Vital Farms (Nasdaq: VITL), a Certified B Corporation that offers a
range of ethically produced pasture-raised foods nationwide, today
reported financial results for its second quarter ended June 28,
2020.
Russell Diez-Canseco, President and Chief
Executive Officer of Vital Farms, commented, “We are pleased to
report strong second quarter results following our successful IPO,
driven in part by increased at-home consumption due to
COVID-19. Our ability to keep grocery shelves stocked and
consumers fed during this extraordinary time is due to the
commitment of the many frontline workers across our supply chain,
including our crewmembers, farmers, vendors and retail partners. We
thank all of these essential workers for what they do each day to
bring food to households across the country.”
Mr. Diez-Canseco continued, “Going forward, we
will continue to execute our growth strategy while remaining true
to our culture and values, both of which are rooted in a commitment
to Conscious Capitalism and our belief that a company can only be
sustainable for the long haul if it’s sustainable for all of its
stakeholders – customers and consumers, employees, suppliers,
communities and the environment, and stockholders.”
Successful Initial Public
Offering
Subsequent to the quarter end, on August 4,
2020, the Company completed its initial public offering (“IPO”), in
which it issued and sold 5,040,323 shares of common stock and
certain of its stockholders offered and sold 5,659,250 shares of
its common stock at a public offering price of $22.00 per share for
net proceeds to the Company of approximately $99.5 million, after
deducting underwriting discounts, commissions and estimated
offering expenses. The Company did not receive any proceeds from
the sale of shares by the selling stockholders. The Company
continues to expect to use the net proceeds from the IPO for
general corporate purposes, including working capital, operating
expenses and capital expenditures, including to further fund the
completion of an expansion of its shell egg processing facility,
Egg Central Station. On September 4, 2020, subsequent to the IPO,
there were 39,432,161 shares of common stock outstanding.
For the Three Months Ended June 28,
2020
Net revenue increased 84% to
$59.3 million in the second quarter of 2020 compared to $32.3
million in the second quarter of 2019. Growth in net revenue in the
second quarter of 2020 was driven primarily by volume increases to
our distributors, including as a result of the stay-at-home trends
associated with COVID-19, whereby customers increased their
purchases of eggs and butter, and a higher turnover rate of sales
to our retail customers. The increase was partially offset by sales
incentives offered to customers in connection with egg and butter
sales.
Gross profit was $22.7 million,
or 38.3% of net revenue, in the second quarter of 2020, compared to
$11.0 million, or 34.1% of net revenue, in the prior year period.
The increases were primarily due to higher net sales, with a
portion of the increase in gross margin also attributable to lower
costs associated with warehousing and transportation of
inventory.
Income from operations in the
second quarter of 2020 was $9.1 million compared to $3.9 million in
the second quarter of the prior year.
Net income was $5.9 million in
the second quarter of 2020 compared to $2.8 million in the prior
year period.Net income per diluted share increased
100.0% to $0.16 compared to $0.08 per diluted share in the prior
year quarter.
Adjusted EBITDA, was $9.3
million in the second quarter of 2020 compared to $4.4 million in
the second quarter of 2019, primarily driven by expanded gross
margin as well as leverage over fixed operating costs. Adjusted
EBITDA is a non-GAAP financial measure defined under “Non-GAAP
Financial Measures,” and is reconciled to net income, its closest
comparable GAAP measure, at the end of this release.
Jason Dale, Chief Financial Officer and Chief
Operating Officer commented, “We are pleased with our net revenue
growth, gross margin expansion and the improvement we have achieved
in Adjusted EBITDA, which gives us confidence in our ability to
continue delivering growth and profitability as we scale small
family farm food to a national audience.”
Balance Sheet and Cash Flow
Highlights
The Company’s cash and cash
equivalents were $17.1 million as of June 28, 2020 and
total outstanding debt was $9.8 million. Cash and cash equivalents
as of June 28, 2020 does not include the net proceeds from the
Company’s IPO, nor does it reflect the Company’s payment in full of
$1.9 million in outstanding borrowings under the Company’s
equipment loan with PNC Bank, which were both completed after the
end of the quarter. Net cash provided by operating activities was
$17.7 million in the quarter ended June 28, 2020, compared to $2.0
million during the prior year period.
Capital expenditures totaled
$5.4 million for the 26-weeks ended June 28, 2020 compared to $1.5
million in the prior year period.
Update on COVID-19 and Fiscal 2020
Outlook
The Company’s guidance continues to assume that
there are no additional, significant disruptions to the supply
chain, its customers or consumers, including any issues from
adverse macroeconomic factors. In addition, the Company’s guidance
reflects the expectation that in the back half of the year, the
Company will continue to see elevated demand due to the
stay-at-home trends associated with COVID-19, and will continue to
allocate demand against the available shell egg supply. Given the
uncertainty regarding the ultimate duration, magnitude and effects
of the COVID-19 pandemic, we do not have certainty that these
trends will continue.
- For the full year 2020, management
expects net revenue between $205 to $210 million, an increase of
greater than 45% compared to 2019.
- Adjusted EBITDA is anticipated to
be in the range of $14 to $16 million.
The Company cannot provide a reconciliation
between its forecasted Adjusted EBITDA and net revenue metrics
without unreasonable effort due to the unavailability of reliable
estimates for certain items. These items are not within the
Company’s control and may vary greatly between periods and could
significantly impact future financial results.
Conference Call and Webcast
DetailsThe Company will host a conference call and webcast
at 4:30 p.m. ET today to discuss the results. The live conference
call can be accessed by dialing (833) 519-1345 from the U.S. or
(914) 800-3907 internationally and using access code 9678986.
Alternatively, participants may access the live webcast on the
Vital Farms Investor Relations website at
https://investors.vitalfarms.com under “Events.” The webcast will
be archived for 30 days.
About Vital Farms Vital Farms,
a Certified B Corporation, offers a range of ethically produced
pasture-raised foods nationwide. Started on a single farm in
Austin, Texas, in 2007, Vital Farms is the leading U.S. brand of
pasture-raised eggs and butter by retail dollar sales. Vital Farms'
ethics are exemplified by its focus on the humane treatment of farm
animals and sustainable farming practices. In addition, as a
Delaware Public Benefit Corporation, Vital Farms also prioritizes
the long-term benefits of each of its stakeholders, including
farmers and suppliers, customers and consumers, communities and the
environment, and crew members and stockholders. Vital Farms'
pasture-raised products, including shell eggs, butter, hard-boiled
eggs, ghee, Egg Bites and liquid whole eggs, are sold in
approximately 14,000 stores nationwide.
Forward-Looking StatementsThis
press release and the earnings call referencing this press release
contain “forward-looking” statements, as that term is defined under
the federal securities laws, including but not limited to
statements regarding Vital Farms’ future financial performance,
including our outlook for fiscal year 2020. These forward-looking
statements are based on Vital Farms’ current assumptions,
expectations and beliefs and are subject to substantial risks,
uncertainties, assumptions and changes in circumstances that may
cause Vital Farms’ actual results, performance or achievements to
differ materially from those expressed or implied in any
forward-looking statement.
The risks and uncertainties referred to above
include, but are not limited to: (1) the effects of the current
COVID-19 pandemic, or of other global outbreaks of pandemics or
contagious diseases or fear of such outbreaks, including on our
supply chain, the demand for our products, and on overall economic
conditions and consumer confidence and spending levels; (2) our
expectations regarding our revenue, expenses and other operating
results; (3) our ability to acquire new customers and successfully
retain existing customers; (4) our ability to attract and retain
our suppliers, distributors and co-manufacturers; (5) our ability
to sustain or increase our profitability; (6) our ability to
procure sufficient high quality eggs, butter and other raw
materials; (7) real or perceived quality with our products or other
issues that adversely affect our brand and reputation; (8) changes
in the tastes and preferences of our consumers; (9) the financial
condition of, and our relationships with, our suppliers,
co-manufacturers, distributors, retailers and foodservice
customers, as well as the health of the foodservice industry
generally; (10) real or perceived quality or health issues with our
products or other issues that adversely affect our brand and
reputation; (11) the ability of our suppliers and co-manufacturers
to comply with food safety, environmental or other laws or
regulations; (12) future investments in our business, our
anticipated capital expenditures and our estimates regarding our
capital requirements; (13) the costs and success of our marketing
efforts, and our ability to promote our brand; (14) our reliance on
key personnel and our ability to identify, recruit and retain
skilled personnel; (15) our ability to effectively manage our
growth; (16) our focus on a specific public benefit purpose and
producing a positive effect for society may negatively influence
our financial performance; (17) our ability to compete effectively
with existing competitors and new market entrants; (18) the impact
of adverse economic conditions; (19) the sufficiency of our cash to
meet our liquidity needs and service our indebtedness; (20)
seasonality; and (21) the growth rates of the markets in which we
compete.
These risks and uncertainties are more fully
described in our filings with the Securities and Exchange
Commission, including in the section entitled “Risk Factors” in our
quarterly report on Form 10-Q for the fiscal quarter ended June 28,
2020 and other filings and reports that we may file from time to
time with the SEC. Moreover, we operate in a very competitive and
rapidly changing environment. New risks emerge from time to time.
It is not possible for our management to predict all risks, nor can
we assess the impact of all factors on our business or the extent
to which any factor, or combination of factors, may cause actual
results to differ materially from those contained in any
forward-looking statements we may make. In light of these risks,
uncertainties and assumptions, we cannot guarantee future results,
levels of activity, performance, achievements, or events and
circumstances reflected in the forward-looking statements will
occur. Forward-looking statements represent our beliefs and
assumptions only as of the date of this press release. We disclaim
any obligation to update forward-looking statements except as
required by law.
Contacts:Media:Nisha
DevarajanNisha.Devarajan@vitalfarms.com
Investors:Ashley
DeSimoneAshley.DeSimone@icrinc.com
|
|
|
|
|
|
|
|
|
VITAL FARMS,
INC. |
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS |
(Amounts in
thousands, except share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Fiscal Quarter Ended |
|
Fiscal Period Ended |
|
|
June 28, 2020 |
|
June 30, 2019 |
|
June 28, 2020 |
|
June 30, 2019 |
|
|
|
|
|
|
|
|
|
Net revenue |
|
$ |
59,341 |
|
|
$ |
32,285 |
|
|
$ |
106,920 |
|
|
$ |
65,230 |
|
Cost of
goods sold |
|
|
36,643 |
|
|
|
21,285 |
|
|
|
68,367 |
|
|
|
42,724 |
|
Gross
profit |
|
|
22,698 |
|
|
|
11,000 |
|
|
|
38,553 |
|
|
|
22,506 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
9,970 |
|
|
|
4,758 |
|
|
|
19,648 |
|
|
|
9,922 |
|
Shipping and distribution |
|
|
3,666 |
|
|
|
2,333 |
|
|
|
6,940 |
|
|
|
4,412 |
|
Total operating expenses |
|
|
13,636 |
|
|
|
7,091 |
|
|
|
26,588 |
|
|
|
14,334 |
|
Income from
operations |
|
|
9,062 |
|
|
|
3,909 |
|
|
|
11,965 |
|
|
|
8,172 |
|
Other
(expense) income, net: |
|
|
|
|
|
|
|
|
Interest expense |
|
|
(97 |
) |
|
|
(79 |
) |
|
|
(255 |
) |
|
|
(165 |
) |
Other (expense) income, net |
|
|
(181 |
) |
|
|
53 |
|
|
|
(161 |
) |
|
|
1,322 |
|
Total other (expense) income, net |
|
|
(278 |
) |
|
|
(26 |
) |
|
|
(416 |
) |
|
|
1,157 |
|
Net income
before income taxes |
|
|
8,784 |
|
|
|
3,883 |
|
|
|
11,549 |
|
|
|
9,329 |
|
Provision
for income taxes |
|
|
2,848 |
|
|
|
1,095 |
|
|
|
3,679 |
|
|
|
2,516 |
|
Net
income |
|
|
5,936 |
|
|
|
2,788 |
|
|
|
7,870 |
|
|
|
6,813 |
|
Less: Net (loss) income attributable to noncontrolling
interests |
|
|
(28 |
) |
|
|
(11 |
) |
|
|
(39 |
) |
|
|
956 |
|
Net income
attributable to Vital Farms, Inc. stockholders |
|
$ |
5,964 |
|
|
$ |
2,799 |
|
|
$ |
7,909 |
|
|
$ |
5,857 |
|
Net income
per share attributable to Vital Farms, Inc. stockholders: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.23 |
|
|
$ |
0.11 |
|
|
$ |
0.30 |
|
|
$ |
0.23 |
|
Diluted |
|
$ |
0.16 |
|
|
$ |
0.08 |
|
|
$ |
0.21 |
|
|
$ |
0.17 |
|
Weighted
average common shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
26,007,459 |
|
|
|
26,440,796 |
|
|
|
25,974,873 |
|
|
|
25,426,563 |
|
Diluted |
|
|
37,896,742 |
|
|
|
36,241,488 |
|
|
|
37,755,675 |
|
|
|
35,067,996 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VITAL FARMS,
INC. |
CONDENSED
CONSOLIDATED BALANCE SHEETS |
(Amounts in
thousands, except share amounts) |
|
|
|
|
|
|
|
June
28, |
|
December
29, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
(unaudited) |
|
|
Assets |
|
|
|
|
Current
assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
17,094 |
|
|
$ |
1,274 |
|
Accounts receivable, net |
|
|
16,016 |
|
|
|
16,108 |
|
Inventories |
|
|
9,922 |
|
|
|
12,947 |
|
Income taxes receivable |
|
|
- |
|
|
|
1,615 |
|
Prepaid expenses and other current assets |
|
|
3,199 |
|
|
|
2,706 |
|
Total current assets |
|
|
46,231 |
|
|
|
34,650 |
|
Property,
plant and equipment, net |
|
|
26,823 |
|
|
|
22,458 |
|
Note
receivable from related party |
|
|
844 |
|
|
|
831 |
|
Goodwill |
|
|
3,858 |
|
|
|
3,858 |
|
Deposits and
other assets |
|
|
181 |
|
|
|
151 |
|
Total assets |
|
$ |
77,937 |
|
|
$ |
61,948 |
|
|
|
|
|
|
Liabilities, Redeemable Noncontrolling Interest, Redeemable
Convertible Preferred Stock and Stockholders' Equity |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts payable |
|
$ |
15,107 |
|
|
$ |
13,510 |
|
Accrued liabilities |
|
|
7,820 |
|
|
|
8,608 |
|
Long-term debt, current |
|
|
1,460 |
|
|
|
2,160 |
|
Lease obligation, current |
|
|
460 |
|
|
|
449 |
|
Contingent consideration, current |
|
|
159 |
|
|
|
270 |
|
Income taxes payable |
|
|
355 |
|
|
|
- |
|
Total current liabilities |
|
|
25,361 |
|
|
|
24,997 |
|
Long-term
debt, net of current portion |
|
|
8,315 |
|
|
|
2,896 |
|
Lease
obligation, net of current portion |
|
|
565 |
|
|
|
797 |
|
Contingent
consideration, non-current |
|
|
54 |
|
|
|
382 |
|
Deferred tax
liability, net |
|
|
2,306 |
|
|
|
755 |
|
Other
liability, non-current |
|
|
421 |
|
|
|
272 |
|
Total liabilities |
|
|
37,022 |
|
|
|
30,099 |
|
Commitments
and contingencies (Note 15) |
|
|
|
|
Redeemable
noncontrolling interest |
|
|
175 |
|
|
|
175 |
|
Redeemable
convertible preferred stock (Series B, Series C and Series D),
$0.0001 par value; 8,192,876 shares |
|
|
|
|
authorized,
issued, and outstanding as of December 29, 2019 and June 28, 2020,
respectively; |
|
|
|
|
aggregate
liquidation of $40,436 as of June 28, 2020 and December 29,
2019 |
|
|
23,036 |
|
|
|
23,036 |
|
Stockholders' equity: |
|
|
|
|
Common stock, $0.0001 par value per share, 40,348,565 shares
authorized as of June 28, 2020 |
|
|
|
|
and December 29, 2019; 31,683,486 and 31,429,898 shares issued as
of June 28, 2020 and |
|
|
|
|
December 29, 2019, respectively; 26,188,568 and 25,934,980 shares
outstanding as of June 28, 2020 |
|
|
|
|
and December 29, 2019, respectively |
|
|
3 |
|
|
|
3 |
|
Treasury stock, at cost, 5,494,918 common shares as of June 28,
2020 and December 29, 2019 |
|
|
(16,276 |
) |
|
|
(16,276 |
) |
Additional paid-in capital |
|
|
20,789 |
|
|
|
19,593 |
|
Retained earnings |
|
|
13,148 |
|
|
|
5,239 |
|
Total stockholders' equity attributable to Vital Farms, Inc. common
stockholders |
|
|
17,664 |
|
|
|
8,559 |
|
Noncontrolling interests |
|
|
40 |
|
|
|
79 |
|
Total stockholders' equity |
|
$ |
17,704 |
|
|
$ |
8,638 |
|
Total liabilities, redeemable noncontrolling interest, redeemable
convertible preferred stock and stockholders' equity |
|
$ |
77,937 |
|
|
$ |
61,948 |
|
|
|
|
|
|
|
|
|
|
|
VITAL FARMS,
INC. |
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS |
(Amounts in
thousands) |
(Unaudited) |
|
|
|
|
|
|
|
Fiscal Period Ended |
|
|
June 28, 2020 |
|
June 30, 2019 |
Cash
flows provided by operating activities: |
|
|
|
|
Net income |
|
$ |
7,870 |
|
|
$ |
6,813 |
|
Adjustments
to reconcile net income to net cash provided by operating
activities: |
|
|
|
|
Depreciation and amortization |
|
|
954 |
|
|
|
726 |
|
Non-cash interest expense |
|
|
11 |
|
|
|
4 |
|
Bad debt recovery |
|
|
(150 |
) |
|
|
- |
|
Inventory provisions |
|
|
165 |
|
|
|
(67 |
) |
Change in fair value of contingent consideration |
|
|
(350 |
) |
|
|
38 |
|
Stock-based compensation expense |
|
|
744 |
|
|
|
286 |
|
Loss on write-off of construction in progress |
|
|
209 |
|
|
|
- |
|
Deferred taxes |
|
|
1,551 |
|
|
|
- |
|
Non-cash interest income |
|
|
(13 |
) |
|
|
(66 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
Accounts receivable |
|
|
241 |
|
|
|
(225 |
) |
Inventories |
|
|
2,860 |
|
|
|
(5,737 |
) |
Income taxes payable |
|
|
1,970 |
|
|
|
1,100 |
|
Prepaid expenses and other current assets |
|
|
848 |
|
|
|
222 |
|
Deposits and other assets |
|
|
(28 |
) |
|
|
85 |
|
Accounts payable |
|
|
2,290 |
|
|
|
316 |
|
Accrued and other liabilities |
|
|
(1,444 |
) |
|
|
(1,449 |
) |
Net cash provided by operating activities |
|
$ |
17,728 |
|
|
$ |
2,046 |
|
Cash
flows used in investing activities: |
|
|
|
|
Purchases of
property, plant and equipment |
|
|
(5,388 |
) |
|
|
(1,479 |
) |
Notes
receivable provided to related parties |
|
|
- |
|
|
|
(4,000 |
) |
Net cash used in investing activities |
|
$ |
(5,388 |
) |
|
$ |
(5,479 |
) |
Cash
flows provided by financing activities: |
|
|
|
|
Proceeds
from borrowings under term loan |
|
|
5,000 |
|
|
$ |
- |
|
Proceeds
from borrowings under equipment loan |
|
|
1,461 |
|
|
|
- |
|
Proceeds
from Paycheck Protection Program loan |
|
|
2,593 |
|
|
|
- |
|
Proceeds
from issuance of common stock |
|
|
- |
|
|
|
15,000 |
|
Repayment of
revolving line of credit |
|
|
(1,325 |
) |
|
|
- |
|
Repayment of
equipment loan |
|
|
(98 |
) |
|
|
- |
|
Repayment of
term loan |
|
|
(335 |
) |
|
|
(335 |
) |
Repayment of
Paycheck Protection Program loan |
|
|
(2,593 |
) |
|
|
- |
|
Repurchase
of common stock |
|
|
- |
|
|
|
(14,289 |
) |
Payment of
contingent consideration |
|
|
(89 |
) |
|
|
(233 |
) |
Payment of
issuance costs of common stock |
|
|
- |
|
|
|
(903 |
) |
Principal
payments under lease obligation |
|
|
(222 |
) |
|
|
(211 |
) |
Proceeds
from exercise of stock options |
|
|
170 |
|
|
|
218 |
|
Proceeds
from exercise of warrant |
|
|
282 |
|
|
|
- |
|
Payment of
deferred offering costs |
|
|
(1,364 |
) |
|
|
- |
|
Net cash provided by financing activities |
|
$ |
3,480 |
|
|
$ |
(753 |
) |
Net
increase (decrease) in cash and cash equivalents |
|
$ |
15,820 |
|
|
$ |
(4,186 |
) |
Cash and
cash equivalents at beginning of the period |
|
|
1,274 |
|
|
|
11,815 |
|
Cash and
cash equivalents at end of the period |
|
$ |
17,094 |
|
|
$ |
7,629 |
|
|
|
|
|
|
Supplemental disclosure of cash flow
information: |
|
|
|
|
Cash paid
for interest |
|
$ |
261 |
|
|
$ |
181 |
|
Cash paid
for income taxes |
|
$ |
10 |
|
|
$ |
1,291 |
|
|
|
|
|
|
Supplemental disclosure of non-cash investing and financing
activities: |
|
|
|
|
Purchases of
property, plant and equipment included in accounts payable and
accrued liabilities |
|
$ |
254 |
|
|
$ |
68 |
|
Deferred
offering costs in accounts payable and accrued liabilities |
|
$ |
974 |
|
|
|
- |
|
|
|
|
|
|
Non-GAAP Financial MeasuresWe
report our financial results in accordance with GAAP. However,
management believes that Adjusted EBITDA, a non-GAAP financial
measure, provides investors with additional useful information in
evaluating our performance.
We calculate Adjusted EBITDA as net income,
adjusted to exclude: (1) depreciation and amortization; (2)
provision for income taxes; (3) stock-based compensation expense;
(4) interest expense; (5) interest expense; (6) change in fair
value of contingent consideration; (7) interest income; and (8) net
litigation settlement gain.
Adjusted EBITDA is a financial measure that is
not required by, or presented in accordance with GAAP. We believe
that Adjusted EBITDA, when taken together with our financial
results presented in accordance with GAAP, provides meaningful
supplemental information regarding our operating performance and
facilitates internal comparisons of our historical operating
performance on a more consistent basis by excluding certain items
that may not be indicative of our business, results of operations
or outlook. In particular, we believe that the use of Adjusted
EBITDA is helpful to our investors as it is a measure used by
management in assessing the health of our business, determining
incentive compensation and evaluating our operating performance, as
well as for internal planning and forecasting purposes.
Adjusted EBITDA is presented for supplemental
informational purposes only, has limitations as an analytical tool
and should not be considered in isolation or as a substitute for
financial information presented in accordance with GAAP. Some of
the limitations of Adjusted EBITDA include that (1) it does not
properly reflect capital commitments to be paid in the future, (2)
although depreciation and amortization are non-cash charges, the
underlying assets may need to be replaced and Adjusted EBITDA does
not reflect these capital expenditures, (3) it does not consider
the impact of stock-based compensation expense, (4) it does not
reflect other non-operating expenses, including interest expense,
(5) it does not consider the impact of any contingent consideration
liability valuation adjustments and (6) it does not reflect tax
payments that may represent a reduction in cash available to us. In
addition, our use of Adjusted EBITDA may not be comparable to
similarly titled measures of other companies because they may not
calculate Adjusted EBITDA in the same manner, limiting its
usefulness as a comparative measure. Because of these limitations,
when evaluating our performance, you should consider Adjusted
EBITDA alongside other financial measures, including our net income
and other results stated in accordance with GAAP.
The following table presents a reconciliation of
Adjusted EBITDA to net income, the most directly comparable
financial measure stated in accordance with GAAP, for the quarters
presented:
|
|
|
|
|
|
|
|
|
Fiscal Quarter Ended |
|
|
|
June 28, 2020 |
|
|
June 30, 2019 |
|
|
|
(in
thousands) |
|
Net income |
|
$ |
5,936 |
|
|
$ |
2,788 |
|
Depreciation and amortization |
|
498 |
|
|
370 |
|
Provision for income taxes |
|
2,848 |
|
|
1,095 |
|
Stock-based compensation expense |
|
296 |
|
|
143 |
|
Interest expense |
|
97 |
|
|
79 |
|
Change in fair value of contingent consideration(1) |
|
|
(327 |
) |
|
16 |
|
Interest income |
|
|
(9 |
) |
|
|
(51 |
) |
Net litigation settlement gain |
|
|
(20 |
) |
|
- |
|
Adjusted
EBITDA |
|
$ |
9,319 |
|
|
$ |
4,440 |
|
|
|
|
|
|
|
|
(1) |
Amount reflects the change in fair value of a contingent
consideration liability in connection with our 2014
acquisition |
Vital Farms (NASDAQ:VITL)
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부터 6월(6) 2024 으로 7월(7) 2024
Vital Farms (NASDAQ:VITL)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024