Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 03, 2023 | |
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 | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
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 | 48,195,714 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 244,048 | $ 132,735 |
Short-term investments | 114,437 | 0 |
Accounts receivable, net of allowance for doubtful accounts | 51,889 | 57,572 |
Inventories, net | 65,269 | 58,290 |
Prepaid expenses | 8,182 | 9,778 |
Other current assets | 3,315 | 3,590 |
Total Current Assets | 487,140 | 261,965 |
Property, plant and equipment, net | 865,237 | 800,586 |
Deposits on equipment | 2,429 | 3,823 |
Operating lease right of use assets | 4,358 | 5,165 |
Equity method investment | 0 | 25,418 |
Long term investment in equity securities | 23,528 | 0 |
Other assets | 27,679 | 28,426 |
Total Assets | 1,410,371 | 1,125,383 |
CURRENT LIABILITIES: | ||
Accounts payable | 32,389 | 55,088 |
Accrued expenses | 43,477 | 33,016 |
Current operating lease liabilities | 1,576 | 1,510 |
Total Current Liabilities | 77,442 | 89,614 |
Convertible senior notes | 392,048 | 0 |
Long term operating lease liabilities | 3,097 | 4,200 |
Total Liabilities | 472,587 | 93,814 |
Commitments and contingencies | ||
STOCKHOLDERS' EQUITY: | ||
Common stock — voting, $0.001 par value, 200,000 shares authorized, 48,199 issued and 48,185 outstanding on June 30, 2023, and 48,051 issued and 48,037 outstanding on December 31, 2022 | 48 | 48 |
Additional paid-in capital | 1,275,510 | 1,325,524 |
Accumulated deficit | (336,855) | (295,117) |
Accumulated other comprehensive (loss) income | (663) | 1,370 |
Treasury stock, at cost — 14 shares on June 30, 2023 and on December 31, 2022 | (256) | (256) |
Total Stockholders' Equity | 937,784 | 1,031,569 |
Total Liabilities and Stockholders' Equity | $ 1,410,371 | $ 1,125,383 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
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) | 48,199 | 48,051 |
Common stock, outstanding (in shares) | 48,185 | 48,037 |
Treasury stock shares (in shares) | 14 | 14 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
NET SALES | $ 183,331 | $ 146,007 | $ 350,853 | $ 278,179 |
COST OF GOODS SOLD | 124,087 | 94,927 | 240,849 | 182,346 |
GROSS PROFIT | 59,244 | 51,080 | 110,004 | 95,833 |
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES | 75,996 | 69,215 | 148,267 | 129,846 |
LOSS FROM OPERATIONS | (16,752) | (18,135) | (38,263) | (34,013) |
OTHER INCOME (EXPENSES): | ||||
Interest and Other Income (Expense), net | (4,108) | 21 | (5,055) | (237) |
Interest Expense | (3,329) | (1,672) | (6,501) | (2,243) |
Nonoperating Income (Expense) | 779 | (1,693) | (1,446) | (2,006) |
LOSS BEFORE INCOME TAXES | 15,972 | 19,828 | 39,708 | 36,019 |
INCOME TAX EXPENSE | 70 | 41 | 140 | 82 |
LOSS ON EQUITY METHOD INVESTMENT | 910 | 717 | 1,890 | 2,027 |
LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | (16,952) | (20,586) | (41,738) | (38,128) |
OTHER COMPREHENSIVE (LOSS) INCOME: | ||||
Foreign currency translation | (2,039) | 1,849 | (2,033) | 1,487 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | (2,039) | 1,849 | (2,033) | 1,487 |
TOTAL COMPREHENSIVE LOSS | $ (18,991) | $ (18,737) | $ (43,771) | $ (36,641) |
NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS | ||||
-BASIC (in dollars per share) | $ (0.35) | $ (0.45) | $ (0.87) | $ (0.85) |
-DILUTED (in dollars per share) | $ (0.35) | $ (0.45) | $ (0.87) | $ (0.85) |
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING | ||||
-BASIC (in shares) | 48,132 | 45,636 | 48,089 | 44,691 |
-DILUTED (in shares) | 48,132 | 45,636 | 48,089 | 44,691 |
Condensed Consolidated Statem_2
Condensed 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, Common [Member] | Total |
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 | 0 | 0 | $ 0 | 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 | 0 | 12,589 | 0 | 0 | 0 | 12,589 |
Foreign currency translation | 0 | 0 | 0 | 1,487 | 0 | 1,487 |
Net loss | $ 0 | 0 | (38,128) | 0 | $ 0 | (38,128) |
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 |
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 | 0 | 0 | $ 0 | 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 | 0 | 6,294 | 0 | 0 | 0 | 6,294 |
Foreign currency translation | 0 | 0 | 0 | 1,849 | 0 | 1,849 |
Net loss | $ 0 | 0 | (20,586) | 0 | $ 0 | (20,586) |
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 |
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 Dec. 31, 2022 | 48,051 | 14 | ||||
Balances at Dec. 31, 2022 | $ 48 | 1,325,524 | (295,117) | 1,370 | $ (256) | $ 1,031,569 |
Exercise of options to purchase common stock (in shares) | 91 | 162 | ||||
Exercise of options to purchase common stock | $ 0 | 3,061 | 0 | 0 | $ 0 | $ 3,061 |
Vesting of restricted stock units (in shares) | 43 | 0 | ||||
Vesting of restricted stock units | $ 0 | (850) | 0 | 0 | $ 0 | (850) |
Share-based compensation expense | 0 | 13,986 | 0 | 0 | 0 | 13,986 |
Foreign currency translation | 0 | 0 | 0 | (2,033) | 0 | (2,033) |
Net loss | 0 | 0 | (41,738) | 0 | 0 | (41,738) |
Purchase of capped call option | $ 0 | (66,211) | 0 | 0 | $ 0 | (66,211) |
Balances (in shares) at Jun. 30, 2023 | 48,185 | 14 | ||||
Balances at Jun. 30, 2023 | $ 48 | 1,275,510 | (336,855) | (663) | $ (256) | 937,784 |
Balances (in shares) at Mar. 31, 2023 | 48,109 | 14 | ||||
Balances at Mar. 31, 2023 | $ 48 | 1,267,642 | (319,903) | 1,376 | $ (256) | 948,907 |
Exercise of options to purchase common stock (in shares) | 56 | |||||
Exercise of options to purchase common stock | $ 0 | 1,107 | 0 | 0 | $ 0 | 1,107 |
Vesting of restricted stock units (in shares) | 20 | 0 | ||||
Vesting of restricted stock units | $ 0 | (248) | 0 | 0 | $ 0 | (248) |
Share-based compensation expense | 0 | 7,009 | 0 | 0 | 0 | 7,009 |
Foreign currency translation | 0 | 0 | 0 | (2,039) | 0 | (2,039) |
Net loss | $ 0 | 0 | (16,952) | 0 | $ 0 | (16,952) |
Balances (in shares) at Jun. 30, 2023 | 48,185 | 14 | ||||
Balances at Jun. 30, 2023 | $ 48 | $ 1,275,510 | $ (336,855) | $ (663) | $ (256) | $ 937,784 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (41,738) | $ (38,128) |
Adjustments to reconcile net loss to net cash flows used in operating activities: | ||
Provision for loss (gains) on accounts receivable | 8 | (14) |
Loss on disposal of equipment | 464 | 89 |
Share-based compensation | 16,862 | 12,589 |
Inventory obsolescence | 0 | 3,455 |
Depreciation and amortization | 28,930 | 15,888 |
Write-off and amortization of deferred financing costs and loan discount | 3,034 | 398 |
Change in operating lease right of use asset | 807 | 675 |
Loss on equity method investment | 1,890 | 2,027 |
Amortization of discount on short-term investments | (996) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 5,675 | (36,268) |
Inventories | (6,979) | (28,560) |
Prepaid expenses and other current assets | (430) | 2,416 |
Other assets | (3,762) | (358) |
Accounts payable | (7,488) | (421) |
Accrued expenses | 4,529 | 4,487 |
Operating lease liability | (1,037) | (677) |
Net cash flows used in operating activities | (231) | (62,402) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of short-term investments | (113,441) | (19,840) |
Investments in equity method investment | 0 | (3,294) |
Acquisitions of property, plant and equipment, software and deposits on equipment | (102,507) | (94,872) |
Net cash flows used in investing activities | (215,948) | (118,006) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from common shares issued in primary offering, net of issuance cost | 0 | 337,849 |
Proceeds from exercise of options to purchase common stock | 3,061 | 329 |
Tax withholdings related to net shares settlements of restricted stock units | (850) | (1,213) |
Proceeds from borrowings under Credit Facility | 0 | 78,000 |
Purchase of capped call option | (66,211) | 0 |
Proceeds from issuance of convertible senior notes | 393,518 | 0 |
Debt issuance costs | (2,026) | 0 |
Net cash flows provided by financing activities | 327,492 | 414,965 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 111,313 | 234,557 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 132,735 | 72,788 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 244,048 | 307,345 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Interest paid | 1,217 | 1,265 |
NON-CASH FINANCING AND INVESTING ACTIVITIES: | ||
Property, plant and equipment purchases in accounts payable and accrued expenses | 34,799 | 19,799 |
Capitalized interest in accrued expenses | $ 181 | $ 0 |
Note 1 - Nature of the Business
Note 1 - Nature of the Business and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 three six June 30, 2023 2022 six June 30, 2023 2022 three six June 30, 2023 not December 31, 2023 may not may not These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes in Item 8 10 December 31, 2022 Investment in unconsolidated company not 20% may 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. The Company has elected to record its share of equity in income (losses) of equity method investment on a one On March 10, 2022, not not 2022, 20%. not On March 30, 2023 no March 30, 2023, 321 321" not 321 not not 321, one June 2023. 820 820” Fair Value Measurements and Disclosures. no June 30, 2023. March 2023 - March 2023, The Company accounts for its Convertible Senior Notes as a single liability measured at amortized cost. The Company uses the effective interest rate method to amortize the debt issuance costs to interest expense over the respective term of the Convertible Senior Notes. Estimates and Uncertainties Fair Value of Financial Instruments 820, 1 3 The three • Level 1 1 • Level 2 1 not 2 • Level 3 3 one Our financial assets and liabilities include cash and cash equivalents, short-term investments, receivables, accounts payable and accrued liabilities, the fair values of which approximate their carrying values due to the short-term nature of these instruments. The Company holds certain financial assets within cash & cash equivalents and short-term investments in the form of held-to-maturity treasury bills that are not 2 June 30, 2023, Certain financial and non-financial assets, including the equity method investment/investment in equity securities, operating lease right-of-use assets and property, plant and equipment are reported at their carrying values and are not may not 360 10, Refer to Note 6 As of June 30, 2023 1 2 Cash Equivalents three June 30, 2023, Short-Term Investments three June 30, 2023, third 2023. Trade accounts receivable may Implementation Costs of Cloud Computing Arrangement June 30, 2023 December 31, 2022, first 2022. Net Sales Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Grocery, Mass and Club $ 164,343 $ 127,572 $ 311,141 $ 243,090 Pet Specialty and Natural 18,988 18,435 39,712 35,089 Net Sales (a) $ 183,331 $ 146,007 $ 350,853 $ 278,179 (a) Recently Adopted Accounting Standards The Company did not June 30, 2023. |
Note 2 - Inventories
Note 2 - Inventories | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 2 June 30, December 31, 2023 2022 Raw Materials and Work in Process $ 19,481 $ 20,608 Packaging Components Material 5,826 6,186 Finished Goods 39,962 31,639 65,269 58,433 Reserve for Obsolete Inventory - (143 ) Inventories, net $ 65,269 $ 58,290 |
Note 3 - Property, Plant and Eq
Note 3 - Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 3 June 30, December 31, 2023 2022 Refrigeration Equipment $ 145,870 $ 137,875 Machinery and Equipment 220,514 199,504 Building, Land, and Improvements 473,154 458,800 Furniture and Office Equipment 14,626 14,040 Leasehold Improvements 1,319 1,319 Construction in Progress 180,230 134,338 1,035,713 945,877 Less: Accumulated Depreciation (170,476 ) (145,291 ) Property, plant and equipment, net $ 865,237 $ 800,586 Depreciation expense related to property, plant and equipment totaled $14,346 and $28,740 for the three six June 30, 2023 three six June 30, 2023 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 |
Note 4 - Accrued Expenses
Note 4 - Accrued Expenses | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | Note 4 June 30, December 31, 2023 2022 Accrued Compensation and Employee Related Costs $ 9,771 $ 8,559 Accrued Construction Costs 12,007 4,235 Accrued Chiller Cost 2,448 4,106 Accrued Customer Consideration 1,796 656 Accrued Freight 4,968 2,705 Accrued Production Expenses 4,657 3,755 Accrued Corporate and Marketing Expenses 1,466 3,794 Accrued Interest 3,341 922 Other Accrued Expenses 3,023 4,284 Accrued Expenses $ 43,477 $ 33,016 |
Note 5 - Debt
Note 5 - Debt | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 5 On February 19, 2021, April 17, 2020. The Credit Facility had an original maturity date of February 19, 2026 one August 19, 2023, August 19, 2022, 1/28th August 19, 2023, 1/28th February 19, 2026. Borrowings under the Credit Facility were secured by substantially all of the Company's and certain of its subsidiaries' assets. The Credit Agreement required compliance with various covenants customary for agreements of this type, including financial covenants and negative covenants that limit, among other things, the Company's ability to incur additional debt, create or incur liens, engage in mergers or consolidations, sell, transfer or otherwise dispose of assets, make voluntary prepayments to subordinated debt, permit a change of control, pay dividends or distributions, make investments, and enter into certain transaction with affiliates. The Credit Agreement also included events of default customary for agreements of this type. The Credit Facility included a quarterly commitment fee on any unused amounts at a per annum rate between 0.30% to 0.50% depending on the aggregate principal outstanding. On April 29, 2022, On March 13, 2023, March 15, 2023 ( As of March 13, 2023, December 31, 2022, June 30, 2023 December 31, 2022, three six June 30, 2023, three six June 30, 2022, six June 30, 2023, March 2023. |
Note 6 - Convertible Senior Not
Note 6 - Convertible Senior Notes | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Convertible Debt [Text Block] | Note 6 In March 2023, 2028 144A 1933, 2023 The Convertible Notes are our senior, unsecured obligations and accrue interest at a rate of 3.0% per annum, payable semi-annually in arrears on April 1 October 1 October 1, 2023. April 1, 2028 January 3, 2028, 1 June 30, 2023 ( 20 not 30 130% 2 five 10 $1,000 98% 3 4 January 3, 2028, second may We will settle conversions by paying or delivering, as applicable, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election. The initial conversion rate for the Convertible Notes is 14.3516 shares of common stock per $1,000 may We may not April 3, 2026. may April 3, 2026 40 th not may not not Upon the occurrence of a fundamental change (as defined in the Indenture), holders may 100% FRESHPET, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited, in thousands, except share data) The effective interest rate for the Convertible Notes is 3.59%. Transaction costs of $11,008 attributable to the issuance of the Convertible Notes were recorded as a direct deduction from the related debt liability in the Consolidated Balance Sheet and are amortized to interest expense over the term of the Convertible Notes using the effective interest method. The Company measures the fair value of its Convertible Notes for disclosure purposes. The fair value is based on observable market prices for this debt, which is traded in less active markets and is therefore classified as a Level 2 June 30, 2023: As of June 30, 2023 Carrying Value (1) Fair Value 3 391,882 476,327 Total 391,882 476,327 ( 1 The carrying amounts presented are net of unamortized debt issuance costs of $10,618 as of June 30, 2023. Lender fees that were paid upfront to the lenders and debt issuance fees paid to third three six June 30, 2023, Three Months Ended Six Months Ended June 30, 2023 Contractual interest expense 3,010 3,341 Amortization of issuance costs 501 555 Total 3,511 3,896 At June 30, 2023, |
Note 7 - Purchase of Capped Cal
Note 7 - Purchase of Capped Call Option | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Derivatives and Fair Value [Text Block] | Note 7 In connection with the pricing of the Convertible Notes issued in March 2023, The Capped Call Transactions are generally expected to reduce potential dilution to holders of our common stock upon any conversion of the Convertible Notes and/or offset any cash payments we are required to make in excess of the principal amount of the Convertible Notes upon conversion of the Convertible Notes in the event that the market price per share of our common stock is greater than the strike price of the Capped Call Transactions, with such reduction and/or offset subject to a cap. The Capped Call Transactions have an initial cap price of approximately $120.23 per share, which represents a premium of 120% March 15, 2023, The Capped Call Transactions are accounted for as freestanding derivatives and recorded at the initial fair value in additional paid-in-capital in the Consolidated Balance Sheet with no recorded subsequent change to fair value as long as they meet the criteria for equity classification. As of June 30, 2023, |
Note 8 - Leases
Note 8 - Leases | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 8 We have various noncancelable lease agreements for office and warehouse space, as well as office equipment, with original remaining lease terms of two four four 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 3.32 Weighted-average discount rate 6.17 % As most of our leases do not Maturities of lease liabilities under noncancelable operating leases as of June 30, 2023 Operating Lease Obligations As of June 30, 2023 2023 (a) $ 905 2024 1,511 2025 1,210 2026 1,239 2027 and beyond 337 Total lease payments $ 5,202 Less: Imputed interest (529 ) Present value of lease liabilities $ 4,673 (a) Excluding the six June 30, 2023 A summary of rent expense for the three six June 30, 2023 2022 Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Operating lease cost $ 438 $ 438 $ 876 $ 876 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: 2023 2022 2023 2022 Cash paid for amounts included in the measurement of lease liabilities $ 452 $ 442 $ 897 $ 878 |
Note 9 - Warrants
Note 9 - Warrants | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Warrant Disclosure [Text Block] | Note 9 In connection with an agreement we entered into with operators of Freshpet Kitchens South during the third 2022 718 June 30, 2023, December 31, 2022, During 2022, 2022 Total amortization associated with partner warrants for the three six June 30, 2023 |
Note 10 - Equity Incentive Plan
Note 10 - Equity Incentive Plans | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 10 Total compensation cost for share-based payments recognized for the three six June 30, 2023 three six June 30, 2022 six June 30, 2023, six June 30, 2023, six June 30, 2023, six June 30, 2023, |
Note 11 - Earnings Per Share At
Note 11 - Earnings Per Share Attributable to Common Stockholders | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 11 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. For purpose of determining diluted earnings per common share, the treasury stock method is used for stock options, warrants, and RSUs, and the if-converted method is used for convertible instruments such as convertible debt as prescribed in FASB ASC Topic 260. March 2023, 260, three six June 30, 2023 2022. The potentially dilutive securities excluded from the determination of diluted loss per share, as their effect is antidilutive, are as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Service Period Stock Options 1,203 1,272 1,230 1,261 Restricted Stock Units 518 169 392 150 Performance Stock Options 1,117 944 1,117 944 Convertible Notes 5,776 — 5,776 — Total 8,614 2,385 8,515 2,355 |
Note 12 - Concentrations
Note 12 - Concentrations | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 12 Concentration of Credit Risk may |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 13 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, As of December 31, 2022, As of July 31, 2023, September 30, 2023, August 22, 2023. Based on information currently available and advice of counsel, we do not may |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 14 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, 2023 | |
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, 2023 three six June 30, 2023 2022 six June 30, 2023 2022 three six June 30, 2023 not December 31, 2023 may not may not These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes in Item 8 10 December 31, 2022 |
Equity Method Investments [Policy Text Block] | Investment in unconsolidated company not 20% may 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. The Company has elected to record its share of equity in income (losses) of equity method investment on a one On March 10, 2022, not not 2022, 20%. not On March 30, 2023 no March 30, 2023, 321 321" not 321 not not 321, one June 2023. 820 820” Fair Value Measurements and Disclosures. no June 30, 2023. |
Debt, Policy [Policy Text Block] | March 2023 - March 2023, The Company accounts for its Convertible Senior Notes as a single liability measured at amortized cost. The Company uses the effective interest rate method to amortize the debt issuance costs to interest expense over the respective term of the Convertible Senior Notes. |
Use of Estimates, Policy [Policy Text Block] | Estimates and Uncertainties |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments 820, 1 3 The three • Level 1 1 • Level 2 1 not 2 • Level 3 3 one Our financial assets and liabilities include cash and cash equivalents, short-term investments, receivables, accounts payable and accrued liabilities, the fair values of which approximate their carrying values due to the short-term nature of these instruments. The Company holds certain financial assets within cash & cash equivalents and short-term investments in the form of held-to-maturity treasury bills that are not 2 June 30, 2023, Certain financial and non-financial assets, including the equity method investment/investment in equity securities, operating lease right-of-use assets and property, plant and equipment are reported at their carrying values and are not may not 360 10, Refer to Note 6 As of June 30, 2023 1 2 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents three June 30, 2023, |
Investment, Policy [Policy Text Block] | Short-Term Investments three June 30, 2023, third 2023. |
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, 2023 December 31, 2022, first 2022. |
Revenue from Contract with Customer [Policy Text Block] | Net Sales Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Grocery, Mass and Club $ 164,343 $ 127,572 $ 311,141 $ 243,090 Pet Specialty and Natural 18,988 18,435 39,712 35,089 Net Sales (a) $ 183,331 $ 146,007 $ 350,853 $ 278,179 (a) |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards The Company did not June 30, 2023. |
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, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Grocery, Mass and Club $ 164,343 $ 127,572 $ 311,141 $ 243,090 Pet Specialty and Natural 18,988 18,435 39,712 35,089 Net Sales (a) $ 183,331 $ 146,007 $ 350,853 $ 278,179 |
Note 2 - Inventories (Tables)
Note 2 - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, December 31, 2023 2022 Raw Materials and Work in Process $ 19,481 $ 20,608 Packaging Components Material 5,826 6,186 Finished Goods 39,962 31,639 65,269 58,433 Reserve for Obsolete Inventory - (143 ) Inventories, net $ 65,269 $ 58,290 |
Note 3 - Property, Plant and _2
Note 3 - Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, December 31, 2023 2022 Refrigeration Equipment $ 145,870 $ 137,875 Machinery and Equipment 220,514 199,504 Building, Land, and Improvements 473,154 458,800 Furniture and Office Equipment 14,626 14,040 Leasehold Improvements 1,319 1,319 Construction in Progress 180,230 134,338 1,035,713 945,877 Less: Accumulated Depreciation (170,476 ) (145,291 ) Property, plant and equipment, net $ 865,237 $ 800,586 |
Note 4 - Accrued Expenses (Tabl
Note 4 - Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | June 30, December 31, 2023 2022 Accrued Compensation and Employee Related Costs $ 9,771 $ 8,559 Accrued Construction Costs 12,007 4,235 Accrued Chiller Cost 2,448 4,106 Accrued Customer Consideration 1,796 656 Accrued Freight 4,968 2,705 Accrued Production Expenses 4,657 3,755 Accrued Corporate and Marketing Expenses 1,466 3,794 Accrued Interest 3,341 922 Other Accrued Expenses 3,023 4,284 Accrued Expenses $ 43,477 $ 33,016 |
Note 6 - Convertible Senior N_2
Note 6 - Convertible Senior Notes (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | As of June 30, 2023 Carrying Value (1) Fair Value 3 391,882 476,327 Total 391,882 476,327 Three Months Ended Six Months Ended June 30, 2023 Contractual interest expense 3,010 3,341 Amortization of issuance costs 501 555 Total 3,511 3,896 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Weighted-average remaining lease term 3.32 Weighted-average discount rate 6.17 % Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Operating lease cost $ 438 $ 438 $ 876 $ 876 Three Months Ended Six Months Ended June 30, June 30, Operating cash flow information: 2023 2022 2023 2022 Cash paid for amounts included in the measurement of lease liabilities $ 452 $ 442 $ 897 $ 878 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Operating Lease Obligations As of June 30, 2023 2023 (a) $ 905 2024 1,511 2025 1,210 2026 1,239 2027 and beyond 337 Total lease payments $ 5,202 Less: Imputed interest (529 ) Present value of lease liabilities $ 4,673 |
Note 11 - Earnings Per Share _2
Note 11 - Earnings Per Share Attributable to Common Stockholders (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 2022 2023 2022 Service Period Stock Options 1,203 1,272 1,230 1,261 Restricted Stock Units 518 169 392 150 Performance Stock Options 1,117 944 1,117 944 Convertible Notes 5,776 — 5,776 — Total 8,614 2,385 8,515 2,355 |
Note 1 - Nature of the Busine_3
Note 1 - Nature of the Business and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Mar. 10, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Mar. 31, 2023 | ||
Payments to Acquire Equity Method Investments | $ 0 | $ 3,294 | ||||
Equity Method Investments | 0 | $ 25,418 | ||||
Cash and Cash Equivalents, at Carrying Value | 244,048 | 132,735 | ||||
Short-Term Investments | 114,437 | 0 | ||||
Investment Income, Amortization of Discount | 996 | $ 0 | ||||
Implementation Costs | 8,678 | $ 9,444 | ||||
US Treasury Securities [Member] | ||||||
Cash and Cash Equivalents, at Carrying Value | 49,766 | |||||
Servicing Asset at Amortized Cost | 358 | |||||
March 2023 Note [Member] | Convertible Senior Notes [Member] | ||||||
Debt Instrument, Face Amount | $ 402,500 | $ 402,500 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3% | [1] | 3% | |||
Privately Held Company, Not Primary Beneficiary [Member] | ||||||
Payments to Acquire Equity Method Investments | $ 3,300 | |||||
Equity Method Investment, Ownership Percentage | 19% | |||||
Equity Method Investments | $ 31,200 | |||||
[1]The carrying amounts presented are net of unamortized debt issuance costs of $10,618 as of June 30, 2023. |
Note 1 - Nature of the Busine_4
Note 1 - Nature of the Business and Summary of Significant Accounting Policies - Net Sales by Class of Retailer (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net Sales | $ 183,331 | $ 146,007 | $ 350,853 | $ 278,179 |
Grocery (including Online), Mass and Club [Member] | ||||
Net Sales | 164,343 | 127,572 | 311,141 | 243,090 |
Pet Specialty and Natural [Member] | ||||
Net Sales | $ 18,988 | $ 18,435 | $ 39,712 | $ 35,089 |
Note 2 - Inventories - Summary
Note 2 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Raw Materials and Work in Process | $ 19,481 | $ 20,608 |
Packaging Components Material | 5,826 | 6,186 |
Finished Goods | 39,962 | 31,639 |
Inventory, Gross | 65,269 | 58,433 |
Reserve for Obsolete Inventory | 0 | (143) |
Inventories, net | $ 65,269 | $ 58,290 |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Depreciation, Depletion and Amortization | $ 14,346 | $ 7,832 | $ 28,740 | $ 15,779 |
Cost of Sales [Member] | ||||
Depreciation, Depletion and Amortization | $ 10,618 | $ 4,295 | $ 21,339 | $ 8,996 |
Note 3 - Property, Plant and _4
Note 3 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Property, plant and equipment, gross | $ 1,035,713 | $ 945,877 |
Less: Accumulated Depreciation | (170,476) | (145,291) |
Property, plant and equipment, net | 865,237 | 800,586 |
Refrigeration Equipment [Member] | ||
Property, plant and equipment, gross | 145,870 | 137,875 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 220,514 | 199,504 |
Land, Buildings and Improvements [Member] | ||
Property, plant and equipment, gross | 473,154 | 458,800 |
Furniture and Office Equipment [Member] | ||
Property, plant and equipment, gross | 14,626 | 14,040 |
Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | 1,319 | 1,319 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 180,230 | $ 134,338 |
Note 4 - Accrued Expenses - Sum
Note 4 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Accrued Compensation and Employee Related Costs | $ 9,771 | $ 8,559 |
Accrued Construction Costs | 12,007 | 4,235 |
Accrued Chiller Cost | 2,448 | 4,106 |
Accrued Customer Consideration | 1,796 | 656 |
Accrued Freight | 4,968 | 2,705 |
Accrued Production Expenses | 4,657 | 3,755 |
Accrued Corporate and Marketing Expenses | 1,466 | 3,794 |
Accrued Interest | 3,341 | 922 |
Other Accrued Expenses | 3,023 | 4,284 |
Accrued Expenses | $ 43,477 | $ 33,016 |
Note 5 - Debt (Details Textual)
Note 5 - Debt (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Apr. 17, 2020 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Feb. 19, 2021 | |
Debt Issuance Costs, Net | $ 3,263 | $ 3,263 | ||||||
Interest Payable, Current | 3,341,000 | 3,341,000 | $ 922,000 | |||||
Interest Expense, Debt | 0 | $ 1,672,000 | 2,785,000 | $ 2,243,000 | ||||
Credit Facility [Member] | ||||||||
Debt Agreement, Maximum Borrowing Capacity | $ 350,000,000 | |||||||
Long-Term Debt, Total | 0 | |||||||
Interest Payable, Current | 0 | $ 0 | $ 922,000 | |||||
Deferred Debt Issuance Cost, Writeoff | $ 2,478,000 | |||||||
Credit Facility [Member] | Minimum [Member] | ||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% | |||||||
Credit Facility [Member] | Maximum [Member] | ||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | |||||||
Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||||
Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||||
Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Minimum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||
Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Maximum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||||||
Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000,000 | 50,000,000 | ||||||
Credit Facility [Member] | Draw Term Loan [Member] | ||||||||
Long-Term Debt, Total | $ 130,000,000 | $ 300,000,000 | ||||||
Draw Term Loan [Member] | Credit Facility [Member] | ||||||||
Debt Issuance Costs, Net | $ 2,797 | $ 2,797 |
Note 6 - Convertible Senior N_3
Note 6 - Convertible Senior Notes (Details Textual) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2023 USD ($) $ / shares | Mar. 31, 2023 USD ($) $ / shares | Jun. 30, 2023 USD ($) $ / shares | Jun. 30, 2022 USD ($) | Dec. 31, 2022 $ / shares | |||
Proceeds from Convertible Debt | $ 393,518,000 | $ 0 | |||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||
Debt Issuance Costs, Net | $ 3,263 | $ 3,263 | |||||
Interest Costs Capitalized | 181,000 | $ 0 | |||||
March 2023 Note [Member] | Convertible Senior Notes [Member] | |||||||
Debt Instrument, Face Amount | $ 402,500,000 | $ 402,500,000 | $ 402,500,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3% | [1] | 3% | 3% | [1] | ||
Proceeds from Convertible Debt | $ 391,492,000 | ||||||
Debt Instrument, Convertible, Conversion Ratio | 14.3516 | ||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 69.68 | ||||||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 130% | ||||||
Debt Instrument, Convertible, Threshold Trading Days | 20 | ||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 | ||||||
Debt Instrument, Redemption Price, Percentage | 100% | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.59% | ||||||
Debt Issuance Costs, Net | $ 11,008,000 | ||||||
Unamortized Debt Issuance Expense | $ 10,618,000 | $ 10,618,000 | |||||
Interest Expense, Debt, Excluding Amortization | $ 3,010,000 | $ 3,341,000 | |||||
March 2023 Note [Member] | Convertible Senior Notes [Member] | Minimum [Member] | |||||||
Debt Instrument, Redemption, Minimum Aggregate Principal Outstanding | $ 100,000,000 | ||||||
[1]The carrying amounts presented are net of unamortized debt issuance costs of $10,618 as of June 30, 2023. |
Note 6 - Convertible Senior N_4
Note 6 - Convertible Senior Notes - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Total | $ 0 | $ 1,672 | $ 2,785 | $ 2,243 | |
March 2023 Note [Member] | Convertible Senior Notes [Member] | |||||
3% Convertible Notes Maturing April 1, 2028 | [1] | 391,882 | 391,882 | ||
Total | 476,327 | 476,327 | |||
Contractual interest expense | 3,010 | 3,341 | |||
Amortization of issuance costs | 501 | 555 | |||
Total | $ 3,511 | $ 3,896 | |||
[1]The carrying amounts presented are net of unamortized debt issuance costs of $10,618 as of June 30, 2023. |
Note 6 - Convertible Senior N_5
Note 6 - Convertible Senior Notes - Schedule of Long-term Debt (Details) (Parentheticals) | Jun. 30, 2023 | Mar. 31, 2023 | |
March 2023 Note [Member] | Convertible Senior Notes [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3% | [1] | 3% |
[1]The carrying amounts presented are net of unamortized debt issuance costs of $10,618 as of June 30, 2023. |
Note 7 - Purchase of Capped C_2
Note 7 - Purchase of Capped Call Option (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 15, 2023 | Mar. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Payments to Acquire Capped Call Options | $ 66,211 | $ 0 | |||
Interest Payable, Current | 3,341 | $ 922 | |||
Capped Call Transactions [Member] | |||||
Capped Call Transactions, Cap Price (in dollars per share) | $ 120.23 | ||||
Share Price (in dollars per share) | $ 54.65 | ||||
March 2023 Note [Member] | Convertible Senior Notes [Member] | Capped Call Transactions [Member] | |||||
Payments to Acquire Capped Call Options | $ 66,211 | ||||
Credit Facility [Member] | |||||
Interest Payable, Current | $ 0 | $ 922 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) | Jun. 30, 2023 |
Lessee, Operating Lease, Renewal Term (Year) | 4 years |
Minimum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 2 years |
Maximum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 4 years |
Note 8 - Leases - Lease Cost (D
Note 8 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Weighted-average remaining lease term (Year) | 3 years 3 months 25 days | 3 years 3 months 25 days | ||
Weighted-average discount rate | 6.17% | 6.17% | ||
Operating lease cost | $ 438 | $ 438 | $ 876 | $ 876 |
Cash paid for amounts included in the measurement of lease liabilities | $ 452 | $ 442 | $ 897 | $ 878 |
Note 8 - Leases - Maturities of
Note 8 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Jun. 30, 2023 USD ($) | |
2023 (a) | $ 905 | [1] |
2024 | 1,511 | |
2025 | 1,210 | |
2026 | 1,239 | |
2027 and beyond | 337 | |
Total lease payments | 5,202 | |
Less: Imputed interest | (529) | |
Present value of lease liabilities | $ 4,673 | |
[1]Excluding the six months ended June 30, 2023. |
Note 9 - Warrants (Details Text
Note 9 - Warrants (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | |
Class Of Warrant Or Right, Issued During Period (in shares) | 194,000 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.01 | $ 0.01 | ||
Class of Warrant or Right, Exercised During Period (in shares) | 194,000 | |||
Class of Warrant or Right, Granted During the Period, Fair Value Per Share (in dollars per share) | $ 50.32 | |||
Amortization of Warrants | $ 1,438,000 | $ 2,876,000 | ||
Current Prepaid Expenses [Member] | ||||
Warrants and Rights Outstanding | 3,450 | 3,450 | $ 5,750,000 | |
Other Assets [Member] | ||||
Warrants and Rights Outstanding | $ 863 | $ 863 | $ 1,438,000 |
Note 10 - Equity Incentive Pl_2
Note 10 - Equity Incentive Plans (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Payment Arrangement, Expense | $ 7,009 | $ 6,294 | $ 13,986 | $ 12,589 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 162 | |||
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) | 132 | |||
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) | $ 57.97 | |||
Time-Options [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 12 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 27.06 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 56 |
Note 11 - Earnings Per Share _3
Note 11 - Earnings Per Share Attributable to Common Stockholders (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Payments to Acquire Capped Call Options | $ 66,211 | $ 0 | |
March 2023 Note [Member] | Convertible Senior Notes [Member] | |||
Debt Instrument, Face Amount | $ 402,500 | $ 402,500 | |
March 2023 Note [Member] | Convertible Senior Notes [Member] | Capped Call Transactions [Member] | |||
Payments to Acquire Capped Call Options | $ 66,211 |
Note 11 - Earnings Per Share _4
Note 11 - 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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Antidilutive Securities (in shares) | 8,614 | 2,385 | 8,515 | 2,355 |
Service Period Stock Options [Member] | ||||
Antidilutive Securities (in shares) | 1,203 | 1,272 | 1,230 | 1,261 |
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Securities (in shares) | 518 | 169 | 392 | 150 |
Performance Stock Options [Member] | ||||
Antidilutive Securities (in shares) | 1,117 | 944 | 1,117 | 944 |
Convertible Senior Notes [Member] | ||||
Antidilutive Securities (in shares) | 5,776 | 0 | 5,776 | 0 |
Note 12 - Concentrations (Detai
Note 12 - Concentrations (Details Textual) $ in Thousands | Jun. 30, 2023 USD ($) |
Maximum [Member] | |
Cash, FDIC Insured Amount | $ 250 |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Apr. 08, 2022 | Jun. 30, 2023 | Dec. 31, 2022 |
Other Assets, Noncurrent | $ 27,679 | $ 28,426 | |
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 |