Freshpet (FRPT) 10-Q 9 Aug 22 2022 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 04, 2022
Document Information [Line Items]
Entity Central Index Key	0001611647
Entity Registrant Name	Freshpet INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-36729
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-1884894
Entity Address, Address Line One	400 Plaza Drive, 1st Floor
Entity Address, City or Town	Secaucus
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07094
City Area Code	201
Local Phone Number	520-4000
Title of 12(b) Security	Common Stock
Trading Symbol	FRPT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		47,820,427

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 307,345	$ 72,788
Short-term investments	19,840	0
Accounts receivable, net of allowance for doubtful accounts	62,090	34,780
Inventories, net	60,679	35,574
Prepaid expenses	2,547	5,834
Other current assets	2,220	1,349
Total Current Assets	454,721	150,325
Property, plant and equipment, net	662,527	583,922
Deposits on equipment	1,084	4,100
Operating lease right of use assets	5,862	6,537
Equity method investment	27,123	25,856
Other assets	22,197	13,670
Total Assets	1,173,514	784,410
CURRENT LIABILITIES:
Accounts payable	39,507	42,612
Accrued expenses	19,437	14,950
Current operating lease liabilities	1,446	1,384
Current portion of long-term debt	10,449	0
Total Current Liabilities	70,839	58,946
Long term debt	65,036	0
Long term operating lease liabilities	4,971	5,710
Total Liabilities	140,846	64,656
STOCKHOLDERS' EQUITY:
Common stock — voting, $0.001 par value, 200,000 shares authorized, 47,834 issued and 47,820 outstanding on June 30, 2022, and 43,449 issued and 43,435 outstanding on December 31, 2021	48	43
Additional paid-in capital	1,305,260	955,710
Accumulated deficit	(273,751)	(235,623)
Accumulated other comprehensive income (loss)	1,367	(120)
Treasury stock, at cost — 14 shares on June 30, 2022 and on December 31, 2021	(256)	(256)
Total Stockholders' Equity	1,032,668	719,754
Total Liabilities and Stockholders' Equity	$ 1,173,514	$ 784,410

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands	Jun. 30, 2022	Dec. 31, 2021
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	200,000	200,000
Common stock, issued (in shares)	47,834	43,449
Common stock, outstanding (in shares)	47,820	43,435
Treasury Stock, Shares (in shares)	14	14

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
NET SALES	[1]	$ 146,007	$ 108,616	$ 278,179	$ 202,029
COST OF GOODS SOLD		94,927	65,525	182,346	122,624
GROSS PROFIT		51,080	43,091	95,833	79,405
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES		69,215	49,557	129,846	95,589
LOSS FROM OPERATIONS		(18,135)	(6,466)	(34,013)	(16,184)
OTHER (EXPENSES)/INCOME:
Other (Expenses)/Income, net		(21)	(2)	237	(7)
Interest Expense		(1,672)	(654)	(2,243)	(1,556)
Nonoperating Income (Expense), Total		(1,693)	(656)	(2,006)	(1,563)
LOSS BEFORE INCOME TAXES		(19,828)	(7,122)	(36,019)	(17,747)
INCOME TAX EXPENSE		41	16	82	32
LOSS ON EQUITY METHOD INVESTMENT		717	337	2,027	585
LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS		(20,586)	(7,475)	(38,128)	(18,364)
OTHER COMPREHENSIVE (LOSS) INCOME:
Change in foreign currency translation		1,849	(91)	1,487	169
TOTAL COMPREHENSIVE LOSS		$ (18,737)	$ (7,566)	$ (36,641)	$ (18,194)
NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS
-BASIC (in dollars per share)		$ (0.45)	$ (0.17)	$ (0.85)	$ (0.43)
-DILUTED (in dollars per share)		$ (0.45)	$ (0.17)	$ (0.85)	$ (0.43)
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING USED IN COMPUTING NET (LOSS) INCOME PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS
-BASIC (in shares)		45,636	43,303	44,691	42,470
-DILUTED (in shares)		45,636	43,303	44,691	42,470
[1]Online sales associated with each class of retailer are included within their respective total.

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]	Total
Balances (in shares) at Dec. 31, 2020	40,732				14
Balances at Dec. 31, 2020	$ 41	$ 600,388	$ (205,924)	$ (80)	$ (256)	$ 394,169
Exercise of options to purchase common stock (in shares)	174
Exercise of options to purchase common stock	$ 0	1,740				1,740
Vesting of restricted stock units (in shares)	52				0
Vesting of restricted stock units	$ 0	(2,917)	0	0	$ 0	(2,917)
Share-based compensation expense		12,841				12,841
Shares issued in primary offering, net of issuance costs (in shares)	2,415				0
Shares issued in primary offering, net of issuance costs	$ 2	332,170	0	0	$ 0	332,172
Foreign currency translation				169		169
Net loss			(18,364)			(18,364)
Shares issued in primary offering, net of issuance costs	$ (2)	(332,170)	0	0	$ 0	(332,172)
Balances (in shares) at Jun. 30, 2021	43,373				14
Balances at Jun. 30, 2021	$ 43	944,222	(224,287)	89	$ (256)	719,811
Balances (in shares) at Mar. 31, 2021	43,242				14
Balances at Mar. 31, 2021	$ 43	938,242	(216,812)	179	$ (256)	721,396
Exercise of options to purchase common stock (in shares)	102
Exercise of options to purchase common stock	$ 0	1,026				1,026
Vesting of restricted stock units (in shares)	29				0
Vesting of restricted stock units	$ 0	(1,388)	0	0	$ 0	(1,388)
Share-based compensation expense		6,690				6,690
Shares issued in primary offering, net of issuance costs	0	347	0	0	0	347
Foreign currency translation				(90)		(91)
Net loss			(7,475)			(7,475)
Shares issued in primary offering, net of issuance costs	$ 0	(347)	0	0	$ 0	(347)
Balances (in shares) at Jun. 30, 2021	43,373				14
Balances at Jun. 30, 2021	$ 43	944,222	(224,287)	89	$ (256)	719,811
Balances (in shares) at Dec. 31, 2021	43,449				14
Balances at Dec. 31, 2021	$ 43	955,710	(235,623)	(120)	$ (256)	719,754
Exercise of options to purchase common stock (in shares)	32
Exercise of options to purchase common stock	$ 0	329				329
Vesting of restricted stock units (in shares)	32				0
Vesting of restricted stock units	$ 1	(1,213)	0	0	$ 0	(1,212)
Share-based compensation expense		12,589				12,589
Shares issued in primary offering, net of issuance costs (in shares)	4,320				0
Shares issued in primary offering, net of issuance costs	$ 4	337,845	0	0	$ 0	337,849
Foreign currency translation				1,487		1,487
Net loss			(38,128)			(38,128)
Shares issued in primary offering, net of issuance costs	$ (4)	(337,845)	0	0	$ 0	(337,849)
Balances (in shares) at Jun. 30, 2022	47,834				14
Balances at Jun. 30, 2022	$ 48	1,305,260	(273,751)	1,367	$ (256)	1,032,668
Balances (in shares) at Mar. 31, 2022	43,485				14
Balances at Mar. 31, 2022	$ 43	961,914	(253,165)	(482)	$ (256)	708,054
Exercise of options to purchase common stock (in shares)	10
Exercise of options to purchase common stock	$ 0	97				97
Vesting of restricted stock units (in shares)	18				0
Vesting of restricted stock units	$ 1	(890)	0	0	$ 0	(889)
Share-based compensation expense		6,294				6,294
Shares issued in primary offering, net of issuance costs (in shares)	4,320				0
Shares issued in primary offering, net of issuance costs	$ 4	337,845	0	0	$ 0	337,849
Foreign currency translation				1,849		1,849
Net loss			(20,586)			(20,586)
Shares issued in primary offering, net of issuance costs	$ (4)	(337,845)	0	0	$ 0	(337,849)
Balances (in shares) at Jun. 30, 2022	47,834				14
Balances at Jun. 30, 2022	$ 48	$ 1,305,260	$ (273,751)	$ 1,367	$ (256)	$ 1,032,668

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (38,128)	$ (18,364)
Adjustments to reconcile net loss to net cash flows provided by operating activities:
Provision for loss (gains) on accounts receivable	(14)	5
Loss on disposal of equipment	89	106
Share-based compensation	12,589	12,770
Inventory obsolescence	3,455	253
Depreciation and amortization	15,888	14,743
Amortization of deferred financing costs and loan discount	398	815
Change in operating lease right of use asset	675	661
Loss on equity method investment	2,027	585
Changes in operating assets and liabilities:
Accounts receivable	(36,268)	(15,529)
Inventories	(28,560)	(5,731)
Prepaid expenses and other current assets	2,416	(1,443)
Other assets	(358)	(2,156)
Accounts payable	(421)	15,494
Accrued expenses	4,487	1,369
Other lease liabilities	(677)	(643)
Net cash flows used in operating activities	(62,402)	2,935
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of short-term investments	(19,840)	0
Investments in equity method investment	(3,294)	0
Acquisitions of property, plant and equipment, software and deposits on equipment	(94,872)	(117,592)
Net cash flows used in investing activities	(118,006)	(117,592)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from common shares issued in primary offering, net of issuance cost	337,849	332,172
Proceeds from exercise of options to purchase common stock	329	1,740
Tax withholdings related to net shares settlements of restricted stock units	(1,213)	(2,917)
Proceeds from borrowings under Credit Facility	78,000	0
Fees paid in connection with financing agreements	0	(3,262)
Net cash flows provided by financing activities	414,965	327,733
NET CHANGE IN CASH AND CASH EQUIVALENTS	234,557	213,076
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	72,788	67,247
CASH AND CASH EQUIVALENTS, END OF PERIOD	307,345	280,323
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid	1,265	839
NON-CASH FINANCING AND INVESTING ACTIVITIES:
Property, plant and equipment purchases in accounts payable	$ 19,799	$ 18,493

Note 1 - Nature of the Business

Note 1 - Nature of the Business and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	Note 1 Nature of the Business Basis of Presentation June 30, 2022 three six June 30, 2022 2021 six June 30, 2022 2021 three six June 30, 2022 not December 31, 2022 may not may not These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes in Item 8 10 December 31, 2021 Equity method investment not 20% may one In applying the equity method, the Company records the investment at cost and subsequently increases or decreases the carrying amount of the investment by our proportionate share of the net income or loss. On March 10, 2022, not not 20%. not Variable interest entities Estimates and Uncertainties Fair Value of Financial Instruments 1 3 The three • Level 1 1 • Level 2 1 not 2 • Level 3 3 one The carrying amounts reported in the balance sheets for cash and cash equivalents, other receivables, accounts payable and accrued expenses approximate their fair value based on the short-term maturity of these instruments. Certain assets, including the equity method investment, right-of-use assets and property and equipment are also subject to measurement at fair value on a non-recurring basis if they are deemed to be impaired as a result of an impairment review. As of June 30, 2022 1 2 Short-Term Investments six 2 may not Trade accounts receivable may Implementation Costs of Cloud Computing Arrangement June 30, 2022 December 31, 2021, first 2022. Debt Issuance Cost first 2021, February 19, 2021, ( The Company amortizes debt issuance costs categorized as assets on a straight-line basis over the term of the loan and amortizes the debt issuance costs that are categorized net of debt using the effective interest method, over the term of the loan. Net Sales Three Months Ended Six Months Ended June 30, June 30 2022 2021 2022 2021 Grocery, Mass and Club $ 127,572 $ 89,553 $ 243,090 $ 168,625 Pet Specialty and Natural 18,435 19,062 35,089 33,405 Net Sales (a) $ 146,007 $ 108,616 $ 278,179 $ 202,029 (a) Recently Adopted Accounting Standards The Company did not June 30, 2022.

Note 2 - Inventories

Note 2 - Inventories	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note 2 June 30, December 31, 2022 2021 Raw Materials and Work in Process $ 16,125 $ 13,339 Packaging Components Material 5,543 2,823 Finished Goods 39,154 19,704 60,822 35,866 Reserve for Obsolete Inventory (143 ) (292 ) Inventories, net $ 60,679 $ 35,574

Note 3 - Property, Plant and Eq

Note 3 - Property, Plant and Equipment	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	Note 3 June 30, December 31, 2022 2021 Refrigeration Equipment $ 128,177 $ 122,063 Machinery and Equipment 143,834 140,471 Building, Land, and Improvements 158,974 150,927 Furniture and Office Equipment 9,128 8,844 Leasehold Improvements 1,319 1,319 Construction in Progress 349,461 273,880 790,892 697,504 Less: Accumulated Depreciation (128,365 ) (113,582 ) Property, plant and equipment, net $ 662,527 $ 583,922 Depreciation expense related to property, plant and equipment totaled $7,832 and $15,779 for the three six June 30, 2022 three six June 30, 2022 Depreciation expense related to property, plant and equipment totaled $7,281 and $13,866 for the three six June 30, 2021 three six June 30, 2021

Note 4 - Accrued Expenses

Note 4 - Accrued Expenses	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]	Note 4 June 30, December 31, 2022 2021 Accrued Compensation and Employee Related Costs $ 5,544 $ 6,934 Accrued Chiller Cost 1,885 2,050 Accrued Customer Consideration 690 828 Accrued Freight 1,429 1,547 Accrued Production Expenses 3,820 1,862 Accrued Corporate and Marketing Expenses 5,731 1,081 Other Accrued Expenses 338 648 Accrued Expenses $ 19,437 $ 14,950

Note 5 - Debt

Note 5 - Debt	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 5 On February 19, 2021, April 17, 2020. As of June 30, 2022 may not In connection with entering into the Sixth Amendment, the Company incurred $3,166 of debt issuance cost, which is capitalized on the balance sheet and amortized over the life of the facility, and wrote off $485 of fees incurred from the prior credit facilities. As of June 30, 2022 On April 29, 2022,

Note 6 - Leases

Note 6 - Leases	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	Note 6 We have various noncancelable lease agreements for office and warehouse space, as well as office equipment, with original remaining lease terms of two nine five not not not Weighted-average remaining lease term (in years) and discount rate related to operating leases were as follows: Weighted-average remaining lease term 4.05 Weighted-average discount rate 6.15 % As most of our leases do not Maturities of lease liabilities under noncancelable operating leases as of June 30, 2022 Operating Lease Obligations As of June 30, 2022 2022 (a) $ 886 2023 1,802 2024 1,511 2025 1,210 2026 and beyond 1,576 Total lease payments $ 6,985 Less: Imputed interest (568 ) Present value of lease liabilities $ 6,417 (a) Excluding the six June 30, 2022 A summary of rent expense for the three six June 30, 2022 2021 Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Operating lease cost $ 438 $ 444 $ 876 $ 891 Supplemental cash flow information and non-cash activity relating to operating leases are as follows: Three Months Ended Six Months Ended June 30, June 30, Operating cash flow information: 2022 2021 2022 2021 Cash paid for amounts included in the measurement of lease liabilities $ 442 $ 439 $ 878 $ 874

Note 7 - Equity Incentive Plans

Note 7 - Equity Incentive Plans	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	Note 7 Total compensation cost for share-based payments recognized for the three six June 30, 2022 three six June 30, 2021 six June 30, 2022, six June 30, 2022, six June 30, 2022,

Note 8 - Earnings Per Share Att

Note 8 - Earnings Per Share Attributable to Common Stockholders	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 8 Basic net earnings (loss) per share of common stock is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted net earnings (loss) per share of common stock is computed by giving effect to all potentially dilutive securities. The potentially dilutive securities excluded from the determination of diluted loss per share, as their effect is antidilutive, are as follows: Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Service Period Stock Options 1,272 1,301 1,261 1,309 Restricted Stock Units 169 162 150 180 Performance Stock Options 944 906 944 906 Total 2,385 2,368 2,355 2,395 For the three six June 30, 2022 2021,

Note 9 - Concentrations

Note 9 - Concentrations	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	Note 9 Concentration of Credit Risk may

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 10 We are currently involved in various claims and legal actions that arise in the ordinary course of our business, including claims resulting from employment related matters. None On April 8, 2022, 2018 On July 5, 2022, June 30, 2022, Based on information currently available and advice of counsel, we do not may

Note 11 - Subsequent Events

Note 11 - Subsequent Events	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Subsequent Events [Text Block]	Note 11 The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued for recognition or disclosures. The Company did not

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Nature of the Business [Policy Text Block]	Nature of the Business
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation June 30, 2022 three six June 30, 2022 2021 six June 30, 2022 2021 three six June 30, 2022 not December 31, 2022 may not may not These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes in Item 8 10 December 31, 2021
Equity Method Investments [Policy Text Block]	Equity method investment not 20% may one In applying the equity method, the Company records the investment at cost and subsequently increases or decreases the carrying amount of the investment by our proportionate share of the net income or loss. On March 10, 2022, not not 20%. not
Consolidation, Policy [Policy Text Block]	Variable interest entities
Use of Estimates, Policy [Policy Text Block]	Estimates and Uncertainties
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value of Financial Instruments 1 3 The three • Level 1 1 • Level 2 1 not 2 • Level 3 3 one The carrying amounts reported in the balance sheets for cash and cash equivalents, other receivables, accounts payable and accrued expenses approximate their fair value based on the short-term maturity of these instruments. Certain assets, including the equity method investment, right-of-use assets and property and equipment are also subject to measurement at fair value on a non-recurring basis if they are deemed to be impaired as a result of an impairment review. As of June 30, 2022 1 2
Investment, Policy [Policy Text Block]	Short-Term Investments six 2 may not
Receivable [Policy Text Block]	Trade accounts receivable may
Implementation Costs of Cloud Computing Arrangement Policy [Policy Text Block]	Implementation Costs of Cloud Computing Arrangement June 30, 2022 December 31, 2021, first 2022.
Debt Issuance Cost [Policy Text Block]	Debt Issuance Cost first 2021, February 19, 2021, ( The Company amortizes debt issuance costs categorized as assets on a straight-line basis over the term of the loan and amortizes the debt issuance costs that are categorized net of debt using the effective interest method, over the term of the loan.
Revenue from Contract with Customer [Policy Text Block]	Net Sales Three Months Ended Six Months Ended June 30, June 30 2022 2021 2022 2021 Grocery, Mass and Club $ 127,572 $ 89,553 $ 243,090 $ 168,625 Pet Specialty and Natural 18,435 19,062 35,089 33,405 Net Sales (a) $ 146,007 $ 108,616 $ 278,179 $ 202,029 (a)
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Standards The Company did not June 30, 2022.

Note 1 - Nature of the Busine_2

Note 1 - Nature of the Business and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30 2022 2021 2022 2021 Grocery, Mass and Club $ 127,572 $ 89,553 $ 243,090 $ 168,625 Pet Specialty and Natural 18,435 19,062 35,089 33,405 Net Sales (a) $ 146,007 $ 108,616 $ 278,179 $ 202,029

Note 2 - Inventories (Tables)

Note 2 - Inventories (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, December 31, 2022 2021 Raw Materials and Work in Process $ 16,125 $ 13,339 Packaging Components Material 5,543 2,823 Finished Goods 39,154 19,704 60,822 35,866 Reserve for Obsolete Inventory (143 ) (292 ) Inventories, net $ 60,679 $ 35,574

Note 3 - Property, Plant and _2

Note 3 - Property, Plant and Equipment (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Property, Plant and Equipment [Table Text Block]	June 30, December 31, 2022 2021 Refrigeration Equipment $ 128,177 $ 122,063 Machinery and Equipment 143,834 140,471 Building, Land, and Improvements 158,974 150,927 Furniture and Office Equipment 9,128 8,844 Leasehold Improvements 1,319 1,319 Construction in Progress 349,461 273,880 790,892 697,504 Less: Accumulated Depreciation (128,365 ) (113,582 ) Property, plant and equipment, net $ 662,527 $ 583,922

Note 4 - Accrued Expenses (Tabl

Note 4 - Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	June 30, December 31, 2022 2021 Accrued Compensation and Employee Related Costs $ 5,544 $ 6,934 Accrued Chiller Cost 1,885 2,050 Accrued Customer Consideration 690 828 Accrued Freight 1,429 1,547 Accrued Production Expenses 3,820 1,862 Accrued Corporate and Marketing Expenses 5,731 1,081 Other Accrued Expenses 338 648 Accrued Expenses $ 19,437 $ 14,950

Note 6 - Leases (Tables)

Note 6 - Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Lease, Cost [Table Text Block]	Weighted-average remaining lease term 4.05 Weighted-average discount rate 6.15 % Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Operating lease cost $ 438 $ 444 $ 876 $ 891 Three Months Ended Six Months Ended June 30, June 30, Operating cash flow information: 2022 2021 2022 2021 Cash paid for amounts included in the measurement of lease liabilities $ 442 $ 439 $ 878 $ 874
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Operating Lease Obligations As of June 30, 2022 2022 (a) $ 886 2023 1,802 2024 1,511 2025 1,210 2026 and beyond 1,576 Total lease payments $ 6,985 Less: Imputed interest (568 ) Present value of lease liabilities $ 6,417

Note 8 - Earnings Per Share A_2

Note 8 - Earnings Per Share Attributable to Common Stockholders (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Service Period Stock Options 1,272 1,301 1,261 1,309 Restricted Stock Units 169 162 150 180 Performance Stock Options 944 906 944 906 Total 2,385 2,368 2,355 2,395

Note 1 - Nature of the Busine_3

Note 1 - Nature of the Business and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended		12 Months Ended
	Mar. 10, 2022	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Payments to Acquire Equity Method Investments			$ 3,294	$ 0
Equity Method Investments			27,123		$ 25,856
Implementation Costs			8,659		$ 7,380
Credit Facility [Member]
Debt Issuance Costs, Net, Total			3,166
Credit Facility [Member] | Revolving Credit Facility [Member]
Debt Issuance Costs, Net, Total		$ 3,263
Draw Term Loan [Member]
Debt Issuance Costs, Net, Total		2,797
Amortization of Debt Issuance Costs		$ 485	$ 485
Privately Held Company, Not Primary Beneficiary [Member]
Equity Method Investment, Ownership Percentage	19%
Equity Method Investments	$ 31,200,000
Privately Held Company, Not Primary Beneficiary [Member]
Payments to Acquire Equity Method Investments	$ 3,300,000

Note 1 - Nature of the Busine_4

Note 1 - Nature of the Business and Summary of Significant Accounting Policies - Net Sales by Class of Retailer (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net Sales	[1]	$ 146,007	$ 108,616	$ 278,179	$ 202,029
Grocery (including Online), Mass and Club [Member]
Net Sales		127,572	89,553	243,090	168,625
Pet Specialty and Natural [Member]
Net Sales		$ 18,435	$ 19,062	$ 35,089	$ 33,405
[1]Online sales associated with each class of retailer are included within their respective total.

Note 2 - Inventories - Summary

Note 2 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Raw Materials and Work in Process	$ 16,125	$ 13,339
Packaging Components Material	5,543	2,823
Finished Goods	39,154	19,704
Inventory, Gross, Total	60,822	35,866
Reserve for Obsolete Inventory	(143)	(292)
Inventories, net	$ 60,679	$ 35,574

Note 3 - Property, Plant and _3

Note 3 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Depreciation, Depletion and Amortization, Total	$ 7,832	$ 7,281	$ 15,779	$ 13,866
Cost of Sales [Member]
Depreciation, Depletion and Amortization, Total	$ 4,295	$ 4,021	$ 8,996	$ 7,821

Note 3 - Property, Plant and _4

Note 3 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property, plant and equipment, gross	$ 790,892	$ 697,504
Less: Accumulated Depreciation	(128,365)	(113,582)
Property, plant and equipment, net	662,527	583,922
Refrigeration Equipment [Member]
Property, plant and equipment, gross	128,177	122,063
Machinery and Equipment [Member]
Property, plant and equipment, gross	143,834	140,471
Land, Buildings and Improvements [Member]
Property, plant and equipment, gross	158,974	150,927
Furniture and Office Equipment [Member]
Property, plant and equipment, gross	9,128	8,844
Leasehold Improvements [Member]
Property, plant and equipment, gross	1,319	1,319
Construction in Progress [Member]
Property, plant and equipment, gross	$ 349,461	$ 273,880

Note 4 - Accrued Expenses - Sum

Note 4 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accrued Compensation and Employee Related Costs	$ 5,544	$ 6,934
Accrued Chiller Cost	1,885	2,050
Accrued Customer Consideration	690	828
Accrued Freight	1,429	1,547
Accrued Production Expenses	3,820	1,862
Accrued Corporate and Marketing Expenses	5,731	1,081
Other Accrued Expenses	338	648
Accrued Expenses	$ 19,437	$ 14,950

Note 5 - Debt (Details Textual)

Note 5 - Debt (Details Textual) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2022	Apr. 29, 2022	Feb. 19, 2021	Apr. 17, 2020
Credit Facility [Member]
Debt Agreement, Maximum Borrowing Capacity				$ 350,000
Long-Term Debt, Total		$ 78,000
Debt Issuance Costs, Net, Total		3,166
Credit Facility [Member] | Other Assets [Member]
Debt Issuance Costs, Net, Total		1,821	$ 260
Credit Facility [Member] | Other Current Assets [Member]
Debt Issuance Costs, Net, Total		694	$ 99
Credit Facility [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity				50,000	$ 35,000
Debt Issuance Costs, Net, Total	$ 3,263
Credit Facility [Member] | Draw Term Loan [Member]
Long-Term Debt, Total				$ 300,000	$ 130,000
Draw Term Loan [Member]
Debt Issuance Costs, Net, Total	2,797
Amortization of Debt Issuance Costs	$ 485	$ 485

Note 6 - Leases (Details Textua

Note 6 - Leases (Details Textual)	Jun. 30, 2022
Lessee, Operating Lease, Renewal Term (Year)	5 years
Minimum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	2 years
Maximum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	9 years

Note 6 - Leases - Lease Cost (D

Note 6 - Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Weighted-average remaining lease term (Year)	4 years 18 days		4 years 18 days
Weighted-average discount rate	6.15%		6.15%
Operating lease cost	$ 438	$ 444	$ 876	$ 891
Cash paid for amounts included in the measurement of lease liabilities	$ 442	$ 439	$ 878	$ 874

Note 6 - Leases - Maturities of

Note 6 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Jun. 30, 2022 USD ($)
2022 (a)	$ 886	[1]
2023	1,802
2024	1,511
2025	1,210
2026 and beyond	1,576
Total lease payments	6,985
Less: Imputed interest	(568)
Present value of lease liabilities	$ 6,417
[1]Excluding the three months ended March 31, 2022.

Note 7 - Equity Incentive Pla_2

Note 7 - Equity Incentive Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-Based Payment Arrangement, Expense	$ 6,294	$ 6,690	$ 12,589	$ 12,841
Performance Based Restricted Stock Units [Member]
Unrecognized Compensation Costs, Performance Based Awards (in shares)	32		32
Service Period Restricted Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			80,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)			$ 85.15
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)			44

Note 8 - Earnings Per Share A_3

Note 8 - Earnings Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities (in shares)	2,385	2,368	2,355	2,395
Service Period Stock Options [Member]
Antidilutive Securities (in shares)	1,272	1,301	1,261	1,309
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities (in shares)	169	162	150	180
Performance Stock Options [Member]
Antidilutive Securities (in shares)	944	906	944	906

Note 9 - Concentrations (Detail

Note 9 - Concentrations (Details Textual) $ in Thousands	Jun. 30, 2022 USD ($)
Maximum [Member]
Cash, FDIC Insured Amount	$ 250

Note 10 - Commitments and Con_2

Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Apr. 08, 2022	Jun. 30, 2022	Dec. 31, 2021
Other Assets, Noncurrent		$ 22,197	$ 13,670
Phillips Feed Service, Inc., d/b/a Phillips Feed And Pet Supply Complaint [Member]
Loss Contingency, Damages Sought, Value	$ 8,300
Other Assets, Noncurrent		$ 8,971