Freshpet, Inc. (“Freshpet” or the “Company”) (Nasdaq: FRPT) today
reported financial results for its third quarter ended
September 30, 2023.
Third Quarter 2023 Financial
Highlights Compared to Prior Year Period
- Net sales of $200.6 million, an increase of 32.6%.
- Net loss of $7.2 million, compared with prior year net
loss of $18.4 million.
- Adjusted EBITDA of $23.2 million, compared to prior
year of $3.5 million.1
First Nine Months of 2023 Financial Highlights
Compared to Prior Year Period
- Net sales of $551.5 million, an increase of 28.4%.
- Net loss of $48.9 million, compared with prior year net loss of
$56.6 million.
- Adjusted EBITDA of $35.2 million, compared to prior year of
$1.3 million.1
"Fiscal year 2023 is shaping up to be the kind
of year we had hoped it would – delivering strong top-line and
bottom-line growth that puts us ahead of the pace needed to deliver
our 2027 goals. As a result of our strong third quarter
performance, we are raising our 2023 guidance today,"
commented Billy Cyr, Freshpet’s Chief Executive Officer. “Our
strengthened organization is delivering improved margins from
better operational performance in logistics, input costs and
quality while maintaining strong volume-based revenue growth. This
performance underpins our confidence in delivering our long-term
Fresh Future goals. We have real momentum as we enter the fourth
quarter and look forward to finishing the year on a high note as we
work toward fulfilling our mission to change the way people nourish
their pets forever."
Third Quarter 2023
Net sales increased 32.6% to $200.6 million for
the third quarter of 2023 compared to $151.3 million for the
third quarter of 2022. Net sales for the third quarter of
2023 were driven by both volume gains, and higher
pricing.
Gross profit was $66.3 million, or 33.0% as a
percentage of net sales, for the third quarter of 2023,
compared to $44.5 million, or 29.4% as a percentage of net sales,
in the prior year period. The increase in reported gross profit as
a percentage of net sales was primarily due to decreased unabsorbed
plant cost as we grow into the Ennis facility, reduced quality and
input cost as a percentage of net sales, partially offset
by increased depreciation expense associated with the
Company's capacity expansion, and increased share-based
compensation. For the third quarter of 2023, Adjusted
Gross Profit was $80.6 million, or 40.2% as a percentage of
net sales, compared to $52.2 million, or 34.5% as a percentage
of net sales, in the prior year period. Adjusted Gross Profit is a
non-GAAP financial measure defined under “Non-GAAP Measures” and is
reconciled to gross profit in the financial tables that accompany
this release.
Selling, general and administrative expenses
(“SG&A”) were $73.4 million for the
third quarter of 2023 compared to $60.4 million in
the prior year period. As a percentage of net sales, SG&A
decreased to 36.6% for the third quarter of 2023 compared
to 39.9% in the prior year period. The decrease of 330 basis points
in SG&A as a percentage of net sales was mainly a result
of reduced logistics costs as a percentage of net sales, decreased
cost related to the ERP implementation, and increased leverage on
depreciation and share-based compensation as the business scales,
partially offset by activism engagement charges and increased
variable compensation accrual. Adjusted SG&A for the third
quarter of 2023 was $57.4 million, or 28.6% as a percentage of
net sales, compared to $48.9 million, or 32.3% as a percentage of
net sales, in the prior year period. Adjusted SG&A is a
non-GAAP financial measure defined under “Non-GAAP Measures” and is
reconciled to SG&A in the financial tables that accompany this
release.
1 Adjusted EBITDA, as well as certain
other measures in this release, is a non-GAAP financial measure.
See "Non-GAAP Measures" for how the Company defines these
measures and the financial tables that accompany this release for
reconciliations of these measures to the closest comparable GAAP
measures.
Net loss was $7.2 million for the
third quarter of 2023 compared to net loss of $18.4
million for the prior year period. The decrease in net
loss was due to contribution profit from higher sales,
partially offset by increased SG&A including increased
media spend of $5.1 million.
Adjusted EBITDA was $23.2 million for the third
quarter of 2023, compared to $3.5 million in the prior
year period. The increase in Adjusted EBITDA was a result of higher
Adjusted Gross Profit due to sales growth and leverage on plant
cost and decreased quality and input costs, partially offset by
higher Adjusted SG&A expenses. Adjusted EBITDA is a
non-GAAP financial measure defined under “Non-GAAP Measures” and is
reconciled to net loss in the financial tables that accompany this
release.
First Nine Months of 2023
Net sales increased 28.4% to $551.5 million for
the first nine months of 2023 compared to $429.5 million
for the first nine months of 2022. Net sales for the first
nine months of 2023 were driven by both volume
gains, and higher pricing.
Gross profit was $176.3 million, or 32.0% as a
percentage of net sales, for the first nine months of
2023, compared to $140.3 million, or 32.7% as a percentage of net
sales, in the prior year period. The decrease in reported gross
profit as a percentage of net sales was primarily due to increased
stock compensation expense and depreciation expense associated with
the Company's capacity expansion, partially offset by reduced
input and quality cost as a percentage of net sales. For the first
nine months of 2023, Adjusted Gross Profit was $218.1
million, or 39.5% as a percentage of net sales, compared to $159.3
million, or 37.1% as a percentage of net sales, in the prior year
period. Adjusted Gross Profit is a non-GAAP financial measure
defined under “Non-GAAP Measures” and is reconciled to gross profit
in the financial tables that accompany this release.
Selling, general and administrative expenses
(“SG&A”) were $221.6 million for the first
nine months of 2023 compared to $190.2 million
in the prior year period. As a percentage of net sales, SG&A
decreased to 40.2% for the first nine months of
2023 compared to 44.3% in the prior year period. The decrease
of 410 basis points in SG&A as a percentage of net
sales was mainly a result of reduced logistics cost as a percentage
of net sales, decreased cost related to the ERP implementation, and
increased leverage on media, depreciation and share-based
compensation as the business scales, partially offset by
activism engagement charges and increased variable compensation
accrual. Adjusted SG&A for the first nine months of
2023 was $182.9 million, or 33.2% as a percentage of net
sales, compared to $158.5 million, or 36.9% as a percentage of net
sales, in the prior year period. Adjusted SG&A is a non-GAAP
financial measure defined under “Non-GAAP Measures” and is
reconciled to SG&A in the financial tables that accompany this
release.
Net loss was $48.9 million for the
first nine months of 2023 compared to a net
loss of $56.6 million for the prior year period. The decrease
in net loss was due to contribution profit from higher sales,
partially offset by increased SG&A including increased
media spend of $12.7 million.
Adjusted EBITDA was $35.2 million for the nine
months ended September 30, 2023, compared to $1.3 million in
the prior year period. The increase in Adjusted EBITDA was a result
of increased Adjusted Gross Profit partially offset by higher
Adjusted SGA expense. Adjusted EBITDA is a non-GAAP financial
measure defined under "Non-GAAP Measures" and is reconciled to net
loss in the financial tables that accompany this release.
Balance Sheet
As of September 30, 2023, the Company had cash
and cash equivalents of $338.1 million with
$392.6 million of debt outstanding net of $9.9 million of
fees. For the nine months ended September 30, 2023, the cash from
operations was $39.0 million an increase of $92.6 million
compared to the nine months ended September 30, 2022.
The Company will utilize its balance sheet to support
its on-going capital needs in connection with its long-term
capacity plan.
Outlook
For full year 2023, the Company updates its full
year Adjusted EBITDA and Net Sales guidance and reiterates its
capital expenditure guidance as follows:
- Net sales of ~$755 million, an increase of ~27% from 2022,
from previous guidance of ~$750 million.
- Adjusted EBITDA of ~$62 million, from previous guidance of
at least $55 million.
- Capital expenditures of ~$240 million, unchanged from
previous guidance.
The Company does not provide guidance for the
most directly comparable GAAP measure, net income, and similarly
cannot provide a reconciliation between its forecasted adjusted
EBITDA and net income metrics without unreasonable effort due to
the unavailability of reliable estimates for certain components of
net income and the respective reconciliations, including the timing
of and amount of costs of goods sold and selling, general and
administrative expenses. These items are not within the Company's
control and may vary greatly between periods and could
significantly impact future results.
Conference Call & Earnings
Presentation Webcast Information As previously announced,
today, November 6, 2023, the Company will host a conference call
beginning at 8:00 a.m. Eastern Time with members of its leadership
team. The conference call webcast will be available live over the
Internet through the "Investors" section of the Company's website
at www.freshpet.com. To participate on the live call, listeners in
North America may dial (877) 407-0792 and international listeners
may dial (201) 689-8263.
A replay of the conference call will be archived
on the Company's website and telephonic playback will be available
from 12:00 p.m. Eastern Time today through November 20, 2023. North
American listeners may dial (844) 512-2921 and international
listeners may dial (412) 317-6671; the passcode is
13741367About Freshpet
Freshpet’s mission is to improve the lives of
dogs and cats through the power of fresh, real food. Freshpet foods
are blends of fresh meats, vegetables and fruits farmed locally and
made at our Freshpet Kitchens. We thoughtfully prepare our
foods using natural ingredients, cooking them in small batches at
lower temperatures to preserve the natural goodness of the
ingredients. Freshpet foods and treats are kept refrigerated from
the moment they are made until they arrive at Freshpet Fridges in
your local market.
Our foods are available in select mass, grocery
(including online), natural food, club, and pet specialty retailers
across the United States, Canada and Europe. From the care, we take
to source our ingredients and make our food, to the moment it
reaches your home, our integrity, transparency and social
responsibility are the way we like to run our business. To learn
more, visit www.freshpet.com.
Connect with Freshpet:
https://www.facebook.com/Freshpet
https://twitter.com/Freshpet
http://instagram.com/Freshpet
http://pinterest.com/Freshpet
https://www.tiktok.com/@Freshpet
https://en.wikipedia.org/wiki/Freshpet
https://www.youtube.com/user/freshpet400
Forward Looking Statements
Certain statements in this release constitute
“forward-looking” statements, including statements relating to our
long-term capacity planning, net sales guidance and Adjusted EBITDA
guidance. These statements are based on management's current
opinions, expectations, beliefs, plans, objectives, assumptions or
projections regarding future events or future results. These
forward-looking statements, including our updated guidance, are
only predictions, not historical fact, and involve certain risks
and uncertainties, as well as assumptions. Actual results, levels
of activity, performance, achievements and events could differ
materially from those stated, anticipated or implied by such
forward-looking statements. While Freshpet believes that its
assumptions are reasonable, it is very difficult to predict the
impact of known factors, and, of course, it is impossible to
anticipate all factors that could affect actual results. There are
several risks and uncertainties that could cause actual results to
differ materially from forward-looking statements made herein
including, most prominently, the risks discussed under the heading
“Risk Factors” in the Company's latest annual report on Form 10-K
and its quarterly reports on Form 10-Q filed with the Securities
and Exchange Commission. Such forward-looking statements are made
only as of the date of this release. Freshpet undertakes no
obligation to publicly update or revise any forward-looking
statement because of new information, future events or otherwise,
except as otherwise required by law. If we do update one or more
forward-looking statements, no inference should be made that we
will make additional updates with respect to those or other
forward-looking statements.
Non-GAAP Financial Measures
Freshpet uses the following non-GAAP financial
measures in its financial communications. These non-GAAP financial
measures should be considered as supplements to the GAAP reported
measures, should not be considered replacements for, or superior
to, the GAAP measures and may not be comparable to similarly named
measures used by other companies.
- Adjusted Gross Profit
- Adjusted Gross Profit as a % of net sales (Adjusted Gross
Margin)
- Adjusted SG&A
- Adjusted SG&A as a % of net sales
- EBITDA
- Adjusted EBITDA
- Adjusted EBITDA as a % of net sales
Adjusted Gross Profit: Freshpet defines Adjusted
Gross Profit as gross profit before depreciation expense
and non-cash share-based compensation.
Adjusted SG&A Expenses: Freshpet defines
Adjusted SG&A as SG&A expenses before depreciation and
amortization, non-cash share-based compensation, implementation and
other costs associated with the implementation of an enterprise
resource planning ("ERP") system, fees related to the Capped Call
Transactions purchases, loss on disposal of equipment,
and advisory fees related to activism engagement.
EBITDA and Adjusted EBITDA: EBITDA represents
net income (loss) plus interest expense net of interest income,
income tax expense and depreciation and amortization expense, and
Adjusted EBITDA represents EBITDA plus loss on equity method
investment, non-cash share-based compensation expense,
implementation and other costs associated with the implementation
of an ERP system, loss on disposal of equipment, fees related
to the Capped Call Transactions purchases, and advisory fees
related to activism engagement.
Management believes that the non-GAAP financial
measures are meaningful to investors because they provide a view of
the Company with respect to ongoing operating results. The non-GAAP
financial measures are shown as supplemental disclosures in this
release because they are widely used by the investment community
for analysis and comparative evaluation. They also provide
additional metrics to evaluate the Company’s operations and, when
considered with both the Company’s GAAP results and the
reconciliation to the most comparable GAAP measures, provide a more
complete understanding of the Company’s business than could be
obtained absent this disclosure. The non-GAAP measures are not and
should not be considered an alternative to the most comparable GAAP
measures or any other figure calculated in accordance with GAAP, or
as an indicator of operating performance. The Company’s calculation
of the non-GAAP financial measures may differ from methods used by
other companies. Management believes that the non-GAAP measures are
important to an understanding of the Company's overall operating
results in the periods presented. The non-GAAP financial measures
are not recognized in accordance with GAAP and should not be viewed
as an alternative to GAAP measures of performance.
Investor Contact:ICRJeff
Sonnek646-277-1263Jeff.sonnek@icrinc.com
Media
Contact:Freshpet@edelmansmithfield.com
FRESHPET, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS(Unaudited, in thousands, except per share data)
|
September 30, |
|
|
December 31, |
|
|
2023 |
|
|
2022 |
|
ASSETS |
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
338,107 |
|
|
$ |
132,735 |
|
Accounts receivable, net of allowance for doubtful accounts |
|
54,415 |
|
|
|
57,572 |
|
Inventories, net |
|
59,063 |
|
|
|
58,290 |
|
Prepaid expenses |
|
8,813 |
|
|
|
9,778 |
|
Other current assets |
|
1,992 |
|
|
|
3,590 |
|
Total Current Assets |
|
462,390 |
|
|
|
261,965 |
|
Property, plant and equipment,
net |
|
924,720 |
|
|
|
800,586 |
|
Deposits on equipment |
|
2,256 |
|
|
|
3,823 |
|
Operating lease right of use
assets |
|
3,990 |
|
|
|
5,165 |
|
Equity method investment |
|
— |
|
|
|
25,418 |
|
Long term investment in equity
securities |
|
23,528 |
|
|
|
— |
|
Other assets |
|
27,449 |
|
|
|
28,426 |
|
Total Assets |
$ |
1,444,333 |
|
|
$ |
1,125,383 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
|
Accounts payable |
$ |
40,908 |
|
|
$ |
55,088 |
|
Accrued expenses |
|
39,377 |
|
|
|
33,016 |
|
Current operating lease liabilities |
|
1,445 |
|
|
|
1,510 |
|
Current finance lease liabilities |
|
2,043 |
|
|
|
— |
|
Total Current Liabilities |
$ |
83,773 |
|
|
$ |
89,614 |
|
Convertible senior notes |
|
392,562 |
|
|
|
— |
|
Long term operating lease
liabilities |
|
2,846 |
|
|
|
4,200 |
|
Long term finance lease
liabilities |
|
26,596 |
|
|
|
— |
|
Total Liabilities |
$ |
505,777 |
|
|
$ |
93,814 |
|
Commitments and
contingencies |
|
— |
|
|
|
— |
|
STOCKHOLDERS' EQUITY: |
|
|
|
|
|
|
|
Common stock — voting, $0.001 par value, 200,000 shares authorized,
48,240 issued and 48,226 outstanding on September 30, 2023, and
48,051 issued and 48,037 outstanding on December 31, 2022 |
|
48 |
|
|
|
48 |
|
Additional paid-in capital |
|
1,283,744 |
|
|
|
1,325,524 |
|
Accumulated deficit |
|
(344,021 |
) |
|
|
(295,117 |
) |
Accumulated other comprehensive (loss) income |
|
(959 |
) |
|
|
1,370 |
|
Treasury stock, at cost — 14 shares on September 30, 2023 and on
December 31, 2022 |
|
(256 |
) |
|
|
(256 |
) |
Total Stockholders'
Equity |
|
938,556 |
|
|
|
1,031,569 |
|
Total Liabilities and
Stockholders' Equity |
$ |
1,444,333 |
|
|
$ |
1,125,383 |
|
FRESHPET, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE LOSS(Unaudited, in thousands,
except per share data)
|
For the Three Months Ended |
|
|
For the Nine Months Ended |
|
|
September 30, |
|
|
September 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
NET SALES |
$ |
200,621 |
|
|
$ |
151,333 |
|
|
$ |
551,474 |
|
|
$ |
429,511 |
|
COST OF GOODS SOLD |
|
134,328 |
|
|
|
106,788 |
|
|
|
375,177 |
|
|
|
289,187 |
|
GROSS PROFIT |
|
66,293 |
|
|
|
44,545 |
|
|
|
176,297 |
|
|
|
140,324 |
|
SELLING, GENERAL, AND
ADMINISTRATIVE EXPENSES |
|
73,371 |
|
|
|
60,449 |
|
|
|
221,638 |
|
|
|
190,241 |
|
LOSS FROM OPERATIONS |
|
(7,078 |
) |
|
|
(15,904 |
) |
|
|
(45,341 |
) |
|
|
(49,917 |
) |
OTHER EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and Other Income, net |
|
4,130 |
|
|
|
256 |
|
|
|
9,185 |
|
|
|
492 |
|
Interest Expense |
|
(4,148 |
) |
|
|
(1,817 |
) |
|
|
(10,648 |
) |
|
|
(4,060 |
) |
|
|
(18 |
) |
|
|
(1,561 |
) |
|
|
(1,463 |
) |
|
|
(3,568 |
) |
LOSS BEFORE INCOME TAXES |
|
(7,096 |
) |
|
|
(17,465 |
) |
|
|
(46,804 |
) |
|
|
(53,485 |
) |
INCOME TAX EXPENSE |
|
70 |
|
|
|
41 |
|
|
|
210 |
|
|
|
123 |
|
LOSS ON EQUITY METHOD
INVESTMENT |
|
- |
|
|
|
943 |
|
|
|
1,890 |
|
|
|
2,969 |
|
LOSS ATTRIBUTABLE TO COMMON
STOCKHOLDERS |
$ |
(7,166 |
) |
|
$ |
(18,449 |
) |
|
$ |
(48,904 |
) |
|
$ |
(56,577 |
) |
OTHER COMPREHENSIVE LOSS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in foreign currency translation |
$ |
(296 |
) |
|
$ |
(592 |
) |
|
$ |
(2,329 |
) |
|
$ |
895 |
|
Unrealized gain on available for sale investments |
$ |
- |
|
|
$ |
271 |
|
|
$ |
- |
|
|
$ |
271 |
|
TOTAL OTHER COMPREHENSIVE
(LOSS) INCOME |
|
(296 |
) |
|
|
(321 |
) |
|
|
(2,329 |
) |
|
|
1,166 |
|
TOTAL COMPREHENSIVE LOSS |
$ |
(7,462 |
) |
|
$ |
(18,770 |
) |
|
$ |
(51,233 |
) |
|
$ |
(55,411 |
) |
NET LOSS PER SHARE
ATTRIBUTABLE TO COMMON STOCKHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-BASIC |
$ |
(0.15 |
) |
|
$ |
(0.39 |
) |
|
$ |
(1.02 |
) |
|
$ |
(1.24 |
) |
-DILUTED |
$ |
(0.15 |
) |
|
$ |
(0.39 |
) |
|
$ |
(1.02 |
) |
|
$ |
(1.24 |
) |
WEIGHTED AVERAGE SHARES OF
COMMON STOCK OUTSTANDING |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-BASIC |
|
48,194 |
|
|
|
47,856 |
|
|
|
48,123 |
|
|
|
45,545 |
|
-DILUTED |
|
48,194 |
|
|
|
47,856 |
|
|
|
48,123 |
|
|
|
45,545 |
|
FRESHPET, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENT OF
CASH FLOWS (Unaudited, in thousands)
|
For the Nine Months Ended |
|
|
September 30, |
|
|
2023 |
|
|
2022 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
Net loss |
$ |
(48,904 |
) |
|
$ |
(56,577 |
) |
Adjustments to reconcile net loss to net cash flows provided by
(used in) operating activities: |
|
|
|
|
|
|
|
Provision for loss (gains) on accounts receivable |
|
9 |
|
|
|
(23 |
) |
Loss on disposal of equipment |
|
688 |
|
|
|
203 |
|
Share-based compensation |
|
24,952 |
|
|
|
20,409 |
|
Inventory obsolescence |
|
— |
|
|
|
3,455 |
|
Depreciation and amortization |
|
45,436 |
|
|
|
24,422 |
|
Write-off and amortization of deferred financing costs and loan
discount |
|
3,548 |
|
|
|
596 |
|
Change in operating lease right of use asset |
|
1,175 |
|
|
|
1,021 |
|
Loss on equity method investment |
|
1,890 |
|
|
|
2,969 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
3,148 |
|
|
|
(22,403 |
) |
Inventories |
|
(773 |
) |
|
|
(32,215 |
) |
Prepaid expenses and other current assets |
|
(696 |
) |
|
|
1,074 |
|
Other assets |
|
(3,495 |
) |
|
|
(1,639 |
) |
Accounts payable |
|
2,300 |
|
|
|
1,430 |
|
Accrued expenses |
|
11,109 |
|
|
|
4,626 |
|
Operating lease liability |
|
(1,419 |
) |
|
|
(1,028 |
) |
Net cash flows provided by (used in) operating activities |
|
38,968 |
|
|
|
(53,680 |
) |
CASH FLOWS FROM INVESTING
ACTIVITIES: |
|
|
|
|
|
|
|
Purchase of short-term investments |
|
(113,441 |
) |
|
|
(19,840 |
) |
Proceeds from maturities of short-term investments |
|
113,441 |
|
|
|
— |
|
Investments in equity method investment |
|
— |
|
|
|
(3,293 |
) |
Acquisitions of property, plant and equipment, software and
deposits on equipment |
|
(161,642 |
) |
|
|
(167,437 |
) |
Net cash flows used in investing activities |
|
(161,642 |
) |
|
|
(190,570 |
) |
CASH FLOWS FROM FINANCING
ACTIVITIES: |
|
|
|
|
|
|
|
Proceeds from common shares issued in primary offering, net of
issuance cost |
|
— |
|
|
|
337,508 |
|
Proceeds from exercise of options to purchase common stock |
|
4,172 |
|
|
|
329 |
|
Tax withholdings related to net shares settlements of restricted
stock units |
|
(859 |
) |
|
|
(1,279 |
) |
Proceeds from borrowings under Credit Facility |
|
— |
|
|
|
78,000 |
|
Repayment of borrowings under Credit Facilities |
|
— |
|
|
|
(2,786 |
) |
Purchase of capped call option |
|
(66,211 |
) |
|
|
— |
|
Proceeds from issuance of convertible senior notes |
|
393,518 |
|
|
|
— |
|
Principal payments under finance lease obligations |
|
(548 |
) |
|
|
— |
|
Debt issuance costs |
|
(2,026 |
) |
|
|
— |
|
Net cash flows provided by financing activities |
|
328,046 |
|
|
|
411,772 |
|
NET CHANGE IN CASH AND CASH
EQUIVALENTS |
|
205,372 |
|
|
|
167,522 |
|
CASH AND CASH EQUIVALENTS,
BEGINNING OF YEAR |
|
132,735 |
|
|
|
72,788 |
|
CASH AND CASH EQUIVALENTS, END
OF PERIOD |
$ |
338,107 |
|
|
$ |
240,310 |
|
FRESHPET, INC. AND
SUBSIDIARIESRECONCILIATION BETWEEN GROSS PROFIT
AND ADJUSTED GROSS PROFIT
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
September 30, |
|
|
September 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
(Dollars in thousands) |
|
Gross profit |
$ |
66,293 |
|
|
$ |
44,545 |
|
|
$ |
176,297 |
|
|
$ |
140,324 |
|
Depreciation expense |
|
11,767 |
|
|
|
5,159 |
|
|
|
33,106 |
|
|
|
14,208 |
|
Non-cash share-based
compensation |
|
2,579 |
|
|
|
2,450 |
|
|
|
8,696 |
|
|
|
4,789 |
|
Adjusted Gross
Profit |
$ |
80,639 |
|
|
$ |
52,154 |
|
|
$ |
218,099 |
|
|
$ |
159,321 |
|
Adjusted Gross Profit as a %
of Net Sales |
|
40.2 |
% |
|
|
34.5 |
% |
|
|
39.5 |
% |
|
|
37.1 |
% |
FRESHPET, INC. AND
SUBSIDIARIESRECONCILIATION BETWEEN SG&A
EXPENSES AND ADJUSTED SG&A EXPENSES
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
September 30, |
|
|
September 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
(Dollars in thousands) |
|
SG&A expenses |
$ |
73,371 |
|
|
$ |
60,449 |
|
|
$ |
221,638 |
|
|
$ |
190,241 |
|
Depreciation and amortization
expense |
|
4,452 |
|
|
|
3,387 |
|
|
|
12,043 |
|
|
|
10,216 |
|
Non-cash share-based
compensation |
|
5,511 |
|
|
|
5,371 |
|
|
|
16,256 |
|
|
|
15,620 |
|
Loss on disposal of
equipment |
|
226 |
|
|
|
124 |
|
|
|
688 |
|
|
|
203 |
|
Enterprise Resource Planning
(a) |
|
212 |
|
|
|
1,937 |
|
|
|
1,550 |
|
|
|
4,946 |
|
Capped Call Transactions fees
(b) |
|
— |
|
|
|
— |
|
|
|
113 |
|
|
|
— |
|
Activism engagement (c) |
|
5,548 |
|
|
|
— |
|
|
|
8,177 |
|
|
|
— |
|
Organization changes (d) |
|
— |
|
|
|
734 |
|
|
|
(67 |
) |
|
|
734 |
|
Adjusted SG&A
Expenses |
$ |
57,422 |
|
|
$ |
48,896 |
|
|
$ |
182,878 |
|
|
$ |
158,522 |
|
Adjusted SG&A Expenses as
a % of Net Sales |
|
28.6 |
% |
|
|
32.3 |
% |
|
|
33.2 |
% |
|
|
36.9 |
% |
(a) |
Represents implementation, amortization of deferred implementation
costs and other costs associated with the implementation of an ERP
system. |
(b) |
Represents fees associated with the Capped Call Transactions
purchases. |
(c) |
Represents advisory fees related to activism engagement. |
(d) |
Represents a true up to transition costs related to the
organization changes designed to support growth, including several
changes in organizational structure designed to enhance
capabilities and support long-term growth objectives. |
FRESHPET, INC. AND
SUBSIDIARIESRECONCILIATION BETWEEN NET (LOSS)
AND ADJUSTED EBITDA
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
September 30, |
|
|
September 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
(Dollars in thousands) |
|
Net loss |
$ |
(7,166 |
) |
|
$ |
(18,449 |
) |
|
$ |
(48,904 |
) |
|
$ |
(56,577 |
) |
Depreciation and
amortization |
|
16,219 |
|
|
|
8,546 |
|
|
|
45,149 |
|
|
|
24,424 |
|
Interest expense, net of
interest income |
|
18 |
|
|
|
1,817 |
|
|
|
1,463 |
|
|
|
4,060 |
|
Income tax expense |
|
70 |
|
|
|
41 |
|
|
|
210 |
|
|
|
123 |
|
EBITDA |
$ |
9,141 |
|
|
$ |
(8,045 |
) |
|
$ |
(2,082 |
) |
|
$ |
(27,970 |
) |
Loss on equity method
investment |
|
— |
|
|
|
943 |
|
|
$ |
1,890 |
|
|
|
2,969 |
|
Loss on disposal of
equipment |
|
226 |
|
|
|
124 |
|
|
|
688 |
|
|
|
203 |
|
Non-cash share-based
compensation |
|
8,090 |
|
|
|
7,821 |
|
|
|
24,952 |
|
|
|
20,409 |
|
Enterprise Resource Planning
(a) |
|
212 |
|
|
|
1,937 |
|
|
|
1,550 |
|
|
|
4,946 |
|
Capped Call Transactions fees
(b) |
|
— |
|
|
|
— |
|
|
|
113 |
|
|
|
— |
|
Activism engagement (c) |
|
5,548 |
|
|
|
— |
|
|
|
8,177 |
|
|
|
— |
|
Organization changes (d) |
|
— |
|
|
|
734 |
|
|
|
(67 |
) |
|
|
734 |
|
Adjusted
EBITDA |
$ |
23,217 |
|
|
$ |
3,514 |
|
|
$ |
35,221 |
|
|
$ |
1,291 |
|
Adjusted EBITDA as a % of Net
Sales |
|
11.6 |
% |
|
|
2.3 |
% |
|
|
6.4 |
% |
|
|
0.3 |
% |
(a) |
Represents implementation, amortization of deferred implementation
costs and other costs associated with the implementation of an ERP
system. |
(b) |
Represents fees associated with the Capped Call Transactions
purchases. |
(c) |
Represents advisory fees related to activism engagement. |
(d) |
Represents a true up to transition costs related to the
organization changes designed to support growth, including several
changes in organizational structure designed to enhance
capabilities and support long-term growth objectives. |
Freshpet (NASDAQ:FRPT)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Freshpet (NASDAQ:FRPT)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024