$COCO
Vita Coco Company, Inc.

2023 Q2 Form 10-Q Financial Statement

#000148298123000049 Filed on May 05, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $139.6M $109.8M
YoY Change 21.11% 13.8%
Cost Of Revenue $88.55M $76.10M
YoY Change 2.95% -1.66%
Gross Profit $51.09M $33.66M
YoY Change 74.45% 76.58%
Gross Profit Margin 36.59% 30.67%
Selling, General & Admin $30.25M $26.96M
YoY Change 24.7% 8.69%
% of Gross Profit 59.2% 80.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $175.0K $165.0K
YoY Change -63.16% -64.89%
% of Gross Profit 0.34% 0.49%
Operating Expenses $30.25M $26.96M
YoY Change 24.7% 8.69%
Operating Profit $20.85M $6.704M
YoY Change 314.25% -216.84%
Interest Expense $1.411M $15.00K
YoY Change 2419.64% -44.44%
% of Operating Profit 6.77% 0.22%
Other Income/Expense, Net $1.411M $1.822M
YoY Change -142.27% -78.78%
Pretax Income $22.26M $8.526M
YoY Change 1213.81% 199.47%
Income Tax $4.269M $1.821M
% Of Pretax Income 19.18% 21.36%
Net Earnings $17.99M $6.705M
YoY Change 1479.19% 201.08%
Net Earnings / Revenue 12.88% 6.11%
Basic Earnings Per Share $0.32 $0.12
Diluted Earnings Per Share $0.31 $0.12
COMMON SHARES
Basic Shares Outstanding 56.25M shares 56.05M shares
Diluted Shares Outstanding 58.85M shares 57.35M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $48.47M $29.58M
YoY Change 195.36% 64.48%
Cash & Equivalents $47.97M $29.08M
Short-Term Investments $503.0K $503.0K
Other Short-Term Assets $28.29M $28.03M
YoY Change -0.49% -8.23%
Inventory $57.17M $64.18M
Prepaid Expenses
Receivables $89.59M $63.19M
Other Receivables $0.00 $0.00
Total Short-Term Assets $223.5M $185.0M
YoY Change 18.77% 8.68%
LONG-TERM ASSETS
Property, Plant & Equipment $4.356M $2.358M
YoY Change 46.13% -6.47%
Goodwill $7.791M $7.791M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $9.766M $1.720M
YoY Change 89.7% -50.38%
Total Long-Term Assets $21.91M $22.59M
YoY Change -26.0% -19.66%
TOTAL ASSETS
Total Short-Term Assets $223.5M $185.0M
Total Long-Term Assets $21.91M $22.59M
Total Assets $245.4M $207.6M
YoY Change 12.68% 4.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.56M $16.55M
YoY Change 26.97% -23.12%
Accrued Expenses $51.83M $39.08M
YoY Change 9.58% 9.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $19.00K $21.00K
YoY Change -24.0% -19.23%
Total Short-Term Liabilities $71.49M $55.67M
YoY Change 13.56% -3.74%
LONG-TERM LIABILITIES
Long-Term Debt $18.00K $22.00K
YoY Change -99.92% -99.82%
Other Long-Term Liabilities $2.106M $2.223M
YoY Change -7.87% 186.47%
Total Long-Term Liabilities $2.124M $2.223M
YoY Change -7.09% 186.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $71.49M $55.67M
Total Long-Term Liabilities $2.124M $2.223M
Total Liabilities $73.62M $57.91M
YoY Change -15.65% -18.03%
SHAREHOLDERS EQUITY
Retained Earnings $78.81M $60.82M
YoY Change 55.33% 22.63%
Common Stock $152.8M $148.6M
YoY Change 9.32% 7.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $171.8M $149.7M
YoY Change
Total Liabilities & Shareholders Equity $245.4M $207.6M
YoY Change 12.68% 4.66%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $17.99M $6.705M
YoY Change 1479.19% 201.08%
Depreciation, Depletion And Amortization $175.0K $165.0K
YoY Change -63.16% -64.89%
Cash From Operating Activities $16.64M $9.436M
YoY Change -253.69% -141.85%
INVESTING ACTIVITIES
Capital Expenditures $33.00K $454.0K
YoY Change -105.38% 86.07%
Acquisitions
YoY Change
Other Investing Activities $0.00 $5.000K
YoY Change
Cash From Investing Activities -$33.00K -$449.0K
YoY Change -94.62% 84.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.108M $597.0K
YoY Change -79.09% -95.08%
NET CHANGE
Cash From Operating Activities 16.64M $9.436M
Cash From Investing Activities -33.00K -$449.0K
Cash From Financing Activities 2.108M $597.0K
Net Change In Cash 18.71M $9.771M
YoY Change -1480.81% -191.28%
FREE CASH FLOW
Cash From Operating Activities $16.64M $9.436M
Capital Expenditures $33.00K $454.0K
Free Cash Flow $16.60M $8.982M
YoY Change -262.59% -139.41%

Facts In Submission

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NetCashProvidedByUsedInInvestingActivities
-449000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-244000 usd
CY2023Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
603000 usd
CY2022Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
152000 usd
CY2023Q1 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
0 usd
CY2022Q1 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
12000000 usd
CY2023Q1 us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
-6000 usd
CY2022Q1 us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
-8000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
597000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
12144000 usd
CY2023Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
187000 usd
CY2022Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-56000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
9771000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-10704000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
19629000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
28690000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
29400000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
17986000 usd
CY2023Q1 us-gaap Restricted Cash
RestrictedCash
320000 usd
CY2022Q1 us-gaap Restricted Cash
RestrictedCash
0 usd
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
Use of Estimates Preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management considers many factors in selecting appropriate financial accounting policies and controls in developing the estimates and assumptions that are used in the preparation of these condensed consolidated financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of reasonable estimates of the ultimate future outcomes, and management must select an amount that falls within that range of reasonable estimates. The most significant estimates in the condensed consolidated financial statements relate to share-based compensation, assessing long-lived assets for impairment, estimating the net realizable value of inventories, the determination of accounts receivables reserve, assessing goodwill for impairment, the determination of the value of trade promotions, and assessing the realizability of deferred income taxes. Actual results could differ from those estimates.
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Concentration of Credit Risk </span></div><div style="text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company’s cash and accounts receivable are subject to concentrations of credit risk. The Company’s cash balances are primarily on deposit with banks in the U.S. which are guaranteed by the Federal Deposit Insurance Corporation ("FDIC") up to $250. At times, such cash may be in excess of the FDIC insurance limit. To minimize the risk, the Company’s policy is to maintain cash balances with high quality institutions, which may include banks, financial institutions, and investment firms, and invest daily or reserve operating cash in money market funds, government securities, bank obligations, municipal securities or other investment vehicles with short-term maturities. </span></div><div style="margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Substantially all of the Company’s customers are either wholesalers or retailers of beverages. A material default in payment, a material reduction in purchases from these or any large customers, or the loss of a large customer or customer groups could have a material adverse impact on the Company’s financial condition, results of operations, and liquidity. The Company is exposed to concentration of credit risk from its major customers for which two customers in aggregate represented 50% and 56% of total net sales for the three months ended March 31, 2023 and 2022, respectively. In addition, the two customers in aggregate also accounted for 43% and 39% of total accounts receivable as of March 31, 2023 and December 31, 2022, respectively. The Company has not experienced credit issues with these customers.</span></div>
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
109759000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
96448000 usd
CY2023Q1 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
4956000 usd
CY2022Q4 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
5771000 usd
CY2023Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
59225000 usd
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
78344000 usd
CY2023Q1 us-gaap Inventory Net
InventoryNet
64181000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
84115000 usd
CY2023Q1 us-gaap Goodwill
Goodwill
7791000 usd
CY2022Q4 us-gaap Goodwill
Goodwill
7791000 usd
CY2023Q1 us-gaap Notes Payable
NotesPayable
43000 usd
CY2022Q4 us-gaap Notes Payable
NotesPayable
48000 usd
CY2023Q1 us-gaap Notes Payable Current
NotesPayableCurrent
21000 usd
CY2022Q4 us-gaap Notes Payable Current
NotesPayableCurrent
23000 usd
CY2023Q1 us-gaap Long Term Notes Payable
LongTermNotesPayable
22000 usd
CY2022Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
25000 usd
CY2022Q4 us-gaap Litigation Reserve
LitigationReserve
0 usd
CY2023Q1 us-gaap Litigation Reserve
LitigationReserve
0 usd
CY2022Q4 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
6206200 shares
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1297000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2078000 usd
CY2023Q1 coco Share Based Payment Arrangement Stock Based Sales Incentive
ShareBasedPaymentArrangementStockBasedSalesIncentive
865000 usd
CY2022Q1 coco Share Based Payment Arrangement Stock Based Sales Incentive
ShareBasedPaymentArrangementStockBasedSalesIncentive
308000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1821000 usd
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
620000 usd
CY2023Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
144000 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
144000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
6705000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
2227000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56046904 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55561896 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1304501 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
138492 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57351405 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55700388 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.12
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.12
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
109759000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
96448000 usd
CY2023Q1 us-gaap Gross Profit
GrossProfit
33661000 usd
CY2022Q1 us-gaap Gross Profit
GrossProfit
19063000 usd
CY2023Q1 us-gaap Assets
Assets
207576000 usd
CY2022Q4 us-gaap Assets
Assets
197757000 usd
CY2023Q1 us-gaap Gross Profit
GrossProfit
33661000 usd
CY2022Q1 us-gaap Gross Profit
GrossProfit
19063000 usd
CY2023Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
26957000 usd
CY2022Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
24801000 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
6704000 usd
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-5738000 usd
CY2023Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
1213000 usd
CY2022Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
8706000 usd
CY2023Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
611000 usd
CY2022Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-101000 usd
CY2023Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
13000 usd
CY2022Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
7000 usd
CY2023Q1 us-gaap Interest Expense
InterestExpense
15000 usd
CY2022Q1 us-gaap Interest Expense
InterestExpense
27000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
8526000 usd
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
2847000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
109759000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
96448000 usd
CY2023Q1 us-gaap Noncurrent Assets
NoncurrentAssets
2861000 usd
CY2022Q4 us-gaap Noncurrent Assets
NoncurrentAssets
2579000 usd
CY2022Q2 coco Number Of Members Of The Board Of Directors Appointed As Nominees
NumberOfMembersOfTheBoardOfDirectorsAppointedAsNominees
2 director
CY2022Q2 coco Number Of Members Of The Board Of Directors Appointed As Nominees
NumberOfMembersOfTheBoardOfDirectorsAppointedAsNominees
2 director
CY2023Q1 coco Number Of Members Of The Board Of Directors Appointed As Nominees
NumberOfMembersOfTheBoardOfDirectorsAppointedAsNominees
1 director
CY2022Q3 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
619000 usd
CY2023Q1 us-gaap Assets Held For Sale Not Part Of Disposal Group Current
AssetsHeldForSaleNotPartOfDisposalGroupCurrent
503000 usd

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