The Vita Coco Company, Inc. (NASDAQ: COCO) (“Vita Coco” or the
“Company”), a leading high-growth platform of better-for-you
beverage brands, today announced financial results for the third
quarter ended September 30, 2022.
Third Quarter 2022 Highlights Compared to Prior Year
Period
- Net sales grew 7% to $124 million driven by strong 14% growth
of Vita Coco Coconut Water despite significant out-of-stocks on
certain flavored coconut water SKUs and a negative foreign currency
impact on our reported International net sales.
- Gross profit was $33 million, a decrease of $6 million, or
26% of net sales, representing a sequential improvement of over 90
basis points from the second quarter of 2022 and an improvement of
650 basis points from the first quarter, compared to 33% of net
sales in the prior year period, with the decrease driven by higher
year-over-year transportation costs.
- Net income attributable to shareholders was $7 million, or
$0.13 per diluted share, for the third quarter of 2022, compared to
net income of $13 million, or $0.24 per diluted share, in the third
quarter of 2021.
- Non-GAAP adjusted EBITDA1 was $12 million compared to $21
million, down $9 million due to higher transportation and ongoing
incremental public company costs.
2022 Year-To-Date Highlights Compared to Prior Year
Period
- Net sales grew 15% to $336 million driven by strong 22% growth
of Vita Coco Coconut Water which continues to be the largest
contributor to growth on a consolidated basis.
- Gross profit was $81 million, a decrease of $11 million, or 24%
of net sales, compared to 31% of net sales in the prior year
period, with the decrease driven by higher year-over-year
transportation costs.
- Net income attributable to shareholders was $11 million, or
$0.19 per diluted share, compared to net income of $22 million, or
$0.42 per diluted share, in the prior year period.
- Non-GAAP adjusted EBITDA1 was $16 million, compared to $36
million, with the decrease primarily driven by higher
transportation and ongoing incremental public company costs.
Michael Kirban, the Company's Co-founder and Executive Chairman,
stated, "I am very proud of our teams’ performance during a
challenging supply chain environment, and I'm especially happy with
our strong Vita Coco Coconut Water net revenue growth of 14% in the
third quarter. On a two-year basis, our third quarter Vita Coco
Coconut Water net sales grew 58% over third quarter 2020, and grew
63% for the nine months year-to-date versus the same period in
2020, demonstrating the health of our brands. In 2023, we expect
continued strong growth on our Vita Coco Coconut Water net sales,
improvement in our gross margins and substantial progress back
toward our long-term adjusted EBITDA target of the high teens as a
percentage of sales. We are committed to our long-term ambition to
create and maintain category leading brands in the broader,
better-for you, functional beverage segment."
Martin Roper, the Company’s Chief Executive Officer, said, “We
are pleased with our results, particularly our record net revenue,
despite the lost sales from flavored coconut water out-of-stocks
and a headwind from foreign exchange translation. Gross margins
benefited from our second quarter pricing actions and a higher
proportion of Vita Coco Coconut Water sales relative to private
label, which was offset by higher average ocean container costs
than prior quarters. We are happy that our brand remains very
healthy and feedback from our retail customers on our key 2023
commercial initiatives has been positive. Based on ocean freight
rates we are currently being offered, we believe the worst of the
cost spike is likely behind us, and the potential margin upside in
2023 and beyond could be significant."
Third Quarter 2022 Consolidated Results
Net sales increased $8 million, or 7%, to $124 million for
the third quarter ended September 30, 2022, compared to
$116 million for the third quarter ended September 30,
2021. The increase in net sales was driven by increased case
equivalent ("CE") volumes coupled with some benefits from net
pricing actions.
Strong top line growth driven by the continued underlying
strength of our Vita Coco brand was offset by increased
transportation costs primarily due to the global shipping cost
pressures. As a result, gross profit was $33 million for the
third quarter of 2022, which was down $6 million compared to the
third quarter of 2021. Gross margin of 26% in the third quarter
represented a sequential improvement of over 90 basis points from
the second quarter, decreasing from 33% in the same period last
year.
Selling, general and administrative expenses in the third
quarter of 2022 were $24 million, compared to $21 million in
the same prior year period. The increase was largely due to higher
marketing and ongoing public company costs, including personnel
related expenses and insurance.
Net income attributable to shareholders was $7 million, or
$0.13 per diluted share, for the third quarter of 2022, compared to
net income of $13 million, or $0.24 per diluted share, in the third
quarter of 2021. Net income was positively impacted by a non-cash
mark-to-market gain in fair value on foreign currency hedges of
$1 million versus a loss of $2 million last year.
Adjusted EBITDA1 for the third quarter of 2022 was $12 million,
compared to $21 million in the third quarter of 2021. The decrease
in adjusted EBITDA1 was primarily driven by higher transportation
costs and incremental public company costs.
Balance Sheet
As of September 30, 2022, the Company had cash and cash
equivalents of $21 million and $10 million of debt under a
revolving credit facility, compared to $29 million and zero,
respectively as of December 31, 2021. The decrease in net cash was
primarily driven by working capital seasonality due to
significantly increased accounts receivables. Inventories as of
September 30, 2022 totaled $74 million compared to $75 million
as of December 31, 2021. On September 30, 2022, there were
55,922,992 shares of common stock outstanding.
Fiscal Year 2022 Full Year Outlook
The Company is revising its full year 2022 guidance:
- Expect net sales in the range of $422-427 million, representing
a growth of approximately 11-12% compared to fiscal year 2021.
- Anticipate full year gross margins in the mid 20%’s due to
continued elevated transportation costs, partially offset by the
benefit of higher net pricing and efficiency initiatives. Expect
gross margin improvement for the fourth quarter relative to the
third quarter.
- Forecast adjusted EBITDA2 in the range of $20-22 million
reflecting volume and pricing growth offset by higher than normal
transportation costs and increased public company costs.
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.(2) GAAP Net
Income 2022 outlook is not provided due to the inherent difficulty
in quantifying certain amounts due to a variety of factors
including the unpredictability in the movement in foreign currency
rates, as well as future charges or reversals outside of the normal
course of business.
Conference Call and Webcast Details
The Vita Coco Company will host a conference call and webcast at
8:30 a.m. ET today to discuss these results. To participate in the
live earnings call and question and answer session, please register
at
https://register.vevent.com/register/BIc2fd8e0d9f844c17a9213d754588280c and
dial-in information will be provided directly to you. A slide
presentation to support the webcast, and 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 Company
The Vita Coco Company was co-founded in 2004 by Chairman 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.
The company is a B Corp™ and is incorporated as a Public Benefit
Corporation in Delaware.
ContactsInvestor: ICR,
Inc.investors@thevitacococompany.com
Use of 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 Annual
Report on Form 10-K for the fiscal year ended on December 31, 2021
filed with the U.S. Securities and Exchange Commission ("SEC") on
March 14, 2022 and in our Quarterly Reports on Form 10-Q for the
quarters ended on March 31, 2022 and June 30, 2022 filed with the
SEC on May 13, 2022 and August 11, 2022 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.
Website Disclosure
We intend to use our websites, vitacoco.com and
investors.thevitacococompany.com, as a means for disclosing
material non-public information and for complying with the SEC's
Regulation FD and other disclosure obligations.
THE VITA COCO COMPANY, INC. AND
SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED) (Amounts in thousands, except share
data)
|
September 30,2022 |
|
December 31,2021 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
21,211 |
|
|
$ |
28,690 |
|
Accounts receivable, net of allowance of $1,565 at
September 30, 2022, and $1,301 at December 31, 2021 |
|
65,717 |
|
|
|
47,195 |
|
Inventory |
|
74,459 |
|
|
|
75,360 |
|
Supplier advances |
|
1,519 |
|
|
|
1,170 |
|
Derivative assets |
|
5,080 |
|
|
|
126 |
|
Assets held for sale |
|
503 |
|
|
|
— |
|
Prepaid expenses and other current assets |
|
22,368 |
|
|
|
20,718 |
|
Total current assets |
|
190,857 |
|
|
|
173,259 |
|
Property and equipment,
net |
|
2,014 |
|
|
|
2,473 |
|
Goodwill |
|
7,791 |
|
|
|
7,791 |
|
Intangible assets, net |
|
7,019 |
|
|
|
7,934 |
|
Supplier advances |
|
4,878 |
|
|
|
2,808 |
|
Deferred tax assets, net |
|
1,091 |
|
|
|
1,265 |
|
Other assets |
|
4,728 |
|
|
|
1,954 |
|
Total assets |
|
218,378 |
|
|
|
197,484 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
|
17,353 |
|
|
|
28,338 |
|
Accrued expenses and other current liabilities |
|
45,950 |
|
|
|
42,399 |
|
Notes payable, current |
|
24 |
|
|
|
28 |
|
Derivative liabilities |
|
1,735 |
|
|
|
3,197 |
|
Total current liabilities |
|
65,062 |
|
|
|
73,962 |
|
Credit facility |
|
9,500 |
|
|
|
— |
|
Notes payable |
|
30 |
|
|
|
48 |
|
Other long-term
liabilities |
|
2,173 |
|
|
|
301 |
|
Total liabilities |
|
76,765 |
|
|
|
74,311 |
|
Stockholders’ equity: |
|
|
|
Common stock, $0.01 par value;
500,000,000 shares authorized; 62,129,192 and 61,764,582 shares
issued at September 30, 2022 and December 31, 2021,
respectively; 55,922,992 and 55,558,382 shares outstanding at
September 30, 2022 and December 31, 2021,
respectively |
|
621 |
|
|
|
618 |
|
Additional paid-in
capital |
|
143,095 |
|
|
|
134,730 |
|
Retained earnings |
|
57,993 |
|
|
|
47,369 |
|
Accumulated other
comprehensive loss |
|
(1,168 |
) |
|
|
(616 |
) |
Treasury stock, 6,206,200
shares at cost as of September 30, 2022, and December 31,
2021. |
|
(58,928 |
) |
|
|
(58,928 |
) |
Total stockholders’ equity attributable to The Vita Coco Company,
Inc. |
|
141,613 |
|
|
|
123,173 |
|
Total liabilities and stockholders’ equity |
$ |
218,378 |
|
|
$ |
197,484 |
|
THE VITA COCO COMPANY, INC. AND
SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (UNAUDITED) (Amounts in thousands,
except for share and per share data)
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net sales |
$ |
124,043 |
|
|
$ |
115,669 |
|
|
$ |
335,796 |
|
|
$ |
292,929 |
|
Cost of goods sold |
|
91,467 |
|
|
|
77,168 |
|
|
|
254,868 |
|
|
|
201,368 |
|
Gross profit |
|
32,576 |
|
|
|
38,501 |
|
|
|
80,928 |
|
|
|
91,561 |
|
Operating expenses |
|
|
|
|
|
|
|
Selling, general and administrative |
|
23,960 |
|
|
|
20,675 |
|
|
|
73,018 |
|
|
|
61,897 |
|
Income (Loss) from
operations |
|
8,616 |
|
|
|
17,826 |
|
|
|
7,910 |
|
|
|
29,664 |
|
Other income (expense) |
|
|
|
|
|
|
|
Unrealized gain/(loss) on derivative instruments |
|
952 |
|
|
|
(1,964 |
) |
|
|
6,416 |
|
|
|
1,250 |
|
Foreign currency gain/(loss) |
|
(364 |
) |
|
|
(483 |
) |
|
|
(508 |
) |
|
|
(2,013 |
) |
Interest income |
|
20 |
|
|
|
31 |
|
|
|
30 |
|
|
|
104 |
|
Interest expense |
|
(130 |
) |
|
|
(127 |
) |
|
|
(213 |
) |
|
|
(319 |
) |
Total other income (expense) |
|
478 |
|
|
|
(2,543 |
) |
|
|
5,725 |
|
|
|
(978 |
) |
Income before income
taxes |
|
9,094 |
|
|
|
15,283 |
|
|
|
13,635 |
|
|
|
28,686 |
|
Income tax expense |
|
(1,836 |
) |
|
|
(2,296 |
) |
|
|
(3,011 |
) |
|
|
(6,277 |
) |
Net income |
|
7,258 |
|
|
|
12,987 |
|
|
|
10,624 |
|
|
|
22,409 |
|
Net income/(loss) attributable to noncontrolling interest |
|
— |
|
|
|
(3 |
) |
|
|
— |
|
|
|
(23 |
) |
Net income attributable to The
Vita Coco Company, Inc. |
$ |
7,258 |
|
|
$ |
12,990 |
|
|
$ |
10,624 |
|
|
$ |
22,432 |
|
Net income attributable to The
Vita Coco Company, Inc. per common share |
|
|
|
|
|
|
|
Basic |
$ |
0.13 |
|
|
$ |
0.25 |
|
|
$ |
0.19 |
|
|
$ |
0.42 |
|
Diluted |
$ |
0.13 |
|
|
$ |
0.24 |
|
|
$ |
0.19 |
|
|
$ |
0.42 |
|
Weighted-average number of
common shares outstanding |
|
|
|
|
|
|
|
Basic |
|
55,785,622 |
|
|
|
53,006,746 |
|
|
|
55,658,946 |
|
|
|
53,266,209 |
|
Diluted |
|
56,579,912 |
|
|
|
53,780,060 |
|
|
|
56,029,069 |
|
|
|
53,742,048 |
|
THE VITA COCO COMPANY, INC. AND
SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (UNAUDITED) (Amounts in
thousands)
|
Nine Months Ended September 30, |
|
|
2022 |
|
|
|
2021 |
|
Cash flows from
operating activities: |
|
|
|
Net income |
$ |
10,624 |
|
|
$ |
22,409 |
|
Adjustments required to reconcile net income to cash flows from
operating activities: |
|
|
|
Depreciation and amortization |
|
1,442 |
|
|
|
1,557 |
|
(Gain)/loss on disposal of equipment |
|
— |
|
|
|
89 |
|
Bad debt expense |
|
348 |
|
|
|
20 |
|
Unrealized (gain)/loss on derivative instruments |
|
(6,416 |
) |
|
|
(1,250 |
) |
Stock-based compensation |
|
5,657 |
|
|
|
1,641 |
|
Impairment loss on long-lived asset |
|
619 |
|
|
|
— |
|
Noncash lease expense |
|
963 |
|
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
|
(20,696 |
) |
|
|
(26,940 |
) |
Inventory |
|
(255 |
) |
|
|
(15,362 |
) |
Prepaid expenses, net supplier advances, and other assets |
|
(4,433 |
) |
|
|
(12,766 |
) |
Accounts payable, accrued expenses, and other liabilities |
|
(6,034 |
) |
|
|
14,251 |
|
Net cash provided by (used in) operating activities |
|
(18,181 |
) |
|
|
(16,351 |
) |
Cash flows from
investing activities: |
|
|
|
Cash paid for property and equipment |
|
(907 |
) |
|
|
(127 |
) |
Net cash used in investing activities |
|
(907 |
) |
|
|
(127 |
) |
Cash flows from
financing activities: |
|
|
|
Proceeds from exercise of stock options/warrants |
|
2,675 |
|
|
|
153 |
|
Borrowings on credit facility |
|
22,000 |
|
|
|
16,500 |
|
Repayments of borrowings on credit facility |
|
(12,500 |
) |
|
|
(34,000 |
) |
Proceeds from settlement of loan to stockholder |
|
— |
|
|
|
17,700 |
|
Cash received (paid) on notes payable |
|
(22 |
) |
|
|
30,028 |
|
Cash paid to acquire treasury stock |
|
— |
|
|
|
(50,003 |
) |
Cash paid to acquire portion of non-controlling interest |
|
— |
|
|
|
(54 |
) |
Net cash provided by (used in) financing activities |
|
12,153 |
|
|
|
(19,676 |
) |
Effects of exchange rate
changes on cash and cash equivalents |
|
(544 |
) |
|
|
(117 |
) |
Net decrease in cash and cash
equivalents |
|
(7,479 |
) |
|
|
(36,271 |
) |
Cash and cash equivalents at
beginning of the period |
|
28,690 |
|
|
|
72,181 |
|
Cash and cash equivalents at
end of the period |
$ |
21,211 |
|
|
$ |
35,910 |
|
RECONCILIATION FROM GAAP NET INCOME
TO NON-GAAP ADJUSTED EBITDA
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
|
2022 |
|
|
|
2021 |
|
|
2022 |
|
|
|
2021 |
|
(in
thousands) |
|
|
|
|
|
|
Net
income |
$ |
7,258 |
|
|
$ |
12,987 |
|
$ |
10,624 |
|
|
$ |
22,409 |
|
Depreciation and amortization |
|
497 |
|
|
|
514 |
|
|
1,442 |
|
|
|
1,557 |
|
Interest
income |
|
(20 |
) |
|
|
(31 |
) |
|
(30 |
) |
|
|
(104 |
) |
Interest
expense |
|
130 |
|
|
|
127 |
|
|
213 |
|
|
|
319 |
|
Income
tax expense |
|
1,836 |
|
|
|
2,296 |
|
|
3,011 |
|
|
|
6,277 |
|
EBITDA |
|
9,701 |
|
|
|
15,893 |
|
|
15,260 |
|
|
|
30,458 |
|
Stock-based compensation (a) |
|
1,457 |
|
|
|
629 |
|
|
5,657 |
|
|
|
1,641 |
|
Unrealized (gain)/loss on derivative instruments (b) |
|
(952 |
) |
|
|
1,964 |
|
|
(6,416 |
) |
|
|
(1,250 |
) |
Foreign
currency (gain)/loss (b) |
|
364 |
|
|
|
483 |
|
|
508 |
|
|
|
2,013 |
|
Other
adjustments (c) |
|
1,240 |
|
|
|
1,678 |
|
|
1,240 |
|
|
|
3,401 |
|
Adjusted EBITDA |
$ |
11,810 |
|
|
$ |
20,647 |
|
$ |
16,249 |
|
|
$ |
36,263 |
|
(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, an impairment loss related to assets held
for sale, and other non-recurring expenses (including costs related
to public company readiness preparation).
SUPPLEMENTAL INFORMATION
|
NET SALES |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
(in thousands) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
Americas
segment |
|
|
|
|
|
|
|
Vita Coco Coconut Water |
$ |
82,643 |
|
$ |
71,825 |
|
$ |
217,934 |
|
$ |
176,229 |
Private Label |
|
24,786 |
|
|
25,973 |
|
|
68,413 |
|
|
66,457 |
Other |
|
1,367 |
|
|
3,135 |
|
|
7,553 |
|
|
8,246 |
Subtotal |
|
108,796 |
|
|
100,933 |
|
|
293,900 |
|
|
250,932 |
International
segment |
|
|
|
|
|
|
|
Vita Coco Coconut Water |
|
10,637 |
|
|
10,093 |
|
|
30,110 |
|
|
26,445 |
Private Label |
|
3,810 |
|
|
4,117 |
|
|
9,521 |
|
|
9,648 |
Other |
|
800 |
|
|
526 |
|
|
2,265 |
|
|
5,904 |
Subtotal |
|
15,247 |
|
|
14,736 |
|
|
41,896 |
|
|
41,997 |
Total net sales |
$ |
124,043 |
|
$ |
115,669 |
|
$ |
335,796 |
|
$ |
292,929 |
|
COST OF GOODS SOLD & GROSS PROFIT |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
(in thousands) |
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Cost of goods
sold |
|
|
|
|
|
|
|
Americas segment |
|
78,516 |
|
|
|
66,254 |
|
|
|
220,615 |
|
|
|
169,430 |
|
International segment |
|
12,951 |
|
|
|
10,914 |
|
|
|
34,253 |
|
|
|
31,938 |
|
Total cost of goods sold |
$ |
91,467 |
|
|
$ |
77,168 |
|
|
$ |
254,868 |
|
|
$ |
201,368 |
|
Gross
profit |
|
|
|
|
|
|
|
Americas segment |
|
30,279 |
|
|
|
34,679 |
|
|
|
73,285 |
|
|
|
81,502 |
|
International segment |
|
2,297 |
|
|
|
3,822 |
|
|
|
7,643 |
|
|
|
10,059 |
|
Total gross profit |
$ |
32,576 |
|
|
$ |
38,501 |
|
|
$ |
80,928 |
|
|
$ |
91,561 |
|
Gross
margin |
|
|
|
|
|
|
|
Americas segment |
|
27.8 |
% |
|
|
34.4 |
% |
|
|
24.9 |
% |
|
|
32.5 |
% |
International segment |
|
15.1 |
% |
|
|
25.9 |
% |
|
|
18.2 |
% |
|
|
24.0 |
% |
Consolidated |
|
26.3 |
% |
|
|
33.3 |
% |
|
|
24.1 |
% |
|
|
31.3 |
% |
SUPPLEMENTAL INFORMATION
|
VOLUME (CE) |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
(in thousands) |
2022 |
|
2021 |
|
2022 |
|
2021 |
Americas segment |
|
|
|
|
|
|
|
Vita Coco Coconut Water |
8,670 |
|
7,605 |
|
23,269 |
|
19,482 |
Private Label |
2,346 |
|
2,934 |
|
7,213 |
|
7,643 |
Other |
200 |
|
326 |
|
1,092 |
|
831 |
Subtotal |
11,216 |
|
10,865 |
|
31,574 |
|
27,956 |
|
|
|
|
|
|
|
|
International segment* |
|
|
|
|
|
|
|
Vita Coco Coconut Water |
1,581 |
|
1,463 |
|
4,412 |
|
3,890 |
Private Label |
492 |
|
540 |
|
1,326 |
|
1,327 |
Other |
13 |
|
7 |
|
38 |
|
213 |
Subtotal |
2,086 |
|
2,010 |
|
5,776 |
|
5,430 |
Total volume (CE) |
13,302 |
|
12,875 |
|
37,350 |
|
33,386 |
Note: A CE is a standard volume measure used by management which
is defined as a case of 12 bottles of 330ml liquid beverages or the
same liter volume of oil.
*International Other excludes minor volume that is treated as
zero CE
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