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 fourth quarter and fiscal year
ended December 27, 2020.
“We entered 2020 with a strong track record of
growth in net revenue, household penetration, and retail
distribution. We saw each of these metrics grow significantly in
2020 as consumers increased at-home consumption, became even more
conscious of their food choices, and voted with their dollars for
brands like Vital Farms that prioritize and care for their
stakeholders,” said Russell Diez-Canseco, President and CEO, Vital
Farms. “Building on our longstanding position as the leading
pasture-raised egg brand in the United States, Vital Farms now has
an 82% share of retail dollar sales in the U.S. pasture-raised egg
market, distribution in over 16,000 stores, and five million
households have purchased our high-quality, ethically produced
eggs. Additionally, in 2020, we were the largest contributor to the
total retail egg category growth by retail dollar sales.”
“As we look ahead to the post-pandemic era, I
want to be very clear in our belief that Vital Farms is uniquely
positioned to address a substantial market opportunity,”
Diez-Canseco continued. “We have demonstrated consistent growth in
the years prior to and throughout 2020 and are investing
significantly in our future—from growing our network of family
farms, doubling capacity at Egg Central Station where we wash and
pack eggs, launching a new marketing campaign, entering a national
foodservice partnership with Acosta, and attracting top talent to
join our team. We believe Vital Farms is well-positioned for
success in 2021 and beyond.”
For the Three Months Ended December 27,
2020
Net revenue increased 30% to
$54.0 million in the fourth quarter of 2020 compared to $41.4
million in the fourth quarter of 2019. Growth in net revenue in the
fourth quarter of 2020 was driven primarily by volume increases to
our distributors and retail partners, and distribution gains in new
and existing customers. Those increases were partially offset by
sales incentives offered to customers in connection with egg and
butter sales, as well as general headwinds in the foodservice
channel.
Gross profit was $17.6 million,
or 32.6% of net revenue, in the fourth quarter of 2020, compared to
$9.8 million, or 23.6% of net revenue, in the prior year period.
The increases were primarily due to higher net sales, with a
majority of the increase in gross margin attributable to better egg
utilization, lower material costs for eggs and butter and volume
leverage over direct labor and overhead costs.
Loss from operations in the
fourth quarter of 2020 was $2.2 million compared to a loss of $6.0
million in the fourth quarter of the prior year.
Net loss was $0.8 million in
the fourth quarter of 2020 compared to a loss of $4.3 million in
the prior year period.
Net loss per diluted share was
$0.02 compared to a loss of $0.17 per diluted share in the prior
year quarter.
Adjusted EBITDA loss was $0.1
million in the fourth quarter of 2020 compared to a loss of $4.7
million in the fourth quarter of 2019, primarily driven by volume
increases to Vital Farms’ distributors and retail customers,
expanded gross margin, and leverage over fixed operating costs. The
increase was partially offset by an increase in selling, general
and administrative expenses due to increased overall headcount to
support Vital Farms’ operations and increases in professional fees
and commercial insurance costs due in part to being a newly public
company. 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.
For the Fiscal Year Ended December 27,
2020
"We are pleased to report a 52% increase in net
revenue and a 61% increase in adjusted EBITDA in fiscal year 2020
as compared to fiscal year 2019, marking a strong end to our first
year as a public company," said Bo Meissner, Chief Financial
Officer, Vital Farms. "Vital Farms is a beloved brand with a
portfolio of high-quality, ethically produced products that are
trusted by millions of households across the country. We believe
this foundation and our strong financial performance in 2020
position us well for a successful 2021 and beyond."
Net revenue increased 52% to
$214.3 million in fiscal year 2020 compared to $140.7 million in
fiscal year 2019. Growth in net revenue in fiscal year 2020 was
driven primarily by volume increases to Vital Farms’ distributors
and retail partners, including as a result of stay-at-home trends
associated with the COVID-19 pandemic, whereby consumers increased
their purchases of eggs and butter, a higher turnover rate of sales
to our retail customers and distribution gains in new and existing
customers. Those increases were partially offset by sales
incentives offered to customers in connection with egg and butter
sales.
Gross profit was $74.5 million,
or 34.8% of net revenue in fiscal year 2020, compared to $42.9
million, or 30.5% 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 material
costs for eggs and butter and volume leverage over direct labor and
overhead costs.
Income from operations in
fiscal year 2020 was $12.2 million compared to $3.3 million in the
prior year period.
Net income was $8.8 million in
fiscal year 2020 compared to $3.3 million in the prior year
period.
Net income per diluted share
was $0.27 compared to $0.07 per diluted share in the prior year
period.
Adjusted EBITDA was $16.8
million in fiscal year 2020 compared to $6.4 million in fiscal year
2019, primarily driven by volume increases to Vital Farms’
distributors and retail customers expanded gross margin as well as
leverage over fixed operating costs. The increase was partially
offset by an increase in selling, general and administrative
expenses due to increased overall headcount to support our
operations and increases in professional fees and commercial
insurance costs due in part to being a newly public company.
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.
Balance Sheet and Cash Flow
Highlights
Cash, equivalents and investment
securities were $97.9 million as of December 27, 2020, and
Vital Farms had no current or long-term debt outstanding as of
December 27, 2020. Net cash provided by operating activities was
$11.7 million in the fiscal year ended December 27, 2020, compared
to $5.4 million net cash used in operating activities during the
prior year period.
Capital expenditures totaled
$10.3 million for the fiscal year ended December 27, 2020 compared
to $4.8 million in the prior year period.
Update on COVID-19 and Fiscal 2021
Outlook
Vital Farms’ 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.
- For the full fiscal year 2021,
management expects net revenue between $246 to $253 million, an
increase of 15 to 18% compared to 2020.
- Adjusted EBITDA is anticipated to
be in the range of $6 to $8 million.
Vital Farms 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 Vital
Farms’ control and may vary greatly between periods and could
significantly impact future financial results.
Conference Call and Webcast
DetailsVital Farms will host a conference call and webcast
at 8:30 a.m. ET today to discuss the results. The live conference
call webcast can be accessed on the Vital Farms Investor Relations
website at https://investors.vitalfarms.com under “Events.” The
webcast will also be archived and available for replay.
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 now a national consumer
brand that works with over 200 small family farms and 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 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 over 16,000 stores nationwide. For more
information, visit www.vitalfarms.com.
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’ market opportunity, anticipated
growth, planned investments and capacity and future financial
performance, including management’s outlook for fiscal year 2021.
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: the effects of the current
COVID-19 pandemic on Vital Farms’ supply chain, the demand for its
products, and on overall economic conditions and consumer
confidence and spending levels; (Vital Farms’ expectations
regarding its revenue, expenses and other operating results; Vital
Farms’ ability to acquire new customers, to successfully retain
existing customers and to attract and retain its suppliers,
distributors and co-manufacturers; Vital Farms’ ability to sustain
or increase our profitability; (Vital Farms’ ability to procure
sufficient high quality eggs, butter and other raw materials; real
or perceived quality with Vital Farms’ products or other issues
that adversely affect Vital Farms’ brand and reputation; changes in
the tastes and preferences of consumers; the financial condition
of, and Vital Farms’ relationships with, its suppliers,
co-manufacturers, distributors, retailers and foodservice
customers, as well as the health of the foodservice industry
generally; the ability of Vital Farms’ suppliers and
co-manufacturers to comply with food safety, environmental or other
laws or regulations; future investments in its business,
anticipated capital expenditures and estimates regarding capital
requirements; the costs and success of marketing efforts. Vital
Farms’ ability to effectively manage its growth and to compete
effectively with existing competitors and new market entrants; the
potential negative impact of Vital Farms’ focus on a specific
public benefit purpose and producing a positive effect for society
on its financial performance; seasonality; and the growth rates of
the markets in which Vital Farms competes.
These risks and uncertainties are more fully
described in Vital Farms’ filings with the Securities and Exchange
Commission, including in the section entitled “Risk Factors” in its
Quarterly Report on Form 10-Q for the fiscal quarter ended
September 27, 2020 and other filings and reports that Vital Farms
may file from time to time with the SEC. Moreover, Vital Farms
operates in a very competitive and rapidly changing environment.
New risks emerge from time to time. It is not possible for
management to predict all risks, nor can Vital Farms assess the
impact of all factors on its 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 Vital Farms may make. In light of these risks,
uncertainties and assumptions, Vital Farms 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 managements’ beliefs
and assumptions only as of the date of this press release. Vital
Farms disclaims any obligation to update forward-looking statements
except as required by law.
Contacts:Media:Nisha
DevarajanNisha.Devarajan@vitalfarms.com
Investors:Matt
SilerMatt.Siler@vitalfarms.com
VITAL FARMS, INC. |
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|
(Amounts in thousands, except share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Quarter Ended (Unaudited) |
|
|
Fiscal Year Ended |
|
|
|
December 27, 2020 |
|
|
December 29, 2019 |
|
|
December 27, 2020 |
|
|
December 29, 2019 |
|
Net revenue |
|
$ |
53,993 |
|
|
$ |
41,421 |
|
|
$ |
214,280 |
|
|
$ |
140,733 |
|
Cost of goods sold |
|
36,368 |
|
|
31,648 |
|
|
139,752 |
|
|
|
97,856 |
|
Gross profit |
|
17,625 |
|
|
9,773 |
|
|
74,528 |
|
|
42,877 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
15,563 |
|
|
12,535 |
|
|
47,396 |
|
|
29,526 |
|
Shipping and distribution |
|
4,212 |
|
|
3,244 |
|
|
14,904 |
|
|
10,001 |
|
Total operating expenses |
|
19,775 |
|
|
15,779 |
|
|
62,300 |
|
|
39,527 |
|
Income (loss) from operations |
|
(2,150) |
|
|
(6,006 |
) |
|
12,228 |
|
|
3,350 |
|
Other (expense) income, net: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
(123) |
|
|
(99 |
) |
|
(488 |
) |
|
(349 |
) |
Other (expense) income, net |
|
96 |
|
|
48 |
|
|
(86 |
) |
|
1,417 |
|
Total other (expense) income, net |
|
(27 |
) |
|
(51 |
) |
|
(574 |
) |
|
1,068 |
|
Net income (loss) before income taxes |
|
(2,177 |
) |
|
(6,057 |
) |
|
11,654 |
|
|
4,418 |
|
Provision for income taxes |
|
(1,529 |
) |
|
(1,733 |
) |
|
2,770 |
|
|
1,106 |
|
Net income (loss) |
|
(648) |
|
|
(4,324 |
) |
|
8,884 |
|
|
3,312 |
|
Less: Net income (loss) attributable to noncontrolling
interests |
|
138 |
|
|
(23 |
) |
|
84 |
|
|
927 |
|
Net income (loss)attributable to Vital Farms, Inc. common
stockholders |
|
$ |
(786 |
) |
|
$ |
(4,301 |
) |
|
$ |
8,800 |
|
|
$ |
2,385 |
|
Net income (loss) per share attributable to Vital Farms, Inc.
stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic: |
|
$ |
(0.02 |
) |
|
$ |
(0.17 |
) |
|
$ |
0.31 |
|
|
$ |
0.09 |
|
Diluted: |
|
$ |
(0.02 |
) |
|
$ |
(0.17 |
) |
|
$ |
0.27 |
|
|
$ |
0.07 |
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic: |
|
39,441,561 |
|
|
25,932,394 |
|
|
28,667,264 |
|
|
25,897,223 |
|
Diluted: |
|
39,441,561 |
|
|
25,932,394 |
|
|
32,914,653 |
|
|
36,071,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VITAL FARMS, INC. |
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
(Amounts in thousands, except share amounts) |
|
|
|
|
|
|
|
|
|
|
December 27, 2020 |
|
|
December 29, 2019 |
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
29,544 |
|
|
$ |
1,274 |
|
Investment securities available-for-sale |
|
68,357 |
|
|
— |
|
Accounts receivable, net |
|
20,934 |
|
|
16,108 |
|
Inventories |
|
12,902 |
|
|
12,947 |
|
Income taxes receivable |
|
1,554 |
|
|
1,615 |
|
Prepaid expenses and other current assets |
|
3,965 |
|
|
2,706 |
|
Total current assets |
|
137,256 |
|
|
34,650 |
|
Property, plant and equipment, net |
|
30,118 |
|
|
22,458 |
|
Notes receivable from related party |
|
— |
|
|
831 |
|
Goodwill |
|
3,858 |
|
|
3,858 |
|
Deposits and other assets |
|
142 |
|
|
151 |
|
Total assets |
|
$ |
171,374 |
|
|
$ |
61,948 |
|
Liabilities, Redeemable Noncontrolling Interest, Redeemable
Convertible Preferred Stock and Stockholders’ Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
15,489 |
|
|
$ |
13,510 |
|
Accrued liabilities |
|
9,845 |
|
|
8,608 |
|
Current portion of long-term debt |
|
— |
|
|
2,160 |
|
Lease obligation, current |
|
471 |
|
|
449 |
|
Contingent consideration, current |
|
109 |
|
|
270 |
|
Total current liabilities |
|
25,914 |
|
|
24,997 |
|
Long-term debt, net of current portion |
|
— |
|
|
2,896 |
|
Lease obligation, net of current portion |
|
327 |
|
|
797 |
|
Contingent consideration, non-current |
|
18 |
|
|
382 |
|
Deferred tax liabilities, net |
|
2,537 |
|
|
755 |
|
Other liability, non-current |
|
192 |
|
|
272 |
|
Total liabilities |
|
28,988 |
|
|
30,099 |
|
Commitments and contingencies (Note 16) |
|
|
|
|
|
|
Redeemable noncontrolling interest |
|
175 |
|
|
175 |
|
Redeemable convertible preferred stock (Series B, Series C and
Series D), $0.0001 par value per share; 0 and 8,192,876 shares
authorized, issued, and outstanding as of December 27, 2020 and
December 29, 2019; aggregate liquidation preference of $0 and
$40,436 as of December 27, 2020 and December 29, 2019 |
|
— |
|
|
23,036 |
|
Stockholders’ equity: |
|
|
|
|
|
|
Common stock, $0.0001 par value per share, 310,000,000 and
40,348,565 shares authorized as of December 27, 2020 and December
29, 2019; 39,444,040 and 31,429,898 shares issued as of December
27, 2020 and December 29, 2019, respectively; 39,444,040 and
25,934,980 shares outstanding as of December 27, 2020 and December
29, 2019, respectively |
|
5 |
|
|
3 |
|
Treasury stock, at cost, 5,494,918 common shares as of December 27,
2020 and December 29, 2019 |
|
(16,276 |
) |
|
(16,276 |
) |
Additional paid-in capital |
|
144,311 |
|
|
19,593 |
|
Retained earnings |
|
14,039 |
|
|
5,239 |
|
Accumulated other comprehensive loss |
|
(31 |
) |
|
— |
|
Total stockholders’ equity attributable to Vital Farms, Inc.
stockholders |
|
142,048 |
|
|
8,559 |
|
Noncontrolling interests |
|
163 |
|
|
79 |
|
Total stockholders’ equity |
|
$ |
142,211 |
|
|
$ |
8,638 |
|
Total liabilities, redeemable noncontrolling interest, redeemable
convertible preferred stock and stockholders’ equity |
|
$ |
171,374 |
|
|
$ |
61,948 |
|
VITAL FARMS, INC. |
|
|
|
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS |
|
|
|
(Amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended |
|
|
|
December 27,
2020 |
|
|
|
December 29, 2019 |
|
Cash flows provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
8,884 |
|
|
$ |
3,312 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
2,550 |
|
|
1,921 |
|
Amortization of debt issuance costs |
|
68 |
|
|
9 |
|
Bad debt (recovery) expense |
|
(108 |
) |
|
304 |
|
Inventory provisions |
|
16 |
|
|
189 |
|
Change in fair value of contingent consideration |
|
(333 |
) |
|
70 |
|
Stock-based compensation expense |
|
2,509 |
|
|
1,029 |
|
Loss on write-off of construction in progress |
|
259 |
|
|
— |
|
Deferred taxes |
|
1,782 |
|
|
52 |
|
Non-cash interest income |
|
(33 |
) |
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
(4,718 |
) |
|
(6,182 |
) |
Inventories |
|
29 |
|
|
(9,270 |
) |
Income taxes receivable |
|
61 |
|
|
(1,563 |
) |
Prepaid expenses and other current assets |
|
(2,255 |
) |
|
(582 |
) |
Deposits and other assets |
|
11 |
|
|
93 |
|
Accounts payable |
|
1,807 |
|
|
3,192 |
|
Accrued liabilities and other liabilities |
|
1,173 |
|
|
2,074 |
|
Net cash provided by (used in) operating activities |
|
$ |
11,702 |
|
|
$ |
(5,352 |
) |
Cash flows used in investing activities: |
|
|
|
|
|
|
Purchases of property, plant and equipment |
|
(10,300 |
) |
|
(4,799 |
) |
Purchases of available-for-sale debt securities |
|
(68,388 |
) |
|
— |
|
Proceeds from the sale of property, plant and equipment |
|
— |
|
|
7 |
|
Notes receivable provided to related parties |
|
— |
|
|
(4,031 |
) |
Repayment of notes receivable provided to related parties |
|
846 |
|
|
3,200 |
|
Net cash used in investing activities |
|
$ |
(77,842 |
) |
|
$ |
(5,623 |
) |
Cash flows provided by (used in) financing activities: |
|
|
|
|
|
|
Proceeds from issuance of common stock pursuant to the initial
public offering, net of issuance costs |
|
99,671 |
|
|
— |
|
Proceeds from borrowings under term loan |
|
5,000 |
|
|
— |
|
Proceeds from borrowings under equipment loan |
|
1,461 |
|
|
587 |
|
Proceeds from Paycheck Protection Program loan |
|
2,593 |
|
|
— |
|
Proceeds from issuance of redeemable noncontrolling interest |
|
— |
|
|
— |
|
Proceeds from issuance of common stock, net of issuance costs |
|
— |
|
|
14,097 |
|
Proceeds from borrowings under revolving line of credit |
|
— |
|
|
1,325 |
|
Repayment of revolving line of credit |
|
(1,325 |
) |
|
— |
|
Repayment of equipment loan |
|
(2,015 |
) |
|
— |
|
Repayment of term loan |
|
(8,245 |
) |
|
(671 |
) |
Repayment of Paycheck Protection Program loan |
|
(2,593 |
) |
|
— |
|
Repurchase of common stock |
|
— |
|
|
(14,289 |
) |
Payment of contingent consideration |
|
(192 |
) |
|
(409 |
) |
Principal payments under finance lease obligation |
|
(449 |
) |
|
(428 |
) |
Proceeds from exercise of stock options |
|
221 |
|
|
222 |
|
Proceeds from exercise of warrant |
|
283 |
|
|
— |
|
Net cash provided by (used in) financing activities |
|
$ |
94,410 |
|
|
$ |
434 |
|
Net increase (decrease) in cash and cash equivalents |
|
$ |
28,270 |
|
|
$ |
(10,541 |
) |
Cash and cash equivalents at beginning of the period |
|
1,274 |
|
|
11,815 |
|
Cash and cash equivalents at end of the period |
|
$ |
29,544 |
|
|
$ |
1,274 |
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
Cash paid for interest |
|
$ |
414 |
|
|
$ |
340 |
|
Cash paid for income taxes |
|
$ |
2,214 |
|
|
$ |
2,256 |
|
Supplemental disclosure of non-cash investing and financing
activities: |
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment included in accounts
payable and accrued liabilities |
|
$ |
167 |
|
|
$ |
928 |
|
Deferred offering costs in accounts payable and accrued
liabilities |
|
$ |
— |
|
|
$ |
1,001 |
|
Non-GAAP Financial Measures
Vital Farms reports its 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 Vital Farms’
performance.
Vital Farms calculates 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 income; (6) change in fair value
of contingent consideration; and (7) net litigation settlement
gain.
Adjusted EBITDA is a financial measure that is
not required by, or presented in accordance with GAAP. Management
believes that Adjusted EBITDA, when taken together with Vital
Farms’ financial results presented in accordance with GAAP,
provides meaningful supplemental information regarding Vital Farms’
operating performance and facilitates internal comparisons of Vital
Farms’ historical operating performance on a more consistent basis
by excluding certain items that may not be indicative of its
business, results of operations or outlook. In particular,
management believes that the use of Adjusted EBITDA is helpful to
Vital Farms’ investors as it is a measure used by management in
assessing the health of the business, determining incentive
compensation and evaluating Vital Farms’ 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 Vital
Farms. In addition, Vital Farms’ 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 Vital Farms’ performance, investors
should consider Adjusted EBITDA alongside other financial measures,
including Vital Farms’ 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 periods
presented:
VITAL FARMS, INC. |
|
ADJUSTED EBITDA RECONCILIATION |
|
(Amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Quarter Ended |
|
|
Fiscal Year Ended |
|
|
|
December 27, 2020 |
|
|
December 29, 2019 |
|
|
December 27, 2020 |
|
|
December 29, 2019 |
|
Net income (loss) |
|
$ |
(648 |
) |
|
$ |
(4,324 |
) |
|
$ |
8,884 |
|
|
$ |
3,312 |
|
Depreciation and amortization |
|
982 |
|
|
808 |
|
|
2,550 |
|
|
1,921 |
|
(Benefit) Provision for income tax |
|
(1,529 |
) |
|
(1,733 |
) |
|
2,770 |
|
|
1,106 |
|
Stock-based compensation expense |
|
1,028 |
|
|
453 |
|
|
2,509 |
|
|
1,029 |
|
Interest expense |
|
123 |
|
|
99 |
|
|
488 |
|
|
349 |
|
Change in fair value of contingent consideration (1) |
|
9 |
|
|
18 |
|
|
(333 |
) |
|
70 |
|
Interest income |
|
(73 |
|
|
(41) |
|
|
(97 |
) |
|
(181 |
) |
Net litigation settlement gain (2) |
|
- |
|
|
- |
|
|
(20 |
) |
|
(1,200 |
) |
Adjusted EBITDA |
|
$ |
(108 |
) |
|
$ |
(4,720 |
) |
|
$ |
16,751 |
|
|
$ |
6,406 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Amount reflects the change in fair value of a contingent
consideration liability in connection with our 2014 acquisition of
certain assets of Heartland Eggs |
|
(2) For the year ended December 29, 2019, amount reflects a
gain in connection with the settlement of the Ovabrite
lawsuit |
|
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