10-Q Filing

FRESHPET, INC. CIK: 1611647 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001437749-21-010772`
Period End Date	20210331
Filing Date	20210504
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	frpt20210331_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 63 Income Statement 38 Cash Flow Statement 68 Stockholders Equity 20

Balance Sheet 63 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$67.25M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$340.97M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	43.24M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts	`AccountsReceivableNetCurrent`	$18.44M	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	40.73M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts	`AccountsReceivableNetCurrent`	$28.82M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	43.23M	shares	Point-in-time
Inventories, net	`InventoryNet`	$19.12M	USD	Point-in-time
Inventories, net	`InventoryNet`	$21.82M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	40.72M	shares	Point-in-time
Treasury Stock, Shares (in shares)	`TreasuryStockShares`	14,000.00	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$3.38M	USD	Point-in-time
Treasury Stock, Shares (in shares)	`TreasuryStockShares`	14,000.00	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$2.50M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.94M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$914.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$396.04M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$109.10M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$331.37M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$281.07M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$281.07M	USD	Point-in-time
Deposits on equipment	`DepositsOnPropertyPlantAndEquipmentNet`	$3.71M	USD	Point-in-time
Deposits on equipment	`DepositsOnPropertyPlantAndEquipmentNet`	$3.62M	USD	Point-in-time
Operating lease right of use assets	`OperatingLeaseRightOfUseAsset`	$7.56M	USD	Point-in-time
Operating lease right of use assets	`OperatingLeaseRightOfUseAsset`	$7.87M	USD	Point-in-time
Equity method investment	`EquityMethodInvestments`	$27.66M	USD	Point-in-time
Equity method investment	`EquityMethodInvestments`	$27.89M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$4.75M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$7.73M	USD	Point-in-time
Total Assets	`Assets`	$434.39M	USD	Point-in-time
Total Assets	`Assets`	$773.97M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$16.45M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$30.95M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$15.37M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$13.57M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.30M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.30M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$33.12M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$45.82M	USD	Point-in-time
Long term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$7.10M	USD	Point-in-time
Long term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$6.75M	USD	Point-in-time
Total Liabilities	`Liabilities`	$40.22M	USD	Point-in-time
Total Liabilities	`Liabilities`	$52.58M	USD	Point-in-time
Common stock voting, $0.001 par value, 200,000 shares authorized, 43,242 issued and 43,228 outstanding on March 31, 2021, and 40,732 issued and 40,718 outstanding on December 31, 2020	`CommonStockValue`	$43.00K	USD	Point-in-time
Common stock voting, $0.001 par value, 200,000 shares authorized, 43,242 issued and 43,228 outstanding on March 31, 2021, and 40,732 issued and 40,718 outstanding on December 31, 2020	`CommonStockValue`	$41.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$938.24M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$600.39M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-205.92M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-216.81M	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-80.00K	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$179.00K	USD	Point-in-time
Treasury stock, at cost 14 shares on March 31, 2021 and on December 31, 2020	`TreasuryStockValue`	$256.00K	USD	Point-in-time
Treasury stock, at cost 14 shares on March 31, 2021 and on December 31, 2020	`TreasuryStockValue`	$256.00K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$131.26M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$721.40M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$394.17M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$381.80M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$773.97M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$434.39M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
NET SALES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$93.41M	USD	1 Quarter
NET SALES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$70.10M	USD	1 Quarter
COST OF GOODS SOLD	`CostOfGoodsAndServicesSold`	$38.31M	USD	1 Quarter
COST OF GOODS SOLD	`CostOfGoodsAndServicesSold`	$57.10M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$31.79M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$36.31M	USD	1 Quarter
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES	`SellingGeneralAndAdministrativeExpense`	$34.68M	USD	1 Quarter
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES	`SellingGeneralAndAdministrativeExpense`	$46.03M	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-9.72M	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-2.89M	USD	1 Quarter
Other Income/(Expenses), net	`OtherNonoperatingIncomeExpense`	$-5.00K	USD	1 Quarter
Other Income/(Expenses), net	`OtherNonoperatingIncomeExpense`	$22.00K	USD	1 Quarter
Interest Expense	`InterestExpense`	$704.00K	USD	1 Quarter
Interest Expense	`InterestExpense`	$901.00K	USD	1 Quarter
Nonoperating Income (Expense), Total	`NonoperatingIncomeExpense`	$-682.00K	USD	1 Quarter
Nonoperating Income (Expense), Total	`NonoperatingIncomeExpense`	$-906.00K	USD	1 Quarter
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-10.62M	USD	1 Quarter
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.57M	USD	1 Quarter
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$16.00K	USD	1 Quarter
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$22.00K	USD	1 Quarter
LOSS ON EQUITY METHOD INVESTMENT	`IncomeLossFromEquityMethodInvestments`	-	USD	1 Quarter
LOSS ON EQUITY METHOD INVESTMENT	`IncomeLossFromEquityMethodInvestments`	$-248.00K	USD	1 Quarter
LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	`NetIncomeLoss`	$-10.89M	USD	1 Quarter
LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	`NetIncomeLoss`	$-3.59M	USD	1 Quarter
Change in foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$259.00K	USD	1 Quarter
Change in foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$59.00K	USD	1 Quarter
TOTAL OTHER COMPREHENSIVE INCOME	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$259.00K	USD	1 Quarter
TOTAL OTHER COMPREHENSIVE INCOME	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$59.00K	USD	1 Quarter
TOTAL COMPREHENSIVE (LOSS)	`ComprehensiveIncomeNetOfTax`	$-10.63M	USD	1 Quarter
TOTAL COMPREHENSIVE (LOSS)	`ComprehensiveIncomeNetOfTax`	$-3.53M	USD	1 Quarter
-BASIC (in dollars per share)	`EarningsPerShareBasic`	$-0.10	USD	1 Quarter
-BASIC (in dollars per share)	`EarningsPerShareBasic`	$-0.26	USD	1 Quarter
-DILUTED (in dollars per share)	`EarningsPerShareDiluted`	$-0.26	USD	1 Quarter
-DILUTED (in dollars per share)	`EarningsPerShareDiluted`	$-0.10	USD	1 Quarter
-BASIC (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	37.44M	shares	1 Quarter
-BASIC (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	41.63M	shares	1 Quarter
-DILUTED (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	41.63M	shares	1 Quarter
-DILUTED (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	37.44M	shares	1 Quarter

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-10.89M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.59M	USD	1 Quarter
Provision for loss/(gains) on accounts receivable	`ProvisionForDoubtfulAccounts`	$-3.00K	USD	1 Quarter
Provision for loss/(gains) on accounts receivable	`ProvisionForDoubtfulAccounts`	$91.00K	USD	1 Quarter
Loss on disposal of equipment	`GainLossOnDispositionOfAssets`	$-60.00K	USD	1 Quarter
Loss on disposal of equipment	`GainLossOnDispositionOfAssets`	$-2.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$2.18M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$6.08M	USD	1 Quarter
Inventory obsolescence	`InventoryWriteDown`	$129.00K	USD	1 Quarter
Inventory obsolescence	`InventoryWriteDown`	$118.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$7.09M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$4.45M	USD	1 Quarter
Amortization of deferred financing costs and loan discount	`AmortizationOfFinancingCostsAndDiscounts`	$625.00K	USD	1 Quarter
Amortization of deferred financing costs and loan discount	`AmortizationOfFinancingCostsAndDiscounts`	$617.00K	USD	1 Quarter
Investments in equity method investment	`EquityMethodInvestmentDividendsOrDistributions`	$236.00K	USD	1 Quarter
Investments in equity method investment	`EquityMethodInvestmentDividendsOrDistributions`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$10.38M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.80M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$3.58M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$2.83M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-10.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$140.00K	USD	1 Quarter
Operating lease right of use	`IncreaseDecreaseInOperatingLeaseRightOfUseAsset`	$-308.00K	USD	1 Quarter
Operating lease right of use	`IncreaseDecreaseInOperatingLeaseRightOfUseAsset`	$-309.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-12.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-137.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$656.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$6.25M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-1.80M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-1.69M	USD	1 Quarter
Other lease liabilities	`IncreaseDecreaseInOtherLeaseLiabilities`	$-284.00K	USD	1 Quarter
Other lease liabilities	`IncreaseDecreaseInOtherLeaseLiabilities`	$-345.00K	USD	1 Quarter
Net cash flows used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.49M	USD	1 Quarter
Net cash flows used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.50M	USD	1 Quarter
Purchase of short-term investments	`PaymentsToAcquireShortTermInvestments`	$20.00M	USD	1 Quarter
Purchase of short-term investments	`PaymentsToAcquireShortTermInvestments`	-	USD	1 Quarter
Acquisitions of property, plant and equipment, software and deposits on equipment	`PaymentsToAcquireProductiveAssets`	$49.33M	USD	1 Quarter
Acquisitions of property, plant and equipment, software and deposits on equipment	`PaymentsToAcquireProductiveAssets`	$34.24M	USD	1 Quarter
Net cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-49.33M	USD	1 Quarter
Net cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-54.24M	USD	1 Quarter
Proceeds from common shares issued in primary offering, net of issuance cost	`ProceedsFromIssuanceInitialPublicOffering`	$332.52M	USD	1 Quarter
Proceeds from common shares issued in primary offering, net of issuance cost	`ProceedsFromIssuanceInitialPublicOffering`	$252.06M	USD	1 Quarter
Proceeds from exercise of options to purchase common stock	`ProceedsFromStockOptionsExercised`	$403.00K	USD	1 Quarter
Proceeds from exercise of options to purchase common stock	`ProceedsFromStockOptionsExercised`	$714.00K	USD	1 Quarter
Tax withholdings related to net shares settlements of restricted stock units	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$645.00K	USD	1 Quarter
Tax withholdings related to net shares settlements of restricted stock units	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.53M	USD	1 Quarter
Proceeds from borrowings under Credit Facilities	`ProceedsFromLinesOfCredit`	-	USD	1 Quarter
Proceeds from borrowings under Credit Facilities	`ProceedsFromLinesOfCredit`	$20.93M	USD	1 Quarter
Repayment of borrowings under Credit Facilities	`RepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Repayment of borrowings under Credit Facilities	`RepaymentsOfLinesOfCredit`	$76.00M	USD	1 Quarter
Fees paid in connection with financing agreements	`PaymentsOfFinancingCosts`	-	USD	1 Quarter
Fees paid in connection with financing agreements	`PaymentsOfFinancingCosts`	$3.17M	USD	1 Quarter
Net cash flows provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$328.54M	USD	1 Quarter
Net cash flows provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$196.75M	USD	1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$140.01M	USD	1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$273.72M	USD	1 Quarter
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$149.49M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$67.25M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$9.47M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$340.97M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$149.49M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$67.25M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$9.47M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$340.97M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$767.00K	USD	1 Quarter
Interest paid	`InterestPaidNet`	$208.00K	USD	1 Quarter
Property, plant and equipment purchases in accounts payable	`CapitalExpendituresIncurredButNotYetPaid`	$19.54M	USD	1 Quarter
Property, plant and equipment purchases in accounts payable	`CapitalExpendituresIncurredButNotYetPaid`	$8.67M	USD	1 Quarter

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
BALANCES	`StockholdersEquity`	$131.26M	USD	Point-in-time
BALANCES	`StockholdersEquity`	$721.40M	USD	Point-in-time
BALANCES	`StockholdersEquity`	$394.17M	USD	Point-in-time
BALANCES	`StockholdersEquity`	$381.80M	USD	Point-in-time
Exercise of options to purchase common stock	`StockIssuedDuringPeriodValueStockOptionsExercised`	$714.00K	USD	1 Quarter
Exercise of options to purchase common stock	`StockIssuedDuringPeriodValueStockOptionsExercised`	$403.00K	USD	1 Quarter
Vesting of restricted stock units	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$-645.00K	USD	1 Quarter
Vesting of restricted stock units	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$-1.53M	USD	1 Quarter
Share-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.24M	USD	1 Quarter
Share-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$6.15M	USD	1 Quarter
Shares issued in primary offering	`StockIssuedDuringPeriodValueNewIssues`	$332.52M	USD	1 Quarter
Shares issued in primary offering	`StockIssuedDuringPeriodValueNewIssues`	$252.06M	USD	1 Quarter
Foreign Currency Translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$259.00K	USD	1 Quarter
Foreign Currency Translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$59.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.89M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.59M	USD	1 Quarter
BALANCES	`StockholdersEquity`	$131.26M	USD	Point-in-time
BALANCES	`StockholdersEquity`	$721.40M	USD	Point-in-time
BALANCES	`StockholdersEquity`	$394.17M	USD	Point-in-time
BALANCES	`StockholdersEquity`	$381.80M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.