$COCO
Vita Coco Company, Inc.

2023 Q4 Form 10-Q Financial Statement

#000148298123000106 Filed on November 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $106.1M $138.1M
YoY Change 15.39% 11.3%
Cost Of Revenue $66.34M $81.89M
YoY Change -4.62% -10.47%
Gross Profit $39.80M $56.17M
YoY Change 77.43% 72.43%
Gross Profit Margin 37.5% 40.68%
Selling, General & Admin $34.38M $32.65M
YoY Change 27.42% 36.26%
% of Gross Profit 86.38% 58.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $157.0K $160.0K
YoY Change -65.8% -67.81%
% of Gross Profit 0.39% 0.28%
Operating Expenses $34.38M $32.65M
YoY Change 25.99% 36.26%
Operating Profit $5.422M $23.52M
YoY Change -211.68% 173.0%
Interest Expense $2.541M $1.000K
YoY Change 23.29% -99.23%
% of Operating Profit 46.86% 0.0%
Other Income/Expense, Net -$4.347M
YoY Change -1009.41%
Pretax Income $7.963M $19.18M
YoY Change -385.0% 110.85%
Income Tax $1.190M $4.011M
% Of Pretax Income 14.94% 20.92%
Net Earnings $6.773M $15.16M
YoY Change -341.03% 108.93%
Net Earnings / Revenue 6.38% 10.98%
Basic Earnings Per Share $0.27
Diluted Earnings Per Share $0.11 $0.26
COMMON SHARES
Basic Shares Outstanding 56.76M shares 56.44M shares
Diluted Shares Outstanding 59.27M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $132.5M $94.90M
YoY Change 558.34% 337.05%
Cash & Equivalents $132.5M $94.89M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $29.56M $22.40M
YoY Change 8.18% -22.67%
Inventory $50.76M $50.38M
Prepaid Expenses
Receivables $50.09M $79.58M
Other Receivables $2.983M $0.00
Total Short-Term Assets $262.9M $247.3M
YoY Change 50.32% 29.58%
LONG-TERM ASSETS
Property, Plant & Equipment $2.136M $2.225M
YoY Change 2.89% 10.48%
Goodwill $7.791M $7.791M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.843M $1.724M
YoY Change 9.9% -63.54%
Total Long-Term Assets $22.75M $21.17M
YoY Change -0.41% -23.07%
TOTAL ASSETS
Total Short-Term Assets $262.9M $247.3M
Total Long-Term Assets $22.75M $21.17M
Total Assets $285.7M $268.5M
YoY Change 44.46% 22.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.83M $21.41M
YoY Change 37.18% 23.39%
Accrued Expenses $59.53M $51.24M
YoY Change 55.27% 11.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $13.00K $0.00
YoY Change -43.48% -100.0%
Total Short-Term Liabilities $82.59M $74.04M
YoY Change 51.96% 13.8%
LONG-TERM LIABILITIES
Long-Term Debt $13.00K $0.00
YoY Change -48.0% -100.0%
Other Long-Term Liabilities $647.0K $1.822M
YoY Change -71.78% -16.15%
Total Long-Term Liabilities $647.0K $1.822M
YoY Change -71.78% -16.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $82.59M $74.04M
Total Long-Term Liabilities $647.0K $1.822M
Total Liabilities $83.25M $75.88M
YoY Change 46.91% -1.16%
SHAREHOLDERS EQUITY
Retained Earnings $100.7M $93.97M
YoY Change 82.56% 62.04%
Common Stock $162.0M $158.9M
YoY Change 11.12% 10.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $202.4M $192.6M
YoY Change
Total Liabilities & Shareholders Equity $285.7M $268.5M
YoY Change 44.46% 22.94%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $6.773M $15.16M
YoY Change -341.03% 108.93%
Depreciation, Depletion And Amortization $157.0K $160.0K
YoY Change -65.8% -67.81%
Cash From Operating Activities $37.15M $43.93M
YoY Change 412.72% 189.18%
INVESTING ACTIVITIES
Capital Expenditures $66.00K $40.00K
YoY Change -12.0% -180.0%
Acquisitions
YoY Change
Other Investing Activities -$5.000K $0.00
YoY Change
Cash From Investing Activities -$66.00K -$50.00K
YoY Change -12.0% 0.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 393.0K 3.190M
YoY Change -104.31% -131.67%
NET CHANGE
Cash From Operating Activities 37.15M 43.93M
Cash From Investing Activities -66.00K -50.00K
Cash From Financing Activities 393.0K 3.190M
Net Change In Cash 37.48M 47.07M
YoY Change -2023.97% 828.77%
FREE CASH FLOW
Cash From Operating Activities $37.15M $43.93M
Capital Expenditures $66.00K $40.00K
Free Cash Flow $37.09M $43.89M
YoY Change 417.17% 187.97%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Central Index Key
EntityCentralIndexKey
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dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
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dei Amendment Flag
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dei Entity Ex Transition Period
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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="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%">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 current wars and other international conflicts) 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.
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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 51% and 55% of total net sales for the nine months ended September 30, 2023 and 2022, respectively. In addition, the two customers in aggregate also accounted for 51% and 39% of total accounts receivable as of September 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> regarding additional information on our major customers.
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2203850 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
370123 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
59271757 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56579912 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
58494045 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56029069 shares
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.27
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.13
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.71
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.19
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.26
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.13
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.68
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.19
CY2022Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
8616000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
51071000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
7910000 usd
CY2023Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-3959000 usd
CY2022Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
952000 usd
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2023Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
138064000 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
124043000 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
387468000 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
335796000 usd
CY2023Q3 us-gaap Gross Profit
GrossProfit
56171000 usd
CY2022Q3 us-gaap Gross Profit
GrossProfit
32576000 usd
us-gaap Gross Profit
GrossProfit
140926000 usd
us-gaap Gross Profit
GrossProfit
80928000 usd
CY2023Q3 us-gaap Assets
Assets
268479000 usd
CY2022Q4 us-gaap Assets
Assets
197757000 usd
CY2023Q3 us-gaap Gross Profit
GrossProfit
56171000 usd
CY2022Q3 us-gaap Gross Profit
GrossProfit
32576000 usd
us-gaap Gross Profit
GrossProfit
140926000 usd
us-gaap Gross Profit
GrossProfit
80928000 usd
CY2023Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
32649000 usd
CY2022Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
23960000 usd
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
89855000 usd
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
73018000 usd
CY2023Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
23522000 usd
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-1758000 usd
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
6416000 usd
CY2023Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-1211000 usd
CY2022Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-364000 usd
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-430000 usd
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-508000 usd
CY2023Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
824000 usd
CY2022Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
20000 usd
us-gaap Investment Income Interest
InvestmentIncomeInterest
1105000 usd
us-gaap Investment Income Interest
InvestmentIncomeInterest
30000 usd
CY2023Q3 us-gaap Interest Expense
InterestExpense
1000 usd
CY2022Q3 us-gaap Interest Expense
InterestExpense
130000 usd
us-gaap Interest Expense
InterestExpense
31000 usd
us-gaap Interest Expense
InterestExpense
213000 usd
CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
19175000 usd
CY2022Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
9094000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
49957000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
13635000 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
387468000 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
335796000 usd
CY2023Q3 us-gaap Noncurrent Assets
NoncurrentAssets
2225000 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
us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
363000 usd
CY2023Q3 us-gaap Assets Held For Sale Not Part Of Disposal Group Current
AssetsHeldForSaleNotPartOfDisposalGroupCurrent
0 usd
CY2022Q4 us-gaap Assets Held For Sale Not Part Of Disposal Group Current
AssetsHeldForSaleNotPartOfDisposalGroupCurrent
503000 usd

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coco-20230930.htm Edgar Link pending
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coco-20230930_def.xml Edgar Link unprocessable
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