$COCO
Vita Coco Company, Inc.

2024 Q2 Form 10-Q Financial Statement

#000148298124000064 Filed on May 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $144.1M $111.7M $109.8M
YoY Change 3.2% 1.77% 13.8%
Cost Of Revenue $85.38M $64.52M $76.10M
YoY Change -3.58% -15.21% -1.66%
Gross Profit $58.74M $47.18M $33.66M
YoY Change 14.96% 40.15% 76.58%
Gross Profit Margin 40.76% 42.24% 30.67%
Selling, General & Admin $28.76M $28.22M $26.96M
YoY Change -4.94% 4.68% 8.69%
% of Gross Profit 48.96% 59.81% 80.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $182.0K $162.0K $165.0K
YoY Change 4.0% -1.82% -64.89%
% of Gross Profit 0.31% 0.34% 0.49%
Operating Expenses $28.76M $28.22M $26.96M
YoY Change -4.94% 4.68% 8.69%
Operating Profit $29.98M $18.96M $6.704M
YoY Change 43.83% 182.8% -216.84%
Interest Expense $0.00 -$944.0K $15.00K
YoY Change -100.0% -6393.33% -44.44%
% of Operating Profit 0.0% -4.98% 0.22%
Other Income/Expense, Net -$4.472M -$944.0K $1.822M
YoY Change -416.94% -151.81% -78.78%
Pretax Income $25.51M $18.02M $8.526M
YoY Change 14.62% 111.29% 199.47%
Income Tax $6.416M $3.777M $1.821M
% Of Pretax Income 25.15% 20.97% 21.36%
Net Earnings $19.09M $14.24M $6.705M
YoY Change 6.15% 112.35% 201.08%
Net Earnings / Revenue 13.25% 12.75% 6.11%
Basic Earnings Per Share $0.34 $0.25 $0.12
Diluted Earnings Per Share $0.32 $0.24 $0.12
COMMON SHARES
Basic Shares Outstanding 56.68M shares 56.93M shares 56.05M shares
Diluted Shares Outstanding 59.24M shares 58.75M shares 57.35M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $150.1M $123.0M $29.58M
YoY Change 209.68% 315.7% 64.48%
Cash & Equivalents $150.1M $123.0M $29.08M
Short-Term Investments $503.0K
Other Short-Term Assets $26.17M $29.08M $28.03M
YoY Change -7.47% 3.74% -8.23%
Inventory $45.46M $56.76M $64.18M
Prepaid Expenses
Receivables $78.89M $57.88M $63.19M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $300.6M $266.7M $185.0M
YoY Change 34.5% 44.17% 8.68%
LONG-TERM ASSETS
Property, Plant & Equipment $2.231M $3.346M $2.358M
YoY Change -48.78% 41.9% -6.47%
Goodwill $7.791M $7.791M $7.791M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.842M $11.20M $1.720M
YoY Change -81.14% 551.34% -50.38%
Total Long-Term Assets $22.41M $22.34M $22.59M
YoY Change 2.28% -1.11% -19.66%
TOTAL ASSETS
Total Short-Term Assets $300.6M $266.7M $185.0M
Total Long-Term Assets $22.41M $22.34M $22.59M
Total Assets $323.0M $289.0M $207.6M
YoY Change 31.62% 39.25% 4.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.65M $18.13M $16.55M
YoY Change 11.3% 9.6% -23.12%
Accrued Expenses $64.19M $59.22M $39.08M
YoY Change 23.84% 51.55% 9.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $10.00K $11.00K $21.00K
YoY Change -47.37% -47.62% -19.23%
Total Short-Term Liabilities $90.81M $79.00M $55.67M
YoY Change 27.02% 41.92% -3.74%
LONG-TERM LIABILITIES
Long-Term Debt $8.000K $10.00K $22.00K
YoY Change -55.56% -54.55% -99.82%
Other Long-Term Liabilities $208.0K $340.0K $2.223M
YoY Change -90.12% -84.71% 186.47%
Total Long-Term Liabilities $208.0K $350.0K $2.223M
YoY Change -90.21% -84.26% 186.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $90.81M $79.00M $55.67M
Total Long-Term Liabilities $208.0K $350.0K $2.223M
Total Liabilities $91.03M $79.35M $57.91M
YoY Change 23.65% 37.03% -18.03%
SHAREHOLDERS EQUITY
Retained Earnings $134.1M $115.0M $60.82M
YoY Change 70.13% 89.06% 22.63%
Common Stock $167.5M $164.3M $148.6M
YoY Change 9.61% 10.57% 7.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $232.0M $209.7M $149.7M
YoY Change
Total Liabilities & Shareholders Equity $323.0M $289.0M $207.6M
YoY Change 31.62% 39.25% 4.66%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $19.09M $14.24M $6.705M
YoY Change 6.15% 112.35% 201.08%
Depreciation, Depletion And Amortization $182.0K $162.0K $165.0K
YoY Change 4.0% -1.82% -64.89%
Cash From Operating Activities $26.92M -$267.0K $9.436M
YoY Change 61.82% -102.83% -141.85%
INVESTING ACTIVITIES
Capital Expenditures $290.0K $124.0K $454.0K
YoY Change 778.79% -72.69% 86.07%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $5.000K
YoY Change -100.0%
Cash From Investing Activities -$290.0K -$124.0K -$449.0K
YoY Change 778.79% -72.38% 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 524.0K -9.086M $597.0K
YoY Change -75.14% -1621.94% -95.08%
NET CHANGE
Cash From Operating Activities 26.92M -267.0K $9.436M
Cash From Investing Activities -290.0K -124.0K -$449.0K
Cash From Financing Activities 524.0K -9.086M $597.0K
Net Change In Cash 27.15M -9.477M $9.771M
YoY Change 45.13% -196.99% -191.28%
FREE CASH FLOW
Cash From Operating Activities $26.92M -$267.0K $9.436M
Capital Expenditures $290.0K $124.0K $454.0K
Free Cash Flow $26.63M -$391.0K $8.982M
YoY Change 60.4% -104.35% -139.41%

Facts In Submission

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CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<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 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 </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
CY2024Q1 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="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 47% and 50% of total net sales for the three months ended March 31, 2024 and 2023, respectively. In addition, the two customers in aggregate also accounted for 39% and 43% of total accounts receivable as of March 31, 2024 and December 31, 2023, 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.
CY2024Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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47397000 usd
CY2024Q1 us-gaap Inventory Net
InventoryNet
56764000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
50757000 usd
CY2024Q1 us-gaap Goodwill
Goodwill
7791000 usd
CY2023Q4 us-gaap Goodwill
Goodwill
7791000 usd
CY2024Q1 us-gaap Notes Payable
NotesPayable
21000 usd
CY2023Q4 us-gaap Notes Payable
NotesPayable
26000 usd
CY2024Q1 us-gaap Notes Payable Current
NotesPayableCurrent
11000 usd
CY2023Q4 us-gaap Notes Payable Current
NotesPayableCurrent
13000 usd
CY2024Q1 us-gaap Long Term Notes Payable
LongTermNotesPayable
10000 usd
CY2023Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
13000 usd
CY2023Q4 us-gaap Litigation Reserve
LitigationReserve
0 usd
CY2024Q1 us-gaap Litigation Reserve
LitigationReserve
0 usd
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1304501 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
58746631 shares
CY2024Q1 coco Number Of Votes
NumberOfVotes
1 vote
CY2024Q1 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
6627744 shares
CY2023Q4 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
6236200 shares
CY2023Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
40000000 usd
CY2024Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
9235000 usd
CY2023 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
773000 usd
CY2024Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
29992000 usd
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1958000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1297000 usd
CY2024Q1 coco Share Based Payment Arrangement Stock Based Sales Incentive
ShareBasedPaymentArrangementStockBasedSalesIncentive
151000 usd
CY2023Q1 coco Share Based Payment Arrangement Stock Based Sales Incentive
ShareBasedPaymentArrangementStockBasedSalesIncentive
865000 usd
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3777000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1821000 usd
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
106000 usd
CY2024Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
106000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
14238000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
6705000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56589565 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57351405 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.25
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.12
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.24
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.12
CY2024Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2024Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
111698000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
109759000 usd
CY2024Q1 us-gaap Gross Profit
GrossProfit
47177000 usd
CY2023Q1 us-gaap Gross Profit
GrossProfit
33661000 usd
CY2024Q1 us-gaap Assets
Assets
289042000 usd
CY2023Q4 us-gaap Assets
Assets
285682000 usd
CY2024Q1 us-gaap Gross Profit
GrossProfit
47177000 usd
CY2023Q1 us-gaap Gross Profit
GrossProfit
33661000 usd
CY2024Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
28218000 usd
CY2023Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
26957000 usd
CY2024Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
18959000 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
6704000 usd
CY2024Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-2525000 usd
CY2023Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
1213000 usd
CY2024Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
58000 usd
CY2023Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
611000 usd
CY2024Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
1523000 usd
CY2023Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
13000 usd
CY2024Q1 us-gaap Interest Expense
InterestExpense
0 usd
CY2023Q1 us-gaap Interest Expense
InterestExpense
15000 usd
CY2024Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
18015000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
8526000 usd
CY2024Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
111698000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
109759000 usd
CY2024Q1 us-gaap Noncurrent Assets
NoncurrentAssets
2195000 usd
CY2023Q4 us-gaap Noncurrent Assets
NoncurrentAssets
2136000 usd
CY2023 coco Sale Of Stock Number Of Secondary Offerings
SaleOfStockNumberOfSecondaryOfferings
2 offering
CY2024Q1 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
300000 usd
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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coco-20240331_cal.xml Edgar Link unprocessable