Narrow business focus as a virtual brewer with supplier concentration as the majority of its beer is brewed by MillerCoors under a long-term contract, which is currently in negotiation. Limited product and geographic diversity, with Pabst Blue Ribbon generating about 40% of its revenues, but relatively strong brand equity in its core Pabst Blue Ribbon beer. Efforts to expand into the growing high-end segments, including craft beer, import, and cider, because of the mature and highly competitive U.S. mass beer market. Modest free cash flow generation allowing for debt reduction. Our expectations that debt to EBITDA will remain over 5x, given the company's minority ownership by a financial sponsor, which increases the risk of the company prioritizing shareholder-friendly actions over
