The Vita Coco Company, Inc. (NASDAQ: COCO) (“Vita Coco” or the
"Company”), a leading high-growth platform of better-for-you
beverage brands, today announced financial results for the second
quarter ended June 30, 2023.
Second Quarter
2023 Highlights Compared to Prior-Year
Period
- Net sales grew by 21% to $140 million
driven by strong 23% net sales growth and 19% volume growth of Vita
Coco Coconut Water which continues to be the largest contributor to
growth on a consolidated basis.
- Gross profit was $51 million, or
37% of net sales, representing a sequential improvement of over 500
basis points from the first quarter of 2023, compared to 25% of net
sales in the prior-year period, with the improvement driven by
lower year-over-year transportation costs, net sales growth and
higher Vita Coco Coconut Water pricing.
- Net income was $18 million, or $0.31
per diluted share, compared to $1 million, or $0.02 per diluted
share. Net income benefited from strong net sales growth and gross
margin improvement resulting primarily from decreased
transportation costs, partially offset by increased investments in
sales, general and administrative ("SG&A").
- Non-GAAP Adjusted EBITDA1 was $24
million compared to $7 million, up $17 million due to improvements
in gross profit offset by increased SG&A spending.
2023 Year-To-Date
Highlights Compared to Prior-Year Period
- Net sales grew 18% to $249 million
driven by strong 20% net sales growth and 17% volume growth of Vita
Coco Coconut Water which continues to be the largest contributor to
growth on a consolidated basis.
- Gross profit was $85 million, or 34%
of net sales, an increase of $36 million as compared to 23% of net
sales in the prior-year period, with the increase driven primarily
by lower year-over-year transportation costs, net sales growth and
increased Vita Coco Coconut Water pricing.
- Net income attributable to
shareholders was $25 million, or $0.42 per diluted share, compared
to $3 million, or $0.06 per diluted share, in the prior-year period
with the increase driven by strong net sales growth and gross
margin improvement resulting primarily from decreased
transportation costs partially offset by increased investments in
SG&A.
- Non-GAAP Adjusted EBITDA1 was $33
million, compared to $4 million due to improvements in gross profit
partially offset by increased SG&A spending.
Michael Kirban, the Company's Co-Founder and
Executive Chairman, stated, "I am very proud of our team and its
continued strong performance this year. We have delivered our best
quarter ever as our focus on expanding consumption of our brands
through increased usage occasions is delivering strong volume
performance for our flagship Vita Coco Coconut Water brand,
particularly in the Americas. The improved profitability resulting
from increased Vita Coco Coconut Water pricing and lower
transportation costs has allowed us to increase investments
designed to drive long term growth of our brands and improve the
capability of our organization. We remain committed to our
long-term goals and ambitions to create and maintain category
leading brands in the broader, better-for you, functional beverage
segment and remain excited about our opportunities."
Martin Roper, the Company’s Chief Executive
Officer, said, “We are extremely pleased with this quarter's
results with 21% net sales growth and Adjusted EBITDA1 of $24
million. Gross margins for the quarter exceeded our expectations
due to accelerated realization of ocean freight cost reductions,
and other cost efficiencies throughout our supply chain, and better
than expected price realization across our business. We are raising
our full year net sales, gross margin and Adjusted EBITDA1 guidance
based on the strong second quarter and current cost and pricing
environment and improved product mix. We remain focused on
investments to support the health of our brands and drive
sustainable long term growth."
Second Quarter
2023 Consolidated Results
Net sales increased $24 million, or 21%, to $140
million for the second quarter ended June 30, 2023, compared
to $115 million for the second quarter ended June 30, 2022.
The increase in net sales was driven by increased case equivalent
("CE") volumes coupled with some benefits from net pricing actions
on branded product offset by some lower price realization per CE
for private label business.
Reduction of ocean freight rates versus last year
and efficiencies in our supply chain network including lower
domestic transportation rates, coupled with increased branded
pricing and increased sales volumes, improved gross margins and
gross profit significantly. Gross profit was $51 million for the
second quarter of 2023, which was an increase of $22 million
compared to the same prior year period. Gross margin of 37% in the
second quarter represented a sequential improvement of over 500
basis points from the first quarter, and an increase of greater
than 1100 basis points from 25% in the same prior year period.
SG&A expenses in the second quarter of 2023
were $30 million, compared to $24 million in the same prior year
period. The increase was largely due to higher personnel related
expenses, investments in increased sales execution and marketing
expenses and costs associated with our secondary stock offering
completed in May 2023.
Net income was $18 million, or $0.31 per diluted
share, for the second quarter of 2023, compared to $1 million, or
$0.02 per diluted share in the second quarter of 2022. Net income
benefited $4 million from a non-cash mark-to-market gain in fair
value on foreign currency hedges of $1 million versus a loss of $3
million last year, which was offset by an increase in tax expense
of $4 million.
Adjusted EBITDA1 for the second quarter of 2023 was
$24 million, compared to $7 million in the same prior year period.
The increase in Adjusted EBITDA1 was primarily driven by strong net
sales growth and gross margin improvement resulting primarily from
decreased transportation costs, partially offset by increased
investments in SG&A.
Balance Sheet
As of June 30, 2023, the Company had cash and
cash equivalents of $48 million and no debt under its revolving
credit facility, compared to $20 million and no debt, as of
December 31, 2022. The increase in net cash was primarily driven by
improved net income performance. On June 30, 2023, there were
56,435,690 shares of common stock outstanding.
Fiscal Year 2023
Full Year Outlook
The Company is updating its previously communicated
full year 2023 guidance:
- Expect net sales growth of
approximately 10-12% compared to fiscal year 2022, based on mid
teens Vita Coco Coconut Water growth, partially offset by weakness
in private label due to the expected transition of a major private
label customer starting in the fourth quarter.
- Expect gross margins for the remainder
of 2023 to improve relative to the second quarter. Full year gross
margins in the range of 35% to 37% reflecting improved
transportation costs and branded pricing, and lower private label
mix.
- Forecast Adjusted EBITDA2 in the range
of $56-60 million reflecting full year net sales growth and gross
margin improvement offset by increased investment in SG&A to
support the long term growth of the company.
Management to provide additional details regarding
the impact of the expected transition of a major private label
customer during the earnings conference call later today.
Footnotes:
(1) Adjusted EBITDA represents earnings before
income, taxes, depreciation, and amortization, as adjusted for
certain items as set forth in the reconciliation table
of U.S. GAAP to non-GAAP information and is a measure
calculated and presented on the basis of methodologies other than
in accordance with GAAP. Please refer to the Use of Non-GAAP
Financial Information herein for further discussion and
reconciliation of this measure to GAAP measures.(2) GAAP Net Income
2023 outlook is not provided due to the inherent difficulty in
quantifying certain amounts due to a variety of factors, including
the unpredictability in the movement in foreign currency rates, as
well as future charges or reversals outside of the normal course of
business.
Conference Call and Webcast
Details
The Vita Coco Company will host a conference call
and webcast at 8:30 a.m. ET today to discuss these results. To
participate in the live earnings call and question and answer
session, please register at
https://register.vevent.com/register/BI27e3f3277a1c478db1a23c40bb470933 and
dial-in information will be provided directly to you. A slide
presentation to support the webcast, and the live audio webcast
will be accessible in the “Events” section of the Company’s
Investor Relations website at
https://investors.thevitacococompany.com. An archived replay of the
webcast will be available shortly after the live event has
concluded.
About The Vita Coco Company
The Vita Coco Company was co-founded in 2004 by
Chairman Michael Kirban and Ira Liran. Pioneers in the functional
beverage category, The Vita Coco Company’s brands include the
leading coconut water, Vita Coco; clean energy drink, Runa;
sustainable enhanced water, Ever & Ever; and protein-infused
water, PWR LIFT. With its ability to harness the power of people
and plants, and balance purpose and profit, The Vita Coco Company
has created a modern beverage platform built for current and future
generations.
The company is a Public Benefit Corporation in
Delaware and is a Certified B Corporation.™
ContactsInvestor Relations:
ICR, Inc.investors@thevitacococompany.com
Non-GAAP Financial Measures
In addition to disclosing results determined in
accordance with U.S. GAAP, the Company also discloses certain
non-GAAP results of operations, including, but not limited to,
Adjusted EBITDA, that include certain adjustments or exclude
certain charges and gains that are described in the reconciliation
table of U.S. GAAP to non-GAAP information provided at the end of
this release. These non-GAAP measures are a key metric used by
management and our board of directors to assess our financial
performance across reporting periods on a consistent basis by
excluding items that we do not believe are indicative of our core
operating performance and because we believe it is useful for
investors to see the measures that management uses to evaluate the
Company. In addition, we believe the presentation of these measures
is useful to investors for period-to-period comparisons of results
as the items described below in the reconciliation tables do not
reflect ongoing operating performance.
These measures are not in accordance with, or an
alternative to, U.S. GAAP, and may be different from non-GAAP
measures used by other companies. In addition, other companies,
including companies in our industry, may calculate such measures
differently, which reduces its usefulness as a comparative measure.
Investors should not rely on any single financial measure when
evaluating our business. This information should be considered as
supplemental in nature and is not meant as a substitute for our
operating results in accordance with U.S. GAAP. We recommend
investors review the U.S. GAAP financial measures included in this
earnings release. When viewed in conjunction with our U.S. GAAP
results and the accompanying reconciliations, we believe these
non-GAAP measures provide greater transparency and a more complete
understanding of factors affecting our business than U.S. GAAP
measures alone.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements contained in this press release
that do not relate to matters of historical fact should be
considered forward-looking statements, including but not limited
to, statements regarding our future financial and operating
performance, including our GAAP and non-GAAP guidance, our
strategy, projected costs, prospects, expectations, plans,
objectives of management, supply chain predictions and expected net
sales and category share growth.
The forward-looking statements in this release are
only predictions. We have based these forward-looking statements
largely on our current expectations and projections about future
events and financial trends that we believe may affect our
business, financial condition and results of operations.
Forward-looking statements involve known and unknown risks,
uncertainties and other important factors that may cause our actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Forward-looking
statements involve a number of risks, uncertainties or other
factors beyond the Company’s control. These factors include, but
are not limited to, those discussed under the caption “Risk
Factors” in our Annual Reports on Form 10-K, Quarterly Reports on
Form 10-Q and our other filings with the U.S. Securities and
Exchange Commission ("SEC") as such factors may be updated from
time to time and which are accessible on the SEC’s website at
www.sec.gov and the Investor Relations page of our website at
https://investors.thevitacococompany.com. Any forward-looking
statements contained in this press release speak only as of the
date hereof and accordingly undue reliance should not be placed on
such statements. We disclaim any obligation or undertaking to
update or revise any forward-looking statements contained in this
press release, whether as a result of new information, future
events or otherwise, other than to the extent required by
applicable law.
Website Disclosure
We intend to use our websites, vitacoco.com and
investors.thevitacococompany.com, as a means for disclosing
material non-public information and for complying with the SEC's
Regulation FD and other disclosure obligations.
THE VITA COCO COMPANY, INC. AND
SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED) (Amounts in thousands, except share
data)
|
June 30,2023 |
|
December 31,2022 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
47,968 |
|
|
$ |
19,629 |
|
Accounts receivable, net of allowance of $3,192 at June 30,
2023, and $2,898 at December 31, 2022 |
|
89,588 |
|
|
|
43,350 |
|
Inventory |
|
57,165 |
|
|
|
84,115 |
|
Supplier advances |
|
1,396 |
|
|
|
1,534 |
|
Derivative assets |
|
6,823 |
|
|
|
3,606 |
|
Asset held for sale |
|
503 |
|
|
|
503 |
|
Prepaid expenses and other current assets |
|
20,067 |
|
|
|
22,181 |
|
Total current assets |
|
223,510 |
|
|
|
174,918 |
|
Property and equipment, net |
|
2,223 |
|
|
|
2,076 |
|
Goodwill |
|
7,791 |
|
|
|
7,791 |
|
Supplier advances |
|
3,795 |
|
|
|
4,360 |
|
Deferred tax assets, net |
|
4,259 |
|
|
|
4,256 |
|
Right-of-use assets, net |
|
2,133 |
|
|
|
2,679 |
|
Other assets |
|
1,712 |
|
|
|
1,677 |
|
Total assets |
|
245,423 |
|
|
|
197,757 |
|
Liabilities and Stockholders’ Equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
|
18,555 |
|
|
|
15,910 |
|
Accrued expenses and other current liabilities |
|
51,833 |
|
|
|
38,342 |
|
Notes payable, current |
|
19 |
|
|
|
23 |
|
Derivative liabilities |
|
1,087 |
|
|
|
71 |
|
Total current liabilities |
|
71,494 |
|
|
|
54,346 |
|
Notes payable |
|
18 |
|
|
|
25 |
|
Other long-term liabilities |
|
2,106 |
|
|
|
2,293 |
|
Total liabilities |
|
73,618 |
|
|
|
56,664 |
|
|
|
|
|
Stockholders’ equity: |
|
|
|
Common stock, $0.01 par value;
500,000,000 shares authorized; 62,641,890 and 62,225,250 shares
issued at June 30, 2023 and December 31, 2022,
respectively; 56,435,690 and 56,019,050 Shares Outstanding at
June 30, 2023 and December 31, 2022,
respectively. |
|
626 |
|
|
|
622 |
|
Additional paid-in capital |
|
152,187 |
|
|
|
145,210 |
|
Retained earnings |
|
78,805 |
|
|
|
55,183 |
|
Accumulated other comprehensive loss |
|
(885 |
) |
|
|
(994 |
) |
Treasury stock, 6,206,200
shares at cost as of June 30, 2023, and December 31, 2022. |
|
(58,928 |
) |
|
|
(58,928 |
) |
Total stockholders’ equity attributable to The Vita Coco Company,
Inc. |
|
171,805 |
|
|
|
141,093 |
|
Total liabilities and stockholders’ equity |
$ |
245,423 |
|
|
$ |
197,757 |
|
THE VITA COCO COMPANY, INC. AND
SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (UNAUDITED) (Amounts in thousands,
except for share and per share data)
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net sales |
$ |
139,645 |
|
|
$ |
115,305 |
|
|
$ |
249,404 |
|
|
$ |
211,753 |
|
Cost of goods sold |
|
88,551 |
|
|
|
86,016 |
|
|
|
164,649 |
|
|
|
163,401 |
|
Gross profit |
|
51,094 |
|
|
|
29,289 |
|
|
|
84,755 |
|
|
|
48,352 |
|
Operating expenses |
|
|
|
|
|
|
|
Selling, general and administrative |
|
30,249 |
|
|
|
24,257 |
|
|
|
57,206 |
|
|
|
49,058 |
|
Income (Loss) from operations |
|
20,845 |
|
|
|
5,032 |
|
|
|
27,549 |
|
|
|
(706 |
) |
Other income (expense) |
|
|
|
|
|
|
|
Unrealized gain/(loss) on derivative instruments |
|
988 |
|
|
|
(3,242 |
) |
|
|
2,201 |
|
|
|
5,464 |
|
Foreign currency gain/(loss) |
|
170 |
|
|
|
(43 |
) |
|
|
781 |
|
|
|
(144 |
) |
Interest income |
|
268 |
|
|
|
3 |
|
|
|
281 |
|
|
|
10 |
|
Interest expense |
|
(15 |
) |
|
|
(56 |
) |
|
|
(30 |
) |
|
|
(83 |
) |
Total other income (expense) |
|
1,411 |
|
|
|
(3,338 |
) |
|
|
3,233 |
|
|
|
5,247 |
|
Income before income taxes |
|
22,256 |
|
|
|
1,694 |
|
|
|
30,782 |
|
|
|
4,541 |
|
Income tax expense |
|
(4,269 |
) |
|
|
(555 |
) |
|
|
(6,090 |
) |
|
|
(1,175 |
) |
Net income |
|
17,987 |
|
|
|
1,139 |
|
|
|
24,692 |
|
|
|
3,366 |
|
Net income per common share |
|
|
|
|
|
|
|
Basic |
$ |
0.32 |
|
|
$ |
0.02 |
|
|
$ |
0.44 |
|
|
$ |
0.06 |
|
Diluted |
$ |
0.31 |
|
|
$ |
0.02 |
|
|
$ |
0.42 |
|
|
$ |
0.06 |
|
Weighted-average number of
common shares outstanding |
|
|
|
|
|
|
|
Basic |
|
56,325,013 |
|
|
|
55,626,861 |
|
|
|
56,186,727 |
|
|
|
55,594,558 |
|
Diluted |
|
58,854,063 |
|
|
|
55,804,448 |
|
|
|
58,103,502 |
|
|
|
55,752,597 |
|
THE VITA COCO COMPANY, INC. AND
SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (UNAUDITED) (Amounts in
thousands)
|
Six Months Ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
Cash flows from operating activities: |
|
|
|
Net income |
$ |
24,692 |
|
|
$ |
3,366 |
|
Adjustments required to reconcile net income to cash flows from
operating activities: |
|
|
|
Depreciation and amortization |
|
340 |
|
|
|
945 |
|
(Gain)/loss on disposal of equipment |
|
(1 |
) |
|
|
— |
|
Bad debt expense |
|
177 |
|
|
|
157 |
|
Unrealized (gain)/loss on derivative instruments |
|
(2,201 |
) |
|
|
(5,464 |
) |
Stock-based compensation |
|
4,264 |
|
|
|
4,200 |
|
Noncash lease expense |
|
561 |
|
|
|
513 |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
|
(46,605 |
) |
|
|
(27,167 |
) |
Inventory |
|
27,253 |
|
|
|
4,730 |
|
Prepaid expenses, net supplier advances, and
other assets |
|
2,769 |
|
|
|
(5,713 |
) |
Accounts payable, accrued expenses, and other
liabilities |
|
14,822 |
|
|
|
(8,939 |
) |
Net cash provided by (used
in) operating activities |
|
26,071 |
|
|
|
(33,372 |
) |
Cash flows from investing activities: |
|
|
|
Cash paid for property and equipment |
|
(487 |
) |
|
|
(857 |
) |
Proceeds from sale of property and equipment |
|
5 |
|
|
|
— |
|
Net cash used in investing
activities |
|
(482 |
) |
|
|
(857 |
) |
Cash flows from financing activities: |
|
|
|
Proceeds from exercise of stock options/warrants |
|
2,717 |
|
|
|
242 |
|
Borrowings on credit facility |
|
— |
|
|
|
22,000 |
|
Repayments of borrowings on credit facility |
|
— |
|
|
|
— |
|
Cash received (paid) on notes payable |
|
(12 |
) |
|
|
(16 |
) |
Net cash used in financing
activities |
|
2,705 |
|
|
|
22,226 |
|
Effects of exchange rate changes on cash and cash equivalents |
|
371 |
|
|
|
(276 |
) |
Net decrease in cash and cash equivalents |
|
28,665 |
|
|
|
(12,279 |
) |
Cash and cash equivalents at beginning of the period |
|
19,629 |
|
|
|
28,690 |
|
Cash, cash equivalents and restricted cash at end of the period
(1) |
$ |
48,294 |
|
|
$ |
16,411 |
|
1Includes $326 and $0 of restricted cash as of
June 30, 2023 and 2022, respectively, that were included in
other current assets.
RECONCILIATION FROM GAAP NET INCOME
TO NON-GAAP ADJUSTED EBITDA
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
(in thousands) |
|
|
|
|
|
|
Net income |
$ |
17,987 |
|
|
$ |
1,139 |
|
$ |
24,692 |
|
|
$ |
3,366 |
|
Depreciation and amortization |
|
175 |
|
|
|
475 |
|
|
340 |
|
|
|
945 |
|
Interest income |
|
(268 |
) |
|
|
(3 |
) |
|
(281 |
) |
|
|
(10 |
) |
Interest expense |
|
15 |
|
|
|
56 |
|
|
30 |
|
|
|
83 |
|
Income tax expense |
|
4,269 |
|
|
|
555 |
|
|
6,090 |
|
|
|
1,175 |
|
EBITDA |
|
22,178 |
|
|
|
2,222 |
|
|
30,871 |
|
|
|
5,559 |
|
Stock-based compensation (a) |
|
2,102 |
|
|
|
1,813 |
|
|
4,264 |
|
|
|
4,200 |
|
Unrealized (gain)/loss on derivative instruments (b) |
|
(988 |
) |
|
|
3,242 |
|
|
(2,201 |
) |
|
|
(5,464 |
) |
Foreign currency (gain)/loss (b) |
|
(170 |
) |
|
|
43 |
|
|
(781 |
) |
|
|
144 |
|
Secondary Offering Costs (c) |
|
856 |
|
|
|
— |
|
|
856 |
|
|
|
— |
|
Adjusted EBITDA |
$ |
23,978 |
|
|
$ |
7,320 |
|
$ |
33,009 |
|
|
$ |
4,439 |
|
(a) |
Non-cash charges related to stock-based compensation, which vary
from period to period depending on volume and vesting timing of
awards. We adjusted for these charges to facilitate comparison from
period to period. |
(b) |
Unrealized gains or losses on
derivative instruments and foreign currency gains or losses are not
considered in our evaluation of our ongoing performance. |
(c) |
Reflects other non-recurring
expenses related to costs associated with the secondary offering in
which Verlinvest Beverages SA sold shares of the Company in an
underwritten public offering, which closed on May 26, 2023. The
Company did not receive any proceeds from the sale of the
shares. |
SUPPLEMENTAL INFORMATION
|
NET SALES |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
(in thousands) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
Americas segment |
|
|
|
|
|
|
|
Vita Coco Coconut Water |
$ |
95,004 |
|
$ |
76,436 |
|
$ |
164,142 |
|
$ |
135,291 |
Private Label |
|
24,059 |
|
|
20,547 |
|
|
49,109 |
|
|
43,627 |
Other |
|
2,200 |
|
|
3,510 |
|
|
4,784 |
|
|
6,186 |
Subtotal |
|
121,263 |
|
|
100,493 |
|
|
218,035 |
|
|
185,104 |
International segment |
|
|
|
|
|
|
|
Vita Coco Coconut Water |
|
12,720 |
|
|
11,124 |
|
|
22,278 |
|
|
19,473 |
Private Label |
|
5,053 |
|
|
2,946 |
|
|
7,719 |
|
|
5,711 |
Other |
|
609 |
|
|
742 |
|
|
1,372 |
|
|
1,465 |
Subtotal |
|
18,382 |
|
|
14,812 |
|
|
31,369 |
|
|
26,649 |
Total net sales |
$ |
139,645 |
|
$ |
115,305 |
|
$ |
249,404 |
|
$ |
211,753 |
|
COST OF GOODS SOLD & GROSS PROFIT |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
(in thousands) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Cost of goods sold |
|
|
|
|
|
|
|
Americas segment |
|
76,155 |
|
|
|
73,784 |
|
|
|
143,777 |
|
|
|
142,099 |
|
International segment |
|
12,396 |
|
|
|
12,232 |
|
|
|
20,872 |
|
|
|
21,302 |
|
Total cost of goods sold |
$ |
88,551 |
|
|
$ |
86,016 |
|
|
$ |
164,649 |
|
|
$ |
163,401 |
|
Gross profit |
|
|
|
|
|
|
|
Americas segment |
|
45,109 |
|
|
|
26,710 |
|
|
|
74,258 |
|
|
|
43,006 |
|
International segment |
|
5,985 |
|
|
|
2,579 |
|
|
|
10,497 |
|
|
|
5,346 |
|
Total gross profit |
$ |
51,094 |
|
|
$ |
29,289 |
|
|
$ |
84,755 |
|
|
$ |
48,352 |
|
Gross margin |
|
|
|
|
|
|
|
Americas segment |
|
37.2 |
% |
|
|
26.6 |
% |
|
|
34.1 |
% |
|
|
23.2 |
% |
International segment |
|
32.6 |
% |
|
|
17.4 |
% |
|
|
33.5 |
% |
|
|
20.1 |
% |
Consolidated |
|
36.6 |
% |
|
|
25.4 |
% |
|
|
34.0 |
% |
|
|
22.8 |
% |
SUPPLEMENTAL INFORMATION
|
VOLUME (CE) |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
(in thousands) |
2023 |
|
2022 |
|
2023 |
|
2022 |
Americas
segment |
|
|
|
|
|
|
|
Vita Coco Coconut Water |
10,056 |
|
8,304 |
|
17,277 |
|
14,599 |
Private Label |
2,609 |
|
2,137 |
|
5,269 |
|
4,867 |
Other |
210 |
|
526 |
|
449 |
|
892 |
Subtotal |
12,875 |
|
10,967 |
|
22,995 |
|
20,358 |
|
|
|
|
|
|
|
|
International
segment* |
|
|
|
|
|
|
|
Vita Coco Coconut Water |
1,761 |
|
1,625 |
|
3,161 |
|
2,831 |
Private Label |
647 |
|
421 |
|
1,041 |
|
834 |
Other |
16 |
|
13 |
|
36 |
|
26 |
Subtotal |
2,424 |
|
2,059 |
|
4,238 |
|
3,691 |
Total volume (CE) |
15,299 |
|
13,026 |
|
27,233 |
|
24,049 |
Note: A CE is a standard volume measure used by
management which is defined as a case of 12 bottles of 330ml liquid
beverages or the same liter volume of oil.
*International Other excludes minor volume that is
treated as zero CE
Vita Coco (NASDAQ:COCO)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Vita Coco (NASDAQ:COCO)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024