$COCO
Vita Coco Company, Inc.

2023 Q3 Form 10-Q Financial Statement

#000148298123000081 Filed on August 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $138.1M $139.6M
YoY Change 11.3% 21.11%
Cost Of Revenue $81.89M $88.55M
YoY Change -10.47% 2.95%
Gross Profit $56.17M $51.09M
YoY Change 72.43% 74.45%
Gross Profit Margin 40.68% 36.59%
Selling, General & Admin $32.65M $30.25M
YoY Change 36.26% 24.7%
% of Gross Profit 58.12% 59.2%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $160.0K $175.0K
YoY Change -67.81% -63.16%
% of Gross Profit 0.28% 0.34%
Operating Expenses $32.65M $30.25M
YoY Change 36.26% 24.7%
Operating Profit $23.52M $20.85M
YoY Change 173.0% 314.25%
Interest Expense $1.000K $1.411M
YoY Change -99.23% 2419.64%
% of Operating Profit 0.0% 6.77%
Other Income/Expense, Net -$4.347M $1.411M
YoY Change -1009.41% -142.27%
Pretax Income $19.18M $22.26M
YoY Change 110.85% 1213.81%
Income Tax $4.011M $4.269M
% Of Pretax Income 20.92% 19.18%
Net Earnings $15.16M $17.99M
YoY Change 108.93% 1479.19%
Net Earnings / Revenue 10.98% 12.88%
Basic Earnings Per Share $0.27 $0.32
Diluted Earnings Per Share $0.26 $0.31
COMMON SHARES
Basic Shares Outstanding 56.44M shares 56.25M shares
Diluted Shares Outstanding 59.27M shares 58.85M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $94.90M $48.47M
YoY Change 337.05% 195.36%
Cash & Equivalents $94.89M $47.97M
Short-Term Investments $0.00 $503.0K
Other Short-Term Assets $22.40M $28.29M
YoY Change -22.67% -0.49%
Inventory $50.38M $57.17M
Prepaid Expenses
Receivables $79.58M $89.59M
Other Receivables $0.00 $0.00
Total Short-Term Assets $247.3M $223.5M
YoY Change 29.58% 18.77%
LONG-TERM ASSETS
Property, Plant & Equipment $2.225M $4.356M
YoY Change 10.48% 46.13%
Goodwill $7.791M $7.791M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.724M $9.766M
YoY Change -63.54% 89.7%
Total Long-Term Assets $21.17M $21.91M
YoY Change -23.07% -26.0%
TOTAL ASSETS
Total Short-Term Assets $247.3M $223.5M
Total Long-Term Assets $21.17M $21.91M
Total Assets $268.5M $245.4M
YoY Change 22.94% 12.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.41M $18.56M
YoY Change 23.39% 26.97%
Accrued Expenses $51.24M $51.83M
YoY Change 11.52% 9.58%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $19.00K
YoY Change -100.0% -24.0%
Total Short-Term Liabilities $74.04M $71.49M
YoY Change 13.8% 13.56%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $18.00K
YoY Change -100.0% -99.92%
Other Long-Term Liabilities $1.822M $2.106M
YoY Change -16.15% -7.87%
Total Long-Term Liabilities $1.822M $2.124M
YoY Change -16.15% -7.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $74.04M $71.49M
Total Long-Term Liabilities $1.822M $2.124M
Total Liabilities $75.88M $73.62M
YoY Change -1.16% -15.65%
SHAREHOLDERS EQUITY
Retained Earnings $93.97M $78.81M
YoY Change 62.04% 55.33%
Common Stock $158.9M $152.8M
YoY Change 10.55% 9.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $192.6M $171.8M
YoY Change
Total Liabilities & Shareholders Equity $268.5M $245.4M
YoY Change 22.94% 12.68%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $15.16M $17.99M
YoY Change 108.93% 1479.19%
Depreciation, Depletion And Amortization $160.0K $175.0K
YoY Change -67.81% -63.16%
Cash From Operating Activities $43.93M $16.64M
YoY Change 189.18% -253.69%
INVESTING ACTIVITIES
Capital Expenditures $40.00K $33.00K
YoY Change -180.0% -105.38%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$50.00K -$33.00K
YoY Change 0.0% -94.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.190M 2.108M
YoY Change -131.67% -79.09%
NET CHANGE
Cash From Operating Activities 43.93M 16.64M
Cash From Investing Activities -50.00K -33.00K
Cash From Financing Activities 3.190M 2.108M
Net Change In Cash 47.07M 18.71M
YoY Change 828.77% -1480.81%
FREE CASH FLOW
Cash From Operating Activities $43.93M $16.64M
Capital Expenditures $40.00K $33.00K
Free Cash Flow $43.89M $16.60M
YoY Change 187.97% -262.59%

Facts In Submission

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us-gaap Share Based Compensation
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us-gaap Increase Decrease In Inventories
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us-gaap Net Cash Provided By Used In Operating Activities
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<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%">Use of Estimates </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:115%">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 </span></div>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. Additionally, uncertainty in the macroeconomic environment resulting from current geopolitical and economic instability (including the effects of the conflict between Ukraine and Russia) and the high interest rate and inflationary cost environment make estimates and assumptions difficult to calculate with precision. 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, determining the accounts receivables reserve, assessing goodwill for impairment, determining the value of trade promotions, and assessing the realizability of deferred income taxes. Actual results could differ from those estimates.
us-gaap Concentration Risk Credit Risk
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<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="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%">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><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 53% and 54% of total net sales for the six months ended June 30, 2023 and 2022, respectively. In addition, the two customers in aggregate also accounted for 52% and 39% of total accounts receivable as of June 30, 2023 and December 31, 2022, respectively. The Company has not experienced credit issues with these customers. Refer to Note 7, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Commitments and Contingencies</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and Note 16, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Subsequent Events</span> regarding additional information on our major customers.
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us-gaap Investment Income Interest
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us-gaap Investment Income Interest
InvestmentIncomeInterest
10000 usd
us-gaap Interest Expense
InterestExpense
30000 usd
us-gaap Interest Expense
InterestExpense
83000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
30782000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
4541000 usd
CY2023Q2 us-gaap Noncurrent Assets
NoncurrentAssets
2726000 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
CY2022Q3 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
619000 usd
CY2022Q4 us-gaap Assets Held For Sale Not Part Of Disposal Group Current
AssetsHeldForSaleNotPartOfDisposalGroupCurrent
503000 usd
CY2023Q2 us-gaap Assets Held For Sale Not Part Of Disposal Group Current
AssetsHeldForSaleNotPartOfDisposalGroupCurrent
503000 usd
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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0001482981-23-000081.txt Edgar Link pending
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coco20220630-10qexx3211.htm Edgar Link pending
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