2022 Q4 Form 10-K Financial Statement

#000186658123000038 Filed on February 27, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022
Revenue $201.8M $739.0M
YoY Change 44.08% 48.43%
Cost Of Revenue $143.7M $558.1M
YoY Change 36.49% 61.25%
Gross Profit $58.11M $180.9M
YoY Change 67.05% 19.21%
Gross Profit Margin 28.79% 24.48%
Selling, General & Admin $52.73M $183.5M
YoY Change 29.44% -30.75%
% of Gross Profit 90.74% 101.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.20M $44.73M
YoY Change 76.19% 77.37%
% of Gross Profit 22.71% 24.72%
Operating Expenses $54.35M $183.5M
YoY Change 28.2% -30.75%
Operating Profit $3.766M -$2.612M
YoY Change -149.53% -97.69%
Interest Expense -$6.922M -$18.02M
YoY Change 275.18% 154.03%
% of Operating Profit -183.8%
Other Income/Expense, Net $5.638M -$14.04M
YoY Change -4098.58% 68.51%
Pretax Income $2.482M -$16.65M
YoY Change -125.88% -86.3%
Income Tax $5.299M $2.599M
% Of Pretax Income 213.5%
Net Earnings -$663.0K -$4.753M
YoY Change -89.26% -63.19%
Net Earnings / Revenue -0.33% -0.64%
Basic Earnings Per Share -$0.09
Diluted Earnings Per Share -$0.01 -$0.09
COMMON SHARES
Basic Shares Outstanding 51.87M shares
Diluted Shares Outstanding 51.87M shares

Balance Sheet

Concept 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.18M $20.18M
YoY Change 9.03% 9.03%
Cash & Equivalents $20.18M $20.18M
Short-Term Investments
Other Short-Term Assets $10.95M $10.95M
YoY Change 24.48% 24.48%
Inventory $39.23M $39.23M
Prepaid Expenses
Receivables $11.97M $11.97M
Other Receivables $0.00 $0.00
Total Short-Term Assets $82.32M $82.32M
YoY Change 34.31% 34.31%
LONG-TERM ASSETS
Property, Plant & Equipment $365.5M $782.7M
YoY Change 21.02% 159.18%
Goodwill $21.63M
YoY Change 15.57%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.127M $290.9M
YoY Change 36.17% 81.14%
Total Long-Term Assets $1.104B $1.104B
YoY Change 124.21% 124.21%
TOTAL ASSETS
Total Short-Term Assets $82.32M $82.32M
Total Long-Term Assets $1.104B $1.104B
Total Assets $1.186B $1.186B
YoY Change 114.26% 114.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.27M $21.27M
YoY Change 4.06% 4.06%
Accrued Expenses $27.45M $36.77M
YoY Change 30.91% 50.0%
Deferred Revenue $25.34M
YoY Change 11.08%
Short-Term Debt $110.9M $110.9M
YoY Change 72.95% 72.95%
Long-Term Debt Due $2.609M $10.58M
YoY Change 2433.01% 202.98%
Total Short-Term Liabilities $212.7M $212.7M
YoY Change 53.3% 49.48%
LONG-TERM LIABILITIES
Long-Term Debt $96.30M $333.4M
YoY Change 2648.99% 301.28%
Other Long-Term Liabilities $8.000K $388.3M
YoY Change -98.82% 228.64%
Total Long-Term Liabilities $96.31M $721.7M
YoY Change 2202.3% 258.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $212.7M $212.7M
Total Long-Term Liabilities $96.31M $721.7M
Total Liabilities $934.4M $1.057B
YoY Change 174.84% 129.73%
SHAREHOLDERS EQUITY
Retained Earnings -$17.31M
YoY Change 36.52%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $129.1M $129.1M
YoY Change
Total Liabilities & Shareholders Equity $1.186B $1.186B
YoY Change 114.26% 114.26%

Cashflow Statement

Concept 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$663.0K -$4.753M
YoY Change -89.26% -63.19%
Depreciation, Depletion And Amortization $13.20M $44.73M
YoY Change 76.19% 77.37%
Cash From Operating Activities $17.12M $59.88M
YoY Change 112.06% -25.5%
INVESTING ACTIVITIES
Capital Expenditures $53.25M $187.9M
YoY Change -220.13% 58.62%
Acquisitions $6.051M
YoY Change 12.33%
Other Investing Activities $85.00K -$4.692M
YoY Change 466.67% 77.39%
Cash From Investing Activities -$53.16M -$192.6M
YoY Change 19.98% 59.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 21.66M $134.4M
YoY Change -25.01% 387.17%
NET CHANGE
Cash From Operating Activities 17.12M $59.88M
Cash From Investing Activities -53.16M -$192.6M
Cash From Financing Activities 21.66M $134.4M
Net Change In Cash -14.39M $1.672M
YoY Change 95.58% -112.73%
FREE CASH FLOW
Cash From Operating Activities $17.12M $59.88M
Capital Expenditures $53.25M $187.9M
Free Cash Flow -$36.13M -$128.0M
YoY Change -168.96% 236.22%

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us-gaap Partners Capital Account Exchanges And Conversions
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us-gaap Distributed Earnings
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bros Partners Capital Account Value Units Purchased In Connection With Initial Public Offering Net Of Offering Costs
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us-gaap Profit Loss
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
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us-gaap Stock Repurchased And Retired During Period Value
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CY2021 us-gaap Paid In Kind Interest
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3761000 usd
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CY2021 us-gaap Increase Decrease In Deferred Liabilities
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CY2022 us-gaap Distribution Made To Limited Liability Company Llc Member Cash Distributions Paid
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CY2021 us-gaap Distribution Made To Limited Liability Company Llc Member Cash Distributions Paid
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CY2020 us-gaap Distribution Made To Limited Liability Company Llc Member Cash Distributions Paid
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CY2021 us-gaap Payments Of Stock Issuance Costs
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CY2022 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2021 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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1672000 usd
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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16056000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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15584000 usd
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2020 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2021 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
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CY2022 bros Transfer Of Line Of Credit Facility To Long Term Debt
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CY2021 bros Transfer Of Line Of Credit Facility To Long Term Debt
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CY2020 bros Transfer Of Line Of Credit Facility To Long Term Debt
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CY2022Q4 us-gaap Number Of Stores
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CY2021Q4 us-gaap Liabilities
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CY2021Q4 us-gaap Stockholders Equity
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CY2021 us-gaap Costs And Expenses
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CY2021 us-gaap Profit Loss
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6901000 usd
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us-gaap Profit Loss
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CY2020 us-gaap Profit Loss
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<div style="margin-bottom:9pt"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Use of Estimates</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The presentation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions, primarily related to long-lived asset valuation, leases, deferred revenue, tax receivable agreements, income taxes, and equity-based compensation that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Although management bases its estimates on historical experience and assumptions that are believed to be reasonable under the circumstances, actual results could differ from those estimates.</span></div>
CY2022 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-bottom:9pt"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Reclassifications</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has reclassified certain amounts in prior-period consolidated financial statements to conform to the current period's presentation. </span></div>•NOTE 5 — Inventories: components of inventory related to our Blue Rebel energy drink have been reclassified from finished goods to raw materials.
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CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2021Q1 bros Contract With Customer Redeemed Loyalty Rewards Expiration Term
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CY2021Q4 us-gaap Contract With Customer Liability Revenue Recognized
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CY2022Q4 us-gaap Revenue Remaining Performance Obligation
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CY2022Q4 us-gaap Revenue Remaining Performance Obligation
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CY2022Q4 us-gaap Revenue Remaining Performance Obligation
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CY2021Q4 us-gaap Inventory Valuation Reserves
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CY2021Q4 us-gaap Property Plant And Equipment Gross
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2022 us-gaap Depreciation
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CY2021 us-gaap Depreciation
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CY2020 us-gaap Depreciation
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CY2022 us-gaap Goodwill Impairment Loss
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CY2021 us-gaap Goodwill Impairment Loss
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CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2021Q4 us-gaap Finite Lived Intangible Assets Net
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CY2022Q4 us-gaap Goodwill
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CY2022 us-gaap Goodwill Impairment Loss
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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11420000 usd
CY2021Q4 us-gaap Capital Leases Future Minimum Payments Due In Five Years
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CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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125774000 usd
CY2021Q4 us-gaap Capital Leases Future Minimum Payments Due
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CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due
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184590000 usd
CY2021Q4 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
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47402000 usd
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2978000 usd
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3606000 usd
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1122000 usd
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CY2022Q4 us-gaap Long Term Debt
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CY2021Q4 bros Tax Receivable Agreement Liability Current
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220923000 usd
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CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2022 us-gaap Deferred Income Tax Expense Benefit
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CY2021 us-gaap Deferred Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Income Tax Expense Benefit
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CY2020 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2022 bros Effective Income Tax Rate Reconciliation State And Local Adjustment
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CY2021 bros Effective Income Tax Rate Reconciliation State And Local Adjustment
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CY2020 bros Effective Income Tax Rate Reconciliation State And Local Adjustment
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CY2022 bros Effective Income Tax Rate Reconciliation Impact Of Gaap Basis Shifts Percent
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CY2021 bros Effective Income Tax Rate Reconciliation Impact Of Gaap Basis Shifts Percent
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9410000 usd
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18190000 usd
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0.678
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ProfitLoss
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NetIncomeLossAttributableToParentPriorToReorganization
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NetIncomeLoss
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NetIncomeLoss
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51871000 shares
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45864000 shares
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CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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3250000 shares
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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4595000 shares
CY2022Q4 bros Tax Receivable Agreement Liability Noncurrent
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220900000 usd
CY2022 us-gaap Number Of Operating Segments
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CY2022 dei Auditor Name
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KPMG LLP
CY2022 dei Auditor Name
AuditorName
KPMG LLP
CY2022 dei Auditor Location
AuditorLocation
Portland, Oregon
CY2022 dei Auditor Firm
AuditorFirmId
185

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