What is the source of funding for the repurchase and does it impact the company’s cash balance or leverage?

Source of funding:

BellRing Brands did not announce any new debt issuance or revolving‑credit facility to finance the $400 million buy‑back. The repurchase is being funded from the company’s existing cash and cash‑equivalents portfolio (the $123.4 million spend through August 29 and the $226 million already used under the prior program). In other words, the company is drawing down its balance‑sheet cash rather than taking on additional borrowing.

Impact on cash balance & leverage:

Because the buy‑back is cash‑funded, each dollar spent reduces BellRing’s cash‑on‑hand and, consequently, its total assets. The reduction in cash also shrinks equity (the treasury‑stock contra‑equity account increases), which modestly lifts the debt‑to‑equity ratio even though no new debt is added. In practice the effect on leverage is small: the company’s leverage will rise only to the extent that the cash drawdown outweighs any concurrent earnings or operating‑cash generation. Investors should therefore expect a modest dip in the cash balance and a very slight uptick in leverage ratios, but no material change in the firm’s risk profile unless cash runs low relative to ongoing liquidity needs.