The Vita o pany(US:COCO)2025-02-26 14:08Financial Performance - Net sales for the year ended December 31, 2024, increased by $22.4 million, or 4.5%, to $516.0 million compared to $493.6 million in 2023[269] - Gross profit rose by $18.1 million, or 10.0%, to $198.8 million in 2024, up from $180.7 million in 2023[269] - Income from operations increased by $17.3 million, or 30.7%, to $73.8 million for the year ended December 31, 2024[269] - Net income for 2024 was $55.9 million, reflecting a $9.3 million increase, or 20.0%, from $46.6 million in 2023[269] - EBITDA increased by $8.8 million, or 15.7%, to $64.8 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 $15.9 million, or 23.3%, to $84.1 million for the year ended December 31, 2024, from $68.2 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 $343.3 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 $442.3 million, primarily due to CE volume growth of 2.7%[274] - International net sales increased by $10.3 million, or 16.3%, to $73.7 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 $125.0 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 $11.3 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 $132.5 million as of December 31, 2023[301] - Cash provided by operating activities decreased by $64.3 million, or 60.0%, from $107.2 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 $0.4 million, or 64.0%, from $0.6 million in 2023 to $1.0 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 $6.3 million in 2023 to $8.3 million in 2024, primarily due to share repurchases[309] - The net decrease in cash and cash equivalents was $33.1 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 $60 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 $0.1 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 $6.7 million in 2024[269] - Interest income increased by $4.1 million, or 160.2%, to $6.7 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 $8.2 million in 2024[269] - The company experienced a foreign currency loss of $1.6 million in 2024, compared to a loss of $251,000 in 2023[269] - Private Label net sales decreased by $13.3 million, or 12.9%, to $89.9 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]