The Vita Coco Company, Inc. (NASDAQ:COCO), a leading high-growth
platform of better-for-you beverage brands, today announced
financial results for the third quarter and first nine months ended
September 30, 2021.
Third Quarter 2021 Highlights Compared to Prior Year
Period
- Net sales grew to $115.7 million, a 32.5% increase
- Gross profit increased to $38.5 million, or 33.3% of net
sales
- Income from Operations was up 72.7% to $17.8 million
- GAAP Net income was $13.0 million, or $0.24 per diluted
share
- Non-GAAP Adjusted EBITDA1 increased 83.0% to $20.6 million
First Nine Months 2021 Highlights Compared to Prior Year
Period
- Net sales grew to $292.9 million, a 21.5% increase
- Gross profit increased to $91.6 million, or 31.3% of net
sales
- Income from Operations was up 10.5% to $29.7 million
- GAAP Net income was $22.4 million, or $0.42 per diluted
share
- Non-GAAP Adjusted EBITDA1 increased 21.6% to $36.3 million
Subsequent Events
- Initial public offering (“IPO”) completed in October 2021, with
11.5 million shares sold at $15.00 per share
Michael Kirban, the Company’s co-Chief Executive Officer and
Chairman, stated, “I’m extremely proud of our teams’ ability, once
again, to deliver incredible results, especially in a challenging
environment. I’m most excited about our accelerating leadership
position in the high growth Coconut Water category and in our
ability to bring new products and brands to consumers who are
looking for healthy alternatives to conventional beverages. I want
to recognize the effort of all our employees on accomplishing this
and achieving a record quarter in net sales. Our top line growth
continued to accelerate in the third quarter as compared to the
first and second quarters of 2021 despite inventory challenges,
with net sales growing 32% compared to the prior year period
largely driven by our Americas segment. Looking forward, we plan to
continue to prioritize growth by driving the Coconut Water category
and meeting the expanding consumer demand for better-for-you
natural and plant-based beverages. We believe we are well
positioned to leverage our strong foundation and asset lite
business model to propel future profitable growth and to meet this
growing consumer demand.”
Martin Roper, the Company’s co-Chief Executive Officer,
commented, “Our top line growth in the Americas was driven by the
strength of our Vita Coco Coconut Water product category, combined
with increased net sales from Private Label due to better inventory
availability and associated timing of revenue recognition. We also
benefited from increased net sales per case equivalents, due to
reduced promotional pricing activity within our Vita Coco Coconut
Water product category. Our net sales growth was accomplished even
with continued inventory constraints on some SKUs related to
availability of ocean containers at acceptable prices and increased
transit times.”
Roper continued, “Our costs of goods for the quarter continued
to be impacted by ocean freight transportation cost increases,
which were sequentially worse than in the second quarter. While
difficult to predict when the global supply chain will normalize,
we believe our costs of goods are likely to remain under pressure
for the next several quarters due to inflated freight and
transportation costs. In the third quarter, we were able to offset
most of these inflationary costs with increased volume and improved
price/mix to generate our gross profit and income from operations
growth. Our recent IPO solidified our balance sheet and has us well
positioned to chase further share gains during these supply chain
challenges which we believe will eventually normalize. In
anticipation of continued growth, we intend to build our
inventories over the winter to support our projected peak summer
demand, assuming current year-to-date growth rates are sustained.
Our discussions with retailers on increased distribution, new brand
innovations and expansion of our Vita Coco coconut milk offering
are progressing. Overall, we believe our business is healthy and
our commercial platform is in a good position to support our
multiple growth initiatives for long-term growth both in our
Americas and International segments.”
Third Quarter 2021 ResultsNet sales increased
$28.3 million, or 32.5%, to $115.7 million for the third quarter
ended September 30, 2021, compared to $87.3 million for the third
quarter ended September 30, 2020. The increase in net sales was
primarily driven by higher case equivalent volumes across both the
Americas and International segments, with the Vita Coco Coconut
Water product category as the largest contributor to the
increase.
Gross profit was $38.5 million for the third quarter of 2021
compared to $29.4 million for the third quarter of 2020. Gross
profit margin decreased 36 basis points to 33.3% for the third
quarter of 2021 compared to 33.6% in the same period last year. The
gross margin erosion in the third quarter of 2021 compared to the
prior year period was primarily due to higher ocean freight costs
and other logistics costs, partially offset by a reduction in
promotional activities. Cost of goods per case equivalent were up
10% for the quarter compared to 8% on a year-to-date basis,
primarily driven by continuous rise of ocean freight and logistics
costs.
Selling, general and administrative expenses in the third
quarter of 2021 were $20.7 million, or 17.9% of net sales, compared
to $19.1 million, or 21.8% of net sales, in the prior year period.
The increase in expenses was primarily due to the Company incurring
costs associated with preparing for being a public company.
Income from operations was up 72.7% to $17.8 million for the
third quarter of 2021 compared to $10.3 million for the third
quarter of 2020. The increase versus prior year was primarily
driven by the increase in gross profit offset by the increase in
selling, general and administrative expenses.
Net income attributable to shareholders was $13.0 million, or
$0.24 per diluted share, for the third quarter of 2021 compared to
net income of $9.0 million, or $0.15 per diluted share, in the
prior year period. Third quarter of 2021 included an unrealized
non-cash FX loss of $2.0 million related to derivative instruments,
compared to an unrealized gain of $0.2 million in the same period
last year.
Adjusted EBITDA1 for the third quarter of 2021 was $20.6
million, compared to $11.3 million in the third quarter of 2020.
The increase in Adjusted EBITDA was primarily driven by the
increase in gross profit.
AmericasAmericas net sales increased $26.4
million, or 35.4%, to $100.9 million for the third quarter of 2021
compared to $74.5 million in the prior year period. This increase
was due to growth in Vita Coco Coconut Water and Private Label. The
Vita Coco Coconut Water product category increased $20.9 million,
or 41.1%, to $71.8 million for the third quarter of 2021 compared
to $50.9 million in the prior year period. This was driven by
increased case equivalent volume due to higher consumer demand, and
less promotional price activity starting in the second quarter
which had a disproportionate impact in the third quarter of 2021.
Net sales were the strongest within the Company’s Direct Store
Delivery (DSD) channel which services most of the Food, Mass
Merchandisers, Drug and Convenience channels. Private Label
increased $5.7 million, or 28.4%, to $26.0 million for the third
quarter of 2021 compared to $20.2 million in the prior year period,
mostly driven by better inventory availabilities and associated
timing of revenue recognition.
Americas gross profit was $34.7 million for the third quarter of
2021 compared to $25.1 million for the third quarter of 2020. Gross
profit margin increased 69 basis points to 34.4% for the third
quarter of 2021 compared to 33.7% in the same period last year
driven by a reduction in promotional pricing offsetting the
inflationary supply chain costs.
InternationalInternational net sales increased
$1.9 million, or 15.1%, to $14.7 million for the third quarter of
2021 compared to $12.8 million in the prior year period. This
increase was primarily driven by increased sales in the Company’s
European region, which included a favorable impact related to
foreign currency translation.
International gross profit was $3.8 million for the third
quarter of 2021 compared to $4.3 million for the third quarter of
2020. Gross profit margin decreased 757 basis points to 25.9% for
the third quarter of 2021 compared to 33.5% in the same period last
year primarily driven by the inflationary supply chain costs,
especially on ocean freight shipping to Europe.
Balance SheetAs of September 30, 2021, prior to
the completion of its initial public offering, the Company had cash
and cash equivalents and total debt of $35.9 million and $37.6
million respectively, compared to $72.2 million and $25.1 million
respectively as of December 31, 2020. The decrease in net cash was
driven by a share buyback of approximately $50 million executed by
the Company in the first quarter of 2021 and higher working capital
needs, primarily due to increased inventory related to higher net
sales, longer ocean transit times and increased cost of goods per
unit. Inventories as of September 30, 2021, totaled $47.2 million,
compared to $32.0 million as of December 31, 2020.
Initial Public OfferingOn October 21, the
Company began trading on The Nasdaq Stock Market, under the ticker
symbol COCO and closed its IPO of 11,500,000 shares of common stock
at a public offering price of $15.00 per share on October 25. The
Company sold 2,500,000 shares of common stock and the selling
stockholders sold 9,000,000 shares of common stock. The Company did
not receive any proceeds from the sale of shares by the selling
stockholders. Total net proceeds to the Company were
approximately $30 million, net of underwriter’s discounts and
commissions and other offering expenses. The Company used the net
proceeds from the IPO to repay outstanding borrowings under its
Term Loan Facility and for general corporate purposes, including
working capital and operating expenses. After September 30, 2021,
subsequent to the IPO, there were 55,509,320 shares of common stock
outstanding.
Fiscal Year 2021 Full Year Outlook
- The Company expects net sales percentage growth for fiscal year
2021 of 19-21% compared to fiscal year 2020.
- The Company expects gross margin for fiscal year 2021 to be
slightly lower than its year-to-date average due to the worsening
global and domestic transportation cost environment and the limited
ability of the Company to offset these incremental costs with
promotional pricing reductions during the fourth quarter.
- The Company expects supply chain disruptions to persist through
most of fiscal year 2022 and is managing its supply capabilities to
support the current year-to-date growth rate continuing through
2022.
- The Company does not anticipate any material changes to its
current share count by end of fiscal year 2021 which assumes no
share repurchases or significant exercises of stock options or
issuances of restricted stock in the fourth quarter 2021.
Footnotes:(1) Adjusted EBITDA
represents earnings before income, taxes, depreciation, and
amortization as adjusted for certain items as set forth in the
reconciliation table of U.S. GAAP to non-GAAP information
and is a measure calculated and presented on the basis of
methodologies other than in accordance with GAAP. Please refer to
the Use of Non-GAAP Financial Information herein for further
discussion and reconciliation of this measure to GAAP
measures.Conference Call and Webcast DetailsThe
Vita Coco Company will host a conference call and webcast at 5:00
p.m. ET today to discuss these results. The conference call can be
accessed by dialing (800) 547-1866 or for international callers by
dialing (224) 619-3907, conference ID 2788336. A replay of the
conference call will be available through November 25, 2021 by
dialing (855) 859-2056 or for international callers by dialing
(404) 537-3406, conference ID 2788336. The live audio webcast will
be accessible in the “Events” section of the Company’s Investor
Relations website at https://investors.thevitacococompany.com. An
archived replay of the webcast will be available shortly after the
live event has concluded.
About The Vita Coco CompanyThe Vita Coco
Company was co-founded in 2004 by co-CEO Michael Kirban and Ira
Liran. Pioneers in the functional beverage category, The Vita Coco
Company’s brands include the leading coconut water, Vita Coco;
clean energy drink Runa; sustainable enhanced water, Ever &
Ever; and protein-infused water, PWR LIFT. With its ability to
harness the power of people and plants, and balance purpose and
profit, The Vita Coco Company has created a modern beverage
platform built for current and future generations.
ContactsInvestor:John MillsManaging
Partner646-277-1254investors@thevitacococompany.com Media:Stephanie
Knight248-688-7178sknight@soleburytrout.com
Non-GAAP Financial Measures
In addition to disclosing results determined in accordance
with U.S. GAAP, the Company also discloses certain
non-GAAP results of operations, including, but not limited to,
Adjusted EBITDA, that include certain adjustments or exclude
certain charges and gains that are described in the reconciliation
table of U.S. GAAP to non-GAAP information provided at
the end of this release. These non-GAAP measures are a key metric
used by management and our board of directors to assess our
financial performance across reporting periods on a consistent
basis by excluding items that we do not believe are indicative of
our core operating performance and because we believe it is useful
for investors to see the measures that management uses to evaluate
the Company. In addition, we believe the presentation of these
measures is useful to investors for period-to-period comparisons of
results as the items described below in the reconciliation tables
do not reflect ongoing operating performance.
These measures are not in accordance with, or an alternative
to, U.S. GAAP, and may be different from non-GAAP
measures used by other companies. In addition, other companies,
including companies in our industry, may calculate such measures
differently, which reduces its usefulness as a comparative measure.
Investors should not rely on any single financial measure when
evaluating our business. This information should be considered as
supplemental in nature and is not meant as a substitute for our
operating results in accordance with U.S. GAAP. We
recommend investors review the U.S. GAAP financial
measures included in this earnings release. When viewed in
conjunction with our U.S. GAAP results and the
accompanying reconciliations, we believe these non-GAAP measures
provide greater transparency and a more complete understanding of
factors affecting our business than U.S. GAAP measures
alone.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements contained in this press release that do not
relate to matters of historical fact should be considered
forward-looking statements, including but not limited to,
statements regarding our future financial and operating
performance, including our GAAP and non-GAAP guidance, our
strategy, projected costs, prospects, expectations, plans,
objectives of management, supply chain predictions and expected net
sales and category share growth.
The forward-looking statements in this release are only
predictions. We have based these forward-looking statements largely
on our current expectations and projections about future events and
financial trends that we believe may affect our business, financial
condition and results of operations. Forward-looking statements
involve known and unknown risks, uncertainties and other important
factors that may cause our actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Forward-looking statements involve a
number of risks, uncertainties or other factors beyond the
Company’s control. These factors include, but are not limited to,
those discussed under the caption “Risk Factors” in our prospectus
pursuant to Rule 424(b) filed with the U.S. Securities and Exchange
Commission (“SEC”) on October 22, 2021, and our other filings with
the SEC as such factors may be updated from time to time and which
are accessible on the SEC’s website at www.sec.gov and the Investor
Relations page of our website at www.vitacoco.com. Any
forward-looking statements contained in this press
release speak only as of the date hereof and accordingly undue
reliance should not be placed on such statements. We disclaim any
obligation or undertaking to update or revise any forward-looking
statements contained in this press release, whether as a result of
new information, future events or otherwise, other than to the
extent required by applicable law.
THE VITA
COCO COMPANY, INC. |
CONDENSED
CONSOLIDATED BALANCE SHEETS |
(Amounts in thousands, except share data) |
|
|
|
|
|
September
30, |
|
December
31, |
|
2021 |
|
2020 |
|
|
|
|
Assets |
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
35,910 |
|
|
$ |
72,181 |
|
Accounts receivable, net of allowance of $1,263 at September 30,
2021, |
|
|
|
and $1,211 at December 31, 2020 |
|
57,172 |
|
|
|
30,504 |
|
Inventory |
|
47,185 |
|
|
|
31,967 |
|
Supplier advances |
|
1,262 |
|
|
|
1,190 |
|
Derivative assets |
|
156 |
|
|
|
200 |
|
Prepaid expenses and other current assets |
|
36,435 |
|
|
|
23,105 |
|
Total current assets |
|
178,120 |
|
|
|
159,147 |
|
Property and
equipment, net |
|
2,274 |
|
|
|
2,880 |
|
Goodwill |
|
7,791 |
|
|
|
7,791 |
|
Intangible
assets, net |
|
8,239 |
|
|
|
9,154 |
|
Supplier
advances |
|
2,650 |
|
|
|
2,925 |
|
Other
assets |
|
1,900 |
|
|
|
1,964 |
|
Total assets |
$ |
200,974 |
|
|
$ |
183,861 |
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
Current
liabilities: |
|
|
|
Accounts payable |
$ |
12,976 |
|
|
$ |
15,837 |
|
Accrued expenses |
|
51,436 |
|
|
|
34,482 |
|
Notes payable, current |
|
4,316 |
|
|
|
22 |
|
Derivative liabilities |
|
4,069 |
|
|
|
5,364 |
|
Total current liabilities |
|
72,797 |
|
|
|
55,705 |
|
Credit
facility |
|
7,500 |
|
|
|
25,000 |
|
Notes
payable |
|
25,769 |
|
|
|
34 |
|
Deferred tax
liability |
|
344 |
|
|
|
342 |
|
Other
long-term liabilities |
|
287 |
|
|
|
481 |
|
Total liabilities |
|
106,697 |
|
|
|
81,562 |
|
|
|
|
|
Stockholders' equity: |
|
|
|
Common
stock, $0.01 par value; 455,000,000 shares authorized; |
|
|
|
59,215,520 and 59,200,050 shares issued at September 30, 2021 and
December 31, 2020, respectively |
|
|
53,009,320 and 58,185,855 shares outstanding at September 30, 2021
and December 31, 2020, respectively |
|
592 |
|
|
|
592 |
|
Additional
paid-in capital |
|
102,626 |
|
|
|
100,849 |
|
Loan to
stockholder |
|
- |
|
|
|
(17,700 |
) |
Retained
earnings |
|
50,786 |
|
|
|
28,354 |
|
Accumulated
other comprehensive loss |
|
(822 |
) |
|
|
(949 |
) |
Treasury
stock, 6,206,200 shares at cost as of September 30, 2021, |
|
|
|
and
1,014,195 shares at cost as of December 31, 2020 |
|
(58,928 |
) |
|
|
(8,925 |
) |
Total stockholders' equity attributable to The Vita Coco Company,
Inc. |
|
94,254 |
|
|
|
102,221 |
|
Noncontrolling interests |
|
23 |
|
|
|
78 |
|
Total stockholders' equity |
|
94,277 |
|
|
|
102,299 |
|
Total liabilities and stockholders' equity |
$ |
200,974 |
|
|
$ |
183,861 |
|
THE VITA
COCO COMPANY, INC. |
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS |
(Amounts in thousands, except for share and per share
data) |
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
115,669 |
|
|
$ |
87,321 |
|
|
$ |
292,929 |
|
|
$ |
241,127 |
|
Cost of
goods sold |
|
77,168 |
|
|
|
57,941 |
|
|
|
201,368 |
|
|
|
158,813 |
|
Gross profit |
|
38,501 |
|
- |
|
29,380 |
|
|
|
91,561 |
|
- |
|
82,314 |
|
|
|
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
|
|
|
Selling, general and administrative |
|
20,675 |
|
|
|
19,060 |
|
|
|
61,897 |
|
|
|
55,462 |
|
|
|
|
|
|
|
|
|
Income from
operations |
|
17,826 |
|
|
|
10,320 |
|
|
|
29,664 |
|
|
|
26,852 |
|
|
|
|
|
|
|
|
|
Other income
(expense) |
|
|
|
|
|
|
|
Unrealized gain/(loss) on derivative instruments |
|
(1,964 |
) |
|
|
167 |
|
|
|
1,250 |
|
|
|
(7,229 |
) |
Foreign currency gain/(loss) |
|
(483 |
) |
|
|
756 |
|
|
|
(2,013 |
) |
|
|
1,118 |
|
Interest income |
|
31 |
|
|
|
61 |
|
|
|
104 |
|
|
|
244 |
|
Interest expense |
|
(127 |
) |
|
|
(24 |
) |
|
|
(319 |
) |
|
|
(776 |
) |
Total other income (expense) |
|
(2,543 |
) |
|
|
960 |
|
|
|
(978 |
) |
|
|
(6,643 |
) |
|
|
|
|
|
|
|
|
Income
before income taxes |
|
15,283 |
|
|
|
11,280 |
|
|
|
28,686 |
|
- |
|
20,209 |
|
Income tax
expense |
|
(2,296 |
) |
|
|
(2,263 |
) |
|
|
(6,277 |
) |
|
|
(4,615 |
) |
Net
income |
$ |
12,987 |
|
|
$ |
9,017 |
|
|
$ |
22,409 |
|
|
$ |
15,594 |
|
Net income/(loss) attributable to noncontrolling interest |
|
(3 |
) |
|
|
10 |
|
|
|
(23 |
) |
|
|
21 |
|
Net income
attributable to The Vita Coco Company, Inc. |
$ |
12,990 |
|
|
$ |
9,007 |
|
|
$ |
22,432 |
|
|
$ |
15,573 |
|
|
|
|
|
|
|
|
|
Net income attributable to The Vita Coco Company, Inc. per common
share |
|
|
|
|
|
|
Basic |
$ |
0.25 |
|
|
$ |
0.15 |
|
|
$ |
0.42 |
|
|
$ |
0.27 |
|
Diluted |
$ |
0.24 |
|
|
$ |
0.15 |
|
|
$ |
0.42 |
|
|
$ |
0.27 |
|
Weighted-average number of common shares outstanding |
|
|
|
|
|
|
|
Basic |
|
53,006,746 |
|
|
|
58,495,156 |
|
|
|
53,266,209 |
|
|
|
58,560,306 |
|
Diluted |
|
53,780,060 |
|
|
|
58,590,672 |
|
|
|
53,742,048 |
|
|
|
58,675,205 |
|
|
|
|
|
|
|
|
|
THE VITA
COCO COMPANY, INC. |
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(Amounts in thousands) |
|
|
|
|
|
Nine Months Ended September 30, |
|
2021 |
|
2020 |
|
|
Cash
flows from operating activities: |
|
|
|
Net income |
|
22,409 |
|
|
|
15,594 |
|
Adjustments to reconcile net income to net cash
provided by operating activities: |
|
|
Depreciation and amortization |
|
1,557 |
|
|
|
1,559 |
|
(Gain)/loss on disposal of equipment |
|
89 |
|
|
|
(14 |
) |
Bad debt expense |
|
20 |
|
|
|
135 |
|
Unrealized (gain)/loss on derivative instruments |
|
(1,250 |
) |
|
|
7,229 |
|
Stock-based compensation |
|
1,641 |
|
|
|
1,238 |
|
Impairment of intangible assets |
|
- |
|
|
|
90 |
|
Changes in operating assets and
liabilities: |
|
|
|
Accounts receivable |
|
(26,940 |
) |
|
|
(18,964 |
) |
Inventory |
|
(15,362 |
) |
|
|
11,487 |
|
Prepaid expenses and other assets |
|
(12,974 |
) |
|
|
(5,732 |
) |
Accounts payable, accrued expenses, and other long-term
liabilities |
|
14,251 |
|
|
|
22,402 |
|
Net advances to suppliers |
|
208 |
|
|
|
(3,437 |
) |
|
|
|
|
Net
cash provided by (used in) operating activities |
|
(16,351 |
) |
|
|
31,587 |
|
|
|
|
|
Cash
flows from investing activities: |
|
|
|
Cash paid for property and equipment |
|
(127 |
) |
|
|
(223 |
) |
Proceeds from sale of property and equipment |
|
- |
|
|
|
14 |
|
Net
cash used in investing activities |
|
(127 |
) |
|
|
(209 |
) |
|
|
|
|
Cash
flows from financing activities: |
|
|
|
Proceeds from exercise of stock options/warrants |
|
153 |
|
|
|
825 |
|
Borrowings on credit facility |
|
16,500 |
|
|
|
15,952 |
|
Repayments of borrowings on credit facility |
|
(34,000 |
) |
|
|
(15,952 |
) |
Proceeds from settlement of loan to stockholder |
|
17,700 |
|
|
|
- |
|
Cash received (paid) on notes payable |
|
30,028 |
|
|
|
(16,890 |
) |
Cash paid to acquire treasury stock |
|
(50,003 |
) |
|
|
(5,257 |
) |
Cash paid to acquire portion of non-controlling interest |
|
(54 |
) |
|
|
- |
|
|
|
|
|
Net
cash used in financing activities |
|
(19,676 |
) |
|
|
(21,322 |
) |
|
|
|
|
Effects of
exchange rate changes on cash and cash equivalents |
|
(117 |
) |
|
|
(5 |
) |
Net decrease
in cash and cash equivalents |
|
(36,271 |
) |
|
|
10,051 |
|
Cash and
cash equivalents at beginning of the period |
|
72,181 |
|
|
|
36,740 |
|
Cash and
cash equivalents at end of the period |
$ |
35,910 |
|
|
$ |
46,791 |
|
RECONCILIATION FROM GAAP NET INCOME TO NON-GAAP ADJUSTED
EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
(in
thousands) |
|
(in
thousands) |
Net income |
$ |
12,987 |
|
|
$ |
9,017 |
|
|
$ |
22,409 |
|
|
$ |
15,594 |
|
Depreciation
and amortization |
|
514 |
|
|
|
531 |
|
|
|
1,557 |
|
|
|
1,559 |
|
Interest
income |
|
(31 |
) |
|
|
(61 |
) |
|
|
(104 |
) |
|
|
(244 |
) |
Interest
expense |
|
127 |
|
|
|
24 |
|
|
|
319 |
|
|
|
776 |
|
Income tax
expense |
|
2,296 |
|
|
|
2,263 |
|
|
|
6,277 |
|
|
|
4,615 |
|
EBITDA |
|
15,893 |
|
|
|
11,774 |
|
|
|
30,458 |
|
|
|
22,300 |
|
Stock-based
compensation (a) |
|
630 |
|
|
|
411 |
|
|
|
1,641 |
|
|
|
1,238 |
|
Unrealized
(gain)/loss on derivative instruments (b) |
|
1,964 |
|
|
|
(167 |
) |
|
|
(1,250 |
) |
|
|
7,229 |
|
Foreign
currency (gain)/loss (b) |
|
483 |
|
|
|
(756 |
) |
|
|
2,013 |
|
|
|
(1,118 |
) |
Other
adjustments (c) |
|
1,678 |
|
|
|
19 |
|
|
|
3,401 |
|
|
|
165 |
|
Adjusted EBITDA |
$ |
20,647 |
|
|
$ |
11,281 |
|
|
$ |
36,263 |
|
|
$ |
29,814 |
|
(a) Non-cash charges related to
stock-based compensation, which vary from period to period
depending on volume and vesting timing of awards. We adjusted for
these charges to facilitate comparison from period to
period.(b) Unrealized gains or losses on
derivative instruments and foreign currency gains or losses are not
considered in our evaluation of our ongoing
performance.(c) Reflects other charges inclusive
of legal costs and other non-recurring expenses mostly related to
our public company readiness preparation.
Supplemental Information
NET
SALES |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
(in thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
Americas segment |
|
|
|
|
|
|
|
Vita Coco Coconut Water |
$ |
71,825 |
|
|
$ |
50,891 |
|
|
$ |
176,229 |
|
|
$ |
130,953 |
|
Private Label |
|
25,973 |
|
|
|
20,227 |
|
|
|
66,457 |
|
|
|
62,391 |
|
Other |
|
3,135 |
|
|
|
3,404 |
|
|
|
8,246 |
|
|
|
11,277 |
|
Subtotal |
|
100,933 |
|
|
|
74,522 |
|
|
|
250,932 |
|
|
|
204,621 |
|
|
|
|
|
|
|
|
|
International segment |
|
|
|
|
|
|
|
Vita Coco Coconut Water |
$ |
10,093 |
|
|
$ |
8,024 |
|
|
$ |
26,445 |
|
|
$ |
21,387 |
|
Private Label |
|
4,117 |
|
|
|
3,093 |
|
|
|
9,648 |
|
|
|
9,472 |
|
Other |
|
526 |
|
|
$ |
1,682 |
|
|
|
5,904 |
|
|
|
5,647 |
|
Subtotal |
$ |
14,736 |
|
|
$ |
12,799 |
|
|
$ |
41,997 |
|
|
$ |
36,506 |
|
|
|
|
|
|
|
|
|
Total net sales |
$ |
115,669 |
|
|
$ |
87,321 |
|
|
$ |
292,929 |
|
|
$ |
241,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COST OF
GOODS SOLD & GROSS PROFIT |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
(in thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
Cost of goods sold |
|
|
|
|
|
|
|
Americas segment |
$ |
66,254 |
|
|
$ |
49,431 |
|
|
$ |
169,430 |
|
|
$ |
133,545 |
|
International segment |
|
10,914 |
|
|
|
8,510 |
|
|
|
31,938 |
|
|
|
25,268 |
|
Total cost of goods sold |
$ |
77,168 |
|
|
$ |
57,941 |
|
|
$ |
201,368 |
|
|
$ |
158,813 |
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
|
|
|
|
|
Americas segment |
$ |
34,679 |
|
|
$ |
25,091 |
|
|
$ |
81,502 |
|
|
$ |
71,076 |
|
International segment |
|
3,822 |
|
|
|
4,289 |
|
|
|
10,059 |
|
|
|
11,238 |
|
Total gross profit |
$ |
38,501 |
|
|
$ |
29,380 |
|
|
$ |
91,561 |
|
|
$ |
82,314 |
|
|
|
|
|
|
|
|
|
Gross margin |
|
|
|
|
|
|
|
Americas segment |
|
34.4 |
% |
|
|
33.7 |
% |
|
|
32.5 |
% |
|
|
34.7 |
% |
International segment |
|
25.9 |
% |
|
|
33.5 |
% |
|
|
24.0 |
% |
|
|
30.8 |
% |
Consolidated |
|
33.3 |
% |
|
|
33.6 |
% |
|
|
31.3 |
% |
|
|
34.1 |
% |
Vita Coco (NASDAQ:COCO)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Vita Coco (NASDAQ:COCO)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024