10-Q Filing

VITA COCO COMPANY, INC. CIK: 1482981 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001482981-23-000049`
Period End Date	20230331
Filing Date	20230505
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	coco-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 34 Cash Flow Statement 52 Stockholders Equity 16 Comprehensive Income 6

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.88M	USD	Point-in-time
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.90M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$19.63M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$29.08M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	62.41M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	62.23M	shares	Point-in-time
Accounts receivable, net of allowance of $3,880 at March 31, 2023, and $2,898 at December 31, 2022	`AccountsReceivableNetCurrent`	$43.35M	USD	Point-in-time
Accounts receivable, net of allowance of $3,880 at March 31, 2023, and $2,898 at December 31, 2022	`AccountsReceivableNetCurrent`	$63.19M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	56.02M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	56.20M	shares	Point-in-time
Inventory	`InventoryNet`	$64.18M	USD	Point-in-time
Inventory	`InventoryNet`	$84.11M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockCommonShares`	6.21M	shares	Point-in-time
Supplier advances, current	`SupplierAdvancesCurrent`	$1.39M	USD	Point-in-time
Supplier advances, current	`SupplierAdvancesCurrent`	$1.53M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockCommonShares`	6.21M	shares	Point-in-time
Derivative assets	`DerivativeAssetsCurrent`	$4.77M	USD	Point-in-time
Derivative assets	`DerivativeAssetsCurrent`	$3.61M	USD	Point-in-time
Asset held for sale	`AssetsHeldForSaleNotPartOfDisposalGroupCurrent`	$503.00K	USD	Point-in-time
Asset held for sale	`AssetsHeldForSaleNotPartOfDisposalGroupCurrent`	$503.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$21.87M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$22.18M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$174.92M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$184.99M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.36M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.08M	USD	Point-in-time
Goodwill	`Goodwill`	$7.79M	USD	Point-in-time
Goodwill	`Goodwill`	$7.79M	USD	Point-in-time
Supplier advances	`SupplierAdvancesNoncurrent`	$4.36M	USD	Point-in-time
Supplier advances	`SupplierAdvancesNoncurrent`	$4.06M	USD	Point-in-time
Deferred tax assets, net	`DeferredIncomeTaxAssetsNet`	$4.26M	USD	Point-in-time
Deferred tax assets, net	`DeferredIncomeTaxAssetsNet`	$4.26M	USD	Point-in-time
Right-of-use asset	`OperatingLeaseRightOfUseAsset`	$2.41M	USD	Point-in-time
Right-of-use asset	`OperatingLeaseRightOfUseAsset`	$2.68M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.72M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.68M	USD	Point-in-time
Total assets	`Assets`	$197.76M	USD	Point-in-time
Total assets	`Assets`	$207.58M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$16.55M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$15.91M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$39.08M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$38.34M	USD	Point-in-time
Notes payable, current	`NotesPayableCurrent`	$21.00K	USD	Point-in-time
Notes payable, current	`NotesPayableCurrent`	$23.00K	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilitiesCurrent`	$71.00K	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilitiesCurrent`	$21.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$55.66M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$54.35M	USD	Point-in-time
Credit facility	`LongTermLineOfCredit`	-	USD	Point-in-time
Credit facility	`LongTermLineOfCredit`	-	USD	Point-in-time
Notes payable, non-current	`LongTermNotesPayable`	$25.00K	USD	Point-in-time
Notes payable, non-current	`LongTermNotesPayable`	$22.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$2.22M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$2.29M	USD	Point-in-time
Total liabilities	`Liabilities`	$56.66M	USD	Point-in-time
Total liabilities	`Liabilities`	$57.91M	USD	Point-in-time
Common stock, $0.01 par value; 500,000,000 shares authorized; 62,411,033 and 62,225,250 shares issued at March 31, 2023 and December 31, 2022, respectively; 56,204,833 and 56,019,050 shares outstanding at March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$624.00K	USD	Point-in-time
Common stock, $0.01 par value; 500,000,000 shares authorized; 62,411,033 and 62,225,250 shares issued at March 31, 2023 and December 31, 2022, respectively; 56,204,833 and 56,019,050 shares outstanding at March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$622.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$147.97M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$145.21M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$55.18M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$60.82M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-821.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-994.00K	USD	Point-in-time
Treasury stock, 6,206,200 shares at cost as of March 31, 2023, and December 31, 2022	`TreasuryStockCommonValue`	$58.93M	USD	Point-in-time
Treasury stock, 6,206,200 shares at cost as of March 31, 2023, and December 31, 2022	`TreasuryStockCommonValue`	$58.93M	USD	Point-in-time
Total stockholders equity attributable to The Vita Coco Company, Inc.	`StockholdersEquity`	$141.09M	USD	Point-in-time
Total stockholders equity attributable to The Vita Coco Company, Inc.	`StockholdersEquity`	$149.67M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$207.58M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$197.76M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$109.76M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$96.45M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$77.39M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$76.10M	USD	1 Quarter
Gross profit	`GrossProfit`	$33.66M	USD	1 Quarter
Gross profit	`GrossProfit`	$19.06M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$24.80M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$26.96M	USD	1 Quarter
Income (Loss) from operations	`OperatingIncomeLoss`	$-5.74M	USD	1 Quarter
Income (Loss) from operations	`OperatingIncomeLoss`	$6.70M	USD	1 Quarter
Unrealized gain/(loss) on derivative instruments	`UnrealizedGainLossOnDerivatives`	$1.21M	USD	1 Quarter
Unrealized gain/(loss) on derivative instruments	`UnrealizedGainLossOnDerivatives`	$8.71M	USD	1 Quarter
Foreign currency gain/(loss)	`ForeignCurrencyTransactionGainLossBeforeTax`	$611.00K	USD	1 Quarter
Foreign currency gain/(loss)	`ForeignCurrencyTransactionGainLossBeforeTax`	$-101.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$13.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$7.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$15.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$27.00K	USD	1 Quarter
Total other income/(expense)	`NonoperatingIncomeExpense`	$1.82M	USD	1 Quarter
Total other income/(expense)	`NonoperatingIncomeExpense`	$8.59M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.85M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$8.53M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$620.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$1.82M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.23M	USD	1 Quarter
Net income	`NetIncomeLoss`	$6.71M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.12	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.04	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.04	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.12	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	55.56M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	56.05M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	57.35M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	55.70M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Restricted cash	`RestrictedCash`	$320.00K	USD	Point-in-time
Restricted cash	`RestrictedCash`	-	USD	Point-in-time
Net income	`ProfitLoss`	$2.23M	USD	1 Quarter
Net income	`ProfitLoss`	$6.71M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$470.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$165.00K	USD	1 Quarter
(Gain)/loss on disposal of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	1 Quarter
(Gain)/loss on disposal of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$1.00K	USD	1 Quarter
Bad debt expense	`ProvisionForLoanLossesExpensed`	$832.00K	USD	1 Quarter
Bad debt expense	`ProvisionForLoanLossesExpensed`	$65.00K	USD	1 Quarter
Unrealized (gain)/loss on derivative instruments	`UnrealizedGainLossOnDerivatives`	$1.21M	USD	1 Quarter
Unrealized (gain)/loss on derivative instruments	`UnrealizedGainLossOnDerivatives`	$8.71M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$2.39M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$2.16M	USD	1 Quarter
Noncash lease expense	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$258.00K	USD	1 Quarter
Noncash lease expense	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$279.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$21.34M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$10.19M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-20.09M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-10.61M	USD	1 Quarter
Prepaid expenses, net supplier advances, and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-683.00K	USD	1 Quarter
Prepaid expenses, net supplier advances, and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$5.30M	USD	1 Quarter
Accounts payable, accrued expenses, and other liabilities	`IncreaseDecreaseInAccountsPayableAccruedLiabilitiesAndOtherLiabilitiesNoncurrent`	$1.07M	USD	1 Quarter
Accounts payable, accrued expenses, and other liabilities	`IncreaseDecreaseInAccountsPayableAccruedLiabilitiesAndOtherLiabilitiesNoncurrent`	$-14.37M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$9.44M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-22.55M	USD	1 Quarter
Cash paid for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$244.00K	USD	1 Quarter
Cash paid for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$454.00K	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$5.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-449.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-244.00K	USD	1 Quarter
Proceeds from exercise of stock options/warrants	`ProceedsFromStockOptionsExercised`	$152.00K	USD	1 Quarter
Proceeds from exercise of stock options/warrants	`ProceedsFromStockOptionsExercised`	$603.00K	USD	1 Quarter
Borrowings on credit facility	`ProceedsFromLongTermLinesOfCredit`	$12.00M	USD	1 Quarter
Borrowings on credit facility	`ProceedsFromLongTermLinesOfCredit`	-	USD	1 Quarter
Cash received (paid) on notes payable	`ProceedsFromRepaymentsOfNotesPayable`	$-8.00K	USD	1 Quarter
Cash received (paid) on notes payable	`ProceedsFromRepaymentsOfNotesPayable`	$-6.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$12.14M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$597.00K	USD	1 Quarter
Effects of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$187.00K	USD	1 Quarter
Effects of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-56.00K	USD	1 Quarter
Net increase/ (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$9.77M	USD	1 Quarter
Net increase/ (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-10.70M	USD	1 Quarter
Cash and cash equivalents at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$28.69M	USD	Point-in-time
Cash and cash equivalents at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$29.40M	USD	Point-in-time
Cash and cash equivalents at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.99M	USD	Point-in-time
Cash and cash equivalents at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.63M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$28.69M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$29.40M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.99M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.63M	USD	Point-in-time

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$123.17M	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$127.68M	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$149.67M	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$141.09M	USD	Point-in-time
Net income	`ProfitLoss`	$2.23M	USD	1 Quarter
Net income	`ProfitLoss`	$6.71M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.39M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.16M	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$603.00K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$151.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-254.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$173.00K	USD	1 Quarter
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$123.17M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$127.68M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$149.67M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$141.09M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$2.23M	USD	1 Quarter
Net income	`ProfitLoss`	$6.71M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$173.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-254.00K	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$6.88M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$1.97M	USD	1 Quarter

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