Vita Coco Company, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Vita Coco Company, Inc. has filed its Q1 2024 10-Q report, detailing financial data and corporate information.</b>

AI Summary

Vita Coco Company, Inc. (COCO) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Vita Coco Company, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of the fiscal year 2024. The company's principal executive offices are located at 250 Park Avenue South, New York, NY. The company was formerly known as All Market Inc. before a name change on August 24, 2021. The filing includes financial data for periods ending December 31, 2023, and March 31, 2024.

Why It Matters

For investors and stakeholders tracking Vita Coco Company, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational updates for Vita Coco Company, Inc. for the first quarter of 2024. Understanding the details within this report is crucial for stakeholders to assess the company's financial health, growth trajectory, and any potential risks or opportunities.

Risk Assessment

Risk Level: — Vita Coco Company, Inc. shows moderate risk based on this filing. The filing is a standard quarterly report and does not contain immediate red flags or significant negative developments.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand the company's performance and outlook.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed period of report)
• 2024-05-02 — Filing Date (Filed as of date)
• 2021-08-24 — Date of Name Change (Former company name change)

Key Players & Entities

• Vita Coco Company, Inc. (company) — Filer name
• All Market Inc. (company) — Former company name
• 250 Park Avenue South (location) — Business address
• New York (location) — Business address city

FAQ

Industry Context

The beverage industry, particularly the non-alcoholic segment, is characterized by strong brand loyalty, evolving consumer preferences towards healthier options, and competitive market dynamics.

Regulatory Implications

The SEC requires public companies to file quarterly reports (10-Q) to ensure transparency and provide investors with timely financial information.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and cash flow.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into business performance and outlook.
3. Check for any new risk factors or updates to existing ones disclosed in the filing.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-02: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the period ending March 31, 2024, following the previous period ending December 31, 2023.

Key Financial Figures

• $0.01 — ch registered Common Stock, Par Value $0.01 Per Share COCO The Nasdaq Stock Market
• $250 — it Insurance Corporation ("FDIC") up to $250. At times, such cash may be in excess o

Filing Documents

• coco-20240331.htm (10-Q) — 997KB
• coco20240331-ex102xcentury.htm (EX-10.2) — 172KB
• coco20240331-exx311martinr.htm (EX-31.1) — 10KB
• coco20240331-exx312coreyba.htm (EX-31.2) — 10KB
• coco20240331-10qexx321ceo11.htm (EX-32.1) — 5KB
• coco20240331-10qexx322cfo11.htm (EX-32.2) — 5KB
• 0001482981-24-000064.txt (&nbsp;) — 5575KB
• coco-20240331.xsd (EX-101.SCH) — 39KB
• coco-20240331_cal.xml (EX-101.CAL) — 50KB
• coco-20240331_def.xml (EX-101.DEF) — 173KB
• coco-20240331_lab.xml (EX-101.LAB) — 488KB
• coco-20240331_pre.xml (EX-101.PRE) — 348KB
• coco-20240331_htm.xml (XML) — 643KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 5 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 6 Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 7 Condensed Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2024 and 2023 8 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 9 Notes to Condensed Consolidated Financial Statements 10 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 35

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3. Defaults Upon Senior Securities 36 Item 4. Mine Safety Disclosures 36 Item 5. Other Information 36 Item 6. Exhibits 38

Signatures

Signatures 40 2 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q 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 Quarterly Report on Form 10-Q 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 Quarterly Report on Form 10-Q 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 Quarterly Report on Form 10-Q 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 our Ann

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. THE VITA COCO COMPANY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Amounts in thousands, except share data) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 122,978 $ 132,537 Accounts receivable, net of allowance of $ 3,304 at March 31, 2024, and $ 2,486 at December 31, 2023 57,881 50,086 Inventory 56,764 50,757 Supplier advances, current 1,535 1,521 Derivative assets 1,772 3,876 Prepaid expenses and other current assets 25,772 24,160 Total current assets 266,702 262,937 Property and equipment, net 2,195 2,136 Goodwill 7,791 7,791 Supplier advances, long-term 2,619 2,820 Deferred tax assets, net 6,746 6,749 Right-of-use assets, net 1,151 1,406 Other assets 1,838 1,843 Total assets $ 289,042 $ 285,682 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 18,134 $ 21,826 Accrued expenses and other current liabilities 59,223 59,533 Notes payable, current 11 13 Derivative liabilities 1,634 1,213 Total current liabilities 79,002 82,585 Notes payable, long-term 10 13 Other long-term liabilities 340 647 Total liabilities 79,352 83,245 Stockholders' equity: Common stock, $ 0.01 par value; 500,000,000 shares authorized; 63,311,737 and 63,135,453 shares issued at March 31, 2024 and December 31, 2023, respectively 56,683,993 and 56,899,253 shares outstanding at March 31, 2024 and December 31, 2023, respectively 633 631 Additional paid-in capital 163,674 161,414 Retained earnings 114,980 100,742 Accumulated other comprehensive loss ( 661 ) ( 649 ) Treasury stock, 6,627,744 shares at cost as of March 31, 2024, and 6,236,200 shares at cost as of December 31, 2023. ( 68,936 ) ( 59,701 ) Total stockholders' equity attributable to The Vita Coco Company, Inc. 209,690 202,437 Total liabilities and stockholders' equity $ 289,042 $ 285,682 See accompanying notes to the condensed consolidated financial statements. 5