Company Overview - Zevia PBC (NYSE: ZVIA) specializes in selling soda, energy drinks, and organic tea in the United States and Canada, emphasizing natural ingredients and zero sugar [1] Distribution and Market Presence - The company distributes the Zevia brand to a wide range of food retailers and other channels, indicating a strong market presence [1] Investment Philosophy - The investment philosophy focuses on identifying mispriced securities by understanding the drivers behind a company's financials, often revealed through a DCF model valuation [1]

Financial Performance - Net sales for 2024 were $155,049,000, a decrease of 6.5% from $166,424,000 in 2023[258] - The net loss attributable to Zevia PBC for 2024 was $20,005,000, compared to a loss of $21,494,000 in 2023, reflecting an improvement[258] - Net sales decreased to $155.0 million for the year ended December 31, 2024, down 6.8% from $166.4 million in 2023, primarily due to a reduction in equivalized cases sold[260] - Adjusted EBITDA for the year ended December 31, 2024, was $(15.2) million, compared to $(19.0) million for 2023, reflecting a net loss of $23.8 million in 2024 versus $28.3 million in 2023[296] Cost Management - Cost of goods sold decreased to $83,120,000 in 2024 from $91,666,000 in 2023, resulting in a gross profit of $71,929,000[258] - Cost of goods sold was $83.1 million in 2024, a decrease of 9.3% from $91.7 million in 2023, attributed to lower write-downs and a decrease in shipments[261] - Selling and marketing expenses were $57,132,000 in 2024, down from $62,312,000 in 2023, while general and administrative expenses decreased to $30,024,000 from $31,495,000[258] - Selling and marketing expenses were $57.1 million in 2024, an 8.3% decrease from $62.3 million in 2023, mainly due to reduced freight and warehousing costs[264] - General and administrative expenses decreased to $30.0 million in 2024, down 4.7% from $31.5 million in 2023, driven by efficiency initiatives[265] - Equity-based compensation expenses fell to $5.0 million in 2024, a 40.1% decrease from $8.3 million in 2023, primarily due to changes in expense recognition methods[266] - Restructuring expenses amounted to $2.1 million in 2024, reflecting costs related to employee severance and asset impairments[267] Profitability and Growth Initiatives - The Productivity Initiative incurred costs of $2.1 million in 2024, with expected annualized benefits of approximately $15 million[242] - The company expects to balance reinvestment of cost savings into brand marketing while pursuing profitability[242] - Future growth is anticipated to be driven by new distribution, increased organic sales, and continued pricing strength despite competitive pressures[243] Liquidity and Cash Flow - As of December 31, 2024, the company had $30.7 million in cash and cash equivalents, indicating adequate liquidity for ongoing operations[271] - Cash used in operating activities was $(1.0) million in 2024, a significant improvement from $(16.3) million in 2023, reflecting better working capital management[284] - Net cash used in operating activities for the year ended December 31, 2024, was $1.0 million, driven by a net loss of $23.8 million, partially offset by non-cash expenses of $7.4 million and a net increase in cash from changes in operating assets and liabilities of $15.4 million[286] - Net cash used in investing activities for the year ended December 31, 2024, was $0.3 million, primarily due to the purchase of property, equipment, and software[288] - Net cash provided by financing activities for the year ended December 31, 2024, was less than $0.1 million, primarily from proceeds of $8 million from a Secured Revolving Line of Credit, which was repaid in the same period[290] Tax and Deferred Assets - The company has a full valuation allowance against deferred tax assets totaling $78.9 million as of December 31, 2024[309] - The Company expects to realize a tax benefit of approximately $56.5 million from the Tax Receivable Agreement (TRA) as of December 31, 2024, an increase from $56.2 million in 2023[316] - The TRA requires the Company to pay 85% of the tax benefits realized from exchanges of Class B units for Class A common stock, with the remaining 15% benefiting the Company[312] - The Company has not recorded a liability related to deferred tax assets (DTAs) as it believes it is more likely than not that these will not be realized as of December 31, 2024[316] Supply Chain and Commodity Risks - The Company has entered into a two-year agreement effective October 15, 2023, with a multi-national ingredient company for fixed pricing on stevia extract, while also sourcing from a second supplier to mitigate risks[319] - The Company is exposed to a 25% import tax on aluminum due to recent U.S. trade policies, which could increase operating costs[320] - During the year ended December 31, 2024, three vendors accounted for approximately 89% of the Company's total raw material and finished goods purchases[322] - Foreign currency transaction losses amounted to approximately $0.7 million for the year ended December 31, 2024, compared to $0.0 million in 2023[323] - The Company is subject to commodity risks related to purchases of aluminum, diesel fuel, cartons, and corrugate, which may limit its ability to recover increased costs through pricing[325] Market Conditions and Strategic Position - The company experienced reduced sales volumes in 2024 due to lost distribution at certain retailers and strategic exits from specific product categories[243] - The Company is classified as an "emerging growth company" and may take advantage of certain exemptions from reporting requirements until December 31, 2026[318] - The Company anticipates that inflation may materially affect its business and financial condition, potentially limiting its ability to offset increased costs through price increases[324]

Confidential & Proprietary – Do not distribute. © 2024 Zevia PBC 1 Q4 2024 FINANCIAL RESULTS Non-GAAP Financial Information Confidential & Proprietary – Do not distribute. © 2024 Zevia PBC 2 We use Adjusted EBITDA, a financial measure in this presentation and the related earnings press release that is not calculated in accordance with U.S. generally accepted accounting principles information regarding our operating performance and facilitates internal comparisons of our historical operating performance on a ...

Zevia PBC (NYSE:ZVIA) Q4 2024 Earnings Conference Call February 26, 2025 8:30 AM ET Company Participants Alex Liskin - ICR Amy Taylor - President and CEO Girish Satya - Principal Accounting Officer and CFO Conference Call Participants James Salera - Stephens Inc. Daniel Gold - BMO Sarang Vora - Telsey Advisory Group Operator By now, everyone should have access to the company's fourth quarter 2024 earnings press release and investor presentation made available this morning. This information is available on ...

Zevia (ZVIA) came out with a quarterly loss of $0.07 per share in line with the Zacks Consensus Estimate. This compares to loss of $0.14 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this stevia-sweetened soda maker would post a loss of $0.11 per share when it actually produced a loss of $0.04, delivering a surprise of 63.64%.Over the last four quarters, the company has surpassed consensus EPS estimates two times.Zevia, which belongs to the Zack ...

Financial Guidance - Zevia PBC announced updated guidance for its fourth fiscal quarter and full year ended December 31, 2024[5]. Company Classification - The company is classified as an emerging growth company under the Securities Act of 1933[4]. Press Release Information - The press release detailing the financial results is dated January 13, 2025[7].

Financial Data and Key Metrics Changes - The company reported net sales of $36.4 million for Q3 2024, a 15.6% decline compared to the previous year, primarily due to reduced distribution in club channels and the exit from Kids and Mixers categories [9][24] - Adjusted EBITDA loss improved to $1.5 million from $9.1 million in the prior year, reflecting successful productivity initiatives [8][28] - Gross margin increased to 49.1%, up 370 basis points year-over-year, driven by productivity initiatives and improved inventory management [26][28] Business Line Data and Key Metrics Changes - The company experienced a 16% decline in net sales, attributed to reduced club distribution and strategic exits from certain product lines [9][24] - Strong sell-through was noted in key strategic channels, with grocery channel scan data showing dollar growth of 8% and unit growth of 9% [10][12] Market Data and Key Metrics Changes - The Pacific Northwest market showed stronger performance due to enhanced service levels and merchandising, outperforming other markets [11][51] - The company is expanding its presence in Walmart, rolling out to over 4,300 locations, which is expected to significantly increase brand awareness [17][33] Company Strategy and Development Direction - The company aims to capitalize on the growing demand for healthier soda alternatives through robust brand marketing, distribution expansion, and product innovation [7][14] - A focus on building brand marketing capabilities and leveraging digital platforms is central to the company's strategy [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to growth in Q4, supported by strong velocity performance and the Walmart rollout [6][20] - The company anticipates gradual growth as it builds sustainable momentum and aims for positive adjusted EBITDA by 2026 [30][31] Other Important Information - The company expects annual cost savings of $15 million, an increase from the previous estimate of $12 million, due to productivity initiatives [8][23] - The company ended the quarter with approximately $32 million in cash and cash equivalents, along with an undrawn revolving credit line of $20 million [29] Q&A Session Summary Question: Impact of lost distribution in club and mass channels - Management noted that the softness in sales was due to volume impacts from reduced store selling in club channels and promotional timing variances, but velocity remains strong across channels [32][33] Question: Marketing spend as a percentage of sales and profitability outlook - Management emphasized the importance of balancing marketing investments with profitability goals, aiming for profitability by 2026 while continuing to invest in brand building [36][37][38] Question: Insights on gross margins and structural improvements - Management attributed improved gross margins to better inventory management and renegotiated input costs, indicating a reset at a higher margin level [40][41] Question: Promotional strategies and their effectiveness - Management discussed testing various promotional strategies and noted a significant increase in sales lift from new approaches, with plans to finalize strategies by Q1 2025 [42][44] Question: Performance of Salted Caramel flavor and digital advertising engagement - Management indicated that the Salted Caramel flavor is driving both trial and engagement, with digital marketing initiatives showing promising results [48][49]

Vanilla Cola Grange 12 FL CZ BBET 文章 Q3 2024 FINANCIAL RESULTS ZEVIA FORWARD-LOOKING STATEMENTS This presentation and the related earnings press release contain "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words such as "anticipate," "belie ...

Financial Performance - Net sales for Q3 2024 were $36.366 million, a decrease of 15.6% compared to $43.089 million in Q3 2023[66] - Cost of goods sold for Q3 2024 was $18.516 million, down from $23.517 million in Q3 2023, reflecting a 21.3% reduction[66] - Gross profit for Q3 2024 was $17.850 million, compared to $19.572 million in Q3 2023, resulting in a gross margin decline[66] - Net loss attributable to Zevia PBC for Q3 2024 was $2.527 million, compared to a loss of $8.217 million in Q3 2023[66] - Net sales for the three months ended September 30, 2024, were $36.4 million, a decrease of 15.6% from $43.1 million in the same period of 2023[68] - Cost of goods sold decreased by 21.3% to $18.5 million for the three months ended September 30, 2024, compared to $23.5 million for the same period in 2023[69] - Gross profit for the three months ended September 30, 2024, was $17.9 million, down 8.8% from $19.6 million in the prior year, with a gross margin improvement to 49.1% from 45.4%[70] - Net loss attributable to Zevia PBC for the three months ended September 30, 2024, was 7% of net sales, compared to 19% in the same period of 2023[68] - For the nine months ended September 30, 2024, net sales were $115.6 million, a decrease of 10.1% from $128.6 million in the same period of 2023[75] - Gross profit for the nine months ended September 30, 2024, was $52.5 million, a decrease of 11.6% from $59.4 million in the same period of 2023, with a gross margin decline to 45.4% from 46.2%[78] - The net loss for the nine months ended September 30, 2024, was $(17,002) thousand, a slight improvement from $(19,171) thousand in the same period of 2023[91] Expenses - Selling and marketing expenses decreased to $11.981 million in Q3 2024 from $20.455 million in Q3 2023, a reduction of 41.5%[66] - Selling and marketing expenses decreased by 41.4% to $12.0 million for the three months ended September 30, 2024, compared to $20.5 million in the same period of 2023[71] - General and administrative expenses were $7.4 million for the three months ended September 30, 2024, a decrease of 10.6% from $8.3 million in the prior year[72] - Selling and marketing expenses decreased to $40.7 million for the nine months ended September 30, 2024, down 16.1% from $48.5 million in the same period of 2023, primarily due to reduced freight transfer and warehousing costs[79] - General and administrative expenses increased slightly to $23.2 million for the nine months ended September 30, 2024, a 0.4% increase from $23.1 million in the prior year, mainly due to higher employee compensation costs[80] - Equity-based compensation expenses were $4.0 million for the nine months ended September 30, 2024, a decrease of 40.3% from $6.6 million in the same period of 2023, primarily due to changes in expense recognition methods[81] - Restructuring expenses for Q3 2024 were $112,000, with total operating expenses at $20.814 million, down from $30.992 million in Q3 2023[66] - The company incurred restructuring expenses of $0.1 million for the three months ended September 30, 2024, related to exiting two third-party warehouse and distribution facilities[74] - Restructuring expenses amounted to $1.0 million for the nine months ended September 30, 2024, reflecting costs related to employee severance and exiting third-party warehouse facilities[82] Cash Flow and Liquidity - As of September 30, 2024, the company had $32.7 million in cash and cash equivalents, which, along with operating activities and available borrowings, is expected to provide adequate liquidity for ongoing operations[84] - Net cash provided by operating activities was $1.0 million for the nine months ended September 30, 2024, driven by a net increase in cash related to changes in operating assets and liabilities[87] - Net cash used in investing activities was $0.2 million for the nine months ended September 30, 2024, primarily due to purchases of property and equipment[88] - The company drew $8 million from its Secured Revolving Line of Credit during the first quarter of 2024, which was repaid in the same period, leaving no outstanding amount as of September 30, 2024[85] - The company expects future capital requirements to depend on revenue growth, gross margin, and expenditure levels, with potential increases in operating and capital expenditures as business activities expand[84] Strategic Initiatives - The company expects annualized benefits of approximately $15.0 million from the Productivity Initiative, with savings expected to be fully realized over the next 3-5 quarters[53] - The company plans to reinvest the majority of cost savings from the Productivity Initiative into brand marketing and Direct Store Delivery strategies[53] - The company has sold over 2.1 billion cans of Zevia to date, indicating strong brand traction in the market[52] Compliance and Governance - The company regained compliance with NYSE listing standards on October 1, 2024, after the average closing price of Class A common stock rose above $1.00[54] - The company maintains effective disclosure controls and procedures as of September 30, 2024, ensuring timely reporting and management communication[99] - No changes in internal control over financial reporting were identified that materially affected the company's financial reporting as of September 30, 2024[100] - The company is classified as an "emerging growth company" and may take advantage of certain exemptions from reporting requirements until it no longer qualifies[95] Supply Chain and Risks - The company has entered into a two-year agreement for stevia leaf extract with a multi-national ingredient company, effective October 15, 2023, which includes fixed pricing[96] - Three vendors accounted for approximately 87% of total raw material and finished goods purchases during the nine months ended September 30, 2024[96] - The company is exposed to inflation risks, which could materially affect its business and financial condition if costs rise significantly[98] - Foreign exchange gains and losses were not material for the three and nine months ended September 30, 2024, and 2023, respectively[97]

Company Performance - Zevia reported a quarterly loss of $0.04 per share, better than the Zacks Consensus Estimate of a loss of $0.11, and an improvement from a loss of $0.16 per share a year ago, representing an earnings surprise of 63.64% [1] - The company posted revenues of $36.37 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 5.60%, and down from $43.09 million year-over-year [2] - Over the last four quarters, Zevia has surpassed consensus EPS estimates two times and topped consensus revenue estimates two times [2] Stock Performance - Zevia shares have declined approximately 45.8% since the beginning of the year, contrasting with the S&P 500's gain of 21.2% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.10 on revenues of $40.28 million, and for the current fiscal year, it is -$0.36 on revenues of $158.02 million [7] Industry Outlook - The Medical - Products industry, to which Zevia belongs, is currently ranked in the top 36% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Zevia's stock performance [5]