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10-Q Filing

FRESHPET, INC. CIK: 1611647 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0001437749-23-013012
Period End Date 20230331
Filing Date 20230508
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance frpt20230331_10q_htm.xml
Filing Contents
Balance Sheet 68 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 $132.74M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $337.14M USD Point-in-time
Common stock, authorized (in shares) CommonStockSharesAuthorized 200.00M shares Point-in-time
Common stock, authorized (in shares) CommonStockSharesAuthorized 200.00M shares Point-in-time
Short-term investments ShortTermInvestments $49.33M USD Point-in-time
Short-term investments ShortTermInvestments - USD Point-in-time
Common stock, issued (in shares) CommonStockSharesIssued 48.05M shares Point-in-time
Common stock, issued (in shares) CommonStockSharesIssued 48.12M shares Point-in-time
Accounts receivable, net of allowance for doubtful accounts AccountsReceivableNetCurrent $57.57M USD Point-in-time
Common stock, outstanding (in shares) CommonStockSharesOutstanding 48.11M shares Point-in-time
Common stock, outstanding (in shares) CommonStockSharesOutstanding 48.04M shares Point-in-time
Accounts receivable, net of allowance for doubtful accounts AccountsReceivableNetCurrent $49.51M USD Point-in-time
Treasury Stock, Common, Shares TreasuryStockCommonShares 14,000.00 shares Point-in-time
Treasury Stock, Common, Shares TreasuryStockCommonShares 14,000.00 shares Point-in-time
Inventories, net InventoryNet $66.32M USD Point-in-time
Inventories, net InventoryNet $58.29M USD Point-in-time
Prepaid expenses PrepaidExpenseCurrent $9.78M USD Point-in-time
Prepaid expenses PrepaidExpenseCurrent $7.75M USD Point-in-time
Other current assets OtherAssetsCurrent $3.09M USD Point-in-time
Other current assets OtherAssetsCurrent $3.59M USD Point-in-time
Total Current Assets AssetsCurrent $513.14M USD Point-in-time
Total Current Assets AssetsCurrent $261.96M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $800.59M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $826.15M USD Point-in-time
Deposits on equipment DepositsOnPropertyPlantAndEquipmentNet $2.94M USD Point-in-time
Deposits on equipment DepositsOnPropertyPlantAndEquipmentNet $3.82M USD Point-in-time
Operating lease right of use assets OperatingLeaseRightOfUseAsset $5.17M USD Point-in-time
Operating lease right of use assets OperatingLeaseRightOfUseAsset $4.81M USD Point-in-time
Equity method investment EquityMethodInvestments $25.42M USD Point-in-time
Equity method investment EquityMethodInvestments - USD Point-in-time
Long term investment in equity securities EquitySecuritiesFVNINoncurrent - USD Point-in-time
Long term investment in equity securities EquitySecuritiesFVNINoncurrent $24.44M USD Point-in-time
Other assets OtherAssetsNoncurrent $28.43M USD Point-in-time
Other assets OtherAssetsNoncurrent $28.54M USD Point-in-time
Total Assets Assets $1.40B USD Point-in-time
Total Assets Assets $1.13B USD Point-in-time
Accounts payable AccountsPayableCurrent $26.39M USD Point-in-time
Accounts payable AccountsPayableCurrent $55.09M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $33.02M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $27.80M USD Point-in-time
Current operating lease liabilities OperatingLeaseLiabilityCurrent $1.51M USD Point-in-time
Current operating lease liabilities OperatingLeaseLiabilityCurrent $1.54M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $89.61M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $55.74M USD Point-in-time
Convertible senior notes ConvertibleDebtNoncurrent - USD Point-in-time
Convertible senior notes ConvertibleDebtNoncurrent $391.57M USD Point-in-time
Long term operating lease liabilities OperatingLeaseLiabilityNoncurrent $3.80M USD Point-in-time
Long term operating lease liabilities OperatingLeaseLiabilityNoncurrent $4.20M USD Point-in-time
Total Liabilities Liabilities $93.81M USD Point-in-time
Total Liabilities Liabilities $451.11M USD Point-in-time
Common stock voting, $0.001 par value, 200,000 shares authorized, 48,123 issued and 48,109 outstanding on March 31, 2023, and 48,051 issued and 48,037 outstanding on December 31, 2022 CommonStockValue $48.00K USD Point-in-time
Common stock voting, $0.001 par value, 200,000 shares authorized, 48,123 issued and 48,109 outstanding on March 31, 2023, and 48,051 issued and 48,037 outstanding on December 31, 2022 CommonStockValue $48.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $1.27B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $1.33B USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-319.90M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-295.12M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $1.38M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $1.37M USD Point-in-time
Treasury stock, at cost 14 shares on March 31, 2023 and on December 31, 2022 TreasuryStockCommonValue $256.00K USD Point-in-time
Treasury stock, at cost 14 shares on March 31, 2023 and on December 31, 2022 TreasuryStockCommonValue $256.00K USD Point-in-time
Total Stockholders' Equity StockholdersEquity $719.75M USD Point-in-time
Total Stockholders' Equity StockholdersEquity $708.05M USD Point-in-time
Total Stockholders' Equity StockholdersEquity $948.91M USD Point-in-time
Total Stockholders' Equity StockholdersEquity $1.03B USD Point-in-time
Total Liabilities and Stockholders' Equity LiabilitiesAndStockholdersEquity $1.40B USD Point-in-time
Total Liabilities and Stockholders' Equity LiabilitiesAndStockholdersEquity $1.13B USD Point-in-time
Income Statement 38 line items
Line Item Tag Value Unit Period
NET SALES RevenueFromContractWithCustomerExcludingAssessedTax $167.52M USD 1 Quarter
NET SALES RevenueFromContractWithCustomerExcludingAssessedTax $132.17M USD 1 Quarter
COST OF GOODS SOLD CostOfGoodsAndServicesSold $116.76M USD 1 Quarter
COST OF GOODS SOLD CostOfGoodsAndServicesSold $87.42M USD 1 Quarter
GROSS PROFIT GrossProfit $50.76M USD 1 Quarter
GROSS PROFIT GrossProfit $44.75M USD 1 Quarter
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES SellingGeneralAndAdministrativeExpense $60.63M USD 1 Quarter
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES SellingGeneralAndAdministrativeExpense $72.27M USD 1 Quarter
LOSS FROM OPERATIONS OperatingIncomeLoss $-15.88M USD 1 Quarter
LOSS FROM OPERATIONS OperatingIncomeLoss $-21.51M USD 1 Quarter
Other Income, net OtherNonoperatingIncomeExpense $946.00K USD 1 Quarter
Other Income, net OtherNonoperatingIncomeExpense $258.00K USD 1 Quarter
Interest Expense InterestExpense $571.00K USD 1 Quarter
Interest Expense InterestExpense $3.17M USD 1 Quarter
Nonoperating Income (Expense), Total NonoperatingIncomeExpense $-313.00K USD 1 Quarter
Nonoperating Income (Expense), Total NonoperatingIncomeExpense $-2.23M USD 1 Quarter
LOSS BEFORE INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $-16.19M USD 1 Quarter
LOSS BEFORE INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $-23.74M USD 1 Quarter
INCOME TAX EXPENSE IncomeTaxExpenseBenefit $41.00K USD 1 Quarter
INCOME TAX EXPENSE IncomeTaxExpenseBenefit $70.00K USD 1 Quarter
LOSS ON EQUITY METHOD INVESTMENT IncomeLossFromEquityMethodInvestments $-980.00K USD 1 Quarter
LOSS ON EQUITY METHOD INVESTMENT IncomeLossFromEquityMethodInvestments $-1.31M USD 1 Quarter
LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS NetIncomeLoss $-24.79M USD 1 Quarter
LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS NetIncomeLoss $-17.54M USD 1 Quarter
Change in foreign currency translation OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $6.00K USD 1 Quarter
Change in foreign currency translation OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-362.00K USD 1 Quarter
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) OtherComprehensiveIncomeLossNetOfTax $-362.00K USD 1 Quarter
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) OtherComprehensiveIncomeLossNetOfTax $6.00K USD 1 Quarter
TOTAL COMPREHENSIVE LOSS ComprehensiveIncomeNetOfTax $-17.90M USD 1 Quarter
TOTAL COMPREHENSIVE LOSS ComprehensiveIncomeNetOfTax $-24.78M USD 1 Quarter
-BASIC (in dollars per share) EarningsPerShareBasic $-0.40 USD 1 Quarter
-BASIC (in dollars per share) EarningsPerShareBasic $-0.52 USD 1 Quarter
-DILUTED (in dollars per share) EarningsPerShareDiluted $-0.40 USD 1 Quarter
-DILUTED (in dollars per share) EarningsPerShareDiluted $-0.52 USD 1 Quarter
-BASIC (in shares) WeightedAverageNumberOfSharesOutstandingBasic 43.44M shares 1 Quarter
-BASIC (in shares) WeightedAverageNumberOfSharesOutstandingBasic 48.05M shares 1 Quarter
-DILUTED (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 48.05M shares 1 Quarter
-DILUTED (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 43.44M shares 1 Quarter
Cash Flow Statement 72 line items
Line Item Tag Value Unit Period
Net loss NetIncomeLoss $-24.79M USD 1 Quarter
Net loss NetIncomeLoss $-17.54M USD 1 Quarter
Provision for loss (gains) on accounts receivable ProvisionForDoubtfulAccounts $-2.00K USD 1 Quarter
Provision for loss (gains) on accounts receivable ProvisionForDoubtfulAccounts $-25.00K USD 1 Quarter
Loss on disposal of equipment GainLossOnDispositionOfAssets $-43.00K USD 1 Quarter
Loss on disposal of equipment GainLossOnDispositionOfAssets $-268.00K USD 1 Quarter
Share-based compensation ShareBasedCompensation $6.29M USD 1 Quarter
Share-based compensation ShareBasedCompensation $8.41M USD 1 Quarter
Inventory obsolescence InventoryWriteDown $-29.00K USD 1 Quarter
Inventory obsolescence InventoryWriteDown $-149.00K USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $8.01M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $14.49M USD 1 Quarter
Write-off and amortization of deferred financing costs and loan discount AmortizationOfFinancingCostsAndDiscounts $132.00K USD 1 Quarter
Write-off and amortization of deferred financing costs and loan discount AmortizationOfFinancingCostsAndDiscounts $2.48M USD 1 Quarter
Change in operating lease right of use asset IncreaseDecreaseInOperatingLeaseRightOfUseAsset $-310.00K USD 1 Quarter
Change in operating lease right of use asset IncreaseDecreaseInOperatingLeaseRightOfUseAsset $-357.00K USD 1 Quarter
Loss on equity method investment EquityMethodInvestmentDividendsOrDistributions $980.00K USD 1 Quarter
Loss on equity method investment EquityMethodInvestmentDividendsOrDistributions $1.31M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $26.65M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-9.18M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $9.59M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $8.00M USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-717.00K USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-2.52M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $3.66M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $990.00K USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-10.72M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $5.45M USD 1 Quarter
Accrued expenses IncreaseDecreaseInAccruedLiabilities $-1.81M USD 1 Quarter
Accrued expenses IncreaseDecreaseInAccruedLiabilities $-4.87M USD 1 Quarter
Other lease liabilities IncreaseDecreaseInOtherLeaseLiabilities $-290.00K USD 1 Quarter
Other lease liabilities IncreaseDecreaseInOtherLeaseLiabilities $-363.00K USD 1 Quarter
Net cash flows used in operating activities NetCashProvidedByUsedInOperatingActivities $-13.74M USD 1 Quarter
Net cash flows used in operating activities NetCashProvidedByUsedInOperatingActivities $-34.78M USD 1 Quarter
Purchase of short-term investments PaymentsToAcquireShortTermInvestments $49.33M USD 1 Quarter
Purchase of short-term investments PaymentsToAcquireShortTermInvestments - USD 1 Quarter
Investments in equity method investment PaymentsToAcquireEquityMethodInvestments - USD 1 Quarter
Investments in equity method investment PaymentsToAcquireEquityMethodInvestments $3.29M USD 1 Quarter
Acquisitions of property, plant and equipment, software and deposits on equipment PaymentsToAcquireProductiveAssets $55.89M USD 1 Quarter
Acquisitions of property, plant and equipment, software and deposits on equipment PaymentsToAcquireProductiveAssets $58.04M USD 1 Quarter
Net cash flows used in investing activities NetCashProvidedByUsedInInvestingActivities $-107.36M USD 1 Quarter
Net cash flows used in investing activities NetCashProvidedByUsedInInvestingActivities $-59.18M USD 1 Quarter
Proceeds from exercise of options to purchase common stock ProceedsFromStockOptionsExercised $232.00K USD 1 Quarter
Proceeds from exercise of options to purchase common stock ProceedsFromStockOptionsExercised $834.00K USD 1 Quarter
Tax withholdings related to net shares settlements of restricted stock units PaymentsRelatedToTaxWithholdingForShareBasedCompensation $323.00K USD 1 Quarter
Tax withholdings related to net shares settlements of restricted stock units PaymentsRelatedToTaxWithholdingForShareBasedCompensation $602.00K USD 1 Quarter
Proceeds from borrowings under Credit Facility ProceedsFromLinesOfCredit $51.00M USD 1 Quarter
Proceeds from borrowings under Credit Facility ProceedsFromLinesOfCredit - USD 1 Quarter
Purchase of capped call option PaymentsToAcquireCappedCallOptions $66.21M USD 1 Quarter
Purchase of capped call option PaymentsToAcquireCappedCallOptions - USD 1 Quarter
Proceeds from issuance of convertible senior notes ProceedsFromConvertibleDebt $393.52M USD 1 Quarter
Proceeds from issuance of convertible senior notes ProceedsFromConvertibleDebt - USD 1 Quarter
Debt issuance costs PaymentsOfDebtIssuanceCosts - USD 1 Quarter
Debt issuance costs PaymentsOfDebtIssuanceCosts $2.03M USD 1 Quarter
Net cash flows provided by financing activities NetCashProvidedByUsedInFinancingActivities $325.51M USD 1 Quarter
Net cash flows provided by financing activities NetCashProvidedByUsedInFinancingActivities $50.91M USD 1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $204.41M USD 1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $-43.06M USD 1 Quarter
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $29.73M USD Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $132.74M USD Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $72.79M USD Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $337.14M USD Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $29.73M USD Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $132.74M USD Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $72.79M USD Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $337.14M USD Point-in-time
Interest paid InterestPaidNet $421.00K USD 1 Quarter
Interest paid InterestPaidNet $1.22M USD 1 Quarter
Property, plant and equipment purchases in accounts payable and accrued expenses CapitalExpendituresIncurredButNotYetPaid $25.94M USD 1 Quarter
Property, plant and equipment purchases in accounts payable and accrued expenses CapitalExpendituresIncurredButNotYetPaid $51.57M USD 1 Quarter
Receivable from exercise of options to purchase common stock ReceivableFromExerciseOfOptionsToPurchaseCommonStock $1.12M USD 1 Quarter
Receivable from exercise of options to purchase common stock ReceivableFromExerciseOfOptionsToPurchaseCommonStock - USD 1 Quarter
Stockholders Equity 20 line items
Line Item Tag Value Unit Period
Balances StockholdersEquity $719.75M USD Point-in-time
Balances StockholdersEquity $708.05M USD Point-in-time
Balances StockholdersEquity $948.91M USD Point-in-time
Balances StockholdersEquity $1.03B USD Point-in-time
Exercise of options to purchase common stock (in shares) StockIssuedDuringPeriodSharesStockOptionsExercised 41,000.00 shares 1 Quarter
Exercise of options to purchase common stock StockIssuedDuringPeriodValueStockOptionsExercised $232.00K USD 1 Quarter
Exercise of options to purchase common stock StockIssuedDuringPeriodValueStockOptionsExercised $1.95M USD 1 Quarter
Vesting of restricted stock units StockIssuedDuringPeriodValueRestrictedStockAwardGross $-323.00K USD 1 Quarter
Vesting of restricted stock units StockIssuedDuringPeriodValueRestrictedStockAwardGross $-602.00K USD 1 Quarter
Share-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $6.29M USD 1 Quarter
Share-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $6.98M USD 1 Quarter
Foreign currency translation OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $6.00K USD 1 Quarter
Foreign currency translation OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-362.00K USD 1 Quarter
Purchase of capped call option AdjustmentsToAdditionalPaidInCapitalPurchaseOfCappedCallOption $-66.21M USD 1 Quarter
Net loss NetIncomeLoss $-24.79M USD 1 Quarter
Net loss NetIncomeLoss $-17.54M USD 1 Quarter
Balances StockholdersEquity $719.75M USD Point-in-time
Balances StockholdersEquity $708.05M USD Point-in-time
Balances StockholdersEquity $948.91M USD Point-in-time
Balances StockholdersEquity $1.03B USD Point-in-time

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

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