x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 11-3713156 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
250 Park Avenue South Seventh Floor New York, NY | 10003 | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||||
Common Stock, Par Value $0.01 Per Share | COCO | The Nasdaq Stock Market LLC |
Large accelerated filer | o | Accelerated filer | ||||||||||||
Non-accelerated filer | x | |||||||||||||
Smaller reporting company | ||||||||||||||
Emerging growth company | x |
Page | ||||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 21,211 | $ | 28,690 | |||||||
Accounts receivable, net of allowance of $1,565 at September 30, 2022, and $1,301 at December 31, 2021 | 65,717 | 47,195 | |||||||||
Inventory | 74,459 | 75,360 | |||||||||
Supplier advances, current | 1,519 | 1,170 | |||||||||
Derivative assets | 5,080 | 126 | |||||||||
Asset held for sale | 503 | — | |||||||||
Prepaid expenses and other current assets | 22,368 | 20,718 | |||||||||
Total current assets | 190,857 | 173,259 | |||||||||
Property and equipment, net | 2,014 | 2,473 | |||||||||
Goodwill | 7,791 | 7,791 | |||||||||
Intangible assets, net | 7,019 | 7,934 | |||||||||
Supplier advances | 4,878 | 2,808 | |||||||||
Deferred tax assets, net | 1,091 | 1,265 | |||||||||
Other assets | 4,728 | 1,954 | |||||||||
Total assets | $ | 218,378 | $ | 197,484 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 17,353 | $ | 28,338 | |||||||
Accrued expenses and other current liabilities | 45,950 | 42,399 | |||||||||
Notes payable, current | 24 | 28 | |||||||||
Derivative liabilities | 1,735 | 3,197 | |||||||||
Total current liabilities | 65,062 | 73,962 | |||||||||
Credit facility | 9,500 | — | |||||||||
Notes payable | 30 | 48 | |||||||||
Other long-term liabilities | 2,173 | 301 | |||||||||
Total liabilities | 76,765 | 74,311 | |||||||||
Commitments and contingencies (Note 7) | |||||||||||
Stockholders’ equity: | |||||||||||
Common stock, $0.01 par value; 500,000,000 shares authorized; 62,129,192 and 61,764,582 shares issued at September 30, 2022 and December 31, 2021, respectively; 55,922,992 and 55,558,382 shares outstanding at September 30, 2022 and December 31, 2021, respectively | 621 | 618 | |||||||||
Additional paid-in capital | 143,095 | 134,730 | |||||||||
Retained earnings | 57,993 | 47,369 | |||||||||
Accumulated other comprehensive loss | (1,168) | (616) | |||||||||
Treasury stock, 6,206,200 shares at cost as of September 30, 2022, and 6,206,200 shares at cost as of December 31, 2021 | (58,928) | (58,928) | |||||||||
Total stockholders’ equity attributable to The Vita Coco Company, Inc. | 141,613 | 123,173 | |||||||||
Total liabilities and stockholders’ equity | $ | 218,378 | $ | 197,484 | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net sales | $ | 124,043 | $ | 115,669 | $ | 335,796 | $ | 292,929 | |||||||||||||||
Cost of goods sold | 91,467 | 77,168 | 254,868 | 201,368 | |||||||||||||||||||
Gross profit | 32,576 | 38,501 | 80,928 | 91,561 | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Selling, general and administrative | 23,960 | 20,675 | 73,018 | 61,897 | |||||||||||||||||||
Income (Loss) from operations | 8,616 | 17,826 | 7,910 | 29,664 | |||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Unrealized gain/(loss) on derivative instruments | 952 | (1,964) | 6,416 | 1,250 | |||||||||||||||||||
Foreign currency gain/(loss) | (364) | (483) | (508) | (2,013) | |||||||||||||||||||
Interest income | 20 | 31 | 30 | 104 | |||||||||||||||||||
Interest expense | (130) | (127) | (213) | (319) | |||||||||||||||||||
Total other income (expense) | 478 | (2,543) | 5,725 | (978) | |||||||||||||||||||
Income before income taxes | 9,094 | 15,283 | 13,635 | 28,686 | |||||||||||||||||||
Income tax expense | (1,836) | (2,296) | (3,011) | (6,277) | |||||||||||||||||||
Net income | 7,258 | 12,987 | 10,624 | 22,409 | |||||||||||||||||||
Net loss attributable to noncontrolling interest | — | (3) | — | (23) | |||||||||||||||||||
Net income attributable to The Vita Coco Company, Inc. | $ | 7,258 | $ | 12,990 | $ | 10,624 | $ | 22,432 | |||||||||||||||
Net income attributable to The Vita Coco Company, Inc. per common share | |||||||||||||||||||||||
Basic | $ | 0.13 | $ | 0.25 | $ | 0.19 | $ | 0.42 | |||||||||||||||
Diluted | $ | 0.13 | $ | 0.24 | $ | 0.19 | $ | 0.42 | |||||||||||||||
Weighted-average number of common shares outstanding | |||||||||||||||||||||||
Basic | 55,785,622 | 53,006,746 | 55,658,946 | 53,266,209 | |||||||||||||||||||
Diluted | 56,579,912 | 53,780,060 | 56,029,069 | 53,742,048 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income | $ | 7,258 | $ | 12,987 | $ | 10,624 | $ | 22,409 | |||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Foreign currency translation adjustment | (102) | (185) | (552) | 131 | |||||||||||||||||||
Total comprehensive income including noncontrolling interest | 7,156 | 12,802 | 10,072 | 22,540 | |||||||||||||||||||
Net loss attributable to noncontrolling interest | — | (3) | — | (23) | |||||||||||||||||||
Foreign currency translation adjustment attributable to noncontrolling interest | — | — | — | 4 | |||||||||||||||||||
Total comprehensive loss attributable to noncontrolling interest | — | (3) | — | (19) | |||||||||||||||||||
Total comprehensive income attributable to The Vita Coco Company, Inc. | $ | 7,156 | $ | 12,805 | $ | 10,072 | $ | 22,559 |
September 30, 2021 | December 31, 2020 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 35,910 | $ | 72,181 | ||||
Accounts receivable, net of allowance of $1,263 at September 30, 2021, and $1,211 at December 31, 2020 | 57,172 | 30,504 | ||||||
Inventory | 47,185 | 31,967 | ||||||
Supplier advances | 1,262 | 1,190 | ||||||
Derivative assets | 156 | 200 | ||||||
Prepaid expenses and other current assets | 36,435 | 23,105 | ||||||
Total current assets | 178,120 | 159,147 | ||||||
Property and equipment, net | 2,274 | 2,880 | ||||||
Goodwill | 7,791 | 7,791 | ||||||
Intangible assets, net | 8,239 | 9,154 | ||||||
Supplier advances | 2,650 | 2,925 | ||||||
Other assets | 1,900 | 1,964 | ||||||
Total assets | $ | 200,974 | $ | 183,861 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 12,976 | $ | 15,837 | ||||
Accrued expenses | 51,436 | 34,482 | ||||||
Notes payable, current | 4,316 | 22 | ||||||
Derivative liabilities | 4,069 | 5,364 | ||||||
Total current liabilities | 72,797 | 55,705 | ||||||
Credit facility | 7,500 | 25,000 | ||||||
Notes payable | 25,769 | 34 | ||||||
Deferred tax liability | 344 | 342 | ||||||
Other long-term liabilities | 287 | 481 | ||||||
Total liabilities | 106,697 | 81,562 | ||||||
Commitments and contingencies (Note 7) | 0 | 0 | ||||||
Stockholders’ equity: | ||||||||
Common stock, $0.01 par value; 455,000,000 shares authorized; 59,215,520 and 59,200,050 shares issued at September 30, 2021 and December 31, 2020, respectively 53,009,320 and 58,185,855 shares outstanding at September 30, 2021 and December 31, 2020, respectively | 592 | 592 | ||||||
Additional paid-in capital | 102,626 | 100,849 | ||||||
Loan to stockholder | 0 | (17,700 | ) | |||||
Retained earnings | 50,786 | 28,354 | ||||||
Accumulated other comprehensive loss | (822 | ) | (949 | ) | ||||
Treasury stock, 6,206,200 shares at cost as of September 30, 2021, and 1,014,195 shares at cost as of December 31, 2020 | (58,928 | ) | (8,925 | ) | ||||
Total stockholders’ equity attributable to The Vita Coco Company, Inc. | 94,254 | 102,221 | ||||||
Noncontrolling interests | 23 | 78 | ||||||
Total stockholders’ equity | 94,277 | 102,299 | ||||||
Total liabilities and stockholders’ equity | $ | 200,974 | $ | 183,861 | ||||
Common Stock | Common Stock with Exit Warrants | Total Common Stock | Additional Paid-In | Loan to Shareholder | Retained Earnings | Accumulated Other Comprehensive Income / (Loss) | Treasury Stock | Total Shareholders’ Equity Attributable to The Vita Coco Company, Inc. | Non- controlling Interest in Subsidiary | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | $ Amount | Shares | $ Amount | Shares | $ Amount | Capital | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 51,086,945 | $ | 511 | 8,113,105 | $ | 81 | 59,200,050 | $ | 592 | $ | 100,849 | $ | (17,700) | $ | 28,354 | $ | (949) | 1,014,195 | $ | (8,925) | $ | 102,221 | $ | 78 | $ | 102,299 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | 1,645 | — | — | — | 1,645 | (5) | 1,640 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | — | — | — | — | — | — | 5,192,005 | (50,003) | (50,003) | — | (50,003) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan to Shareholder | — | — | — | — | — | — | — | (26) | — | — | — | — | (26) | — | (26) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | 487 | — | — | — | — | — | 487 | — | 487 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 1,365 | — | — | — | 1,365 | — | 9 | — | — | — | — | — | 9 | — | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | 17 | — | — | 17 | — | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 51,088,310 | $ | 511 | 8,113,105 | $ | 81 | 59,201,415 | $ | 592 | $ | 101,345 | $ | (17,726) | $ | 29,999 | $ | (932) | 6,206,200 | $ | (58,928) | $ | 54,350 | $ | 73 | $ | 54,423 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | 7,797 | — | — | — | 7,797 | (15) | 7,782 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan to Shareholder | — | — | — | — | — | — | — | (25) | — | — | — | — | (25) | — | (25) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | 525 | — | — | — | — | — | 525 | — | 525 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 910 | — | — | — | 910 | — | 10 | — | — | — | — | — | 10 | — | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | 295 | — | — | 295 | 4 | 299 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 51,089,220 | $ | 511 | 8,113,105 | $ | 81 | 59,202,325 | $ | 592 | $ | 101,880 | $ | (17,751) | $ | 37,796 | $ | (637) | 6,206,200 | $ | (58,928) | $ | 62,952 | $ | 62 | $ | 63,014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | 12,990 | — | — | — | 12,990 | (3) | 12,987 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan to Shareholder | — | — | — | — | — | — | — | 17,751 | — | — | — | — | 17,751 | — | 17,751 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | 629 | — | — | — | — | — | 629 | — | 629 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 13,195 | — | — | — | 13,195 | — | 135 | — | — | — | — | — | 135 | — | 135 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of portion of non-controlling interest | — | — | — | — | — | — | (18) | — | — | — | — | — | (18) | (36) | (54) |
Common Stock | Common Stock with Exit Warrants | Total Common Stock | Additional Paid-In | Loan to Shareholder | Retained Earnings | Accumulated Other Comprehensive Income / (Loss) | Treasury Stock | Total Shareholders’ Equity Attributable to The Vita Coco Company, Inc. | Non- controlling Interest in Subsidiary | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | $ Amount | Shares | $ Amount | Shares | $ Amount | Capital | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | (185) | — | — | (185) | — | (185) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | 51,102,415 | $ | 511 | 8,113,105 | $ | 81 | 59,215,520 | $ | 592 | $ | 102,626 | $ | — | $ | 50,786 | $ | (822) | 6,206,200 | $ | (58,928) | $ | 94,254 | $ | 23 | $ | 94,277 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 53,651,477 | $ | 537 | 8,113,105 | $ | 81 | 61,764,582 | $ | 618 | $ | 134,730 | — | $ | 47,369 | $ | (616) | 6,206,200 | $ | (58,928) | $ | 123,173 | $ | — | $ | 123,173 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | 2,227 | — | — | — | 2,227 | — | 2,227 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | 2,386 | — | — | — | — | — | 2,386 | — | 2,386 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 26,845 | — | — | — | 26,845 | — | 151 | — | — | — | — | — | 151 | — | 151 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | (254) | — | — | (254) | — | (254) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | 53,678,322 | $ | 537 | 8,113,105 | $ | 81 | 61,791,427 | $ | 618 | $ | 137,267 | $ | — | $ | 49,596 | $ | (870) | 6,206,200 | $ | (58,928) | $ | 127,683 | $ | — | $ | 127,683 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | 1,139 | — | — | — | 1,139 | — | 1,139 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | 1,814 | — | — | — | — | — | 1,814 | — | 1,814 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 66,272 | 1 | — | — | 66,272 | 1 | 89 | — | — | — | — | — | 90 | — | 90 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | (196) | — | — | (196) | — | (196) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | 53,744,594 | $ | 538 | 8,113,105 | $ | 81 | 61,857,699 | $ | 619 | $ | 139,170 | $ | — | $ | 50,735 | $ | (1,066) | 6,206,200 | $ | (58,928) | $ | 130,530 | $ | — | $ | 130,530 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | 7,258 | — | — | — | 7,258 | — | 7,258 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | 1,457 | — | — | — | — | — | 1,457 | — | 1,457 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 271,493 | 2 | — | — | 271,493 | 2 | 2,468 | — | — | — | — | — | 2,470 | — | 2,470 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | (102) | — | — | (102) | — | (102) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | 54,016,087 | $ | 540 | 8,113,105 | $ | 81 | 62,129,192 | $ | 621 | $ | 143,095 | $ | — | $ | 57,993 | $ | (1,168) | 6,206,200 | $ | (58,928) | $ | 141,613 | $ | — | $ | 141,613 |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 10,624 | $ | 22,409 | |||||||
Adjustments required to reconcile net income to cash flows from operating activities: | |||||||||||
Depreciation and amortization | 1,442 | 1,557 | |||||||||
(Gain)/loss on disposal of equipment | — | 89 | |||||||||
Bad debt expense | 348 | 20 | |||||||||
Unrealized (gain)/loss on derivative instruments | (6,416) | (1,250) | |||||||||
Stock-based compensation | 5,657 | 1,641 | |||||||||
Impairment loss on assets held for sale | 619 | — | |||||||||
Noncash lease expense | 963 | — | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (20,696) | (26,940) | |||||||||
Inventory | (255) | (15,362) | |||||||||
Prepaid expenses, net supplier advances, and other assets | (4,433) | (12,766) | |||||||||
Accounts payable, accrued expenses, and other liabilities | (6,034) | 14,251 | |||||||||
Net cash provided by (used in) operating activities | (18,181) | (16,351) | |||||||||
Cash flows from investing activities: | |||||||||||
Cash paid for property and equipment | (907) | (127) | |||||||||
Net cash used in investing activities | (907) | (127) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from exercise of stock options/warrants | 2,675 | 153 | |||||||||
Borrowings on credit facility | 22,000 | 16,500 | |||||||||
Repayments of borrowings on credit facility | (12,500) | (34,000) | |||||||||
Proceeds from settlement of loan to stockholder | — | 17,700 | |||||||||
Cash received (paid) on notes payable | (22) | 30,028 | |||||||||
Cash paid to acquire treasury stock | — | (50,003) | |||||||||
Cash paid to acquire portion of non-controlling interest | — | (54) | |||||||||
Net cash provided by (used in) financing activities | 12,153 | (19,676) | |||||||||
Effects of exchange rate changes on cash and cash equivalents | (544) | (117) | |||||||||
Net decrease in cash and cash equivalents | (7,479) | (36,271) | |||||||||
Cash and cash equivalents at beginning of the period | 28,690 | 72,181 | |||||||||
Cash and cash equivalents at end of the period | $ | 21,211 | $ | 35,910 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net sales | $ | 115,669 | $ | 87,321 | $ | 292,929 | $ | 241,127 | ||||||||
Cost of goods sold | 77,168 | 57,941 | 201,368 | 158,813 | ||||||||||||
Gross profit | 38,501 | 29,380 | 91,561 | 82,314 | ||||||||||||
Operating expenses | ||||||||||||||||
Selling, general and administrative | 20,675 | 19,060 | 61,897 | 55,462 | ||||||||||||
Income from operations | 17,826 | 10,320 | 29,664 | 26,852 | ||||||||||||
Other income (expense) | ||||||||||||||||
Unrealized gain/(loss) on derivative instruments | (1,964 | ) | 167 | 1,250 | (7,229 | ) | ||||||||||
Foreign currency gain/(loss) | (483 | ) | 756 | (2,013 | ) | 1,118 | ||||||||||
Interest income | 31 | 61 | 104 | 244 | ||||||||||||
Interest expense | (127 | ) | (24 | ) | (319 | ) | (776 | ) | ||||||||
Total other income (expense) | (2,543 | ) | 960 | (978 | ) | (6,643 | ) | |||||||||
Income before income taxes | 15,283 | 11,280 | 28,686 | 20,209 | ||||||||||||
Income tax expense | (2,296 | ) | (2,263 | ) | (6,277 | ) | (4,615 | ) | ||||||||
Net income | $ | 12,987 | $ | 9,017 | $ | 22,409 | $ | 15,594 | ||||||||
Net income/(loss) attributable to noncontrolling interest | (3 | ) | 10 | (23 | ) | 21 | ||||||||||
Net income attributable to The Vita Coco Company, Inc. | $ | 12,990 | $ | 9,007 | $ | 22,432 | $ | 15,573 | ||||||||
Net income attributable to The Vita Coco Company, Inc. per common share | ||||||||||||||||
Basic | $ | 0.25 | $ | 0.15 | $ | 0.42 | $ | 0.27 | ||||||||
Diluted | $ | 0.24 | $ | 0.15 | $ | 0.42 | $ | 0.27 | ||||||||
Weighted-average number of common shares outstanding | ||||||||||||||||
Basic | 53,006,746 | 58,495,156 | 53,266,209 | 58,560,306 | ||||||||||||
Diluted | 53,780,060 | 58,590,672 | 53,742,048 | 58,675,205 | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net income | 12,987 | 9,017 | 22,409 | 15,594 | ||||||||||||
Other comprehensive income: | ||||||||||||||||
Foreign currency translation adjustment | (185 | ) | 626 | 131 | (219 | ) | ||||||||||
Total comprehensive income including noncontrolling interest | 12,802 | 9,643 | 22,540 | 15,375 | ||||||||||||
Net income (loss) attributable to noncontrolling interest | (3 | ) | 10 | (23 | ) | 21 | ||||||||||
Foreign currency translation adjustment attributable to noncontrolling interest | — | 1 | 4 | 3 | ||||||||||||
Total comprehensive income (loss) attributable to noncontrolling interest | (3) | 11 | (19) | 24 | ||||||||||||
Total comprehensive income attributable to The Vita Coco Company, Inc. | $ | 12,805 | $ | 9,632 | $ | 22,559 | $ | 15,351 | ||||||||
Common Stock | Common Stock with Exit Warrants | Total Common Stock | Additional Paid-In | Loan to | Retained Earnings (Accumulated | Accumulated Other Comprehensive | Treasury Stock | Total Shareholders’ Equity Attributable to The Vita Coco | Non- controlling Interest in | Total Shareholders’ | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | $ Amount | Shares | $ Amount | Shares | $ Amount | Capital | Shareholder | Deficit) | Income / (Loss) | Shares | Amount | Company, Inc. | Subsidiary | Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 50,793,470 | $ | 508 | 8,113,105 | $ | 81 | 58,906,575 | $ | 589 | $ | 98,450 | (17,700 | ) | $ | (4,306 | ) | $ | (1,295 | ) | 211,575 | $ | (1,985 | ) | $ | 73,753 | $ | 46 | $ | 73,799 | |||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | 5,728 | — | — | — | 5,728 | 3 | 5,731 | |||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | — | — | — | — | — | — | 479,570 | (4,239 | ) | (4,239 | ) | — | (4,239 | ) | ||||||||||||||||||||||||||||||||||||||||||
Loan to Shareholder | — | — | — | — | — | — | — | (79 | ) | — | — | — | — | (79 | ) | — | (79 | ) | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | 353 | — | — | — | — | — | 353 | — | 353 | |||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 163,800 | 2 | — | — | 163,800 | 2 | 822 | — | — | — | — | — | 824 | — | 824 | |||||||||||||||||||||||||||||||||||||||||||||
Exercise of service warrants | 116,025 | 1 | — | — | 116,025 | 1 | — | — | — | — | — | — | 1 | — | 1 | |||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | (495 | ) | — | — | (495 | ) | 1 | (494 | ) | ||||||||||||||||||||||||||||||||||||||||||
Balance at March 30, 2020 | 51,073,295 | $ | 511 | 8,113,105 | $ | 81 | 59,186,400 | $ | 592 | $ | 99,625 | (17,779 | ) | $ | 1,422 | $ | (1,790 | ) | 691,145 | $ | (6,224 | ) | $ | 75,846 | $ | 50 | $ | 75,896 | ||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | 839 | — | — | — | 839 | 8 | 847 | |||||||||||||||||||||||||||||||||||||||||||||
Loan to Shareholder | — | — | — | — | — | — | — | (54 | ) | — | — | — | — | (54 | ) | — | (54 | ) | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | 474 | — | — | — | — | — | 474 | — | 474 | |||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | (352 | ) | — | — | (352 | ) | 1 | (351 | ) | ||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 51,073,295 | $ | 511 | 8,113,105 | $ | 81 | 59,186,400 | $ | 592 | $ | 100,099 | (17,833 | ) | $ | 2,261 | $ | (2,142 | ) | 691,145 | $ | (6,224 | ) | $ | 76,753 | $ | 59 | $ | 76,812 | ||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | 9,007 | — | — | — | 9,007 | 10 | 9,017 | |||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | — | — | — | — | — | — | 125,125 | (1,018 | ) | (1,018 | ) | — | (1,018 | ) | ||||||||||||||||||||||||||||||||||||||||||
Loan to Shareholder | — | — | — | — | — | — | — | (26 | ) | — | — | — | — | (26 | ) | — | (26 | ) | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | 411 | — | — | — | — | — | 411 | — | 411 | |||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | 625 | — | — | 625 | 1 | 626 | |||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | 51,073,295 | $ | 511 | 8,113,105 | $ | 81 | 59,186,400 | $ | 592 | $ | 100,510 | $ | (17,859 | ) | $ | 11,268 | $ | (1,517 | ) | 816,270 | $ | (7,242 | ) | $ | 85,752 | $ | 70 | $ | 85,822 | |||||||||||||||||||||||||||||||
Common Stock | Common Stock with Exit Warrants | Total Common Stock | Additional Paid-In | Loan to | Retained Earnings (Accumulated | Accumulated Other Comprehensive | Treasury Stock | Total Shareholders’ Equity Attributable to The Vita Coco | Non- controlling Interest in | Total Shareholders’ | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | $ Amount | Shares | $ Amount | Shares | $ Amount | Capital | Shareholder | Deficit) | Income / (Loss) | Shares | Amount | Company, Inc. | Subsidiary | Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 51,086,945 | $ | 511 | 8,113,105 | $ | 81 | 59,200,050 | $ | 592 | $ | 100,849 | $ | (17,700 | ) | $ | 28,354 | $ | (949 | ) | 1,014,195 | $ | (8,925 | ) | $ | 102,221 | $ | 78 | $ | 102,299 | |||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | 1,645 | — | — | — | 1,645 | (5 | ) | 1,640 | ||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | — | — | — | — | — | — | 5,192,005 | (50,003 | ) | (50,003 | ) | — | (50,003 | ) | ||||||||||||||||||||||||||||||||||||||||||
Loan to Shareholder | — | — | — | — | — | — | — | (26 | ) | — | — | — | — | (26 | ) | — | (26 | ) | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | 487 | — | — | — | — | — | 487 | — | 487 | |||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 1,365 | — | — | — | 1,365 | — | 9 | — | — | — | — | — | 9 | — | 9 | |||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | 17 | — | — | 17 | — | 17 | |||||||||||||||||||||||||||||||||||||||||||||
Balance at March 30, 2021 | 51,088,310 | $ | 511 | 8,113,105 | $ | 81 | 59,201,415 | $ | 592 | $ | 101,345 | $ | (17,726 | ) | $ | 29,999 | $ | (932 | ) | 6,206,200 | $ | (58,928 | ) | $ | 54,350 | $ | 73 | $ | 54,423 | |||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | 7,797 | — | — | — | 7,797 | (15 | ) | 7,782 | ||||||||||||||||||||||||||||||||||||||||||||
Loan to Shareholder | — | — | — | — | — | — | — | (25 | ) | — | — | — | — | (25 | ) | — | (25 | ) | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | 525 | — | — | — | — | — | 525 | — | 525 | |||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 910 | — | — | — | 910 | — | 10 | — | — | — | — | — | 10 | — | 10 | |||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | 295 | — | — | 295 | 4 | 299 | |||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 51,089,220 | $ | 511 | 8,113,105 | $ | 81 | 59,202,325 | $ | 592 | $ | 101,880 | $ | (17,751 | ) | $ | 37,796 | $ | (637 | ) | 6,206,200 | $ | (58,928 | ) | $ | 62,952 | $ | 62 | $ | 63,014 | |||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | 12,990 | — | — | — | 12,990 | (3 | ) | 12,987 | ||||||||||||||||||||||||||||||||||||||||||||
Loan to Shareholder | — | — | — | — | — | — | — | 17,751 | — | — | — | — | 17,751 | — | 17,751 | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | 629 | — | — | — | — | — | 629 | — | 629 | |||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 13,195 | — | — | — | 13,195 | — | 135 | — | — | — | — | — | 135 | — | 135 | |||||||||||||||||||||||||||||||||||||||||||||
Acquisition of portion of non-controlling interest | — | — | — | — | — | — | (18 | ) | — | — | — | — | — | (18 | ) | (36 | ) | (54 | ) | |||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | (185 | ) | — | — | (185 | ) | — | (185 | ) | ||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | 51,102,415 | $ | 511 | 8,113,105 | $ | 81 | 59,215,520 | $ | 592 | $ | 102,626 | $ | — | $ | 50,786 | $ | (822 | ) | 6,206,200 | $ | (58,928 | ) | $ | 94,254 | $ | 23 | $ | 94,277 | ||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||
2021 | 2020 | |||||||
Cash flows from operating activities: | ||||||||
Net income | 22,409 | 15,594 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 1,557 | 1,559 | ||||||
(Gain)/loss on disposal of equipment | 89 | (14 | ) | |||||
Bad debt expense | 20 | 135 | ||||||
Unrealized (gain)/loss on derivative instruments | (1,250 | ) | 7,229 | |||||
Stock-based compensation | 1,641 | 1,238 | ||||||
Impairment of intangible assets | — | 90 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (26,940 | ) | (18,964 | ) | ||||
Inventory | (15,362 | ) | 11,487 | |||||
Prepaid expenses and other assets | (12,974 | ) | (5,732 | ) | ||||
Accounts payable, accrued expenses, and other long-term liabilities | 14,251 | 22,402 | ||||||
Net advances to suppliers | 208 | (3,437 | ) | |||||
Net cash provided by (used in) operating activities | (16,351 | ) | 31,587 | |||||
Cash flows from investing activities: | ||||||||
Cash paid for property and equipment | (127 | ) | (223 | ) | ||||
Proceeds from sale of property and equipment | — | 14 | ||||||
Net cash used in investing activities | (127 | ) | (209 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from exercise of stock options/warrants | 153 | 825 | ||||||
Borrowings on credit facility | 16,500 | 15,952 | ||||||
Repayments of borrowings on credit facility | (34,000 | ) | (15,952 | ) | ||||
Proceeds from settlement of loan to stockholder | 17,700 | — | ||||||
Cash received (paid) on notes payable | 30,028 | (16,890 | ) | |||||
Cash paid to acquire treasury stock | (50,003 | ) | (5,257 | ) | ||||
Cash paid to acquire portion of non-controlling interest | (54 | ) | — | |||||
Net cash used in financing activities | (19,676 | ) | (21,322 | ) | ||||
Effects of exchange rate changes on cash and cash equivalents | (117 | ) | (5 | ) | ||||
Net decrease in cash and cash equivalents | (36,271 | ) | 10,051 | |||||
Cash and cash equivalents at beginning of the period | 72,181 | 36,740 | ||||||
Cash and cash equivalents at end of the period | $ | 35,910 | 46,791 | |||||
Supplemental disclosures of cash flow information: | ||||||||
Cash paid for income taxes | 1,130 | $ | 6,649 | |||||
Cash paid for interest | 164 | $ | 781 |
Three Months Ended September 30, 2022 | |||||||||||||||||
Americas | International | Consolidated | |||||||||||||||
Vita Coco Coconut Water | $ | 82,643 | $ | 10,637 | $ | 93,280 | |||||||||||
Private Label | 24,786 | 3,810 | 28,596 | ||||||||||||||
Other | 1,367 | 800 | 2,167 | ||||||||||||||
Total | $ | 108,796 | $ | 15,247 | $ | 124,043 | |||||||||||
Three Months Ended September 30, 2021 | |||||||||||||||||
Americas | International | Consolidated | |||||||||||||||
Vita Coco Coconut Water | $ | 71,825 | $ | 10,093 | $ | 81,918 | |||||||||||
Private Label | 25,973 | 4,117 | 30,090 | ||||||||||||||
Other | 3,135 | 526 | 3,661 | ||||||||||||||
Total | $ | 100,933 | $ | 14,736 | $ | 115,669 |
Nine Months Ended September 30, 2022 | |||||||||||||||||
Americas | International | Consolidated | |||||||||||||||
Vita Coco Coconut Water | $ | 217,934 | $ | 30,110 | $ | 248,044 | |||||||||||
Private Label | 68,413 | 9,521 | 77,934 | ||||||||||||||
Other | 7,553 | 2,265 | 9,818 | ||||||||||||||
Total | $ | 293,900 | $ | 41,896 | $ | 335,796 | |||||||||||
Nine Months Ended September 30, 2021 | |||||||||||||||||
Americas | International | Consolidated | |||||||||||||||
Vita Coco Coconut Water | $ | 176,229 | $ | 26,445 | $ | 202,674 | |||||||||||
Private Label | 66,457 | 9,648 | 76,105 | ||||||||||||||
Other | 8,246 | 5,904 | 14,150 | ||||||||||||||
Total | $ | 250,932 | $ | 41,997 | $ | 292,929 |
Three Months Ended September 30, 2021 | ||||||||||||
Americas | International | Consolidated | ||||||||||
Vita Coco Coconut Water | $ | 71,825 | $ | 10,093 | $ | 81,918 | ||||||
Private Label | 25,973 | 4,117 | 30,090 | |||||||||
Other | 3,135 | 526 | 3,661 | |||||||||
Total | $ | 100,933 | $ | 14,736 | $ | 115,669 | ||||||
Three Months Ended September 30, 2020 | ||||||||||||
Americas | International | Consolidated | ||||||||||
Vita Coco Coconut Water | $ | 50,891 | $ | 8,024 | $ | 58,915 | ||||||
Private Label | 20,227 | 3,093 | 23,320 | |||||||||
Other | 3,404 | 1,682 | 5,086 | |||||||||
Total | $ | 74,522 | $ | 12,799 | $ | 87,321 | ||||||
Nine Months Ended September 30, 2021 | ||||||||||||
Americas | International | Consolidated | ||||||||||
Vita Coco Coconut Water | $ | 176,229 | $ | 26,445 | $ | 202,674 | ||||||
Private Label | 66,457 | 9,648 | 76,105 | |||||||||
Other | 8,246 | 5,904 | 14,150 | |||||||||
Total | $ | 250,932 | $ | 41,997 | $ | 292,929 | ||||||
Nine Months Ended September 30, 2020 | ||||||||||||
Americas | International | Consolidated | ||||||||||
Vita Coco Coconut Water | $ | 130,953 | $ | 21,387 | $ | 152,340 | ||||||
Private Label | 62,391 | 9,472 | 71,863 | |||||||||
Other | 11,277 | 5,647 | 16,924 | |||||||||
Total | $ | 204,621 | $ | 36,506 | $ | 241,127 | ||||||
September 30, 2021 | December 31, 2020 | |||||||
Raw materials and packaging | $ | 4,874 | $ | 2,771 | ||||
Finished goods | $ | 42,311 | $ | 29,196 | ||||
Inventory | $ | 47,185 | $ | 31,967 | ||||
September 30, 2022 | December 31, 2021 | ||||||||||
Raw materials and packaging | $ | 6,076 | $ | 4,868 | |||||||
Finished goods | 68,383 | 70,492 | |||||||||
Inventory | $ | 74,459 | $ | 75,360 |
September 30, 2022 | December 31, 2021 | ||||||||||
Goodwill | $ | 7,791 | $ | 7,791 |
September 30, 2021 | December 31, 2020 | |||||||
Goodwill | $ | 7,791 | $ | 7,791 | ||||
September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||
Gross | Gross | |||||||||||||||||||||||
Carrying Amount | Accumulated Amortization | Net | Carrying Amount | Accumulated Amortization | Net | |||||||||||||||||||
Intangible assets, net | ||||||||||||||||||||||||
Trade names | $ | 6,200 | $ | (2,032 | ) | $ | 4,168 | $ | 6,200 | $ | (1,567 | ) | $ | 4,633 | ||||||||||
Distributor relationships | 6,000 | (1,967 | ) | $ | 4,033 | 6,000 | (1,517 | ) | $ | 4,483 | ||||||||||||||
Other | 38 | 0 | $ | 38 | 38 | 0 | $ | 38 | ||||||||||||||||
Total intangible assets subject to amortization | $ | 12,238 | $ | (3,999 | ) | $ | 8,239 | $ | 12,238 | $ | (3,084 | ) | $ | 9,154 |
Year ending December 31, | ||||
2021 (excluding the nine months ended September 30, 2021) | $ | 309 | ||
2022 | 1,224 | |||
2023 | 1,224 | |||
2024 | 1,224 | |||
2025 | 1,224 | |||
Thereafter | 3,034 | |||
$ | 8,239 | |||
Fiscal Years | |||||
2022 (excluding the nine months ended September 30, 2022) | $ | 305 | |||
2023 | 1,220 | ||||
2024 | 1,220 | ||||
2025 | 1,220 | ||||
2026 | 1,220 | ||||
Thereafter | 1,834 | ||||
$ | 7,019 |
September 30, 2022 | December 31, 2021 | ||||||||||
2020 Credit facility | $ | 9,500 | $ | — | |||||||
Notes payable | |||||||||||
Vehicle loans | 54 | 76 | |||||||||
$ | 54 | $ | 76 | ||||||||
Current | 24 | 28 | |||||||||
Non-current | $ | 30 | 48 |
September 30, 2021 | December 31, 2020 | |||||||
2020 Credit facility | $ | 7,500 | $ | 25,000 | ||||
Notes payable | ||||||||
2021 Term Loan | $ | 30,000 | $ | 0 | ||||
Vehicle loans | 85 | 56 | ||||||
$ | 30,085 | $ | 56 | |||||
Current | 4,316 | 22 | ||||||
Non-current | $ | 25,769 | 34 | |||||
2021, three months remaining | 1,087 | |||
2022 | 4,313 | |||
2023 | 4,307 | |||
2024 | 4,297 | |||
2025 | 4,295 | |||
2026 | 11,786 | |||
Total notes payable | 30,085 | |||
Years Ending December 31, | ||||
2021, three months remaining | $ | 287 | ||
2022 | 1,078 | |||
2023 | 219 | |||
2024 | 147 | |||
2025 | 48 | |||
$1,779 | ||||
Net sales | Accounts receivable | ||||||||||||||||||||||
Nine Months Ended September 30, | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Customer A | 31 | % | 33 | % | 28 | % | 18 | % | |||||||||||||||
Customer B | 24 | % | 22 | % | 21 | % | 19 | % |
Net sales | Accounts receivable | |||||||||||||||
Nine Months Ended September 30, | September 30, | December 31, | ||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Customer A | 33 | % | 35 | % | 17 | % | 22 | % | ||||||||
Customer B | 22 | % | 19 | % | 16 | % | 16 | % |
Nine Months Ended September 30, | ||||||||
2021 | 2020 | |||||||
Supplier A | 19 | % | 26 | % | ||||
Supplier B | 14 | % | 18 | % | ||||
Supplier C | 6 | % | 11 | % |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Supplier A | 16 | % | 19 | % | |||||||
Supplier B | 13 | % | 14 | % |
September 30, 2022 | ||||||||||||||||||||
Derivatives not designated as hedging instruments under ASC 815-20 | Notional Amount | Fair Value | Balance Sheet Location | |||||||||||||||||
Assets | ||||||||||||||||||||
Foreign currency exchange contracts | ||||||||||||||||||||
Receive USD/pay GBP | $ | 26,041 | $ | 3,502 | Derivative assets | |||||||||||||||
Receive BRL/sell USD | 41,515 | 1,275 | Derivative assets | |||||||||||||||||
Receive USD/pay CAD | 4,633 | 303 | Derivative assets | |||||||||||||||||
Liabilities | ||||||||||||||||||||
Foreign currency exchange contracts | ||||||||||||||||||||
Receive THB/sell USD | 17,786 | (1,735) | Derivative liabilities |
December 31, 2021 | ||||||||||||||||||||
Derivatives not designated as hedging instruments under ASC 815-20 | Notional Amount | Fair Value | Balance Sheet Location | |||||||||||||||||
Assets | ||||||||||||||||||||
Foreign currency exchange contracts | ||||||||||||||||||||
Receive USD/pay GBP | $ | 22,323 | $ | 125 | Derivative assets | |||||||||||||||
Receive MYR/sell USD | 392 | 1 | Derivative assets | |||||||||||||||||
Liabilities | ||||||||||||||||||||
Foreign currency exchange contracts | ||||||||||||||||||||
Receive BRL/sell USD | $ | 43,174 | $ | (2,389) | Derivative liabilities | |||||||||||||||
Receive USD/pay CAD | 4,731 | (57) | Derivative liabilities | |||||||||||||||||
Receive THB/sell USD | 18,488 | (751) | Derivative liabilities |
September 30, 2021 | ||||||||||
Derivatives not designated as hedging instruments under ASC 815-20 | Notional Amount | Fair Value | Balance Sheet Location | |||||||
Assets | ||||||||||
Foreign currency exchange contracts | ||||||||||
Receive USD/pay GBP | 19,622 | 156 | Derivative assets | |||||||
Liabilities | ||||||||||
Foreign currency exchange contracts | ||||||||||
Receive THB/sell USD | $ | 17,726 | $ | (1,155 | ) | Derivative liabilities | ||||
Receive BRL/sell USD | 41,261 | (2,754 | ) | Derivative liabilities | ||||||
Receive USD/pay CAD | 5,505 | (156 | ) | Derivative liabilities | ||||||
Receive MYR/sell USD | 392 | (4 | ) | Derivative liabilities |
December 31, 2020 | ||||||||||||
Derivatives not designated as hedging instruments under ASC 815-20 | Notional Amount | Fair Value | Balance Sheet Location | |||||||||
Assets | ||||||||||||
Foreign currency exchange contracts | ||||||||||||
Receive THB/sell USD | $ | 8,730 | $ | 200 | Derivative assets | |||||||
Liabilities | ||||||||||||
Foreign currency exchange contracts | ||||||||||||
Receive BRL/sell USD | $ | 29,329 | $ | (3,817 | ) | Derivative liabilities | ||||||
Receive USD/pay GBP | 15,298 | (1,120 | ) | Derivative liabilities | ||||||||
Receive USD/pay CAD | 9,006 | (427 | ) | Derivative liabilities |
Three Months Ended September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Unrealized gain/(loss) on derivative instruments | $ | 952 | $ | (1,964) | ||||||||||
Location | Unrealized gain/(loss) on derivative instruments | Unrealized gain/(loss) on derivative instruments | ||||||||||||
Foreign currency gain / (loss) | $ | 881 | $ | (483) | ||||||||||
Location | Foreign currency gain/(loss) | Foreign currency gain/(loss) | ||||||||||||
Nine Months Ended September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Unrealized gain/(loss) on derivative instruments | $ | 6,416 | $ | 1,250 | ||||||||||
Location | Unrealized gain/(loss) on derivative instruments | Unrealized gain/(loss) on derivative instruments | ||||||||||||
Foreign currency gain / (loss) | $ | 1,839 | $ | (2,013) | ||||||||||
Location | Foreign currency gain/(loss) | Foreign currency gain/(loss) |
Three Months Ended September 30, | ||||||||
2021 | 2020 | |||||||
Unrealized gain/(loss) on derivative instruments | $ | (1,964) | $ | 167 | ||||
Location | | Unrealized gain/(loss) on derivative instruments | | | Unrealized gain/(loss) on derivative instruments | | ||
Foreign currency gain / (loss) | $ | (483) | $ | 756 | ||||
Location | | Foreign currency gain/(loss) | | | Foreign currency gain/(loss) | |
Nine Months Ended September 30, | ||||||||
2021 | 2020 | |||||||
Unrealized gain/(loss) on derivative instruments | $ | 1,250 | $ | (7,229) | ||||
Location | | Unrealized gain/(loss) on derivative instruments | | | Unrealized gain/(loss) on derivative instruments | | ||
Foreign currency gain / (loss) | $ | (2,013) | $ | 1,118 | ||||
Location | | Foreign currency gain/(loss) | | | Foreign currency gain/(loss) | |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Forward Currency Swaps/Contracts | Contingent consideration liability | ||||||||||||||||||||||
September 30, 2022 | $ | — | $ | 3,345 | $ | — | $ | 3,345 | |||||||||||||||
December 31, 2021 | $ | — | $ | (3,071) | $ | — | $ | (3,071) |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Forward Currency Swaps/Contracts | Contingent consideration liability | |||||||||||||||
September 30, 2021 | $ | — | $ | (3,913 | ) | $ | 0 | $ | (3,913 | ) | ||||||
December 31, 2020 | $ | — | $ | (5,164 | ) | $ | 0 | $ | (5,164 | ) | ||||||
2021 | 2020 | |||||||
Balance at January 1, | $ | 0 | $ | (16,400 | ) | |||
Change in fair value of contingent consideration | 0 | 0 | ||||||
Balance at September 30, | $ | 0 | $ | (16,400 | ) | |||
Exit Warrants (a) | Service Warrants (b) | Total Warrants | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term (in Years) | ||||||||||||||||
Outstanding—December 31, 2020 | 28,665 | — | 28,665 | $ | 0.000022 | 0.75 | ||||||||||||||
Granted | — | — | — | — | — | |||||||||||||||
Exercised | — | — | — | — | — | |||||||||||||||
Expired | (28,665 | ) | — | (28,665 | ) | — | — | |||||||||||||
Outstanding—September 30, 2021 | 0 | — | 0 | |||||||||||||||||
Exercisable—September 30, 2021 | — | — | — | — | — | |||||||||||||||
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (in years) | Aggregate Intrinsic Value (in thousands) | |||||||||||||
Outstanding—December 31, 2020 | 3,206,840 | $ | 10.05 | |||||||||||||
Granted | 347,620 | $ | 10.18 | |||||||||||||
Exercised | 15,470 | $ | 9.67 | |||||||||||||
Forfeited or expired | 221,585 | $ | 10.78 | |||||||||||||
Outstanding—September 30, 2021 | 3,317,405 | $ | 10.02 | 7.8 | 16,534 | |||||||||||
Exercisable—September 30, 2021 | 1,829,100 | $ | 9.88 | 7.2 | 9,358 |
September 30, 2021 | September 30, 2020 | |||||||
Weighted average expected term | 6.4 | 5.6 | ||||||
Weighted average expected volatility | 38 | % | 40 | % | ||||
Weighted average risk-free interest rate | 0.80 | % | 0.45 | % | ||||
Weighted average expected dividend yield | 0 | % | 0 | % |
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (in years) | Aggregate Intrinsic Value (in thousands) | |||||||||||||
Outstanding—December 31, 2020 | 647,920 | 10.18 | ||||||||||||||
Granted | 262,990 | 10.62 | ||||||||||||||
Exercised | — | — | ||||||||||||||
Forfeited or expired | — | — | ||||||||||||||
Outstanding—September 30, 2021 | 910,910 | 10.30 | 8.3 | 4,155 | ||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income attributable to The Vita Coco Company, Inc. | $ | 7,258 | $ | 12,990 | $ | 10,624 | $ | 22,432 | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted-average number of common shares used in earnings per share—basic | 55,785,622 | 53,006,746 | 55,658,946 | 53,266,209 | |||||||||||||||||||
Effect of conversion of stock options | 794,290 | 773,314 | 370,123 | 475,839 | |||||||||||||||||||
Weighted-average number of common shares used in earnings per share—diluted | 56,579,912 | 53,780,060 | 56,029,069 | 53,742,048 | |||||||||||||||||||
Earnings per share—basic | $ | 0.13 | $ | 0.25 | $ | 0.19 | $ | 0.42 | |||||||||||||||
Earnings per share—diluted | $ | 0.13 | $ | 0.24 | $ | 0.19 | $ | 0.42 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Numerator: | ||||||||||||||||
Net income income attributable to The Vita Coco Company, Inc. | $ | 12,990 | $ | 9,007 | $ | 22,432 | $ | 15,573 | ||||||||
Denominator: | ||||||||||||||||
Weighted-average number of common shares used in earnings per share—basic | 53,006,746 | 58,495,156 | 53,266,209 | 58,560,306 | ||||||||||||
Effect of conversion of stock options | 773,314 | 95,516 | 475,839 | 114,899 | ||||||||||||
Weighted-average number of common shares used in earnings per share—diluted | 53,780,060 | 58,590,672 | 53,742,048 | 58,675,205 | ||||||||||||
Earnings per share—basic | $ | 0.25 | $ | 0.15 | $ | 0.42 | $ | 0.27 | ||||||||
Earnings per share—diluted | $ | 0.24 | $ | 0.15 | $ | 0.42 | $ | 0.27 | ||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Awards to purchase common stock | 1,123,845 | 116,322 | 1,954,406 | 1,198,005 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Options to purchase common stock | 116,322 | 3,627,839 | 1,198,005 | 3,512,961 | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net sales | $ | 124,043 | $ | 115,669 | $ | 335,796 | $ | 292,929 | |||||||||||||||
Americas | 108,796 | 100,933 | 293,900 | 250,932 | |||||||||||||||||||
International | 15,247 | 14,736 | 41,896 | 41,997 | |||||||||||||||||||
Gross profit | $ | 32,576 | $ | 38,501 | $ | 80,928 | $ | 91,561 | |||||||||||||||
Americas | 30,279 | 34,679 | 73,285 | 81,502 | |||||||||||||||||||
International | 2,297 | 3,822 | 7,643 | 10,059 |
Three Months Ended September 30, | Nine Months Ended September 30, | As of September 30, | As of December 31, | ||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | ||||||||||||||||||||||
Net sales | $ | 115,669 | $ | 87,321 | $ | 292,929 | $ | 241,127 | |||||||||||||||||||
Total segment assets | Total segment assets | $ | 218,378 | $ | 197,484 | ||||||||||||||||||||||
Americas | 100,933 | 74,522 | 250,932 | 204,621 | Americas | 171,291 | 141,973 | ||||||||||||||||||||
International | 14,736 | 12,799 | 41,997 | 36,506 | International | 47,087 | 55,511 | ||||||||||||||||||||
Gross profit | $ | 38,501 | $ | 29,380 | $ | 91,561 | $ | 82,314 | |||||||||||||||||||
Americas | 34,679 | 25,091 | 81,502 | 71,076 | |||||||||||||||||||||||
International | 3,822 | 4,289 | 10,059 | 11,238 |
As of September 30, | As of December 31, | |||||||
2021 | 2020 | |||||||
Total segment assets | $ | 200,974 | $ | 183,861 | ||||
Americas | 153,174 | 139,452 | ||||||
International | 47,800 | 44,409 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Reconciliation | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Total gross profit | $ | 32,576 | $ | 38,501 | $ | 80,928 | $ | 91,561 | |||||||||||||||
Less: | |||||||||||||||||||||||
Selling, general, and administrative expenses | 23,960 | 20,675 | 73,018 | 61,897 | |||||||||||||||||||
Income (loss) from operations | $ | 8,616 | $ | 17,826 | $ | 7,910 | $ | 29,664 | |||||||||||||||
Less: | |||||||||||||||||||||||
Unrealized gain/(loss) on derivative instruments | 952 | (1,964) | 6,416 | 1,250 | |||||||||||||||||||
Foreign currency gain/(loss) | (364) | (483) | (508) | (2,013) | |||||||||||||||||||
Interest income | 20 | 31 | 30 | 104 | |||||||||||||||||||
Interest expense | (130) | (127) | (213) | (319) | |||||||||||||||||||
Income before income taxes | $ | 9,094 | $ | 15,283 | $ | 13,635 | $ | 28,686 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
Reconciliation | 2021 | 2020 | 2021 | 2020 | ||||||||||||
Total gross profit | $ | 38,501 | $ | 29,380 | $ | 91,561 | $ | 82,314 | ||||||||
Less: | ||||||||||||||||
Selling, general, and administrative expenses | 20,675 | 19,060 | 61,897 | 55,462 | ||||||||||||
Income from operations | 17,826 | 10,320 | 29,664 | 26,852 | ||||||||||||
Less: | ||||||||||||||||
Unrealized (gain)/loss on derivative instruments | 1,964 | (167 | ) | (1,250 | ) | 7,229 | ||||||||||
Foreign currency (gain)/loss | 483 | (756 | ) | 2,013 | (1,118 | ) | ||||||||||
Interest income | (31 | ) | (61 | ) | (104 | ) | (244 | ) | ||||||||
Interest expense | 127 | 24 | 319 | 776 | ||||||||||||
Income before income taxes | 15,283 | 11,280 | 28,686 | 20,209 | ||||||||||||
Nine Months Ended September 30, | 2022 | 2021 | ||||||||||||
United States | $ | 277,987 | $ | 250,933 | ||||||||||
All other countries(1) | 57,809 | 41,996 | ||||||||||||
Net sales | $ | 335,796 | $ | 292,929 |
Nine Months Ended September 30, | 2021 | 2020 | ||||||
United States | $ | 250,933 | $ | 204,621 | ||||
All other countries(1) | 41,996 | 36,506 | ||||||
Net sales | $ | 292,929 | $ | 241,127 | ||||
(1) | No individual country is greater than 10% of total net sales for the nine months ended September 30, |
September 30, 2022 | December 31, 2021 | ||||||||||
United States | $ | 644 | $ | 890 | |||||||
Ecuador | 503 | 870 | |||||||||
Singapore | 1,261 | 536 | |||||||||
All other countries(1) | 109 | 177 | |||||||||
Property and equipment, net | $ | 2,517 | $ | 2,473 |
September 30, 2021 | December 31, 2020 | |||||||
United States | $ | 913 | $ | 1,186 | ||||
Ecuador | 889 | 953 | ||||||
Singapore | 290 | 445 | ||||||
All other countries(1) | 182 | 296 | ||||||
Property and equipment, net | $ | 2,274 | $ | 2,880 | ||||
(1) | No individual country is greater than 10% of total property and equipment, net as of September 30, |
Asset held for sale | Amount | ||||
Land | $ | 503 |
(in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net sales | $ | 124,043 | $ | 115,669 | $ | 335,796 | $ | 292,929 | ||||||||||||||||||
Cost of goods sold | 91,467 | 77,168 | 254,868 | 201,368 | ||||||||||||||||||||||
Gross profit | 32,576 | 38,501 | 80,928 | 91,561 | ||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||
Selling, general, and administrative | 23,960 | 20,675 | 73,018 | 61,897 | ||||||||||||||||||||||
Income (loss) from operations | 8,616 | 17,826 | 7,910 | 29,664 | ||||||||||||||||||||||
Other income (expense) | ||||||||||||||||||||||||||
Unrealized gain/(loss) on derivative instrument | 952 | (1,964) | 6,416 | 1,250 | ||||||||||||||||||||||
Foreign currency gain/(loss) | (364) | (483) | (508) | (2,013) | ||||||||||||||||||||||
Interest income | 20 | 31 | 30 | 104 | ||||||||||||||||||||||
Interest expense | (130) | (127) | (213) | (319) | ||||||||||||||||||||||
Total other income (expense) | 478 | (2,543) | 5,725 | (978) | ||||||||||||||||||||||
Income before income taxes | 9,094 | 15,283 | 13,635 | 28,686 | ||||||||||||||||||||||
Income tax expense | (1,836) | (2,296) | (3,011) | (6,277) | ||||||||||||||||||||||
Net income | $ | 7,258 | $ | 12,987 | $ | 10,624 | $ | 22,409 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
Net sales | $ | 115,669 | $ | 87,321 | $ | 292,929 | $ | 241,127 | ||||||||
Cost of goods sold | 77,168 | 57,941 | 201,368 | 158,813 | ||||||||||||
Gross profit | 38,501 | 29,380 | 91,561 | 82,314 | ||||||||||||
Operating expenses | ||||||||||||||||
Selling, general, and administrative | 20,675 | 19,060 | 61,897 | 55,462 | ||||||||||||
Income from operations | 17,826 | 10,320 | 29,664 | 26,852 | ||||||||||||
Other income (expense) | ||||||||||||||||
Unrealized gain/(loss) on derivative instrument | (1,964 | ) | 167 | 1,250 | (7,229 | ) | ||||||||||
Foreign currency gain/(loss) | (483 | ) | 756 | (2,013 | ) | 1,118 | ||||||||||
Interest income | 31 | 61 | 104 | 244 | ||||||||||||
Interest expense | (127 | ) | (24 | ) | (319 | ) | (776 | ) | ||||||||
Total other income (expense) | (2,543 | ) | 960 | (978 | ) | (6,643 | ) | |||||||||
Income before income taxes | 15,283 | 11,280 | 28,686 | 20,209 | ||||||||||||
Income tax expense | (2,296 | ) | (2,263 | ) | (6,277 | ) | (4,615 | ) | ||||||||
Net income | $ | 12,987 | $ | 9,017 | $ | 22,409 | $ | 15,594 | ||||||||
(in thousands) | Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Amount | Percentage | 2022 | 2021 | Amount | Percentage | ||||||||||||||||||||||||||||||||||||||||
Americas segment | |||||||||||||||||||||||||||||||||||||||||||||||
Vita Coco Coconut Water | $ | 82,643 | $ | 71,825 | $ | 10,818 | 15.1 | % | $ | 217,934 | $ | 176,229 | $ | 41,704 | 23.7 | % | |||||||||||||||||||||||||||||||
Private Label | 24,786 | 25,973 | (1,187) | (4.6) | % | 68,413 | 66,457 | 1,956 | 2.9 | % | |||||||||||||||||||||||||||||||||||||
Other | 1,367 | 3,135 | (1,768) | -56.4 | % | 7,553 | 8,246 | (693) | -8.4 | % | |||||||||||||||||||||||||||||||||||||
Subtotal | 108,796 | 100,933 | 7,863 | 7.8 | % | 293,900 | 250,932 | 42,968 | 17.1 | % | |||||||||||||||||||||||||||||||||||||
International segment | |||||||||||||||||||||||||||||||||||||||||||||||
Vita Coco Coconut Water | 10,637 | 10,093 | $ | 544 | 5.4 | % | 30,110 | 26,445 | $ | 3,665 | 13.9 | % | |||||||||||||||||||||||||||||||||||
Private Label | 3,810 | 4,117 | (306) | (7.4) | % | 9,521 | 9,648 | (127) | (1.3) | % | |||||||||||||||||||||||||||||||||||||
Other | 800 | 526 | 275 | 52.3 | % | 2,265 | 5,904 | (3,640) | (61.7) | % | |||||||||||||||||||||||||||||||||||||
Subtotal | $ | 15,247 | $ | 14,736 | $ | 511 | 3.5 | % | $ | 41,896 | $ | 41,997 | $ | (101) | (0.2) | % | |||||||||||||||||||||||||||||||
Total net sales | $ | 124,043 | $ | 115,669 | $ | 8,374 | 7.2 | % | $ | 335,796 | $ | 292,929 | $ | 42,867 | 14.6 | % |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | Amount | Percentage | 2021 | 2020 | Amount | Percentage | ||||||||||||||||||||||||
Americas segment | ||||||||||||||||||||||||||||||||
Vita Coco Coconut Water | $ | 71,825 | $ | 50,891 | $ | 20,934 | 41.1 | % | $ | 176,229 | $ | 130,953 | $ | 45,276 | 34.6 | % | ||||||||||||||||
Private Label | 25,973 | 20,227 | 5,746 | 28.4 | % | 66,457 | 62,391 | 4,066 | 6.5 | % | ||||||||||||||||||||||
Other | 3,135 | 3,404 | (269 | ) | -7.9 | % | 8,246 | 11,277 | (3,031 | ) | (26.9 | %) | ||||||||||||||||||||
Subtotal | 100,933 | 74,522 | 26,411 | 35.4 | % | 250,932 | 204,621 | 46,311 | 22.6 | % | ||||||||||||||||||||||
International segment | ||||||||||||||||||||||||||||||||
Vita Coco Coconut Water | $ | 10,093 | $ | 8,024 | $ | 2,069 | 25.8 | % | $ | 26,445 | $ | 21,387 | $ | 5,058 | 23.6 | % | ||||||||||||||||
Private Label | 4,117 | 3,093 | 1,024 | 33.1 | % | 9,648 | 9,472 | 176 | 1.9 | % | ||||||||||||||||||||||
Other | 526 | $ | 1,682 | (1,156 | ) | -68.7 | % | 5,904 | 5,647 | 257 | 4.6 | % | ||||||||||||||||||||
Subtotal | $ | 14,736 | $ | 12,799 | $ | 1,937 | 15.1 | % | $ | 41,997 | $ | 36,506 | $ | 5,491 | 15.0 | % | ||||||||||||||||
Total net sales | $ | 115,669 | $ | 87,321 | $ | 28,348 | 32.5 | % | $ | 292,929 | $ | 241,127 | $ | 51,802 | 21.5 | % | ||||||||||||||||
(in thousands) | Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Amount | Percentage | 2022 | 2021 | Amount | Percentage | ||||||||||||||||||||||||||||||||||||||||
Americas segment | |||||||||||||||||||||||||||||||||||||||||||||||
Vita Coco Coconut Water | 8,670 | 7,605 | 1,065 | 14.0 | % | 23,269 | 19,482 | 3,787 | 19.4 | % | |||||||||||||||||||||||||||||||||||||
Private Label | 2,346 | 2,934 | (588) | (20.0) | % | 7,213 | 7,643 | (430) | (5.6) | % | |||||||||||||||||||||||||||||||||||||
Other | 200 | 326 | (126) | (38.6) | % | 1,092 | 831 | 261 | 31.4 | % | |||||||||||||||||||||||||||||||||||||
Subtotal | 11,216 | 10,865 | 351 | 3.2 | % | 31,574 | 27,956 | 3,618 | 12.9 | % | |||||||||||||||||||||||||||||||||||||
International segment* | |||||||||||||||||||||||||||||||||||||||||||||||
Vita Coco Coconut Water | 1,581 | 1,463 | 118 | 8.1 | % | 4,412 | 3,890 | 522 | 13.4 | % | |||||||||||||||||||||||||||||||||||||
Private Label | 492 | 540 | (48) | (8.9) | % | 1,326 | 1,327 | (1) | (0.1) | % | |||||||||||||||||||||||||||||||||||||
Other | 13 | 7 | 6 | 84.2 | % | 38 | 213 | (175) | (82.2 | %) | |||||||||||||||||||||||||||||||||||||
Subtotal | 2,086 | 2,010 | 76 | 3.8 | % | 5,776 | 5,430 | 346 | 6.4 | % | |||||||||||||||||||||||||||||||||||||
Total volume (CE) | 13,302 | 12,875 | 427 | 3.3 | % | 37,350 | 33,386 | 3,964 | 11.9 | % |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | Amount | Percentage | 2021 | 2020 | Amount | Percentage | ||||||||||||||||||||||||
Americas segment | ||||||||||||||||||||||||||||||||
Vita Coco Coconut Water | 7,605 | 6,147 | 1,458 | 23.7 | % | 19,482 | 15,176 | 4,306 | 28.4 | % | ||||||||||||||||||||||
Private Label | 2,934 | 2,391 | 543 | 22.7 | % | 7,643 | 7,000 | 643 | 9.2 | % | ||||||||||||||||||||||
Other | 326 | 325 | 1 | 0.3 | % | 831 | 1,269 | (438 | ) | (34.5 | %) | |||||||||||||||||||||
Subtotal | 10,865 | 8,863 | 2,002 | 22.6 | % | 27,956 | 23,445 | 4,511 | 19.2 | % | ||||||||||||||||||||||
International segment* | ||||||||||||||||||||||||||||||||
Vita Coco Coconut Water | 1,463 | 1,242 | 221 | 17.8 | % | 3,890 | 3,278 | 612 | 18.7 | % | ||||||||||||||||||||||
Private Label | 540 | 448 | 92 | 20.5 | % | 1,327 | 1,302 | 25 | 1.9 | % | ||||||||||||||||||||||
Other | 7 | 119 | (112 | ) | (94.1 | %) | 213 | 481 | (268 | ) | (55.7 | %) | ||||||||||||||||||||
Subtotal | 2,010 | 1,809 | 201 | 11.1 | % | 5,430 | 5,061 | 369 | 7.3 | % | ||||||||||||||||||||||
Total volume (CE) | 12,875 | 10,672 | 2,203 | 20.6 | % | 33,386 | 28,506 | 4,880 | 17.1 | % | ||||||||||||||||||||||
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Amount | Percentage | 2021 | 2020 | Amount | Percentage | 2022 | 2021 | Amount | Percentage | 2022 | 2021 | Amount | Percentage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold | Cost of goods sold | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Americas segment | $ | 66,254 | $ | 49,431 | $ | 16,823 | 34.0 | % | $ | 169,430 | $ | 133,545 | $ | 35,885 | 26.9 | % | Americas segment | $ | 78,516 | $ | 66,254 | $ | 12,262 | 18.5 | % | $ | 220,615 | $ | 169,430 | $ | 51,185 | 30.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
International segment | 10,914 | 8,510 | 2,404 | 28.2 | % | 31,938 | 25,268 | 6,670 | 26.4 | % | International segment | 12,951 | 10,914 | 2,037 | 18.7 | % | 34,253 | 31,938 | 2,315 | 7.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total cost of goods sold | $ | 77,168 | $ | 57,941 | $ | 19,227 | 33.2 | % | $ | 201,368 | $ | 158,813 | $ | 42,555 | 26.8 | % | Total cost of goods sold | $ | 91,467 | $ | 77,168 | $ | 14,299 | 18.5 | % | $ | 254,868 | $ | 201,368 | $ | 53,500 | 26.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | Gross profit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Americas segment | $ | 34,679 | $ | 25,091 | $ | 9,588 | 38.2 | % | $ | 81,502 | $ | 71,076 | $ | 10,426 | 14.7 | % | Americas segment | $ | 30,279 | $ | 34,679 | $ | (4,400) | (12.7) | % | $ | 73,285 | $ | 81,502 | $ | (8,217) | (10.1) | % | ||||||||||||||||||||||||||||||||||||||||||||||
International segment | 3,822 | 4,289 | (467 | ) | (10.9 | %) | 10,059 | 11,238 | (1,179 | ) | (10.5 | %) | International segment | 2,297 | 3,822 | (1,525) | (39.9) | % | 7,643 | 10,059 | (2,416) | (24.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total gross profit | Total gross profit | $ | 32,576 | $ | 38,501 | $ | (5,925) | (15.4) | % | $ | 80,928 | $ | 91,561 | $ | (10,633) | (11.6) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross margin | Gross margin | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Americas segment | Americas segment | 27.8 | % | 34.4 | % | (6.5) | % | 24.9 | % | 32.5 | % | (7.5) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
International segment | International segment | 15.1 | % | 25.9 | % | (10.9) | % | 18.2 | % | 24.0 | % | (5.7) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | Consolidated | 26.3 | % | 33.3 | % | (7.0) | % | 24.1 | % | 31.3 | % | (7.2) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total gross profit | $ | 38,501 | $ | 29,380 | $ | 9,121 | 31.0 | % | $ | 91,561 | $ | 82,314 | $ | 9,247 | 11.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Amount | Percentage | 2022 | 2021 | Amount | Percentage | ||||||||||||||||||||||||||||||||||||||||
Selling, general, and administrative | $ | 23,960 | $ | 20,675 | $ | 3,285 | 15.9 | % | 73,018 | 61,897 | 11,121 | 18.0 | % |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | Amount | Percentage | 2021 | 2020 | Amount | Percentage | ||||||||||||||||||||
Selling, general, and administrative | 20,675 | 19,060 | 1,615 | 8.5% | 61,897 | 55,462 | 6,435 | 11.6% | ||||||||||||||||||||
(in thousands) | Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Amount | Percentage | 2022 | 2021 | Amount | Percentage | |||||||||||||||||||||||||||||||||||||
Unrealized gain/(loss) on derivative instruments | $ | 952 | $ | (1,964) | $ | 2,916 | 148.5 | % | $ | 6,416 | $ | 1,250 | $ | 5,166 | (413.3 | %) | ||||||||||||||||||||||||||||
Foreign currency gain/(loss) | (364) | (483) | 119 | 24.6 | % | $ | (508) | (2,013) | 1,505 | 74.8 | % | |||||||||||||||||||||||||||||||||
Interest income | 20 | 31 | (11) | (35.5 | %) | $ | 30 | 104 | (74) | (71.2 | %) | |||||||||||||||||||||||||||||||||
Interest expense | (130) | (127) | (3) | (2.4 | %) | $ | (213) | (319) | 106 | (33.2 | %) | |||||||||||||||||||||||||||||||||
$ | 478 | $ | (2,543) | $ | 3,021 | 118.8 | % | $ | 5,725 | $ | (978) | $ | 6,703 | (685.4 | %) |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | Amount | Percentage | 2021 | 2020 | Amount | Percentage | ||||||||||||||||||||||||
Unrealized gain/(loss) on derivative instruments | $ | (1,964 | ) | $ | 167 | $ | (2,131 | ) | n/m | $ | 1,250 | $ | (7,229 | ) | $ | 8,479 | n/m | |||||||||||||||
Foreign currency gain/(loss) | (483 | ) | 756 | (1,239 | ) | n/m | (2,013 | ) | 1,118 | (3,131 | ) | n/m | ||||||||||||||||||||
Interest income | 31 | 61 | (30 | ) | (49.2 | %) | 104 | 244 | (140 | ) | (57.4 | %) | ||||||||||||||||||||
Interest expense | (127 | ) | (24 | ) | (103 | ) | 429.2 | % | (319 | ) | (776 | ) | 457 | (58.9 | %) | |||||||||||||||||
$ | (2,543 | ) | $ | 960 | $ | (3,503 | ) | (364.9 | %) | $ | (978 | ) | $ | (6,643 | ) | $ | 5,665 | (85.3 | %) | |||||||||||||
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | Amount | Percentage | 2021 | 2020 | Amount | Percentage | (in thousands) | Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | Amount | Percentage | 2022 | 2021 | Amount | Percentage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | (2,296 | ) | $ | (2,263 | ) | $ | (33 | ) | 1.5 | % | $ | (6,277 | ) | $ | (4,615 | ) | $ | (1,662 | ) | 36.0 | % | Income tax expense | (1,836) | (2,296) | $ | 460 | (20.0) | % | $ | (3,011) | $ | (6,277) | $ | 3,266 | (52.0) | % | ||||||||||||||||||||||||||||||||||||||||
Tax Rate | 15.0 | % | 20.1 | % | 21.9 | % | 22.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax rate | Tax rate | 20.2 | % | 15.0 | % | 22.1 | % | 21.9 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||
Net income | 7,258 | 12,987 | 10,624 | 22,409 | ||||||||||||||||||||||
Depreciation and amortization | 497 | 514 | 1,442 | 1,557 | ||||||||||||||||||||||
Interest income | (20) | (31) | (30) | (104) | ||||||||||||||||||||||
Interest expense | 130 | 127 | 213 | 319 | ||||||||||||||||||||||
Income tax expense | 1,836 | 2,296 | 3,011 | 6,277 | ||||||||||||||||||||||
EBITDA | 9,701 | 15,893 | 15,260 | 30,458 | ||||||||||||||||||||||
Stock-based compensation (a) | 1,457 | 629 | 5,657 | 1,641 | ||||||||||||||||||||||
Unrealized (gain)/loss on derivative instruments (b) | (952) | 1,964 | (6,416) | (1,250) | ||||||||||||||||||||||
Foreign currency (gain)/loss (b) | 364 | 483 | 508 | 2,013 | ||||||||||||||||||||||
Other adjustments (c) | 1,240 | 1,678 | 1,240 | 3,401 | ||||||||||||||||||||||
Adjusted EBITDA | $ | 11,810 | $ | 20,647 | $ | 16,249 | $ | 36,263 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
Net income | $ | 12,987 | $ | 9,017 | $ | 22,409 | $ | 15,594 | ||||||||
Depreciation and amortization | 514 | 531 | 1,557 | 1,559 | ||||||||||||
Interest income | (31 | ) | (61 | ) | (104 | ) | (244 | ) | ||||||||
Interest expense | 127 | 24 | 319 | 776 | ||||||||||||
Income tax expense | 2,296 | 2,263 | 6,277 | 4,615 | ||||||||||||
EBITDA | 15,893 | 11,774 | 30,458 | 22,300 | ||||||||||||
Stock-based compensation (a) | 629 | 411 | 1,641 | 1,238 | ||||||||||||
Unrealized (gain)/loss on derivative instruments (b) | 1,964 | (167 | ) | (1,250 | ) | 7,229 | ||||||||||
Foreign currency (gain)/loss (b) | 483 | (756 | ) | 2,013 | (1,118 | ) | ||||||||||
Other adjustments (c) | 1,678 | 19 | 3,401 | 165 | ||||||||||||
Adjusted EBITDA | $ | 20,647 | $ | 11,281 | $ | 36,263 | $ | 29,814 | ||||||||
Nine Months Ended September 30, | Change | ||||||||||||||||||||||
2022 | 2021 | Amount | Percentage | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Cash flows provided by (used in): | |||||||||||||||||||||||
Operating activities | $ | (18,181) | $ | (16,351) | $ | (1,830) | (11.2 | %) | |||||||||||||||
Investing activities | (907) | (127) | (780) | (614.2 | %) | ||||||||||||||||||
Financing activities | 12,153 | (19,676) | 31,829 | 161.8 | % | ||||||||||||||||||
Effects of exchange rate changes on cash and cash equivalents | (544) | (117) | (427) | n/m | |||||||||||||||||||
Net (decrease)/increase in cash and cash equivalents | $ | (7,479) | $ | (36,271) | $ | 28,792 | 79.4 | % |
Nine Months Ended September 30, | Change | |||||||||||||||
2021 | 2020 | Amount | Percentage | |||||||||||||
(in thousands) | ||||||||||||||||
Cash flows provided by (used in): | ||||||||||||||||
Operating activities | $ | (16,351 | ) | $ | 31,587 | $ | (47,938 | ) | (151.8 | %) | ||||||
Investing activities | (127 | ) | (209 | ) | 82 | (39.2 | %) | |||||||||
Financing activities | (19,676 | ) | (21,322 | ) | 1,646 | (7.7 | %) | |||||||||
Effects of exchange rate changes on cash and cash equivalents | (117 | ) | (5 | ) | (112 | ) | n/m | |||||||||
Net (decrease)/increase in cash and cash equivalents | $ | (36,271 | ) | $ | 10,051 | $ | (46,322 | ) | (460.9 | %) | ||||||
Exhibit Number | Exhibit Description | Incorporated by Reference | Filed / Furnished Herewith | ||||||||||||||||||||||||||
Form | File No. | Exhibit | Filing Date | ||||||||||||||||||||||||||
3.1 | 8-K | 001-40950 | 3.1 | 10/25/21 | |||||||||||||||||||||||||
3.2 | 8-K | 001-40950 | 3.2 | 10/25/21 | |||||||||||||||||||||||||
4.1 | S-1 | 333-29825 | 4.1 | 9/27/21 | |||||||||||||||||||||||||
4.2 | 8-K | 001-40950 | 10.1 | 10/25/21 | |||||||||||||||||||||||||
4.3 | 8-K | 001-40950 | 10.2 | 10/25/21 | |||||||||||||||||||||||||
10.1 | * | ||||||||||||||||||||||||||||
31.1 | * | ||||||||||||||||||||||||||||
31.2 | * | ||||||||||||||||||||||||||||
32.1 | ** | ||||||||||||||||||||||||||||
32.2 | ** | ||||||||||||||||||||||||||||
101.INS | Inline XBRL Instance Document—the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | * | |||||||||||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | * | |||||||||||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | * | |||||||||||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | * | |||||||||||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | * | |||||||||||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | * | |||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
THE VITA COCO COMPANY, INC. | |||||||||||||||
Date: November | By: | /s/ Martin Roper | |||||||||||||
Martin Roper | |||||||||||||||
( Principal Executive Officer) | |||||||||||||||
Date: November | By: | /s/ | |||||||||||||
Interim Chief Financial Officer | |||||||||||||||
(Principal Financial and Accounting Officer) |