Capital contributions (Shares) | 42 | ||||||
Interest income on notes receivable | (42) | (42) | |||||
Net income | 103,062 | 103,062 | |||||
Foreign currency translation adjustments | 9,196 | 9,196 | |||||
Gain (loss) on derivative instruments | (20,394) | (20,394) | |||||
Unit based compensation | 142 | 142 | |||||
Reclassification of realized loss on derivative instruments to net income | 2,382 | 2,382 | |||||
Application of ASC 842 | 2,482 | 2,482 | |||||
Members' distributions | (10,240) | (10,240) | |||||
Ending Balance at Jun. 30, 2020 | (35,047) | 267 | (1,469) | (39,215) | (41,862) | 47,232 | |
Ending Balance (Shares) at Jun. 30, 2020 | 551,774 | ||||||
Beginning Balance at Mar. 31, 2020 | (113,876) | 142 | (1,455) | (48,791) | (39,866) | (23,906) | |
Beginning Balance (Shares) at Mar. 31, 2020 | 551,774 | ||||||
Interest income on notes receivable | (14) | (14) | |||||
Net income | 79,455 | 79,455 | |||||
Foreign currency translation adjustments | 9,576 | 9,576 | |||||
Gain (loss) on derivative instruments | (3,630) | (3,630) | |||||
Reclassification of realized loss on derivative instruments to net income | 1,634 | 1,634 | |||||
Members' distributions | (8,192) | 125 | (8,317) | ||||
Ending Balance at Jun. 30, 2020 | (35,047) | 267 | (1,469) | (39,215) | (41,862) | 47,232 | |
Ending Balance (Shares) at Jun. 30, 2020 | 551,774 | ||||||
Beginning Balance at Sep. 30, 2020 | (43,548) | 267 | (1,483) | (28,455) | (40,125) | 26,248 | |
Beginning Balance (Shares) at Sep. 30, 2020 | 551,774 | ||||||
Capital contributions | 12,094 | 12,294 | (200) | ||||
Capital contributions (Shares) | 3,066 | ||||||
Issuance of common units in connection with acquisition | 14,582 | 14,582 | |||||
Issuance of common units in connection with acquisition (Shares) | 2,899 | ||||||
Repurchase of members' interest | (188,860) | (21,049) | (167,811) | ||||
Repurchase of members' interest (Shares) | (26,023) | ||||||
Interest income on notes receivable | (40) | (40) | |||||
Notes receivables repayment | 981 | 981 | |||||
Net income | 91,620 | 91,620 | |||||
Foreign currency translation adjustments | 2,941 | 2,941 | |||||
Gain (loss) on derivative instruments | 11,289 | 11,289 | |||||
Unit based compensation | 4,941 | 4,941 | |||||
Reclassification of realized loss on derivative instruments to net income | 8,031 | 8,031 | |||||
Members' distributions | (315,620) | (11,035) | (304,585) | ||||
Ending Balance at Jun. 30, 2021 | (401,589) | (742) | (25,514) | (20,805) | (354,528) | ||
Ending Balance (Shares) at Jun. 30, 2021 | 531,716 | ||||||
Beginning Balance at Mar. 31, 2021 | 26,714 | 922 | (1,460) | (26,091) | (16,532) | 69,875 | |
Beginning Balance (Shares) at Mar. 31, 2021 | 551,842 | ||||||
Capital contributions | 11,969 | 12,069 | (100) | ||||
Capital contributions (Shares) | 2,998 | ||||||
Issuance of common units in connection with acquisition | 14,582 | 14,582 | |||||
Issuance of common units in connection with acquisition (Shares) | 2,899 | ||||||
Repurchase of members' interest | (188,860) | (21,049) | (167,811) | ||||
Repurchase of members' interest (Shares) | (26,023) | ||||||
Interest income on notes receivable | (11) | (11) | |||||
Notes receivables repayment | 829 | 829 | |||||
Net income | 17,825 | 17,825 | |||||
Foreign currency translation adjustments | 577 | 577 | |||||
Gain (loss) on derivative instruments | (7,059) | (7,059) | |||||
Unit based compensation | 4,511 | 4,511 | |||||
Reclassification of realized loss on derivative instruments to net income | 2,786 | 2,786 | |||||
Members' distributions | (285,452) | $ (11,035) | (274,417) | ||||
Ending Balance at Jun. 30, 2021 | $ (401,589) | $ (742) | $ (25,514) | $ (20,805) | $ (354,528) | ||
Ending Balance (Shares) at Jun. 30, 2021 | 531,716 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating activities | ||
Net income | $ 91,620 | $ 103,062 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for depreciation | 20,317 | 21,881 |
Provision for amortization of intangible assets | 12,090 | 10,045 |
Provision for amortization of deferred financing costs | 2,813 | 2,079 |
Management incentive plan compensation, net of forfeitures | 5,422 | 1,725 |
(Gain) loss from investments in unconsolidated affiliates | (5,505) | 3,556 |
Gain on disposal of assets held for sale | (5,185) | |
Unit based compensation | 88,771 | 142 |
Loss from early extinguishment of debt | 5,448 | |
Changes in operating assets and liabilities | ||
Accounts receivable | (186,381) | (202,175) |
Inventories | (96,505) | (27,341) |
Prepaid expenses and other current assets | 12,844 | (2,192) |
Trade accounts payable | 106,057 | 152,197 |
Accrued expenses | 29,165 | 57,735 |
Income taxes payable | 6,507 | 5,120 |
Other | (13,018) | (4,536) |
Net cash provided by operating activities | 74,460 | 121,298 |
Investing activities | ||
Proceeds from disposal of property, equipment and leasehold improvements | 14,028 | 6,565 |
Additions to property, equipment and leasehold improvements | (40,503) | (22,709) |
Payments for acquisitions | (128,514) | |
Net cash used in investing activities | (154,989) | (16,144) |
Financing activities | ||
Proceeds from issuance of long-term debt | 1,250,000 | |
Payments for deferred financing costs | (26,654) | (3,233) |
Payments for deferred offering costs | (2,349) | |
Payments under agreement with iDevices | (228) | (1,521) |
Interest rate swap settlement payments | (3,903) | |
Proceeds from contribution of capital, net | 13,075 | 125 |
Repurchase of members' interests | (188,860) | |
Members' distributions | (315,622) | (10,240) |
Borrowings from revolving credit facility | 217,000 | 430,167 |
Payments on revolving credit facility | (217,000) | (419,545) |
Payments of long-term debt | (622,500) | (36,250) |
Payment for the acquired Q Grill Trademark | (18,000) | |
Service on financing obligation | (382) | |
Net cash provided by (used in) financing activities | 102,577 | (58,497) |
Effect of exchange rate changes on cash and cash equivalents | 629 | 7,808 |
Increase in cash and cash equivalents | 22,677 | 54,465 |
Cash and cash equivalents at beginning of period | 123,792 | 44,665 |
Cash and cash equivalents at end of period | 146,469 | 99,130 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 42,977 | 35,172 |
Cash paid for income taxes, net of refunds of $3,213 and $656, respectively | 17,090 | 7,251 |
Supplemental disclosures of non-cash investing and financing information: | ||
Property and equipment included in accounts payable and accrued expenses | 7,253 | $ 2,997 |
Deferred offering costs included in accounts payable and accrued expenses | 1,689 | |
Settlement of existing relationship through business combination | 9,776 | |
Issuance of common units for business acquisition | $ 14,582 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Cash Flows [Abstract] | ||
Proceeds from income tax refunds | $ 3,213 | $ 656 |
Organization
Organization | 9 Months Ended |
Jun. 30, 2021 | |
WEBER INC [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Organization | 1. Organization Weber Inc. (the “Company”) was formed as a Delaware corporation on April 1, 2021. The Company was formed for the purpose of completing a public offering and related transactions in order to carry on the business of Weber HoldCo LLC and its subsidiaries (“Topco LLC”). As the manager of Topco LLC, the Company is expected to operate and control all of the business and affairs of Topco LLC, and through Topco LLC, continue to conduct the business now conducted by these subsidiaries. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Line Items] | |
Basis of Presentation and Significant Accounting Policies | 1. Basis of Presentation and Significant Accounting Policies The accompanying condensed consolidated financial statements of Weber-Stephen Products LLC (“Weber” or the “Company”) were prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States (“U.S.”). In the opinion of management, the interim financial data includes all adjustments, consisting only of normal recurring adjustments, necessary to present a fair statement of the results for the interim periods. Organization The Company is primarily a manufactur e Principles of Consolidation The condensed consolidated financial statements include the accounts and operations of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Fiscal Year The Company’s fiscal year runs from October 1 through September 30. All references to years are to fiscal years unless otherwise stated. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. The effect of the change in the estimates will be recognized in the current period of the change. Seasonality Although the Company generally has demand for its products throughout the year, the Company’s sales have historically experienced some seasonality. The Company has typically experienced its highest level of sales of its products in the second and third fiscal quarters as retailers across North America and Europe changeover their floor sets, build inventory and fulfill consumer demand for outdoor cooking products. Sales are typically lower during the first and fourth fiscal quarters, with the exception of the Australia/New Zealand business which is counter seasonal to the balance of the business. Revenue Recognition Revenue transactions associated with the sale of grills and related accessories comprise a single performance obligation, which consists of the transfer of products to customers at a point in time. Substantially all of the Company’s revenues relate to the sales of grills and accessories. The Company satisfies the performance obligation and records revenues for grills and accessories when control has passed to the customer, based on the terms of sale. Transfer of control passes to customers at a point in time, that point in time generally being upon shipment or upon delivery of the performance obligation, depending on the written sales terms with the customer. The Company’s purchase orders from customers for specific products represent its contracts and include all key terms and conditions related to the sale of products. For all sales, no significant uncertainty exists surrounding the customers’ obligation to pay for grills and accessories. Customers’ obligations to pay are generally under normal commercial terms, with payment terms typically being 30-60 The Company offers warranties on most of its products, which are considered assurance type warranties and, therefore, are not accounted for as a separate performance obligation. The Company has elected to account for shipping and handling activities as a fulfillment cost. Accordingly, all shipping and handling activity costs are recognized as Selling, general and administrative expenses at the time the related revenue is recognized. The Company recognized shipping and handling activity costs of $52,883 and $38,352 for the three months ended June 30, 2021 and 2020, respectively, and $126,783 and $84,724 for the nine months ended June 30, 2021 and 2020, respectively. Amounts invoiced to customers for shipping and handling are recorded in Net sales. Any taxes collected on behalf of government authorities are excluded from Net sales. Accounts Receivable Accounts receivable consist primarily of amounts due to the Company from its normal business activities, offset by an allowance for expected credit losses. The Company estimates its expected credit losses based on historical experience, the aging of accounts receivable, consideration of current economic conditions and its expectations of future economic conditions. Additionally, the Company establishes customer-specific allowances for known at-risk The Company’s allowances are as follows: Balance at September 30, 2020 $ 3,262 Charges (credits) to the provision, net 325 Accounts written off, net of recoveries (1,096 ) Balance at June 30, 2021 $ 2,491 Balance at September 30, 2019 $ 2,858 Charges (credits) to the provision, net 863 Accounts written off, net of recoveries (160 ) Balance at June 30, 2020 $ 3,561 Inventories Inventories include finished products and work-in-process first-in, first-out The components of inventory are as follows: June 30, September 30, Work-in-process $ 48,041 $ 33,343 Finished products 285,894 199,984 Total Inventories, net $ 333,935 $ 233,327 Derivative Instruments During the nine months ended June 30, 2021 and 2020, the Company used interest rate swap contracts to reduce its exposure to fluctuations in interest rates. During the nine months ended June 30, 2021 and 2020, the Company also entered into foreign currency forward contracts to reduce its exposure to fluctuations in foreign currency denominated sales and the respective cash flows impacting Gross profit. When entered, these financial instruments are designated as cash flow hedges of underlying exposures and de-designated de-designated During the nine months ended June 30, 2021, the Company used commodity index contracts to reduce its exposure to fluctuations in cash flows relating to the purchases of aluminum and steel-based components and raw materials impacting Gross profit. Cash flows related to the settlement of derivative instruments designated as cash flow hedges are classified within operating activities. Changes in the fair value of a derivative that is designated as a cash flow hedge, to the extent that the hedge is effective, are recorded in accumulated other comprehensive income (loss) and reclassified to earnings when the hedged item affects earnings. Using derivative instruments means assuming counterparty credit risk. Counterparty credit risk relates to the loss the Company could incur if a counterparty were to default on a derivative contract. The Company deals with only investment-grade counterparties and monitors the overall credit risk and exposure to individual counterparties. The Company did not experience any nonperformance by a counterparty during the nine months ended June 30, 2021 or 2020. The Company did not require, nor did it post, collateral or security on such contracts. Business Combinations The Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. The Company’s estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. The Company continues to collect information and reevaluates these estimates and assumptions quarterly and records any adjustments to the Company’s preliminary estimates to goodwill provided that the Company is within the measurement period. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s condensed consolidated statements of income. In the event that the Company acquir e Income (Loss) Per Unit Basic income (loss) per unit is computed using the weighted-average number of outstanding common units during the period. Diluted income (loss) per unit is computed using the weighted- average number of outstanding common units and, when dilutive, potential common units outstanding during the period. For purposes of the diluted net income (loss) per unit calculation, common units issued in exchange for notes receivable with limited recourse provisions are considered to be potentially dilutive securities. See Note 15 for further information. Basic and diluted net income (loss) per unit attributable to common members is presented in conformity with the two-class two-class two-class Unit Based Compensation As described within the Change in Accounting Principle section below, in anticipation of becoming a public company, the Company changed its methodology for valuing the profits interest units and Management Incentive Compensation Plan (“LTIP”) awards from the intrinsic value methodology to fair value during the quarter ended March 31, 2021. Both the LTIP awards and the profits interest units are liability classified. The awards are re-measured The value of the LTIP awards is based on achievement of performance metrics established by the Compensation Committee of the Board of Directors. The value of the awards at the end of each reporting period is dependent upon the Company’s estimates of the underlying performance measures. As the units issued are based on performance metrics, the expense is adjusted for the ultimate number of units expected to be issued as of the end of each reporting period. The fair value of the profits interest units is estimated using the Black-Scholes option-pricing valuation model. The determination of fair value using an option-pricing model is affected by the Company’s enterprise value as well as assumptions pertaining to several variables, including expected volatility, the expected term of the unit and the risk-free rate of interest. In the option-pricing model for the Company’s profits interest units, expected volatility is based on an analysis of reported data for a group of guideline publicly-traded companies. For this analysis, the Company selects companies with comparable characteristics including enterprise value, risk profiles, and with historical share price information sufficient to meet the expected life of the units. The Company determines expected volatility using an average of the historical volatilities of the guideline group of companies. The Company expects to continue to apply this process until such time as it has adequate historical data regarding volatility. The expected term of the unit is based on expected exercise patterns of unit holders and the risk-free rate of interest is based on U.S. Treasury yields. Advertising Costs The Company expenses advertising costs upon the first display of the advertisement and includes advertising expenses in Selling, general and administrative expenses in the condensed consolidated statements of income. The Company incurred advertising expenses of $49,421 and $26,596 for the three months ended June 30, 2021 and 2020, respectively, and $84,921 and $46,991 for the nine months ended June 30, 2021 and 2020, respectively. Research and Development Costs Research and development costs are charged to expense as incurred and included in Selling, general and administrative expenses in the condensed consolidated statements of income. The Company incurred research and development expenses of $18,421 and $4,659 for the three months ended June 30, 2021 and 2020, respectively, and $28,619 and $11,967 for the nine months ended June 30, 2021 and 2020, respectively. Change in Accounting Principle Profits interest units and LTIP awards historically were accounted for as liability compensatory awards under ASC 710, Compensation—General Compensation—Stock Compensation re-measured expense of New Accounting Pronouncements Recently Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes 2019-12 2019-12 In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract 2018-15 e In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement 2018-13 . In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments off-balance New Accounting Pronouncements Issued but Not Yet Adopted No recent accounting pronouncements were issued by the FASB that are believed by management to have a material impact on the Company’s future financial statements. Property, Equipment and Leasehold Improvements During the fiscal year ended September 30, 2020, the Company determined that one of its manufacturing sites was considered to be assets held for sale, since the asset group was being marketed for sale and all the criteria to be classified as held for sale under Accounting Standards Codification (“ASC”) 360, Property, Plant and Equipment—Impairment or Disposal of Long-Lived Assets Warranty The Company offers warranties on most of its products. The specific terms and conditions of the warranties offered by the Company vary depending upon the product sold. The Company estimates the costs that may be incurred under its warranty plans and the period for which claims are honored, and records a liability in the amount of such costs at the time product revenue is recognized. Factors that affect the Company’s warranty liability include the number of units sold, the type of products sold, historical and anticipated rates of warranty claims and cost per claim. The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Deferred Financing Costs Deferred financing costs are amortized over the term of the related debt. The carrying value of the deferred financing costs was $25,813 and $7,422 as of June 30, 2021 and September 30, 2020, respectively. Deferred financing costs related to long-term debt are reflected as a direct reduction of the carrying value of the related debt. Amortization expense of deferred financing costs was $955 and $856 for the three months ended June 30, 2021 and 2020, respectively, and $2,813 and $2,079 for the nine months ended June 30, 2021 and 2020, respectively, and was recorded in Interest expense. Deferred Offering Costs The Company capitalizes certain legal, accounting and other third-party fees that are directly associated with in-process in-process Income Taxes In the U.S., the Company, a limited liability company (LLC), is taxed as a partnership under the Internal Revenue Code. The Company’s income is included in the members’ income tax returns. Accordingly, the Company generally is not subject to federal or certain state income taxes. The Company has operations that are subject to income and other similar taxes in foreign countries. A valuation allowance is provided to offset deferred tax assets if, based on available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. In accordance with ASC 740, Income Taxes The Company’s practice is to recognize interest and penalties related to income tax matters in Income taxes in the accompanying condensed consolidated statements of income. For the three and nine months ended June 30, 2021 and 2020, there were no significant interest or penalties related to uncertain income tax positions that were recognized in the accompanying condensed consolidated statements of income. |
WEBER INC [Member] | |
Accounting Policies [Line Items] | |
Basis of Presentation and Significant Accounting Policies | 2. Basis of Presentation and Significant Accounting Policies The financial statement has been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Separate statements of income, comprehensive income, changes in stockholder’s equity, and cash flows have not been presented because there have been no activities in this entity as of June 30, 2021. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. The effect of the change in the estimates will be recognized in the current period of the change. |
Common Stock
Common Stock | 9 Months Ended |
Jun. 30, 2021 | |
WEBER INC [Member] | |
Class of Stock [Line Items] | |
Common Stock | 3. Common Stock On April 1, 2021, the Company was authorized to issue 1,000 shares of common stock, par value $0.01 per share. |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 9 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles | 2. Goodwill and Other Intangibles The Company’s goodwill consists of the following: Americas EMEA APAC Total Balance as of September 30, 2020 $ 19,219 $ 10,722 $ 629 $ 30,570 Acquisitions 55,406 — 27,530 82,936 Foreign exchange — 124 (389 ) (265 ) Balance as of June 30, 2021 $ 74,625 $ 10,846 $ 27,770 $ 113,241 Balance as of September 30, 2019 $ 19,219 $ 9,971 $ 593 $ 29,783 Foreign exchange — 306 14 320 Balance as of June 30, 2020 $ 19,219 $ 10,277 $ 607 $ 30,103 The Company’s intangible assets consist of the following June 30, 2021 (unaudited) Gross Accumulated Net Trademark—Weber $ 310,000 $ — $ 310,000 Trademarks—Other 55,900 (7,232 ) 48,668 Trademarks, net 365,900 (7,232 ) 358,668 Customer lists 91,993 (49,283 ) 42,710 Patents 49,428 (47,325 ) 2,103 In-process 4,500 (1,988 ) 2,512 Developed technology 87,000 (2,689 ) 84,311 Reacquired rights 14,083 (1,078 ) 13,005 Non-compete 6,300 (1,481 ) 4,819 Other intangible assets, net 253,304 (103,844 ) 149,460 Total $ 619,204 $ (111,076 ) $ 508,128 September 30,2020 Gross Carrying Accumulated Net Book Trademark—Weber $ 310,000 $ — $ 310,000 Trademarks—Other 38,900 (4,935 ) 33,965 Trademarks, net 348,900 (4,935 ) 343,965 Customer lists 91,388 (45,684 ) 45,704 Patents 49,428 (46,156 ) 3,272 Internally developed software 5,700 (5,700 ) — In-process 4,500 (1,650 ) 2,850 Non-compete 600 (560 ) 40 Other intangible assets, net 151,616 (99,750 ) 51,866 Total $ 500,516 $ (104,685 ) $ 395,831 The Company’s indefinite-lived intangible assets consist of Trademark—Weber. As of June 30, 2021, the remaining weighted-average amortization periods of the intangible assets subject to amortization are as follows: Weighted- Trademarks—Other 14.9 Customer lists 9.5 Patents 7.7 In-process 5.6 Developed technology 14.6 Reacquired rights 3.1 Non-compete 2.6 The Company expects to record the following amortization expense on intangible assets for each of the next five years and thereafter: Remaining period of 2021 $ 5,182 2022 20,815 2023 20,810 2024 18,745 2025 14,680 Thereafter 117,895 Total $ 198,127 Total amortization expense for the Company’s intangible assets was $5,226 and $3,190 for the three months ended June 30, 2021 and 2020, respectively, and $12,090 and $10,045 for the nine months ended June 30, 2021 and 2020, respectively. |
Property, Equipment and Leaseho
Property, Equipment and Leasehold Improvements | 9 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Equipment and Leasehold Improvements | 3. Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements, net consists of the following: June 30, September 30, Land $ 6,453 $ 12,530 Buildings 44,473 52,985 Computer equipment and software 72,588 66,166 Equipment 197,515 209,033 Leasehold improvements 12,617 17,264 Construction-in-progress 35,792 8,075 369,438 366,053 Accumulated depreciation (247,596 ) (257,801 ) Total $ 121,842 $ 108,252 Depreciation expense amounted to $6,853 and $7,264 for the three months ended June 30, 2021 and 2020, respectively, and $20,317 and $21,881 for the nine months ended June 30, 2021 and 2020 respectively. |
Acquisitions
Acquisitions | 9 Months Ended |
Jun. 30, 2021 | |
Business Acquisition [Abstract] | |
Acquisitions | 4. Acquisitions June Acquisition On January 12, 2021, the Company acquired all of the remaining outstanding stock of June Life, Inc. (“June”), a smart appliance and technology company. The purpose of the acquisition was primarily to advance consumer experiences through the use of embedded technology in its products and higher quality digital products. The preliminary composition of the purchase price recorded for June was as follows: Cash $ 108,285 Fair value of equity interest 24,144 Settlement of existing contractual relationship 9,776 Total $ 142,205 Prior to the acquisition, the Company held an existing equity interest in June, which was historically accounted for as an equity method investment. Upon completion of the merger agreement, June became a wholly-owned subsidiary of the Company. At the time of acquisition, the fair value of the existing equity interest totaled $24,144. See Note 5 for further details. The June license and development agreement, discussed within Note 5, was deemed to be an existing contractual relationship. As a result of the business combination, the Company recorded this arrangement as consideration at its January 12, 2021 fair value, which resulted in an increase in goodwill of $9,776. The results of operations for June have been included in the condensed consolidated statements of income since the acquisition date, which were not material. June operations are reflected within the Americas reportable segment. Actual and pro forma revenue and results of operations for the acquisition have not been presented because they do not have a material impact to the Company’s net sales and results of operations, either individually or in aggregate. The June 30, 2021 condensed consolidated balance sheet includes the assets and liabilities of June, which have been measured at fair value as of the acquisition date. The Company believes that the information provides a reasonable basis for estimating the fair values of the acquired assets and assumed liabilities, but the potential for measurement period adjustments exists based on the Company’s continuing review of matters related to the acquisition. The primary areas that remain preliminary relate to the fair values of intangible assets acquired and their estimated useful lives, valuation of deferred taxes and residual goodwill. The Company expects to finalize the valuation as soon as practicable, but not later than one year from the acquisition date. The preliminary allocation of purchase price recorded for June was as follows: Cash $ 6,046 Inventory 480 Accounts receivable 85 Prepaid expenses and other current assets 617 Property and equipment 104 Intangibles 109,700 Goodwill 55,406 Accounts payable (870 ) Accrued expenses (3,954 ) Other long-term liabilities (25,409 ) Total $ 142,205 The above fair values of assets acquired and liabilities are preliminary and are based on the information that was available as of the reporting date. The goodwill of $ represents the future economic benefits expected to arise from other intangible assets acquired that do not qualify for separate recognition, including an experienced workforce and expected future synergies. None of the goodwill is expected to be deductible for tax purposes. The Company recognized $ of deferred tax liabilities due to the acquisition of June. The deferred tax liabilities have been recorded in Other long-term liabilities in the accompanying condensed consolidated balance sheets. The amounts, based on preliminary valuations and subject to final adjustment, allocated to intangible assets are as follows: Gross Trade names and trademarks $ 17,000 Developed software / patented technology 87,000 Non-competition 5,700 Total $ 109,700 Useful Trade names and trademarks 20.0 Developed software / patented technology 15.0 Non-competition 3.0 Total weighted average useful life 15.2 Developed software/patented technology were valued using the multi-period excess earnings method (“MPEEM”). Intangible assets consisting of trade names and trademarks and non-competition/ . As a result of the acquisition, the Company recognized $1,187 of acquisition-related costs which are included in Selling, general and administrative expenses on the Company’s condensed consolidated statements of income. RMC Acquisition On April 1, 2021, the Company acquired all aspects of the operations of R McDonald Co. Pty. Ltd. (“RMC”), that supported the Company’s business units in Australia and New Zealand. This included certain fixed assets, members of the RMC workforce and their related employment liabilities and the reacquired right to sell and market the Company’s products. RMC, a marketing and distribution company, had historically provided operational and marketing support to operate the Weber Australia and Weber New Zealand businesses on behalf of the Company. The primary purpose of the acquisition was to re-acquire The preliminary composition of the purchase price recorded for RMC was as follows: Cash $ 26,275 Equity consideration issued by the Company (2,899 common units) 14,582 Total $ 40,857 Prior to the acquisition, the Company had a preexisting contractual agreement with RMC which provided RMC the exclusive rights to sell, market, and distribute barbecue grills and accessories in Australia and New Zealand. With the acquisition, the effective settlement of this agreement resulted in the Company reacquiring rights to sell, market, and distribute products in Australia and New Zealand. In addition, RMC had a contractual agreement to provide administrative support services to the Company’s Australian and New Zealand businesses, as well as a licensing agreement for RMC to use certain trademarks of the Company. The transaction resulted in no gain or loss as the contractual terms of these agreements were at market. The results of operations for RMC have been included in the condensed consolidated statements of income since the acquisition date, which were not material. RMC operations are reflected within the Asia-Pacific (“APAC”) reportable segment. Actual and pro forma revenue and results of operations for the acquisition have not been presented because they do not have a material impact to the Company’s net sales and results of operations, either individually or in aggregate. The June 30, 2021 condensed consolidated balance sheet includes the assets and liabilities of RMC, which have been measured at fair value as of the acquisition date. The Company believes that the information provides a reasonable basis for estimating the fair values of the acquired assets and assumed liabilities, but the potential for measurement period adjustments exists based on the Company’s continuing review of matters related to the acquisition. The primary areas that remain preliminary relate to the fair value of the intangible asset acquired, valuation of deferred taxes and residual goodwill. The Company expects to finalize the valuation as soon as practicable, but not later than one year from the acquisition date. The preliminary allocation of purchase price recorded for RMC was as follows: Property and equipment $ 432 Reacquired rights 14,300 Goodwill 27,530 Accrued expenses (1,405 ) Total $ 40,857 The above fair values of assets acquired and liabilities are preliminary and are based on the information that was available as of the reporting date. The goodwill of $27,530 represents the future economic benefits expected to arise from other intangible assets acquired that do not qualify for separate recognition, including an experienced workforce and expected future synergies. None of the goodwill is expected to be deductible for tax purposes. The reacquired rights were valued using MPEEM. The useful life of the reacquired rights were estimated to be 3.3 years. The determination of fair values required estimates about discount rates, future expected cash flows and other future events that are judgmental and subject to change. As a result of the acquisition, the Company recognized approximately $325 of acquisition-related costs which are included in Selling, general and administrative expenses on the Company’s condensed consolidated statements of income. |
Investments
Investments | 9 Months Ended |
Jun. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments | 5. Investments During the fiscal year ended September 30, 2019, the Company executed an agreement with June to purchase $23,000 of June’s preferred stock and $1,269 of June’s common stock. The common stock investment represents 6% of the total outstanding common stock of June, and the total combined equity investment represents less than 20% of the voting interest in June. The Company also entered into a license and development agreement with June to license certain software and other technology owned by June and adapt this technology to certain products of the Company. The license and development agreement includes provisions for the Company to pay June royalties at varying rates based on the quantities and type of product sold containing the licensed technology. As of June 30, 2021 and September 30, 2020, the Company had recorded prepaid royalties of $0 and $10,044, respectively. Upon the sale of products using the specified technology within the arrangement, the Company amortizes its prepaid royalty expenses into its operating results. Royalty expense of $0 and $471 was recognized under this agreement for the three months ended June 30, 2021 and 2020, respectively, and $268 and $1,574 Prior to the acquisition of June, the Company determined it had significant influence over June due to the substantial impact of the license and development agreement on June’s operating results and cash flows. As a result, the Company has accounted for the common stock investment in June as an equity method investment and recorded its share of June’s earnings or losses. The Company computed the difference between the fair value of June’s net assets and the carrying value of those net assets in June’s financial statements (“basis differences”). The basis differences primarily related to the fair value of intangible assets. The basis differences were amortized over the remaining life of the assets or liabilities to which they relate and recognized as an adjustment to the equity in earnings of June in the Company’s condensed consolidated statements of income. During the three months ended June 30, 2021 and 2020, the Company recorded an equity method loss of $0 and $778, respectively, and an equity method gain of $5,505 and an equity method loss of $3,556 for the nine months ended June 30, 2021 and 2020, respectively, with an offsetting reduction in its investment in June. During the nine months ended June 30, 2021 and 2020, June equity method losses were allocated to the preferred stock investment as the cost basis in the common stock investment had been reduced to zero during the nine months ended June 30, 2020. The carrying value of the preferred stock investment in June was $18,639 as of September 30, 2020 and was recorded in Other long-term assets. As described in Note 4, on January 12, 2021, the Company acquired the remaining equity interest in June and fully consolidated the entity. At acquisition, the Company remeasured the fair value of its existing equity interest, which exceeded the carrying amount of the investment and resulted in a pre-tax |
Debt
Debt | 9 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | 6. Debt Long-term debt consists of the following: June 30, September 30, Secured Credit Facility Term Loan, due October 2027 $ 1,243,750 $ — Senior Facility term loan, due December 2022 — 616,250 Total borrowings 1,243,750 616,250 Deferred financing costs (17,287 ) (4,341 ) Original issue discount (5,715 ) — Total debt 1,220,748 611,909 Less: current portion of long-term debt and other borrowings (12,500 ) (36,250 ) Total long-term debt $ 1,208,248 $ 575,659 Aggregate maturities of long-term debt as of June 30, 2021, are as follows: Remaining period of 2021 $ 3,125 2022 12,500 2023 12,500 2024 12,500 2025 12,500 Thereafter 1,190,625 $ 1,243,750 Secured Credit Facility On October 30, 2020, the Company retired its existing senior credit facility (“Senior Facility”) and entered into a new credit facility (the “Secured Credit Facility”) with a syndicate of financial institutions and investors. The Secured Credit Facility includes an initial term loan (“Term Loan”) of $1,250,000 and a revolving credit facility (“Revolving Loan”) with a maximum commitment of $300,000. The proceeds from the Term Loan were used, in part, to pay off the outstanding balance of $616,250 on the Senior Facility. Under the Secured Credit Facility, the Company’s U.S.-based assets, excluding real estate, are pledged as collateral, including its interests in certain foreign subsidiaries. In connection with the Secured Credit Facility, the Company paid financing costs totaling $26,654, of which $25,154 related to the Term Loan and $1,500 related to the Revolving Loan, during the nine months ended June 30, 2021. The Term Loan costs included an original issue discount of $6,250. The financing costs and original issue discount were recorded as deferred financing costs in the condensed consolidated balance sheets and are amortized over the remaining lives of the respective borrowing. Under extinguishment accounting, the Company recorded a $5,448 Loss from early extinguishment of debt in the condensed consolidated statements of income, representing a write-off The Term Loan matures on October 30, 2027. Principal payments on the Term Loan commenced on March 31, 2021, and are payable quarterly at scheduled amounts, with the balance due at maturity. At the Company’s option, the Term Loan interest rate is based on either (i) London Interbank Offered Rate (“LIBOR”) for the relevant interest period, adjusted for statutory reserve requirements (subject to a floor of 0.75%), plus an applicable margin or (ii) a base rate equal to the highest of (a) the rate of interest publicly announced from time to time by the administrative agent as its “prime rate”, (b) the federal funds effective rate plus 0.50% and (c) adjusted LIBOR for an interest period of one month plus 1.00% (subject to a floor of 0.00% per annum), in each case, plus an applicable margin. As of June 30, 2021, the interest rate on the Term Loan was LIBOR plus 3.25%. Interest is payable on the last business day of the month for the relevant interest period selected. The Revolving Loan matures on October 30, 2025, and it provides for borrowings of a maximum commitment of $300,000 and up to $30,000 for the issuance of standby and commercial letters of credit. The Revolving Loan also provides for $25,000 for swingline loans and no sub-limit . Borrowings under the Revolving Loan bear interest at a rate equal to, at the Company’s option, either (i) LIBOR for the relevant interest period, adjusted for statutory reserve requirements (subject to a floor of 0.00% per annum), plus an applicable margin or (ii) a base rate equal to the highest of (a) the rate of interest publicly announced from time to time by the administrative agent as its “prime rate”, (b) the federal funds effective rate plus 0.50% and (c) adjusted LIBOR for an interest period of one month plus 1.00% (subject to a floor of 0.00% per annum), in each case, plus an applicable margin. The applicable margin can fluctuate based on the average leverage ratio, as defined in the Secured Credit Facility. Interest is payable in March, June, September and December during the term of the agreement on the last business day of the calendar quarter. There were no outstanding borrowings on the Revolving Loan as of June 30, 2021. The Secured Credit Facility contains certain restrictive covenants relating to, among other things, limitations on indebtedness, transactions with affiliates, sales of assets, acquisitions, and members’ distributions. In addition, above a certain borrowing level, there is a financial covenant relating to the Company’s average leverage ratio. As of June 30, 2021, the Company was in compliance with all debt covenants. Senior Facility Prior to the retirement of the Senior Facility described above, borrowings under the Senior Facility’s revolving line of credit bore interest at a rate equal to, at the Company’s option, either: (i) LIBOR for the relevant currency borrowed, plus an applicable margin; or (ii) a base determined by reference to the highest of: (a) the prime rate, (b) the federal funds effective rate plus 0.5%, or (c) the LIBOR applicable for an interest period of one month plus 1.0%, plus an applicable margin. As of September 30, 2020, the interest rate on the term loan under the Senior Facility was LIBOR plus 2.25%. There were no outstanding borrowings on the revolving line of credit as of September 30, 2020. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | 7. Derivative Instruments Interest Rate Swap Contracts The Company uses interest rate swap contracts to minimize the effect of fluctuating variable interest rates under the Senior Facility and the Secured Credit Facility on Interest expense within its reported operating results. As cash flow hedges, the interest rate swaps are revalued at current market rates, with the changes in valuation reflected directly in Other comprehensive income (loss). The gains or losses on the interest rate swaps reported in Accumulated other comprehensive income (loss) in members’ equity are reclassified into Interest expense in the periods in which the monthly interest settlement is paid on the interest rate swap. See Note 11 for further information. The notional values of the Company’s outstanding interest rate swap contracts were as follows: June 30, September 30, Interest rate swap contracts $ 1,220,000 $ 410,000 On October 30, 2020, the Company completed a series of transactions to amend and extend certain interest rate swap agreements by an additional three years. These interest rate swap transactions consisted of the following: (i) $360,000 of the interest rate swaps were de-designated pay-variable pay-fixed pay-fixed at-market At the time of the de-designation de-designated de-designated The new pay-fixed Derivatives and Hedging at-market at-market one-month one-month pay-fixed at-market operating activities. Foreign Currency Forward Contracts The Company enters into foreign currency forward contracts to minimize the effect of fluctuating variable foreign currency denominated cash flows impacting gross profit within its reported operating results. As cash flow hedges, the forward contracts are revalued at current foreign exchange rates with the changes in the valuation reflected directly in Accumulated other comprehensive income (loss). The gains or losses on the forward contracts reported in Accumulated other comprehensive income (loss) in members’ equity are reclassified into Cost of goods sold in the period or periods in which the foreign currency denominated sale of inventory is made to a third party and the contracts are de-designated. de-designated The notional values of the Company’s outstanding foreign currency forward contracts were as follows: June 30, (unaudited) September 30, Foreign currency forward contracts $ 25,445 $ 5,730 See Note 11 for further information. Cash Flow Hedges Impact on the Condensed Consolidated Statements of Comprehensive Income For derivatives designated as cash flow hedges, the (loss) gain recognized in Other comprehensive income (loss) was: Three Months Ended June 30, Nine Months Ended June 30, 2021 2020 2021 2020 Interest rate swap contracts $ (7,059 ) $ (3,630 ) $ 11,406 $ (20,337 ) Foreign currency forward contracts — — (117 ) (57 ) Total (loss) gain recognized $ (7,059 ) $ (3,630 ) $ 11,289 $ (20,394 ) Cash Flow Hedges Impact on the Condensed Consolidated Statements of Income For derivatives designated as cash flow hedges, the loss reclassified from Accumulated other comprehensive income (loss) into the condensed consolidated statements of income was: Three Months Ended June 30, Nine Months Ended June 30, 2021 2020 2021 2020 Interest rate swap contracts $ (2,669 ) $ (1,634 ) $ (7,782 ) $ (2,325 ) Foreign currency forward contracts (117 ) — (249 ) (57 ) Total (loss) gain recognized $ (2,786 ) $ (1,634 ) $ (8,031 ) $ (2,382 ) For derivatives de-designated Three Months Ended June 30, Nine Months Ended June 30, 2021 2020 2021 2020 Foreign currency forward contracts $ (141 ) $ (1,093 ) $ 776 $ 1,222 As of June 30, 2021, the Company estimates that it will recognize approximately $10,662 of losses associated with the above contracts in net income within the next 12 months. Commodity Index Contracts The Company enters into commodity index contracts to minimize the effect of fluctuating variable costs relating to the purchases of aluminum and steel-based components and raw materials. The commodity index contracts are accounted for as financial instruments and the Company did not apply hedge accounting. The Company did not enter into commodity index contracts during the nine months ended June 30, 2020. As financial instruments, the commodity index hedges are revalued at current commodity index rates with the changes in the valuation reflected directly in Cost of goods sold. The Company recorded a corresponding gain on the change in fair market value as follows: Three Months Ended June 30, Nine Months Ended June 30, 2021 2020 2021 2020 Commodity index contracts $ (1,508 ) $ — $ (7,099 ) $ — See Note 11 for further information. |
Income Taxes
Income Taxes | 9 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes For the three months ended June 30, 2021, the Company recognized tax expense of taxes . The Company’s effective tax rate of for the release of valuation allowances on our taxes for the release of valuation allowances on our For the three months ended June 30, 2020, we recognized tax expense of $8,548 on income before taxes |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Warranty The following is an analysis of product warranty reserves and charges against those reserves: Balance at September 30, 2020 $ 21,909 Accrual for warranties issued 8,737 Acquired June warranty reserve 759 Warranty settlements made (6,170 ) Balance at June 30, 2021 $ 25,235 Balance at September 30, 2019 $ 19,515 Accrual for warranties issued 6,172 Warranty settlements made (3,424 ) Balance at June 30, 2020 $ 22,263 The balance of warranty reserves recorded in Other long-term liabilities was $20,384 and $17,995 as of June 30, 2021 and September 30, 2020, respectively. The remaining current balances of $4,851 and $3,914 as of June 30, 2021 and September 30, 2020, respectively, were recorded in Accrued expenses. Contingent Consideration As part of the 2016 acquisition of all aspects of the business related to iGrill and Kitchen Thermometer products from iDevices, LLC (“iDevices”), the Company has future cash payments due to iDevices in conjunction with an earn-out earn-out E The lease of the Europe manufacturing facility commenced during the quarter ended June 30, 2021. The lease term is 15 years. In addition, the Company has options to extend the lease term for five-year periods as allowed by local laws and regulatory requirements. The annual cash rental payments due under the lease agreement in the first year are $2,424 and will increase each year by the increase in the Harmonized Index of Consumer Prices or 1.25%, whichever is lower, through the end of the lease term. This lease also requires the Company to pay real estate taxes and maintenance costs on the facility. Legal Proceedings The Company is subject to a variety of investigations, claims, suits and other legal proceedings that arise from time to time in the ordinary course of business including, but not limited to, intellectual property, employment, tort, and breach of contract matters. The Company currently believes that the outcomes of such proceedings, individually and in the aggr e |
Related Parties
Related Parties | 9 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Parties | 10. Related Parties Periodically, the Company engages in transactions with related parties, which include entities that are owned in whole or in part by certain owners or employees of the Company. The Company leases certain manufacturing and office facilities in the U.S. from related parties. Rental expense amounted to $281 and $238 for the three months ended June 30, 2021 and 2020, respectively, and $801 and $714 for the nine months ended June 30, 2021 and 2020, respectively. The Company had related party operating right-of-use non-current The Company has a royalty agreement with a related party for the use of the Company’s trademark. Royalty revenue from this agreement was $128 and $34 for the three months ended June 30, 2021 and 2020 and $75 and $316, respectively, for the nine months ended June 30, 2021 and 2020, respectively. Fiscal year 2021 royalty revenues reflect the impact of a retroactive discount totaling $110, which was granted to the related party as a COVID-19 As described in Note 5, the Company entered into a series of transactions with June. As of June 30, 2021 and September 30, 2020, the Company recorded prepaid royalties of $0 and $10,044, respectively. For the three months ended June 30, 2021 and 2020, the Company recorded royalty expense of $0 and $471, respectively, and $268 and $1,574 for the nine months ended June 30, 2021 and 2020, respectively. As a result of the acquisition described in Note 4, June has become a wholly-owned subsidiary of the Company and is consolidated in its financial statements. As such, the Company will no longer record related party transactions with June. The Company has notes receivable due from members, including interest, of $11,221 and $9,284 at June 30, 2021 and September 30, 2020, respectively. Related party interest income associated with the full recourse member notes was $11 and $14 for the three months ended June 30, 2021 and 2020, respectively, and $40 and $42 for the nine months ended June 30, 2021 and 2020, respectively. See Note 16 for further information. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 11. Fair Value of Financial Instruments With respect to financial assets and liabilities, fair value is defined as the exchange price that would be received for an asset, or paid to transfer a liability (an exit price), in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. A fair value hierarchy has been established based on three levels of inputs, of which the first two are considered observable and the last unobservable. • Level 1—Quoted prices in active markets for identical assets or liabilities. These are typically obtained from real-time quotes for transactions in active exchange markets involving identical assets. • Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. These are typically obtained from readily available pricing sources for comparable instruments. • Level 3—Unobservable inputs, where there is little or no market activity for the asset or liability. These inputs reflect the reporting entity’s own assumptions of the data that market participants would use in pricing the asset or liability based on the best information available in the circumstances. The Company had interest rate swap contracts held with financial institutions as of June 30, 2021 and September 30, 2020, classified as Level 2 financial instruments, which are valued using observable underlying interest rates and market-determined risk premiums at the reporting date. The Company had foreign currency forward contracts held with financial institutions as of June 30, 2021 and September 30, 2020, classified as Level 2 financial instruments, which are valued using observable forward foreign exchange rates at the reporting date. The Company had commodity index contracts held with financial institutions as of June 30, 2021 and September 30, 2020, classified as Level 2 financial instruments, which are valued using observable commodity index rates at the reporting date . The Company had a contingent consideration liability as of June 30, 2021 and September 30, 2020, classified as a Level 3 instrument, in conjunction with its fiscal year ended September 30, 2016 acquisition of all aspects of the business related to iGrill and Kitchen Thermometer products from iDevices. The fair value of these estimated future cash payments was determined based on valuation methods and estimates of future cash flows. See Note 9 for further details. The fair value of financial assets and liabilities measured on a recurring basis was as follows: Level 1 Level 2 Level 3 Prepaid expenses and other current assets: Foreign currency forward contracts $ 151 $ — $ 151 $ — Commodity index contracts 4,959 — 4,959 — Interest rate swap contracts 8,996 — 8,996 — Total $ 14,106 $ — $ 14,106 $ — Other long-term assets: Interest rate swap contracts $ 28,900 $ — $ 28,900 $ — Total $ 28,900 $ — $ 28,900 $ — Accrued expenses: Interest rate swap contracts $ 14,867 $ — $ 14,867 $ — Total $ 14,867 $ — $ 14,867 $ — Other long-term liabilities: Interest rate swap contracts $ 43,564 $ — $ 43,564 $ — Contingent consideration 472 — — 472 Total $ 44,036 $ — $ 43,564 $ 472 September 30, Level 1 Level 2 Level 3 Accrued expenses: Foreign currency forward contracts $ 233 $ — $ 233 $ — Commodity index contracts 73 — 73 — Interest rate swap contracts 9,324 — 9,324 — Total $ 9,630 $ — $ 9,630 $ — Other long-term liabilities: Interest rate swap contracts $ 27,296 $ — $ 27,296 $ — Commodity index contracts 28 28 Contingent consideration 700 — — 700 Total $ 28,024 $ — $ 27,324 $ 700 The table below sets forth a summary of changes in fair value of the contingent consideration using Level 3 assumptions: Balance at September 30, 2020 $ 700 Royalty payments (228 ) Balance at June 30, 2021 $ 472 Balance at September 30, 2019 $ 1,610 Royalty payments (1,521 ) Fair value adjustments 730 Balance at June 30, 2020 $ 819 The carrying amounts reported in the Company’s accompanying condensed consolidated balance sheets for cash and cash equivalents, accounts receivable, and trade accounts payable approximate their fair values due to the short-term nature of these instruments. The carrying amounts reported in the Company’s accompanying condensed consolidated balance sheets for variable rate, revolving loan facilities also approximate fair values. The fair value of the fixed rate debt is not readily determinable, because the information is not available. |
Management Incentive Compensati
Management Incentive Compensation Plan | 9 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Management Incentive Compensation Plan | 12. Management Incentive Compensation Plan Since the fiscal year ended September 30, 2011, the Company has issued individual Management Incentive Compensation Plan (“LTIP” or the “Plan”) agreements. The Plan authorizes the grant of awards to certain key officers or employees of the Company and its subsidiaries. These awards (the “Awards”) each represent a contractual right to payment of compensation in the future based on a calculated value as defined in the Plan. The Awards are not units of the Company’s common stock, and a recipient of the Awards does not receive any ownership interest in the Company, member voting rights, or other incidents of ownership. A total of $2,928 and $1,015 was paid out under the Plan during the nine months ended June 30, 2021 and 2020, respectively. Under the Plan, participants holding vested awards are entitled to receive cash payments on a pro rata basis in relation to any payments made to the holders of the Company’s common units paid in a general distribution. During the three and nine months ended June 30, 2021 participants received cash payments of $313 in conjunction with the payment of general distributions. During the three and nine months ended June 30, 2020, participants received no cash payments as a result of a general distribution. The Company had actual forfeitures in the amount of $244 and $0 for the three months ended June 30, 2021 and 2020, respectively, and $244 and $0 for the nine months ended June 30, 2021 and 2020, respectively. The Company recorded additional compensation expense, due to an increase in the value of the awards, of $3,408 and $975 for the three months ended June 30, 2021 and 2020, respectively, and $5,422 and $1,725 for the nine months ended June 30, 2021 and 2020, respectively. The total liability related to the Plan was $9,202 and $7,021 as of June 30, 2021 and September 30, 2020, respectively. The current portion of this liability is $216 and $2,851 as of June 30, 2021 and September 30, 2020, respectively, and is included in Accrued expenses to reflect the expected payout of these Awards during the next twelve months. The remaining liability is included in Other long-term liabilities. As of June 30, 2021, the Company had not yet recognized compensation cost on unvested awards of $7,902, with a weighted average remaining recognition period of 1.85 years. |
Profits Interest Plan
Profits Interest Plan | 9 Months Ended |
Jun. 30, 2021 | |
Profits Interest Plan [Abstract] | |
Profits Interest Plan | 13. Profits Interest Plan (amounts in thousands, except unit and per unit data) The Company grants profits interest units with vesting periods ranging from one one In April 2021, the Company granted additional profits interest units to employees. In addition to the vesting terms outlined within this footnote, a portion of the new grants vest based on the Company’s achievement of certain performance objectives associated with net sales. Expense associated with these awards will be recognized over the applicable vesting period if it is deemed probable that the performance conditions will be met at the end of each reporting period. The profits interest units are granted in three separate tranches, each of which is subject to a different distribution threshold. The tranches are subject to distribution thresholds that exceed the implied equity value of the Company at the time of grant, which were established in order to incentivize higher levels of performance. During the quarter ended June 30, 2021, the Company amended the profits interest plan to include an antidilution provision which resulted in a decrease to the distribution thresholds under each tranche. As the profits interest are liability classified, they were remeasured at fair value at the end of the reporting period using the updated distribution thresholds post modification. Prior to the quarter ended June 30, 2021, one third of the profits interest units had a distribution threshold of $2,000,000, one third of the profits interest units had a distribution threshold of $2,500,000, and one third of the profits interest units had a distribution threshold of $3,000,000. Subsequent to the April 2021 grants and plan amendment, the profits interest units and their corresponding distribution thresholds were as follows as of June 30, 2021: Distribution Threshold Units $ 1,550,000 – 1,700,000 8,213 $ 2,000,000 – 2,200,000 8,213 $ 2,450,000 – 2,650,000 16,595 $ 2,800,000 – 2,900,000 2,350 Total 35,371 The weighted average distribution threshold for units outstanding as of June 30, 2021 was $3,902 per unit. The profits interest units do not require the payment of an exercise price, but since they are economically similar to stock options they are treated as an instrument with an option like feature. The following tables summarize the Company’s profits interest units activity: Units Outstanding Balance as of September 30, 2020 24,638 Units granted 10,733 Units exercised — Units forfeited or canceled — Balance at June 30, 2021 35,371 Units Balance as of September 30, 2020 — Units vested 5,545 Units exercised — Units forfeited or canceled — Balance at June 30, 2021 5,545 The aggregate intrinsic value of all units outstanding was $ and $ as of June 30, 2021 and September 30, 2020, respectively. The aggregate intrinsic value of all vested units was $ and $ as of June 30, 2021 and September 30, 2020, respectively. The associated liability and unit based compensation for units granted under the Profits Interest Plan is determined using the Black-Scholes option pricing model. See Note 1 for discussion of the change in accounting principle regarding the valuation of the profits interest units. The units are liability classified and are revalued each reporting period. The weighted-average assumptions used to estimate the fair value of the profits interest units, which were outstanding as of June 30, 2021 are as follows: Fair value per unit $ 3,853 Expected term (in years) 1.53 Risk-free interest rate 0.07-0.67 % Expected volatility 37.4 % Expected dividend yield — % The fair value of vested units as of June 30, 2021 and September 30, 2020 was $15,873 and $0, respectively. The total fair value was recognized as compensation expense within Selling, general and administrative expenses during the three and nine months ended June 30, 2021, respectively, and is included in Other long-term liabilities. As of June 30, 2021, there was $ non-vested |
Segments
Segments | 9 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segments | 14. Segments The Company has three operating segments, Americas, which consists of Canada, Chile, Mexico and the United States; the European, Middle East and African regions (“EMEA”); and the Asia-Pacific region (“APAC”), which includes Australia and New Zealand. The Company’s reportable segments consist of Americas, EMEA and APAC. Corporate/Other is not an operating segment and includes unallocated corporate and certain supply chain expenses and assets (consisting primarily of cash, land, buildings and equipment, certain intangible assets (trademark) and deferred tax assets), inter-segment eliminations and other adjustments to segment results necessary for the presentation of condensed consolidated financial results in accordance with GAAP. Internal revenue transactions between the Company’s segments are immaterial. Each operating segment derives its revenues from the provision of gas, charcoal, electric and pellet grills and related accessories to customers. The Company’s Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer (“CEO”). The CEO reviews financial information presented on a consolidated basis, accompanied by disaggregated information about the Company’s revenue and profitability, for purposes of making operating decisions, assessing financial performance and allocating resources. The CODM receives discrete financial information by segment. The CODM reviews adjusted income from operations as the key segment measure of performance. Adjusted income from operations is defined as income from operations adjusted for unallocated net expenses, non-cash The information below summarizes key financial performance measures by reportable segment: Three Months Ended June 30, 2021 Americas EMEA APAC Corporate/Other Total Net sales $ 339,441 $ 306,668 $ 22,758 $ — $ 668,867 Adjusted income from operations (1) $ 61,206 $ 108,380 $ 1,989 $ (69,996 ) $ 101,579 Depreciation and amortization $ 2,331 $ 417 $ 1,527 $ 7,804 $ 12,079 Capital expenditures $ 26 $ 8,836 $ 503 $ 13,784 $ 23,149 Three Months Ended June 30, 2020 Americas EMEA APAC Corporate/Other Total Net sales $ 315,053 $ 227,552 $ 18,188 $ — $ 560,793 Adjusted income from operations (1) $ 70,153 $ 79,447 $ 3,490 $ (52,750 ) $ 100,340 Depreciation and amortization $ 169 $ 453 $ 280 $ 9,552 $ 10,454 Capital expenditures $ — $ 73 $ 119 $ 4,254 $ 4,446 Nine Months Ended June 30, 2021 Americas EMEA APAC Corporate/Other Total Net sales $ 891,649 $ 617,995 $ 122,532 $ — $ 1,632,176 Adjusted income from operations (1) $ 178,246 $ 206,516 $ 28,963 $ (163,976 ) $ 249,749 Depreciation and amortization $ 4,474 $ 1,287 $ 2,254 $ 24,392 $ 32,407 Capital expenditures $ 183 $ 11,956 $ 1,162 $ 27,202 $ 40,503 Nine Months Ended June 30, 2020 Americas EMEA APAC Corporate/Other Total Net sales $ 649,913 $ 434,755 $ 72,501 $ — $ 1,157,169 Adjusted income from operations (1) $ 139,082 $ 125,187 $ 15,778 $ (128,462 ) $ 151,585 Depreciation and amortization $ 521 $ 1,534 $ 821 $ 29,050 $ 31,926 Capital expenditures $ 39 $ 5,797 $ 655 $ 16,218 $ 22,709 (1) Adjusted income from operations for each reportable segment includes cost of goods sold transfer price allocations and distribution allocations from Corporate/Other. Corporate/Other includes unallocated corporate and certain supply chain expenses, inter-segment eliminations and other adjustments, including business and operational transformation costs, debt refinancing and IPO costs and COVID-19 Reconciliations The information below provides a reconciliation of adjusted income from operations to income before taxes: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Segment adjusted income from operations Americas $ 61,206 $ 70,153 $ 178,246 $ 139,082 EMEA 108,380 79,447 206,516 125,187 APAC 1,989 3,490 28,963 15,778 Segment adjusted income from operations for reportable segments 171,575 153,090 413,725 280,047 Unallocated net expenses (69,996 ) (52,750 ) (163,976 ) (128,462 ) Adjustments to income before taxes Non-cash (61,714 ) (975 ) (94,193 ) (1,867 ) Gain on disposal of assets held for sale — — 5,185 — Interest income 252 311 677 1,012 Interest expense (18,283 ) (10,895 ) (50,457 ) (32,006 ) Loss from early extinguishment of debt — — (5,448 ) — Income before taxes $ 21,834 $ 88,781 $ 105,513 $ 118,724 The information below provides a reconciliation of segment assets to total consolidated assets: June 30, 2021 Americas EMEA APAC Corporate/Other Total Segment assets (1) $ 179,579 $ 112,414 $ 41,942 $ — $ 333,935 All other (2) 1,364,222 Total assets $ 1,698,157 September 30, 2020 Americas EMEA APAC Corporate/Other Total Segment assets (1) $ 120,351 $ 77,477 $ 35,499 $ — $ 233,327 All other (2) 906,108 Total assets $ 1,139,435 (1) Inventory is the only segment asset reviewed by the CODM. (2) “All other” consists of assets that are not reviewed by the CODM at a segment level: cash and cash equivalents; accounts receivable; prepaid expenses and other current assets; property, equipment and leasehold improvements, net; operating lease right-of-use |
Income Per Unit
Income Per Unit | 9 Months Ended |
Jun. 30, 2021 | |
Earnings Per Unit [Abstract] | |
Income Per Unit | 15. Income Per Unit The computation of net income per common unit is as follows: Three Months Ended June 30, Nine Months Ended June 30, (in thousands, except unit and per unit data) 2021 2020 2021 2020 Net income $ 17,825 $ 79,455 $ 91,620 $ 103,062 Less: Net earnings allocated to participating securities (129 ) (721 ) (730 ) (1,006 ) Net income attributable to common members $ 17,696 $ 78,734 $ 90,890 $ 102,056 Units used in computation: Basic and diluted weighted-average common units outstanding (1) 538,777 551,774 547,515 551,760 Basic and diluted net income per common unit $ 32.84 $ 142.69 $ 166.00 $ 184.97 (1) Amount excludes 2,443 and 2,263 Weber common units issued in exchange for partial-recourse notes in both the three and nine months ended June 30, 2021 and 2020, respectively. See Note 16 for further information. |
Member Notes
Member Notes | 9 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Member Notes | 16. Member Notes During the nine months ended June 30, 2021 and 2020, certain employees of the Company purchased common units in exchange for a capital contribution of $14,733 and $500, respectively. In conjunction with the units purchased, the Company entered into notes receivable with certain individuals during the nine months ended June 30, 2021 and 2020 with face values of $11,776 and $375, respectively. As of June 30, 2021 and September 30, 2020, $10,479 and $7,295 of the issued member notes receivable, respectively, limit the recourse provisions of the Company to 50% should the value of the common units not be sufficient to satisfy the repayment of the member notes. In accordance with ASC 718, these member notes are accounted for as nonrecourse in their entirety as the limited recourse provisions of the member notes are not aligned with a corresponding percentage of the underlying common units. Therefore, the member notes are accounted for as if they were a stock option grant and no receivable for amounts due under the notes are recorded on the Company’s condensed consolidated balance sheet. As there is no requisite service period associated with the notes, unit based compensation expense related to this award is being recognized upon issuance of the note based on the grant-date fair value of the award, which was determined using the Black-Scholes option-pricing model. Unit based compensation recognized in relation to the notes amounted to $4,511 and $0 for the three months ended June 30, 2021 and 2020, respectively, and $4,941 and $142 for the nine months ended June 30, 2021 and 2020, respectively. The Company received $ and $ from certain borrowers of member notes to pay down the outstanding balance of partial recourse member notes during the months ended June , , and June , , respectively. As partial recourse notes are not reflected in the accompanying condensed consolidated financial statements, the paydown of the partial recourse notes was accounted for as a capital contribution. All member notes bear interest at 2% to 4% per annum, dependent upon the specific rate terms in the notes. Interest on member notes is compounded annually. Interest on full recourse member notes is recognized in Interest income in the accompanying condensed consolidated statements of income. Interest on partial recourse member notes will be recognized in members’ equity as cash payments are made to the Company. The total amount due from members on the notes receivable, including interest, was $11,221 and $9,284 as of June 30, 2021 and September 30, 2020, respectively. The notes receivable and the related accrued interest for full recourse notes of $741 and $1,483 as of June 30, 2021 and September 30, 2020, respectively, are reflected as reductions of members’ equity in the accompanying condensed consolidated statements of changes in members’ equity (deficit). The notes receivable outstanding and the related accrued interest for partial recourse notes are not reflected in the accompanying condensed consolidated financial statements, as they are accounted for as nonrecourse in their entirety. They will be recognized in members’ equity in the accompanying condensed consolidated statements of changes in members’ equity (deficit) when cash payments on these notes receivable and related accrued interest are made to the Company. Effective January 1, 2015, the individuals holding these member notes, along with other individuals, assigned their common units of the Company to Weber-Stephen Management Pool LLC (“MPLLC”). The sole purpose of MPLLC is to hold such common units. As a result of this transaction, the relative ownership interests in the Company held by those individuals did not change and the member notes remain as due to the Company. Common unit purchases during the nine months ended June 30, 2021 and 2020 were transacted through MPLLC. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Jun. 30, 2021 | |
Subsequent Event [Line Items] | |
Subsequent Events | 17. Subsequent Events In August 2021, Weber Inc. completed its IPO and consummated the following transactions . The Reorganization Transactions Reorganization In connection with the closing of the IPO, the following Reorganization Transactions were consummated: • Weber Merger Sub, LLC (“Weber Merger Sub”), a subsidiary of Weber Inc. formed in April 2021, merged with and into BDT WSP Blocker, LLC (“Blocker”), an entity controlled by BDT Capital Partners, LLC, our sponsor, with Blocker surviving the merger. As a result, (i) the Blocker equityholders received Class A common stock of Weber Inc. in exchange for their equity interests in Blocker, (ii) the nominal shares of Weber Inc. held by Weber-Stephen Products LLC were canceled for no consideration (because Weber Inc. was originally formed as a subsidiary of Weber-Stephen Products LLC) and (iii) Weber Inc. became wholly owned by the former Blocker equityholders; • Blocker then merged with and into Weber Inc., with Weber Inc. surviving the merger. Weber Inc.’s certificate of incorporation was amended to authorize the issuance of two classes of common stock: Class A common stock and Class B common stock, which we refer to collectively as our “common stock.” Each share of Class A common stock and Class B common stock will entitle its holder to one vote per share on all matters submitted to a vote of our stockholders; • WSP Merger Sub, a subsidiary of WSP Intermediate formed in April 2021, merged with and into Weber-Stephen Products LLC, with Weber-Stephen Products LLC surviving the merger. As a result, (i) the Pre-IPO LLC Members received non-voting common interest units (the “LLC Units”) in Weber HoldCo LLC in exchange for all of their equity interests in Weber-Stephen Products LLC, (ii) Weber-Stephen Management Pool LLC received LLC Units in exchange for all equity interest that it holds in Weber-Stephen Products LLC and profits interests in Weber HoldCo LLC with terms substantially similar to the terms of the profits interests that it holds in Weber-Stephen Products LLC and (iii) Weber-Stephen Products LLC became a wholly owned subsidiary of Weber HoldCo LLC; • an amended limited liability company operating agreement (“Amended LLC Agreement”) was adopted for Weber HoldCo LLC making Weber Inc. the sole managing member of Weber HoldCo LLC; • Pre-IPO Pre-IPO • Weber Inc. issued 17.9 million shares of its Class A common stock to the public pursuant to the IPO; and • Weber Inc. entered into a tax receivable agreement with the Pre-IPO Exchange Mechanics Under the Amended LLC Agreement, all current and future holders of LLC Units, including the Pre-IPO one-for-one Consolidation With the Reorganization Transactions and IPO executed, Weber Inc. now manages and operates the business and controls the strategic decisions and day-to-day Pre-IPO Pre-IPO Income Taxes and Tax Receivable Agreement Weber Inc. entered into a tax receivable agreement that obligates Weber Inc. to make payments to the Pre-IPO step-up Pre-IPO Stockholders Agreement Weber Inc. and the Pre-IPO Pre-IPO Pre-IPO The IPO In connection with the completion of the IPO, Weber Inc. issued 17.9 million shares of Class A common stock to the purchasers of the IPO. Weber Inc. used the net proceeds from the offering to acquire 17.9 million newly issued LLC Units from Weber HoldCo LLC at a price per LLC Unit equal to the IPO price of Weber Inc.’s Class A common stock minus underwriting discounts, which represented an aggregate price of $237,500. The purchase of newly issued LLC Units collectively represented 6% of Weber HoldCo LLC’s outstanding LLC Units. Weber HoldCo LLC used Greenshoe Shares Subsequent to the IPO, the underwriters exercised the options granted to them to purchase additional shares of Weber Inc. A total of 2.7 million shares of Class A common stock was purchased. Weber Inc. used the net proceeds from the offering to acquire (i) 0.3 million shares of Class A common stock from Blocker equityholders, and (ii) 2.3 million of LLC Units from Weber HoldCo LLC, in each case, at a price per share and per LLC Unit equal to the IPO price of Weber Inc.’s Class A common stock, minus underwriting discounts, which represented an aggregate price of $35,625. Weber HoldCo LLC used the proceeds to buy back LLC Units from existing Weber HoldCo LLC unit holders. Profits Interest In connection with the completion of the IPO and the Reorganization Transactions, Weber Inc. modified its profits interest plans to be redeemed for newly issued shares of Class A common stock on a one-for-one |
WEBER INC [Member] | |
Subsequent Event [Line Items] | |
Subsequent Events | 4. Subsequent Events In August 2021, the Company completed its initial public offering (“IPO”) and consummated the transactions outlined below. Following this offering, Weber Inc. became a holding company with its sole asset being a controlling equity interest in Weber HoldCo LLC; Weber-Stephen Products LLC is a wholly owned subsidiary of Weber HoldCo LLC. All of Weber-Stephen Products LLC’s outstanding equity interests prior to the IPO were owned by the following persons and entities, referred to as the “Pre-IPO Members”: • BDT WSP Holdings, LLC, an entity controlled by BDT Capital Partners, LLC, the Company’s sponsor; • WSP Investment LLC, an entity held by the Stephen family; • Weber-Stephen Management Pool LLC, an entity held by current and former members of the Company’s management team and directors; and • certain other historical equityholders. The Reorganization Transactions Reorganization In connection with the closing of the IPO, the following Reorganization Transactions were consummated: • Weber Merger Sub, LLC (“Weber Merger Sub”), a subsidiary of Weber Inc. formed in April 2021, merged with and into BDT WSP Blocker, LLC (“Blocker”), an entity controlled by BDT Capital Partners, LLC, our sponsor, with Blocker surviving the merger. As a result, (i) the Blocker equityholders received Class A common stock of Weber Inc. in exchange for their equity interests in Blocker, (ii) the nominal shares of Weber Inc. held by Weber-Stephen Products LLC were canceled for no consideration (because Weber Inc. was originally formed as a subsidiary of Weber-Stephen Products LLC) and (iii) Weber Inc. became wholly owned by the former Blocker equityholders; 5 • Blocker then merged with and into Weber Inc., with Weber Inc. surviving the merger. Weber Inc.’s certificate of incorporation was amended to authorize the issuance of two classes of common stock: Class A common stock and Class B common stock, which we refer to collectively as our “common stock.” Each share of Class A common stock and Class B common stock will entitle its holder to one vote per share on all matters submitted to a vote of our stockholders; • WSP Merger Sub, a subsidiary of WSP Intermediate formed in April 2021, merged with and into Weber-Stephen Products LLC, with Weber-Stephen Products LLC surviving the merger. As a result, (i) the Pre-IPO non-voting • an amended limited liability company operating agreement (“Amended LLC Agreement”) was adopted for Weber HoldCo LLC making Weber Inc. the sole managing member of Weber HoldCo LLC; • Pre-IPO Pre-IPO • Weber Inc. issued 17.9 million shares of its Class A common stock to the public pursuant to the IPO; and • Weber Inc. entered into a tax receivable agreement with the Pre-IPO Exchange Mechanics Under the Amended LLC Agreement, all current and future holders of LLC Units, including the Pre-IPO one-for-one Consolidation With the Reorganization Transactions and IPO executed, Weber Inc. now manages and operates the business and controls the strategic decisions and day-to-day Pre-IPO Pre-IPO Income Taxes and Tax Receivable Agreement Weber Inc. entered into a tax receivable agreement that obligates Weber Inc. to make payments to the Pre-IPO step-up Pre-IPO Stockholders Agreement Weber Inc. and the Pre-IPO Pre-IPO Pre-IPO The IPO In connection with the completion of the IPO, Weber Inc. issued 17.9 million shares of Class A common stock to the purchasers of the IPO. Weber Inc. used the net proceeds from the offering to acquire 17.9 million newly issued LLC Units from Weber HoldCo LLC at a price per LLC Unit equal to the IPO price of Weber Inc.’s Class A common stock minus underwriting discounts, which represented an aggregate purchase price of $237,500. The purchase of newly issued LLC Units collectively represented 6% of Weber HoldCo LLC’s outstanding LLC Units. Weber HoldCo LLC used the proceeds from the sale of the LLC Units as follows: (i) to pay fees and expenses of approximately $17,368 in connection with the offering and the Reorganization Transactions, and (ii) to repay $220,132 of the outstanding borrowings under the Secured Credit Facility. Greenshoe Shares Subsequent to the IPO, the underwriters exercised the options granted to them to purchase additional shares of Weber Inc. A total of 2.7 million shares of Class A common stock was purchased. Weber Inc. used the net proceeds from the offering to acquire (i) 0.3 million shares of Class A common stock from Blocker equityholders, and (ii) 2.3 million of LLC Units from Weber HoldCo LLC, in each case, at a price per share and per LLC Unit equal to the IPO price of Weber Inc.’s Class A common stock, minus underwriting discounts, which represented an aggregate price of $35,625. Weber HoldCo LLC used the proceeds to buy back LLC Units from existing Weber HoldCo LLC unit holders. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Line Items] | |
Organization | Organization The Company is primarily a manufactur e |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements include the accounts and operations of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Fiscal Year | Fiscal Year The Company’s fiscal year runs from October 1 through September 30. All references to years are to fiscal years unless otherwise stated. |
Use Of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. The effect of the change in the estimates will be recognized in the current period of the change. |
Seasonality | Seasonality Although the Company generally has demand for its products throughout the year, the Company’s sales have historically experienced some seasonality. The Company has typically experienced its highest level of sales of its products in the second and third fiscal quarters as retailers across North America and Europe changeover their floor sets, build inventory and fulfill consumer demand for outdoor cooking products. Sales are typically lower during the first and fourth fiscal quarters, with the exception of the Australia/New Zealand business which is counter seasonal to the balance of the business. |
Revenue Recognition | Revenue Recognition Revenue transactions associated with the sale of grills and related accessories comprise a single performance obligation, which consists of the transfer of products to customers at a point in time. Substantially all of the Company’s revenues relate to the sales of grills and accessories. The Company satisfies the performance obligation and records revenues for grills and accessories when control has passed to the customer, based on the terms of sale. Transfer of control passes to customers at a point in time, that point in time generally being upon shipment or upon delivery of the performance obligation, depending on the written sales terms with the customer. The Company’s purchase orders from customers for specific products represent its contracts and include all key terms and conditions related to the sale of products. For all sales, no significant uncertainty exists surrounding the customers’ obligation to pay for grills and accessories. Customers’ obligations to pay are generally under normal commercial terms, with payment terms typically being 30-60 The Company offers warranties on most of its products, which are considered assurance type warranties and, therefore, are not accounted for as a separate performance obligation. The Company has elected to account for shipping and handling activities as a fulfillment cost. Accordingly, all shipping and handling activity costs are recognized as Selling, general and administrative expenses at the time the related revenue is recognized. The Company recognized shipping and handling activity costs of $52,883 and $38,352 for the three months ended June 30, 2021 and 2020, respectively, and $126,783 and $84,724 for the nine months ended June 30, 2021 and 2020, respectively. Amounts invoiced to customers for shipping and handling are recorded in Net sales. Any taxes collected on behalf of government authorities are excluded from Net sales. |
Accounts Receivable | Accounts Receivable Accounts receivable consist primarily of amounts due to the Company from its normal business activities, offset by an allowance for expected credit losses. The Company estimates its expected credit losses based on historical experience, the aging of accounts receivable, consideration of current economic conditions and its expectations of future economic conditions. Additionally, the Company establishes customer-specific allowances for known at-risk The Company’s allowances are as follows: Balance at September 30, 2020 $ 3,262 Charges (credits) to the provision, net 325 Accounts written off, net of recoveries (1,096 ) Balance at June 30, 2021 $ 2,491 Balance at September 30, 2019 $ 2,858 Charges (credits) to the provision, net 863 Accounts written off, net of recoveries (160 ) Balance at June 30, 2020 $ 3,561 |
Inventories | Inventories Inventories include finished products and work-in-process first-in, first-out The components of inventory are as follows: June 30, September 30, Work-in-process $ 48,041 $ 33,343 Finished products 285,894 199,984 Total Inventories, net $ 333,935 $ 233,327 |
Property, Equipment and Leasehold Improvements | Property, Equipment and Leasehold Improvements During the fiscal year ended September 30, 2020, the Company determined that one of its manufacturing sites was considered to be assets held for sale, since the asset group was being marketed for sale and all the criteria to be classified as held for sale under Accounting Standards Codification (“ASC”) 360, Property, Plant and Equipment—Impairment or Disposal of Long-Lived Assets |
Warranty | Warranty The Company offers warranties on most of its products. The specific terms and conditions of the warranties offered by the Company vary depending upon the product sold. The Company estimates the costs that may be incurred under its warranty plans and the period for which claims are honored, and records a liability in the amount of such costs at the time product revenue is recognized. Factors that affect the Company’s warranty liability include the number of units sold, the type of products sold, historical and anticipated rates of warranty claims and cost per claim. The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs are amortized over the term of the related debt. The carrying value of the deferred financing costs was $25,813 and $7,422 as of June 30, 2021 and September 30, 2020, respectively. Deferred financing costs related to long-term debt are reflected as a direct reduction of the carrying value of the related debt. Amortization expense of deferred financing costs was $955 and $856 for the three months ended June 30, 2021 and 2020, respectively, and $2,813 and $2,079 for the nine months ended June 30, 2021 and 2020, respectively, and was recorded in Interest expense. |
Deferred Offering Costs | Deferred Offering Costs The Company capitalizes certain legal, accounting and other third-party fees that are directly associated with in-process in-process |
Income Taxes | Income Taxes In the U.S., the Company, a limited liability company (LLC), is taxed as a partnership under the Internal Revenue Code. The Company’s income is included in the members’ income tax returns. Accordingly, the Company generally is not subject to federal or certain state income taxes. The Company has operations that are subject to income and other similar taxes in foreign countries. A valuation allowance is provided to offset deferred tax assets if, based on available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. In accordance with ASC 740, Income Taxes The Company’s practice is to recognize interest and penalties related to income tax matters in Income taxes in the accompanying condensed consolidated statements of income. For the three and nine months ended June 30, 2021 and 2020, there were no significant interest or penalties related to uncertain income tax positions that were recognized in the accompanying condensed consolidated statements of income. |
Derivative Instruments | Derivative Instruments During the nine months ended June 30, 2021 and 2020, the Company used interest rate swap contracts to reduce its exposure to fluctuations in interest rates. During the nine months ended June 30, 2021 and 2020, the Company also entered into foreign currency forward contracts to reduce its exposure to fluctuations in foreign currency denominated sales and the respective cash flows impacting Gross profit. When entered, these financial instruments are designated as cash flow hedges of underlying exposures and de-designated de-designated During the nine months ended June 30, 2021, the Company used commodity index contracts to reduce its exposure to fluctuations in cash flows relating to the purchases of aluminum and steel-based components and raw materials impacting Gross profit. Cash flows related to the settlement of derivative instruments designated as cash flow hedges are classified within operating activities. Changes in the fair value of a derivative that is designated as a cash flow hedge, to the extent that the hedge is effective, are recorded in accumulated other comprehensive income (loss) and reclassified to earnings when the hedged item affects earnings. Using derivative instruments means assuming counterparty credit risk. Counterparty credit risk relates to the loss the Company could incur if a counterparty were to default on a derivative contract. The Company deals with only investment-grade counterparties and monitors the overall credit risk and exposure to individual counterparties. The Company did not experience any nonperformance by a counterparty during the nine months ended June 30, 2021 or 2020. The Company did not require, nor did it post, collateral or security on such contracts. |
Business Combinations | Business Combinations The Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. The Company’s estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. The Company continues to collect information and reevaluates these estimates and assumptions quarterly and records any adjustments to the Company’s preliminary estimates to goodwill provided that the Company is within the measurement period. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s condensed consolidated statements of income. In the event that the Company acquir e |
Income (Loss) Per Unit | Income (Loss) Per Unit Basic income (loss) per unit is computed using the weighted-average number of outstanding common units during the period. Diluted income (loss) per unit is computed using the weighted- average number of outstanding common units and, when dilutive, potential common units outstanding during the period. For purposes of the diluted net income (loss) per unit calculation, common units issued in exchange for notes receivable with limited recourse provisions are considered to be potentially dilutive securities. See Note 15 for further information. Basic and diluted net income (loss) per unit attributable to common members is presented in conformity with the two-class two-class two-class |
Unit Based Compensation | Unit Based Compensation As described within the Change in Accounting Principle section below, in anticipation of becoming a public company, the Company changed its methodology for valuing the profits interest units and Management Incentive Compensation Plan (“LTIP”) awards from the intrinsic value methodology to fair value during the quarter ended March 31, 2021. Both the LTIP awards and the profits interest units are liability classified. The awards are re-measured The value of the LTIP awards is based on achievement of performance metrics established by the Compensation Committee of the Board of Directors. The value of the awards at the end of each reporting period is dependent upon the Company’s estimates of the underlying performance measures. As the units issued are based on performance metrics, the expense is adjusted for the ultimate number of units expected to be issued as of the end of each reporting period. The fair value of the profits interest units is estimated using the Black-Scholes option-pricing valuation model. The determination of fair value using an option-pricing model is affected by the Company’s enterprise value as well as assumptions pertaining to several variables, including expected volatility, the expected term of the unit and the risk-free rate of interest. In the option-pricing model for the Company’s profits interest units, expected volatility is based on an analysis of reported data for a group of guideline publicly-traded companies. For this analysis, the Company selects companies with comparable characteristics including enterprise value, risk profiles, and with historical share price information sufficient to meet the expected life of the units. The Company determines expected volatility using an average of the historical volatilities of the guideline group of companies. The Company expects to continue to apply this process until such time as it has adequate historical data regarding volatility. The expected term of the unit is based on expected exercise patterns of unit holders and the risk-free rate of interest is based on U.S. Treasury yields. |
Advertising Costs | Advertising Costs The Company expenses advertising costs upon the first display of the advertisement and includes advertising expenses in Selling, general and administrative expenses in the condensed consolidated statements of income. The Company incurred advertising expenses of $49,421 and $26,596 for the three months ended June 30, 2021 and 2020, respectively, and $84,921 and $46,991 for the nine months ended June 30, 2021 and 2020, respectively. |
Research and Development Costs | Research and Development Costs Research and development costs are charged to expense as incurred and included in Selling, general and administrative expenses in the condensed consolidated statements of income. The Company incurred research and development expenses of $18,421 and $4,659 for the three months ended June 30, 2021 and 2020, respectively, and $28,619 and $11,967 for the nine months ended June 30, 2021 and 2020, respectively. |
Change in Accounting Principle | Change in Accounting Principle Profits interest units and LTIP awards historically were accounted for as liability compensatory awards under ASC 710, Compensation—General Compensation—Stock Compensation re-measured expense of |
New Accounting Pronouncements Recently Adopted | New Accounting Pronouncements Recently Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes 2019-12 2019-12 In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract 2018-15 e In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement 2018-13 . In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments off-balance |
New Accounting Pronouncements Issued but Not Yet Adopted | New Accounting Pronouncements Issued but Not Yet Adopted No recent accounting pronouncements were issued by the FASB that are believed by management to have a material impact on the Company’s future financial statements. |
WEBER INC [Member] | |
Accounting Policies [Line Items] | |
Use Of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. The effect of the change in the estimates will be recognized in the current period of the change. |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Company's Allowances | The Company’s allowances are as follows: Balance at September 30, 2020 $ 3,262 Charges (credits) to the provision, net 325 Accounts written off, net of recoveries (1,096 ) Balance at June 30, 2021 $ 2,491 Balance at September 30, 2019 $ 2,858 Charges (credits) to the provision, net 863 Accounts written off, net of recoveries (160 ) Balance at June 30, 2020 $ 3,561 |
Summary of Components of Inventory | The components of inventory are as follows: June 30, September 30, Work-in-process $ 48,041 $ 33,343 Finished products 285,894 199,984 Total Inventories, net $ 333,935 $ 233,327 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Company's Goodwill | The Company’s goodwill consists of the following: Americas EMEA APAC Total Balance as of September 30, 2020 $ 19,219 $ 10,722 $ 629 $ 30,570 Acquisitions 55,406 — 27,530 82,936 Foreign exchange — 124 (389 ) (265 ) Balance as of June 30, 2021 $ 74,625 $ 10,846 $ 27,770 $ 113,241 Balance as of September 30, 2019 $ 19,219 $ 9,971 $ 593 $ 29,783 Foreign exchange — 306 14 320 Balance as of June 30, 2020 $ 19,219 $ 10,277 $ 607 $ 30,103 |
Summary of Company's Intangible Assets | The Company’s intangible assets consist of the following June 30, 2021 (unaudited) Gross Accumulated Net Trademark—Weber $ 310,000 $ — $ 310,000 Trademarks—Other 55,900 (7,232 ) 48,668 Trademarks, net 365,900 (7,232 ) 358,668 Customer lists 91,993 (49,283 ) 42,710 Patents 49,428 (47,325 ) 2,103 In-process 4,500 (1,988 ) 2,512 Developed technology 87,000 (2,689 ) 84,311 Reacquired rights 14,083 (1,078 ) 13,005 Non-compete 6,300 (1,481 ) 4,819 Other intangible assets, net 253,304 (103,844 ) 149,460 Total $ 619,204 $ (111,076 ) $ 508,128 September 30,2020 Gross Carrying Accumulated Net Book Trademark—Weber $ 310,000 $ — $ 310,000 Trademarks—Other 38,900 (4,935 ) 33,965 Trademarks, net 348,900 (4,935 ) 343,965 Customer lists 91,388 (45,684 ) 45,704 Patents 49,428 (46,156 ) 3,272 Internally developed software 5,700 (5,700 ) — In-process 4,500 (1,650 ) 2,850 Non-compete 600 (560 ) 40 Other intangible assets, net 151,616 (99,750 ) 51,866 Total $ 500,516 $ (104,685 ) $ 395,831 The Company’s indefinite-lived intangible assets consist of Trademark—Weber. |
Summary of the Remaining Weighted-Average Amortization Periods of the Intangible Assets | As of June 30, 2021, the remaining weighted-average amortization periods of the intangible assets subject to amortization are as follows: Weighted- Trademarks—Other 14.9 Customer lists 9.5 Patents 7.7 In-process 5.6 Developed technology 14.6 Reacquired rights 3.1 Non-compete 2.6 |
Summary of Amortization Expense on Intangible Assets | The Company expects to record the following amortization expense on intangible assets for each of the next five years and thereafter: Remaining period of 2021 $ 5,182 2022 20,815 2023 20,810 2024 18,745 2025 14,680 Thereafter 117,895 Total $ 198,127 |
Property, Equipment and Lease_2
Property, Equipment and Leasehold Improvements (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Equipment and Leasehold Improvements, Net | Property, equipment and leasehold improvements, net consists of the following: June 30, September 30, Land $ 6,453 $ 12,530 Buildings 44,473 52,985 Computer equipment and software 72,588 66,166 Equipment 197,515 209,033 Leasehold improvements 12,617 17,264 Construction-in-progress 35,792 8,075 369,438 366,053 Accumulated depreciation (247,596 ) (257,801 ) Total $ 121,842 $ 108,252 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
June Acquisition [Member] | |
Business Acquisition [Line Items] | |
Summary of Preliminary Composition of the Purchase Price | The preliminary composition of the purchase price recorded for June was as follows: Cash $ 108,285 Fair value of equity interest 24,144 Settlement of existing contractual relationship 9,776 Total $ 142,205 |
Summary of the Preliminary Allocation of Purchase Price | The preliminary allocation of purchase price recorded for June was as follows: Cash $ 6,046 Inventory 480 Accounts receivable 85 Prepaid expenses and other current assets 617 Property and equipment 104 Intangibles 109,700 Goodwill 55,406 Accounts payable (870 ) Accrued expenses (3,954 ) Other long-term liabilities (25,409 ) Total $ 142,205 |
Summary of preliminary valuations and subject to final adjustment, allocated to intangible assets | Gross Trade names and trademarks $ 17,000 Developed software / patented technology 87,000 Non-competition 5,700 Total $ 109,700 Useful Trade names and trademarks 20.0 Developed software / patented technology 15.0 Non-competition 3.0 Total weighted average useful life 15.2 |
RMC Acquisition [Member] | |
Business Acquisition [Line Items] | |
Summary of Preliminary Composition of the Purchase Price | The preliminary composition of the purchase price recorded for RMC was as follows: Cash $ 26,275 Equity consideration issued by the Company (2,899 common units) 14,582 Total $ 40,857 |
Summary of the Preliminary Allocation of Purchase Price | The preliminary allocation of purchase price recorded for RMC was as follows: Property and equipment $ 432 Reacquired rights 14,300 Goodwill 27,530 Accrued expenses (1,405 ) Total $ 40,857 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Long-term Debt | Long-term debt consists of the following: June 30, September 30, Secured Credit Facility Term Loan, due October 2027 $ 1,243,750 $ — Senior Facility term loan, due December 2022 — 616,250 Total borrowings 1,243,750 616,250 Deferred financing costs (17,287 ) (4,341 ) Original issue discount (5,715 ) — Total debt 1,220,748 611,909 Less: current portion of long-term debt and other borrowings (12,500 ) (36,250 ) Total long-term debt $ 1,208,248 $ 575,659 |
Summary of Aggregate Maturities of Long-term Debt | Aggregate maturities of long-term debt as of June 30, 2021, are as follows: Remaining period of 2021 $ 3,125 2022 12,500 2023 12,500 2024 12,500 2025 12,500 Thereafter 1,190,625 $ 1,243,750 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | The notional values of the Company’s outstanding interest rate swap contracts were as follows: June 30, September 30, Interest rate swap contracts $ 1,220,000 $ 410,000 The notional values of the Company’s outstanding foreign currency forward contracts were as follows: June 30, (unaudited) September 30, Foreign currency forward contracts $ 25,445 $ 5,730 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | For derivatives designated as cash flow hedges, the (loss) gain recognized in Other comprehensive income (loss) was: Three Months Ended June 30, Nine Months Ended June 30, 2021 2020 2021 2020 Interest rate swap contracts $ (7,059 ) $ (3,630 ) $ 11,406 $ (20,337 ) Foreign currency forward contracts — — (117 ) (57 ) Total (loss) gain recognized $ (7,059 ) $ (3,630 ) $ 11,289 $ (20,394 ) |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | For derivatives designated as cash flow hedges, the loss reclassified from Accumulated other comprehensive income (loss) into the condensed consolidated statements of income was: Three Months Ended June 30, Nine Months Ended June 30, 2021 2020 2021 2020 Interest rate swap contracts $ (2,669 ) $ (1,634 ) $ (7,782 ) $ (2,325 ) Foreign currency forward contracts (117 ) — (249 ) (57 ) Total (loss) gain recognized $ (2,786 ) $ (1,634 ) $ (8,031 ) $ (2,382 ) |
Schedule of Foreign Exchange Contracts, Statement of Financial Position | For derivatives de-designated Three Months Ended June 30, Nine Months Ended June 30, 2021 2020 2021 2020 Foreign currency forward contracts $ (141 ) $ (1,093 ) $ 776 $ 1,222 |
Summary of Derivative Instruments, Gain (Loss) | The Company recorded a corresponding gain on the change in fair market value as follows: Three Months Ended June 30, Nine Months Ended June 30, 2021 2020 2021 2020 Commodity index contracts $ (1,508 ) $ — $ (7,099 ) $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Product Warranty Liability | The following is an analysis of product warranty reserves and charges against those reserves: Balance at September 30, 2020 $ 21,909 Accrual for warranties issued 8,737 Acquired June warranty reserve 759 Warranty settlements made (6,170 ) Balance at June 30, 2021 $ 25,235 Balance at September 30, 2019 $ 19,515 Accrual for warranties issued 6,172 Warranty settlements made (3,424 ) Balance at June 30, 2020 $ 22,263 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis | The fair value of financial assets and liabilities measured on a recurring basis was as follows: Level 1 Level 2 Level 3 Prepaid expenses and other current assets: Foreign currency forward contracts $ 151 $ — $ 151 $ — Commodity index contracts 4,959 — 4,959 — Interest rate swap contracts 8,996 — 8,996 — Total $ 14,106 $ — $ 14,106 $ — Other long-term assets: Interest rate swap contracts $ 28,900 $ — $ 28,900 $ — Total $ 28,900 $ — $ 28,900 $ — Accrued expenses: Interest rate swap contracts $ 14,867 $ — $ 14,867 $ — Total $ 14,867 $ — $ 14,867 $ — Other long-term liabilities: Interest rate swap contracts $ 43,564 $ — $ 43,564 $ — Contingent consideration 472 — — 472 Total $ 44,036 $ — $ 43,564 $ 472 September 30, Level 1 Level 2 Level 3 Accrued expenses: Foreign currency forward contracts $ 233 $ — $ 233 $ — Commodity index contracts 73 — 73 — Interest rate swap contracts 9,324 — 9,324 — Total $ 9,630 $ — $ 9,630 $ — Other long-term liabilities: Interest rate swap contracts $ 27,296 $ — $ 27,296 $ — Commodity index contracts 28 28 Contingent consideration 700 — — 700 Total $ 28,024 $ — $ 27,324 $ 700 |
Summary of Changes in Fair Value of the Contingent Consideration using Level 3 Assumptions | Balance at September 30, 2020 $ 700 Royalty payments (228 ) Balance at June 30, 2021 $ 472 Balance at September 30, 2019 $ 1,610 Royalty payments (1,521 ) Fair value adjustments 730 Balance at June 30, 2020 $ 819 |
Profits Interest Plan (Tables)
Profits Interest Plan (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Profits Interest Plan [Abstract] | |
Summary of Profit Interest Units and their Corresponding Distribution Thresholds | Subsequent to the April 2021 grants and plan amendment, the profits interest units and their corresponding distribution thresholds were as follows as of June 30, 2021: Distribution Threshold Units $ 1,550,000 – 1,700,000 8,213 $ 2,000,000 – 2,200,000 8,213 $ 2,450,000 – 2,650,000 16,595 $ 2,800,000 – 2,900,000 2,350 Total 35,371 |
Summary of Profits Interest Units Activity | The following tables summarize the Company’s profits interest units activity: Units Outstanding Balance as of September 30, 2020 24,638 Units granted 10,733 Units exercised — Units forfeited or canceled — Balance at June 30, 2021 35,371 Units Balance as of September 30, 2020 — Units vested 5,545 Units exercised — Units forfeited or canceled — Balance at June 30, 2021 5,545 |
Summary of Weighted Average Assumptions Used to Estimate the Fair Value of the Profits Interest Units which are outstanding | The weighted-average assumptions used to estimate the fair value of the profits interest units, which were outstanding as of June 30, 2021 are as follows: Fair value per unit $ 3,853 Expected term (in years) 1.53 Risk-free interest rate 0.07-0.67 % Expected volatility 37.4 % Expected dividend yield — % |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Summary of Key Financial Performance Measures by Reportable Segment | The information below summarizes key financial performance measures by reportable segment: Three Months Ended June 30, 2021 Americas EMEA APAC Corporate/Other Total Net sales $ 339,441 $ 306,668 $ 22,758 $ — $ 668,867 Adjusted income from operations (1) $ 61,206 $ 108,380 $ 1,989 $ (69,996 ) $ 101,579 Depreciation and amortization $ 2,331 $ 417 $ 1,527 $ 7,804 $ 12,079 Capital expenditures $ 26 $ 8,836 $ 503 $ 13,784 $ 23,149 Three Months Ended June 30, 2020 Americas EMEA APAC Corporate/Other Total Net sales $ 315,053 $ 227,552 $ 18,188 $ — $ 560,793 Adjusted income from operations (1) $ 70,153 $ 79,447 $ 3,490 $ (52,750 ) $ 100,340 Depreciation and amortization $ 169 $ 453 $ 280 $ 9,552 $ 10,454 Capital expenditures $ — $ 73 $ 119 $ 4,254 $ 4,446 Nine Months Ended June 30, 2021 Americas EMEA APAC Corporate/Other Total Net sales $ 891,649 $ 617,995 $ 122,532 $ — $ 1,632,176 Adjusted income from operations (1) $ 178,246 $ 206,516 $ 28,963 $ (163,976 ) $ 249,749 Depreciation and amortization $ 4,474 $ 1,287 $ 2,254 $ 24,392 $ 32,407 Capital expenditures $ 183 $ 11,956 $ 1,162 $ 27,202 $ 40,503 Nine Months Ended June 30, 2020 Americas EMEA APAC Corporate/Other Total Net sales $ 649,913 $ 434,755 $ 72,501 $ — $ 1,157,169 Adjusted income from operations (1) $ 139,082 $ 125,187 $ 15,778 $ (128,462 ) $ 151,585 Depreciation and amortization $ 521 $ 1,534 $ 821 $ 29,050 $ 31,926 Capital expenditures $ 39 $ 5,797 $ 655 $ 16,218 $ 22,709 (1) Adjusted income from operations for each reportable segment includes cost of goods sold transfer price allocations and distribution allocations from Corporate/Other. Corporate/Other includes unallocated corporate and certain supply chain expenses, inter-segment eliminations and other adjustments, including business and operational transformation costs, debt refinancing and IPO costs and COVID-19 |
Summary of Reconciliation of Adjusted Income From Operations to Income Before Taxes | The information below provides a reconciliation of adjusted income from operations to income before taxes: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Segment adjusted income from operations Americas $ 61,206 $ 70,153 $ 178,246 $ 139,082 EMEA 108,380 79,447 206,516 125,187 APAC 1,989 3,490 28,963 15,778 Segment adjusted income from operations for reportable segments 171,575 153,090 413,725 280,047 Unallocated net expenses (69,996 ) (52,750 ) (163,976 ) (128,462 ) Adjustments to income before taxes Non-cash (61,714 ) (975 ) (94,193 ) (1,867 ) Gain on disposal of assets held for sale — — 5,185 — Interest income 252 311 677 1,012 Interest expense (18,283 ) (10,895 ) (50,457 ) (32,006 ) Loss from early extinguishment of debt — — (5,448 ) — Income before taxes $ 21,834 $ 88,781 $ 105,513 $ 118,724 |
Summary of Reconcilaition of Segment Assets to Total Consolidated Assets | The information below provides a reconciliation of segment assets to total consolidated assets: June 30, 2021 Americas EMEA APAC Corporate/Other Total Segment assets (1) $ 179,579 $ 112,414 $ 41,942 $ — $ 333,935 All other (2) 1,364,222 Total assets $ 1,698,157 September 30, 2020 Americas EMEA APAC Corporate/Other Total Segment assets (1) $ 120,351 $ 77,477 $ 35,499 $ — $ 233,327 All other (2) 906,108 Total assets $ 1,139,435 (1) Inventory is the only segment asset reviewed by the CODM. (2) “All other” consists of assets that are not reviewed by the CODM at a segment level: cash and cash equivalents; accounts receivable; prepaid expenses and other current assets; property, equipment and leasehold improvements, net; operating lease right-of-use |
Income Per Unit (Tables)
Income Per Unit (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Earnings Per Unit [Abstract] | |
Summary of Net Income Per Unit | The computation of net income per common unit is as follows: Three Months Ended June 30, Nine Months Ended June 30, (in thousands, except unit and per unit data) 2021 2020 2021 2020 Net income $ 17,825 $ 79,455 $ 91,620 $ 103,062 Less: Net earnings allocated to participating securities (129 ) (721 ) (730 ) (1,006 ) Net income attributable to common members $ 17,696 $ 78,734 $ 90,890 $ 102,056 Units used in computation: Basic and diluted weighted-average common units outstanding (1) 538,777 551,774 547,515 551,760 Basic and diluted net income per common unit $ 32.84 $ 142.69 $ 166.00 $ 184.97 (1) Amount excludes 2,443 and 2,263 Weber common units issued in exchange for partial-recourse notes in both the three and nine months ended June 30, 2021 and 2020, respectively. See Note 16 for further information. |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies - Summary of Company's Allowances (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Allowance for Credit Loss [Abstract] | ||
Beginning balance | $ 3,262 | $ 2,858 |
Charges (credits) to the provision, net | 325 | 863 |
Accounts written off, net of recoveries | (1,096) | (160) |
Ending balance | $ 2,491 | $ 3,561 |
Basis of Presentation and Sig_5
Basis of Presentation and Significant Accounting Policies - Summary of Components of Inventory (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 |
Inventory, Combining Work in Process and Raw Materials Alternative, Gross [Abstract] | ||
Work-in-process and materials | $ 48,041 | $ 33,343 |
Finished products | 285,894 | 199,984 |
Total Inventories, net | $ 333,935 | $ 233,327 |
Basis of Presentation and Sig_6
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Sep. 30, 2020 | |
Accounting Policies [Line Items] | |||||||
Selling, general and administrative expense | [1],[2] | $ 257,758 | $ 130,333 | $ 555,744 | $ 305,051 | ||
Gain on disposition of assets | 5,185 | ||||||
Deferred costs | 25,813 | 25,813 | $ 7,422 | ||||
Amortization of deferred charges | 955 | 856 | 2,813 | 2,079 | |||
Unrecognized tax benefits, income tax penalties and interest expense | 0 | 0 | 0 | 0 | |||
Advertising expense | 49,421 | 26,596 | 84,921 | 46,991 | |||
Share-based payment arrangement, expense | 44,207 | 67,296 | |||||
Manufacturing Site [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Property, plant and equipment, net | 8,297 | ||||||
Proceeds from sale of property, plant, and equipment | $ 13,540 | ||||||
Gain on disposition of assets | $ 5,185 | ||||||
Selling, General and Administrative Expenses [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Research and development expense | 18,421 | 4,659 | 28,619 | 11,967 | |||
Prepaid Expenses and Other Current Assets [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Deferred offering costs | 4,037 | 4,037 | $ 0 | ||||
Shipping and Handling [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Selling, general and administrative expense | $ 52,883 | $ 38,352 | $ 126,783 | $ 84,724 | |||
[1] | Includes related party rental expense of $68 and $59 for the three months ended June 30, 2021 and 2020, respectively, and $196 and $176 for the nine months ended June 30, 2021 and 2020, respectively (see Note 10). | ||||||
[2] | Includes related party royalty expense of $0 and $471 for the three months ended June 30, 2021 and 2020, respectively, and $268 and $1,574 for the nine months ended June 30, 2021 and 2020, respectively (see Note 10). |
Common Stock - Additional Infor
Common Stock - Additional Information (Detail) - WEBER INC [Member] | Jun. 30, 2021$ / sharesshares |
Class of Stock [Line Items] | |
Common stock par or stated value per share | $ / shares | $ 0.01 |
Common stock shares authorized | shares | 1,000 |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles - Summary of Company's Goodwill (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Goodwill [Line Items] | ||
Beginning Balance | $ 30,570 | $ 29,783 |
Acquisitions | 82,936 | |
Foreign exchange | (265) | 320 |
Ending Balance | 113,241 | 30,103 |
Americas [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | 19,219 | 19,219 |
Acquisitions | 55,406 | |
Ending Balance | 74,625 | 19,219 |
EMEA [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | 10,722 | 9,971 |
Foreign exchange | 124 | 306 |
Ending Balance | 10,846 | 10,277 |
APAC [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | 629 | 593 |
Acquisitions | 27,530 | |
Foreign exchange | (389) | 14 |
Ending Balance | $ 27,770 | $ 607 |
Goodwill and Other Intangible_3
Goodwill and Other Intangibles - Summary of Company's Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 619,204 | $ 500,516 |
Accumulated Amortization | (111,076) | (104,685) |
Net Book Value | 508,128 | 395,831 |
Trademarks—Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 55,900 | 38,900 |
Accumulated Amortization | (7,232) | (4,935) |
Net Book Value | 48,668 | 33,965 |
Trademarks, Net [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 365,900 | 348,900 |
Accumulated Amortization | (7,232) | (4,935) |
Net Book Value | 358,668 | 343,965 |
Customer Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 91,993 | 91,388 |
Accumulated Amortization | (49,283) | (45,684) |
Net Book Value | 42,710 | 45,704 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 49,428 | 49,428 |
Accumulated Amortization | (47,325) | (46,156) |
Net Book Value | 2,103 | 3,272 |
In-Process Research and Development [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 4,500 | 4,500 |
Accumulated Amortization | (1,988) | (1,650) |
Net Book Value | 2,512 | 2,850 |
Developed Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 87,000 | 5,700 |
Accumulated Amortization | (2,689) | (5,700) |
Net Book Value | 84,311 | |
Reacquired Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 14,083 | |
Accumulated Amortization | (1,078) | |
Net Book Value | 13,005 | |
Non-Compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 6,300 | 600 |
Accumulated Amortization | (1,481) | (560) |
Net Book Value | 4,819 | 40 |
Other Intangible Assets, Net [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 253,304 | 151,616 |
Accumulated Amortization | (103,844) | (99,750) |
Net Book Value | 149,460 | 51,866 |
Trademark—Weber [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 310,000 | 310,000 |
Accumulated Amortization | 0 | 0 |
Net Book Value | $ 310,000 | $ 310,000 |
Goodwill and Other Intangible_4
Goodwill and Other Intangibles - Summary of the Remaining Weighted-Average Amortization Periods of the Intangible Assets (Detail) | 9 Months Ended |
Jun. 30, 2021 | |
Trademarks—Other [Member] | |
Schedule of Finite Lived Intangible Assets Amortization Period [Line Items] | |
Weighted-Average Years | 14 years 10 months 24 days |
Customer Lists [Member] | |
Schedule of Finite Lived Intangible Assets Amortization Period [Line Items] | |
Weighted-Average Years | 9 years 6 months |
Patents [Member] | |
Schedule of Finite Lived Intangible Assets Amortization Period [Line Items] | |
Weighted-Average Years | 7 years 8 months 12 days |
In-process research and development | |
Schedule of Finite Lived Intangible Assets Amortization Period [Line Items] | |
Weighted-Average Years | 5 years 7 months 6 days |
Developed Technology [Member] | |
Schedule of Finite Lived Intangible Assets Amortization Period [Line Items] | |
Weighted-Average Years | 14 years 7 months 6 days |
Reacquired Rights [Member] | |
Schedule of Finite Lived Intangible Assets Amortization Period [Line Items] | |
Weighted-Average Years | 3 years 1 month 6 days |
Non-Compete Agreements [Member] | |
Schedule of Finite Lived Intangible Assets Amortization Period [Line Items] | |
Weighted-Average Years | 2 years 7 months 6 days |
Goodwill and Other Intangible_5
Goodwill and Other Intangibles - Summary of Amortization Expense on Intangible Assets (Detail) $ in Thousands | Jun. 30, 2021USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remaining period of 2021 | $ 5,182 |
2022 | 20,815 |
2023 | 20,810 |
2024 | 18,745 |
2025 | 14,680 |
Thereafter | 117,895 |
Total | $ 198,127 |
Goodwill and Other Intangible_6
Goodwill and Other Intangibles - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangible assets | $ 5,226 | $ 3,190 | $ 12,090 | $ 10,045 |
Property, Equipment and Lease_3
Property, Equipment and Leasehold Improvements - Summary of Property, Equipment and Leasehold Improvements, Net (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 369,438 | $ 366,053 |
Accumulated depreciation | (247,596) | (257,801) |
Total | 121,842 | 108,252 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 6,453 | 12,530 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 44,473 | 52,985 |
Computer Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 72,588 | 66,166 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 197,515 | 209,033 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 12,617 | 17,264 |
Construction-in-progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 35,792 | $ 8,075 |
Property, Equipment and Lease_4
Property, Equipment and Leasehold Improvements - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $ 6,853 | $ 7,264 | $ 20,317 | $ 21,881 |
Acquisitions - Summary of Preli
Acquisitions - Summary of Preliminary Composition of the Purchase Price (Detail) - USD ($) $ in Thousands | Jan. 12, 2021 | Jun. 30, 2021 |
June Acquisition [Member] | ||
Schedule of Business Combination Consideration Transferred [Line Items] | ||
Cash | $ 108,285 | |
Fair value of equity interest | $ 24,144 | 24,144 |
Settlement of existing contractual relationship | 9,776 | |
Total | 142,205 | |
RMC Acquisition [Member] | ||
Schedule of Business Combination Consideration Transferred [Line Items] | ||
Cash | 26,275 | |
Equity consideration issued by the Company (2,899 common units) | 14,582 | |
Total | $ 40,857 |
Acquisitions - Summary of Prel
Acquisitions - Summary of Preliminary Composition of the Purchase Price (Parenthetical) (Detail) | 9 Months Ended |
Jun. 30, 2021shares | |
RMC Acquisition [Member] | |
Business Acquisition [Line Items] | |
Number of shares of equity interests issued | 2,899 |
Acquisitions - Summary of the P
Acquisitions - Summary of the Preliminary Allocation of Purchase Price (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 113,241 | $ 30,570 | $ 30,103 | $ 29,783 |
June Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash | 6,046 | |||
Inventory | 480 | |||
Accounts receivable | 85 | |||
Prepaid expenses and other current assets | 617 | |||
Property and equipment | 104 | |||
Intangibles | 109,700 | |||
Goodwill | 55,406 | |||
Accounts payable | (870) | |||
Accrued expenses | (3,954) | |||
Other long-term liabilities | (25,409) | |||
Total | 142,205 | |||
RMC Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Property and equipment | 432 | |||
Intangibles | 14,300 | |||
Goodwill | 27,530 | |||
Accrued expenses | (1,405) | |||
Total | $ 40,857 |
Acquisitions - Summary of pre_2
Acquisitions - Summary of preliminary valuations and subject to final adjustment, allocated to intangible assets (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2021 | Sep. 30, 2020 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 619,204 | $ 500,516 |
June Acquisition [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 109,700 | |
Useful Lives | 15 years 2 months 12 days | |
Trade names and trademarks [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 365,900 | 348,900 |
Trade names and trademarks [Member] | June Acquisition [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 17,000 | |
Useful Lives | 20 years | |
Developed software / patented technology [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 87,000 | 5,700 |
Developed software / patented technology [Member] | June Acquisition [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 87,000 | |
Useful Lives | 15 years | |
Non-competition / restrictive covenant agreements [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 6,300 | $ 600 |
Non-competition / restrictive covenant agreements [Member] | June Acquisition [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 5,700 | |
Useful Lives | 3 years |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | Apr. 01, 2021 | Jan. 12, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 113,241 | $ 30,570 | $ 30,103 | $ 29,783 | ||
June Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | $ 24,144 | 24,144 | ||||
Goodwill | $ 55,406 | |||||
Goodwill, Period Increase (Decrease) | 9,776 | |||||
Deferred tax liabilities | 25,409 | |||||
Finite-Lived Intangible Asset, Useful Life | 15 years 2 months 12 days | |||||
June Acquisition [Member] | Selling, General and Administrative Expenses [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Acquisition Related Costs | $ 1,187 | |||||
RMC Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | $ 27,530 | |||||
Goodwill, Period Increase (Decrease) | $ 27,530 | |||||
RMC Acquisition [Member] | Selling, General and Administrative Expenses [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Acquisition Related Costs | $ 325 | |||||
RMC Acquisition [Member] | Contractual Rights [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 3 years 3 months 18 days |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Prepaid Royalties | $ 0 | $ 0 | $ 10,044 | |||
Royalty Expense | 0 | $ 471 | 268 | $ 1,574 | ||
Loss (gain) from investments in unconsolidated affiliates | $ 0 | $ (778) | 5,505 | $ (3,556) | ||
Equity Method Investment, Realized Gain (Loss) on Disposal | 6,910 | |||||
Loss Gain From Investments In Unconsolidated Affiliates [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Loss (gain) from investments in unconsolidated affiliates | $ 1,405 | |||||
Preferred Stock Investment [Member] | Other Long Term Assets [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity Method Investments | $ 18,639 | |||||
June Acquisition [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 20.00% | |||||
June Acquisition [Member] | Junes Preferred Stock [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Stock acquired during period value purchase assets | $ 23,000 | |||||
June Acquisition [Member] | Junes Common Stock [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Stock acquired during period value purchase assets | $ 1,269 | |||||
June Acquisition [Member] | Common Stock [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 6.00% |
Debt - Summary of Long-term Deb
Debt - Summary of Long-term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,243,750 | |
Total debt | 1,243,750 | |
Less: current portion of long-term debt and other borrowings | (12,500) | $ (36,250) |
Total long-term debt | 1,208,248 | 575,659 |
Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,220,748 | 611,909 |
Total borrowings | 1,243,750 | 616,250 |
Deferred financing costs | (17,287) | (4,341) |
Original issue discount | (5,715) | 0 |
Total debt | 1,220,748 | 611,909 |
Less: current portion of long-term debt and other borrowings | (12,500) | (36,250) |
Total long-term debt | 1,208,248 | 575,659 |
Secured Credit Facility Term Loan, due October 2027 [Member] | Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,243,750 | 0 |
Total debt | 1,243,750 | 0 |
Senior Facility term loan, due December 2022 [Member] | Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 0 | 616,250 |
Total debt | $ 0 | $ 616,250 |
Debt - Summary of Aggregate Mat
Debt - Summary of Aggregate Maturities of Long-term Debt (Detail) $ in Thousands | Jun. 30, 2021USD ($) |
Maturities of Long-term Debt [Abstract] | |
Remaining period of 2021 | $ 3,125 |
2022 | 12,500 |
2023 | 12,500 |
2024 | 12,500 |
2025 | 12,500 |
Thereafter | 1,190,625 |
Total debt | $ 1,243,750 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | Oct. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Debt Instrument [Line Items] | |||
Payments of financing costs | $ 26,654 | ||
Gain (loss) on extinguishment of debt | 5,448 | ||
Long-term debt | 1,243,750 | ||
Repayments of Long-term Debt | 622,500 | $ 36,250 | |
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Payments of financing costs | 25,154 | ||
Debt instrument, unamortized discount | $ 6,250 | ||
Line of Credit Facility, Interest Rate Description | (i) London Interbank Offered Rate (“LIBOR”) for the relevant interest period, adjusted for statutory reserve requirements (subject to a floor of 0.75%), plus an applicable margin or (ii) a base rate equal to the highest of (a) the rate of interest publicly announced from time to time by the administrative agent as its “prime rate”, (b) the federal funds effective rate plus 0.50% and (c) adjusted LIBOR for an interest period of one month plus 1.00% (subject to a floor of 0.00% per annum), in each case, plus an applicable margin. As of June 30, 2021, the interest rate on the Term Loan was LIBOR plus 3.25%. Interest is payable on the last business day of the month for the relevant interest period selected. | ||
Revolving Loan [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 300,000 | ||
Payments of financing costs | 1,500 | ||
Line of credit facility, expiration date | Oct. 30, 2025 | ||
Line of credit facility, remaining borrowing capacity | $ 293,614 | ||
Line of Credit Facility, Interest Rate Description | (i) LIBOR for the relevant interest period, adjusted for statutory reserve requirements (subject to a floor of 0.00% per annum), plus an applicable margin or (ii) a base rate equal to the highest of (a) the rate of interest publicly announced from time to time by the administrative agent as its “prime rate”, (b) the federal funds effective rate plus 0.50% and (c) adjusted LIBOR for an interest period of one month plus 1.00% (subject to a floor of 0.00% per annum), in each case, plus an applicable margin. The applicable margin can fluctuate based on the average leverage ratio, as defined in the Secured Credit Facility. Interest is payable in March, June, September and December during the term of the agreement on the last business day of the calendar quarter. There were no outstanding borrowings on the Revolving Loan as of June 30, 2021. | ||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | ||
Letters of Credit Outstanding, Amount | $ 0 | ||
Secured Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 300,000 | ||
Long-term debt | 1,250,000 | ||
Senior Facility Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Gain (loss) on extinguishment of debt | 4,173 | ||
Repayments of Long-term Debt | 616,250 | ||
Senior Facility Revolving Loan [Member] | |||
Debt Instrument [Line Items] | |||
Gain (loss) on extinguishment of debt | 1,275 | ||
Senior Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Interest Rate Description | (i) LIBOR for the relevant currency borrowed, plus an applicable margin; or (ii) a base determined by reference to the highest of: (a) the prime rate, (b) the federal funds effective rate plus 0.5%, or (c) the LIBOR applicable for an interest period of one month plus 1.0%, plus an applicable margin. As of September 30, 2020, the interest rate on the term loan under the Senior Facility was LIBOR plus 2.25%. There were no outstanding borrowings on the revolving line of credit as of September 30, 2020. | ||
Standby Letters of Credit [Member] | Revolving Loan [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Commitment Fee Amount | 30,000 | ||
Swing Line Loans [Member] | Revolving Loan [Member] | |||
Debt Instrument [Line Items] | |||
Long-term line of credit | $ 25,000 | ||
Letter of Credit [Member] | Revolving Loan [Member] | |||
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | $ 6,386 |
Derivative Instruments - Summar
Derivative Instruments - Summary of Company's Outstanding Interest Rate Swap Contracts (Detail) - USD ($) | Jun. 30, 2021 | Sep. 30, 2020 |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | $ 1,220,000 | $ 410,000 |
Derivative Instruments - Summ_2
Derivative Instruments - Summary of Foreign Currency Forward Contracts (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 |
Foreign Exchange Forward [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | $ 25,445 | $ 5,730 |
Derivative Instruments - Summ_3
Derivative Instruments - Summary of the (Loss) Gain Recognized in Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Other comprehensive income (loss), cash flow hedge, gain (loss), after reclassification and tax | $ (7,059) | $ (3,630) | $ 11,289 | $ (20,394) |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Other comprehensive income (loss), cash flow hedge, gain (loss), after reclassification and tax | $ (7,059) | $ (3,630) | 11,406 | (20,337) |
Cash Flow Hedging [Member] | Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Other comprehensive income (loss), cash flow hedge, gain (loss), after reclassification and tax | $ (117) | $ (57) |
Derivative Instruments - Summ_4
Derivative Instruments - Summary of Cash Flow Hedges (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative instruments, gain (loss) reclassified from accumulated OCI into income, effective portion, net | $ (2,786) | $ (1,634) | $ (8,031) | $ (2,382) |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative instruments, gain (loss) reclassified from accumulated OCI into income, effective portion, net | (2,669) | (1,634) | (7,782) | (2,325) |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative instruments, gain (loss) reclassified from accumulated OCI into income, effective portion, net | $ (117) | $ 0 | $ (249) | $ (57) |
Derivative Instruments - Summ_5
Derivative Instruments - Summary of Foreign Currency (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Foreign Currency Gain (Loss) [Member] | Foreign Exchange Forward [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on foreign currency derivatives recorded in earnings, net | $ (141) | $ (1,093) | $ 776 | $ 1,222 |
Derivative Instruments - Summ_6
Derivative Instruments - Summary of Derivative Instruments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Commodity Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, gain on derivative | $ (1,508) | $ (7,099) |
Derivative Instruments - Addit
Derivative Instruments - Additional Information (Detail) - USD ($) | Oct. 30, 2020 | Jun. 30, 2021 | Sep. 30, 2020 |
Unrealized gain loss on interest rate cash flow hedges, pretax, accumulated other comprehensive income loss | $ 38,249 | ||
Derivative, Floor interest rate | 0.75% | ||
Derivative, Cost of hedge net of cash received | $ 0 | ||
Derivative instruments estimated gain loss net | $ 10,662 | ||
Interest Rate Swap [Member] | |||
Derivative, Term of Contract | 3 years | ||
Derivative, notional amount | $ 1,220,000 | $ 410,000 | |
Hybrid Instrument [Member] | Interest Rate Swap [Member] | |||
Derivative, notional amount | $ 500,000 | ||
Derivative, basis spread description | one-month LIBOR | ||
Derivative, frequency of settlement terms | monthly basis | ||
Derivative, Fixed interest rate | 2.2025% | ||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | |||
Derivative, notional amount | $ 360,000 | ||
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Swap [Member] | |||
Derivative, notional amount | 360,000 | ||
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Derivative, notional amount | $ 360,000 |
Income Taxes - Additional infor
Income Taxes - Additional information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense benefit | $ 4,009 | $ 8,548 | $ 19,398 | $ 12,106 |
Income loss from continuing operations before Equity method investments, Income taxes, Noncontrolling interest | $ 21,834 | $ 88,781 | $ 105,513 | $ 118,724 |
Effective income tax rate reconciliation, Percent rate | 18.40% | 9.60% | 18.40% | 10.20% |
Effective income tax rate reconciliation,at Federal statutory income tax rate, Percent | 21.00% | 21.00% | ||
Effective income tax rate reconciliation, Change in deferred tax assets valuation allowance, Amount | $ 1,334 | $ 2,449 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of product warranty reserves and charges (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Product Warranties Disclosures [Abstract] | ||
Balance at September | $ 21,909 | $ 19,515 |
Accrual for warranties issued | 8,737 | 6,172 |
Acquired June warranty reserve | 759 | |
Warranty settlements made | (6,170) | (3,424) |
Balance at June | $ 25,235 | $ 22,263 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Sep. 30, 2020 | |
Contingent consideration payments | $ 228,000 | $ 1,521,000 | ||
Business combination, Contingent consideration, Liability | $ 472,000 | $ 472,000 | $ 700,000 | |
Operating lease, Term of contract | 15 years | 15 years | ||
Operating lease, Option to extend | five | |||
Operating leases, Future minimum payments due, Next twelve months | $ 2,424 | $ 2,424 | ||
Operating leases, Future minimum payments due increase, Percentage | 1.25% | 1.25% | ||
iDevices LLC [Member] | ||||
Business combination,Contingent consideration arrangements, Range of outcomes, Value, High | $ 15,000,000 | $ 15,000,000 | ||
iDevices LLC [Member] | EarnOut And Development Agreement [Member] | ||||
Business combination, Contingent consideration arrangements, Range of outcomes, Value, Low | $ 8,000,000 | 8,000,000 | ||
Business Combination Contingent Consideration Arrangements Range Of Outcomes Term High | 10 years | |||
Other Noncurrent Liabilities [Member] | ||||
Product warranty accrual, Noncurrent | $ 20,384,000 | 20,384,000 | 17,995,000 | |
Accounts Payable and Accrued Liabilities [Member] | ||||
Product warranty accrual, Current | $ 4,851,000 | $ 4,851,000 | $ 3,914,000 |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Sep. 30, 2020 | |
Operating lease liability, current | $ 1,105 | $ 1,105 | $ 0 | ||
Prepaid royalties | 0 | 0 | 10,044 | ||
Notes receivable, related parties | 11,221 | 11,221 | 9,284 | ||
Interest income, related party | 11 | $ 14 | 40 | $ 42 | |
Operating lease, asset | 3,475 | 3,475 | 4,111 | ||
Operating lease liability, noncurrent | 2,299 | 2,299 | 4,139 | ||
Royalty receivables | 75 | 75 | 220 | ||
Related party, royalty expense | 0 | 471 | 268 | 1,574 | |
Royalty [Member] | |||||
Revenue from related parties | 128 | 34 | 75 | 316 | |
Royalty receivables | 75 | 75 | 220 | ||
Rental Expense | |||||
Operating leases, rent expense | 281 | 238 | 801 | 714 | |
Discount Granted As Concession | Royalty [Member] | |||||
Revenue from related parties | 110 | ||||
June | |||||
Prepaid royalties | 0 | 0 | 10,044 | ||
Related party, royalty expense | 0 | 471 | 268 | 1,574 | |
Member Notes | |||||
Notes receivable, related parties | 11,221 | 11,221 | $ 9,284 | ||
Interest income, related party | $ 11 | $ 14 | $ 40 | $ 42 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Summary of Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis (Detail) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 |
Prepaid expenses and other current assets: | ||
Prepaid expenses and other current assets,Fair value | $ 14,106 | |
Other long-term assets: | ||
Other long term assets,Fair Value | 28,900 | |
Accrued expenses: | ||
Accrued expenses,Fair Value | 14,867 | $ 9,630 |
Other long-term liabilities: | ||
Other long term liabilities,Fair Value | 44,036 | 28,024 |
Level 2 [Member] | ||
Prepaid expenses and other current assets: | ||
Prepaid expenses and other current assets,Fair value | 14,106 | |
Other long-term assets: | ||
Other long term assets,Fair Value | 28,900 | |
Accrued expenses: | ||
Accrued expenses,Fair Value | 14,867 | 9,630 |
Other long-term liabilities: | ||
Other long term liabilities,Fair Value | 43,564 | 27,324 |
Level 3 [Member] | ||
Other long-term liabilities: | ||
Other long term liabilities,Fair Value | 472 | 700 |
Foreign Exchange Forward [Member] | ||
Prepaid expenses and other current assets: | ||
Prepaid expenses and other current assets,Fair value | 151 | |
Accrued expenses: | ||
Accrued expenses,Fair Value | 233 | |
Foreign Exchange Forward [Member] | Level 2 [Member] | ||
Prepaid expenses and other current assets: | ||
Prepaid expenses and other current assets,Fair value | 151 | |
Accrued expenses: | ||
Accrued expenses,Fair Value | 233 | |
Commodity Index Contracts [Member] | ||
Prepaid expenses and other current assets: | ||
Prepaid expenses and other current assets,Fair value | 4,959 | |
Accrued expenses: | ||
Accrued expenses,Fair Value | 73 | |
Other long-term liabilities: | ||
Other long term liabilities,Fair Value | 28 | |
Commodity Index Contracts [Member] | Level 2 [Member] | ||
Prepaid expenses and other current assets: | ||
Prepaid expenses and other current assets,Fair value | 4,959 | |
Accrued expenses: | ||
Accrued expenses,Fair Value | 73 | |
Other long-term liabilities: | ||
Other long term liabilities,Fair Value | 28 | |
Interest Rate Swap [Member] | ||
Prepaid expenses and other current assets: | ||
Prepaid expenses and other current assets,Fair value | 8,996 | |
Other long-term assets: | ||
Other long term assets,Fair Value | 28,900 | |
Accrued expenses: | ||
Accrued expenses,Fair Value | 14,867 | 9,324 |
Other long-term liabilities: | ||
Other long term liabilities,Fair Value | 43,564 | 27,296 |
Interest Rate Swap [Member] | Level 2 [Member] | ||
Prepaid expenses and other current assets: | ||
Prepaid expenses and other current assets,Fair value | 8,996 | |
Other long-term assets: | ||
Other long term assets,Fair Value | 28,900 | |
Accrued expenses: | ||
Accrued expenses,Fair Value | 14,867 | 9,324 |
Other long-term liabilities: | ||
Other long term liabilities,Fair Value | 43,564 | 27,296 |
Contingent Consideration [Member] | ||
Other long-term liabilities: | ||
Other long term liabilities,Fair Value | 472 | 700 |
Contingent Consideration [Member] | Level 3 [Member] | ||
Other long-term liabilities: | ||
Other long term liabilities,Fair Value | $ 472 | $ 700 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Summary of Changes in Fair Value of the Contingent Consideration using Level 3 Assumptions (Detail) - Contingent Consideration [Member] - Level 3 [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $ 700 | $ 1,610 |
Royalty payments | (228) | (1,521) |
Fair value adjustments | 730 | |
Ending Balance | $ 472 | $ 819 |
Management Incentive Compensa_2
Management Incentive Compensation Plan - Additional Information (Detail) - Management Incentive Compensation Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Sep. 30, 2020 | |
Management Incentive Compensation Plan [Line Items] | |||||
Incentive compensation paid out | $ 2,928 | $ 1,015 | |||
Cash payments as a result of general distribution | $ 313 | $ 0 | 313 | 0 | |
Actual forfeitures amount | 244 | 0 | 244 | 0 | |
Incentive compensation plan expense | 3,408 | $ 975 | 5,422 | $ 1,725 | |
Total liability related to plan | 9,202 | 9,202 | $ 7,021 | ||
Current portion of incentive liability | 216 | 216 | $ 2,851 | ||
Compensation cost not yet recognised on unvested awards | $ 7,902 | $ 7,902 | |||
Weighted average remaining recognition period | 1 year 10 months 6 days |
Profits Interest Plan - Additio
Profits Interest Plan - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | |
Profits Interest Plan [Line Items] | |||
Compensation expense | $ 44,207,000 | $ 67,296,000 | |
Profits Interest Plan [Member] | |||
Profits Interest Plan [Line Items] | |||
Weighted average distribution threshold outstanding per unit | $ 3,902 | $ 3,902 | |
Fair value of vested units | $ 15,873,000 | $ 15,873,000 | $ 0 |
Total fair value of outstanding units | 136,270,000 | 136,270,000 | 0 |
Total unrecognised compensation cost | 52,440,000 | $ 52,440,000 | |
Remaining unrecognised compensation cost is expected to be recognised over a weighted average period | 1 year 7 months 6 days | ||
Profits Interest Plan [Member] | Selling, General and Administrative Expenses [Member] | |||
Profits Interest Plan [Line Items] | |||
Compensation expense | $ 53,795,000 | 83,830,000 | |
Profits Interest Plan [Member] | Profits Interest Units [Member] | |||
Profits Interest Plan [Line Items] | |||
Aggregate intrinsic value of units outstanding | 45,390,000 | $ 45,390,000 | 0 |
Profits Interest Plan [Member] | Profits Interest Units [Member] | Minimum [Member] | |||
Profits Interest Plan [Line Items] | |||
Vesting period | 1 year | ||
Units vesting,requisite service period of employee | 1 year | ||
Profits Interest Plan [Member] | Profits Interest Units [Member] | Maximum [Member] | |||
Profits Interest Plan [Line Items] | |||
Vesting period | 5 years | ||
Units vesting,requisite service period of employee | 5 years | ||
Profits Interest Plan [Member] | Profits Interest Units [Member] | Distribution Threshold One For One Third Of Profit Interest Units [Member] | |||
Profits Interest Plan [Line Items] | |||
Distribution Threshold | 2,000,000 | $ 2,000,000 | |
Profits Interest Plan [Member] | Profits Interest Units [Member] | Distribution Threshold Two For One Third Of Profit Interest Units [Member] | |||
Profits Interest Plan [Line Items] | |||
Distribution Threshold | 2,500,000 | 2,500,000 | |
Profits Interest Plan [Member] | Profits Interest Units [Member] | Distribution Threshold Three For One Third Of Profit Interest Units [Member] | |||
Profits Interest Plan [Line Items] | |||
Distribution Threshold | 3,000,000 | 3,000,000 | |
Profits Interest Plan [Member] | Vested Units [Member] | |||
Profits Interest Plan [Line Items] | |||
Aggregate intrinsic value of units outstanding | $ 7,638,000 | $ 7,638,000 | $ 0 |
Profits Interest Plan - Schedul
Profits Interest Plan - Schedule of Profit Interest Units and their Corresponding Distribution Thresholds (Detail) - Profits Interest Units [Member] | 9 Months Ended |
Jun. 30, 2021USD ($)shares | |
Profits Interest Plan [Member] | |
Distribution Policy Members Or Limited Partners [Line Items] | |
Units Outstanding | shares | 35,371 |
Distribution Threshold One [Member] | Maximum [Member] | |
Distribution Policy Members Or Limited Partners [Line Items] | |
Distribution Threshold | $ 1,700,000 |
Distribution Threshold One [Member] | Minimum [Member] | |
Distribution Policy Members Or Limited Partners [Line Items] | |
Distribution Threshold | $ 1,550,000 |
Distribution Threshold One [Member] | Profits Interest Plan [Member] | |
Distribution Policy Members Or Limited Partners [Line Items] | |
Units Outstanding | shares | 8,213 |
Distribution Threshold Two [Member] | Maximum [Member] | |
Distribution Policy Members Or Limited Partners [Line Items] | |
Distribution Threshold | $ 2,200,000 |
Distribution Threshold Two [Member] | Minimum [Member] | |
Distribution Policy Members Or Limited Partners [Line Items] | |
Distribution Threshold | $ 2,000,000 |
Distribution Threshold Two [Member] | Profits Interest Plan [Member] | |
Distribution Policy Members Or Limited Partners [Line Items] | |
Units Outstanding | shares | 8,213 |
Distribution Threshold Three [Member] | Maximum [Member] | |
Distribution Policy Members Or Limited Partners [Line Items] | |
Distribution Threshold | $ 2,650,000 |
Distribution Threshold Three [Member] | Minimum [Member] | |
Distribution Policy Members Or Limited Partners [Line Items] | |
Distribution Threshold | $ 2,450,000 |
Distribution Threshold Three [Member] | Profits Interest Plan [Member] | |
Distribution Policy Members Or Limited Partners [Line Items] | |
Units Outstanding | shares | 16,595 |
Distribution Threshold Four [Member] | Maximum [Member] | |
Distribution Policy Members Or Limited Partners [Line Items] | |
Distribution Threshold | $ 2,900,000 |
Distribution Threshold Four [Member] | Minimum [Member] | |
Distribution Policy Members Or Limited Partners [Line Items] | |
Distribution Threshold | $ 2,800,000 |
Distribution Threshold Four [Member] | Profits Interest Plan [Member] | |
Distribution Policy Members Or Limited Partners [Line Items] | |
Units Outstanding | shares | 2,350 |
Profits Interest Plan - Summary
Profits Interest Plan - Summary of Profits Interest Units Activity (Detail) - Profits Interest Plan [Member] | 9 Months Ended |
Jun. 30, 2021shares | |
Profits Interest Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance | 24,638 |
Units granted | 10,733 |
Ending balance | 35,371 |
Vested Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Units vested | 5,545 |
Ending balance | 5,545 |
Profits Interest Plan - Summa_2
Profits Interest Plan - Summary of Weighted Average Assumptions Used to Estimate the Fair Value of the Profits Interest Units which are Outstanding (Detail) - Profits Interest Units [Member] - Profits Interest Plan [Member] | 9 Months Ended |
Jun. 30, 2021$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair value per unit | $ 3,853 |
Expected term (in years) | 1 year 6 months 10 days |
Expected volatility | 37.40% |
Expected dividend yield | 0.00% |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate | 0.07% |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate | 0.67% |
Segments - Summary of Key Finan
Segments - Summary of Key Financial Performance Measures by Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Segment Reporting Information [Line Items] | |||||
Net sales | [1] | $ 668,867 | $ 560,793 | $ 1,632,176 | $ 1,157,169 |
Adjusted income from operations | [2] | 101,579 | 100,340 | 249,749 | 151,585 |
Depreciation and amortization | 12,079 | 10,454 | 32,407 | 31,926 | |
Capital expenditures | 23,149 | 4,446 | 40,503 | 22,709 | |
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Adjusted income from operations | 171,575 | 153,090 | 413,725 | 280,047 | |
Operating Segments [Member] | Americas [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 339,441 | 315,053 | 891,649 | 649,913 | |
Adjusted income from operations | [2] | 61,206 | 70,153 | 178,246 | 139,082 |
Depreciation and amortization | 2,331 | 169 | 4,474 | 521 | |
Capital expenditures | 26 | 183 | 39 | ||
Operating Segments [Member] | EMEA [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 306,668 | 227,552 | 617,995 | 434,755 | |
Adjusted income from operations | [2] | 108,380 | 79,447 | 206,516 | 125,187 |
Depreciation and amortization | 417 | 453 | 1,287 | 1,534 | |
Capital expenditures | 8,836 | 73 | 11,956 | 5,797 | |
Operating Segments [Member] | APAC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 22,758 | 18,188 | 122,532 | 72,501 | |
Adjusted income from operations | [2] | 1,989 | 3,490 | 28,963 | 15,778 |
Depreciation and amortization | 1,527 | 280 | 2,254 | 821 | |
Capital expenditures | 503 | 119 | 1,162 | 655 | |
Corporate, Non-Segment [Member] | Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Adjusted income from operations | [2] | (69,996) | (52,750) | (163,976) | (128,462) |
Depreciation and amortization | 7,804 | 9,552 | 24,392 | 29,050 | |
Capital expenditures | $ 13,784 | $ 4,254 | $ 27,202 | $ 16,218 | |
[1] | Includes related party royalty revenue of $128 and $34 for the three months ended June 30, 2021 and 2020, respectively, and $75 and $316 for the nine months ended June 30, 2021 and 2020, respectively (see Note 10). | ||||
[2] | Adjusted income from operations for each reportable segment includes cost of goods sold transfer price allocations and distribution allocations from Corporate/Other. Corporate/Other includes unallocated corporate and certain supply chain expenses, inter-segment eliminations and other adjustments, including business and operational transformation costs, debt refinancing and IPO costs and COVID-19 costs. |
Segments - Summary of Reconcili
Segments - Summary of Reconciliation of Adjusted Income From Operations to Income Before Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Segment adjusted income from operations for reportable segments | [1] | $ 101,579 | $ 100,340 | $ 249,749 | $ 151,585 |
Unallocated net expenses | (69,996) | (52,750) | (163,976) | (128,462) | |
Adjustments to income before taxes | |||||
Non-cash stock compensation / LTIP and profits interest expense | (61,714) | (975) | (94,193) | (1,867) | |
Gain on disposal of assets held for sale | 5,185 | ||||
Interest income | [2] | 252 | 311 | 677 | 1,012 |
Interest expenses | (18,283) | (10,895) | (50,457) | (32,006) | |
Loss from early extinguishment of debt | (5,448) | ||||
Income before taxes | 21,834 | 88,781 | 105,513 | 118,724 | |
Operating Segments [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Segment adjusted income from operations for reportable segments | 171,575 | 153,090 | 413,725 | 280,047 | |
Operating Segments [Member] | Americas [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Segment adjusted income from operations for reportable segments | [1] | 61,206 | 70,153 | 178,246 | 139,082 |
Operating Segments [Member] | EMEA [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Segment adjusted income from operations for reportable segments | [1] | 108,380 | 79,447 | 206,516 | 125,187 |
Operating Segments [Member] | A P A C [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Segment adjusted income from operations for reportable segments | $ 1,989 | $ 3,490 | $ 28,963 | $ 15,778 | |
[1] | Adjusted income from operations for each reportable segment includes cost of goods sold transfer price allocations and distribution allocations from Corporate/Other. Corporate/Other includes unallocated corporate and certain supply chain expenses, inter-segment eliminations and other adjustments, including business and operational transformation costs, debt refinancing and IPO costs and COVID-19 costs. | ||||
[2] | Includes related party interest income of $11 and $14 for the for the three months ended June 30, 2021 and 2020, respectively, and $40 and $42 for the nine months ended June 30, 2021 and 2020, respectively (see Note 10). |
Segments - Summary of Reconcila
Segments - Summary of Reconcilaition of Segment Assets to Total Consolidated Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | $ 1,698,157 | $ 1,139,435 | |
Operating Segments [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Segment assets | [1] | 333,935 | 233,327 |
All other | [2] | 1,364,222 | 906,108 |
Total assets | 1,698,157 | 1,139,435 | |
Operating Segments [Member] | Americas [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Segment assets | [1] | 179,579 | 120,351 |
Operating Segments [Member] | EMEA [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Segment assets | [1] | 112,414 | 77,477 |
Operating Segments [Member] | APAC [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Segment assets | [1] | $ 41,942 | $ 35,499 |
[1] | Inventory is the only segment asset reviewed by the CODM. | ||
[2] | “All other” consists of assets that are not reviewed by the CODM at a segment level: cash and cash equivalents; accounts receivable; prepaid expenses and other current assets; property, equipment and leasehold improvements, net; operating lease right-of-use assets; other long-term assets; trademarks, net; other intangible assets, net; and goodwill. |
Income Per Unit - Summary of Ne
Income Per Unit - Summary of Net Income Per Unit (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Unit [Abstract] | ||||
Net income | $ 17,825 | $ 79,455 | $ 91,620 | $ 103,062 |
Earnings allocated to participating securities | (129) | (721) | (730) | (1,006) |
Net income attributable to common members | $ 17,696 | $ 78,734 | $ 90,890 | $ 102,056 |
Basic and diluted weighted-average common units outstanding | 538,777 | 551,774 | 547,515 | 551,760 |
Basic and diluted net income per common unit | $ 32.84 | $ 142.69 | $ 166 | $ 184.97 |
Income Per Unit - Summary of _2
Income Per Unit - Summary of Net Income Per Unit (Parenthetical) (Detail) - shares | 9 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Unit [Abstract] | ||
Common units exclude from weighted average common units outstanding basic and diluted | 2,443 | 2,263 |
Member Notes - Additional Infor
Member Notes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Sep. 30, 2020 | |
Related Party Transaction [Line Items] | |||||
Capital contribution amount | $ 14,733 | $ 500 | |||
Notes receivable | $ 11,776 | $ 375 | 11,776 | $ 375 | |
Member notes receivable issued | $ 10,479 | $ 7,295 | |||
Percentage of recourse provisions limt | 50.00% | 50.00% | |||
Proceeds from member notes | $ 829 | $ 981 | |||
Total amount due from members on the notes receivable | 11,221 | 11,221 | 9,284 | ||
Accrued interest for full recourse notes and notes receivable | 741 | 741 | 1,483 | ||
Unit based compensation | 44,207 | $ 67,296 | |||
Member Notes [Member] | |||||
Related Party Transaction [Line Items] | |||||
Interest rate | 2.00% | 4.00% | |||
Total amount due from members on the notes receivable | 11,221 | $ 11,221 | $ 9,284 | ||
Unit based compensation | $ 4,511 | $ 0 | 4,941 | $ 142 | |
Member Notes [Member] | Partial Recourse Notes [Member] | |||||
Related Party Transaction [Line Items] | |||||
Proceeds from member notes | $ 9,138 | $ 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands | Aug. 31, 2021 | Jun. 30, 2021 |
Subsequent Event [Line Items] | ||
Payments of Stock Issuance Costs | $ 2,349 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Percentage of retained tax savings | 15.00% | |
Percentage of payments to members on applicable cash savings | 85.00% | |
Subsequent Event [Member] | IPO [Member] | ||
Subsequent Event [Line Items] | ||
Stock Issued During Period Shares | 17,900,000 | |
Subsequent Event [Member] | IPO [Member] | Common Class A [Member] | ||
Subsequent Event [Line Items] | ||
Stock Issued During Period Shares | 17,900,000 | |
Stock Issued During Period, Shares, Acquisitions | 17,900,000 | |
Subsequent Event [Member] | IPO [Member] | LLC Units [Member] | ||
Subsequent Event [Line Items] | ||
Proceeds from Issuance Initial Public Offering | $ 237,500 | |
Subsequent Event [Member] | Common Stock [Member] | Minimum [Member] | ||
Subsequent Event [Line Items] | ||
Percentage of aggregate number of outstanding shares holding | 10.00% | |
Subsequent Event [Member] | Secured Credit Facility [Member] | ||
Subsequent Event [Line Items] | ||
Repayments of Debt | $ 220,132 | |
Subsequent Event [Member] | WEBER INC [Member] | ||
Subsequent Event [Line Items] | ||
Percentage of retained tax savings | 15.00% | |
Percentage of payments to members on applicable cash savings | 85.00% | |
Subsequent Event [Member] | WEBER INC [Member] | IPO [Member] | ||
Subsequent Event [Line Items] | ||
Stock Issued During Period, Shares, Acquisitions | 17,900,000 | |
Proceeds from Issuance Initial Public Offering | $ 237,500 | |
Subsequent Event [Member] | WEBER INC [Member] | IPO [Member] | Common Class A [Member] | ||
Subsequent Event [Line Items] | ||
Stock Issued During Period, Shares, Acquisitions | 17,900,000 | |
Subsequent Event [Member] | WEBER INC [Member] | Common Stock [Member] | Minimum [Member] | ||
Subsequent Event [Line Items] | ||
Percentage of aggregate number of outstanding shares holding | 10.00% | |
Subsequent Event [Member] | WEBER INC [Member] | Secured Credit Facility [Member] | ||
Subsequent Event [Line Items] | ||
Repayments of Debt | $ 220,132 | |
Subsequent Event [Member] | Weber HoldCo LLC [Member] | ||
Subsequent Event [Line Items] | ||
Stock Repurchased During Period, Shares | 2,700,000 | |
Subsequent Event [Member] | Weber HoldCo LLC [Member] | IPO [Member] | ||
Subsequent Event [Line Items] | ||
Percentage of newly issued LLC units | 6.00% | |
Payments of Stock Issuance Costs | $ 17,368 | |
Subsequent Event [Member] | Weber HoldCo LLC [Member] | Greenshoe Shares [Member] | Common Class A [Member] | ||
Subsequent Event [Line Items] | ||
Proceeds from Issuance Initial Public Offering | $ 35,625 | |
Subsequent Event [Member] | Weber HoldCo LLC [Member] | Greenshoe Shares [Member] | Weber LLC Units One [Member] | ||
Subsequent Event [Line Items] | ||
Stock Issued During Period, Shares, Acquisitions | 2,300,000 | |
Subsequent Event [Member] | Weber HoldCo LLC [Member] | WEBER INC [Member] | IPO [Member] | ||
Subsequent Event [Line Items] | ||
Percentage of newly issued LLC units | 6.00% | |
Payments of Stock Issuance Costs | $ 17,368 | |
Subsequent Event [Member] | Weber HoldCo LLC [Member] | WEBER INC [Member] | Greenshoe Shares [Member] | Common Class A [Member] | ||
Subsequent Event [Line Items] | ||
Proceeds from Issuance Initial Public Offering | $ 35,625 | |
Stock Repurchased During Period, Shares | 2,700,000 | |
Subsequent Event [Member] | Weber HoldCo LLC [Member] | WEBER INC [Member] | Greenshoe Shares [Member] | Weber LLC Units One [Member] | ||
Subsequent Event [Line Items] | ||
Stock Issued During Period, Shares, Acquisitions | 2,300,000 | |
Subsequent Event [Member] | Blocker [Member] | Greenshoe Shares [Member] | Common Class A [Member] | ||
Subsequent Event [Line Items] | ||
Stock Issued During Period, Shares, Acquisitions | 300,000 | |
Subsequent Event [Member] | Blocker [Member] | WEBER INC [Member] | Greenshoe Shares [Member] | Common Class A [Member] | ||
Subsequent Event [Line Items] | ||
Stock Issued During Period, Shares, Acquisitions | 300,000 |