Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 22, 2024 | Jun. 30, 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 | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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, $0.001 par value per share | ||
Trading Symbol | FRPT | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,100,000,000 | ||
Entity Common Stock, Shares Outstanding | 48,292,606 | ||
Auditor Name | KPMG LLP | ||
Auditor Location | Short Hills, New Jersey | ||
Auditor Firm ID | 185 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 296,871 | $ 132,735 |
Accounts receivable, net of allowance for doubtful accounts | 56,754 | 57,572 |
Inventories, net | 63,238 | 58,290 |
Prepaid expenses | 7,615 | 9,778 |
Other current assets | 2,841 | 3,590 |
Total Current Assets | 427,319 | 261,965 |
Property, plant and equipment, net | 979,164 | 800,586 |
Deposits on equipment | 1,895 | 3,823 |
Operating Lease, Right-of-Use Asset | 3,616 | 5,165 |
Equity method investment | 0 | 25,418 |
Long term investment in equity securities | 23,528 | 0 |
Other assets | 28,899 | 28,426 |
Total Assets | 1,464,421 | 1,125,383 |
CURRENT LIABILITIES: | ||
Accounts payable | 36,096 | 55,088 |
Accrued expenses | 49,816 | 33,016 |
Operating Lease, Liability, Current | 1,312 | 1,510 |
Finance Lease, Liability, Current | 1,998 | 0 |
Total Current Liabilities | 89,222 | 89,614 |
Convertible senior notes | 393,074 | 0 |
Operating Lease, Liability, Noncurrent | 2,591 | 4,200 |
Finance Lease, Liability, Noncurrent | 26,080 | 0 |
Total Liabilities | 510,967 | 93,814 |
Commitments and contingencies | ||
STOCKHOLDERS' EQUITY: | ||
Common stock — voting, $0.001 par value, 200,000 shares authorized, 48,277 issued and 48,263 outstanding on December 31, 2023, and 48,051 issued and 48,037 outstanding on December 31, 2022 | 48 | 48 |
Additional paid-in capital | 1,282,984 | 1,325,524 |
Accumulated deficit | (328,731) | (295,117) |
Accumulated other comprehensive (loss) income | (591) | 1,370 |
Treasury stock, at cost | (256) | (256) |
Total Stockholders' Equity | 953,454 | 1,031,569 |
Total Liabilities and Stockholders' Equity | $ 1,464,421 | $ 1,125,383 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands | Dec. 31, 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) | 48,277 | 48,051 |
Common stock, outstanding (in shares) | 48,263 | 48,037 |
Treasury stock shares (in shares) | 14 | 14 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
NET SALES | $ 766,895 | $ 595,344 | $ 425,489 |
COST OF GOODS SOLD | 516,023 | 409,311 | 263,343 |
GROSS PROFIT | 250,872 | 186,033 | 162,146 |
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES | 281,318 | 238,016 | 186,809 |
LOSS FROM OPERATIONS | (30,446) | (51,983) | (24,663) |
OTHER EXPENSES: | |||
Interest and Other Income, net | 13,029 | 1,710 | 13 |
Interest Expense | (14,097) | (5,208) | (2,882) |
Nonoperating Income (Expense) | (1,068) | (3,498) | (2,869) |
LOSS BEFORE INCOME TAXES | (31,514) | (55,481) | (27,532) |
INCOME TAX EXPENSE | 210 | 282 | 162 |
LOSS ON EQUITY METHOD INVESTMENT | 1,890 | 3,731 | 2,005 |
LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | (33,614) | (59,494) | (29,699) |
OTHER COMPREHENSIVE (LOSS) INCOME: | |||
Foreign Currency Translation | (1,961) | 1,490 | (40) |
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME | (1,961) | 1,490 | (40) |
TOTAL COMPREHENSIVE LOSS | $ (35,575) | $ (58,004) | $ (29,740) |
NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS | |||
-BASIC (in dollars per share) | $ (0.7) | $ (1.29) | $ (0.69) |
-DILUTED (in dollars per share) | $ (0.7) | $ (1.29) | $ (0.69) |
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING | |||
-BASIC (in shares) | 48,163 | 46,191 | 42,931 |
-DILUTED (in shares) | 48,163 | 46,191 | 42,931 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - 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, 2020 | 40,732 | 14 | ||||
Balances at Dec. 31, 2020 | $ 40 | $ 600,388 | $ (205,924) | $ (80) | $ (256) | $ 394,169 |
Exercise of options to purchase common stock (in shares) | 224 | |||||
Exercise of options to purchase common stock | $ 0 | 2,271 | 0 | 0 | $ 0 | 2,271 |
Vesting of restricted stock units (in shares) | 78 | 0 | ||||
Vesting of restricted stock units | $ 0 | (4,187) | 0 | 0 | $ 0 | (4,187) |
Share-based compensation expense | $ 0 | 25,068 | 0 | 0 | $ 0 | 25,068 |
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 | 0 | 0 | 0 | (40) | 0 | (40) |
Net loss | $ 0 | 0 | (29,699) | 0 | $ 0 | (29,699) |
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) | 45 | 0 | ||||
Exercise of options to purchase common stock | $ 0 | 471 | 0 | 0 | $ 0 | 471 |
Vesting of restricted stock units (in shares) | 43 | 0 | ||||
Vesting of restricted stock units | $ 1 | (1,441) | 0 | 0 | $ 0 | (1,440) |
Share-based compensation expense | $ 0 | 23,505 | 0 | 0 | $ 0 | 23,505 |
Shares issued in primary offering, net of issuance costs (in shares) | 4,320 | 0 | ||||
Shares issued in primary offering, net of issuance costs | $ 4 | 337,504 | 0 | 0 | $ 0 | 337,508 |
Foreign Currency Translation | 0 | 0 | 0 | 1,490 | 0 | 1,490 |
Net loss | $ 0 | 0 | (59,494) | 0 | $ 0 | (59,494) |
Issuance and exercise of partner warrants (in shares) | 194 | |||||
Issuance and exercise of partner warrants | 9,775 | 9,775 | ||||
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) | 160 | 0 | ||||
Exercise of options to purchase common stock | $ 0 | 4,517 | 0 | 0 | $ 0 | 4,517 |
Vesting of restricted stock units (in shares) | 66 | 0 | ||||
Vesting of restricted stock units | $ 0 | (1,400) | 0 | 0 | $ 0 | (1,400) |
Share-based compensation expense | 0 | 20,554 | 0 | 0 | 0 | 20,554 |
Foreign Currency Translation | 0 | 0 | 0 | (1,961) | 0 | (1,961) |
Net loss | 0 | 0 | (33,614) | 0 | 0 | (33,614) |
Purchase of capped call options | $ 0 | (66,211) | 0 | 0 | $ 0 | (66,211) |
Balances (in shares) at Dec. 31, 2023 | 48,277 | 14 | ||||
Balances at Dec. 31, 2023 | $ 48 | $ 1,282,984 | $ (328,731) | $ (591) | $ (256) | $ 953,454 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net loss | $ (33,614) | $ (59,494) | $ (29,699) |
Adjustments to reconcile net loss to net cash flows provided by (used in) operating activities: | |||
Provision for (gains) loss on accounts receivable | (2) | (20) | 29 |
Loss on disposal of property, plant and equipment | 4,321 | 396 | 538 |
Share-based compensation | 24,935 | 26,092 | 24,998 |
Inventory obsolescence | 0 | 3,455 | 349 |
Depreciation and amortization | 58,517 | 34,555 | 30,468 |
Write-off and amortization of deferred financing costs and loan discount | 4,060 | 795 | 1,212 |
Change in operating lease right of use asset | 1,549 | 1,372 | 1,329 |
Loss on equity method investment | 1,890 | 3,731 | 2,005 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 820 | (32,993) | (16,371) |
Inventories | (1,207) | (26,171) | (16,804) |
Prepaid expenses and other current assets | (2,249) | (435) | (2,891) |
Other assets | (4,053) | (3,141) | (7,899) |
Accounts payable | 3,543 | (3,063) | 14,958 |
Accrued expenses | 19,237 | 13,078 | (273) |
Operating lease liability | (1,807) | (1,384) | (1,302) |
Net cash flows provided by (used in) operating activities | 75,940 | (43,227) | 647 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase of short-term investments | (113,441) | (19,840) | 0 |
Proceeds from maturities of short-term investments | 113,441 | 19,840 | 0 |
Investments in equity method investment | 0 | (3,293) | 0 |
Acquisitions of property, plant and equipment, software and deposits on equipment | (239,093) | (230,071) | (322,099) |
Net cash flows used in investing activities | (239,093) | (233,364) | (322,099) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from common shares issued in primary offering, net of issuance cost | 0 | 337,508 | 332,172 |
Proceeds from exercise of options to purchase common stock | 4,517 | 471 | 2,271 |
Tax withholdings related to net shares settlements of restricted stock units | (1,400) | (1,441) | (4,187) |
Proceeds from borrowings under Credit Facility | 0 | 78,000 | 0 |
Repayment of borrowings under Credit Facility | 0 | (78,000) | 0 |
Purchase of capped call options | (66,211) | 0 | 0 |
Proceeds from issuance of convertible senior notes | 393,518 | 0 | 0 |
Principal payments under finance lease obligations | (1,109) | 0 | 0 |
Debt issuance costs | (2,026) | 0 | 0 |
Fees paid in connection with financing agreements | 0 | 0 | (3,263) |
Net cash flows provided by financing activities | 327,289 | 336,538 | 326,993 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 164,136 | 59,947 | 5,541 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 132,735 | 72,788 | 67,247 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 296,871 | 132,735 | 72,788 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Taxes paid | 308 | 297 | 182 |
Interest paid | 9,303 | 3,152 | 1,730 |
NON-CASH FINANCING AND INVESTING ACTIVITIES: | |||
Property, plant and equipment purchases in accounts payable and accrued expenses | 19,286 | 44,258 | 22,482 |
Non-cash addition of finance lease to property, plant and equipment | 29,187 | 0 | 0 |
Issuance of partner warrants | $ 0 | $ 9,775 | $ 0 |
Note 1 - Nature of the Business
Note 1 - Nature of the Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 1 Nature of the Business Basis of Presentation may not may not Principles of Consolidation Estimates and Uncertainties Segments 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 its 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 Through 2022, no 2023. not not March 30, 2023, not On March 30, 2023, no March 30, 2023, 321 321" December 31, 2023, no no Because the investee is a privately held company, there is not 321 not not 321, one June 2023. The Company performs a qualitative assessment of whether the investment is impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, the company estimates the investment's fair value in accordance with the principles of ASC Topic 820 820" no December 31, 2023. March 2023 March 2023, The Company accounts for the Convertible 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 Notes. Inventories first first Property, Plant, and Equipment not two Long-Lived Assets may not not Leases 1 2 842, Leases The Company determines if an arrangement is or contains a lease at contract inception. The Company recognizes a right of use asset and a lease liability at the lease commencement date. For both operating and finance leases, t he right of use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received; and The Company’s leases do not Right of use assets for the operating and finance leases are periodically reviewed for impairment losses. The Company uses the long-lived assets impairment guidance in ASC Subtopic 360 10, No December 31, 2023. The Company monitors for events or changes in circumstances that require a reassessment of it leases. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding right of use asset. The Company has elected the practical expedient to combine lease and non-lease components when determining the right of use asset and lease liability. The Company has also elected not 12 Income Taxes A valuation allowance is appropriate when management believes it is more likely than not, not December 31, 2023 2022 Share-based Compensation Cash Equivalents three December 31, 2023, December 31, 2022, no Short-Term Investments three December 31, 2023, December 31, 2022, Trade Account Receivable may Implementation Costs of Cloud Computing Arrangement December 31, 2023 2022, first 2022. 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, 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 and cash equivalents in the form of held-to-maturity treasury bills as we have the ability and intent to hold them to maturity, as such, they are not 2 December 31, 2023, Certain financial and non-financial assets, including the equity method investment, operating lease right-of-use assets and property, plant, and equipment are reported at their carrying values and are not may not Refer to Note 7 As of December 31, 2023 1 2 Debt Issuance Cost Revenue Recognition and Incentives not Revenue from product sales is recognized when obligations under the terms of the contract with the customer are satisfied, which occurs once control is transferred upon delivery to the customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods. The amount of consideration the Company receives and revenue the Company recognizes varies with changes in trade incentives the Company offers to its customers and their consumers. Trade incentives consists primarily of customer pricing allowances and merchandising funds, and consumer coupons are offered through various programs to customers and consumers. Estimates of trade promotion expense and coupon redemption costs are based upon programs offered, timing of those offers, estimated redemption/usage rates from historical performance, management’s experience and current economic trends. Sales taxes and other similar taxes are excluded from revenue. There were no contract assets as of December 31, 2023 2022 Net Sales Twelve Months Ended December 31, 2023 2022 2021 Grocery, Mass and Club $ 685,307 $ 524,971 $ 356,965 Pet Specialty and Natural 81,588 70,373 68,524 Net Sales $ 766,895 $ 595,344 $ 425,489 Advertising first 2023 2022 2021 December 31, 2023, 2022 2021 Shipping and Handling Costs/Freight Out third 2023, 2022 2021, Recently Issued Accounting Pronouncements In November 2023, ASU 2023 07, 280 December 31, 2024 In December 2023, ASU 2023 09, December 31, 2025, The Company did not 2023. |
Note 2 - Inventories, Net
Note 2 - Inventories, Net | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 2 Inventories are summarized as follows: December 31, December 31, 2023 2022 Raw Materials and Work in Process $ 16,055 $ 20,608 Packaging Components Material 5,607 6,186 Finished Goods 41,576 31,639 63,238 58,433 Reserve for Obsolete Inventory - (143 ) Inventories, net $ 63,238 $ 58,290 |
Note 3 - Property, Plant and Eq
Note 3 - Property, Plant and Equipment, net | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 3 Property, plant and equipment are summarized as follows: December 31, December 31, 2023 2022 Refrigeration Equipment $ 167,956 $ 137,875 Machinery and Equipment 242,256 199,504 Building, Land, and Improvements 535,003 458,800 Furniture and Office Equipment 14,987 14,040 Leasehold Improvements 1,319 1,319 Construction in Progress 187,952 134,338 Finance Lease Right of Use Asset 29,187 - 1,178,660 945,877 Less: Accumulated Depreciation and Amortization (199,496 ) (145,291 ) Property, Plant and Equipment, net $ 979,164 $ 800,586 Depreciation and amortization expense related to property, plant and equipment totaled $58,169, $34,332, and $29,467 in 2023, 2022 2021, 2023 2022 2021 |
Note 4 - Income Taxes
Note 4 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 4 A summary of income taxes as follows: Year Ended December 31, 2023 2022 2021 Federal $ — $ — $ — State 210 282 162 International — — — $ 210 $ 282 $ 162 The provisions for income taxes do not The reconciliation of the statutory federal income tax rate to the Company’s effective tax is presented below: Year Ended December 31, 2023 2022 2021 Tax at federal statutory rate 21.0 % 21.0 % 21.0 % State taxes, net of federal 1.2 % 3.6 % 7.4 % Permanent items 5.8 % 3.7 % 30.6 % Other (0.4 %) (0.7 %) (0.2 %) State rate change (1.8 %) 0.5 % (0.5 %) Valuation allowance (26.4 %) (28.6 %) (58.8 %) Effective tax rate (0.6 %) (0.5 %) (0.5 %) In assessing the realizability of the net deferred tax assets, the Company considers all relevant positive and negative evidence to determine whether it is more likely than not not not not December 31, 2023, 2022 2021. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows: Year Ended December 31, 2023 2022 2021 Net operating loss $ 105,233 $ 85,214 $ 73,436 Stock option expense 23,643 18,709 12,169 Property and equipment (35,756 ) (20,753 ) (14,957 ) Other 5,536 5,920 2,845 Less: Valuation allowance (98,656 ) (89,090 ) (73,493 ) Net deferred income tax assets $ - $ - $ - At December 31, 2023 2017 2025 2037. 2018 2023, 80% may 382 382 December 31, 2023 2024 2043, not Entities are also required to evaluate, measure, recognize and disclose any uncertain income tax provisions taken on their income tax returns. The Company has analyzed its tax positions and has concluded that as of December 31, 2023, no 2005 not not 2023 2022 2021. The Company considered the impact of the disallowance of certain compensation tax deductions in excess of $1.0 162 |
Note 5 - Accrued Expenses
Note 5 - Accrued Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | Note 5 Accrued expenses are summarized as follows: 2023 2022 Accrued Compensation and Employee Related Costs $ 19,307 $ 8,559 Accrued Construction Costs — 4,235 Accrued Chiller Cost 7,478 4,106 Accrued Customer Consideration 1,228 656 Accrued Freight 6,078 2,705 Accrued Production Expenses 6,928 3,755 Accrued Corporate and Marketing Expenses 3,627 3,794 Accrued Interest 3,019 922 Other Accrued Expenses 2,151 4,284 Accrued Expenses $ 49,816 $ 33,016 |
Note 6 - Debt
Note 6 - Debt | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 6 On February 19, 2021, April 17, 2020. The Credit Facility had an original maturity date of February 19, 2026 one August 19, 2023, 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 transactions 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, 2023, 2022 2021, 2023 March 2023. December 31, 2023 December 31, 2022. |
Note 7 - Convertible Senior Not
Note 7 - Convertible Senior Notes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Convertible Debt [Text Block] | Note 7 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% 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 December 31, 2023: As of December 31, 2023 Carrying Value (1) Fair Value 3.00 393,074 581,613 ( 1 The carrying amounts presented are net of unamortized debt issuance costs of $9,426 as of December 31, 2023. Lender fees that were paid upfront to the lenders and debt issuance fees paid to third twelve December 31, 2023, Twelve Months Ended December 31, Contractual interest expense 9,426 Amortization of issuance costs 1,582 Total 11,008 As of December 31, 2023, December 31, 2023, December 31, 2023, |
Note 8 - Purchase of Capped Cal
Note 8 - Purchase of Capped Call Options | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Derivatives and Fair Value [Text Block] | Note 8 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 December 31, 2023, |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 9 Leases: We have various noncancelable operating lease agreements for office and warehouse space with original remaining lease terms of two nine four not not not As of July 2023, ten ten not not Weighted-average remaining lease term (in years) and discount rate related to operating and finance leases were as follows: Operating Leases Finance Lease Weighted-average remaining lease term 2.97 9.5 Weighted-average discount rate 6.2 % 8.6 % not Maturities of lease liabilities under noncancelable operating leases and finance lease as of December 31, 2023 As of December 31, 2023 Operating Leases Finance Lease 2024 $ 1,511 $ 4,336 2025 1,210 4,336 2026 1,239 4,336 2027 337 4,336 2028 and beyond - 23,844 Total lease payments $ 4,297 $ 41,188 Less: Imputed interest (394 ) (13,110 ) Present value of lease liabilities $ 3,903 $ 28,078 A summary of lease costs for 2023 2022 For the Twelve Months Ended December 31, Statement of Operations and Comprehensive Loss Location 2023 2022 Operating Lease: Lease cost Cost of goods sold and selling, general and administrative $ 1,752 $ 1,752 Finance Lease: Amortization of right of use asset Cost of goods sold $ 1,459 $ - Interest on lease liabilities Interest Expense $ 1,235 $ - Variable lease cost (a) Cost of goods sold (a) $ 6,733 $ - (a) Variable lease cost primarily consists of the procurement and manufacturing costs capitalized to inventory. During the period, $6,733 of variable lease costs were capitalized to inventory and will be captured as part of cost of goods sold as the inventory turns. Supplemental balance sheet information as of December 31, 2023 December 31, 2022 Balance Sheet Location As of December 31, 2023 As of December 31, 2022 Assets: Operating leases Operating lease right of use assets $ 3,616 $ 5,165 Finance lease, net Property, plant and equipment, net 27,728 - Total lease assets $ 31,344 $ 5,165 Liabilities: Current: Operating lease liabilities Current operating lease liabilities $ 1,312 $ 1,510 Finance lease liabilities Current finance lease liabilities 1,998 - Long-term: Operating lease liabilities Long term operating lease liabilities 2,591 4,200 Finance lease liabilities Long term finance lease liabilities 26,080 - Total lease liabilities $ 31,981 $ 5,710 Supplemental cash flow information and non-cash activity relating to operating and finance leases are as follows: For the Twelve Months Ended December 31, Operating cash flow information: 2023 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 1,802 $ 1,764 Cash paid for amounts included in the measurement of finance lease liabilities (i.e. interest) $ 1,235 $ - Finance cash flow information: Cash paid for amounts included in the measurement of finance lease liabilities (i.e. principal payment) $ 1,109 $ - Commitments: As of December 31, 2023, In August 2023, 2024. December 31, 2023, not June 2024. Certain of the Company’s executives are covered by employment contracts requiring the Company to pay severance in the event of certain terminations. The future minimum payments due under manufacturing and service obligations for five December 31, 2023 2024 $ 10,003 2025 6,194 2026 1,500 2027 1,500 2028 and beyond 1,500 Total Manufacturing and Servicing Obligations $ 20,697 Legal Obligations: We are currently involved in various claims and legal actions that arise in the ordinary course of our business. None On April 8, 2022, 2018 On July 5, 2022, As of December 31, 2022, The fact discovery period in this action closed on December 31, 2023, may The parties are engaged in the expert discovery phase, which will close on March 31, 2024. September 16, 2024. Based on information currently available and advice of counsel, we do not may |
Note 10 - Warrants
Note 10 - Warrants | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Warrant Disclosure [Text Block] | Note 10 In connection with an agreement we entered into with operators of Freshpet Kitchens South during the third 2022 718 December 31, 2023, 2022 During 2022, 2022 Total amortization associated with partner warrants during 2023 2022 |
Note 11 - Equity Incentive Plan
Note 11 - Equity Incentive Plans and Equity | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 11 Total compensation cost for share-based payments recognized in 2023, 2022 2021 2023, 2022 2021 2023, 2022 2021 The Company maintains the approved 2014 may 2014 may December 31, 2023 three three one NASDAQ Marketplace Rules Inducement Award 2016, During 2022, Under the terms of the applicable agreement, each grant is governed as if issued under the 2014 four three Service Period Stock Options — December 31, 2023 Options Shares Weighted Average Exercise Price Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2022 1,291 $ 51.63 Granted 19 57.79 Exercised (111 ) 69.77 Forfeited (36 ) 139.17 Outstanding at December 31, 2023 1,163 $ 47.30 4.40 $ 58,718 Exercisable at December 31, 2023 1,016 $ 40.25 2.50 $ 57,641 Of the options exercisable at the end of December 31, 2023, As of December 31, 2023 2024, 2025. Performance Based Options — 2023 Options Shares Weighted Average Exercise Price Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2022 1,925 $ 75.50 Granted 65 65.88 Exercised (47 ) 67.95 Outstanding at December 31, 2023 1,943 $ 75.36 5.2 $ 73,466 Exercisable at December 31, 2023 1,109 $ 22.88 3.3 $ 72,115 Of the options exercisable at the end of December 31, 2023, As of December 31, 2023 2024, 2025, 2026, 2027. As of December 31, 2023, not Service Period Restricted Stock Units — 2023. Shares Weighted-Average Grant-Date Fair Value Per Unit Outstanding at December 31, 2022 278 $ 74.52 Granted 171 59.89 Exercised/Vested (64 ) 80.14 Forfeited (13 ) 70.53 Outstanding at December 31, 2023 372 $ 66.97 As of December 31, 2023 2024, 2025, 2026, 2027. Performance Based Restricted Stock Units — 2023. Shares Weighted-Average Grant-Date Fair Value Per Unit Outstanding at December 31, 2022 176 $ 63.01 Exercised/Vested (2 ) 111.65 Forfeited (7 ) 71.77 Outstanding at December 31, 2023 167 $ 62.11 As of December 31, 2023, 2024, 2025. Grant Date Fair Value of Options 2023, 2022 2021 Expected Volatility— Weighted Average Expected Term 718, Stock Compensation Risk-Free Interest Rate Expected Dividend Yield not no Year Ended December 31, 2023 2022 2021 Weighted average exercise price of options granted $ 64.05 $ 67.02 $ 155.00 Expected volatility 51.8% 52.5% 50.4% Average expected terms in years 6.4 6.5 6.1 Risk-free interest rate 4.5% 3.8% 1.1% Expected dividend yield 0.0% 0.0% 0.0% |
Note 12 - Net Loss Per Share At
Note 12 - Net Loss Per Share Attributable to Common Stockholders | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 12 Basic net income (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 income (loss) per share of common stock is computed by giving effect to all potentially dilutive securities. Diluted net loss per common share is the same as basic net loss per common share, due to the fact that potentially dilutive securities would have an antidilutive effect as the Company incurred a net loss in 2023, 2022 2021. In 2023, 2022 2021, The potentially dilutive securities excluded from the determination of diluted loss per share, as their effect is antidilutive, are as follows: Twelve Months Ended December 31, 2023 2022 2021 Service Period Stock Options 1,163 1,291 1,291 Restricted Stock Units 372 275 173 Performance Stock Options 1,109 1,107 972 Convertible Notes 5,776 — — Total 8,420 2,673 2,437 |
Note 13 - Retirement Plan
Note 13 - Retirement Plan | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans, Other than Share-Based Compensation [Text Block] | Note 13 The Company sponsors a safe harbor 401 may 2023 2022 2021 FRESHPET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except per share data) |
Note 14 - Concentrations
Note 14 - Concentrations | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 14 Concentration of Credit Risk may Major Customers 2023 2022 2021 one 2023 2022 2021, 10% December 31, 2023 December 31, 2022 December 31, 2021, Major Suppliers one 2023 one 2022 2021 The Company purchased approximately 96% of its packaging material from five vendors during 2023 2022 2021 |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 15 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 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 9B. Insider Trading Arrangements Our directors and executive officers may 10b5–1 may 10b5 1 During the fiscal quarter ended December 31, 2023 , none 10b5 1 10b5 1 408. |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 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 may not may not |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation |
Use of Estimates, Policy [Policy Text Block] | Estimates and Uncertainties |
Segment Reporting, Policy [Policy Text Block] | Segments |
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 its 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 Through 2022, no 2023. not not March 30, 2023, not On March 30, 2023, no March 30, 2023, 321 321" December 31, 2023, no no Because the investee is a privately held company, there is not 321 not not 321, one June 2023. The Company performs a qualitative assessment of whether the investment is impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, the company estimates the investment's fair value in accordance with the principles of ASC Topic 820 820" no December 31, 2023. |
Debt, Policy [Policy Text Block] | March 2023 March 2023, The Company accounts for the Convertible 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 Notes. |
Inventory, Policy [Policy Text Block] | Inventories first first |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant, and Equipment not two |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-Lived Assets may not not |
Lessee, Leases [Policy Text Block] | Leases 1 2 842, Leases The Company determines if an arrangement is or contains a lease at contract inception. The Company recognizes a right of use asset and a lease liability at the lease commencement date. For both operating and finance leases, t he right of use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received; and The Company’s leases do not Right of use assets for the operating and finance leases are periodically reviewed for impairment losses. The Company uses the long-lived assets impairment guidance in ASC Subtopic 360 10, No December 31, 2023. The Company monitors for events or changes in circumstances that require a reassessment of it leases. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding right of use asset. The Company has elected the practical expedient to combine lease and non-lease components when determining the right of use asset and lease liability. The Company has also elected not 12 |
Income Tax, Policy [Policy Text Block] | Income Taxes A valuation allowance is appropriate when management believes it is more likely than not, not December 31, 2023 2022 |
Share-Based Payment Arrangement [Policy Text Block] | Share-based Compensation |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents three December 31, 2023, December 31, 2022, no |
Investment, Policy [Policy Text Block] | Short-Term Investments three December 31, 2023, December 31, 2022, |
Receivable [Policy Text Block] | Trade Account Receivable may |
Implementation Costs of Cloud Computing Arrangement Policy [Policy Text Block] | Implementation Costs of Cloud Computing Arrangement December 31, 2023 2022, first 2022. |
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, 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 and cash equivalents in the form of held-to-maturity treasury bills as we have the ability and intent to hold them to maturity, as such, they are not 2 December 31, 2023, Certain financial and non-financial assets, including the equity method investment, operating lease right-of-use assets and property, plant, and equipment are reported at their carrying values and are not may not Refer to Note 7 As of December 31, 2023 1 2 |
Debt Issuance Cost [Policy Text Block] | Debt Issuance Cost |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition and Incentives not Revenue from product sales is recognized when obligations under the terms of the contract with the customer are satisfied, which occurs once control is transferred upon delivery to the customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods. The amount of consideration the Company receives and revenue the Company recognizes varies with changes in trade incentives the Company offers to its customers and their consumers. Trade incentives consists primarily of customer pricing allowances and merchandising funds, and consumer coupons are offered through various programs to customers and consumers. Estimates of trade promotion expense and coupon redemption costs are based upon programs offered, timing of those offers, estimated redemption/usage rates from historical performance, management’s experience and current economic trends. Sales taxes and other similar taxes are excluded from revenue. There were no contract assets as of December 31, 2023 2022 Net Sales Twelve Months Ended December 31, 2023 2022 2021 Grocery, Mass and Club $ 685,307 $ 524,971 $ 356,965 Pet Specialty and Natural 81,588 70,373 68,524 Net Sales $ 766,895 $ 595,344 $ 425,489 |
Advertising Cost [Policy Text Block] | Advertising first 2023 2022 2021 December 31, 2023, 2022 2021 |
Shipping and Handling Costs Freight Out [Policy Text Block] | Shipping and Handling Costs/Freight Out third 2023, 2022 2021, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In November 2023, ASU 2023 07, 280 December 31, 2024 In December 2023, ASU 2023 09, December 31, 2025, The Company did not 2023. |
Note 1 - Nature of the Busine_2
Note 1 - Nature of the Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Twelve Months Ended December 31, 2023 2022 2021 Grocery, Mass and Club $ 685,307 $ 524,971 $ 356,965 Pet Specialty and Natural 81,588 70,373 68,524 Net Sales $ 766,895 $ 595,344 $ 425,489 |
Note 2 - Inventories, Net (Tabl
Note 2 - Inventories, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, December 31, 2023 2022 Raw Materials and Work in Process $ 16,055 $ 20,608 Packaging Components Material 5,607 6,186 Finished Goods 41,576 31,639 63,238 58,433 Reserve for Obsolete Inventory - (143 ) Inventories, net $ 63,238 $ 58,290 |
Note 3 - Property, Plant and _2
Note 3 - Property, Plant and Equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, December 31, 2023 2022 Refrigeration Equipment $ 167,956 $ 137,875 Machinery and Equipment 242,256 199,504 Building, Land, and Improvements 535,003 458,800 Furniture and Office Equipment 14,987 14,040 Leasehold Improvements 1,319 1,319 Construction in Progress 187,952 134,338 Finance Lease Right of Use Asset 29,187 - 1,178,660 945,877 Less: Accumulated Depreciation and Amortization (199,496 ) (145,291 ) Property, Plant and Equipment, net $ 979,164 $ 800,586 |
Note 4 - Income Taxes (Tables)
Note 4 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2023 2022 2021 Federal $ — $ — $ — State 210 282 162 International — — — $ 210 $ 282 $ 162 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2023 2022 2021 Tax at federal statutory rate 21.0 % 21.0 % 21.0 % State taxes, net of federal 1.2 % 3.6 % 7.4 % Permanent items 5.8 % 3.7 % 30.6 % Other (0.4 %) (0.7 %) (0.2 %) State rate change (1.8 %) 0.5 % (0.5 %) Valuation allowance (26.4 %) (28.6 %) (58.8 %) Effective tax rate (0.6 %) (0.5 %) (0.5 %) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Year Ended December 31, 2023 2022 2021 Net operating loss $ 105,233 $ 85,214 $ 73,436 Stock option expense 23,643 18,709 12,169 Property and equipment (35,756 ) (20,753 ) (14,957 ) Other 5,536 5,920 2,845 Less: Valuation allowance (98,656 ) (89,090 ) (73,493 ) Net deferred income tax assets $ - $ - $ - |
Note 5 - Accrued Expenses (Tabl
Note 5 - Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | 2023 2022 Accrued Compensation and Employee Related Costs $ 19,307 $ 8,559 Accrued Construction Costs — 4,235 Accrued Chiller Cost 7,478 4,106 Accrued Customer Consideration 1,228 656 Accrued Freight 6,078 2,705 Accrued Production Expenses 6,928 3,755 Accrued Corporate and Marketing Expenses 3,627 3,794 Accrued Interest 3,019 922 Other Accrued Expenses 2,151 4,284 Accrued Expenses $ 49,816 $ 33,016 |
Note 7 - Convertible Senior N_2
Note 7 - Convertible Senior Notes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Convertible Debt [Table Text Block] | As of December 31, 2023 Carrying Value (1) Fair Value 3.00 393,074 581,613 Twelve Months Ended December 31, Contractual interest expense 9,426 Amortization of issuance costs 1,582 Total 11,008 |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Operating Leases Finance Lease Weighted-average remaining lease term 2.97 9.5 Weighted-average discount rate 6.2 % 8.6 % For the Twelve Months Ended December 31, Statement of Operations and Comprehensive Loss Location 2023 2022 Operating Lease: Lease cost Cost of goods sold and selling, general and administrative $ 1,752 $ 1,752 Finance Lease: Amortization of right of use asset Cost of goods sold $ 1,459 $ - Interest on lease liabilities Interest Expense $ 1,235 $ - Variable lease cost (a) Cost of goods sold (a) $ 6,733 $ - |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | As of December 31, 2023 Operating Leases Finance Lease 2024 $ 1,511 $ 4,336 2025 1,210 4,336 2026 1,239 4,336 2027 337 4,336 2028 and beyond - 23,844 Total lease payments $ 4,297 $ 41,188 Less: Imputed interest (394 ) (13,110 ) Present value of lease liabilities $ 3,903 $ 28,078 |
Schedule of Balance Sheet Supplemental Disclosures Related to Leases [Table Text Block] | Balance Sheet Location As of December 31, 2023 As of December 31, 2022 Assets: Operating leases Operating lease right of use assets $ 3,616 $ 5,165 Finance lease, net Property, plant and equipment, net 27,728 - Total lease assets $ 31,344 $ 5,165 Liabilities: Current: Operating lease liabilities Current operating lease liabilities $ 1,312 $ 1,510 Finance lease liabilities Current finance lease liabilities 1,998 - Long-term: Operating lease liabilities Long term operating lease liabilities 2,591 4,200 Finance lease liabilities Long term finance lease liabilities 26,080 - Total lease liabilities $ 31,981 $ 5,710 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | For the Twelve Months Ended December 31, Operating cash flow information: 2023 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 1,802 $ 1,764 Cash paid for amounts included in the measurement of finance lease liabilities (i.e. interest) $ 1,235 $ - Finance cash flow information: Cash paid for amounts included in the measurement of finance lease liabilities (i.e. principal payment) $ 1,109 $ - |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | December 31, 2023 2024 $ 10,003 2025 6,194 2026 1,500 2027 1,500 2028 and beyond 1,500 Total Manufacturing and Servicing Obligations $ 20,697 |
Note 11 - Equity Incentive Pl_2
Note 11 - Equity Incentive Plans and Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Shares Weighted-Average Grant-Date Fair Value Per Unit Outstanding at December 31, 2022 278 $ 74.52 Granted 171 59.89 Exercised/Vested (64 ) 80.14 Forfeited (13 ) 70.53 Outstanding at December 31, 2023 372 $ 66.97 Shares Weighted-Average Grant-Date Fair Value Per Unit Outstanding at December 31, 2022 176 $ 63.01 Exercised/Vested (2 ) 111.65 Forfeited (7 ) 71.77 Outstanding at December 31, 2023 167 $ 62.11 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended December 31, 2023 2022 2021 Weighted average exercise price of options granted $ 64.05 $ 67.02 $ 155.00 Expected volatility 51.8% 52.5% 50.4% Average expected terms in years 6.4 6.5 6.1 Risk-free interest rate 4.5% 3.8% 1.1% Expected dividend yield 0.0% 0.0% 0.0% |
Performance Stock Options [Member] | |
Notes Tables | |
Share-Based Payment Arrangement, Performance Shares, Outstanding Activity [Table Text Block] | Options Shares Weighted Average Exercise Price Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2022 1,925 $ 75.50 Granted 65 65.88 Exercised (47 ) 67.95 Outstanding at December 31, 2023 1,943 $ 75.36 5.2 $ 73,466 Exercisable at December 31, 2023 1,109 $ 22.88 3.3 $ 72,115 |
Service Period Stock Options [Member] | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Options Shares Weighted Average Exercise Price Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2022 1,291 $ 51.63 Granted 19 57.79 Exercised (111 ) 69.77 Forfeited (36 ) 139.17 Outstanding at December 31, 2023 1,163 $ 47.30 4.40 $ 58,718 Exercisable at December 31, 2023 1,016 $ 40.25 2.50 $ 57,641 |
Note 12 - Net Loss Per Share _2
Note 12 - Net Loss Per Share Attributable to Common Stockholders (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Twelve Months Ended December 31, 2023 2022 2021 Service Period Stock Options 1,163 1,291 1,291 Restricted Stock Units 372 275 173 Performance Stock Options 1,109 1,107 972 Convertible Notes 5,776 — — Total 8,420 2,673 2,437 |
Note 1 - Nature of the Busine_3
Note 1 - Nature of the Business and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2023 | |
Equity Method Investments | $ 0 | $ 25,418 | ||
Cash and Cash Equivalents, at Carrying Value | 296,871 | 132,735 | ||
Short-Term Investments | 115,000 | 20,000 | ||
Investment Income, Amortization of Discount | 1,559 | 160 | ||
Implementation Costs | 9,895 | 9,444 | ||
Contract with Customer, Asset, after Allowance for Credit Loss | 0 | 0 | ||
Advertising Expense | 97,877 | 71,720 | $ 53,687 | |
Prepaid Advertising | 56 | 553 | 1,173 | |
Cost of Goods and Services Sold, Total | 516,023 | 409,311 | 263,343 | |
Shipping and Handling [Member] | ||||
Cost of Goods and Services Sold, Total | 57,427 | 63,891 | $ 47,713 | |
US Treasury Securities [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | 134,570 | 0 | ||
Servicing Asset at Amortized Cost | $ 692 | |||
Furniture and Office Equipment [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 7 years | |||
Automotive Equipment [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||
Refrigeration Equipment [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 9 years | |||
Machinery and Equipment [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||
Machinery and Equipment [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | |||
Plates and Dies [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 2 years | |||
Building and Building Improvements [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 15 years | |||
Building and Building Improvements [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 39 years | |||
March 2023 Note [Member] | Convertible Senior Notes [Member] | ||||
Debt Instrument, Face Amount | $ 402,500 | $ 402,500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3% | 3% | ||
Privately Held Company, Not Primary Beneficiary [Member] | ||||
Equity Method Investments | $ 31,200 |
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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Sales | $ 766,895 | $ 595,344 | $ 425,489 |
Grocery (including Online), Mass and Club [Member] | |||
Net Sales | 685,307 | 524,971 | 356,965 |
Pet Specialty and Natural [Member] | |||
Net Sales | $ 81,588 | $ 70,373 | $ 68,524 |
Note 2 - Inventories, Net - Sum
Note 2 - Inventories, Net - Summary of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Raw Materials and Work in Process | $ 16,055 | $ 20,608 |
Packaging Components Material | 5,607 | 6,186 |
Finished Goods | 41,576 | 31,639 |
Inventory, Gross | 63,238 | 58,433 |
Reserve for Obsolete Inventory | 0 | (143) |
Inventories, net | $ 63,238 | $ 58,290 |
Note 3 - Property, Plant and _3
Note 3 - Property, Plant and Equipment, net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Depreciation, Depletion and Amortization, Total | $ 58,169 | $ 34,332 | $ 29,467 |
Cost of Sales [Member] | |||
Depreciation, Depletion and Amortization, Total | $ 42,667 | $ 20,774 | $ 16,545 |
Note 3 - Property, Plant and _4
Note 3 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finance Lease Right of Use Asset | $ 29,187 | $ 0 |
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, before Accumulated Depreciation and Amortization | 1,178,660 | 945,877 |
Less: Accumulated Depreciation and Amortization | (199,496) | (145,291) |
Property, Plant and Equipment, net | 979,164 | 800,586 |
Refrigeration Equipment [Member] | ||
Property, plant and equipment, gross | 167,956 | 137,875 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 242,256 | 199,504 |
Land, Buildings and Improvements [Member] | ||
Property, plant and equipment, gross | 535,003 | 458,800 |
Furniture and Office Equipment [Member] | ||
Property, plant and equipment, gross | 14,987 | 14,040 |
Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | 1,319 | 1,319 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 187,952 | $ 134,338 |
Note 4 - Income Taxes (Details
Note 4 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 | $ 0 |
Income Tax Examination, Penalties and Interest Expense, Total | 0 | $ 0 | $ 0 |
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards | 420,300 | ||
Operating Loss Carryforwards, Subject to Expiration | 175,400 | ||
Operating Loss Carryforwards, Not Subject to Expiration | 244,900 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards, Subject to Expiration | 312,800 | ||
Operating Loss Carryforwards, Not Subject to Expiration | $ 20,700 |
Note 4 - Income Taxes - Compone
Note 4 - Income Taxes - Components of Income Tax Expense Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Federal | $ 0 | $ 0 | $ 0 |
State | 210 | 282 | 162 |
International | 0 | 0 | 0 |
Current Income Tax Expense (Benefit) | $ 210 | $ 282 | $ 162 |
Note 4 - Income Taxes - Effecti
Note 4 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Tax at federal statutory rate | 21% | 21% | 21% |
State taxes, net of federal | 1.20% | 3.60% | 7.40% |
Permanent items | 5.80% | 3.70% | 30.60% |
Other | (0.40%) | (0.70%) | (0.20%) |
State rate change | (1.80%) | 0.50% | (0.50%) |
Valuation allowance | (26.40%) | (28.60%) | (58.80%) |
Effective tax rate | (0.60%) | (0.50%) | (0.50%) |
Note 4 - Income Taxes - Deferre
Note 4 - Income Taxes - Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Net operating loss | $ 105,233 | $ 85,214 | $ 73,436 |
Stock option expense | 23,643 | 18,709 | 12,169 |
Property and equipment | (35,756) | (20,753) | (14,957) |
Other | 5,536 | 5,920 | 2,845 |
Less: Valuation allowance | (98,656) | (89,090) | (73,493) |
Net deferred income tax assets | $ 0 | $ 0 | $ 0 |
Note 5 - Accrued Expenses - Sum
Note 5 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accrued Compensation and Employee Related Costs | $ 19,307 | $ 8,559 |
Accrued Construction Costs | 0 | 4,235 |
Accrued Chiller Cost | 7,478 | 4,106 |
Accrued Customer Consideration | 1,228 | 656 |
Accrued Freight | 6,078 | 2,705 |
Accrued Production Expenses | 6,928 | 3,755 |
Accrued Corporate and Marketing Expenses | 3,627 | 3,794 |
Accrued Interest | 3,019 | 922 |
Other Accrued Expenses | 2,151 | 4,284 |
Accrued Expenses | $ 49,816 | $ 33,016 |
Note 6 - Debt (Details Textual)
Note 6 - Debt (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Apr. 17, 2020 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 13, 2023 | Feb. 19, 2021 | |
Interest Expense, Debt | $ 2,785 | $ 5,208 | $ 2,882 | ||||
Interest Payable, Current | 3,019 | 922 | |||||
Credit Facility [Member] | |||||||
Debt Agreement, Maximum Borrowing Capacity | $ 350,000 | ||||||
Long-Term Debt, Total | 0 | $ 0 | |||||
Deferred Debt Issuance Cost, Writeoff | $ 2,478 | ||||||
Interest Payable, Current | $ 0 | $ 904 | |||||
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 | 50,000 | |||||
Debt Issuance Costs, Net | $ 3,263 | ||||||
Credit Facility [Member] | Draw Term Loan [Member] | |||||||
Long-Term Debt, Total | $ 130,000 | $ 300,000 | |||||
Draw Term Loan [Member] | Credit Facility [Member] | |||||||
Debt Issuance Costs, Net | $ 2,797 |
Note 7 - Convertible Senior N_3
Note 7 - Convertible Senior Notes (Details Textual) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 USD ($) $ / shares | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) | |
Proceeds from Convertible Debt | $ 393,518 | $ 0 | $ 0 | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |
Interest Expense | $ 14,097 | $ 5,208 | 2,882 | |
Interest Paid, Excluding Capitalized Interest, Operating Activities | 9,303 | $ 3,152 | $ 1,730 | |
Reclassified From Construction in Progress to Assets Placed in Service [Member] | ||||
Interest Costs Capitalized | 136 | |||
March 2023 Note [Member] | Convertible Senior Notes [Member] | ||||
Debt Instrument, Face Amount | $ 402,500 | $ 402,500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3% | 3% | ||
Proceeds from Convertible Debt | $ 391,492 | |||
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 | |||
Unamortized Debt Issuance Expense | $ 9,426 | |||
Interest Expense | 9,426 | |||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 6,406 | |||
Accrued Interest | 3,019 | |||
Interest Costs Capitalized | $ 1,207 | |||
March 2023 Note [Member] | Convertible Senior Notes [Member] | Minimum [Member] | ||||
Debt Instrument, Redemption, Minimum Aggregate Principal Outstanding | $ 100,000 |
Note 7 - Convertible Senior N_4
Note 7 - Convertible Senior Notes - Schedule of Fair Value for Convertible Notes (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Total | $ 2,785 | $ 5,208 | $ 2,882 | |
Convertible Senior Notes Maturing April 1, 2028 [Member] | ||||
Convertible Debt | [1] | 393,074 | ||
Convertible Debt, Fair Value Disclosures | 581,613 | |||
March 2023 Note [Member] | Convertible Senior Notes [Member] | ||||
Contractual interest expense | 9,426 | |||
Amortization of issuance costs | 1,582 | |||
Total | $ 11,008 | |||
[1]The carrying amounts presented are net of unamortized debt issuance costs of $9,426 as of December 31, 2023. |
Note 7 - Convertible Senior N_5
Note 7 - Convertible Senior Notes - Schedule of Fair Value for Convertible Notes (Details) (Parentheticals) | Dec. 31, 2023 |
Convertible Senior Notes Maturing April 1, 2028 [Member] | |
Debt Instrument, Interest Rate, Stated Percentage | 3% |
Note 8 - Purchase of Capped C_2
Note 8 - Purchase of Capped Call Options (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 15, 2023 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Payments to Acquire Capped Call Options | $ 66,211 | $ 0 | $ 0 | ||
Interest Payable, Current | 3,019 | 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 | $ 904 | |||
Credit Facility [Member] | Capped Call Transactions [Member] | |||||
Interest Payable, Current | $ 0 |
Note 9 - Commitments and Cont_3
Note 9 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Apr. 08, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Jul. 01, 2023 | |
Lessee, Operating Lease, Renewal Term (Year) | 4 years | |||
Lessee, Finance Lease, Term of Contract (Year) | 10 years | |||
Lessee, Finance Lease, Renewal Term (Year) | 10 years | |||
Variable Lease, Cost | $ 6,733 | $ 0 | ||
Other Assets, Noncurrent | $ 28,899 | 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 | |||
Minimum [Member] | ||||
Lessee, Operating Lease, Remaining Lease Term (Year) | 2 years | |||
Maximum [Member] | ||||
Lessee, Operating Lease, Remaining Lease Term (Year) | 9 years |
Note 9 - Commitments and Cont_4
Note 9 - Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Weighted-average remaining lease term (Year) | 2 years 11 months 19 days | 9 years 6 months |
Weighted-average discount rate | 6.20% | 8.60% |
Lease cost | $ 1,752 | $ 1,752 |
Amortization of right of use asset | 1,459 | 0 |
Interest on lease liabilities | 1,235 | 0 |
Variable lease cost (a) | $ 6,733 | $ 0 |
Note 9 - Commitment and Conting
Note 9 - Commitment and Contingencies - Maturities of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024, Operating leases | $ 1,511 |
2024, Finance Leases | 4,336 |
2025, Operating leases | 1,210 |
2025, Finance Leases | 4,336 |
2026, Operating leases | 1,239 |
2026, Finance Leases | 4,336 |
2027, Operating leases | 337 |
2027, Finance Leases | 4,336 |
2028 and beyond, Operating leases | 0 |
2028 and beyond, Finance Leases | 23,844 |
Total lease payments | 4,297 |
Total lease payments | 41,188 |
Less: Imputed interest | (394) |
Less: Imputed interest | (13,110) |
Present value of lease liabilities | 3,903 |
Present value of lease liabilities | $ 28,078 |
Note 9 - Commitments and Cont_5
Note 9 - Commitments and Contingencies - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Lease, Right-of-Use Asset | $ 3,616 | $ 5,165 |
Operating Lease and Finance Lease, Right of Use Assets | 31,344 | 5,165 |
Operating Lease, Liability, Current | 1,312 | 1,510 |
Finance Lease, Liability, Current | 1,998 | 0 |
Operating Lease, Liability, Noncurrent | 2,591 | 4,200 |
Finance Lease, Liability, Noncurrent | 26,080 | 0 |
Total lease liabilities | 31,981 | $ 5,710 |
Property, Plant, and Equipment, Net [Member] | ||
Finance Lease, Right-of-Use Asset, after Accumulated Amortization | $ 27,728 |
Note 9 - Commitments and Cont_6
Note 9 - Commitments and Contingencies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 1,802 | $ 1,764 | |
Cash paid for amounts included in the measurement of finance lease liabilities (i.e. interest) | 1,235 | 0 | |
Cash paid for amounts included in the measurement of finance lease liabilities (i.e. principal payment) | $ 1,109 | $ 0 | $ 0 |
Note 9 - Commitments and Cont_7
Note 9 - Commitments and Contingencies - Contractual Obligation Fiscal Year Maturity Schedule (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 10,003 |
2025 | 6,194 |
2026 | 1,500 |
2027 | 1,500 |
2028 and beyond | 1,500 |
Total Manufacturing and Servicing Obligations | $ 20,697 |
Note 10 - Warrants (Details Tex
Note 10 - Warrants (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Dec. 31, 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 | ||
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 | $ 5,160 | $ 2,587 | |
Current Prepaid Expenses [Member] | |||
Warrants and Rights Outstanding | 2,027 | 5,750 | |
Other Assets [Member] | |||
Warrants and Rights Outstanding | $ 0 | $ 1,438 |
Note 11 - Equity Incentive Pl_3
Note 11 - Equity Incentive Plans and Equity (Details Textual) - USD ($) $ / shares in Units, Pure in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2016 | |
Share-Based Payment Arrangement, Expense | $ 19,774 | $ 23,505 | $ 24,998 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 35.81 | $ 37.39 | $ 74.9 | ||
Executive Vice President [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||
Service Period Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 19 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options In-the-money (in shares) | 810 | ||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 9,287 | ||||
Service Period Stock Options [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | 8,667 | ||||
Service Period Stock Options [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 620 | ||||
Service Period Stock Options [Member] | Chief Executive Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 40,120 | 500,000 | |||
Restricted Stock Units (RSUs) [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 171 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 372 | 278 | |||
Restricted Stock Units (RSUs) [Member] | Chief Executive Officer [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 22,381 | ||||
Performance Stock Options [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options In-the-money (in shares) | 1,059 | ||||
Performance Stock Options [Member] | Chief Executive Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 500,000 | ||||
Performance Stock Options With Probable Vesting Criteria [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 8,805 | ||||
Performance Stock Options With Probable Vesting Criteria [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | 7,255 | ||||
Performance Stock Options With Probable Vesting Criteria [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | 760 | ||||
Performance Stock Options With Probable Vesting Criteria [Member] | Share-Based Payment Arrangement, Tranche Three [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | 730 | ||||
Performance Stock Options With Probable Vesting Criteria [Member] | Share-based Payment Arrangement, Tranche Four [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 60 | ||||
Performance Stock Options Deemed Not Probable To Vest [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 423 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 30,965 | ||||
Service Period Restricted Stock Units [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | 14,395 | ||||
Service Period Restricted Stock Units [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | 7,224 | ||||
Service Period Restricted Stock Units [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | 4,893 | ||||
Service Period Restricted Stock Units [Member] | Share-Based Payment Arrangement, Tranche Three [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | 2,241 | ||||
Service Period Restricted Stock Units [Member] | Share-based Payment Arrangement, Tranche Four [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 37 | ||||
Performance Based Restricted Stock Units [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 167 | 176 | |||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 5,478 | ||||
Performance Based Restricted Stock Units [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | 2,743 | ||||
Performance Based Restricted Stock Units [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 2,735 | ||||
Share-Based Payment Arrangement, Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | 0% | 0% | ||
Omnibus Incentive Plan 2014 [Member] | Service Period Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||
Omnibus Incentive Plan 2014 [Member] | Service Period Stock Options [Member] | Share-Based Payment Arrangement, Employee [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||
Omnibus Incentive Plan 2014 [Member] | Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Employee [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||
Cost of Sales [Member] | |||||
Share-Based Payment Arrangement, Expense | $ 5,833 | $ 4,706 | $ 4,152 | ||
Selling, General and Administrative Expenses [Member] | |||||
Share-Based Payment Arrangement, Expense | $ 13,941 | $ 18,799 | $ 20,846 |
Note 11 - Equity Incentive Pl_4
Note 11 - Equity Incentive Plans and Equity - Stock Options Activity (Details) - Service Period Stock Options [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Balance (in shares) | shares | 1,291 |
Balance, weighted average exercise price (in dollars per share) | $ / shares | $ 51.63 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | shares | 19 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 57.79 |
Exercised (in shares) | shares | (111) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 69.77 |
Forfeited (in shares) | shares | (36) |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 139.17 |
Balance (in shares) | shares | 1,163 |
Balance, weighted average exercise price (in dollars per share) | $ / shares | $ 47.3 |
Balance, average remaining contractual term (Year) | 4 years 4 months 24 days |
Balance, aggregate intrinsic value | $ | $ 58,718 |
Exercisable (in shares) | shares | 1,016 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 40.25 |
Exercisable, average remaining contractual term (Year) | 2 years 6 months |
Exercisable, aggregate intrinsic value | $ | $ 57,641 |
Note 11 - Equity Incentive Pl_5
Note 11 - Equity Incentive Plans and Equity - Share Based Compensation Performance Shares Award Outstanding (Details) - Performance Shares [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Balance (in shares) | shares | 1,925 |
Balance, weighted average exercise price (in dollars per share) | $ / shares | $ 75.5 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 65 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 65.88 |
Exercised (in shares) | shares | (47) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 67.95 |
Balance (in shares) | shares | 1,943 |
Balance, weighted average exercise price (in dollars per share) | $ / shares | $ 75.36 |
Balance, average remaining contractual term (Year) | 5 years 2 months 12 days |
Balance, aggregate instrinsic value | $ | $ 73,466 |
Exercisable (in shares) | shares | 1,109 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 22.88 |
Exercisable, average remaining contractual term (Year) | 3 years 3 months 18 days |
Exercisable, aggregate instrinsic value | $ | $ 72,115 |
Note 11 - Equity Incentive Pl_6
Note 11 - Equity Incentive Plans and Equity - Restricted Stock Units Award Activity (Details) | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Restricted Stock Units (RSUs) [Member] | |
Balance (in shares) | shares | 278 |
Balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 74.52 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 171 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 59.89 |
Exercised/Vested (in shares) | shares | (64) |
Exercised/Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 80.14 |
Forfeited (in shares) | shares | (13) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 70.53 |
Balance (in shares) | shares | 372 |
Balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 66.97 |
Performance Based Restricted Stock Units [Member] | |
Balance (in shares) | shares | 176 |
Balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 63.01 |
Exercised/Vested (in shares) | shares | (2) |
Exercised/Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 111.65 |
Forfeited (in shares) | shares | (7) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 71.77 |
Balance (in shares) | shares | 167 |
Balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 62.11 |
Note 11 - Equity Incentive Pl_7
Note 11 - Equity Incentive Plans and Equity - Schedule Of Share Based Payment Award Stock Options Valuation Assumptions (Details) - Share-Based Payment Arrangement, Option [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted average exercise price of options granted (in dollars per share) | $ 64.05 | $ 67.02 | $ 155 |
Expected volatility | 51.80% | 52.50% | 50.40% |
Average expected terms in years (Year) | 6 years 4 months 24 days | 6 years 6 months | |
Risk-free interest rate | 4.50% | 3.80% | |
Expected dividend yield | 0% | 0% | 0% |
Minimum [Member] | |||
Average expected terms in years (Year) | 6 years 1 month 6 days | ||
Risk-free interest rate | 1.10% |
Note 12 - Net Loss Per Share _3
Note 12 - Net Loss Per Share Attributable to Common Stockholders (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Preferred Stock Dividends and Other Adjustments, Total | $ 0 | $ 0 | $ 0 |
Note 12 - Net Loss Per Share _4
Note 12 - Net Loss Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Antidilutive Securities (in shares) | 8,420 | 2,673 | 2,437 |
Service Period Stock Options [Member] | |||
Antidilutive Securities (in shares) | 1,163 | 1,291 | 1,291 |
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities (in shares) | 372 | 275 | 173 |
Performance Stock Options [Member] | |||
Antidilutive Securities (in shares) | 1,109 | 1,107 | 972 |
Convertible Senior Notes [Member] | |||
Antidilutive Securities (in shares) | 5,776 | 0 | 0 |
Note 13 - Retirement Plan (Deta
Note 13 - Retirement Plan (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 3,109 | $ 2,297 | $ 1,829 |
Maximum [Member] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 50% |
Note 14 - Concentrations (Detai
Note 14 - Concentrations (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 USD ($) | Dec. 31, 2021 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Number of Distributors | 1 | 1 | 1 |
Number of Major Customers | 1 | 1 | 0 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Distributor [Member] | |||
Concentration Risk, Percentage | 9% | 8% | 16% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Customer [Member] | |||
Concentration Risk, Percentage | 10% | 10% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Number of Distributors | 1 | 2 | 2 |
Number of Major Customers | 2 | 2 | 2 |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | One Distributor [Member] | |||
Concentration Risk, Percentage | 15% | 15% | 20% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer One[Member] | |||
Concentration Risk, Percentage | 21% | 26% | 14% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer Two [Member] | |||
Concentration Risk, Percentage | 13% | 11% | 13% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Two Distributor [Member] | |||
Concentration Risk, Percentage | 6% | 10% | |
Supplier Concentration Risk [Member] | Cost of Goods and Service, Product and Service Benchmark [Member] | Raw Materials [Member] | |||
Concentration Risk, Percentage | 29% | 33% | 21% |
Number of Vendors | 1 | 1 | 1 |
Supplier Concentration Risk [Member] | Cost of Goods and Service, Product and Service Benchmark [Member] | Packaging Materials [Member] | |||
Concentration Risk, Percentage | 96% | 91% | 84% |
Number of Vendors | 5 | 5 | 5 |
Maximum [Member] | |||
Cash, FDIC Insured Amount | $ 250 |