$COCO
Vita Coco Company, Inc.

2024 Q3 Form 10-Q Financial Statement

#000148298124000102 Filed on August 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $132.9M $144.1M
YoY Change -3.74% 3.2%
Cost Of Revenue $81.34M $85.38M
YoY Change -0.67% -3.58%
Gross Profit $51.56M $58.74M
YoY Change -8.21% 14.96%
Gross Profit Margin 38.8% 40.76%
Selling, General & Admin $30.97M $28.76M
YoY Change -5.15% -4.94%
% of Gross Profit 60.06% 48.96%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $196.0K $182.0K
YoY Change 22.5% 4.0%
% of Gross Profit 0.38% 0.31%
Operating Expenses $30.97M $28.76M
YoY Change -5.15% -4.94%
Operating Profit $20.60M $29.98M
YoY Change -12.44% 43.83%
Interest Expense $0.00 $0.00
YoY Change -100.0% -100.0%
% of Operating Profit 0.0% 0.0%
Other Income/Expense, Net $5.018M -$4.472M
YoY Change -215.44% -416.94%
Pretax Income $25.61M $25.51M
YoY Change 33.57% 14.62%
Income Tax $6.362M $6.416M
% Of Pretax Income 24.84% 25.15%
Net Earnings $19.25M $19.09M
YoY Change 26.95% 6.15%
Net Earnings / Revenue 14.48% 13.25%
Basic Earnings Per Share $0.34 $0.34
Diluted Earnings Per Share $0.32 $0.32
COMMON SHARES
Basic Shares Outstanding 56.78M shares 56.68M shares
Diluted Shares Outstanding 59.31M shares 59.24M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $156.7M $150.1M
YoY Change 65.13% 209.68%
Cash & Equivalents $156.7M $150.1M
Short-Term Investments
Other Short-Term Assets $30.55M $26.17M
YoY Change 36.38% -7.47%
Inventory $64.91M $45.46M
Prepaid Expenses
Receivables $78.60M $78.89M
Other Receivables $0.00 $0.00
Total Short-Term Assets $330.8M $300.6M
YoY Change 33.74% 34.5%
LONG-TERM ASSETS
Property, Plant & Equipment $2.440M $2.231M
YoY Change 9.66% -48.78%
Goodwill $7.791M $7.791M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.019M $1.842M
YoY Change 17.11% -81.14%
Total Long-Term Assets $22.39M $22.41M
YoY Change 5.74% 2.28%
TOTAL ASSETS
Total Short-Term Assets $330.8M $300.6M
Total Long-Term Assets $22.39M $22.41M
Total Assets $353.1M $323.0M
YoY Change 31.54% 31.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.25M $20.65M
YoY Change 45.97% 11.3%
Accrued Expenses $64.91M $64.19M
YoY Change 26.67% 23.84%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $10.00K $10.00K
YoY Change -47.37%
Total Short-Term Liabilities $100.7M $90.81M
YoY Change 36.01% 27.02%
LONG-TERM LIABILITIES
Long-Term Debt $5.000K $8.000K
YoY Change -55.56%
Other Long-Term Liabilities $318.0K $208.0K
YoY Change -82.55% -90.12%
Total Long-Term Liabilities $318.0K $208.0K
YoY Change -82.55% -90.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $100.7M $90.81M
Total Long-Term Liabilities $318.0K $208.0K
Total Liabilities $101.0M $91.03M
YoY Change 33.15% 23.65%
SHAREHOLDERS EQUITY
Retained Earnings $153.3M $134.1M
YoY Change 63.16% 70.13%
Common Stock $170.4M $167.5M
YoY Change 7.24% 9.61%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $252.1M $232.0M
YoY Change
Total Liabilities & Shareholders Equity $353.1M $323.0M
YoY Change 31.54% 31.62%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $19.25M $19.09M
YoY Change 26.95% 6.15%
Depreciation, Depletion And Amortization $196.0K $182.0K
YoY Change 22.5% 4.0%
Cash From Operating Activities $9.325M $26.92M
YoY Change -78.77% 61.82%
INVESTING ACTIVITIES
Capital Expenditures $435.0K $290.0K
YoY Change 987.5% 778.79%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$435.0K -$290.0K
YoY Change 770.0% 778.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.802M 524.0K
YoY Change -156.49% -75.14%
NET CHANGE
Cash From Operating Activities 9.325M 26.92M
Cash From Investing Activities -435.0K -290.0K
Cash From Financing Activities -1.802M 524.0K
Net Change In Cash 7.088M 27.15M
YoY Change -84.94% 45.13%
FREE CASH FLOW
Cash From Operating Activities $9.325M $26.92M
Capital Expenditures $435.0K $290.0K
Free Cash Flow $8.890M $26.63M
YoY Change -79.74% 60.4%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Gross Profit
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
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us-gaap Investment Income Interest
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us-gaap Investment Income Interest
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us-gaap Interest Expense
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us-gaap Interest Expense
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Depreciation And Amortization
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us-gaap Depreciation And Amortization
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us-gaap Gain Loss On Sale Of Property Plant Equipment
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us-gaap Gain Loss On Sale Of Property Plant Equipment
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us-gaap Provision For Loan Losses Expensed
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us-gaap Provision For Loan Losses Expensed
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us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
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us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Operating Lease Right Of Use Asset Amortization Expense
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us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
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us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
204000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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coco Increase Decrease In Accounts Payable Accrued Liabilities And Other Liabilities Noncurrent
IncreaseDecreaseInAccountsPayableAccruedLiabilitiesAndOtherLiabilitiesNoncurrent
3375000 usd
coco Increase Decrease In Accounts Payable Accrued Liabilities And Other Liabilities Noncurrent
IncreaseDecreaseInAccountsPayableAccruedLiabilitiesAndOtherLiabilitiesNoncurrent
14822000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
26652000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
26071000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
487000 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Proceeds From Repayments Of Notes Payable
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us-gaap Proceeds From Repayments Of Notes Payable
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2024Q2 us-gaap Restricted Cash
RestrictedCash
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CY2023Q4 us-gaap Restricted Cash
RestrictedCash
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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>
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 49% and 53% of total net sales for the six months ended June 30, 2024 and 2023, respectively. In addition, the two customers in aggregate also accounted for 45% and 43% of total accounts receivable as of June 30, 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.
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RevenueFromContractWithCustomerIncludingAssessedTax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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InventoryRawMaterialsAndSuppliesNetOfReserves
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InventoryRawMaterialsAndSuppliesNetOfReserves
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InventoryFinishedGoodsNetOfReserves
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InventoryFinishedGoodsNetOfReserves
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CY2024Q2 us-gaap Inventory Net
InventoryNet
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CY2023Q4 us-gaap Inventory Net
InventoryNet
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Goodwill
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Goodwill
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NotesPayable
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CY2024Q2 us-gaap Notes Payable Current
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coco Number Of Votes
NumberOfVotes
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TreasuryStockCommonShares
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TreasuryStockCommonShares
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StockRepurchaseProgramAuthorizedAmount1
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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ShareBasedPaymentArrangementStockBasedSalesIncentive
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ShareBasedPaymentArrangementStockBasedSalesIncentive
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coco Share Based Payment Arrangement Stock Based Sales Incentive
ShareBasedPaymentArrangementStockBasedSalesIncentive
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coco Share Based Payment Arrangement Stock Based Sales Incentive
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CY2024Q2 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023Q4 us-gaap Unrecognized Tax Benefits
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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WeightedAverageNumberOfSharesOutstandingBasic
56325013 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2024Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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2343528 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.34
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.32
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.44
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.32
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.31
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.57
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.42
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
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us-gaap Number Of Operating Segments
NumberOfOperatingSegments
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CY2024Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2024Q2 us-gaap Gross Profit
GrossProfit
58737000 usd
CY2023Q2 us-gaap Gross Profit
GrossProfit
51094000 usd
us-gaap Gross Profit
GrossProfit
105914000 usd
us-gaap Gross Profit
GrossProfit
84755000 usd
CY2024Q2 us-gaap Assets
Assets
323036000 usd
CY2023Q4 us-gaap Assets
Assets
285682000 usd
CY2024Q2 us-gaap Gross Profit
GrossProfit
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CY2023Q2 us-gaap Gross Profit
GrossProfit
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us-gaap Gross Profit
GrossProfit
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CY2024Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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CY2023Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
30249000 usd
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
57206000 usd
CY2024Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
29981000 usd
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
20845000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
48940000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
27549000 usd
CY2024Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-5963000 usd
CY2023Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
988000 usd
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-8488000 usd
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
2201000 usd
CY2024Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-136000 usd
CY2023Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
170000 usd
CY2024Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
1627000 usd
CY2023Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
268000 usd
CY2024Q2 us-gaap Interest Expense
InterestExpense
0 usd
CY2023Q2 us-gaap Interest Expense
InterestExpense
15000 usd
CY2024Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
25509000 usd
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
22256000 usd
CY2024Q2 us-gaap Noncurrent Assets
NoncurrentAssets
2231000 usd
CY2023Q4 us-gaap Noncurrent Assets
NoncurrentAssets
2136000 usd
CY2023 coco Sale Of Stock Number Of Secondary Offerings
SaleOfStockNumberOfSecondaryOfferings
2 offering
CY2023Q2 coco Expenses Incurred Reimbursement Waived
ExpensesIncurredReimbursementWaived
140000 usd
CY2023Q4 coco Expenses Incurred Reimbursement Waived
ExpensesIncurredReimbursementWaived
324000 usd
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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0001482981-24-000102.txt Edgar Link pending
0001482981-24-000102-xbrl.zip Edgar Link pending
coco-20240630.htm Edgar Link pending
coco-20240630.xsd Edgar Link pending
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