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The Vita o pany(COCO) - 2024 Q4 - Annual Report
COCOThe Vita o pany(COCO)2025-02-26 14:08
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Financial Performance - Net sales for the year ended December 31, 2024, increased by 22.4million,or4.522.4 million, or 4.5%, to 516.0 million compared to 493.6millionin2023[269]−Grossprofitroseby493.6 million in 2023[269] - Gross profit rose by 18.1 million, or 10.0%, to 198.8millionin2024,upfrom198.8 million in 2024, up from 180.7 million in 2023[269] - Income from operations increased by 17.3million,or30.717.3 million, or 30.7%, to 73.8 million for the year ended December 31, 2024[269] - Net income for 2024 was 55.9million,reflectinga55.9 million, reflecting a 9.3 million increase, or 20.0%, from 46.6millionin2023[269]−EBITDAincreasedby46.6 million in 2023[269] - EBITDA increased by 8.8 million, or 15.7%, to 64.8millionfortheyearendedDecember31,2024,comparedto64.8 million for the year ended December 31, 2024, compared to 56.0 million for the year ended December 31, 2023[297] - Adjusted EBITDA increased by 15.9million,or23.315.9 million, or 23.3%, to 84.1 million for the year ended December 31, 2024, from 68.2millionfortheyearendedDecember31,2023[297]SalesandVolumeGrowth−VitaCocoCoconutWaternetsalesgrewby68.2 million for the year ended December 31, 2023[297] Sales and Volume Growth - Vita Coco Coconut Water net sales grew by 26.1 million, or 8.2%, to 343.3millionin2024,drivenbyincreasedcaseequivalent(CE)volumeandpricingactions[275]−Totalvolumeincaseequivalent(CE)increasedby4.3343.3 million in 2024, driven by increased case equivalent (CE) volume and pricing actions[275] - Total volume in case equivalent (CE) increased by 4.3% year-over-year, with a 5.8% growth in Vita Coco Coconut Water volume[272] - The Americas segment net sales increased by 12.1 million, or 2.8%, to 442.3million,primarilyduetoCEvolumegrowthof2.7442.3 million, primarily due to CE volume growth of 2.7%[274] - International net sales increased by 10.3 million, or 16.3%, to 73.7millionfortheyearendedDecember31,2024,drivenbyCEvolumegrowthof12.873.7 million for the year ended December 31, 2024, driven by CE volume growth of 12.8%[278] - Vita Coco Coconut Water net sales increased by 8.5 million, or 20.3%, to 50.3 million for the year ended December 31, 2024, primarily due to higher CE volume in the European region[279] Expenses and Income - SG&A expense increased by 0.7 million, or 0.6%, to 125.0millionfortheyearendedDecember31,2024,primarilyduetoincreasedpersonnel−relatedexpenses[285]−Incometaxexpensewas125.0 million for the year ended December 31, 2024, primarily due to increased personnel-related expenses[285] - Income tax expense was 14.8 million for the year ended December 31, 2024, an increase of 31.4% from 11.3millionfortheyearendedDecember31,2023[291]CashFlowandInvestments−Cashandcashequivalentsincreasedto11.3 million for the year ended December 31, 2023[291] Cash Flow and Investments - Cash and cash equivalents increased to 164.7 million as of December 31, 2024, from 132.5millionasofDecember31,2023[301]−Cashprovidedbyoperatingactivitiesdecreasedby132.5 million as of December 31, 2023[301] - Cash provided by operating activities decreased by 64.3 million, or 60.0%, from 107.2millionin2023to107.2 million in 2023 to 42.9 million in 2024, primarily due to increased inventory purchases and timing of working capital payments[307] - Cash used in investing activities increased by 0.4million,or64.00.4 million, or 64.0%, from 0.6 million in 2023 to 1.0millionin2024,drivenbyequipmentpurchasesandtechnology−relatedcapitalexpenditures[308]−Netcashusedbyfinancingactivitiesincreasedby1.0 million in 2024, driven by equipment purchases and technology-related capital expenditures[308] - Net cash used by financing activities increased by 14.6 million, or 231.9%, from 6.3millionin2023to6.3 million in 2023 to 8.3 million in 2024, primarily due to share repurchases[309] - The net decrease in cash and cash equivalents was 33.1millionin2024,comparedtoanetincreaseof33.1 million in 2024, compared to a net increase of 113.2 million in 2023, representing a change of 70.8%[305] Financial Position and Commitments - The company had no amounts drawn on the Revolving Credit Facility as of December 31, 2024, and was compliant with all financial covenants[314] - The company entered into a 60millionRevolvingCreditFacility,whichwasamendedandextendedforfiveyearsonFebruary14,2024,withamaturitydateofFebruary13,2030[311]−Thecompanyhasfutureminimumcommitmentsunderoperatingleasesamountingto60 million Revolving Credit Facility, which was amended and extended for five years on February 14, 2024, with a maturity date of February 13, 2030[311] - The company has future minimum commitments under operating leases amounting to 0.4 million as of December 31, 2024[318] - The company has inventory purchase commitments due within one year, including raw material and packaging commitments[319] - As of December 31, 2024, the outstanding balance on vehicle loans was less than 0.1million,withinterestratesrangingfrom4.560.1 million, with interest rates ranging from 4.56% to 5.68%[315] Other Financial Metrics - Interest income surged by 160.2%, increasing from 2.6 million in 2023 to 6.7millionin2024[269]−Interestincomeincreasedby6.7 million in 2024[269] - Interest income increased by 4.1 million, or 160.2%, to 6.7millionfortheyearendedDecember31,2024,duetoacashinvestmentprograminitiatedinApril2023[289]−Unrealizedlossesonderivativeinstrumentsincreasedsignificantly,fromalossof6.7 million for the year ended December 31, 2024, due to a cash investment program initiated in April 2023[289] - Unrealized losses on derivative instruments increased significantly, from a loss of 872,000 in 2023 to a loss of 8.2millionin2024[269]−Thecompanyexperiencedaforeigncurrencylossof8.2 million in 2024[269] - The company experienced a foreign currency loss of 1.6 million in 2024, compared to a loss of 251,000in2023[269]−PrivateLabelnetsalesdecreasedby251,000 in 2023[269] - Private Label net sales decreased by 13.3 million, or 12.9%, to 89.9millionfortheyearendedDecember31,2024,from89.9 million for the year ended December 31, 2024, from 103.2 million for the year ended December 31, 2023[276] - There were no impairments recorded for goodwill for the years ended December 31, 2024, and 2023[331]