Vita Coco Company, Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Vita Coco Company, Inc. has filed its 2023 10-K annual report, detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Vita Coco Company, Inc. (COCO) filed a Annual Report (10-K) with the SEC on February 29, 2024. Vita Coco Company, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company is incorporated in Delaware and headquartered in New York, NY. The filing covers the period from January 1, 2023, to December 31, 2023. The previous fiscal year reported was 2022. The SIC code for the company is 2080 (BEVERAGES).

Why It Matters

For investors and stakeholders tracking Vita Coco Company, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Vita Coco's financial health, operational performance, and strategic positioning for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. As a public document, this filing ensures transparency and allows stakeholders, including investors, analysts, and regulators, to review the company's financial disclosures and make informed decisions.

Risk Assessment

Risk Level: low — Vita Coco Company, Inc. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate negative news or significant changes, indicating a stable reporting cycle.

Analyst Insight

Review the full 10-K filing for detailed financial statements, risk factors, and management discussion to understand Vita Coco's performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-29 — Filing Date (Filed as of date)
• 2023 — Reporting Year (Fiscal year)
• 2022 — Previous Fiscal Year (Reporting period)

Key Players & Entities

• Vita Coco Company, Inc. (company) — Filer name
• 2023-12-31 (date) — Conformed period of report
• 2024-02-29 (date) — Filed as of date
• 250 PARK AVENUE SOUTH (address) — Business address street 1
• NEW YORK (location) — Business address city
• DE (location) — State of incorporation
• All Market Inc. (company) — Former company name
• 212-206-0763 (phone) — Business phone

FAQ

Industry Context

Vita Coco Company operates in the beverage industry, specifically focusing on coconut water and other healthy beverage options.

Regulatory Implications

The filing is a standard 10-K annual report required by the Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-K for revenue, net income, and cash flow trends.
2. Examine the 'Risk Factors' section to understand potential challenges and threats to the company's business.
3. Review the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' for insights into the company's performance drivers and strategies.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-29: Filing Date — Date the 10-K report was officially filed with the SEC.

Year-Over-Year Comparison

This is the 2023 10-K filing, representing the company's annual performance. Specific comparisons to the prior year's 10-K would require access to that document.

Key Financial Figures

• $0.01 — ich registered Common Stock, Par Value $0.01 Per Share COCO The Nasdaq Stock Market

Filing Documents

• coco-20231231.htm (10-K) — 2215KB
• exhibit211-listofsubsidiar.htm (EX-21.1) — 9KB
• exhibit231-deloitteconsent1.htm (EX-23.1) — 3KB
• exhibit311-form10xkfy2023.htm (EX-31.1) — 12KB
• exhibit312-form10xkfy2023.htm (EX-31.2) — 12KB
• exhibit321-form10xkfy2023.htm (EX-32.1) — 6KB
• exhibit322-form10xkfy2023.htm (EX-32.2) — 6KB
• exhibit971-clawbackpolicy.htm (EX-97.1) — 17KB
• coco-20231231_g1.jpg (GRAPHIC) — 36KB
• 0001482981-24-000012.txt (&nbsp;) — 11061KB
• coco-20231231.xsd (EX-101.SCH) — 74KB
• coco-20231231_cal.xml (EX-101.CAL) — 112KB
• coco-20231231_def.xml (EX-101.DEF) — 334KB
• coco-20231231_lab.xml (EX-101.LAB) — 955KB
• coco-20231231_pre.xml (EX-101.PRE) — 652KB
• coco-20231231_htm.xml (XML) — 1526KB

Business

Business 8 Item 1A.

Risk Factors

Risk Factors 13 Item 1B. Unresolved Staff Comments 36 Item 1C. C ybersecurity 36 Item 2.

Properties

Properties 37 Item 3.

Legal Proceedings

Legal Proceedings 37 Item 4. Mine Safety Disclosures 37 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 38 Item 6.

Selected Financial Data

Selected Financial Data 39 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 39 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 53 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 54 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 94 Item 9A.

Controls and Procedures

Controls and Procedures 94 Item 9B. Other Information 94 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 95 PART III Item 10. Directors, Executive Officers and Corporate Governance 95 Item 11.

Executive Compensation

Executive Compensation 95 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 95 Item 13. Certain Relationships and Related Transactions, and Director Independence 95 Item 14. Principal Accountant Fees and Services 95 PART IV Item 15. Exhibits, Financial Statement Schedules 96 Item 16. Form 10-K Summary 99

Signatures

Signatures 100 3 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this Annual Report on Form 10-K may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "forecasts," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. Forward-looking statements contained in this Annual Report on Form 10-K include, but are not limited to, statements regarding our future results of operations and financial position, industry and business trends, equity compensation, business strategy, projected costs, plans, prospects, expectations, market growth, new products, supply chain predictions, and our objectives for future operations. The forward-looking statements in this Annual Report on Form 10-K 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, including, but not limited to, the important factors discussed in Part I, Item 1A. "Risk Factors" in this Annual Report

Business

Item 1. Business. Overview The Vita Coco Company is a leading platform for brands in the functional beverage category. We pioneered packaged coconut water in 2004 and have extended our business into other categories. Our mission is to deliver great tasting, natural and nutritious products that we believe are better for consumers and better for the world. We are one of the largest brands globally in the coconut and other plant waters category, and a large supplier of private label coconut water. Our branded portfolio is led by our Vita Coco brand, which is the leader in the coconut water category in the United States, and also includes coconut oil, juice, and milk offerings. Our other brands include Ever & Ever , a sustainably packaged water, and PWR LIFT , a protein-infused fitness drink. We also offered Runa , a plant-based energy drink inspired by the guayusa plant native to Ecuador, which we ceased selling in December 2023. We supply private label products to key retailers in both the coconut water and coconut oil categories. Additionally, we generate revenue from bulk product sales to beverage and food companies. We source our coconut water from a diversified global network of 14 factories across six countries supported by thousands of coconut farmers. As we do not own any of these factories, our supply chain is a fixed asset-lite model designed to better react to changes in the market or consumer preferences. We also work with co-packers in America and Europe to support local packaging and repacking of our products and to better service our customers' needs. Vita Coco is available in over 30 countries, with our primary markets in North America, the United Kingdom, and China. Our primary markets for private label are North America and Europe. Our products are distributed primarily through club, food, drug, mass, convenience, e-commerce, and foodservice channels. Our products are also available in a variety of on-premise locations such as corporate office