Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 12, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | The Vita Coco Company, Inc. | |
Entity Central Index Key | 0001482981 | |
Entity File Number | 001-40950 | |
Current Fiscal Year End Date | --12-31 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 11-3713156 | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Ex Transition Period | false | |
Entity Address, Address Line One | 250 Park Avenue South | |
Entity Address, Address Line Two | Seventh Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10003 | |
City Area Code | 212 | |
Local Phone Number | 206-0763 | |
Title of 12(b) Security | Common Stock, Par Value $0.01 Per Share | |
Trading Symbol | COCO | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 55,514,780 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | true |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Current assets: | |||
Cash and cash equivalents | $ 35,910 | $ 72,181 | $ 46,791 |
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 | |
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) | |||
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 | 94,254 | 102,221 | |
Noncontrolling interests | 23 | 78 | |
Total stockholders' equity | 94,277 | 102,299 | $ 85,822 |
Total liabilities and stockholders' equity | $ 200,974 | $ 183,861 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 455,000,000 | 455,000,000 |
Common Stock, Shares, Issued | 59,215,520 | 59,200,050 |
Common Stock, Shares, Outstanding | 53,009,320 | 58,185,855 |
Treasury Stock, Common, Shares | 6,206,200 | 1,014,195 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 1,263 | $ 1,211 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
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 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
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 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Non-Controlling Interests and Stockholders' Equity - USD ($) $ in Thousands | Total | Total Common Stock [Member] | Additional Paid-in Capital [Member] | Loan to Shareholder [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income / (Loss) [Member] | Treasury Stock [Member] | Total Shareholders' Equity Attributable to The Vita Coco Company, Inc. [Member] | Non-controlling Interest in Subsidiary [Member] | Common Stock [Member]Total Common Stock [Member] | Common Stock with Exit Warrants [Member]Total Common Stock [Member] |
Beginning Balance at Dec. 31, 2019 | $ 73,799 | $ 589 | $ 98,450 | $ (17,700) | $ (4,306) | $ (1,295) | $ (1,985) | $ 73,753 | $ 46 | $ 508 | $ 81 |
Beginning Balance (in shares) at Dec. 31, 2019 | 58,906,575 | 211,575 | 50,793,470 | 8,113,105 | |||||||
Net income | 5,731 | 5,728 | 5,728 | 3 | |||||||
Purchase of treasury stock | (4,239) | $ (4,239) | (4,239) | ||||||||
Purchase of treasury stock (in shares) | 479,570 | ||||||||||
Loan to Shareholder | (79) | (79) | (79) | ||||||||
Stock-based compensation expense | 353 | 353 | 353 | ||||||||
Exercise of stock options | 824 | $ 2 | 822 | 824 | $ 2 | ||||||
Exercise of stock options (in shares) | 163,800 | 163,800 | |||||||||
Exercise of service warrants | 1 | $ 1 | 1 | $ 1 | |||||||
Exercise of service warrants (in shares) | 116,025 | 116,025 | |||||||||
Foreign currency translation adjustment | (494) | (495) | (495) | 1 | |||||||
Ending balance at Mar. 31, 2020 | 75,896 | $ 592 | 99,625 | (17,779) | 1,422 | (1,790) | $ (6,224) | 75,846 | 50 | $ 511 | $ 81 |
Ending balance (in shares) at Mar. 31, 2020 | 59,186,400 | 691,145 | 51,073,295 | 8,113,105 | |||||||
Beginning Balance at Dec. 31, 2019 | 73,799 | $ 589 | 98,450 | (17,700) | (4,306) | (1,295) | $ (1,985) | 73,753 | 46 | $ 508 | $ 81 |
Beginning Balance (in shares) at Dec. 31, 2019 | 58,906,575 | 211,575 | 50,793,470 | 8,113,105 | |||||||
Net income | 15,594 | ||||||||||
Foreign currency translation adjustment | (219) | ||||||||||
Ending balance at Sep. 30, 2020 | 85,822 | $ 592 | 100,510 | (17,859) | 11,268 | (1,517) | $ (7,242) | 85,752 | 70 | $ 511 | $ 81 |
Ending balance (in shares) at Sep. 30, 2020 | 59,186,400 | 816,270 | 51,073,295 | 8,113,105 | |||||||
Beginning Balance at Mar. 31, 2020 | 75,896 | $ 592 | 99,625 | (17,779) | 1,422 | (1,790) | $ (6,224) | 75,846 | 50 | $ 511 | $ 81 |
Beginning Balance (in shares) at Mar. 31, 2020 | 59,186,400 | 691,145 | 51,073,295 | 8,113,105 | |||||||
Net income | 847 | 839 | 839 | 8 | |||||||
Loan to Shareholder | (54) | (54) | (54) | ||||||||
Stock-based compensation expense | 474 | 474 | 474 | ||||||||
Foreign currency translation adjustment | (351) | (352) | (352) | 1 | |||||||
Ending balance at Jun. 30, 2020 | 76,812 | $ 592 | 100,099 | (17,833) | 2,261 | (2,142) | $ (6,224) | 76,753 | 59 | $ 511 | $ 81 |
Ending balance (in shares) at Jun. 30, 2020 | 59,186,400 | 691,145 | 51,073,295 | 8,113,105 | |||||||
Net income | 9,017 | 9,007 | 9,007 | 10 | |||||||
Purchase of treasury stock | (1,018) | $ (1,018) | (1,018) | ||||||||
Purchase of treasury stock (in shares) | 125,125 | ||||||||||
Loan to Shareholder | (26) | (26) | (26) | ||||||||
Stock-based compensation expense | 411 | 411 | 411 | ||||||||
Foreign currency translation adjustment | 626 | 625 | 625 | 1 | |||||||
Ending balance at Sep. 30, 2020 | 85,822 | $ 592 | 100,510 | (17,859) | 11,268 | (1,517) | $ (7,242) | 85,752 | 70 | $ 511 | $ 81 |
Ending balance (in shares) at Sep. 30, 2020 | 59,186,400 | 816,270 | 51,073,295 | 8,113,105 | |||||||
Beginning Balance at Dec. 31, 2020 | 102,299 | $ 592 | 100,849 | (17,700) | 28,354 | (949) | $ (8,925) | 102,221 | 78 | $ 511 | $ 81 |
Beginning Balance (in shares) at Dec. 31, 2020 | 59,200,050 | 1,014,195 | 51,086,945 | 8,113,105 | |||||||
Net income | 1,640 | 1,645 | 1,645 | (5) | |||||||
Purchase of treasury stock | (50,003) | $ (50,003) | (50,003) | ||||||||
Purchase of treasury stock (in shares) | 5,192,005 | ||||||||||
Loan to Shareholder | (26) | (26) | (26) | ||||||||
Stock-based compensation expense | 487 | 487 | 487 | ||||||||
Exercise of stock options | 9 | 9 | 9 | ||||||||
Exercise of stock options (in shares) | 1,365 | 1,365 | |||||||||
Foreign currency translation adjustment | 17 | 17 | 17 | ||||||||
Ending balance at Mar. 31, 2021 | 54,423 | $ 592 | 101,345 | (17,726) | 29,999 | (932) | $ (58,928) | 54,350 | 73 | $ 511 | $ 81 |
Ending balance (in shares) at Mar. 31, 2021 | 59,201,415 | 6,206,200 | 51,088,310 | 8,113,105 | |||||||
Beginning Balance at Dec. 31, 2020 | 102,299 | $ 592 | 100,849 | (17,700) | 28,354 | (949) | $ (8,925) | 102,221 | 78 | $ 511 | $ 81 |
Beginning Balance (in shares) at Dec. 31, 2020 | 59,200,050 | 1,014,195 | 51,086,945 | 8,113,105 | |||||||
Net income | 22,409 | ||||||||||
Foreign currency translation adjustment | 131 | ||||||||||
Ending balance at Sep. 30, 2021 | 94,277 | $ 592 | 102,626 | 50,786 | (822) | $ (58,928) | 94,254 | 23 | $ 511 | $ 81 | |
Ending balance (in shares) at Sep. 30, 2021 | 59,215,520 | 6,206,200 | 51,102,415 | 8,113,105 | |||||||
Beginning Balance at Mar. 31, 2021 | 54,423 | $ 592 | 101,345 | (17,726) | 29,999 | (932) | $ (58,928) | 54,350 | 73 | $ 511 | $ 81 |
Beginning Balance (in shares) at Mar. 31, 2021 | 59,201,415 | 6,206,200 | 51,088,310 | 8,113,105 | |||||||
Net income | 7,782 | 7,797 | 7,797 | (15) | |||||||
Loan to Shareholder | (25) | (25) | (25) | ||||||||
Stock-based compensation expense | 525 | 525 | 525 | ||||||||
Exercise of stock options | 10 | 10 | 10 | ||||||||
Exercise of stock options (in shares) | 910 | 910 | |||||||||
Foreign currency translation adjustment | 299 | 295 | 295 | 4 | |||||||
Ending balance at Jun. 30, 2021 | 63,014 | $ 592 | 101,880 | (17,751) | 37,796 | (637) | $ (58,928) | 62,952 | 62 | $ 511 | $ 81 |
Ending balance (in shares) at Jun. 30, 2021 | 59,202,325 | 6,206,200 | 51,089,220 | 8,113,105 | |||||||
Net income | 12,987 | 12,990 | 12,990 | (3) | |||||||
Loan to Shareholder | 17,751 | $ 17,751 | 17,751 | ||||||||
Stock-based compensation expense | 629 | 629 | 629 | ||||||||
Exercise of stock options | 135 | 135 | 135 | ||||||||
Exercise of stock options (in shares) | 13,195 | 13,195 | |||||||||
Acquisition of portion of non-controlling interest | (54) | (18) | (18) | (36) | |||||||
Foreign currency translation adjustment | (185) | (185) | (185) | ||||||||
Ending balance at Sep. 30, 2021 | $ 94,277 | $ 592 | $ 102,626 | $ 50,786 | $ (822) | $ (58,928) | $ 94,254 | $ 23 | $ 511 | $ 81 | |
Ending balance (in shares) at Sep. 30, 2021 | 59,215,520 | 6,206,200 | 51,102,415 | 8,113,105 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 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 |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business and Basis of Presentation | 1. NATURE OF BUSINESS AND BASIS OF PRESENTATION The Vita Coco Company, Inc. and subsidiaries (formerly known as All Market Inc.) (the “Company”) develops, markets, and distributes various coconut water products under the brand name Vita Coco Runa Ever & Ever PWR LIFT) The Company was incorporated in Delaware on January 17, 2007. In 2018, the Company purchased certain assets and liabilities of Runa We are a public benefit corporation under Section 362 of the Delaware General Corporation Law. As a public benefit corporation, our board of directors is required by the Delaware General Corporation Law to manage or direct our business and affairs in a manner that balances the pecuniary interests of our stockholders, the best interests of those materially affected by our conduct, and the specific public benefits identified in our certificate of incorporation. The Company has nine wholly-owned subsidiaries including four wholly-owned Asian subsidiaries established between fiscal 2012 and 2015, one North American subsidiary established in 2015, as well as majority ownership in All Market Europe, Ltd. (AME) in the United Kingdom. AME was established in fiscal 2009 and has 100% ownership in two European subsidiaries established in 2015. The noncontrolling interest in AME represents minority stockholders’ proportionate share (0.71%) of the equity in AME. The noncontrolling interest is presented in the equity section of the Company’s condensed consolidated balance sheets. One of the wholly-owned Asian subsidiaries, All Market Singapore Pte Ltd (AMS), has 100% ownership in one subsidiary, established in 2018 in Ecuador. Initial Public Offering (“IPO”) The Company’s registration statement on Form S-1, Concurrent with the IPO, various agreement were amended or newly effective, which are further described in our Prospectus, which include: • The Registration Rights agreement • The Investor Rights agreement • Amendments to the employment agreements for the co-CEOs, • Adoption of the new 2021 Stock Incentive Award Plan and new grants of awards to employees and directors, which was effective in connection with the IPO; and • Adoption of a new 2021 Employee Stock Purchase Plan, which was effective in connection with the IPO. Stock Split and Authorized Shares On October 11, 2021, the Company’s Board of Directors and stockholders approved an amended and restated certificate of incorporation of the Company effecting a 455 -for-1 455-for-1 Impact of the Covid-19 On March 11, 2020, the World Health Organization declared the recent novel coronavirus (“COVID-19”) COVID-19 The COVID-19 COVID-19 COVID-19 COVID-19 COVID-19 COVID-19 Unaudited interim financial information The Company’s condensed consolidated interim financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and Article 10 of the Securities and Exchange Commission’s, Regulation S-X. During the nine months ended September 30, 2021, there were no significant changes to the Company’s significant accounting policies as described in the Company’s audited consolidated financial statement as of and for the year ended December 31, 2020. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying condensed consolidated financial statements are presented in accordance with U.S. GAAP. Principles of Consolidation The condensed consolidated financial statements include all the accounts of the wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation; the noncontrolling interest in consolidated subsidiaries presented in the accompanying condensed consolidated financial statements represents the portion of AME stockholders’ equity, which is not directly owned by the Company. Use of Estimates 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 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. 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, the determination of accounts receivables reserve, assessing goodwill for impairment, the determination of the value of trade promotions and assessing the realizability of deferred income taxes. Actual results could differ from those estimates. Deferred Offering Costs The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process paid-in in-process paid-in-capital Concentration of Credit Risk 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 financial institutions and any excess cash above a certain minimum balance may be invested in overnight money market treasury deposits in widely diversified accounts. 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 55% and 54% of total net sales for the nine months ended September 30, 2021 and 2020, respectively. In addition, the two customers in aggregate also accounted for 33% and 38% of total accounts receivable as of September 30, 2021 and December 31, 2020, respectively. The Company has not experienced credit issues with these customers. Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU 2018-15, Other—Internal-Use 350-40). internal-use 350-40 Recently Issued Accounting Pronouncements As a company with less than $1.07 billion of revenue during the last fiscal year, the Company qualifies as an “emerging growth company”, as defined in the Jumpstart Our Business Startups Act. This classification allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use the adoption dates applicable to private companies. As a result, the Company’s financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective date for new or revised accounting standards that are applicable to public companies. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 3. REVENUE RECOGNITION Revenues are accounted for in accordance with ASC 606. The Company disaggregates revenue into the following product categories: • Vita Coco Coconut Water Vita Coco • Private Label • Other Runa, Ever & Ever PWR LIFT Vita Coco Vita Coco Sparkling The Company excludes from revenues all taxes assessed by a governmental authority that are imposed on the sale of its products and collected from customers. Disaggregation of Revenue The following table disaggregates net revenue by product type and reportable segment: 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 |
Inventory
Inventory | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory | 4. INVENTORY Inventory consists of the following: 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 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 5. GOODWILL AND INTANGIBLE ASSETS Goodwill and Intangible Assets, net consist of the following: September 30, December 31, Goodwill $ 7,791 $ 7,791 All of the Company’s goodwill is associated with the acquisition of Runa September 30, 2021 December 31, 2020 Gross Gross Carrying Accumulated Net Carrying Accumulated 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 — $ 38 38 — $ 38 Total intangible assets subject to amortization $ 12,238 $ (3,999 ) $ 8,239 $ 12,238 $ (3,084 ) $ 9,154 All the intangible assets, net as of September 30, 2021 and December 31, 2020 were associated with the acquisition of Runa Amortization expense of $915 was recorded for both the nine months ended September 30, 2021 and 2020, and $305 for both the three months ended September 30, 2021 and 2020, which were included in selling, general and administrative expenses on the condensed consolidated statements of operations. As of September 30, 2021, the estimated future expense fo r 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 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | 6. DEBT The table below details the outstanding balances on the Company’s credit facility and notes payable as of September 30, 2021 and December 31, 2020: September 30, December 31, 2020 2020 Credit facility $ 7,500 $ 25,000 Notes payable 2021 Term Loan $ 30,000 $ — Vehicle loans 85 56 $ 30,085 $ 56 Current 4,316 22 Non-current $ 25,769 34 2020 Credit Facility In May 2020, the Company entered into a five-year credit facility (“2020 Credit Facility”) with Wells Fargo consisting of a revolving line of credit. The 2020 Credit Facility was further amended in May 2021 and currently provides committed borrowings of $60 million. Borrowings on the 2020 Credit Facility bear interest at rates based on either London InterBank Offered Rate (LIBOR) or a specified base rate, as selected periodically by the Company. The LIBOR-based loans bear interest at LIBOR plus a spread ranging from 1.00% to 1.75% per annum, with the spread in each case being based on the Company’s leverage ratio (as defined in the credit agreement). In addition, the Company is subject to an unused commitment fee ranging from 0.05% and 0.15% on the unused amount of the line of credit, with the rate being based on the Company’s leverage ratio (as defined in the credit agreement). The maturity date on the 2020 Credit Facility is May 21, 2026. In December 2020, the Company drew down $25,000 on the 2020 Credit Facility. As of December 31, 2020, the Company had $25,000 outstanding, $25,000 undrawn and available as well as a $10,000 non-committed Interest expense and unused commitment fee for the 2020 Credit Facility amounted to $44 and $23 for the three months ended September 30, 2021 and 2020, respectively, and $197 and $50 for the nine months ended September 30, 2021 and 2020, respectively. The 2020 Credit Facility is collateralized by substantially all the Company’s assets. The 2020 Credit Facility contains certain affirmative and negative covenants that, among other things, limit the Company’s ability to, subject to various exceptions and qualifications: (i) incur liens; (ii) incur additional debt; (iii) sell, transfer or dispose of assets; (iv) merge with or acquire other companies, (v) make loans, advances or guarantees; (vi) make investments; (vii) make dividends and distributions on, or repurchases of, equity; and (viii) enter into certain transactions with affiliates. The 2020 Credit Facility also requires the Company to maintain certain financial covenants including a maximum leverage ratio, a minimum fixed charge coverage ratio, and a minimum asset coverage ratio. As of September 30, 2021, the Company was compliant with all financial covenants. 2021 Term Loan In May 2021, the Company entered into a Term Commitment Note with Wells Fargo (“2021 Term Loan”) pursuant to the terms of the credit agreement entered into in connection with the 2020 Credit Facility. The 2021 Term Loan provides the Company with borrowings up to $30,000. The Company bears interest on the 2021 Term Loan at the same rate as the 2020 Credit Facility. The Company is required to repay the principal on the 2021 Term Loan in quarterly installments commencing on October 1, 2021 through the maturity date of May 21, 2026. The 2021 Term Loan is subject to the same affirmative, negative and financial covenants as the 2020 Credit Facility. As of September 30, 2021, the Company was compliant with all financial covenants. Subsequent to September 30, 2021, the Company repaid the outstanding balance on the 2021 Term Loan using the net proceeds from the IPO as discussed in Note 1. Prior to entering into the 2021 Term Loan, the Company held two other Term Loans: • 2016 Term Loan—On August 9, 2016, the Company entered into a five-year term loan with JPMorgan Chase, N.A. (“2016 Term Loan”). The total amount of the term loan was $10,000 which matured in August 2021 • 2017 Term Loan—On April 25, 2017, the Company entered into a five-year term loan with JPMorgan Chase, N.A. (“2017 Term Loan”). The total amount of the term loan was $15,000 which matured in April 2022 The 2016 Term Loan and the 2017 Term Loan bear interest at LIBOR plus 1.50% and were collateralized by substantially all of the Company’s assets. The 2016 Term Loan and 2017 Term Loan contained certain affirmative and negative covenants that, among other things, limited the Company’s ability to, subject to various exceptions and qualifications: (i) incur liens; (ii) incur additional debt; (iii) sell, transfer or dispose of assets; (iv) merge with or acquire other companies, (v) make loans, advances or guarantees; (vi) make investments; and (vii) enter into certain transactions with affiliates. The 2016 Term Loan and Term Loan 2017 also required the Company to maintain certain financial covenants including a maximum leverage ratio and a minimum fixed charge coverage ratio. In May 2020, the Company paid off its 2016 Term Loan and the 2017 Term Loan in connection with entering into the 2020 Credit Facility. Interest expense related to the 2016 Term Loan and 2017 Term Loan amounted to $188 for the nine months ended September 30, 2020. Vehicle Loans The Company periodically enters into vehicle loans. Interest rate on these vehicle loans range from 4.56% to 5.68%. The Company is required to make principal payments of $2 on a monthly basis. Aggregate Principal Payments Aggregate principal payments on the total notes payable for the next five years are as follows: 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 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. COMMITMENTS AND CONTINGENCIES Operating Leases non-cancellable Years Ending December 31, 2021, three months remaining $ 287 2022 1,078 2023 219 2024 147 2025 48 $1,779 Rent expense on the leases included above amounted to $287 and $275 for the three months ended September 30, 2021 and 2020, respectively, and $833 and $845 for the nine months ended September 30, 2021 and 2020, respectively, and is recorded within selling, general and administrative expenses in the accompanying condensed consolidated statements of operations. Contingencies: Litigation Business Risk . Major Customers 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 % One of the customers acquired less than 5% ownership in the Company upon consummation of the IPO, as discussed in Note 15. Major Suppliers Nine Months Ended September 30, 2021 2020 Supplier A 19 % 26 % Supplier B 14 % 18 % Supplier C 6 % 11 % |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | 8. DERIVATIVE INSTRUMENTS The Company accounts for derivative instruments in accordance with the ASC Topic 815, Derivatives and Hedging The Company is subject to the following currency risks: Inventory Purchases from Brazilian, Malaysian and Thai Manufacturers Intercompany Transactions Between AME and AMS Intercompany Transactions with Canadian Customer and Vendors The Company was also subject to interest rate risk on its variable interest rate over the Term Loan 2017. On October 29, 2018, the Company entered into a swap agreement (ISDA) with JPMorgan Chase, N.A. to hedge part of its variable interest rate over the Term Loan 2017 listed in Note 6. The Company terminated the swap agreement in May 2020, in connection with the repayment of the outstanding Term Loan 2017 balance. The Company recorded $512 interest expense for the nine months ended September 30, 2020 related to this swap agreement. The notional amount and fair value of all outstanding derivative instruments in the condensed consolidated balance sheets consist of the following at: September 30, 2021 Derivatives not designated as hedging instruments under ASC 815-20 Notional Fair 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 Fair 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 The amount of realized and unrealized gains and losses and condensed consolidated statements of operations and comprehensive income location of the derivative instruments for the three and nine months ended September 30, 2021 and 2020 are as follows: Three Months Ended September 30, 2021 2020 Unrealized gain/(loss) on derivative instruments $ (1,964) $ 167 Location Unrealized gain/(loss) on derivative Unrealized gain/(loss) Foreign currency gain / (loss) $ (483) $ 756 Location Foreign currency Foreign currency Nine Months Ended September 30, 2021 2020 Unrealized gain/(loss) on derivative instruments $ 1,250 $ (7,229) Location Unrealized gain/(loss) Unrealized gain/(loss) Foreign currency gain / (loss) $ (2,013) $ 1,118 Location Foreign currency Foreign currency The Company applies recurring fair value measurements to its derivative instruments in accordance with ASC Topic 820, Fair Value Measurements (ASC 820). In determining fair value, the Company used a market approach and incorporates the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and/or the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable internally developed inputs. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 9. FAIR VALUE MEASUREMENTS ASC 820 provides a framework for measuring fair value and requires expanded disclosures regarding fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs. Based upon observability of the inputs used in valuation techniques, the Company’s assets and liabilities are classified as follows: Level 1 Level 2 Level 3 Forward Currency Swap Contracts Contingent Consideration Liability The Company’s fair value hierarchy for those assets (liabilities) measured at fair value on a recurring basis at September 30, 2021 and December 31, 2020, is as follows: Level 1 Level 2 Level 3 Total Forward Currency Contingent September 30, 2021 $ — $ (3,913 ) $ — $ (3,913 ) December 31, 2020 $ — $ (5,164 ) $ — $ (5,164 ) In connection with the Company’s acquisition of the entity currently known as AMI Runa USA LLC (“Runa”), the Company was obligated to pay contingent payments to Runa’s former shareholders only if a certain revenue growth rate is achieved. Assuming the revenue growth is achieved, the former shareholders could elect for payment to be calculated based on quarterly data available between December 2021 and December 2022, as follows: . The fair value of contingent consideration of $15,700 determined on the acquisition date in 2018 was initially recognized as a liability and then subsequently remeasured to fair value at each reporting date with changes in fair value recognized as a component of operating expenses in the accompanying condensed consolidated statements of operations. The contingent consideration liability related to the acquisition of Runa was considered a Level 3 liability, as the fair value was determined based on significant inputs not observable in the market, and recorded within other long-term liabilities in the accompanying condensed consolidated balance sheets. The Company estimated the fair value of the contingent consideration liability based on a probability-weighted present value of various future cash payment outcomes. The technique considered the following unobservable inputs as of each valuation date: • The probability and timing of achieving the specified milestones, • Revenue performance expectations, and • Market-based discount rates Based on updated revenue performance expectations during the earn-out period for Runa, the Company remeasured the contingent consideration as The following table presents the change in contingent consideration liability during the nine months ended September 30, 2021 and 2020: 2021 2020 Balance at January 1, $ — $ (16,400 ) Change in fair value of contingent consideration — — Balance at September 30, $ — $ (16,400 ) There were no transfers between an y . |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 10. STOCKHOLDERS’ EQUITY Common and Treasury Stock As of September 30, 2021 and December 31, 2020, the Company held 6,206,200 and 1,014,195 shares, respectively, in treasury stock and had 4,228,315 and 3,883,425 shares, respectively, of common stock reserved for issuance upon the conversion of outstanding warrants and stock options. In January 2021, the Company entered into a Stock Purchase Agreement with RW VC S.a.r.l, f/k/ a Vita Coco S.a.r.l (the “Seller”). The Company repurchased 5,192,005 shares of its own common stock from the Seller at a purchase price of $9.63 per share, or an aggregate purchase price of approximately $50,000. The purchase price per share approximated the most recent third-party common stock valuation prepared in conjunction with the accounting of stock-based compensation discussed within this Note. Non-controlling Warrants o Exit Warrants (a) Service Warrants (b) Total Warrants Weighted- Average Exercise 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 — — — Exercisable—September 30, 2021 — — — — — (a) As of September 30, 2021 and December 31, 2020, the Company has exit warrants to purchase zero and 28,665 shares of common stock, respectively, at a weighted-average exercise price of $0.000022 per share outstanding to certain investors. These exit warrants, expire upon the earlier of 10 years from the date of grant or the occurrence of a liquidity event, as defined in the warrant agreements. The warrants, which were issued in connection with the sale of common stock, only vest when proceeds from a liquidity event provide an annual internal rate of return of less than 30%. The remaining exit warrants expired as of September 30, 2021. (b) As of September 30, 2021 and December 31, 2020, the Company did not have any warrants outstanding to individuals for the performance of certain marketing services. Stock Options ten-year Subsequent to September 30, 2021, the stockholders of the Company approved the adoption of the 2021 Incentive Award Plan, which was effective after the closing of the initial public offering discussed in Note 1. On and after closing of the offering and the effectiveness of the 2021 Incentive Award Plan, no further grants will be made under the 2014 Stock Option and Restricted Stock Plan. The Company recognized stock-based compensation expense of $1,641 and $1,238 for the nine months ended September 30, 2021 and 2020, respectively, in selling, general, and administrative expenses. The Company recognized stock-based compensation expense of $629 and $411 for the three months ended September 30, 2021 and 2020, respectively. Awards with Service-based Vesting Conditions Most of stock option awards granted under the 2014 Stock Option Plan vest based on continuous service. Generally, 50% of the stock options granted vest two years after the grant date and 50% of the stock options granted vest four years after the grant date. The following table summarizes the service-based stock option activity during the nine months ended September 30, 2021: Number of Shares Weighted Average Weighted Average Aggregate Intrinsic 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 The weighted average grant-date fair value of the service-based stock option awards granted during the nine months ended September 30, 2021 and 2020 was $4.66 per option and $3.54 per option, respectively. The aggregate intrinsic value of service-based stock options exercised was $82 and $102 for the nine months ended September 30, 2021 and 2020, respectively. The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for all stock options that had exercise prices lower than the fair value of the Company’s common stock. The fair value of the service-based stock options granted during the nine months ended September 30, 2021 and 2020 pursuant to the Stock Option Plan was estimated on the grant date using the Black- Scholes option-pricing model. The weighted average assumptions used in the Black-Scholes option-pricing model were as follows: September 30, September 30, 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 % Expected Term: Expected Volatility: Risk-free Interest Rate: Dividend Yield Fair Value of Common Stock These third-party valuations were performed in accordance with the guidance outlined in the American Institute of Certified Public Accountants’ Accounting and Valuation Guide, Valuation of Privately-Held- Company Equity Securities Issued as Compensation. The third-party common stock valuations were prepared using a combination of the income approach and market approach. After October 21, 2021, public trading market for our common stock has been established in connection with the completion of the initial public offering, and therefore, it will no longer be necessary for our board of directors to estimate the fair value of our common stock in connection with our accounting for granted stock options and other such awards we may grant, as the fair value of our common stock will be determined based on the quoted market price of our common stock observable in the public market. As of September 30, 2021, there was $2,706 of total unrecognized compensation cost related to unvested service-based stock options, which is expected to be recognized over a weighted-average service period of 1.9 years. Awards with Performance and Market-based Vesting Conditions During the nine months ended September 30, 2021, the Company awarded options to purchase 262,990 shares of common stock of the Company containing performance-based vesting conditions, subject to achievement of various performance goals by the end of 2021, including revenue, Adjusted EBITDA, and other operational targets. During the year ended December 31, 2020, the Company awarded options to purchase 68,250 shares of common stock of the Company containing performance-based vesting conditions, subject to achievement of various performance goals by the end of 2025, including revenue and gross margin targets. In addition, during the year ended December 31, 2019, the Company awarded options to purchase 579,670 shares of common stock of the Company containing performance and market vesting conditions, such as option vesting upon occurrence of an initial public offering (“IPO”) or other qualifying liquidity event and upon achieving predetermined equity value of the Company at a time of the IPO or other qualifying liquidity event. The following table summarizes the performance and market-based stock option activity during the nine months ended September 30, 2021: Number of Shares Weighted Average Weighted Average Aggregate Intrinsic 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 None of the stock options included in the table above are exercisable at September 30, 2021. The fair value of the awards with performance-based vesting condition was estimated using the Black-Scholes option-pricing model used for the Company’s service-based stock options and assumed that performance goals will be achieved. If such performance conditions are not met, no compensation cost is recognized and any recognized compensation cost is reversed. The weighted average grant-date fair value of the stock options with performance-based vesting condition granted during the nine months ended September 30, 2021 and 2020 was $4.38 and $4.56 per option, respectively. As of September 30, 2021, the unrecognized stock-based compensation cost related to the stock options for which performance-based vesting conditions are probable of being achieved was $798, expected to be recognized over the period of approximately 3.0 years. As of September 30, 2021, total unrecognized compensation cost related to the unvested 579,670 stock option awards containing performance and market vesting conditions was $1,225, which will be recognized when attainment of the performance and market vesting conditions becomes probable. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. INCOME TAXES For the nine months ended September 30, 2021 and 2020, the Company recorded $6,277 and $4,615, respectively, in income tax expense in its condensed consolidated statements of operations. In assessing the recoverability of its deferred tax assets, the Company continually evaluates all available positive and negative evidence to assess the amount of deferred tax assets for which it is more likely than not to realize a benefit. For any deferred tax asset in excess of the amount for which it is more likely than not that the Company will realize a benefit, the Company establishes a valuation allowance. As of September 30, 2021 and December 31, 2020, there were no liabilities for income tax uncertainties. The Company is subject to income tax examinations by IRS and various state and location jurisdictions for the open tax years between December 31, 2017 to December 31, 2020. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 12. EARNINGS PER SHARE Basic and diluted earnings per share were calculated as follows: Three months ended Nine months ended 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 The vested service warrants are exercisable for little consideration and all necessary conditions have been satisfied. Accordingly, the calculation of weighted average common shares outstanding includes vested service warrants, exercisable for a value of $0.000022, which consisted of zero and 5,922 weighted average service warrants as of September 30, 2021 and 2020, respectively. The exit warrants, which expire upon a liquidity event and only vest when proceeds from a liquidity event provide an annual internal rate of return of less than 30%, were not considered in the basic and diluted earnings per share, as the contingency of a liquidity event had not occurred during the nine months ended September 30, 2021 and 2020. The following potentially dilutive securities, prior to the use of the treasury stock method, have been excluded from the computation of diluted weighted-average number of common shares outstanding, as they would be anti-dilutive: Three months ended Nine months ended 2021 2020 2021 2020 Options to purchase common stock 116,322 3,627,839 1,198,005 3,512,961 |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | 13. SEGMENT REPORTING The Company has two operating and reportable segments: • Americas—The Americas segment is comprised primarily of US and Canada and derives its revenues from the marketing and distribution of various coconut water and non-coconut • International—The International segment is comprised primarily of Europe, Middle East, and Asia Pacific, which includes the Company’s procurement arm and derives its revenues from the marketing and distribution of various coconut water and non-coconut The Company’s Co-CEOs Information about the Company’s operations by operating segment as of September 30, 2021 and 2020 and for the three and nine months ended September 30, 2021 and 2020 is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net sales $ 115,669 $ 87,321 $ 292,929 $ 241,127 Americas 100,933 74,522 250,932 204,621 International 14,736 12,799 41,997 36,506 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 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 Geographic Data: The following table provides information related to the Company’s net sales by country, which is presented on the basis of the location that revenue from customers is recorded: 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, 2021 and 2020. The following table provides information related to the Company’s property and equipment, net by country: 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, 2021 and December 31, 2020. |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 14. RELATED-PARTY TRANSACTIONS Management Fees Loan to Employee co-CEO, On September 16, 2021, Martin Roper, the co-CEO Distribution Agreement with Shareholder |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. SUBSEQUENT EVENTS The Company evaluated its condensed consolidated financial statements for subsequent events through November 17 Refer to Note 1 for discussion of the IPO and stock split, which occurred subsequent to September 30, 2021. On October 11, 2021, the Company’s Board of Directors approved a new bonus agreement with the co-CEO, Concurrent with, and subject to, the consummation of the IPO, entities affiliated with a significant customer agreed to purchase $20 million of shares of common stock, at a price per share equal to the IPO price per share at which our common stock was sold to the public, from Verlinvest Beverages SA, an existing stockholder, in a private placement. The Company will not receive any proceeds from the private placement. In addition, this customer also received $3 million of shares of restricted common stock, at a price per share equal to the IPO price per share, in connection with an amendment to extend the term of the existing distributor agreement between the customer and the Company to June 10, 2026. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements are presented in accordance with U.S. GAAP. |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements include all the accounts of the wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation; the noncontrolling interest in consolidated subsidiaries presented in the accompanying condensed consolidated financial statements represents the portion of AME stockholders’ equity, which is not directly owned by the Company. |
Use of Estimates | Use of Estimates 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 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. 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, the determination of accounts receivables reserve, assessing goodwill for impairment, the determination of the value of trade promotions and assessing the realizability of deferred income taxes. Actual results could differ from those estimates. |
Deferred Offering Costs | Deferred Offering Costs The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process paid-in in-process paid-in-capital |
Concentration of Credit Risk | Concentration of Credit Risk 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 financial institutions and any excess cash above a certain minimum balance may be invested in overnight money market treasury deposits in widely diversified accounts. 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 55% and 54% of total net sales for the nine months ended September 30, 2021 and 2020, respectively. In addition, the two customers in aggregate also accounted for 33% and 38% of total accounts receivable as of September 30, 2021 and December 31, 2020, respectively. The Company has not experienced credit issues with these customers. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU 2018-15, Other—Internal-Use 350-40). internal-use 350-40 |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements As a company with less than $1.07 billion of revenue during the last fiscal year, the Company qualifies as an “emerging growth company”, as defined in the Jumpstart Our Business Startups Act. This classification allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use the adoption dates applicable to private companies. As a result, the Company’s financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective date for new or revised accounting standards that are applicable to public companies. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Disaggregation of Revenue | The following table disaggregates net revenue by product type and reportable segment: 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 |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Summary of Inventory | Inventory consists of the following: 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 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill | Goodwill and Intangible Assets, net consist of the following: September 30, December 31, Goodwill $ 7,791 $ 7,791 |
Summary of Finite-Lived Intangible Assets | September 30, 2021 December 31, 2020 Gross Gross Carrying Accumulated Net Carrying Accumulated 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 — $ 38 38 — $ 38 Total intangible assets subject to amortization $ 12,238 $ (3,999 ) $ 8,239 $ 12,238 $ (3,084 ) $ 9,154 |
Summary of Estimated Future Expense for Amortizable Intangible Assets | As of September 30, 2021, the estimated future expense fo r 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 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Credit Facility and Notes Payable | The table below details the outstanding balances on the Company’s credit facility and notes payable as of September 30, 2021 and December 31, 2020: September 30, December 31, 2020 2020 Credit facility $ 7,500 $ 25,000 Notes payable 2021 Term Loan $ 30,000 $ — Vehicle loans 85 56 $ 30,085 $ 56 Current 4,316 22 Non-current $ 25,769 34 |
Summary of Maturities of Long-term Debt | Aggregate Principal Payments Aggregate principal payments on the total notes payable for the next five years are as follows: 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 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | The aggregate minimum commitments for renting the office spaces under non-cancellable Years Ending December 31, 2021, three months remaining $ 287 2022 1,078 2023 219 2024 147 2025 48 $1,779 |
Schedule of Concentration of Risk, by Risk Factor | The Company’s customers that accounted for 10% or more of total net sales and total accounts receivable were as follows: 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 % |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Notional Amount and Fair Value of All Outstanding Derivative Instruments | The notional amount and fair value of all outstanding derivative instruments in the condensed consolidated balance sheets consist of the following at: September 30, 2021 Derivatives not designated as hedging instruments under ASC 815-20 Notional Fair 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 Fair 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 |
Summary of Realized and Unrealized Gains and Losses of the Derivative Instruments | The amount of realized and unrealized gains and losses and condensed consolidated statements of operations and comprehensive income location of the derivative instruments for the three and nine months ended September 30, 2021 and 2020 are as follows: Three Months Ended September 30, 2021 2020 Unrealized gain/(loss) on derivative instruments $ (1,964) $ 167 Location Unrealized gain/(loss) on derivative Unrealized gain/(loss) Foreign currency gain / (loss) $ (483) $ 756 Location Foreign currency Foreign currency Nine Months Ended September 30, 2021 2020 Unrealized gain/(loss) on derivative instruments $ 1,250 $ (7,229) Location Unrealized gain/(loss) Unrealized gain/(loss) Foreign currency gain / (loss) $ (2,013) $ 1,118 Location Foreign currency Foreign currency |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis | The Company’s fair value hierarchy for those assets (liabilities) measured at fair value on a recurring basis at September 30, 2021 and December 31, 2020, is as follows: Level 1 Level 2 Level 3 Total Forward Currency Contingent September 30, 2021 $ — $ (3,913 ) $ — $ (3,913 ) December 31, 2020 $ — $ (5,164 ) $ — $ (5,164 ) |
Summary of Change in the Fair Value of Derivative Warrant Liabilities | The following table presents the change in contingent consideration liability during the nine months ended September 30, 2021 and 2020: 2021 2020 Balance at January 1, $ — $ (16,400 ) Change in fair value of contingent consideration — — Balance at September 30, $ — $ (16,400 ) |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Warrant Activity | Warrants o Exit Warrants (a) Service Warrants (b) Total Warrants Weighted- Average Exercise 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 — — — Exercisable—September 30, 2021 — — — — — (a) As of September 30, 2021 and December 31, 2020, the Company has exit warrants to purchase zero and 28,665 shares of common stock, respectively, at a weighted-average exercise price of $0.000022 per share outstanding to certain investors. These exit warrants, expire upon the earlier of 10 years from the date of grant or the occurrence of a liquidity event, as defined in the warrant agreements. The warrants, which were issued in connection with the sale of common stock, only vest when proceeds from a liquidity event provide an annual internal rate of return of less than 30%. The remaining exit warrants expired as of September 30, 2021. (b) As of September 30, 2021 and December 31, 2020, the Company did not have any warrants outstanding to individuals for the performance of certain marketing services. |
Summary of Weighted Average Assumptions Used in The Black-Scholes Option-pricing Model | The weighted average assumptions used in the Black-Scholes option-pricing model were as follows: September 30, September 30, 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 % |
Service Based Stock Option Activity [Member] | |
Summary of Stock Option Activity | The following table summarizes the service-based stock option activity during the nine months ended September 30, 2021: Number of Shares Weighted Average Weighted Average Aggregate Intrinsic 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 |
Performance And Market Based Stock Option Activity [Member] | |
Summary of Stock Option Activity | The following table summarizes the performance and market-based stock option activity during the nine months ended September 30, 2021: Number of Shares Weighted Average Weighted Average Aggregate Intrinsic 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 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Basic and diluted earnings per share | Basic and diluted earnings per share were calculated as follows: Three months ended Nine months ended 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 |
Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following potentially dilutive securities, prior to the use of the treasury stock method, have been excluded from the computation of diluted weighted-average number of common shares outstanding, as they would be anti-dilutive: Three months ended Nine months ended 2021 2020 2021 2020 Options to purchase common stock 116,322 3,627,839 1,198,005 3,512,961 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | Information about the Company’s operations by operating segment as of September 30, 2021 and 2020 and for the three and nine months ended September 30, 2021 and 2020 is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net sales $ 115,669 $ 87,321 $ 292,929 $ 241,127 Americas 100,933 74,522 250,932 204,621 International 14,736 12,799 41,997 36,506 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 |
Reconciliation of Gross Profit to Income Loss Before Income Taxes | 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 |
Revenue from External Customers by Geographic Areas | The following table provides information related to the Company’s net sales by country, which is presented on the basis of the location that revenue from customers is recorded: 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, 2021 and 2020. |
Long-lived Assets by Geographic Areas | The following table provides information related to the Company’s property and equipment, net by country: 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, 2021 and December 31, 2020. |
Nature of Business and Basis _2
Nature of Business and Basis of Presentation - Additional Information (Detail) $ / shares in Units, $ in Millions | Oct. 25, 2021USD ($)$ / sharesshares | Oct. 11, 2021shares | Sep. 30, 2021Subsidiaries$ / sharesshares | Dec. 31, 2020$ / sharesshares |
Entity incorporation, date of incorporation | Jan. 17, 2007 | |||
Equity method investment, ownership percentage | 100.00% | |||
Common stock, par or stated value per share | $ / shares | $ 0.01 | $ 0.01 | ||
Common stock, shares authorized | shares | 455,000,000 | 455,000,000 | ||
All Market Europe, Ltd. [Member] | ||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 0.71% | |||
Subsequent Event [Member] | ||||
Common stock, shares authorized | shares | 500,000,000 | |||
Subsequent Event [Member] | Common Stock [Member] | ||||
Stockholders' equity note, stock split | 455-for-1 | |||
Subsequent Event [Member] | IPO [Member] | ||||
Common stock, par or stated value per share | $ / shares | $ 0.01 | |||
Payments for underwriting expense | $ | $ 2 | |||
Payments of stock issuance costs | $ | $ 5 | |||
Subsequent Event [Member] | IPO [Member] | Common Stock [Member] | ||||
Stock issued during period, shares | shares | 2,500,000 | |||
Shares issued, price per share | $ / shares | $ 15 | |||
Proceeds from issuance initial public offering | $ | $ 30 | |||
Sale of stock, number of shares issued in transaction | shares | 9,000,000 | |||
Subsidiaries [Member] | ||||
Number of subsidiaries | 9 | |||
Subsidiaries [Member] | Asia [Member] | ||||
Number of subsidiaries | 4 | |||
Subsidiaries [Member] | North America [Member] | ||||
Number of subsidiaries | 1 | |||
Subsidiaries [Member] | Europe [Member] | ||||
Number of subsidiaries | 2 | |||
Subsidiaries [Member] | ECUADOR | ||||
Number of subsidiaries | 1 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Deferred offering costs | $ 0 | ||
Cash, FDIC insured amount | $ 250 | ||
Sales Revenue Net | Customer Concentration Risk | Two Customers | |||
Concentration risk, percentage | 55.00% | 54.00% | |
Accounts Receivable | Customer Concentration Risk | Two Customers | |||
Concentration risk, percentage | 33.00% | 38.00% | |
Other Current Assets | |||
Deferred offering costs | $ 3,310 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Disaggregation of Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 115,669 | $ 87,321 | $ 292,929 | $ 241,127 |
Vita Coco Coconut Water | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer excluding assessed tax | 81,918 | 58,915 | 202,674 | 152,340 |
Private Label | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer excluding assessed tax | 30,090 | 23,320 | 76,105 | 71,863 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer excluding assessed tax | 3,661 | 5,086 | 14,150 | 16,924 |
Operating Segments [Member] | Americas Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 100,933 | 74,522 | 250,932 | 204,621 |
Operating Segments [Member] | Americas Segment | Vita Coco Coconut Water | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer excluding assessed tax | 71,825 | 50,891 | 176,229 | 130,953 |
Operating Segments [Member] | Americas Segment | Private Label | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer excluding assessed tax | 25,973 | 20,227 | 66,457 | 62,391 |
Operating Segments [Member] | Americas Segment | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer excluding assessed tax | 3,135 | 3,404 | 8,246 | 11,277 |
Operating Segments [Member] | International Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 14,736 | 12,799 | 41,997 | 36,506 |
Operating Segments [Member] | International Segment | Vita Coco Coconut Water | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer excluding assessed tax | 10,093 | 8,024 | 26,445 | 21,387 |
Operating Segments [Member] | International Segment | Private Label | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer excluding assessed tax | 4,117 | 3,093 | 9,648 | 9,472 |
Operating Segments [Member] | International Segment | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer excluding assessed tax | $ 526 | $ 1,682 | $ 5,904 | $ 5,647 |
Inventory - Summary of Inventor
Inventory - Summary of Inventory (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials and packaging | $ 4,874 | $ 2,771 |
Finished goods | 42,311 | 29,196 |
Inventory | $ 47,185 | $ 31,967 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Summary of Goodwill (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 7,791 | $ 7,791 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Summary of Finite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 12,238 | $ 12,238 |
Accumulated Amortization | (3,999) | (3,084) |
Net | 8,239 | 9,154 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 6,200 | 6,200 |
Accumulated Amortization | (2,032) | (1,567) |
Net | 4,168 | 4,633 |
Distributor Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 6,000 | 6,000 |
Accumulated Amortization | (1,967) | (1,517) |
Net | 4,033 | 4,483 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 38 | 38 |
Accumulated Amortization | 0 | 0 |
Net | $ 38 | $ 38 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Summary of Estimated Future Expense for Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
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 | |
Total | $ 8,239 | $ 9,154 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Selling, General and Administrative Expenses [Member] | ||||
Goodwill [Line Items] | ||||
Amortization expense | $ 305 | $ 305 | $ 915 | $ 915 |
Debt - Summary of Credit Facili
Debt - Summary of Credit Facility and Notes Payable (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule Of Line Of Credit Facilities And Notes Payable [Line Items] | ||
2020 Credit facility | $ 7,500 | $ 25,000 |
Notes Payable [Abstract] | ||
Notes payable | 30,085 | 56 |
Notes payable, Current | 4,316 | 22 |
Notes payable, Non-current | 25,769 | 34 |
2020 Credit facility | ||
Schedule Of Line Of Credit Facilities And Notes Payable [Line Items] | ||
2020 Credit facility | 7,500 | 25,000 |
2021 Term Loan | ||
Notes Payable [Abstract] | ||
Notes payable | 30,000 | 0 |
Vehicle loans | ||
Notes Payable [Abstract] | ||
Notes payable | $ 85 | $ 56 |
Debt - Summary of Maturities of
Debt - Summary of Maturities of Long-term Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total notes payable | $ 30,085 | $ 56 |
Notes Payable, Other Payables [Member] | ||
Debt Instrument [Line Items] | ||
2021, three months remaining | 1,087 | |
2022 | 4,313 | |
2023 | 4,307 | |
2024 | 4,297 | |
2025 | 4,295 | |
Thereafter | 11,786 | |
Total notes payable | $ 30,085 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | Apr. 25, 2017 | Aug. 09, 2016 | May 31, 2021 | Dec. 31, 2020 | May 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
2016 Term Loan | |||||||||
Debt instrument, term | 5 years | ||||||||
Debt instrument, face amount | $ 10,000 | ||||||||
Debt instrument, frequency of periodic payment | quarter | ||||||||
Debt instrument, maturity date | Aug. 31, 2021 | ||||||||
Debt instrument, collateral | all of the Company’s assets | ||||||||
2016 Term Loan | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt instrument, basis spread on variable rate | 1.50% | ||||||||
2016 Term Loan | Minimum [Member] | |||||||||
Percentage of increase in the initial loan amount determining principal payments | 2.50% | ||||||||
2016 Term Loan | Maximum [Member] | |||||||||
Percentage of increase in the initial loan amount determining principal payments | 5.00% | ||||||||
2017 Term Loan | |||||||||
Debt instrument, term | 5 years | ||||||||
Debt instrument, face amount | $ 15,000 | ||||||||
Debt instrument, frequency of periodic payment | quarter | ||||||||
Debt instrument, maturity date | Apr. 30, 2022 | ||||||||
Debt instrument, collateral | all of the Company’s assets | ||||||||
2017 Term Loan | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt instrument, basis spread on variable rate | 1.50% | ||||||||
2017 Term Loan | Minimum [Member] | |||||||||
Percentage of increase in the initial loan amount determining principal payments | 2.50% | ||||||||
2017 Term Loan | Maximum [Member] | |||||||||
Percentage of increase in the initial loan amount determining principal payments | 5.00% | ||||||||
2016 Term Loan and 2017 Term Loan | |||||||||
Debt instrument, covenant description | The 2016 Term Loan and 2017 Term Loan contained certain affirmative and negative covenants that, among other things, limited the Company’s ability to, subject to various exceptions and qualifications: (i) incur liens; (ii) incur additional debt; (iii) sell, transfer or dispose of assets; (iv) merge with or acquire other companies, (v) make loans, advances or guarantees; (vi) make investments; and (vii) enter into certain transactions with affiliates. | ||||||||
Interest expense, debt | $ 188 | ||||||||
2020 Credit facility | |||||||||
Debt instrument, term | 5 years | ||||||||
Line of credit facility, current borrowing capacity | $ 60,000 | ||||||||
Line of credit facility, expiration date | May 21, 2026 | ||||||||
Proceeds from lines of credit | $ 25,000 | ||||||||
Line of credit facility, maximum amount outstanding during period | 25,000 | $ 7,500 | |||||||
Line of credit facility, remaining borrowing capacity | 25,000 | $ 52,500 | 52,500 | ||||||
Line of credit facility, uncommitted accordion feature | $ 10,000 | ||||||||
Line of credit facility, interest expense and unused commitment fee | $ 44 | $ 23 | $ 197 | $ 50 | |||||
Line of credit facility, collateral | The 2020 Credit Facility is collateralized by substantially all the Company’s assets. | ||||||||
Line of credit facility, covenant terms | The 2020 Credit Facility contains certain affirmative and negative covenants that, among other things, limit the Company’s ability to, subject to various exceptions and qualifications: (i) incur liens; (ii) incur additional debt; (iii) sell, transfer or dispose of assets; (iv) merge with or acquire other companies, (v) make loans, advances or guarantees; (vi) make investments; (vii) make dividends and distributions on, or repurchases of, equity; and (viii) enter into certain transactions with affiliates. The 2020 Credit Facility also requires the Company to maintain certain financial covenants including a maximum leverage ratio, a minimum fixed charge coverage ratio, and a minimum asset coverage ratio. | ||||||||
Line of credit facility, covenant compliance | As of September 30, 2021, the Company was compliant with all financial covenants. | ||||||||
2020 Credit facility | Minimum [Member] | |||||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.05% | ||||||||
2020 Credit facility | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt instrument, basis spread on variable rate | 1.00% | ||||||||
2020 Credit facility | Maximum [Member] | |||||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.15% | ||||||||
2020 Credit facility | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt instrument, basis spread on variable rate | 1.75% | ||||||||
2021 Term Loan | |||||||||
Debt instrument, description | Prior to entering into the 2021 Term Loan, the Company held two other Term Loans | ||||||||
2021 Term Loan | Notes Payable, Other Payables [Member] | |||||||||
Debt instrument, face amount | $ 30,000 | ||||||||
Debt instrument, interest rate terms | The Company bears interest on the 2021 Term Loan at the same rate as the 2020 Credit Facility. | ||||||||
Debt instrument, frequency of periodic payment | quarterly | ||||||||
Debt instrument, maturity date | May 21, 2026 | ||||||||
Debt instrument, covenant description | The 2021 Term Loan is subject to the same affirmative, negative and financial covenants as the 2020 Credit Facility. | ||||||||
Debt instrument, covenant compliance | As of September 30, 2021, the Company was compliant with all financial covenants. | ||||||||
2021 Term Loan | Periodic Payments [Member] | Notes Payable, Other Payables [Member] | |||||||||
Debt instrument, date of first required payment | Oct. 1, 2021 | ||||||||
Vehicle Loans [Member] | Notes Payable, Other Payables [Member] | |||||||||
Debt instrument, frequency of periodic payment | monthly | ||||||||
Debt instrument, periodic payment, principal | $ 2 | ||||||||
Vehicle Loans [Member] | Minimum [Member] | Notes Payable, Other Payables [Member] | |||||||||
Debt instrument, interest rate, stated percentage | 4.56% | 4.56% | |||||||
Vehicle Loans [Member] | Maximum [Member] | Notes Payable, Other Payables [Member] | |||||||||
Debt instrument, interest rate, stated percentage | 5.68% | 5.68% |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Future Minimum Rental Payments for Operating Leases (Detail) $ in Thousands | Sep. 30, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2021, three months remaining | $ 287 |
2022 | 1,078 |
2023 | 219 |
2024 | 147 |
2025 | 48 |
Total | $ 1,779 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Concentration of Risk, by Risk Factor (Detail) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Supplier Concentration Risk [Member] | Cost of Goods and Service, Product and Service Benchmark [Member] | Minimum [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10.00% | ||
Supplier A [Member] | Supplier Concentration Risk [Member] | Cost of Goods and Service, Product and Service Benchmark [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 19.00% | 26.00% | |
Supplier B [Member] | Supplier Concentration Risk [Member] | Cost of Goods and Service, Product and Service Benchmark [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 14.00% | 18.00% | |
Supplier C [Member] | Supplier Concentration Risk [Member] | Cost of Goods and Service, Product and Service Benchmark [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 6.00% | 11.00% | |
Customer A [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 33.00% | 35.00% | |
Customer A [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 17.00% | 22.00% | |
Customer B [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 22.00% | 19.00% | |
Customer B [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 16.00% | 16.00% | |
Customers [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Minimum [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10.00% | ||
Customers [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | Minimum [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10.00% |
Commitments and Contingencies_3
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Oct. 25, 2021 | Dec. 31, 2020 | |
Estimated litigation liability | $ 0 | $ 0 | $ 0 | |||
Equity method investment, ownership percentage | 100.00% | 100.00% | ||||
Subsequent Event [Member] | One Of The Customers [Member] | Maximum [Member] | ||||||
Equity method investment, ownership percentage | 5.00% | |||||
Selling, General and Administrative Expenses [Member] | ||||||
Operating leases, rent expense | $ 287 | $ 275 | $ 833 | $ 845 |
Derivative Instruments - Summar
Derivative Instruments - Summary of Notional Amount and Fair Value of All Outstanding Derivative Instruments (Detail) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative Assets [Member] | Receive USD/pay GBP [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | $ 19,622 | |
Derivative Asset | 156 | |
Derivative Assets [Member] | Receive THB/sell USD [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | $ 8,730 | |
Derivative Asset | 200 | |
Derivative Liabilities [Member] | Receive USD/pay GBP [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Notional Amount | 15,298 | |
Derivative Liability | (1,120) | |
Derivative Liabilities [Member] | Receive THB/sell USD [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Notional Amount | 17,726 | |
Derivative Liability | (1,155) | |
Derivative Liabilities [Member] | Receive BRL/sell USD [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Notional Amount | 41,261 | 29,329 |
Derivative Liability | (2,754) | (3,817) |
Derivative Liabilities [Member] | Receive USD/pay CAD [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Notional Amount | 5,505 | 9,006 |
Derivative Liability | (156) | $ (427) |
Derivative Liabilities [Member] | Receive MYR/sell USD [Mmeber] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Notional Amount | 392 | |
Derivative Liability | $ (4) |
Derivative Instruments - Summ_2
Derivative Instruments - Summary of Realized and Unrealized Gains and Losses of the Derivative Instruments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivatives, Fair Value [Line Items] | ||||
Unrealized gain/(loss) on derivative instruments | $ (1,964) | $ 167 | $ 1,250 | $ (7,229) |
Unrealized gain/(loss) on derivative instruments | ||||
Derivatives, Fair Value [Line Items] | ||||
Unrealized gain/(loss) on derivative instruments | (1,964) | 167 | 1,250 | (7,229) |
Foreign currency gain / (loss) | ||||
Derivatives, Fair Value [Line Items] | ||||
Foreign currency gain / (loss) | $ (483) | $ 756 | $ (2,013) | $ 1,118 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest expense | $ 127 | $ 24 | $ 319 | $ 776 |
Interest Rate Swap [Member] | ||||
Interest expense | $ 512 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Assets (Liabilities), at Fair Value | $ 0 | $ 0 | $ 16,400 | $ 16,400 |
Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Assets (Liabilities), at Fair Value | (3,913) | (5,164) | ||
Currency Swap [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Assets (Liabilities), at Fair Value | (3,913) | (5,164) | ||
Contingent consideration liability [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Assets (Liabilities), at Fair Value | $ 0 | $ 0 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Change in the Fair Value of Derivative Warrant Liabilities (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | ||
Balance at January 1 | $ 0 | $ (16,400) |
Change in fair value of contingent consideration | 0 | 0 |
Balance at September 30 | $ 0 | $ (16,400) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Remeasured the contingent consideration | $ 0 | $ 16,400 | $ 0 |
Percentage of revenue growth rate of the product | 49.00% | ||
Number of calendar months for trailing the revenue growth rate of the product | 12 months | ||
AMI Runa US LLC [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of contingent consideration | $ 15,700 | ||
AMI Runa US LLC [Member] | Revenue Growth Achieved [Member] | Maximum [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of contingent consideration | $ 51,500 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Warrant Activity (Detail) - $ / shares | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Class of Warrant or Right [Line Items] | ||
Warrants — Beginning balance | 28,665 | |
Expired | (28,665) | |
Warrants — Ending balance | 0 | |
Weighted- Average Exercise Price | $ 0.000022 | |
Weighted- Average Remaining Contractual Term (in Years) | 9 months | |
Exit Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants — Beginning balance | 28,665 | |
Expired | (28,665) | |
Warrants — Ending balance | 0 |
Shareholders' Equity - Summar_2
Shareholders' Equity - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2021 | |
Service Based Stock Option Activity [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Number of Shares, Beginning balance | 3,206,840 |
Number of Shares, Granted | 347,620 |
Number of Shares, Exercised | 15,470 |
Number of Shares, Forfeited or expired | 221,585 |
Number of Shares, Ending balance | 3,317,405 |
Number of Shares, Exercisable | 1,829,100 |
Weighted Average Exercise Price, Beginning balance | $ 10.05 |
Weighted Average Exercise Price, Granted | 10.18 |
Weighted Average Exercise Price, Exercised | 9.67 |
Weighted Average Exercise Price, Forfeited or expired | 10.78 |
Weighted Average Exercise Price, Ending balance | 10.02 |
Weighted Average Exercise Price, Exercisable | $ 9.88 |
Weighted Average Remaining Contractual Life (in years) | 7 years 9 months 18 days |
Weighted Average Remaining Contractual Life (in years), Exercisable | 7 years 2 months 12 days |
Aggregate Intrinsic Value | $ 16,534 |
Aggregate Intrinsic Value, Exercisable | $ 9,358 |
Performance And Market Based Stock Option Activity [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Number of Shares, Beginning balance | 647,920 |
Number of Shares, Granted | 262,990 |
Number of Shares, Ending balance | 910,910 |
Weighted Average Exercise Price, Beginning balance | $ 10.18 |
Weighted Average Exercise Price, Granted | 10.62 |
Weighted Average Exercise Price, Ending balance | $ 10.30 |
Weighted Average Remaining Contractual Life (in years) | 8 years 3 months 18 days |
Aggregate Intrinsic Value | $ 4,155 |
Shareholders' Equity - Summar_3
Shareholders' Equity - Summary of Weighted Average Assumptions Used in The Black-Scholes Option-pricing Model (Detail) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Weighted average expected term | 6 years 4 months 24 days | 5 years 7 months 6 days |
Weighted average expected volatility | 38.00% | 40.00% |
Weighted average risk-free interest rate | 0.80% | 0.45% |
Weighted average expected dividend yield | 0.00% | 0.00% |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 17, 2021 |
Treasury Stock, Shares | 6,206,200 | 6,206,200 | 6,206,200 | 1,014,195 | ||||
Common shares reserved for future issuance | 4,228,315 | 4,228,315 | 4,228,315 | 3,883,425 | ||||
Warrants and Rights Outstanding, Term | 9 months | |||||||
Exercise Price of Warrants or Rights | $ 0.000022 | |||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 798 | $ 798 | $ 798 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 years | |||||||
Selling, General and Administrative Expenses [Member] | ||||||||
Share-based Payment Arrangement, Expense | $ 629 | $ 411 | $ 1,641 | $ 1,238 | ||||
Stock Option Plan [Member] | ||||||||
Common shares reserved for future issuance | 484,315 | 484,315 | 484,315 | 545,545 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | 8.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | ten-year | |||||||
Stock Option Plan [Member] | Tranche One [Member] | ||||||||
Percentage of vesting of award under share-based payment arrangement. | 50.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 2 years | |||||||
Stock Option Plan [Member] | Tranche Two [Member] | ||||||||
Percentage of vesting of award under share-based payment arrangement. | 50.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 4 years | |||||||
Performance And Market Based Stock Option Activity [Member] | ||||||||
Warrants and Rights Outstanding | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Weighted Average Grant Date Fair Value | $ 4.38 | $ 4.56 | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 1,225 | $ 1,225 | $ 1,225 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | 262,990 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 579,670 | 579,670 | 579,670 | |||||
Performance And Market Based Stock Option Activity [Member] | IPO [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | 68,250 | 579,670 | ||||||
Service Based Stock Option Activity [Member] | ||||||||
Weighted Average Grant Date Fair Value | $ 4.66 | $ 3.54 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 82 | $ 102 | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 2,706 | $ 2,706 | $ 2,706 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 10 months 24 days | |||||||
Maximum [Member] | All Market Europe, Ltd. [Member] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 1.30% | |||||||
Minimum [Member] | All Market Europe, Ltd. [Member] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 0.71% | |||||||
Common Stock [Member] | ||||||||
Stock Repurchased During Period, Shares | 5,192,005 | |||||||
Treasury Stock Acquired, Average Cost Per Share | $ 9.63 | |||||||
Stock Repurchased During Period, Value | $ 50,000 | |||||||
Common Stock [Member] | Exit Warrants [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 0 | 0 | 28,665 | 0 | 28,665 | |||
Warrants and Rights Outstanding, Term | 10 years | 10 years | 10 years | |||||
Percentage of vesting of award under share-based payment arrangement. | 30.00% | |||||||
Exercise Price of Warrants or Rights | $ 0.000022 | $ 0.000022 | $ 0.000022 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Income Tax Expense (Benefit) | $ 2,296 | $ 2,263 | $ 6,277 | $ 4,615 | |
Unrecognized Tax Benefits | $ 0 | 0 | $ 0 | ||
Income Tax Expense [Member] | |||||
Income Tax Expense (Benefit) | $ 6,277 | $ 4,615 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - $ / shares | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Class of warrant or right, Exercise price of warrants or rights | $ 0.000022 | ||
Weighted average service warrants included in weighted average common shares outstanding | 0 | 5,922 | |
Maximum [Member] | |||
Annual internal rate of return provided by proceeds from a liquidity event | 30.00% | 30.00% | |
Vested Service Warrants [Member] | |||
Class of warrant or right, Exercise price of warrants or rights | $ 0.000022 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 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 |
Earnings Per Share - Summary _2
Earnings Per Share - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Payment Arrangement, Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Options to purchase common stock | 116,322 | 3,627,839 | 1,198,005 | 3,512,961 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2021$ / Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Segment Reporting Information by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Net sales | $ 115,669 | $ 87,321 | $ 292,929 | $ 241,127 | |
Gross Profit | 38,501 | 29,380 | 91,561 | 82,314 | |
Assets | 200,974 | 200,974 | $ 183,861 | ||
Operating Segments [Member] | Americas [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 100,933 | 74,522 | 250,932 | 204,621 | |
Gross Profit | 34,679 | 25,091 | 81,502 | 71,076 | |
Assets | 153,174 | 153,174 | 139,452 | ||
Operating Segments [Member] | International [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 14,736 | 12,799 | 41,997 | 36,506 | |
Gross Profit | 3,822 | $ 4,289 | 10,059 | $ 11,238 | |
Assets | $ 47,800 | $ 47,800 | $ 44,409 |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of Gross Profit to Income Loss Before Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting [Abstract] | ||||
Total gross profit | $ 38,501 | $ 29,380 | $ 91,561 | $ 82,314 |
Selling, general, and administrative expenses | 20,675 | 19,060 | 61,897 | 55,462 |
Income from operations | 17,826 | 10,320 | 29,664 | 26,852 |
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 |
Segment Reporting - Revenue fro
Segment Reporting - Revenue from External Customers by Geographic Areas (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | $ 115,669 | $ 87,321 | $ 292,929 | $ 241,127 |
UNITED STATES [Member] | Operating Segments [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | 250,933 | 204,621 | ||
All Other Countries [Member] | Operating Segments [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | $ 41,996 | $ 36,506 |
Segment Reporting - Revenue f_2
Segment Reporting - Revenue from External Customers by Geographic Areas (Parenthetical) (Detail) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Concentration Risk, Geographic | No | No |
Segment Reporting - Long Lived
Segment Reporting - Long Lived Assets by Geographic Areas (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | $ 2,274 | $ 2,880 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 913 | 1,186 |
Ecuador [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 889 | 953 |
Singapore [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 290 | 445 |
All Other Countries [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | $ 182 | $ 296 |
Segment Reporting - Long Live_2
Segment Reporting - Long Lived Assets by Geographic Areas (Parenthetical) (Detail) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Concentration Risk, Geographic | No | No | |
Assets, Total [Member] | |||
Concentration Risk, Geographic | No | No |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | Oct. 20, 2021 | Sep. 30, 2021 | May 18, 2020 | Sep. 18, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | |||||||||
Equity method investment, ownership percentage | 100.00% | 100.00% | 100.00% | ||||||
Management Fee Payments [Member] | One Of The Stockholders [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction, amounts of transaction | $ 281 | ||||||||
Management Fee Payments [Member] | One Of The Stockholders [Member] | Investor Rights Agreement [Member] | Subsequent Event [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction, amounts of transaction | $ 0 | ||||||||
Promissory Note [Member] | Co CEO [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Debt instrument, term | 5 years | ||||||||
Debt instrument, face amount | $ 17,700 | ||||||||
Related party transaction, rate | 0.58% | 1.78% | |||||||
Debt instrument, funds disbursed | $ 0 | ||||||||
Promissory Note [Member] | Co CEO [Member] | Common Stock [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Debt conversion, converted instrument, shares issued | 1,739,010 | ||||||||
Distribution Agreement With Shareholder [Member] | One Of The Stockholders [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Revenue from related parties | $ 1,636 | $ 1,533 | $ 4,944 | $ 4,119 | |||||
Accounts receivable, related parties, current | $ 362 | 362 | 362 | $ 575 | |||||
Service Agreement Related To Distribution Agreement With Shareholder [Member] | One Of The Stockholders [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction, Selling, general and administrative expenses from transactions with related party | $ 39 | $ 38 | $ 119 | $ 95 | |||||
Minimum [Member] | Management Fee Payments [Member] | One Of The Stockholders [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Equity method investment, ownership percentage | 5.00% | 5.00% | 5.00% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - USD ($) | Oct. 25, 2021 | Oct. 11, 2021 |
Subsequent Event [Line Items] | ||
Proceeds from issuance of private placement | $ 0 | |
Agreement extended date | Jun. 10, 2026 | |
Significant Customer [Member] | Common Stock [Member] | ||
Subsequent Event [Line Items] | ||
Stock issued during period, Value | $ 20,000,000 | |
Stock issued during period, Value, Restricted stock award, Gross | $ 3,000,000 | |
New Bonus Agreement [Member] | Co CEO MrKirban [Member] | IPO [Member] | Cash [Member] | ||
Subsequent Event [Line Items] | ||
Percentage of proceeds paid as bonus by bonus stockholders | 1.40% | |
New Bonus Agreement [Member] | Co CEO MrKirban [Member] | IPO [Member] | Restricted Stock Units (RSUs) [Member] | ||
Subsequent Event [Line Items] | ||
Percentage of proceeds paid as bonus | 1.40% | |
Share based compensation arrangement by share based payment award, Award vesting period | 6 months | |
New Bonus Agreement [Member] | Co CEO MrKirban [Member] | IPO [Member] | Consummated On Or Prior To June 30, 2023 [Member] | ||
Subsequent Event [Line Items] | ||
Percentage of proceeds paid as bonus by bonus stockholders | 1.40% | |
Percentage of proceeds paid as bonus | 1.40% |