Westrock Coffee (WEST) 10-Q 11 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 05, 2023
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-41485
Entity Registrant Name	WESTROCK COFFEE COMPANY
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0977200
Entity Address, Address Line One	4009 N. Rodney Parham Road, 3rd Floor
Entity Address, City or Town	Little Rock
Entity Address State Or Province	AR
Entity Address, Postal Zip Code	72212
City Area Code	501
Local Phone Number	320-4880
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		75,777,920
Entity Central Index Key	0001806347
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock
Document Information
Title of 12(b) Security	Shares of common stock, par value $0.01 per share
Trading Symbol	WEST
Security Exchange Name	NASDAQ
Public Warrants
Document Information
Title of 12(b) Security	Warrants, each whole warrant exercisable for one share of common stock, par value $0.01 per share
Trading Symbol	WESTW
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 23,688	$ 16,838
Restricted cash	1,882	9,567
Accounts receivable, net of allowance for credit losses of $2,516 and $3,023, respectively	115,494	101,639
Inventories	142,576	145,836
Derivative assets	13,390	15,053
Prepaid expenses and other current assets	13,269	9,166
Total current assets	310,299	298,099
Property, plant and equipment, net	194,691	185,206
Goodwill	116,090	113,999
Intangible assets, net	128,992	130,886
Operating lease right-of-use assets	16,115	11,090
Other long-term assets	7,114	6,933
Total Assets	773,301	746,213
LIABILITIES, CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY
Current maturities of long-term debt	9,287	11,504
Short-term debt	42,855	42,905
Accounts payable	101,540	116,675
Derivative liabilities	3,806	7,592
Accrued expenses and other current liabilities	36,899	37,459
Total current liabilities	194,387	216,135
Long-term debt, net	215,285	162,502
Deferred income taxes	10,823	14,355
Warrant liabilities	49,480	55,521
Other long-term liabilities	15,404	11,035
Total liabilities	485,379	459,548
Commitments and contingencies (Note 20)
Shareholders' Equity
Preferred stock, $0.01 par value, 26,000 shares authorized, no shares issued and outstanding
Common stock, $0.01 par value, 300,000 shares authorized, 75,628 shares and 75,020 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	759	750
Additional paid-in-capital	345,840	342,664
Accumulated deficit	(332,383)	(328,042)
Accumulated other comprehensive loss	(3,881)	(6,103)
Total shareholders' equity attributable to Westrock Coffee Company	10,335	9,269
Noncontrolling interest	2,475	2,460
Total shareholders' equity	12,810	11,729
Total Liabilities, Convertible Preferred Shares and Shareholders' Equity	773,301	746,213
Series A Redeemable Common Equivalent Preferred Shares
LIABILITIES, CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY
Redeemable Common Equivalent Preferred Shares	$ 275,112	$ 274,936

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands	Mar. 31, 2023	Dec. 31, 2022
Allowance for credit loss	$ 2,516,000	$ 3,023,000
Preferred Stock, Par Value	$ 0.01	$ 0.01
Preferred Stock, Authorized (in shares)	26,000	26,000
Preferred Stock, Shares Issued (in shares)	0	0
Preferred Stock, Shares outstanding (in shares)	0	0
Common stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Common stock, Shares Authorized (In shares)	300,000	300,000
Common stock, Shares Issued (In shares)	75,628	75,020
Common stock, Shares Outstanding (In shares)	75,628	75,020
Series A Redeemable Common Equivalent Preferred Shares [Member]
Redeemable Common Preferred Shares, Par Value (in dollars per share)	$ 0.01	$ 0.01
Redeemable Common Preferred Shares, Authorized (in shares)	24,000	24,000
Redeemable Common Preferred Shares, Issued (in shares)	23,566	23,588
Redeemable Common Preferred Shares, Outstanding (in shares)	23,566	23,588
Temporary Equity, Liquidation Preference	$ 11.50	$ 11.50

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales		$ 205,442	$ 186,428
Costs of sales		171,144	147,997
Gross profit		34,298	38,431
Selling, general and administrative expense		34,122	35,061
Acquisition, restructuring and integration expense		6,644	2,483
Loss on disposal of property, plant and equipment		896	105
Total operating expenses		41,662	37,649
Income (loss) from operations		(7,364)	782
Interest expense		6,029	8,048
Change in fair value of warrant liabilities		(5,529)
Other, net		821	(977)
Loss before income taxes		(8,685)	(6,289)
Income tax benefit		(4,359)	(1,584)
Net loss		(4,326)	(4,705)
Net income attributable to non-controlling interest		15	171
Net loss attributable to shareholders		(4,341)	(4,876)
Accretion of Series A Convertible Preferred Shares		(429)
Accumulating preferred dividends			(6,737)
Net loss attributable to common shareholders		$ (4,770)	$ (11,613)
Loss per common share:
Basic (in dollars per share)	[1]	$ (0.06)	$ (0.34)
Diluted (in dollars per share)	[1]	$ (0.13)	$ (0.34)
Weighted-average number of shares outstanding
Basic (in shares)	[1]	75,358	34,641
Diluted (in shares)	[1]	76,693	34,641
[1] (1) Retroactively adjusted the three months ended March 31, 2022 for de-SPAC merger transaction as described in Note 4

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net loss	$ (4,326)	$ (4,705)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on derivative instruments	2,240	(4,860)
Foreign currency translation adjustment	(18)
Total other comprehensive income (loss)	2,222	(4,860)
Comprehensive loss	(2,104)	(9,565)
Comprehensive income attributable to non-controlling interests	15	171
Comprehensive loss attributable to shareholders	(2,119)	(9,736)
Accretion of Series A Convertible Preferred Shares	(429)
Accumulating preferred dividends		(6,737)
Comprehensive loss attributable to common shareholders	$ (2,548)	$ (16,473)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT) - USD ($) shares in Thousands, $ in Thousands		Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss).	Non-Controlling Interest	Total
Balance at beginning of period at Dec. 31, 2021	[1]	$ 345	$ 60,628	$ (251,725)	$ 12,018	$ 2,736	$ (175,998)
Balance at beginning of period (in shares) at Dec. 31, 2021	[1]	34,523
Net income (loss)				(4,876)		171	(4,705)
Other comprehensive income (loss)					(4,860)		(4,860)
Equity-based compensation		$ 3	168				171
Equity-based compensation (in shares)		333
Net share settlement of equity awards			(477)				(477)
Accumulating preferred dividends				(6,737)			(6,737)
Balance at end of period at Mar. 31, 2022	[1]	$ 348	60,319	(263,338)	7,158	2,907	(192,606)
Balance at end of period (in shares) at Mar. 31, 2022	[1]	34,856
Balance at beginning of period at Dec. 31, 2022		$ 750	342,664	(328,042)	(6,103)	2,460	11,729
Balance at beginning of period (in shares) at Dec. 31, 2022		75,020
Net income (loss)				(4,341)		15	(4,326)
Issuance of common shares related to acquisitions		$ 2	444				446
Issuance of common shares related to acquisitions (in shares)		40
Issuance of common shares related to Public Warrant exercise		$ 2	3,142				3,144
Issuance of common shares related to Public Warrant exercise (in shares)		229
Issuance of common shares related to stock options exercised		$ 1	62				63
Issuance of common shares related to stock options exercised (in shares)		6
Issuance of common shares related to conversion of Series A Convertible Preferred Shares		$ 1	253				254
Issuance of common shares related to conversion of Series A Convertible Preferred Shares (in shares)		22
Accretion of Series A Convertible Preferred Shares			(429)				(429)
Other comprehensive income (loss)					2,222		2,222
Equity-based compensation		$ 3	1,545				1,548
Equity-based compensation (in shares)		311
Net share settlement of equity awards			(1,841)				(1,841)
Balance at end of period at Mar. 31, 2023		$ 759	$ 345,840	$ (332,383)	$ (3,881)	$ 2,475	$ 12,810
Balance at end of period (in shares) at Mar. 31, 2023		75,628
[1] (1) Retroactively adjusted the three months ended March 31, 2022 for de-SPAC merger transaction as described in Note 4

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (4,326)	$ (4,705)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	5,874	6,014
Equity-based compensation	1,548	171
Paid-in-kind interest added to debt principal		147
Provision for credit losses	497	897
Amortization of deferred financing fees included in interest expense	453	523
Loss on disposal of property, plant and equipment	896	105
Mark-to-market adjustments	(1,236)	(1,145)
Change in fair value of warrant liabilities	(5,529)
Foreign currency transactions	307	137
Deferred income tax (benefit) expense	(4,359)	(1,584)
Other	259
Change in operating assets and liabilities:
Accounts receivable	(14,048)	(9,468)
Inventories	6,626	(34,242)
Derivative assets and liabilities	(76)	(5,460)
Prepaid expense and other assets	(9,510)	(14,216)
Accounts payable	(10,756)	17,895
Accrued liabilities and other	8,249	6,531
Net cash used in operating activities	(25,131)	(38,400)
Cash flows from investing activities:
Additions to property, plant and equipment	(19,625)	(8,697)
Additions to intangible assets	(41)
Acquisition of business, net of cash acquired	(2,392)
Proceeds from sale of property, plant and equipment	30	861
Net cash used in investing activities	(22,028)	(7,836)
Cash flows from financing activities:
Payments on debt	(56,358)	(13,982)
Proceeds from debt	106,706	56,118
Payment of debt issuance costs	(405)
Net payments from repurchase agreements	(4,418)
Proceeds from exercise of stock options	63
Proceeds from exercise of Public Warrants	2,632
Payment for taxes for net share settlement of equity awards	(1,841)	(477)
Net cash provided by financing activities	46,379	41,659
Effect of exchange rate changes on cash	(55)	(106)
Net increase (decrease) in cash and cash equivalents and restricted cash	(835)	(4,683)
Cash and cash equivalents and restricted cash at beginning of period	26,405	22,870
Cash and cash equivalents and restricted cash at end of period	25,570	18,187
Supplemental non-cash investing and financing activities:
Property, plant and equipment acquired but not yet paid	4,168
Issuance of common shares related to Public Warrant exercise	3,144
Issuance of common share related to acquisitions	446
Issuance of common shares related to conversion of Series A Preferred Shares	254
Accretion of convertible preferred shares	$ 429
Accumulating preferred dividends		$ 6,737

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Cash and cash equivalents	$ 23,688	$ 16,838	$ 11,940
Restricted cash	1,882	9,567	6,247
Total	$ 25,570	$ 26,405	$ 18,187	$ 22,870

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2023
Organization and Description of Business
Organization and Description of Business	Note 1. Organization and Description of Business Westrock Coffee Company, a Delaware corporation (the “Company,” “Westrock,” “we,” “us,” or “our”), is a leading integrated coffee, tea, flavors, extracts, and ingredients solutions provider in the United States, providing coffee sourcing, supply chain management, product development, roasting, packaging, and distribution services to the retail, food service and restaurant, convenience store and travel center, non-commercial account, consumer packaged goods (“CPG”), and hospitality industries around the world. We manage our business in Beverage Solutions: Sustainable Sourcing & Traceability: Through this segment, we utilize our proprietary technology and digitally traceable supply chain to directly impact and improve the lives of our farming partners, tangible economic empowerment and an emphasis on environmental accountability and farmer literacy. Revenues primarily consist of sales from commodity contracts related to forward sales of green coffee. On August 26, 2022 (the “Closing Date”), pursuant to the terms of the Transaction Agreement, dated April 4, 2022, by and among the Company, Riverview Acquisition Corp., a special purpose acquisition vehicle and a Delaware corporation (“Riverview”), Origin Merger Sub I, Inc. (“Merger Sub I”), and Origin Merger Sub II, LLC (“Merger Sub II”) (as amended, modified or supplemented, the “Transaction Agreement”), the Company completed its de-SPAC merger transaction with Riverview (the “Transaction”). In connection with the closing of the Transaction (the “Closing”), the Company converted from a Delaware limited liability company to a Delaware corporation (the “Conversion”) and changed its corporate name from “Westrock Coffee Holdings, LLC” (the “Converting Company”) to “Westrock Coffee Company.” Pursuant to the Transaction Agreement, Merger Sub I merged with and into Riverview, with Riverview surviving the merger as a direct wholly owned subsidiary of Westrock (such merger, the “SPAC Merger”) and immediately following the consummation of the SPAC Merger, Riverview merged with and into Merger Sub II, with Merger Sub II surviving the merger as a direct wholly owned subsidiary of Westrock (the “LLC Merger”, and together with the SPAC Merger, the “Mergers”). See Note 4 for additional disclosures related to the Transaction.

Basis of Presentation and Conso

Basis of Presentation and Consolidation	3 Months Ended
	Mar. 31, 2023
Basis of Presentation and Consolidation
Basis of Presentation and Consolidation	Note 2. Basis of Presentation and Consolidation The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) using the U.S. dollar as the reporting currency. They do not include all the information and footnotes required by GAAP for complete financial statements. The Condensed Consolidated Financial Statements include the activities of the Company and its wholly owned and/or controlled subsidiaries. All intercompany balances and transactions have been eliminated. The Condensed Consolidated Balance Sheet as of December 31, 2022 was derived from the audited financial statements, but does not include all disclosures required by GAAP. At March 31, 2023, the Company had an 85% ownership interest in Falcon Coffees Limited (“Falcon”), which operates our trading business and is reported within our Sustainable Sourcing & Traceability segment. Equity interests not owned by us are reflected as non-controlling interests. In the Condensed Consolidated Statements of Operations, we allocate net income (loss) attributable to non-controlling interest to arrive at net income (loss) attributable to common shareholders based on their proportionate share. The interim financial information is unaudited but, in the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair statement of results for the interim periods have been included. Operating results from any interim period are not necessarily indicative of the results that may be expected for the full fiscal year. The Condensed Consolidated Financial Statements and related notes should be read in conjunction with the audited December 31, 2022 consolidated financial statements and notes thereto included in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 21, 2023. Accordingly, certain significant accounting policies and other disclosures normally provided have been omitted from the accompanying Condensed Consolidated Financial Statements and related notes since such items are disclosed in our audited financial statements. Common Unit Conversion In connection with the Transaction and pursuant to the Transaction Agreement, (a) each issued and outstanding common unit of the Converting Company (“Common Units”) was automatically converted into 0.1049203474320 shares of common stock, par value $0.01 per share, of the Converted Company (each such share, a “Common Share”), (b) each issued and outstanding common equivalent preferred unit of the Converting Company (the “Common Equivalent Preferred Units”) for which the holder had not elected to convert such unit into shares of Series A convertible preferred stock, par value $0.01 per share, of the Converted Company (the “Series A Preferred Shares”), automatically converted into 0.1086138208640 Common Shares if such Common Equivalent Preferred Unit was designated a Series A Common Equivalent Preferred Unit or 0.1049203474320 Common Shares if such Common Equivalent Preferred Unit was designated a Series B Common Equivalent Preferred Unit and (c) each outstanding Common Equivalent Preferred Unit for which the holder thereof had made an election to convert such unit into Series A Preferred Shares, converted into 0.1086138208740 Series A Preferred Shares if such Common Equivalent Preferred Unit was designated a Series A Common Equivalent Preferred Unit or 0.0919280171940 Series A Preferred Shares if such Common Equivalent Preferred Unit was designated a Series B Common Equivalent Preferred Unit. ​ For the periods prior to the Closing, the number of outstanding units, weighted average number of outstanding units, loss per common unit, equity-based compensation and other financial amounts previously expressed on the basis of Common Units have been retroactively adjusted on the basis of Common Shares reflecting the common unit conversion ratio, as described above. Reclassifications Certain reclassifications of prior years’ amounts have been made to conform with the current period financial statements presentation. These reclassifications had no impact on prior years’ net income as previously reported.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 3. Summary of Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses, and related disclosures of contingent assets and liabilities in the consolidated financial statements and accompanying notes. On an ongoing basis, we evaluate our estimates, including those related to the allowance for credit losses, useful lives of property, plant and equipment, incremental borrowing rates for lease liability measurement, fair values of forward purchase and sales contracts, green coffee associated with forward contracts, warrant liabilities, share-based compensation, contingencies, and income taxes, among others. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from the estimates and assumptions used in preparing the accompanying condensed consolidated financial statements. Going Concern ​ In accordance with Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40) Accounts Receivable and Allowance for Credit Losses Accounts receivable consist principally of amounts billed and currently due from customers and are generally unsecured and due within 30 to 60 days. A portion of our accounts receivable is not expected to be collected due to non-payment, bankruptcies and deductions. Our accounting policy for the allowance for credit losses requires us to reserve an amount based on the evaluation of the aging of accounts receivable, detailed analysis of high-risk customers’ accounts, and the overall market and economic conditions of our customers. This evaluation considers the customer demographic, such as large commercial customers as compared to small businesses or individual customers. We consider our accounts receivable delinquent or past due based on payment terms established with each customer. Accounts receivable are written off when the account is determined to be uncollectible. Activity in the allowance for credit losses for the periods indicated was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (Thousands) 2023 2022 Balance at beginning of period ​ $ 3,023 ​ $ 3,749 Charged to selling, general and administrative expense ​ ​ 497 ​ ​ 897 Write-offs ​ ​ (1,004) ​ ​ (1,635) Total ​ $ 2,516 ​ $ 3,011 ​ Inventories ​ Within our Sustainable Sourcing & Traceability segment, green coffee associated with our forward contracts is recorded at net realizable value, which approximates market price, consistent with our forward purchase contracts recorded at fair value in accordance with Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging (“ASC 815”). Green coffee is a commodity with quoted market prices in active markets, may be sold without significant further processing, has predictable and insignificant disposal costs and is available for immediate delivery. We estimate the fair value of green coffee based on the quoted market price at the end of each reporting period, with changes in fair value being reported as a component of costs of sales in our Condensed Consolidated Statements of Operations. For the three months ended March 31, 2023 and 2022, we recognized Supplier Finance Program ​ On March 2, 2023, the Company entered into a supplier finance program (the “Program”) with a third-party financing provider to provide better working capital usage by deferring payments for certain raw materials. Under the Program, the financing provider remits payment to the Company’s suppliers for approved invoices, and the Company repays the financing provider the amount of the approved invoices, plus a financing charge, on 180 -day terms. The Program is uncommitted and the financing provider may, at its sole discretion, cancel the Program at any time. The Company may request cancellation of the Program in whole or in respect of or more approved suppliers. Due to the extension of payment terms beyond the original due date of approved invoices, obligations under the Program are recorded outside of accounts payable in our Condensed Consolidated Balance Sheets. Amounts paid by the financing provider to suppliers are reported as cash inflows from financing activities and a corresponding cash outflow from operating activities in our Condensed Consolidated Statements of Cash Flows. Amounts paid to the financing provider are reflected as cash outflows from financing activities in our Condensed Consolidated Statements of Cash Flows. As of March 31, 2023, there were ​ Warrant Liabilities ​ We account for warrants assumed in connection with the Transaction (see Note 4) in accordance with the guidance contained in ASC 815, under which the warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, we classify the warrants as liabilities at their fair value and adjust the warrants to fair value at each reporting period. The liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Condensed Consolidated Statement of Operations. ​ The Company remeasures the fair value of the Westrock Public Warrants (as defined in Note 4) based on the quoted market price of the Westrock Public Warrants. The Westrock Private Warrants (as defined in Note 4) are valued using a binomial lattice valuation model. For the three months ended March 31, 2023, the Company recognized $5.5 million of gains related to the change in fair value of warrant liabilities, which is recognized in other (income) expense in the Condensed Consolidated Statements of Operations. ​ Income Taxes We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized based on the differences between the financial statement carrying amount of assets and liabilities and their respective tax bases, using enacted income tax rates expected to apply when the deferred tax assets and liabilities are expected to be realized or settled. The Company’s foreign subsidiaries file income tax returns and are subject to tax provisions in their respective foreign tax jurisdictions. ​ A valuation allowance is established to reduce deferred income tax assets if, on the basis of available evidence, it is more likely than not that all or a portion of any deferred tax assets will not be realized. The consideration of available evidence requires significant management judgment including an assessment of the future periods in which the deferred tax assets and liabilities are expected to be realized and projections of future taxable income. Specifically, in assessing the need for a valuation allowance, we consider the reversal of taxable temporary differences, future taxable income, the ability to carryback certain attributes and tax-planning strategies. The ultimate realization of the deferred tax assets, including net operating losses, is dependent upon the generation of future taxable income during the periods prior to their expiration. If our estimates and assumptions about future taxable income are not appropriate, the value of our deferred tax assets may not be recoverable, which may result in an increase to our valuation allowance that will impact current earnings. We re-evaluate our need for a valuation allowance on a quarterly basis. ​ The effective tax rates for the three months ended March 31, 2023 and March 31, 2022 were 50.2% and 25.2%, respectively. The Company’s effective tax rate for the current period differs from the federal statutory rate primarily due to a change in the valuation allowance against domestic deferred tax assets and discrete items, including the windfall from equity-based compensation awards. The effective tax rate for the three months ended March 31, 2023 differs from the effective tax rate for the same period in 2022 primarily due to the change in the valuation allowance and an increase in the windfall from equity-based compensation awards. ​ There were no changes to uncertain tax benefits during the three months ended March 31, 2023, and the Company does not expect any significant changes to uncertain tax benefits within the next twelve months. ​ Recently adopted accounting pronouncements Update ASU 2022-04 - Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations In September 2022, the FASB issued ASU 2022-04 “Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations”, which requires that a company that uses a supplier finance program in connection with the purchase of goods or services disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. ASU 2022-04 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on roll forward information, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. The Company adopted the applicable amendments within ASU 2022-04 on a retrospective basis effective January 1, 2023. The amendments to ASU 2022-04 do not affect the recognition, measurement or financial statement presentation of obligations covered by supplier finance programs. Update ASU 2021-08 – Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers In October 2021, the FASB issued ASU 2021-08, which requires an entity to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers, instead of at fair value on the acquisition date as previously required by ASC 805. The amendments improve comparability after the business combination by providing consistent recognition and measurement guidance for acquired revenue contracts and revenue contracts not acquired in a business combination. ASU 2021-08 was effective for years beginning after December 15, 2022. The adoption of ASU 2021-08 did not have a significant impact on the Company’s financial position or results of operations

De-SPAC Merger Transaction

De-SPAC Merger Transaction	3 Months Ended
	Mar. 31, 2023
De-SPAC Merger Transaction
De-SPAC Merger Transaction	Note 4. De-SPAC Merger Transaction On the Closing Date, the Company completed the Transaction with Riverview. At Closing, the Company issued Substantially concurrently with the Closing, the Company received $205.9 million in cash proceeds (which amount excludes contribution to the Company of certain related party notes outstanding immediately prior to Closing) from common stock PIPE investments (the “PIPE Financing”), issued 20,590,000 Common Shares to the PIPE investors (which share amount excludes the conversion of the related party notes), and entered into a credit agreement that includes (a) a senior secured first lien revolving credit facility in an initial aggregate principal amount of $175.0 million and (b) a senior secured first lien term loan facility in an initial aggregate principal amount of $175.0 million. ​ Prior to the Closing, the Company’s ownership interests consisted of two classes of equity, referred to as Common Units and Common Equivalent Preferred Units. At inception, each Common Equivalent Preferred Unit has a liquidation preference of $1.00 per unit, increased by an amount accruing at the rate of 10% per annum, compounding annually, based on its liquidation preference as of the time of such accrual, and reduced by the cumulative amount of any cash dividends or distributions, if any, made by the Company in respect of such Common Equivalent Preferred Unit (the “Common Equivalent Preferred Unit Liquidation Preference”). In connection with the Closing, holders of Common Equivalent Preferred Units were paid a cash dividend totaling $4.4 million, which is equal to the accreted liquidation preference of the Common Equivalent Preferred Units from June 30, 2022 through Closing. ​ Pursuant to the Transaction Agreement, (a) each issued and outstanding Common Unit converted into 0.1049203474320 Common Shares, (b) each issued and outstanding Common Equivalent Preferred Unit for which the holder had not elected to convert such unit into shares of Series A convertible preferred stock of Westrock (the “Westrock Series A Preferred Shares”) (see Note 13), automatically converted into 0.1086138208640 Common Shares if such Westrock Preferred Unit was designated a Series A Common Equivalent Preferred Unit or 0.1049203474320 Common Shares if such Common Equivalent Preferred Unit was designated a Series B Common Equivalent Preferred Unit and (c) each outstanding Westrock Preferred Unit, for which the holder thereof had made an election to convert such unit into Westrock Series A Preferred Shares, converted into 0.1086138208740 Westrock Series A Preferred Shares if such Common Equivalent Preferred Unit was designated a Series A Common Equivalent Preferred Unit or 0.0919280171940 Westrock Series A Preferred Shares if such Common Equivalent Preferred Unit was designated a Series B Common Equivalent Preferred Unit. As a result, we issued 34,855,535 Common Shares to holders of Common Units, 2,220,305 Common Shares to holders of Common Equivalent Preferred Units who elected to convert their Common Equivalent Preferred Units into Common Shares, and 23,587,952 Westrock Series A Preferred Shares to holders who elected to convert their Common Equivalent Preferred Units into Westrock Series A Preferred Shares. In addition, at Closing, (i) each outstanding share of class B common stock of Riverview (the “Riverview Class B Shares” together with the Riverview Class A Shares, the “Riverview Shares”) (other than the Riverview Class B Shares held as treasury stock, which were automatically cancelled and extinguished at Closing), automatically converted into one Riverview Class A Share, (ii) each outstanding Riverview Class A Share (including the Riverview Class A Shares resulting from the conversion of Riverview Class B Shares at Closing but excluding any Riverview Class A Shares held as treasury stock, which were automatically cancelled and extinguished at Closing) were exchanged for one Common Share, (iii) each outstanding warrant to purchase Riverview Class A Shares (the “Riverview Warrants”) was, by its terms, automatically converted into a comparable warrant to purchase Common Shares (the “Westrock Warrants”) on the terms and subject to the conditions set forth in the warrant agreement for the Riverview Warrants and the amended and restated warrant agreement for the Westrock Warrants, (iv) each Riverview Share held immediately prior to Closing by Riverview as treasury stock was automatically canceled and extinguished and (v) each share of capital stock of Merger Sub I issued and outstanding immediately prior to Closing was automatically canceled and extinguished and converted into one share of common stock, par value $0.01, of the surviving corporation in the SPAC Merger. In connection with obtaining the approval of the Mergers by Riverview’s stockholders, Riverview provided an opportunity for its stockholders to redeem all or a portion of their outstanding Riverview Class A Shares. ​ The Transaction is a capital transaction in substance and not a business combination under ASC 805, Business Combinations ​ The financial statements of the combined entity represent a continuation of the financial statements of Westrock, and the net assets of Riverview have been stated at historical cost, with no goodwill ​ Proceeds from the Transaction and the $175.0 million term loan facility were used to pay off and terminate our then existing term loan and asset-based lending agreements, and to pay expenses related to the Transaction and the new credit agreement. ​ The Company and Riverview incurred $24.0 million and $17.1 million, respectively, of expenses related to the Transaction. These expenses consist of underwriting fees, professional services (legal, accounting, advisory, etc.) and other direct expenses associated with the Transaction. Costs incurred by Westrock were initially capitalized as incurred in the other assets on the Condensed Consolidated Balance Sheets. As a result of the transaction, million of expenses incurred by Riverview were either paid by Riverview prior to Closing or netted against proceeds received by the Company at Closing. Common Stock Warrants The Company assumed 12,500,000 publicly-traded Riverview Warrants (“Public Warrants”) and 7,400,000 private placement Riverview Warrants (“Private Warrants”), which were originally issued by Riverview in connection with its initial public offering and, as a result of the assumption by the Company, became Westrock Warrants. The Public Warrants assumed by Westrock are referred to as the “Westrock Public Warrants” and the Private Warrants assumed by Westrock are referred to as the “Westrock Private Warrants”. The Westrock Warrants are included in warrant liabilities on the Company’s Condensed Consolidated Balance Sheet. The Westrock Warrants entitle the holder to purchase The Westrock Warrants may only be exercised for a whole number of shares, and will expire on August 26, 2027 (i.e., five years following the Closing), or earlier upon redemption or liquidations. Westrock may redeem the outstanding Westrock Public Warrants (i) in whole and not in part; (ii) at a price of per share. During any period when Westrock fails to maintain an effective registration statement registering the Common Shares issuable upon the exercise of the Westrock Warrants, Westrock is required to permit holders of Westrock Warrants to exercise their Westrock Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act of 1933, as amended, or another exemption. If and when the Public Warrants become redeemable by Westrock, Westrock may exercise its redemption right even if Westrock is unable to register or qualify the underlying securities for sale under all applicable state securities laws. The Westrock Private Warrants, which became transferable, assignable and salable on September 26, 2022 (i.e., 30 days after the Closing), are currently held by the Riverview Sponsor, and are generally identical to the Westrock Public Warrants, except they cannot be redeemable by Westrock so long as they are held by the Riverview Sponsor or its permitted transferees. The Riverview Sponsor, or its permitted transferees, have the option to exercise the Westrock Private Warrants on a cashless basis. If the Westrock Private Warrants are held by holders other than the Riverview Sponsor or its permitted transferees, the Westrock Private Warrants will become redeemable by Westrock and exercisable by the holders on the same basis as the Westrock Public Warrants.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2023
Revenue
Revenue	Note 5. Revenue Revenue from Contracts with Customers (ASC 606) We measure revenue based on the consideration specified in the client arrangement, and revenue is recognized when the performance obligations in the client arrangement are satisfied. Our principal source of revenue is from the procurement, trade, manufacture, and distribution of coffee, tea and extracts to customers in the United States, Europe, and Asia. The transaction price of a contract, net of discounts and expected returns, is allocated to each distinct performance obligation based on the relative standalone selling price of the obligation and is recognized as revenue when the performance obligation is satisfied. The standalone selling price is the estimated price we would charge for the good or service in a separate transaction with similar customers in similar circumstances. Identifying distinct performance obligations and determining the standalone selling price for each performance obligation within a contract requires management judgment. Substantially all our client contracts require that we be compensated for services performed to date. This is upon shipment of goods or upon delivery to the customer, depending on contractual terms. Shipping and handling costs paid by the customer to us are included in revenue and costs incurred by us for shipping and handling activities that are performed after a customer obtains control of the product are accounted for as fulfillment costs. In addition, we exclude from net revenue and cost of sales taxes assessed by governmental authorities on revenue-producing transactions. Although we occasionally accept returns of products from our customers, historically returns have not been material. At times, the Company may enter into agreements in which its Sustainable Sourcing & Traceability segment will sell inventory to a third party, from whom the Company’s Beverage Solutions segment has an obligation to repurchase. Such transactions are accounted for as financing transactions in accordance with ASC 606. At March 31, 2023, the Company has $10.2 million of such repurchase agreement obligations, collateralized by the corresponding inventory, that are recorded within accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets. Net cash flows associated with these repurchase agreements are reported as financing activities in the Condensed Consolidated Statements of Cash Flows. Revenue from Forward Contracts (ASC 815) A portion of the Company’s revenues consist of sales from commodity contracts that are accounted for under ASC 815. Sales from commodity contracts primarily relate to forward sales of green coffee which are accounted for as derivatives at fair value under ASC 815. These forward sales meet the definition of a derivative under ASC 815 as they have an underlying, notional amount, no initial net investment and can be net settled since the commodity is readily converted to cash. The Company does not apply the normal purchase and normal sale exception under ASC 815 to these contracts. Revenues from commodity contracts are recognized in revenues for the contractually stated amount when the contracts are settled. Settlement generally occurs upon shipment or delivery of the product when title and risks and rewards of ownership transfers to the customer. Prior to settlement, these forward sales contracts are recognized at fair value with the unrealized gains or losses recorded within costs of sales in our Condensed Consolidated Statements of Operations. For the three months ended March 31, 2023 and 2022, we recorded million of net unrealized gains, respectively, within costs of sales. For the three months ended March 31, 2023 and 2022, the Company recognized $24.4 million and $38.1 million in revenues under ASC 815, respectively, which are reported within the Company’s Sustainable Sourcing & Traceability segment. Contract Estimates The nature of the Company’s contracts give rise to variable consideration including cash discounts, volume-based rebates, point of sale promotions, and other promotional discounts to certain customers. For all promotional programs and discounts, the Company estimates the rebate or discount that will be granted to the customer and records an accrual upon invoicing. These estimated rebates or discounts are included in the transaction price of the Company’s contracts with customers as a reduction to net revenues and are included as accrued sales incentives in accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets. Accrued sales incentives were $1.3 million and $1.3 million at March 31, 2023 and December 31, 2022, respectively. We do not disclose the value of unsatisfied performance obligations for contracts (i) with an original expected length of one year or less or (ii) for which the Company recognizes revenue at the amount in which it has the right to invoice as the product is delivered. Contract Balances Contract balances relate primarily to advances received from the Company’s customers before revenue is recognized. The Company does not have any material contract liabilities as of March 31, 2023 or December 31, 2022. Receivables from contracts with customers are included in accounts receivable, net on the Company’s Condensed Consolidated Balance Sheets. At March 31, 2023 and December 31, 2022, accounts receivable, net included $118.0 million and $104.7 million in receivables from contracts with customers, respectively. Contract acquisition costs for obtaining contracts that are deemed recoverable are capitalized as contract costs. Such costs result from the payment of sales incentives and are amortized over the contract life. As of March 31, 2023 and December 31, 2022, no costs were capitalized as all arrangements were less than a year. Disaggregated Revenue In general, the Company’s business segmentation is aligned according to the nature and economic characteristics of its products and customer relationships and provides meaningful disaggregation of each business segment’s results of operations. Further disaggregation of revenues from sales to external customers by type and geographic area, based on customer location, for the periods indicated is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (Thousands) 2023 2022 Coffee & tea ​ $ 146,349 ​ $ 121,682 Flavors, extracts & ingredients ​ ​ 33,862 ​ ​ 25,666 Other ​ ​ 998 ​ ​ 1,014 Green coffee ​ ​ 24,233 ​ ​ 38,066 Net sales ​ $ 205,442 ​ $ 186,428 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (Thousands) 2023 2022 United States ​ $ 185,561 ​ $ 153,016 All other countries ​ ​ 19,881 ​ ​ 33,412 Net sales ​ $ 205,442 ​ $ 186,428 ​

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2023
Acquisitions
Acquisitions	Note 6. Acquisitions Bixby Roasting Co. ​ On February 28, 2023, the Company completed the acquisition of substantially all of the assets of Bixby Roasting Co. (“Bixby”), a specialty-grade roaster that is a leader in the emerging influencer-led brand space. The transaction is accounted for as a business combination in accordance with ASC 805. Aggregate consideration paid for Bixby included 39,778 Common Shares and approximately $2.2 million in cash, for total consideration of $2.6 million, subject to customary adjustments. Net assets acquired totaled approximately $0.7 million. The acquisition allows the Company to continue to expand its product marketing and development resources as it capitalizes on shifting consumer consumption trends. The acquisition includes Bixby’s roasting facility in Los Angeles, California. The acquisition was recorded by allocating the costs of the assets acquired and liabilities assumed, which consisted of accounts receivable, inventory, property, plant and equipment, and accounts payable, based on their estimated fair values at the acquisition date. The excess of the cost of the acquisition over the fair value of the net assets acquired is recorded as goodwill. We recognized approximately ​ Kohana Coffee, LLC ​ On November 14, 2022, Westrock Beverage Solutions, LLC, a Delaware limited liability company and wholly owned subsidiary of the Company, acquired one hundred percent ( 100% ) of the equity securities of Kohana Coffee, LLC (“Kohana Coffee”), a Texas limited liability company (“Kohana Acquisition”). Kohana Coffee is an extract and ready- to-drink focused business, based in Richmond, California, serving customers in the retail and CPG industries. The acquisition allows the Company to accelerate the development, production, and distribution of ready-to-drink products in cans and bottles. Aggregate consideration paid for Kohana Coffee included 1,852,608 Common Shares and approximately $15.7 million in cash, subject to customary adjustments. ​ The fair value of the stock consideration was based on the closing price of the Company’s common stock on the date of acquisition. The total consideration paid in the Kohana Acquisition is summarized below: ​ ​ ​ ​ ​ (Thousands) ​ ​ Cash consideration ​ $ 15,682 Fair value of stock consideration ​ ​ 23,435 Total Consideration ​ $ 39,117 ​ The assets and liabilities acquired in the Kohana Acquisition are recorded at their estimated fair values. ​ ​ ​ ​ ​ (Thousands) Acquired Value Cash and cash equivalents ​ $ 797 Accounts receivable ​ ​ 881 Inventory ​ ​ 2,306 Property, plant and equipment ​ ​ 8,387 Goodwill ​ ​ 17,089 Intangible assets ​ ​ 11,718 Accounts payable and accrued liabilities ​ ​ (2,061) Total ​ $ 39,117 ​ The above purchase price allocation is considered preliminary and is subject to change when the valuation of assets and liabilities is finalized upon receipt of the final valuation report from a third-party valuation expert, which is anticipated to be finalized during the second quarter of 2023. During the quarter ended March 31, 2023, we recorded $0.1 million of measurement period adjustments, primarily related to the settlement of post-closing working capital adjustments. The cost of the acquisition in excess of the fair market value of the tangible and intangible assets acquired less liabilities assumed represents acquired goodwill, which is deductible for tax purposes. The goodwill arising from the transaction is primarily attributable to strategic opportunities from the acquisition of Kohana, including our ability to accelerate the development, production, and distribution of ready-to-drink products in cans and bottles to our existing customers.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2023
Inventories
Inventories	Note 7. Inventories The following table summarizes inventories as of March 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ (Thousands) March 31, 2023 December 31, 2022 Raw materials ​ $ 67,388 ​ $ 66,925 Finished goods ​ ​ 27,851 ​ ​ 21,232 Green coffee ​ ​ 47,337 ​ ​ 57,679 Total inventories ​ $ 142,576 ​ $ 145,836 ​ Green coffee inventories represent green coffee held for resale. At March 31, 2023 and December 31, 2022, all green coffee held for resale was included within our Sustainable Sourcing & Traceability segment.

Property, Plant and Equipment,

Property, Plant and Equipment, Net	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment, Net.
Property, Plant and Equipment, Net	Note 8. Property, Plant and Equipment, Net The following table summarizes property, plant and equipment, net as of March 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Thousands) Depreciable Lives March 31, 2023 December 31, 2022 Land ​ ​ ​ $ 8,998 ​ $ 9,052 Buildings ​ 10-40 years ​ ​ 44,364 ​ ​ 44,425 Leasehold improvements (1) ​ ​ ​ ​ 1,914 ​ ​ 1,651 Plant equipment ​ 3-15 years ​ ​ 106,753 ​ ​ 107,885 Vehicles and transportation equipment ​ 3-5 years ​ ​ 700 ​ ​ 700 IT systems ​ 3-7 years ​ ​ 3,396 ​ ​ 3,053 Furniture and fixtures ​ 3-10 years ​ ​ 3,624 ​ ​ 3,529 Customer beverage equipment (2) ​ 3-5 years ​ ​ 22,148 ​ ​ 21,930 Lease right-of-use assets (3) ​ ​ ​ ​ 36 ​ ​ 36 Construction in progress and equipment deposits ​ ​ ​ ​ 72,630 ​ ​ 59,947 ​ ​ ​ ​ ​ 264,563 ​ ​ 252,208 Less: accumulated depreciation ​ ​ ​ ​ (69,872) ​ ​ (67,002) Property, plant and equipment, net ​ ​ ​ $ 194,691 ​ $ 185,206 1 - Leasehold improvements are amortized over the shorter of their estimated useful lives or the related lease life. 2 - Customer beverage equipment consists of brewers held on site at customer locations. 3 - Lease right-of-use assets are amortized over the shorter of the useful life of the asset or the lease term. ​ Depreciation expense for the three months ended March 31, 2023 and 2022 was $3.9 million and $4.3 million, respectively. Assets classified as construction in progress and equipment deposits are not depreciated, as they are not ready for production use. All assets classified as construction in progress and equipment deposits at March 31, 2023 are expected to be in production use.

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2023
Goodwill.
Goodwill	Note 9. Goodwill The following table reflects the carrying amount of goodwill as of March 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ Beverage ​ (Thousands) ​ Solutions ​ Total Balance at December 31, 2022 ​ ​ ​ ​ ​ ​ Goodwill ​ $ 190,882 ​ $ 190,882 Accumulated impairment loss ​ ​ (76,883) ​ ​ (76,883) ​ ​ ​ 113,999 ​ ​ 113,999 Changes during the period: ​ ​ ​ ​ ​ ​ Acquisitions ​ ​ 1,948 ​ ​ 1,948 Measurement period adjustments ​ ​ 143 ​ ​ 143 ​ ​ ​ ​ ​ ​ ​ Balance at March 31, 2023 ​ ​ ​ ​ ​ ​ Goodwill ​ ​ 192,973 ​ ​ 192,973 Accumulated impairment loss ​ ​ (76,883) ​ ​ (76,883) ​ ​ $ 116,090 ​ $ 116,090 ​

Intangible Assets, Net

Intangible Assets, Net	3 Months Ended
	Mar. 31, 2023
Intangible Assets, Net
Intangible Assets, Net	Note 10. Intangible Assets, Net The following table summarizes intangible assets, net as of March 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ ​ ​ Accumulated ​ ​ (Thousands) Cost Amortization Net Customer relationships ​ $ 148,728 ​ $ (20,705) ​ $ 128,023 Favorable lease asset ​ ​ 710 ​ ​ (210) ​ ​ 500 Software ​ ​ 957 ​ ​ (488) ​ ​ 469 Intangible assets, net ​ $ 150,395 ​ $ (21,403) ​ $ 128,992 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ Accumulated ​ ​ (Thousands) Cost Amortization Net Customer relationships ​ $ 148,648 ​ $ (18,778) ​ $ 129,870 Favorable lease asset ​ ​ 710 ​ ​ (140) ​ ​ 570 Software ​ ​ 919 ​ ​ (473) ​ ​ 446 Intangible assets, net ​ $ 150,277 ​ $ (19,391) ​ $ 130,886 ​ Amortization expense of intangible assets was $2.0 million and $1.7 million for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, the weighted average useful life for definite-lived intangibles is approximately

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases
Leases	Note 11. Leases We have operating leases for manufacturing and production facilities, distribution and warehousing facilities, vehicles and machinery and equipment. Some of our lease agreements have renewal options, tenant improvement allowances, rent holidays and rent escalation clauses. The remaining terms on our leases range from . The following table summarizes the amount of right-of-use lease assets and lease liabilities included in each respective line item on the Company’s Condensed Consolidated Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Thousands) Balance Sheet Location March 31, 2023 December 31, 2022 Right-of-use operating lease assets ​ Operating lease right-of-use assets ​ $ 16,115 ​ $ 11,090 Operating lease liabilities - current ​ Accrued expenses and other current liabilities ​ ​ 3,206 ​ ​ 2,832 Operating lease liabilities - noncurrent ​ Other long-term liabilities ​ ​ 13,253 ​ ​ 8,424 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depending on the nature of the lease, lease costs are classified within costs of sales or selling, general and administrative expense on the Company’s Condensed Consolidated Statements of Operations. The components of lease costs at March 31, 2023 and 2022, respectively, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ (Thousands) ​ Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Operating lease cost ​ $ 1,221 ​ $ 929 Short-term lease cost ​ ​ 234 ​ ​ 254 Total ​ $ 1,455 ​ $ 1,183 ​ The following table presents information about the Company’s weighted average discount rate and remaining lease term as of March 31, 2023 and March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 March 31, 2022 Weighted-average discount rate ​ ​ 8.0% ​ ​ 7.4% Weighted-average remaining lease term ​ ​ 5.3 years ​ ​ 5.5 years ​ Supplemental cash flow information about the Company’s leases as of March 31, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ (Thousands) Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Operating cash flows from operating leases ​ $ 1,065 ​ $ 832 ​ During the three months ended March 31, 2023, the Company obtained $6.0 million of right-of-use operating lease assets in exchange for lease obligations. Finance lease assets are recorded in property, plant and equipment, net with the corresponding lease liabilities included in accrued expenses and other current liabilities and long-term debt, net on the Condensed Consolidated Balance Sheets. There were Future minimum lease payments under non-cancellable operating leases as of March 31, 2023 are as follows: ​ ​ ​ ​ ​ (Thousands) ​ ​ Remainder of 2023 ​ $ 3,212 2024 ​ ​ 4,382 2025 ​ ​ 3,277 2026 ​ ​ 2,609 2027 ​ ​ 2,589 Thereafter ​ ​ 4,239 Total future minimum lease payments ​ ​ 20,308 Less: imputed interest ​ ​ (3,849) Present value of minimum lease payments ​ $ 16,459 ​

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt
Debt	Note 12. Debt Our long-term debt at March 31, 2023 and December 31, 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ (Thousands) March 31, 2023 December 31, 2022 Term loan facility ​ $ 170,625 ​ $ 175,000 Revolving credit facility ​ ​ 55,000 ​ ​ — International trade finance lines ​ ​ 42,855 ​ ​ 42,905 International notes payable ​ ​ 1,528 ​ ​ 1,750 Other loans ​ ​ 21 ​ ​ 25 Total debt ​ ​ 270,029 ​ ​ 219,680 Unamortized debt costs ​ ​ (2,602) ​ ​ (2,769) Current maturities of long-term debt ​ ​ (9,287) ​ ​ (11,504) Short-term debt ​ ​ (42,855) ​ ​ (42,905) Long-term debt, net ​ $ 215,285 ​ $ 162,502 ​ Credit Agreement On August 29, 2022, the Company entered into a credit agreement (the “Credit Agreement”) among the Company, Westrock Beverage Solutions, LLC, as the borrower (the “Borrower”), Wells Fargo Bank, N.A., as administrative agent, collateral agent, and swingline lender, Wells Fargo Securities, LLC, as sustainability structuring agent, and each issuing bank and lender party thereto. The Credit Agreement includes (a) a senior secured first lien revolving credit facility in an initial aggregate principal amount of $175.0 million (the “Revolving Credit Facility”) and (b) a senior secured first lien term loan facility in an initial aggregate principal amount of $175.0 million (the “Term Loan Facility”). Proceeds from the Term Loan Facility were used for paying off existing indebtedness. The Revolving Credit Facility and the Term Loan Facility will mature on August 29, 2027. All obligations under the Credit Agreement are guaranteed by the Company and each of the Borrower’s domestic subsidiaries, which comprise our Beverage Solutions segment, and are secured by substantially all of the Company’s assets. ​ Borrowings under the Revolving Credit Facility and the Term Loan Facility will bear interest, at the Borrower’s option, initially at an annual rate equal to (i) Term SOFR plus a credit spread adjustment of 0.10% for loans with an interest period of one month, 0.15% for loans with an interest period of three months and 0.25% for loans with an interest period of six months, as applicable, (the “Adjusted Term SOFR”) or (ii) the base rate (determined by reference to the greatest of (i) the rate of interest last quoted by The Wall Street Journal in the U.S. as the prime rate in effect, (ii) the NYFRB Rate from time to time plus 0.50% and (iii) the Adjusted Term SOFR for a one month interest period plus 1.00%, (the “Base Rate”)), in each case plus the Applicable Margin. The Applicable Margin ranges from 1.50% to 2.50% for Adjusted Term SOFR loans and from 0.50% to 1.50% for Base Rate loans, in each case depending on the total net leverage ratio. Commitment fees on the daily unused amount of commitments under the Revolving Credit Facility range from 0.20% to 0.35% depending on the total net leverage ratio. At March 31, 2023, we had ​ The Term Loan Facility requires quarterly principal payments during the first three years of approximately $2.2 million (1.25% of the original principal balance). Quarterly payments increase to approximately $3.3 million and $4.4 million (1.875% and 2.5% of the original principal balance) during the fourth and fifth years, respectively. ​ We incurred $6.0 million of financing fees in connection with the Credit Agreement. ​ On February 14, 2023, the Company entered into an Incremental Assumption Agreement and Amendment No. 1 (the “Amendment”) to its Credit Agreement, which established a new class of incremental term loan commitments in the form of a senior secured delayed draw term loan credit facility (the “Delayed Draw Term Loan Facility”) in the aggregate principal amount of $50.0 million, proceeds of which may be used to fund capital expenditures related to our extract and ready-to-drink facility in Conway, Arkansas, or for general corporate purposes. ​ The interest rates under the Delayed Draw Term Loan Facility are the same as the interest rates with respect to the initial term loans under the existing Term Loan Facility, and the commitment fees applying to the unused portion of the Delayed Draw Term Loan Facility are the same as the commitment fees with respect to the Revolving Credit Facility. Any delayed draw term loan funded under the Delayed Draw Term Loan Facility will mature on August 29, 2027. As of the date of this Quarterly Report on Form 10-Q, no borrowings have been made under the Delayed Draw Term Loan Facility. ​ We had $2.6 million of standby letters of credit outstanding at March 31, 2023. The Credit Agreement contains two financial covenants requiring maintenance of a total net leverage ratio not to exceed 4.50 to 1.00, with a stepdown to 4.00 to 1.00 on the 18-month to 1.00 (the “Financial Covenants”). As of March 31, 2023, the Company was in compliance with the Financial Covenants. International Debt and Lending Facilities On March 21, 2023, the Company entered into a $70 million working capital trade finance facility with multiple financial institutions through its subsidiary, Falcon. The facility replaced Falcon’s then existing working capital trade finance facility. The new facility is uncommitted and repayable on demand, with certain of Falcon’s assets pledged as collateral against the facility. The new facility will mature one year from inception. Borrowings under the new facility will bear interest at the borrower’s option at a rate equal to (a) Term SOFR, as defined in the new facility, plus a margin of 4.00% plus a liquidity premium set by the lender at the time of borrowing or (b) the Base Rate (determined by reference to the greatest of (i) the Prime Rate, as defined in the new facility, at such time, (ii) one-half of 1.00% in excess of the Federal Funds Effective Rate, as defined in the new facility, at such time, and (iii) Term SOFR for a one-month tenor in effect at such time plus 1.00%). At March 31, 2023, there was $35.0 million outstanding under the facility, which is recorded in short-term debt in the Condensed Consolidated Balance Sheets. Westrock Coffee International, LLC, through its subsidiary Rwanda Trading Company, maintains two mortgage-backed lending facilities with a local bank in Rwanda: (a) a short-term trade finance facility with a balance of $7.8 million at March 31, 2023 and (b) a long-term note payable with a balance of $1.5 million at March 31, 2023.

Series A Preferred Shares

Series A Preferred Shares	3 Months Ended
	Mar. 31, 2023
Series A Preferred Shares.
Series A Preferred Shares	Note 13. Series A Preferred Shares In connection with the Transaction, the Company issued 23,587,952 Westrock Series A Preferred Shares, which rank senior to the Common Shares with respect to dividend rights and/or distribution rights upon the liquidation, winding up or dissolution, as applicable, of Westrock. Each holder of Westrock Series A Preferred Shares is entitled to vote, on an as-converted basis, as a single class with the holders of Common Shares and the holders of any other class or series of capital stock of Westrock then entitled to vote with the Common Shares on all matters submitted to a vote of the holders of Common Shares. ​ The initial liquidation preference of Westrock Series A Preferred Shares is $11.50 per share, plus any declared but unpaid dividends and subject to accretion under certain circumstances. In the event of our liquidation, dissolution or winding up, holders of Westrock Series A Preferred Shares are entitled to receive, per Westrock Series A Preferred Share, the greater of (a) the liquidation preference and (b) the amount such holder would have received had they converted their Westrock Series A Preferred Shares into Common Shares immediately prior to such liquidation event. ​ Holders of Westrock Series A Preferred Shares may voluntarily convert their Westrock Series A Preferred Shares into a whole number of Common Shares at any time at a rate equal to the quotient of (a) the liquidation preference as of the applicable conversion date, divided by (b) the conversion price as of the applicable conversion date, which is currently per Westrock Series A Preferred Share is subject to customary adjustments for the issuance of Common Shares as a dividend or distribution to the holders of Common Shares, a subdivision or combination of the Common Shares, reclassification of the Common Shares into a greater or lesser number of Common Shares, certain tender or exchange offers for the Common Shares, and issuances of Common Shares below a specified price. ​ After February 26, 2028 (i.e., the five ​ At any time after February 26, 2028 (i.e., the five and a half year anniversary of the date of Closing), Westrock may redeem, ratably, in whole or, from time to time in part, the Westrock Series A Preferred Shares of any holder then outstanding at the redemption price in cash, equal to the greater of (i) the liquidation preference and (ii) the product of (x) the number of Common Shares that would have been obtained from converting one Westrock Series A Preferred Share on the date of the exercise of such call is notified by Westrock (including fractional shares for this purpose) and (y) the simple average of the daily volume weighted average price per Common Share for the ten trading days ending on and including the trading day immediately preceding the date of the exercise of such call by Westrock. The redemption price for the Westrock Series A Preferred Shares held by controlled affiliates of Brown Brothers Harriman & Co. (“BBH Investors”) may not be less than the $18.50 per Westrock Series A Preferred Share (subject to adjustments); provided that, Westrock may redeem such shares in such a case if it pays an incremental price per share on the redemption date to the BBH Investors equal to the difference between $18.50 (subject to adjustments) and the redemption price otherwise. Upon issuance, the Westrock Series A Preferred Shares were recorded on our Condensed Consolidated Balance Sheets at fair value. Subsequently, the Company will accrete changes in the redemption value from the date of issuance to the earliest redemption date (i.e., the five and a half year anniversary of the date of Closing) using the effective interest rate method. The accretion will be recorded as a deemed dividend, which adjusts retained earnings (or in the absence of retained earnings, additional paid-in capital) and earnings attributable to common shareholders in computing basic and diluted earnings per share. However, at no time will the Westrock Series A Preferred Shares be reported at a value less than its initial carrying value. For the three months ended March 31, 2023, the Company recorded

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2023
Derivatives
Derivatives	Note 14. Derivatives We record all derivatives, whether designated in a hedging relationship or not, at fair value on the Condensed Consolidated Balance Sheets. We use various types of derivative instruments including, but not limited to, forward contracts, futures contracts, and options contracts for certain commodities. Forward and futures contracts are agreements to buy or sell a quantity of a commodity at a predetermined future date, and at a predetermined rate or price. Forward contracts are traded over the counter whereas future contracts are traded on an exchange. Option contracts are agreements to facilitate a potential transaction involving the commodity at a preset price and date. The accounting for gains and losses that result from changes in the fair values of derivative instruments depends on whether the derivatives have been designated and qualify as hedging instruments and the types of hedging relationships. Derivatives can be designated as fair value hedges, cash flow hedges or hedges of net investments in foreign operations. The changes in the fair values of derivatives that have not been designated and for which hedge accounting is not applied, are recorded in the same line item in our Condensed Consolidated Statements of Operations as the changes in the fair value of the hedged items attributable to the risk being hedged. The changes in fair values of derivatives that have been designated and qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss) (“AOCI”) and are reclassified into the line item in the Condensed Consolidated Statements of Operations in which the hedged items are recorded in the same period the hedged items affect earnings. For derivatives that will be accounted for as hedging instruments, we formally designate and document, at inception, the financial instrument as a hedge of a specific underlying exposure, the risk management objective and the strategy for undertaking the hedge transaction. In addition, we formally assess both at the inception and at least quarterly thereafter, whether the financial instruments used in hedging transactions are highly effective at offsetting changes in either the fair values or cash flows of the related underlying exposures. We use cash flow hedges to minimize the variability in cash flows of assets or liabilities or forecasted transactions caused by fluctuations in commodity prices. The changes in fair values of hedges that are determined to be ineffective are immediately reclassified from AOCI into earnings. We did not discontinue any cash flow hedging relationships during the three months ended March 31, 2023 or 2022. Within our Beverage Solutions segment, we have entered into coffee futures contracts to hedge our exposure to price fluctuations on green coffee associated with certain price-to-be-fixed purchase contracts, which generally range from three to twelve months in length. These derivative instruments have been designated as cash flow hedges. The objective of this hedging program is to reduce the variability of cash flows associated with future purchases of green coffee. The notional amount for the coffee futures contracts that were designated and qualified for our commodity cash flow hedging program was 5.6 million pounds and 29.2 million pounds as of March 31, 2023 and December 31, 2022, respectively. During the three months ended March 31, 2023 and 2022, the Company purchased coffee futures contracts and coffee options contracts under our cash flow hedging program with aggregate notional amounts of 8.4 million pounds and 41.3 million pounds, respectively. Approximately $0.7 million of net realized losses and $4.1 million of net realized gains, representing the effective portion of the cash flow hedge, were subsequently reclassified from AOCI to earnings and recognized in costs of sales in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, the estimated amount of net losses reported in AOCI that is expected to be reclassified to the Condensed Consolidated Statements of Operations within the next twelve months is Within our Sustainable Sourcing & Traceability segment, the Company’s forward sales and forward purchase contracts are for physical delivery of green coffee in a future period. While the Company considers these contracts to be effective economic hedges, the Company does not designate or account for forward sales or forward purchase contracts as hedges as defined under current accounting standards. See Note 5 for a description of the treatment of realized and unrealized gains and losses on forward sales and forward purchase contracts. The fair value of our derivative assets and liabilities included in the Condensed Consolidated Balance Sheets are set forth below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Thousands) Balance Sheet Location March 31, 2023 December 31, 2022 Derivative assets not designated as cash flow hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ Forward purchase and sales contracts ​ Derivative assets ​ $ 13,390 ​ $ 15,053 Total derivative assets ​ ​ ​ $ 13,390 ​ $ 15,053 ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities designated as cash flow hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ Coffee futures contracts (1) ​ Derivative liabilities ​ $ 302 ​ $ 3,334 Total ​ ​ ​ $ 302 ​ $ 3,334 ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities not designated as cash flow hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ Forward purchase and sales contracts ​ Derivative liabilities ​ $ 3,504 ​ $ 4,258 Total derivative liabilities ​ ​ ​ $ 3,806 ​ $ 7,592 1 - The fair value of coffee futures excludes amounts related to margin accounts. The following table presents the pre-tax net gains and losses for our derivative instruments as of March 31, 2023 and March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (Thousands) Statement of Operations Location 2023 2022 Derivative assets designated as cash flow hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ Net realized gains (losses) on coffee derivatives ​ Costs of sales ​ $ (721) ​ $ 4,129 ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets and liabilities not designated as cash flow hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized gains (losses) on forward sales and purchase contracts ​ Costs of sales ​ $ (1,028) ​ $ 6,945 ​

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Measurements
Fair Value Measurements	Note 15. Fair Value Measurements ASC 820, Fair Value Measurements The Company groups its assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded, and the reliability of the assumptions used to determine fair value. These levels are: ● Level 1—Valuation is based upon quoted prices for identical instruments traded in active markets. ● Level 2—Valuation is based upon inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (i.e. interest rate and yield curves observable at commonly quoted intervals, default rates, etc.). Observable inputs include quoted prices for similar instruments in active and non-active markets. Level 2 includes those financial instruments that are valued with industry standard valuation models that incorporate inputs that are observable in the marketplace throughout the full term of the instrument or can otherwise be derived from or supported by observable market data in the marketplace. Level 2 inputs may also include insignificant adjustments to market observable inputs. ● Level 3—Valuation is based upon one or more unobservable inputs that are significant in establishing a fair value estimate. These unobservable inputs are used to the extent relevant observable inputs are not available and are developed based on the best information available. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The following table summarizes the fair value of financial instruments at March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 (Thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Green coffee associated with forward contracts ​ $ — ​ $ 34,318 ​ $ — ​ $ 34,318 Forward purchase and sales contracts ​ ​ — ​ ​ 13,390 ​ ​ — ​ ​ 13,390 Total ​ $ — ​ $ 47,708 ​ $ — ​ $ 47,708 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coffee futures contracts ​ $ 302 ​ $ — ​ $ — ​ $ 302 Forward purchase and sales contracts ​ ​ — ​ ​ 3,504 ​ ​ — ​ ​ 3,504 Westrock Public Warrants ​ ​ 28,538 ​ ​ — ​ ​ — ​ ​ 28,538 Westrock Private Warrants ​ ​ — ​ ​ — ​ ​ 20,942 ​ ​ 20,942 Total ​ $ 28,840 ​ $ 3,504 ​ $ 20,942 ​ $ 53,286 ​ The following table presents the change in fair value of Level 3 Westrock Private Warrant liabilities: ​ ​ ​ ​ ​ (Thousands) Westrock Private Warrants Fair value as of December 31, 2022 ​ $ 28,342 Change in fair value ​ ​ (7,400) Fair value as of March 31, 2023 ​ $ 20,942 ​ The following table summarizes the fair value of financial instruments at December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 (Thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Green coffee associated with forward contracts ​ $ — ​ $ 39,928 ​ $ — ​ $ 39,928 Forward purchase and sales contracts ​ ​ — ​ ​ 15,053 ​ ​ — ​ ​ 15,053 Total ​ $ — ​ $ 54,981 ​ $ — ​ $ 54,981 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coffee futures contracts ​ $ 3,334 ​ $ — ​ $ — ​ $ 3,334 Forward purchase and sales contracts ​ ​ — ​ ​ 4,258 ​ ​ — ​ ​ 4,258 Westrock Public Warrants ​ ​ 27,179 ​ ​ — ​ ​ — ​ ​ 27,179 Westrock Private Warrants ​ ​ — ​ ​ — ​ ​ 28,342 ​ ​ 28,342 Total ​ $ 30,513 ​ $ 4,258 ​ $ 28,342 ​ $ 63,113 ​ Coffee futures contracts and coffee options are valued based on quoted market prices. The estimated fair value for green coffee inventories associated with forward contracts and forward sales and purchase contracts are based on exchange-quoted prices, adjusted for differences in origin, quantity, quality, and future delivery period, as the exchange quoted prices represent standardized terms for the commodity. These adjustments are generally determined using broker or dealer quotes or based upon observable market transactions. As a result, green coffee associated with forward contracts and forward sales and purchase contracts are classified within Level 2 of the fair value hierarchy. Westrock Public Warrants are valued based on their quoted market price of $2.43 and $2.27 per warrant as of March 31, 2023 and December 31, 2022, respectively. Westrock Private Warrants price of per warrant as of March 31, 2023 and December 31, 2022, respectively, are valued using a binomial lattice valuation model, which is considered to be a Level 3 fair value measurement. The primary unobservable inputs were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Stock price ​ $ 12.24 ​ $ 13.36 Exercise price ​ ​ 11.50 ​ ​ 11.50 Expected term (years) ​ ​ 5.00 ​ ​ 5.00 Expected volatility ​ ​ 19.30% ​ ​ 7.74% Risk-free rate of return ​ ​ 3.64% ​ ​ 3.99% Dividend yield ​ ​ 0.00% ​ ​ 0.00% ​ The most significant of these primary unobservable inputs utilized in determining the fair value of the Westrock Private Warrants is the expected volatility of the stock price, which is determined by use of an option pricing model. Financial instruments consist primarily of cash, accounts receivable, accounts payable, and long-term debt. The carrying amount of cash, accounts receivable and accounts payable was estimated by management to approximate fair value due to the relatively short period of time to maturity for those instruments. On August 29, 2022, the Company entered into the Credit Agreement, which includes the Term Loan Facility and the Revolving Credit Facility. The Term Loan Facility and the Revolving Credit Facility are carried on the Condensed Consolidated Balance Sheets at amortized cost and are estimated by management to approximate fair value as of March 31, 2023 as the interest rate on these facilities is adjusted for changes in the market rates. The fair value of the Term Loan Facility and the Revolving Credit Facility was determined based on Level 2 inputs under the fair value hierarchy. Non-financial assets and liabilities, including property, plant and equipment, goodwill and intangible assets are measured at fair value on a non-recurring basis. No events occurred during the three months ended March 31, 2023 and 2022, requiring these non-financial assets and liabilities to be subsequently recognized at fair value.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2023
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss)	Note 16. Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss), net of tax by component for the three months ended March 31, 2023 and March 31, 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (Thousands) 2023 2022 Cash flow hedge changes in fair value gain (loss): ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ (6,355) ​ $ 11,759 Other comprehensive income (loss) before reclassifications ​ ​ 2,354 ​ ​ (2,269) Amounts reclassified from accumulated comprehensive income ​ ​ 721 ​ ​ (4,129) Tax effect ​ ​ (835) ​ ​ 1,538 Net other comprehensive income ​ ​ (4,115) ​ ​ 6,899 Less: Other comprehensive income attributable to noncontrolling interests ​ ​ — ​ ​ — Balance at end of period ​ ​ (4,115) ​ ​ 6,899 Foreign currency translation gain ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ ​ 252 ​ ​ 259 Other comprehensive income (loss) before reclassifications ​ ​ (18) ​ ​ — Amounts reclassified from accumulated comprehensive income ​ ​ — ​ ​ — Tax effect ​ ​ — ​ ​ — Net other comprehensive income ​ ​ 234 ​ ​ 259 Less: Other comprehensive income attributable to noncontrolling interests ​ ​ — ​ ​ — Balance at end of period ​ ​ 234 ​ ​ 259 Accumulated other comprehensive income (loss) at end of period ​ $ (3,881) ​ $ 7,158 ​

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2023
Equity-Based Compensation
Equity-Based Compensation	Note 17. Equity-Based Compensation During the three months ended March 31, 2023, the Company granted 1.1 million restricted stock units (“RSUs”) under the Westrock Coffee Company 2022 Equity Incentive Plan (the “2022 Equity Plan”). The RSUs had a grant date fair value of $13.0 million, which was calculated using the closing price of the Company’s Common Shares on the applicable date of grant. The RSUs are amortized on a straight-line basis to expense over the vesting period, which is generally . As of March 31, 2023, there were million shares available for future issuance under the 2022 Equity Plan. ​ The following table sets forth the RSU activity under the 2022 Equity Plan for the three months ended March 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average Fair ​ ​ Units ​ Market Value Outstanding at December 31, 2022 ​ 1,127,000 ​ $ 11.49 Granted ​ 1,093,471 ​ ​ 11.93 Forfeited ​ (10,772) ​ ​ 11.57 Vested ​ — ​ ​ — Outstanding at March 31, 2023 ​ 2,209,699 ​ $ 11.71 ​

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2023
Earnings per Share
Earnings per Share	Note 18. Earnings per Share Prior to the Conversion, the Company’s ownership interests consisted of two classes of equity units, referred to as Common Units and Common Equivalent Preferred Units (“CEP Units”), which have been retroactively adjusted as shares reflecting the conversion ratios discussed in Note 4. Our Series A Preferred Shares and RSUs issued under our 2022 Equity Incentive Plan are considered participating securities as they receive non-forfeitable rights to dividends at the same rate as Common Shares. As participating securities, we include these instruments in the computation of earnings per share under the two-class method described in ASC 260, Earnings per Share. Prior to the Conversion, the dilutive effect of CEP Units was calculated by using the “if-converted” method. This assumed an add-back of dividends on the CEP Units to net income attributable to shareholders as if the securities were converted to common shares at the beginning of the reporting period (or at the time of issuance, if later), and the resulting common shares were included in the number of weighted-average units outstanding. The dilutive effect of Westrock Series A Preferred Shares is calculated using the if-converted method, which assumes an add-back of any accretion on preferred shares to net income attributable to shareholders as if the securities were converted to common shares at the beginning of the reporting period (or at the time of issuance, if later), and the resulting common shares being included in the number of weighted-average units outstanding. The dilutive effect of time-based option awards and RSUs is calculated using the treasury stock method, while performance-based awards are treated as contingently issuable. The following potentially dilutive securities were excluded from the computation of diluted shares for the periods indicated because their inclusion would have an anti-dilutive effect due to our reported loss. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (Thousands) 2023 2022 Warrants ​ ​ — ​ ​ — Restricted stock ​ ​ 2,210 ​ ​ 475 Options ​ ​ 1,517 ​ ​ 1,711 If-converted securities ​ ​ 23,583 ​ ​ 25,092 ​ The following table sets forth the computation of basic and diluted earnings per share under the two-class method for the periods indicated. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (Thousands, except per share data) 2023 2022 Basic Earnings per Common Share ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ Net loss attributable to common shareholders ​ $ (4,770) ​ $ (11,613) Denominator: ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding - basic ​ ​ 75,358 ​ ​ 34,641 Basic loss per common share ​ $ (0.06) ​ $ (0.34) ​ ​ ​ ​ ​ ​ ​ Diluted Earnings per Common Share ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ Net loss attributable to common shareholders - basic ​ $ (4,770) ​ $ (11,613) Effect of non-participating securities ​ ​ (5,529) ​ ​ — Net loss attributable to common shareholders - diluted ​ $ (10,299) ​ $ (11,613) Denominator: ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding - basic ​ ​ 75,358 ​ ​ 34,641 Impact of if-converted securities ​ ​ — ​ ​ — Effect of other dilutive securities ​ ​ 1,335 ​ ​ — Weighted-average common shares outstanding - diluted ​ ​ 76,693 ​ ​ 34,641 ​ ​ ​ ​ ​ ​ ​ Dilutive loss per common share ​ $ (0.13) ​ $ (0.34) ​

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
Segment Information
Segment Information	Note 19. Segment Information Our two operating segments, Beverage Solutions and Sustainable Sourcing & Traceability, are evaluated using Adjusted EBITDA, which is a segment performance measure we define as net income determined in accordance with GAAP, before interest expense, provision for income taxes, depreciation and amortization, equity-based compensation expense and the impact, which may be recurring in nature, of acquisition, transaction and integrations costs, including management services and consulting agreements entered into in connection with the acquisition of S&D Coffee, Inc. (“S&D”), impairment charges, changes in the fair value of warrant liabilities, non-cash mark-to-market adjustments, certain costs specifically excluded from the calculation of EBITDA under our material debt agreements, such as facility start-up costs, and other similar or infrequent items (although we may not have had such charges in the periods presented). Selected financial data related to our segments is presented below for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2023 ​ ​ ​ Sustainable ​ ​ Total of ​ ​ Beverage ​ Sourcing & ​ Intersegment ​ Reportable (Thousands) ​ Solutions ​ Traceability ​ Revenues ​ Segments Net sales ​ $ 181,209 ​ $ 25,391 ​ $ (1,158) ​ $ 205,442 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted EBITDA ​ ​ 8,421 ​ ​ 32 ​ ​ n/a ​ ​ 8,453 Less: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6,029 Income tax benefit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (4,359) Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,874 Acquisition, restructuring and integration expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6,644 Change in fair value of warrant liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (5,529) Management and consulting fees (S&D Coffee, Inc. acquisition) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 556 Equity-based compensation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,548 Conway extract and ready-to-drink facility start-up costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,869 Mark-to-market adjustments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1,236) Loss on disposal of property, plant and equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 896 Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 487 Net loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (4,326) Total assets ​ ​ 688,403 ​ ​ 84,898 ​ ​ n/a ​ ​ 773,301 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ ​ ​ Sustainable ​ ​ Total of ​ ​ Beverage ​ Sourcing & ​ Intersegment ​ Reportable (Thousands) ​ Solutions ​ Traceability ​ Revenues ​ Segments Net sales ​ $ 148,362 ​ $ 47,772 ​ $ (9,706) ​ $ 186,428 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted EBITDA ​ ​ 10,420 ​ ​ 974 ​ ​ n/a ​ ​ 11,394 Less: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8,048 Income tax benefit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1,584) Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6,014 Acquisition, restructuring and integration expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,483 Management and consulting fees (S&D Coffee, Inc. acquisition) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,335 Equity-based compensation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 171 Mark-to-market adjustments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1,145) Loss on disposal of property, plant and equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 105 Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 672 Net loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (4,705) Total assets ​ ​ 532,035 ​ ​ 113,329 ​ ​ n/a ​ ​ 645,364 ​

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies.
Commitments and Contingencies	Note 20. Commitments and Contingencies We are subject to various claims and legal proceedings with respect to matters such as governmental regulations, and other actions arising out of the normal course of business. Management believes that the resolution of these matters will not have a material adverse effect on our financial position, results of operations, or cash flow. We have future purchase obligations of $278.4 million as of March 31, 2023 that consist of commitments for the purchase of inventory over the next 12 months. These obligations represent the minimum contractual obligations expected under the normal course of business. In addition, at March 31, 2023, we had an obligation to repurchase $10.2 million of inventory associated with repurchase agreements in which the Company’s Sustainable Sourcing & Traceability segment has sold inventory to a third party and from whom the Company’s Beverage Solutions segment has an obligation to repurchase. The liability for these obligations is recorded within accrued expenses and other current liabilities on the Company’s Condensed Consolidated Balance Sheet.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions
Related Party Transactions	Note 21. Related Party Transactions Prior to the Conversion, the Company had subordinated debt issued to Wooster Capital, LLC, which is owned and controlled by our co-founder and Chairman, Joe T. Ford, and Jo Ellen Ford, who have ownership in the Company. During 2022, Brown Brothers Harriman, who is a holder of Series A Preferred Shares, and prior to the Conversion was holder of Westrock Series A and Series B Preferred Units, participated in Falcon’s working capital trade finance facility. As such, these persons and entities are deemed related parties. The consolidated financial statements reflect the following transactions with related parties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (Thousands) 2023 2022 Interest expense, net: ​ ​ ​ ​ ​ ​ Brown Brothers Harriman ​ ​ — ​ ​ 541 Wooster Capital ​ ​ — ​ ​ 147 Jo Ellen Ford ​ ​ — ​ ​ 53 Total ​ $ — ​ $ 741 ​ In connection with the acquisition of S&D Coffee, Inc. in February 2020, the Company entered into a Management Services Agreement with Westrock Group, LLC (“Westrock Group”), whose controlling manager and controlling member, Greenbrier Holdings, LLC, is owned and controlled by our co-founder and Chief Executive Officer Scott Ford. Under the terms of the agreement, which expired in February 2023, Westrock Group was paid million in return for financial, managerial, operational, and strategic services. The associated expense is recorded within selling, general and administrative expense in our Condensed Consolidated Statements of Operations. The Company recognized million of such expenses during the three months ended March 31, 2023 and 2022, respectively. In addition, million, respectively, for such items, which are recorded in selling, general and administrative expenses in our Condensed Consolidated Statements of Operations. At March 31, 2023 and December 31, 2022, we had

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events
Subsequent Events	Note 22. Subsequent Events ​ On April 3, 2023, the Company purchased the 15% of Falcon that it did not previously own, resulting in Falcon becoming a wholly-owned subsidiary of the Company. Aggregate consideration paid for the interest totaled

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Summary of Significant Accounting Policies
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses, and related disclosures of contingent assets and liabilities in the consolidated financial statements and accompanying notes. On an ongoing basis, we evaluate our estimates, including those related to the allowance for credit losses, useful lives of property, plant and equipment, incremental borrowing rates for lease liability measurement, fair values of forward purchase and sales contracts, green coffee associated with forward contracts, warrant liabilities, share-based compensation, contingencies, and income taxes, among others. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from the estimates and assumptions used in preparing the accompanying condensed consolidated financial statements.
Going Concern	Going Concern ​ In accordance with Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40)
Accounts Receivable and Allowance for Credit Losses	Accounts Receivable and Allowance for Credit Losses Accounts receivable consist principally of amounts billed and currently due from customers and are generally unsecured and due within 30 to 60 days. A portion of our accounts receivable is not expected to be collected due to non-payment, bankruptcies and deductions. Our accounting policy for the allowance for credit losses requires us to reserve an amount based on the evaluation of the aging of accounts receivable, detailed analysis of high-risk customers’ accounts, and the overall market and economic conditions of our customers. This evaluation considers the customer demographic, such as large commercial customers as compared to small businesses or individual customers. We consider our accounts receivable delinquent or past due based on payment terms established with each customer. Accounts receivable are written off when the account is determined to be uncollectible. Activity in the allowance for credit losses for the periods indicated was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (Thousands) 2023 2022 Balance at beginning of period ​ $ 3,023 ​ $ 3,749 Charged to selling, general and administrative expense ​ ​ 497 ​ ​ 897 Write-offs ​ ​ (1,004) ​ ​ (1,635) Total ​ $ 2,516 ​ $ 3,011 ​
Inventories	Inventories ​ Within our Sustainable Sourcing & Traceability segment, green coffee associated with our forward contracts is recorded at net realizable value, which approximates market price, consistent with our forward purchase contracts recorded at fair value in accordance with Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging (“ASC 815”). Green coffee is a commodity with quoted market prices in active markets, may be sold without significant further processing, has predictable and insignificant disposal costs and is available for immediate delivery. We estimate the fair value of green coffee based on the quoted market price at the end of each reporting period, with changes in fair value being reported as a component of costs of sales in our Condensed Consolidated Statements of Operations. For the three months ended March 31, 2023 and 2022, we recognized
Supplier Finance Program	Supplier Finance Program ​ On March 2, 2023, the Company entered into a supplier finance program (the “Program”) with a third-party financing provider to provide better working capital usage by deferring payments for certain raw materials. Under the Program, the financing provider remits payment to the Company’s suppliers for approved invoices, and the Company repays the financing provider the amount of the approved invoices, plus a financing charge, on 180 -day terms. The Program is uncommitted and the financing provider may, at its sole discretion, cancel the Program at any time. The Company may request cancellation of the Program in whole or in respect of or more approved suppliers. Due to the extension of payment terms beyond the original due date of approved invoices, obligations under the Program are recorded outside of accounts payable in our Condensed Consolidated Balance Sheets. Amounts paid by the financing provider to suppliers are reported as cash inflows from financing activities and a corresponding cash outflow from operating activities in our Condensed Consolidated Statements of Cash Flows. Amounts paid to the financing provider are reflected as cash outflows from financing activities in our Condensed Consolidated Statements of Cash Flows. As of March 31, 2023, there were
Warrant Liabilities	Warrant Liabilities ​ We account for warrants assumed in connection with the Transaction (see Note 4) in accordance with the guidance contained in ASC 815, under which the warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, we classify the warrants as liabilities at their fair value and adjust the warrants to fair value at each reporting period. The liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Condensed Consolidated Statement of Operations. ​ The Company remeasures the fair value of the Westrock Public Warrants (as defined in Note 4) based on the quoted market price of the Westrock Public Warrants. The Westrock Private Warrants (as defined in Note 4) are valued using a binomial lattice valuation model. For the three months ended March 31, 2023, the Company recognized $5.5 million of gains related to the change in fair value of warrant liabilities, which is recognized in other (income) expense in the Condensed Consolidated Statements of Operations.
Income Taxes	Income Taxes We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized based on the differences between the financial statement carrying amount of assets and liabilities and their respective tax bases, using enacted income tax rates expected to apply when the deferred tax assets and liabilities are expected to be realized or settled. The Company’s foreign subsidiaries file income tax returns and are subject to tax provisions in their respective foreign tax jurisdictions. ​ A valuation allowance is established to reduce deferred income tax assets if, on the basis of available evidence, it is more likely than not that all or a portion of any deferred tax assets will not be realized. The consideration of available evidence requires significant management judgment including an assessment of the future periods in which the deferred tax assets and liabilities are expected to be realized and projections of future taxable income. Specifically, in assessing the need for a valuation allowance, we consider the reversal of taxable temporary differences, future taxable income, the ability to carryback certain attributes and tax-planning strategies. The ultimate realization of the deferred tax assets, including net operating losses, is dependent upon the generation of future taxable income during the periods prior to their expiration. If our estimates and assumptions about future taxable income are not appropriate, the value of our deferred tax assets may not be recoverable, which may result in an increase to our valuation allowance that will impact current earnings. We re-evaluate our need for a valuation allowance on a quarterly basis. ​ The effective tax rates for the three months ended March 31, 2023 and March 31, 2022 were 50.2% and 25.2%, respectively. The Company’s effective tax rate for the current period differs from the federal statutory rate primarily due to a change in the valuation allowance against domestic deferred tax assets and discrete items, including the windfall from equity-based compensation awards. The effective tax rate for the three months ended March 31, 2023 differs from the effective tax rate for the same period in 2022 primarily due to the change in the valuation allowance and an increase in the windfall from equity-based compensation awards. ​ There were no changes to uncertain tax benefits during the three months ended March 31, 2023, and the Company does not expect any significant changes to uncertain tax benefits within the next twelve months. ​
Recently adopted accounting pronouncements	Recently adopted accounting pronouncements Update ASU 2022-04 - Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations In September 2022, the FASB issued ASU 2022-04 “Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations”, which requires that a company that uses a supplier finance program in connection with the purchase of goods or services disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. ASU 2022-04 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on roll forward information, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. The Company adopted the applicable amendments within ASU 2022-04 on a retrospective basis effective January 1, 2023. The amendments to ASU 2022-04 do not affect the recognition, measurement or financial statement presentation of obligations covered by supplier finance programs. Update ASU 2021-08 – Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers In October 2021, the FASB issued ASU 2021-08, which requires an entity to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers, instead of at fair value on the acquisition date as previously required by ASC 805. The amendments improve comparability after the business combination by providing consistent recognition and measurement guidance for acquired revenue contracts and revenue contracts not acquired in a business combination. ASU 2021-08 was effective for years beginning after December 15, 2022. The adoption of ASU 2021-08 did not have a significant impact on the Company’s financial position or results of operations

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Summary of Significant Accounting Policies
Schedule of activity in allowance of credit losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (Thousands) 2023 2022 Balance at beginning of period ​ $ 3,023 ​ $ 3,749 Charged to selling, general and administrative expense ​ ​ 497 ​ ​ 897 Write-offs ​ ​ (1,004) ​ ​ (1,635) Total ​ $ 2,516 ​ $ 3,011 ​

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue
Schedule of disaggregation of revenues by product type and geographic area	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (Thousands) 2023 2022 Coffee & tea ​ $ 146,349 ​ $ 121,682 Flavors, extracts & ingredients ​ ​ 33,862 ​ ​ 25,666 Other ​ ​ 998 ​ ​ 1,014 Green coffee ​ ​ 24,233 ​ ​ 38,066 Net sales ​ $ 205,442 ​ $ 186,428 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (Thousands) 2023 2022 United States ​ $ 185,561 ​ $ 153,016 All other countries ​ ​ 19,881 ​ ​ 33,412 Net sales ​ $ 205,442 ​ $ 186,428 ​

Acquisitions (Tables)

Acquisitions (Tables) - Kohana Coffee, LLC	3 Months Ended
	Mar. 31, 2023
Business Acquisition [Line Items]
Summary of total consideration	​ ​ ​ ​ ​ (Thousands) ​ ​ Cash consideration ​ $ 15,682 Fair value of stock consideration ​ ​ 23,435 Total Consideration ​ $ 39,117 ​
Summary the purchase price allocation of the assets acquired, and liabilities assumed	​ ​ ​ ​ ​ (Thousands) Acquired Value Cash and cash equivalents ​ $ 797 Accounts receivable ​ ​ 881 Inventory ​ ​ 2,306 Property, plant and equipment ​ ​ 8,387 Goodwill ​ ​ 17,089 Intangible assets ​ ​ 11,718 Accounts payable and accrued liabilities ​ ​ (2,061) Total ​ $ 39,117 ​

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2023
Inventories
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ ​ (Thousands) March 31, 2023 December 31, 2022 Raw materials ​ $ 67,388 ​ $ 66,925 Finished goods ​ ​ 27,851 ​ ​ 21,232 Green coffee ​ ​ 47,337 ​ ​ 57,679 Total inventories ​ $ 142,576 ​ $ 145,836

Property, Plant and Equipment_2

Property, Plant and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment, Net.
Schedule of Property, Plant and Equipment, Net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Thousands) Depreciable Lives March 31, 2023 December 31, 2022 Land ​ ​ ​ $ 8,998 ​ $ 9,052 Buildings ​ 10-40 years ​ ​ 44,364 ​ ​ 44,425 Leasehold improvements (1) ​ ​ ​ ​ 1,914 ​ ​ 1,651 Plant equipment ​ 3-15 years ​ ​ 106,753 ​ ​ 107,885 Vehicles and transportation equipment ​ 3-5 years ​ ​ 700 ​ ​ 700 IT systems ​ 3-7 years ​ ​ 3,396 ​ ​ 3,053 Furniture and fixtures ​ 3-10 years ​ ​ 3,624 ​ ​ 3,529 Customer beverage equipment (2) ​ 3-5 years ​ ​ 22,148 ​ ​ 21,930 Lease right-of-use assets (3) ​ ​ ​ ​ 36 ​ ​ 36 Construction in progress and equipment deposits ​ ​ ​ ​ 72,630 ​ ​ 59,947 ​ ​ ​ ​ ​ 264,563 ​ ​ 252,208 Less: accumulated depreciation ​ ​ ​ ​ (69,872) ​ ​ (67,002) Property, plant and equipment, net ​ ​ ​ $ 194,691 ​ $ 185,206 1 - Leasehold improvements are amortized over the shorter of their estimated useful lives or the related lease life. 2 - Customer beverage equipment consists of brewers held on site at customer locations. 3 - Lease right-of-use assets are amortized over the shorter of the useful life of the asset or the lease term. ​

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill.
Schedule of changes in carrying amount of goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ Beverage ​ (Thousands) ​ Solutions ​ Total Balance at December 31, 2022 ​ ​ ​ ​ ​ ​ Goodwill ​ $ 190,882 ​ $ 190,882 Accumulated impairment loss ​ ​ (76,883) ​ ​ (76,883) ​ ​ ​ 113,999 ​ ​ 113,999 Changes during the period: ​ ​ ​ ​ ​ ​ Acquisitions ​ ​ 1,948 ​ ​ 1,948 Measurement period adjustments ​ ​ 143 ​ ​ 143 ​ ​ ​ ​ ​ ​ ​ Balance at March 31, 2023 ​ ​ ​ ​ ​ ​ Goodwill ​ ​ 192,973 ​ ​ 192,973 Accumulated impairment loss ​ ​ (76,883) ​ ​ (76,883) ​ ​ $ 116,090 ​ $ 116,090

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Intangible Assets, Net
Schedule of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ ​ ​ Accumulated ​ ​ (Thousands) Cost Amortization Net Customer relationships ​ $ 148,728 ​ $ (20,705) ​ $ 128,023 Favorable lease asset ​ ​ 710 ​ ​ (210) ​ ​ 500 Software ​ ​ 957 ​ ​ (488) ​ ​ 469 Intangible assets, net ​ $ 150,395 ​ $ (21,403) ​ $ 128,992 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ Accumulated ​ ​ (Thousands) Cost Amortization Net Customer relationships ​ $ 148,648 ​ $ (18,778) ​ $ 129,870 Favorable lease asset ​ ​ 710 ​ ​ (140) ​ ​ 570 Software ​ ​ 919 ​ ​ (473) ​ ​ 446 Intangible assets, net ​ $ 150,277 ​ $ (19,391) ​ $ 130,886 ​

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases
Summary of amount of right-of-use lease assets and lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Thousands) Balance Sheet Location March 31, 2023 December 31, 2022 Right-of-use operating lease assets ​ Operating lease right-of-use assets ​ $ 16,115 ​ $ 11,090 Operating lease liabilities - current ​ Accrued expenses and other current liabilities ​ ​ 3,206 ​ ​ 2,832 Operating lease liabilities - noncurrent ​ Other long-term liabilities ​ ​ 13,253 ​ ​ 8,424 ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of components of lease costs	​ ​ ​ ​ ​ ​ ​ ​ (Thousands) ​ Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Operating lease cost ​ $ 1,221 ​ $ 929 Short-term lease cost ​ ​ 234 ​ ​ 254 Total ​ $ 1,455 ​ $ 1,183 ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 March 31, 2022 Weighted-average discount rate ​ ​ 8.0% ​ ​ 7.4% Weighted-average remaining lease term ​ ​ 5.3 years ​ ​ 5.5 years ​ ​ ​ ​ ​ ​ ​ ​ (Thousands) Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Operating cash flows from operating leases ​ $ 1,065 ​ $ 832
Schedule of future minimum lease payments under non-cancellable operating leases	​ ​ ​ ​ ​ (Thousands) ​ ​ Remainder of 2023 ​ $ 3,212 2024 ​ ​ 4,382 2025 ​ ​ 3,277 2026 ​ ​ 2,609 2027 ​ ​ 2,589 Thereafter ​ ​ 4,239 Total future minimum lease payments ​ ​ 20,308 Less: imputed interest ​ ​ (3,849) Present value of minimum lease payments ​ $ 16,459

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt
Summary of long-term debt	​ ​ ​ ​ ​ ​ ​ ​ (Thousands) March 31, 2023 December 31, 2022 Term loan facility ​ $ 170,625 ​ $ 175,000 Revolving credit facility ​ ​ 55,000 ​ ​ — International trade finance lines ​ ​ 42,855 ​ ​ 42,905 International notes payable ​ ​ 1,528 ​ ​ 1,750 Other loans ​ ​ 21 ​ ​ 25 Total debt ​ ​ 270,029 ​ ​ 219,680 Unamortized debt costs ​ ​ (2,602) ​ ​ (2,769) Current maturities of long-term debt ​ ​ (9,287) ​ ​ (11,504) Short-term debt ​ ​ (42,855) ​ ​ (42,905) Long-term debt, net ​ $ 215,285 ​ $ 162,502 ​

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2023
Derivatives
Schedule of fair value of derivative assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Thousands) Balance Sheet Location March 31, 2023 December 31, 2022 Derivative assets not designated as cash flow hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ Forward purchase and sales contracts ​ Derivative assets ​ $ 13,390 ​ $ 15,053 Total derivative assets ​ ​ ​ $ 13,390 ​ $ 15,053 ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities designated as cash flow hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ Coffee futures contracts (1) ​ Derivative liabilities ​ $ 302 ​ $ 3,334 Total ​ ​ ​ $ 302 ​ $ 3,334 ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities not designated as cash flow hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ Forward purchase and sales contracts ​ Derivative liabilities ​ $ 3,504 ​ $ 4,258 Total derivative liabilities ​ ​ ​ $ 3,806 ​ $ 7,592 1 - The fair value of coffee futures excludes amounts related to margin accounts.
Schedule of pre-tax net gains and losses for derivative instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (Thousands) Statement of Operations Location 2023 2022 Derivative assets designated as cash flow hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ Net realized gains (losses) on coffee derivatives ​ Costs of sales ​ $ (721) ​ $ 4,129 ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets and liabilities not designated as cash flow hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized gains (losses) on forward sales and purchase contracts ​ Costs of sales ​ $ (1,028) ​ $ 6,945

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Measurements
Summary of the fair value of financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 (Thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Green coffee associated with forward contracts ​ $ — ​ $ 34,318 ​ $ — ​ $ 34,318 Forward purchase and sales contracts ​ ​ — ​ ​ 13,390 ​ ​ — ​ ​ 13,390 Total ​ $ — ​ $ 47,708 ​ $ — ​ $ 47,708 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coffee futures contracts ​ $ 302 ​ $ — ​ $ — ​ $ 302 Forward purchase and sales contracts ​ ​ — ​ ​ 3,504 ​ ​ — ​ ​ 3,504 Westrock Public Warrants ​ ​ 28,538 ​ ​ — ​ ​ — ​ ​ 28,538 Westrock Private Warrants ​ ​ — ​ ​ — ​ ​ 20,942 ​ ​ 20,942 Total ​ $ 28,840 ​ $ 3,504 ​ $ 20,942 ​ $ 53,286 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 (Thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Green coffee associated with forward contracts ​ $ — ​ $ 39,928 ​ $ — ​ $ 39,928 Forward purchase and sales contracts ​ ​ — ​ ​ 15,053 ​ ​ — ​ ​ 15,053 Total ​ $ — ​ $ 54,981 ​ $ — ​ $ 54,981 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coffee futures contracts ​ $ 3,334 ​ $ — ​ $ — ​ $ 3,334 Forward purchase and sales contracts ​ ​ — ​ ​ 4,258 ​ ​ — ​ ​ 4,258 Westrock Public Warrants ​ ​ 27,179 ​ ​ — ​ ​ — ​ ​ 27,179 Westrock Private Warrants ​ ​ — ​ ​ — ​ ​ 28,342 ​ ​ 28,342 Total ​ $ 30,513 ​ $ 4,258 ​ $ 28,342 ​ $ 63,113
Schedule of change in fair value	​ ​ ​ ​ ​ (Thousands) Westrock Private Warrants Fair value as of December 31, 2022 ​ $ 28,342 Change in fair value ​ ​ (7,400) Fair value as of March 31, 2023 ​ $ 20,942
Schedule of unobservable inputs	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Stock price ​ $ 12.24 ​ $ 13.36 Exercise price ​ ​ 11.50 ​ ​ 11.50 Expected term (years) ​ ​ 5.00 ​ ​ 5.00 Expected volatility ​ ​ 19.30% ​ ​ 7.74% Risk-free rate of return ​ ​ 3.64% ​ ​ 3.99% Dividend yield ​ ​ 0.00% ​ ​ 0.00%

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2023
Accumulated Other Comprehensive Income
Schedule of changes in accumulated other comprehensive (loss) income, net of tax	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (Thousands) 2023 2022 Cash flow hedge changes in fair value gain (loss): ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ (6,355) ​ $ 11,759 Other comprehensive income (loss) before reclassifications ​ ​ 2,354 ​ ​ (2,269) Amounts reclassified from accumulated comprehensive income ​ ​ 721 ​ ​ (4,129) Tax effect ​ ​ (835) ​ ​ 1,538 Net other comprehensive income ​ ​ (4,115) ​ ​ 6,899 Less: Other comprehensive income attributable to noncontrolling interests ​ ​ — ​ ​ — Balance at end of period ​ ​ (4,115) ​ ​ 6,899 Foreign currency translation gain ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ ​ 252 ​ ​ 259 Other comprehensive income (loss) before reclassifications ​ ​ (18) ​ ​ — Amounts reclassified from accumulated comprehensive income ​ ​ — ​ ​ — Tax effect ​ ​ — ​ ​ — Net other comprehensive income ​ ​ 234 ​ ​ 259 Less: Other comprehensive income attributable to noncontrolling interests ​ ​ — ​ ​ — Balance at end of period ​ ​ 234 ​ ​ 259 Accumulated other comprehensive income (loss) at end of period ​ $ (3,881) ​ $ 7,158

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Equity-Based Compensation
Schedule of number of unvested restricted stock awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average Fair ​ ​ Units ​ Market Value Outstanding at December 31, 2022 ​ 1,127,000 ​ $ 11.49 Granted ​ 1,093,471 ​ ​ 11.93 Forfeited ​ (10,772) ​ ​ 11.57 Vested ​ — ​ ​ — Outstanding at March 31, 2023 ​ 2,209,699 ​ $ 11.71

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings per Share
Schedule of potentially dilutive securities that were excluded from the computation of dilutive shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (Thousands) 2023 2022 Warrants ​ ​ — ​ ​ — Restricted stock ​ ​ 2,210 ​ ​ 475 Options ​ ​ 1,517 ​ ​ 1,711 If-converted securities ​ ​ 23,583 ​ ​ 25,092 ​
Schedule of basic and diluted earning per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (Thousands, except per share data) 2023 2022 Basic Earnings per Common Share ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ Net loss attributable to common shareholders ​ $ (4,770) ​ $ (11,613) Denominator: ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding - basic ​ ​ 75,358 ​ ​ 34,641 Basic loss per common share ​ $ (0.06) ​ $ (0.34) ​ ​ ​ ​ ​ ​ ​ Diluted Earnings per Common Share ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ Net loss attributable to common shareholders - basic ​ $ (4,770) ​ $ (11,613) Effect of non-participating securities ​ ​ (5,529) ​ ​ — Net loss attributable to common shareholders - diluted ​ $ (10,299) ​ $ (11,613) Denominator: ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding - basic ​ ​ 75,358 ​ ​ 34,641 Impact of if-converted securities ​ ​ — ​ ​ — Effect of other dilutive securities ​ ​ 1,335 ​ ​ — Weighted-average common shares outstanding - diluted ​ ​ 76,693 ​ ​ 34,641 ​ ​ ​ ​ ​ ​ ​ Dilutive loss per common share ​ $ (0.13) ​ $ (0.34)

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Information
Summary of selected financial data related to our segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2023 ​ ​ ​ Sustainable ​ ​ Total of ​ ​ Beverage ​ Sourcing & ​ Intersegment ​ Reportable (Thousands) ​ Solutions ​ Traceability ​ Revenues ​ Segments Net sales ​ $ 181,209 ​ $ 25,391 ​ $ (1,158) ​ $ 205,442 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted EBITDA ​ ​ 8,421 ​ ​ 32 ​ ​ n/a ​ ​ 8,453 Less: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6,029 Income tax benefit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (4,359) Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,874 Acquisition, restructuring and integration expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6,644 Change in fair value of warrant liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (5,529) Management and consulting fees (S&D Coffee, Inc. acquisition) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 556 Equity-based compensation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,548 Conway extract and ready-to-drink facility start-up costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,869 Mark-to-market adjustments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1,236) Loss on disposal of property, plant and equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 896 Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 487 Net loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (4,326) Total assets ​ ​ 688,403 ​ ​ 84,898 ​ ​ n/a ​ ​ 773,301 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ ​ ​ Sustainable ​ ​ Total of ​ ​ Beverage ​ Sourcing & ​ Intersegment ​ Reportable (Thousands) ​ Solutions ​ Traceability ​ Revenues ​ Segments Net sales ​ $ 148,362 ​ $ 47,772 ​ $ (9,706) ​ $ 186,428 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted EBITDA ​ ​ 10,420 ​ ​ 974 ​ ​ n/a ​ ​ 11,394 Less: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8,048 Income tax benefit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1,584) Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6,014 Acquisition, restructuring and integration expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,483 Management and consulting fees (S&D Coffee, Inc. acquisition) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,335 Equity-based compensation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 171 Mark-to-market adjustments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1,145) Loss on disposal of property, plant and equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 105 Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 672 Net loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (4,705) Total assets ​ ​ 532,035 ​ ​ 113,329 ​ ​ n/a ​ ​ 645,364

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2023
Related Party Transactions
Schedule of transactions with related parties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (Thousands) 2023 2022 Interest expense, net: ​ ​ ​ ​ ​ ​ Brown Brothers Harriman ​ ​ — ​ ​ 541 Wooster Capital ​ ​ — ​ ​ 147 Jo Ellen Ford ​ ​ — ​ ​ 53 Total ​ $ — ​ $ 741

Organization and Description _2

Organization and Description of Business (Details)	3 Months Ended
	Mar. 31, 2023 segment
Organization and Description of Business
Number of operating segments	2

Basis of Presentation and Con_2

Basis of Presentation and Consolidation (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Aug. 26, 2022
Riverview
Class of Stock [Line Items]
Number of shares issued for each unit		1
Riverview | Common Stock
Class of Stock [Line Items]
Number of shares issued for each unit		0.1049203474320
Common stock par value ( in dollars per share)		$ 0.01
Westrock Coffee Company, LLC. | Falcon Coffees Limited
Class of Stock [Line Items]
Percentage of ownership interest	85%
Series A Redeemable Common Equivalent Preferred Units | Riverview
Class of Stock [Line Items]
Number of shares issued for each unit		0.1086138208640
Series B Redeemable Common Equivalent Preferred Units | Riverview
Class of Stock [Line Items]
Number of shares issued for each unit		0.1049203474320
Series A Redeemable Common Equivalent Preferred Shares | Riverview
Class of Stock [Line Items]
Number of shares issued for each unit		0.1086138208740
Series B Redeemable Common Equivalent Preferred Shares | Riverview
Class of Stock [Line Items]
Number of shares issued for each unit		0.0919280171940

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Allowance for credit losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Allowance for credit loss roll forward
Balance at beginning of period	$ 3,023	$ 3,749
Charged to selling, general and administrative expense	497	897
Write-offs	(1,004)	(1,635)
Total	$ 2,516	$ 3,011

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Other (Details)		3 Months Ended
	Mar. 02, 2023 item	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
Summary of Significant Accounting Policies
Unrealized gain (loss) on derivative instruments		$ 2,240,000	$ (4,860,000)
Gains/Losses related to changes in fair value of warrant liabilities		(5,529,000)
Credit period under the supplier finance program	180 days
Number of approved suppliers | item	1
Contractual Obligation		0
Green coffee associated with forward contracts
Summary of Significant Accounting Policies
Unrealized gain (loss) on derivative instruments		$ 2,300,000	$ (5,800,000)

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Income Taxes (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Summary of Significant Accounting Policies
Effective tax rate (as percentage)	50.20%	25.20%

De-SPAC Merger Transaction - Ot

De-SPAC Merger Transaction - Other Information (Details) $ / shares in Units, $ in Thousands			3 Months Ended
	Aug. 26, 2022 USD ($) $ / shares shares	Aug. 25, 2022 class $ / shares	Mar. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)
De-SPAC Merger Transaction
Preferred dividends paid | $	$ 4,400
Goodwill | $	0		$ 116,090	$ 113,999
Intangible assets | $	0		$ 128,992	$ 130,886
Transaction cost incurred capitalized | $	24,000
Transaction costs related to the issuance of shares | $	24,000
Common Stock
De-SPAC Merger Transaction
Issuance of common shares related to stock options exercised (in shares)			6,000
Term Loan facility
De-SPAC Merger Transaction
Proceeds from line of credit | $	175,000
Riverview
De-SPAC Merger Transaction
Number of shares issued, value | $	$ 49,800
Number of shares issued	12,868,151
Number of classes of equity | class		2
Number of shares issued for each unit	1
Transaction cost incurred capitalized | $	$ 17,100
Transaction cost incurred expenses | $	$ 17,100
Riverview | Common Stock
De-SPAC Merger Transaction
Number of shares issued	34,855,535
Number of shares issued for each unit	0.1049203474320
Common stock par value ( in dollars per share) | $ / shares	$ 0.01
Issuance of common shares related to stock options exercised (in shares)	2,220,305
Riverview | Common Stock PIPE Commitments
De-SPAC Merger Transaction
Number of shares issued	1,910,000
Series A Redeemable Common Equivalent Preferred Units | Riverview
De-SPAC Merger Transaction
Number of shares issued for each unit	0.1086138208640
Series B Redeemable Common Equivalent Preferred Units | Riverview
De-SPAC Merger Transaction
Number of shares issued for each unit	0.1049203474320
Series Convertible Preferred Shares
De-SPAC Merger Transaction
Liquidation preference per share | $ / shares			$ 11.50
CEP Units | Riverview
De-SPAC Merger Transaction
Liquidation preference per share | $ / shares		$ 1
Percent of increase in liquidation preference per share		10%
Series A Redeemable Common Equivalent Preferred Shares | Riverview
De-SPAC Merger Transaction
Number of shares issued for each unit	0.1086138208740
Number of new stock classified as temporary equity issued	23,587,952
Series B Redeemable Common Equivalent Preferred Shares | Riverview
De-SPAC Merger Transaction
Number of shares issued for each unit	0.0919280171940
Class A share | Riverview
De-SPAC Merger Transaction
Number of shares issued for each unit	1
New Company | Riverview | Common Stock PIPE Commitments
De-SPAC Merger Transaction
Number of shares issued	20,590,000
Amount received | $	$ 205,900
New Company | Riverview | Wells Fargo | Revolving loan commitment
De-SPAC Merger Transaction
Face amount | $	$ 175,000

De-SPAC Merger Transaction - Co

De-SPAC Merger Transaction - Common Stock Warrants (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Aug. 26, 2022 D $ / shares shares	Mar. 31, 2023 USD ($)
Common Stock Warrants
Warrant to purchase each share | shares	1
Warrant exercise price (in dollars per share) | $ / shares	$ 11.50
Cash proceeds | $		$ 2,632
Westrock Public Warrants
Common Stock Warrants
Warrants | shares	12,500,000
Warrant expiry term	5 years
Redemption price | $ / shares	$ 0.01
Number of trading days | D	20
Number of trading days before warrant redemption notice | D	30
Number of business days | D	3
Share price (in dollars per share) | $ / shares	$ 18
Westrock Public Warrants | Minimum
Common Stock Warrants
Term of redemption notice to share holders	30 days
Westrock Private Warrants
Common Stock Warrants
Warrants | shares	7,400,000
Warrant exercisable term	30 days

Revenue - Revenue from Forward

Revenue - Revenue from Forward Contracts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivatives
Net unrealized gains (losses)	$ 2,240	$ (4,860)
Forward sales contracts
Derivatives
Net unrealized gains (losses)	1,000	(6,900)
Revenue	$ 24,400	$ 38,100

Revenue - Contract Estimates (D

Revenue - Contract Estimates (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Revenue
Accrued sales incentives	$ 1.3	$ 1.3

Revenue - Contract Balances (De

Revenue - Contract Balances (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Revenue
Capitalized contract costs	$ 0	$ 0
Accounts receivable
Revenue
Receivables from contracts with customers	$ 118,000,000	$ 104,700,000

Revenue - Disaggregated Revenue

Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue
Revenues	$ 205,442	$ 186,428
Purchase obligations	278,400
Sustainable, Sourcing and Traceability
Revenue
Purchase obligations	10,200
United States
Revenue
Revenues	185,561	153,016
All other countries
Revenue
Revenues	19,881	33,412
Coffee & tea
Revenue
Revenues	146,349	121,682
Flavors, extracts & ingredients
Revenue
Revenues	33,862	25,666
Other
Revenue
Revenues	998	1,014
Green coffee
Revenue
Revenues	$ 24,233	$ 38,066

Acquisitions - Other (Details)

Acquisitions - Other (Details) - USD ($) $ in Thousands	Feb. 28, 2023	Nov. 14, 2022	Mar. 31, 2023	Dec. 31, 2022	Aug. 26, 2022
Business Acquisition
Goodwill			$ 116,090	$ 113,999	$ 0
Bixby Roasting Co.
Business Acquisition
Shares of common stock issued by Company	39,778
Net assets acquired	$ 700
Cash consideration	2,600
Cash consideration.	2,200
Goodwill	$ 1,900
Kohana Coffee, LLC
Business Acquisition
Business acquisition ownership, percentage		100%
Shares of common stock issued by Company		1,852,608
Cash consideration		$ 39,117
Cash consideration.		15,682
Goodwill		$ 17,089	$ 100

Acquisitions - Total considerat

Acquisitions - Total consideration (Details) - Kohana Coffee, LLC $ in Thousands	Nov. 14, 2022 USD ($)
Business Acquisition
Cash consideration.	$ 15,682
Fair Value of stock consideration	23,435
Total Consideration	$ 39,117

Acquisitions - Purchase price a

Acquisitions - Purchase price allocation of the assets acquired, and liabilities assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Nov. 14, 2022	Aug. 26, 2022
Business Acquisition
Goodwill	$ 116,090	$ 113,999		$ 0
Kohana Coffee, LLC
Business Acquisition
Cash and cash equivalents			$ 797
Accounts receivable			881
Inventory			2,306
Property, plant and equipment			8,387
Goodwill	$ 100		17,089
Intangible assets			11,718
Accounts payable and accrued liabilities			(2,061)
Total			$ 39,117

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventories
Raw materials	$ 67,388	$ 66,925
Finished goods	27,851	21,232
Green coffee	47,337	57,679
Total inventories	$ 142,576	$ 145,836

Property, Plant and Equipment_3

Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Property, Plant and Equipment, Net
Property, plant and equipment, gross	$ 264,563		$ 252,208
Less: accumulated depreciation	(69,872)		(67,002)
Property, plant and equipment, net	194,691		185,206
Depreciation expense	3,900	$ 4,300
Land
Property, Plant and Equipment, Net
Property, plant and equipment, gross	8,998		9,052
Building
Property, Plant and Equipment, Net
Property, plant and equipment, gross	44,364		44,425
Leasehold improvements
Property, Plant and Equipment, Net
Property, plant and equipment, gross	1,914		1,651
Plant equipment
Property, Plant and Equipment, Net
Property, plant and equipment, gross	106,753		107,885
Vehicles and transportation equipment
Property, Plant and Equipment, Net
Property, plant and equipment, gross	700		700
IT systems
Property, Plant and Equipment, Net
Property, plant and equipment, gross	3,396		3,053
Furniture and fixtures
Property, Plant and Equipment, Net
Property, plant and equipment, gross	3,624		3,529
Customer beverage equipment
Property, Plant and Equipment, Net
Property, plant and equipment, gross	22,148		21,930
Lease right-of-use assets
Property, Plant and Equipment, Net
Property, plant and equipment, gross	36		36
Construction in progress and equipment deposits
Property, Plant and Equipment, Net
Property, plant and equipment, gross	$ 72,630		$ 59,947
Minimum | Building
Property, Plant and Equipment, Net
Useful life	10 years
Minimum | Plant equipment
Property, Plant and Equipment, Net
Useful life	3 years
Minimum | Vehicles and transportation equipment
Property, Plant and Equipment, Net
Useful life	3 years
Minimum | IT systems
Property, Plant and Equipment, Net
Useful life	3 years
Minimum | Furniture and fixtures
Property, Plant and Equipment, Net
Useful life	3 years
Minimum | Customer beverage equipment
Property, Plant and Equipment, Net
Useful life	3 years
Maximum | Building
Property, Plant and Equipment, Net
Useful life	40 years
Maximum | Plant equipment
Property, Plant and Equipment, Net
Useful life	15 years
Maximum | Vehicles and transportation equipment
Property, Plant and Equipment, Net
Useful life	5 years
Maximum | IT systems
Property, Plant and Equipment, Net
Useful life	7 years
Maximum | Furniture and fixtures
Property, Plant and Equipment, Net
Useful life	10 years
Maximum | Customer beverage equipment
Property, Plant and Equipment, Net
Useful life	5 years

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Aug. 26, 2022
Changes in goodwill
Goodwill, Beginning balance	$ 113,999
Acquisitions	1,948
Measurement period adjustments	143
Goodwill, Ending balance	116,090
Goodwill, Impaired and Accumulated Impairment Loss
Gross goodwill	192,973	$ 190,882
Accumulated impairment loss	(76,883)	(76,883)
Goodwill	116,090	113,999	$ 0
Beverage Solutions
Changes in goodwill
Goodwill, Beginning balance	113,999
Acquisitions	1,948
Measurement period adjustments	143
Goodwill, Ending balance	116,090
Goodwill, Impaired and Accumulated Impairment Loss
Gross goodwill	192,973	190,882
Accumulated impairment loss	(76,883)	(76,883)
Goodwill	$ 116,090	$ 113,999

Intangible Assets, Net (Details

Intangible Assets, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Intangible Assets, Net
Cost	$ 150,395		$ 150,277
Accumulated Amortization	(21,403)		(19,391)
Net	128,992		130,886
Amortization expenses	$ 2,000	$ 1,700
Useful life	20 years
Customer relationships
Intangible Assets, Net
Cost	$ 148,728		148,648
Accumulated Amortization	(20,705)		(18,778)
Net	128,023		129,870
Favorable lease assets
Intangible Assets, Net
Cost	710		710
Accumulated Amortization	(210)		(140)
Net	500		570
Software
Intangible Assets, Net
Cost	957		919
Accumulated Amortization	(488)		(473)
Net	$ 469		$ 446

Leases - Other (Details)

Leases - Other (Details)	Mar. 31, 2023
Leases
Termination term (in years)	1 year
Minimum
Leases
Remaining non-cancelable lease term (in years)	1 year
Maximum
Leases
Remaining non-cancelable lease term (in years)	7 years

Leases - Schedule of amount of

Leases - Schedule of amount of right-of-use lease assets and lease liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Right-of-use lease assets and lease liabilities
Right-of-use operating lease assets	$ 16,115	$ 11,090
Operating lease liabilities - current	$ 3,206	$ 2,832
Operating lease liabilities - current, Balance sheet location	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Operating lease liabilities - noncurrent	$ 13,253	$ 8,424
Operating lease liabilities - noncurrent, Balance sheet location	Other long-term liabilities	Other long-term liabilities

Leases - Schedule of components

Leases - Schedule of components of lease costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Lease Cost
Operating lease cost	$ 1,221	$ 929
Short-term lease cost	234	254
Total	$ 1,455	$ 1,183

Leases - Schedule of weighted a

Leases - Schedule of weighted average discount rate and remaining lease term (Details)	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Leases
Weighted-average discount rate	8%		7.40%
Weighted-average remaining lease term	5 years 3 months 18 days	5 years 6 months

Leases - Schedule of supplement

Leases - Schedule of supplemental cashflow information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) lease	Mar. 31, 2022 USD ($)
Leases
Operating cash flows from operating lease	$ 1,065	$ 832
Right-of-use operating lease assets in exchange for lease obligations	$ 6,000
Number of material finance lease | lease	0

Leases - Schedule of future min

Leases - Schedule of future minimum lease payments under non-cancellable operating leases (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Leases
Remainder of 2023	$ 3,212
2024	4,382
2025	3,277
2026	2,609
2027	2,589
Thereafter	4,239
Total future minimum lease payments	20,308
Less: imputed interest	(3,849)
Present value of minimum lease payments	$ 16,459

Debt - Other (Details)

Debt - Other (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt
Total debt	$ 270,029	$ 219,680
Unamortized debt costs	(2,602)	(2,769)
Current maturities of long-term debt	(9,287)	(11,504)
Short-term debt	(42,855)	(42,905)
Long-term debt, net	215,285	162,502
Term loan
Debt
Total debt	170,625	175,000
Revolving credit facility
Debt
Total debt	55,000
International trade finance lines
Debt
Total debt	42,855	42,905
International notes payable
Debt
Total debt	1,528	1,750
Other loans
Debt
Total debt	$ 21	$ 25

Debt - Additional Information (

Debt - Additional Information (Details) shares in Thousands, $ in Thousands			3 Months Ended
	Mar. 21, 2023 USD ($)	Aug. 29, 2022 USD ($)	Mar. 31, 2023 USD ($) item shares	Mar. 31, 2022 USD ($)	Feb. 14, 2023 USD ($)	Dec. 31, 2022 USD ($) shares
Debt
Paid in kind interest				$ 147
Debt finance costs		$ 6,000
Variable rate (as a percent)		0.10%
Short-term debt			$ 42,855			$ 42,905
Common stock shares issued (in shares) | shares			75,628			75,020
Number of financial covenants | item			2
Term of anniversary closing date			18 months
Minimum
Debt
Net Leverage Ratio			4
Maximum
Debt
Interest coverage ratio			1.50
Net Leverage Ratio			4.50
Base rate | One Month Interest Period [Member]
Debt
Interest rate (as a percent)		1%
Interest period		1 month
Base rate | Minimum
Debt
Variable rate (as a percent)		0.50%
Base rate | Maximum
Debt
Variable rate (as a percent)		1.50%
SOFR | One Month Interest Period [Member]
Debt
Interest period		1 month
SOFR | Three Month Interest Period [Member]
Debt
Interest period		3 months
Variable rate (as a percent)		0.15%
SOFR | Six Month Interest Period [Member]
Debt
Interest period		6 months
Variable rate (as a percent)		0.25%
SOFR | Minimum
Debt
Variable rate (as a percent)		1.50%
SOFR | Maximum
Debt
Variable rate (as a percent)		2.50%
NYFRB
Debt
Interest rate (as a percent)		0.50%
New short-term trade finance facility
Debt
Face amount	$ 70,000
Variable rate (as a percent)	4%
Line of credit			$ 35,000
Debt term	1 year
New short-term trade finance facility | SOFR one-month
Debt
Variable rate (as a percent)	1%
New short-term trade finance facility | Federal Funds Rate
Debt
Variable rate (as a percent)	1%
Revolving credit facility
Debt
Debt finance costs		$ 3,000
Face amount		$ 175,000
Line of credit			$ 55,000
Weighted average effective rate (as a percent)			7.30%
Revolving credit facility | Minimum
Debt
Line of credit, Commitment fee percentage (as a percent)		0.20%
Revolving credit facility | Maximum
Debt
Line of credit, Commitment fee percentage (as a percent)		0.35%
Term Loan facility
Debt
Debt finance costs		$ 3,000
Face amount		$ 175,000
Variable rate (as a percent)			7.40%
Percentage of original principal amount		1.25%
Line of credit, periodic payment term		3 years
Periodic payment principal amount		$ 2,200
Term Loan facility | Year four
Debt
Percentage of original principal amount		1.875%
Periodic payment principal amount		$ 3,300
Term Loan facility | Year five
Debt
Percentage of original principal amount		2.50%
Periodic payment principal amount		$ 4,400
Standby letter of credit
Debt
Letters of credit outstanding			$ 2,600
Delayed Draw Term Loan Facility
Debt
Face amount					$ 50,000
Proceeds from line of credit			0
International Debt and Lending Facilities | Westrock Coffee Company, LLC. | Mortgage backed securities
Debt
Long term note			$ 1,500
Working Capital Trade Finance Facility | Westrock Coffee Company, LLC. | Mortgage backed securities
Debt
Short-term debt				$ 7,800
Number of mortgage-backed lending facilities | item			2

Series A Preferred Shares (Deta

Series A Preferred Shares (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) D $ / shares shares
Temporary Equity [Line Items]
Conversion price	$ 11.50
Term of anniversary	5 years 6 months
Number of shares converted | $	1
Threshold number of days | D	10
Redemption price per share	$ 18.50
Series A Preferred Shares
Temporary Equity [Line Items]
Shares issued | shares	23,587,952
Liquidation preference per share	$ 11.50
Conversion price	$ 11.50
Accretion value | $	$ 400,000
Series A Preferred Shares | Minimum
Temporary Equity [Line Items]
Redemption price per share	$ 18.50

Derivatives - Other (Details)

Derivatives - Other (Details) lb in Millions, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) lb	Mar. 31, 2022 USD ($) lb	Dec. 31, 2022 lb
Derivatives
Net gains reported in AOCI expected to be reclassified | $	$ (3.3)
Cash flow hedging
Derivatives
Net gains reported in AOCI expected to be reclassified | $	$ (0.7)	$ 4.1
Coffee futures contracts | Cash flow hedging
Derivatives
Notional amount of derivative purchased | lb	8.4	41.3
Coffee futures contracts | Designated as hedges | Cash flow hedging
Derivatives
Derivative notional amount | lb	5.6		29.2

Derivatives - Fair value of ass

Derivatives - Fair value of assets and liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivatives
Fair value of derivative assets	$ 13,390	$ 15,053
Fair value of derivative liabilities	3,806	7,592
Designated as hedges
Derivatives
Fair value of derivative liabilities	302	3,334
Designated as hedges | Coffee futures contracts | Derivative liabilities
Derivatives
Fair value of derivative liabilities	302	3,334
Not designated as hedges | Forward purchase and sales contracts | Derivative assets
Derivatives
Fair value of derivative assets	13,390	15,053
Not designated as hedges | Forward purchase and sales contracts | Derivative liabilities
Derivatives
Fair value of derivative liabilities	$ 3,504	$ 4,258

Derivatives - Pre-tax net gains

Derivatives - Pre-tax net gains and losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivatives
Net unrealized gains (losses)	$ 2,240	$ (4,860)
Designated as hedges | Cash flow hedging | Coffee derivatives | Cost of sales
Derivatives
Net realized gains (losses)	(721)	4,129
Not designated as hedges | Cash flow hedging | Forward sales and purchase contracts | Cost of sales
Derivatives
Net unrealized gains (losses)	$ (1,028)	$ 6,945

Fair Value Measurements - Other

Fair Value Measurements - Other Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Aug. 26, 2022
Fair Value Measurements
Assets	$ 47,708	$ 54,981
Liabilities	53,286	63,113
Warrant exercise price (in dollars per share)			$ 11.50
Green coffee associated with forward contracts
Fair Value Measurements
Assets	34,318	39,928
Coffee futures contracts
Fair Value Measurements
Liabilities	302	3,334
Forward purchase and sales contracts
Fair Value Measurements
Assets	13,390	15,053
Liabilities	3,504	4,258
Westrock Public Warrants
Fair Value Measurements
Liabilities	$ 28,538	$ 27,179
Warrant exercise price (in dollars per share)	$ 2.43	$ 2.27
Westrock Private Warrants
Fair Value Measurements
Liabilities	$ 20,942	$ 28,342
Warrant exercise price (in dollars per share)	$ 2.83	$ 3.83
Level 1
Fair Value Measurements
Liabilities	$ 28,840	$ 30,513
Level 1 | Coffee futures contracts
Fair Value Measurements
Liabilities	302	3,334
Level 1 | Westrock Public Warrants
Fair Value Measurements
Liabilities	28,538	27,179
Level 2
Fair Value Measurements
Assets	47,708	54,981
Liabilities	3,504	4,258
Level 2 | Green coffee associated with forward contracts
Fair Value Measurements
Assets	34,318	39,928
Level 2 | Forward purchase and sales contracts
Fair Value Measurements
Assets	13,390	15,053
Liabilities	3,504	4,258
Level 3
Fair Value Measurements
Liabilities	20,942	28,342
Level 3 | Westrock Private Warrants
Fair Value Measurements
Liabilities	$ 20,942	$ 28,342

Fair Value Measurements - Chang

Fair Value Measurements - Change in Fair Value (Details) - Level 3 - Westrock Private Warrants $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Fair Value Measurements
Fair value as of beginning	$ 28,342
Change in fair value	(7,400)
Fair value as of ending	$ 20,942

Fair Value Measurements - Measu

Fair Value Measurements - Measurements (Details)	Mar. 31, 2023 $ / shares Y	Dec. 31, 2022 Y $ / shares
Stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs	12.24	13.36
Exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs	11.50	11.50
Expected term (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs | Y	5	5
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs	19.30	7.74
Risk-free rate of return
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs	3.64	3.99
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs	0	0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Schedule of changes in accumulated other comprehensive loss, net of tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accumulated Other Comprehensive (Loss) Income
Balance at beginning of period	$ 11,729	$ (175,998)	[1]
Net other comprehensive income (loss)	2,222	(4,860)
Balance at end of period	12,810	(192,606)	[1]
Cash flow hedge changes in fair value gain (loss)
Accumulated Other Comprehensive (Loss) Income
Balance at beginning of period	(6,355)	11,759
Other comprehensive income (loss) before reclassifications	2,354	(2,269)
Amounts reclassified from accumulated comprehensive income	721	(4,129)
Tax effect	(835)	1,538
Net other comprehensive income (loss)	(4,115)	6,899
Balance at end of period	(4,115)	6,899
Foreign currency translation gain (loss)
Accumulated Other Comprehensive (Loss) Income
Balance at beginning of period	252	259
Other comprehensive income (loss) before reclassifications	(18)
Net other comprehensive income (loss)	234	259
Balance at end of period	234	259
Accumulated other comprehensive income (loss)
Accumulated Other Comprehensive (Loss) Income
Balance at beginning of period	(6,103)	12,018	[1]
Net other comprehensive income (loss)	2,222	(4,860)
Balance at end of period	(3,881)	7,158	[1]
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member]
Accumulated Other Comprehensive (Loss) Income
Balance at end of period	$ (3,881)	$ 7,158
[1] (1) Retroactively adjusted the three months ended March 31, 2022 for de-SPAC merger transaction as described in Note 4

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - Restricted common units $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2023 USD ($) shares	Mar. 31, 2023 shares
Share-Based Compensation Arrangement by Share-Based Payment Award
Units granted (in shares)		1,093,471
Shares available for future issuance	2,400,000	2,400,000
Employee
Share-Based Compensation Arrangement by Share-Based Payment Award
Units granted (in shares)		1,100,000
Units granted (in value) | $	$ 13
Vesting period		3 years

Equity-Based Compensation - Res

Equity-Based Compensation - Restricted common units - Activity (Details) - Restricted common units	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Units
Units outstanding, Beginning balance (in shares) | shares	1,127,000
Units granted (in shares) | shares	1,093,471
Units forfeited (in shares) | shares	(10,772)
Units outstanding, Ending balance (in shares) | shares	2,209,699
Average Fair Market Value
Average Fair Market Value outstanding, Beginning balance (in dollars per shares) | $ / shares	$ 11.49
Average Fair Market Value granted (in dollars per shares | $ / shares	11.93
Average Fair Market Value forfeited (in dollars per shares | $ / shares	11.57
Average Fair Market Value outstanding, Ending balance (in dollars per shares | $ / shares	$ 11.71

Earnings per Shares (Details)

Earnings per Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net loss attributable to common unitholders - basic		$ (4,770)	$ (11,613)
Numerator:
Net loss attributable to common shareholders - basic		(4,770)	(11,613)
Effect of non-participating securities		(5,529)
Net loss attributable to common shareholders - diluted		$ (10,299)	$ (11,613)
Denominator:
Weighted-average common units outstanding - basic	[1]	75,358	34,641
Effect of other dilutive securities		1,335
Weighted-average common units outstanding - diluted	[1]	76,693	34,641
Basic loss per common share	[1]	$ (0.06)	$ (0.34)
Dilutive loss per common share	[1]	$ (0.13)	$ (0.34)
Time-based RSUs
Earnings per Unit
Antidilutive securities		2,210	475
Units options
Earnings per Unit
Antidilutive securities		1,517	1,711
Series A Preferred Shares
Earnings per Unit
Antidilutive securities		23,583	25,092
[1] (1) Retroactively adjusted the three months ended March 31, 2022 for de-SPAC merger transaction as described in Note 4

Segment Information - Other (De

Segment Information - Other (Details)	3 Months Ended
	Mar. 31, 2023 segment
Segment Information
Number of operating segments	2

Segment information - Selected

Segment information - Selected Financial Data (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Information
Revenues	$ 205,442	$ 186,428
Adjusted EBITDA	8,453	11,394
Interest expense, net	6,029	8,048
Income tax benefit	(4,359)	(1,584)
Depreciation and amortization	5,874	6,014
Acquisition, restructuring and integration expense	6,644	2,483
Change in fair value of warrant liabilities	(5,529)
Management and consulting fees	556	1,335
Equity-based compensation	1,548	171
Conway extract and ready-to-drink facility start-up costs	1,869
Mark-to-market adjustments	(1,236)	(1,145)
Loss on disposal of property, plant and equipment	896	105
Other	487	672
Net loss	(4,326)	(4,705)
Total assets	773,301	645,364	$ 746,213
Operating Segments | Beverage Solutions.
Segment Information
Revenues	181,209	148,362
Adjusted EBITDA	8,421	10,420
Total assets	688,403	532,035
Operating Segments | Sustainable, Sourcing and Traceability
Segment Information
Revenues	25,391	47,772
Adjusted EBITDA	32	974
Total assets	84,898	113,329
Intersegment Eliminations
Segment Information
Revenues	$ (1,158)	$ (9,706)

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2023 USD ($)
Commitments and Contingencies.
Purchase obligations	$ 278.4
Repurchase agreement liability	$ 10.2

Related Party Transactions - Tr

Related Party Transactions - Transactions with related party (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Related Party Transactions
Interest expense, net	$ 741
Brown Brothers Harriman
Related Party Transactions
Interest expense, net	541
Wooster Capital
Related Party Transactions
Interest expense, net	147
Jo Ellen Ford
Related Party Transactions
Interest expense, net	$ 53

Related Party Transactions - Ot

Related Party Transactions - Other (Details) - USD ($)	1 Months Ended	3 Months Ended
	Feb. 29, 2020	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Selling, general and administrative expenses
Related Party Transactions
Expenses incurred		$ 600,000	$ 800,000
Westrock Group, LLC | Accrued expenses and other current liabilities
Related Party Transactions
Short-term related party debt		0		$ 0
Westrock Group, LLC | Selling, general and administrative expenses
Related Party Transactions
Expenses incurred	$ 10,000,000	$ 300,000	$ 300,000

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - Investment in Falcon - USD ($) $ in Millions	Apr. 03, 2023	Apr. 02, 2023
Subsequent Events
Percentage of ownership		15%
Aggregate consideration paid in cash	$ 3.2
Cash paid	$ 2
Aggregate consideration paid in shares	100,000