Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 02, 2024 | |
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 | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 | 48,431,049 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 257,894 | $ 296,871 |
Accounts receivable, net of allowance for doubtful accounts | 68,507 | 56,754 |
Inventories, net | 71,865 | 63,238 |
Prepaid expenses | 5,757 | 7,615 |
Other current assets | 2,935 | 2,841 |
Total Current Assets | 406,958 | 427,319 |
Property, plant and equipment, net | 1,005,759 | 979,164 |
Deposits on equipment | 1,295 | 1,895 |
Operating leases | 3,237 | 3,616 |
Long term investment in equity securities | 33,446 | 23,528 |
Other assets | 29,895 | 28,899 |
Total Assets | 1,480,590 | 1,464,421 |
CURRENT LIABILITIES: | ||
Accounts payable | 46,591 | 36,096 |
Accrued expenses | 32,193 | 49,816 |
Operating lease liabilities | 1,174 | 1,312 |
Finance lease liabilities | 1,988 | 1,998 |
Total Current Liabilities | 81,946 | 89,222 |
Convertible senior notes | 393,588 | 393,074 |
Long term operating lease liabilities | 2,333 | 2,591 |
Long term finance lease liabilities | 24,879 | 26,080 |
Total Liabilities | 502,746 | 510,967 |
Commitments and contingencies | ||
STOCKHOLDERS' EQUITY: | ||
Common stock — voting, $0.001 par value, 200,000 shares authorized, 48,449 issued and 48,435 outstanding on March 31, 2024, and 48,277 issued and 48,263 outstanding on December 31, 2023 | 48 | 48 |
Additional paid-in capital | 1,288,890 | 1,282,984 |
Accumulated deficit | (310,129) | (328,731) |
Accumulated other comprehensive loss | (709) | (591) |
Treasury stock, at cost — 14 shares on March 31, 2024 and on December 31, 2023 | (256) | (256) |
Total Stockholders' Equity | 977,844 | 953,454 |
Total Liabilities and Stockholders' Equity | $ 1,480,590 | $ 1,464,421 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
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) | 48,449 | 48,277 |
Common stock, outstanding (in shares) | 48,435 | 48,263 |
Treasury stock shares (in shares) | 14 | 14 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
NET SALES | $ 223,849 | $ 167,522 |
COST OF GOODS SOLD | 135,691 | 116,762 |
GROSS PROFIT | 88,158 | 50,760 |
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES | 79,695 | 72,271 |
INCOME (LOSS) FROM OPERATIONS | 8,463 | (21,511) |
OTHER INCOME (EXPENSES): | ||
Interest and Other Income, net | (3,335) | (946) |
Interest Expense | (3,060) | (3,171) |
Gain on Equity Investment | 9,918 | 0 |
Nonoperating Income (Expense) | 10,193 | (2,225) |
INCOME (LOSS) BEFORE INCOME TAXES | 18,656 | (23,736) |
INCOME TAX EXPENSE | 54 | 70 |
LOSS ON EQUITY METHOD INVESTMENT | 0 | 980 |
INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | 18,602 | (24,786) |
OTHER COMPREHENSIVE (LOSS) INCOME: | ||
Foreign currency translation | (118) | 6 |
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME | (118) | 6 |
TOTAL COMPREHENSIVE INCOME (LOSS) | $ 18,484 | $ (24,780) |
NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS | ||
-BASIC (in dollars per share) | $ 0.38 | $ (0.52) |
-DILUTED (in dollars per share) | $ 0.37 | $ (0.52) |
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING | ||
-BASIC (in shares) | 48,320 | 48,047 |
-DILUTED (in shares) | 50,049 | 48,047 |
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, 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) | 35 | |||||
Exercise of options to purchase common stock | $ 0 | 1,954 | 0 | 0 | $ 0 | 1,954 |
Vesting of restricted stock units (in shares) | 23 | 0 | ||||
Vesting of restricted stock units | $ 0 | (602) | 0 | 0 | $ 0 | (602) |
Share-based compensation expense | 0 | 6,977 | 0 | 0 | 0 | 6,977 |
Foreign currency translation | 0 | 0 | 0 | 6 | 0 | 6 |
Net income (loss) | 0 | 0 | (24,786) | 0 | 0 | (24,786) |
Purchase of capped call options | $ 0 | (66,211) | 0 | 0 | $ 0 | (66,211) |
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 |
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 |
Exercise of options to purchase common stock (in shares) | 105 | 105 | ||||
Exercise of options to purchase common stock | $ 0 | 2,815 | 0 | 0 | $ 0 | $ 2,815 |
Vesting of restricted stock units (in shares) | 67 | 0 | ||||
Vesting of restricted stock units | $ 0 | (2,082) | 0 | 0 | $ 0 | (2,082) |
Share-based compensation expense | 0 | 5,173 | 0 | 0 | 0 | 5,173 |
Foreign currency translation | 0 | 0 | 0 | (118) | 0 | (118) |
Net income (loss) | $ 0 | 0 | 18,602 | 0 | $ 0 | 18,602 |
Balances (in shares) at Mar. 31, 2024 | 48,449 | 14 | ||||
Balances at Mar. 31, 2024 | $ 48 | $ 1,288,890 | $ (310,129) | $ (709) | $ (256) | $ 977,844 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 18,602 | $ (24,786) |
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities: | ||
Provision for loss (gains) on accounts receivable | 4 | (2) |
Loss on disposal of property, plant and equipment | 150 | 268 |
Share-based compensation | 6,221 | 8,415 |
Inventory obsolescence | 699 | (29) |
Depreciation and amortization | 15,902 | 14,492 |
Write-off and amortization of deferred financing costs and loan discount | 514 | 2,478 |
Change in operating lease right of use asset | 379 | 357 |
Loss on equity method investment | 0 | 980 |
Gain on equity investment | (9,918) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (11,757) | 9,182 |
Inventories | (7,817) | (8,000) |
Prepaid expenses and other current assets | 548 | 2,525 |
Other assets | (691) | (3,664) |
Accounts payable | 9,909 | (10,724) |
Accrued expenses | (16,943) | (4,869) |
Operating lease liability | (396) | (363) |
Net cash flows provided by (used in) operating activities | 5,406 | (13,740) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of short-term investments | 0 | (49,326) |
Acquisitions of property, plant and equipment, software and deposits on equipment | (46,473) | (58,039) |
Net cash flows used in investing activities | (46,473) | (107,365) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from exercise of options to purchase common stock | 2,815 | 834 |
Tax withholdings related to net shares settlements of restricted stock units | (223) | (602) |
Purchase of capped call options | 0 | (66,211) |
Proceeds from issuance of convertible senior notes | 0 | 393,518 |
Debt issuance costs | 0 | (2,026) |
Principal payments under finance lease obligations | (502) | 0 |
Net cash flows provided by financing activities | 2,090 | 325,513 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (38,977) | 204,408 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 296,871 | 132,735 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 257,894 | 337,143 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Interest paid | 6,591 | 1,216 |
NON-CASH FINANCING AND INVESTING ACTIVITIES: | ||
Property, plant and equipment purchases in accounts payable and accrued expenses | 17,332 | 25,943 |
Receivable from exercise of options to purchase common stock | 0 | 1,120 |
Tax withholdings related to net shares settlements of restricted stock units in accrued expenses | $ 1,859 | $ 0 |
Note 1 - Nature of the Business
Note 1 - Nature of the Business and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 three March 31, 2024 2023 three March 31, 2024 2023 three March 31, 2024 not December 31, 2024 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, 2023 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 not not March 30, 2023, On March 30, 2023, no March 30, 2023, 321 321" March 31, 2024, no no Because the investee is a privately held company, there is not 321 not not 321, 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” Fair Value Measurements and Disclosures. March 26, 2024, no 321 December 31, 2023 March 31, 2024, three March 31, 2024, 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. Leases 1 2 842, 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, the 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 lease liability is initially measured at the present value of the unpaid lease payments at the lease commencement date. 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 March 31, 2024. The Company monitors for events or changes in circumstances that require a reassessment of its 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 Cash Equivalents three March 31, 2024, December 31, 2023, Short-Term Investments three March 31, 2024 December 31, 2023, no Trade Accounts Receivable may Implementation Costs of Cloud Computing Arrangement March 31, 2024 December 31, 2023, 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 March 31, 2024, Certain financial and non-financial assets, including 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 6 As of March 31, 2024 1 2 Net Sales Three Months Ended March 31, 2024 2023 Grocery, Mass, International and Digital $ 184,429 $ 140,179 Pet Specialty and Club 39,420 27,343 Net Sales $ 223,849 $ 167,522 Pet specialty continues to grow at a slower rate than our overall business and will soon be less than 10% March 31, 2024, Recently Issued Accounting Pronouncements In November 2023, ASU 2023 07, 280 December 31, 2024 In March 2024, 1 2 April 2024, December 31, 2025. |
Note 2 - Inventories, Net
Note 2 - Inventories, Net | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 2 March 31, December 31, 2024 2023 Raw Materials and Work in Process $ 14,525 $ 16,055 Packaging Components Material 7,032 5,607 Finished Goods 50,308 41,576 Inventories, net $ 71,865 $ 63,238 |
Note 3 - Property, Plant and Eq
Note 3 - Property, Plant and Equipment, Net | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 3 March 31, December 31, 2024 2023 Refrigeration Equipment $ 178,367 $ 167,956 Machinery and Equipment 246,114 242,256 Building, Land, and Improvements 542,137 535,003 Furniture and Office Equipment 15,319 14,987 Leasehold Improvements 1,319 1,319 Construction in Progress 210,404 187,952 Finance Lease Right of Use Asset 28,478 29,187 1,222,138 1,178,660 Less: Accumulated Depreciation and Amortization (216,379 ) (199,496 ) Property, Plant and Equipment, net $ 1,005,759 $ 979,164 Depreciation and amortization expense related to property, plant and equipment for the three March 31, 2024 Depreciation expense related to property, plant and equipment for the three March 31, 2023 |
Note 4 - Accrued Expenses
Note 4 - Accrued Expenses | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | Note 4 March 31, December 31, 2024 2023 Accrued Compensation and Employee Related Costs $ 12,578 $ 19,307 Accrued Construction Costs 1,034 — Accrued Chiller Cost 3,644 7,478 Accrued Customer Consideration 1,240 1,228 Accrued Freight 5,448 6,078 Accrued Production Expenses 4,052 6,928 Accrued Corporate and Marketing Expenses 2,361 3,627 Accrued Interest — 3,019 Other Accrued Expenses 1,836 2,151 Accrued Expenses $ 32,193 $ 49,816 |
Note 5 - Debt
Note 5 - Debt | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 5 On February 19, 2021, On March 15, 2023, 2023, March 2023. December 31, 2023. |
Note 6 - Convertible Senior Not
Note 6 - Convertible Senior Notes | 3 Months Ended |
Mar. 31, 2024 | |
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 As of March 31, 2024, second 2024. No second 2024 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 March 31, 2024: As of March 31, 2024 Carrying Value (1) Fair Value 3.00% April 1, 2028 393,588 707,926 Total 393,588 707,926 ( 1 The carrying amounts presented are net of unamortized debt issuance costs of $8,912 as of March 31, 2024. Lender fees that were paid upfront to the lenders and debt issuance fees paid to third three March 31, 2024, Three Months Ended March 31, 2024 Contractual interest expense 3,019 Amortization of issuance costs 514 Total 3,533 As of March 31, 2024, three March 31, 2024, three March 31, 2024, three March 31, 2023, |
Note 7 - Purchase of Capped Cal
Note 7 - Purchase of Capped Call Option | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024, |
Note 8 - Leases
Note 8 - Leases | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 8 We have various noncancelable operating lease agreements for office and warehouse space with original remaining lease terms of two nine four not not not During the third 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 2.81 9.25 Weighted-average discount rate 6.2 % 8.6 % As most of our leases do not Maturities of lease liabilities under noncancelable operating leases and finance lease as of March 31, 2024 As of March 31, 2024 Operating Leases Finance Lease 2024 (a) $ 1,057 $ 3,166 2025 1,210 4,221 2026 1,239 4,221 2027 337 4,221 2028 and beyond - 23,217 Total lease payments $ 3,843 $ 39,046 Less: Imputed interest (336 ) (12,179 ) Present value of lease liabilities $ 3,507 $ 26,867 (a) Excluding the three March 31, 2024 A summary of lease costs for the three March 31, 2024 2023 Three Months Ended March 31, 2024 2023 Operating Lease: Lease cost Cost of goods sold and selling, general and administrative $ 438 $ 438 Finance Lease: Amortization of right of use asset Cost of goods sold $ 676 $ - Interest on lease liabilities Interest Expense $ 553 $ - Variable lease cost (a) Inventory/Cost of goods sold (a) $ 3,361 $ - (a) Variable lease cost primarily consists of the procurement and manufacturing costs capitalized to inventory. During the period, $3,361 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 March 31, 2024 December 31, 2023 As of March 31, 2024 As of December 31, 2023 Assets: Operating leases Operating lease right of use assets $ 3,237 $ 3,616 Finance lease, net Property, plant and equipment, net 26,342 27,728 Total lease assets $ 29,579 $ 31,344 Liabilities: Current: Operating lease liabilities Current operating lease liabilities $ 1,174 $ 1,312 Finance lease liabilities Current finance lease liabilities 1,988 1,998 Long-term: Operating lease liabilities Long term operating lease liabilities 2,333 2,591 Finance lease liabilities Long term finance lease liabilities 24,879 26,080 Total lease liabilities $ 30,374 $ 31,981 Supplemental cash flow information and non-cash activity relating to operating and finance leases are as follows: Three Months Ended March 31, Operating cash flow information: 2024 2023 Cash paid for amounts included in the measurement of operating lease liabilities $ 454 $ 445 Cash paid for amounts included in the measurement of finance lease liabilities (i.e. interest) $ 553 $ - Finance cash flow information: Cash paid for amounts included in the measurement of finance lease liabilities (i.e. principal payment) $ 502 $ - |
Note 9 - Warrants
Note 9 - Warrants | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024, December 31, 2023, During 2022, 2022 Total amortization associated with partner warrants for the three March 31, 2024 2023 |
Note 10 - Equity Incentive Plan
Note 10 - Equity Incentive Plans | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 10 Total compensation cost for share-based payments recognized for the three March 31, 2024 Total compensation cost for share-based payments recognized for the three March 31, 2023 During the three March 31, 2024, During the three March 31, 2024, three March 31, 2024, |
Note 11 - Earnings Per Share At
Note 11 - Earnings Per Share Attributable to Common Stockholders | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 11 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. 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, For the three March 31, 2024, Three Months Ended March 31, 2024 Net Income Attributable to Common Stockholders $ 18,602 Weighted Average Common Shares Outstanding, Basic 48,320 Service Period Stock Options 679 Restricted Stock Units 214 Performance Stock Options 836 Convertible Notes — Weighted Average Common Shares Outstanding, Diluted 50,049 Basic Net Income per Share $ 0.38 Diluted Net Income per Share $ 0.37 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 March 31, 2023 Service Period Stock Options 1,267 Restricted Stock Units 405 Performance Stock Options 992 Convertible Notes 5,776 Total 8,440 |
Note 12 - Concentrations
Note 12 - Concentrations | 3 Months Ended |
Mar. 31, 2024 | |
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 | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 13 Commitments - August 2023, first 2025. March 31, 2024, not June 2024. Legal Obligations - 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. The expert discovery phase, closed on March 31, 2024. April 1, 2024, April 29,2024, November 15, 2023, 60 September 16, 2024. Based on information currently available and advice of counsel, we do not may |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
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 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. Insider Trading Arrangements Our directors and executive officers may 10b5 1 During the fiscal quarter ended March 31, 2024, 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) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Nature of the Business [Policy Text Block] | Nature of the Business |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation March 31, 2024 three March 31, 2024 2023 three March 31, 2024 2023 three March 31, 2024 not December 31, 2024 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, 2023 |
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 not not March 30, 2023, On March 30, 2023, no March 30, 2023, 321 321" March 31, 2024, no no Because the investee is a privately held company, there is not 321 not not 321, 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” Fair Value Measurements and Disclosures. March 26, 2024, no 321 December 31, 2023 March 31, 2024, three March 31, 2024, |
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. |
Lessee, Leases [Policy Text Block] | Leases 1 2 842, 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, the 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 lease liability is initially measured at the present value of the unpaid lease payments at the lease commencement date. 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 March 31, 2024. The Company monitors for events or changes in circumstances that require a reassessment of its 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 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents three March 31, 2024, December 31, 2023, |
Investment, Policy [Policy Text Block] | Short-Term Investments three March 31, 2024 December 31, 2023, no |
Receivable [Policy Text Block] | Trade Accounts Receivable may |
Implementation Costs of Cloud Computing Arrangement Policy [Policy Text Block] | Implementation Costs of Cloud Computing Arrangement March 31, 2024 December 31, 2023, 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 March 31, 2024, Certain financial and non-financial assets, including 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 6 As of March 31, 2024 1 2 |
Revenue from Contract with Customer [Policy Text Block] | Net Sales Three Months Ended March 31, 2024 2023 Grocery, Mass, International and Digital $ 184,429 $ 140,179 Pet Specialty and Club 39,420 27,343 Net Sales $ 223,849 $ 167,522 Pet specialty continues to grow at a slower rate than our overall business and will soon be less than 10% March 31, 2024, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In November 2023, ASU 2023 07, 280 December 31, 2024 In March 2024, 1 2 April 2024, December 31, 2025. |
Note 1 - Nature of the Busine_2
Note 1 - Nature of the Business and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2024 2023 Grocery, Mass, International and Digital $ 184,429 $ 140,179 Pet Specialty and Club 39,420 27,343 Net Sales $ 223,849 $ 167,522 |
Note 2 - Inventories, Net (Tabl
Note 2 - Inventories, Net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2024 2023 Raw Materials and Work in Process $ 14,525 $ 16,055 Packaging Components Material 7,032 5,607 Finished Goods 50,308 41,576 Inventories, net $ 71,865 $ 63,238 |
Note 3 - Property, Plant and _2
Note 3 - Property, Plant and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, 2024 2023 Refrigeration Equipment $ 178,367 $ 167,956 Machinery and Equipment 246,114 242,256 Building, Land, and Improvements 542,137 535,003 Furniture and Office Equipment 15,319 14,987 Leasehold Improvements 1,319 1,319 Construction in Progress 210,404 187,952 Finance Lease Right of Use Asset 28,478 29,187 1,222,138 1,178,660 Less: Accumulated Depreciation and Amortization (216,379 ) (199,496 ) Property, Plant and Equipment, net $ 1,005,759 $ 979,164 |
Note 4 - Accrued Expenses (Tabl
Note 4 - Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 31, December 31, 2024 2023 Accrued Compensation and Employee Related Costs $ 12,578 $ 19,307 Accrued Construction Costs 1,034 — Accrued Chiller Cost 3,644 7,478 Accrued Customer Consideration 1,240 1,228 Accrued Freight 5,448 6,078 Accrued Production Expenses 4,052 6,928 Accrued Corporate and Marketing Expenses 2,361 3,627 Accrued Interest — 3,019 Other Accrued Expenses 1,836 2,151 Accrued Expenses $ 32,193 $ 49,816 |
Note 6 - Convertible Senior N_2
Note 6 - Convertible Senior Notes (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Convertible Debt [Table Text Block] | As of March 31, 2024 Carrying Value (1) Fair Value 3.00% April 1, 2028 393,588 707,926 Total 393,588 707,926 |
Schedule of Long-Term Debt Instruments [Table Text Block] | Three Months Ended March 31, 2024 Contractual interest expense 3,019 Amortization of issuance costs 514 Total 3,533 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Operating Leases Finance Lease Weighted-average remaining lease term 2.81 9.25 Weighted-average discount rate 6.2 % 8.6 % Three Months Ended March 31, 2024 2023 Operating Lease: Lease cost Cost of goods sold and selling, general and administrative $ 438 $ 438 Finance Lease: Amortization of right of use asset Cost of goods sold $ 676 $ - Interest on lease liabilities Interest Expense $ 553 $ - Variable lease cost (a) Inventory/Cost of goods sold (a) $ 3,361 $ - |
Lessee, Operating Lease and Finance Lease, Liability, to be Paid, Maturity [Table Text Block] | As of March 31, 2024 Operating Leases Finance Lease 2024 (a) $ 1,057 $ 3,166 2025 1,210 4,221 2026 1,239 4,221 2027 337 4,221 2028 and beyond - 23,217 Total lease payments $ 3,843 $ 39,046 Less: Imputed interest (336 ) (12,179 ) Present value of lease liabilities $ 3,507 $ 26,867 |
Schedule of Balance Sheet, Supplemental Disclosures [Table Text Block] | As of March 31, 2024 As of December 31, 2023 Assets: Operating leases Operating lease right of use assets $ 3,237 $ 3,616 Finance lease, net Property, plant and equipment, net 26,342 27,728 Total lease assets $ 29,579 $ 31,344 Liabilities: Current: Operating lease liabilities Current operating lease liabilities $ 1,174 $ 1,312 Finance lease liabilities Current finance lease liabilities 1,988 1,998 Long-term: Operating lease liabilities Long term operating lease liabilities 2,333 2,591 Finance lease liabilities Long term finance lease liabilities 24,879 26,080 Total lease liabilities $ 30,374 $ 31,981 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Three Months Ended March 31, Operating cash flow information: 2024 2023 Cash paid for amounts included in the measurement of operating lease liabilities $ 454 $ 445 Cash paid for amounts included in the measurement of finance lease liabilities (i.e. interest) $ 553 $ - Finance cash flow information: Cash paid for amounts included in the measurement of finance lease liabilities (i.e. principal payment) $ 502 $ - |
Note 11 - Earnings Per Share _2
Note 11 - Earnings Per Share Attributable to Common Stockholders (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2024 Net Income Attributable to Common Stockholders $ 18,602 Weighted Average Common Shares Outstanding, Basic 48,320 Service Period Stock Options 679 Restricted Stock Units 214 Performance Stock Options 836 Convertible Notes — Weighted Average Common Shares Outstanding, Diluted 50,049 Basic Net Income per Share $ 0.38 Diluted Net Income per Share $ 0.37 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended March 31, 2023 Service Period Stock Options 1,267 Restricted Stock Units 405 Performance Stock Options 992 Convertible Notes 5,776 Total 8,440 |
Note 1 - Nature of the Busine_3
Note 1 - Nature of the Business and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Mar. 10, 2022 | |
Equity Securities, FV-NI, Gain (Loss) | $ 9,918 | $ 0 | ||
Cash and Cash Equivalents, at Carrying Value | 257,894 | $ 296,871 | ||
Implementation Costs | 9,827 | 9,895 | ||
US Treasury Securities [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | 99,661 | 134,570 | ||
Servicing Asset at Amortized Cost | 361 | 692 | ||
March 2023 Note [Member] | Convertible Senior Notes [Member] | ||||
Debt Instrument, Face Amount | $ 402,500 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3% | |||
Privately Held Company, Not Primary Beneficiary [Member] | ||||
Equity Method Investments | 33,446 | $ 23,528 | $ 31,200 | |
Equity Securities, FV-NI, Gain (Loss) | $ 9,918 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net Sales | $ 223,849 | $ 167,522 |
Grocery (including Online), Mass and Club [Member] | ||
Net Sales | 184,429 | 140,179 |
Pet Specialty and Club [Member] | ||
Net Sales | $ 39,420 | $ 27,343 |
Note 2 - Inventories, Net - Sum
Note 2 - Inventories, Net - Summary of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Raw Materials and Work in Process | $ 14,525 | $ 16,055 |
Packaging Components Material | 7,032 | 5,607 |
Finished Goods | 50,308 | 41,576 |
Inventories, net | $ 71,865 | $ 63,238 |
Note 3 - Property, Plant and _3
Note 3 - Property, Plant and Equipment, Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Depreciation, Depletion and Amortization | $ 15,806 | $ 11,351 |
Cost of Sales [Member] | ||
Depreciation, Depletion and Amortization | $ 14,394 | $ 10,721 |
Note 3 - Property, Plant and _4
Note 3 - Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Finance Lease Right of Use Asset | $ 28,478 | $ 29,187 |
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, before Accumulated Depreciation and Amortization | 1,222,138 | 1,178,660 |
Less: Accumulated Depreciation and Amortization | (216,379) | (199,496) |
Property, Plant and Equipment, net | 1,005,759 | 979,164 |
Refrigeration Equipment [Member] | ||
Property, plant and equipment, gross | 178,367 | 167,956 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 246,114 | 242,256 |
Land, Buildings and Improvements [Member] | ||
Property, plant and equipment, gross | 542,137 | 535,003 |
Furniture and Office Equipment [Member] | ||
Property, plant and equipment, gross | 15,319 | 14,987 |
Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | 1,319 | 1,319 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 210,404 | $ 187,952 |
Note 4 - Accrued Expenses - Sum
Note 4 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accrued Compensation and Employee Related Costs | $ 12,578 | $ 19,307 |
Accrued Construction Costs | 1,034 | 0 |
Accrued Chiller Cost | 3,644 | 7,478 |
Accrued Customer Consideration | 1,240 | 1,228 |
Accrued Freight | 5,448 | 6,078 |
Accrued Production Expenses | 4,052 | 6,928 |
Accrued Corporate and Marketing Expenses | 2,361 | 3,627 |
Accrued Interest | 0 | 3,019 |
Other Accrued Expenses | 1,836 | 2,151 |
Accrued Expenses | $ 32,193 | $ 49,816 |
Note 5 - Debt (Details Textual)
Note 5 - Debt (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Mar. 31, 2024 | Mar. 15, 2023 | Feb. 19, 2021 | |
Interest Expense, Debt | $ 2,785 | |||
Interest Payable, Current | 3,019 | $ 0 | ||
Credit Facility [Member] | ||||
Debt Agreement, Maximum Borrowing Capacity | $ 350,000 | |||
Long-Term Debt, Total | $ 0 | |||
Deferred Debt Issuance Cost, Writeoff | 2,478 | |||
Interest Payable, Current | $ 0 | $ 0 | ||
Credit Facility [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000 | |||
Credit Facility [Member] | Draw Term Loan [Member] | ||||
Long-Term Debt, Total | $ 300,000 |
Note 6 - Convertible Senior N_3
Note 6 - Convertible Senior Notes (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Proceeds from Convertible Debt | $ 0 | $ 393,518 | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Interest Expense, Operating and Nonoperating | $ 3,060 | $ 3,171 | |
Reclassified From Construction in Progress to Assets Placed in Service [Member] | |||
Interest Costs Capitalized | 0 | 0 | |
March 2023 Note [Member] | Convertible Senior Notes [Member] | |||
Debt Instrument, Face Amount | $ 402,500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3% | ||
Proceeds from Convertible Debt | $ 391,492 | ||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 130% | ||
Debt Instrument, Convertible, Conversion Ratio | 14.3516 | ||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 69.68 | ||
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 | 8,912 | ||
Interest Payable | 0 | ||
Interest Expense, Operating and Nonoperating | 3,019 | ||
Interest Costs Capitalized | $ 1,045 | ||
March 2023 Note [Member] | Convertible Senior Notes [Member] | Minimum [Member] | |||
Debt Instrument, Redemption, Minimum Aggregate Principal Outstanding | $ 100,000 |
Note 6 - Convertible Senior N_4
Note 6 - Convertible Senior Notes - Schedule of Fair Value for Convertible Notes (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Convertible Debt | $ 393,588 |
Convertible Debt, Fair Value Disclosures | 707,926 |
Convertible Senior Notes Maturing April 1, 2028 [Member] | |
Convertible Debt | $ 393,588 |
Note 6 - Convertible Senior N_5
Note 6 - Convertible Senior Notes - Schedule of Fair Value for Convertible Notes (Details) (Parentheticals) - Convertible Senior Notes Maturing April 1, 2028 [Member] | 3 Months Ended |
Mar. 31, 2024 | |
Debt Instrument, Interest Rate, Stated Percentage | 3% |
Debt Instrument, Maturity Date | Apr. 01, 2028 |
Note 6 - Convertible Senior N_6
Note 6 - Convertible Senior Notes - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Total | $ 2,785 | |
March 2023 Note [Member] | Convertible Senior Notes [Member] | ||
Contractual interest expense | $ 3,019 | |
Amortization of issuance costs | 514 | |
Total | $ 3,533 |
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 | |||
Mar. 15, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Payments to Acquire Capped Call Options | $ 0 | $ 66,211 | ||
Interest Payable, Current | 0 | $ 3,019 | ||
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 | $ 0 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Jul. 31, 2023 | ||
Lessee, Operating Lease, Renewal Term (Year) | 4 years | |||
Lessee, Finance Lease, Term of Contract (Year) | 10 years | |||
Variable Lease, Cost | [1] | $ 3,361 | $ 0 | |
Minimum [Member] | ||||
Lessee, Operating Lease, Remaining Lease Term (Year) | 2 years | |||
Maximum [Member] | ||||
Lessee, Operating Lease, Remaining Lease Term (Year) | 9 years | |||
Lessee, Finance Lease, Renewal Term (Year) | 10 years | |||
[1]Variable lease cost primarily consists of the procurement and manufacturing costs capitalized to inventory. During the period, $3,361 of variable lease costs were capitalized to inventory and will be captured as part of cost of goods sold as the inventory turns. |
Note 8 - Leases - Lease Cost (D
Note 8 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Weighted-average remaining lease term (Year) | 2 years 9 months 21 days | ||
Weighted-average remaining lease term. finance lease (Year) | 9 years 3 months | ||
Weighted-average discount rate | 6.20% | ||
Weighted-average discount rate. finance lease | 8.60% | ||
Lease cost | $ 438 | $ 438 | |
Amortization of right of use asset | 676 | 0 | |
Interest on lease liabilities | 553 | 0 | |
Variable lease cost (a) | [1] | $ 3,361 | $ 0 |
[1]Variable lease cost primarily consists of the procurement and manufacturing costs capitalized to inventory. During the period, $3,361 of variable lease costs were capitalized to inventory and will be captured as part of cost of goods sold as the inventory turns. |
Note 8 - Leases - Maturities of
Note 8 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Mar. 31, 2024 USD ($) | |
2024, operating | $ 1,057 | [1] |
2024, finance | 3,166 | [1] |
2025, operating | 1,210 | |
2025, finance | 4,221 | |
2026, operating | 1,239 | |
2026, finance | 4,221 | |
2027, operating | 337 | |
2027, finance | 4,221 | |
2028 and beyond, operating | 0 | |
2027 and beyond, finance | 23,217 | |
Total lease payments, operating | 3,843 | |
Total lease payments, finance | 39,046 | |
Less: Imputed interest, operating | (336) | |
Less: Imputed interest, finance | (12,179) | |
Present value of lease liabilities, operating | 3,507 | |
Present value of lease liabilities, finance | $ 26,867 | |
[1]Excluding the three months ended March 31, 2024. |
Note 8 - Leases - Supplemental
Note 8 - Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Operating leases | $ 3,237 | $ 3,616 |
Finance lease, net | 26,342 | 27,728 |
Total lease assets | 29,579 | 31,344 |
Operating lease liabilities | 1,174 | 1,312 |
Finance lease liabilities | 1,988 | 1,998 |
Operating lease liabilities | 2,333 | 2,591 |
Finance lease liabilities | 24,879 | 26,080 |
Total lease liabilities | $ 30,374 | $ 31,981 |
Note 8 - Leases - Supplementa_2
Note 8 - Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 454 | $ 445 |
Cash paid for amounts included in the measurement of finance lease liabilities (i.e. interest) | 553 | 0 |
Cash paid for amounts included in the measurement of finance lease liabilities (i.e. principal payment) | $ 502 | $ 0 |
Note 9 - Warrants (Details Text
Note 9 - Warrants (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | |
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 | $ 1,216 | $ 1,438 | |||
Current Prepaid Expenses [Member] | |||||
Warrants and Rights Outstanding | 811 | $ 2,027 | |||
Other Assets [Member] | |||||
Warrants and Rights Outstanding | $ 0 | $ 0 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Payment Arrangement, Expense | $ 5,005 | $ 1,405 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 105 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 99 | |
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) | $ 105.62 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 67 | |
Cost of Sales [Member] | ||
Share-Based Payment Arrangement, Expense | $ 8,415 | $ 2,956 |
Note 11 - Earnings Per Share _3
Note 11 - Earnings Per Share Attributable to Common Stockholders (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Payments to Acquire Capped Call Options | $ 0 | $ 66,211 |
March 2023 Note [Member] | Convertible Senior Notes [Member] | ||
Debt Instrument, Face Amount | 402,500 | |
March 2023 Note [Member] | Convertible Senior Notes [Member] | Capped Call Transactions [Member] | ||
Payments to Acquire Capped Call Options | $ 66,211 |
Note 11 - Net Income (Loss) Per
Note 11 - Net Income (Loss) Per Share Attributable to Common Stockholders - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net Income Attributable to Common Stockholders | $ 18,602 | |
-BASIC (in shares) | 48,320 | 48,047 |
Convertible Notes (in shares) | 0 | |
Weighted Average Common Shares Outstanding, Diluted (in shares) | 50,049 | 48,047 |
-BASIC (in dollars per share) | $ 0.38 | $ (0.52) |
-DILUTED (in dollars per share) | $ 0.37 | $ (0.52) |
Service Period Stock Options [Member] | ||
Share based compensation (in shares) | 679 | |
Restricted Stock Units (RSUs) [Member] | ||
Share based compensation (in shares) | 214 | |
Performance Stock Options [Member] | ||
Share based compensation (in shares) | 836 |
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 in Thousands | 3 Months Ended |
Mar. 31, 2023 shares | |
Antidilutive Securities (in shares) | 8,440 |
Service Period Stock Options [Member] | |
Antidilutive Securities (in shares) | 1,267 |
Restricted Stock Units (RSUs) [Member] | |
Antidilutive Securities (in shares) | 405 |
Performance Stock Options [Member] | |
Antidilutive Securities (in shares) | 992 |
Convertible Senior Notes [Member] | |
Antidilutive Securities (in shares) | 5,776 |
Note 12 - Concentrations (Detai
Note 12 - Concentrations (Details Textual) $ in Thousands | Mar. 31, 2024 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 | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Other Assets, Noncurrent | $ 29,895 | $ 28,899 | ||
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 |