Vital Farms (Nasdaq: VITL), a Certified B Corporation that offers a
range of ethically produced foods nationwide, today reported
financial results for its third quarter ended September 24, 2023.
Financial highlights for the third quarter
include:
- Third Quarter 2023 Net Revenue increase of 20.0% to $110.4
million
- Third Quarter 2023 Net Income of $4.5 million
- Third Quarter 2023 Adjusted EBITDA of $9.3 million1
“The Vital Farms brand continues to gain new
consumers, and our company produced another quarter of strong
results, including 20% top-line growth and gross margin above 33%.
As a result of our strong year-to-date profitability, we are
increasing our full year Adjusted EBITDA guidance again this
quarter,” said Russell Diez-Canseco, Vital Farms’ President and
CEO.
Diez-Canseco continued, “We are even more
confident in the current trajectory of our business and equally
excited about the long-term potential of our company to further
improve the lives of people, animals, and the planet through food.
We provided a look into the future of Vital Farms at our recent
Analyst Day in Austin, which included greater detail on our
potential to bolster demand by gaining new retail partners,
increase our current assortment at existing retail partners, and
drive a significant increase in household penetration by unleashing
the power of our marketing team. We are confident Vital Farms is
well on its way to becoming a billion-dollar brand.”
1 Adjusted EBITDA is a non-GAAP financial
measure defined in the section titled “Non-GAAP Financial Measures”
below and is reconciled to net income (loss), its closest
comparable GAAP measure, at the end of this release.
For the 13 Weeks Ended September 24,
2023
Net revenue increased 20.0% to
$110.4 million in the third quarter of 2023, compared to $92.0
million in the third quarter of 2022. Net revenue growth in the
third quarter of 2023 was driven by higher prices and volume gains
of 13%. The volume growth was driven by increases at both new and
existing retail customers.
Gross profit was $36.7 million,
or 33.2% of net revenue, in the third quarter of 2023, compared to
$29.5 million, or 32.0% of net revenue, in the prior year quarter.
Gross profit growth was primarily driven by higher sales. Gross
margin benefited from increased pricing across our portfolio,
partially offset by headwinds that included higher input costs
(inclusive of commodity impacts) across our shell egg business as
well as higher packaging costs.
Income from operations in the
third quarter of 2023 was $5.2 million, compared to income from
operations of $2.0 million in the third quarter of 2022. The change
in income from operations was primarily attributable to higher
sales and gross profit, partially offset by higher marketing costs
to support brand development and increased employee-related
expenses as we grew headcount to support our growth.
Net income was $4.5 million in
the third quarter of 2023, compared to net income of $0.7 million
in the prior year quarter. The change in net income was primarily
due to higher sales and improved gross profit performance,
partially offset by increased marketing spend and higher
employee-related expenses.
Net income per diluted share
was $0.10 for the third quarter of 2023, compared to net income per
diluted share of $0.02 in the prior year quarter.
Adjusted EBITDA was $9.3
million, or 8.4% of net revenue, in the third quarter of 2023,
compared to $5.2 million, or 5.7% of net revenue, in the third
quarter of 2022. The change in Adjusted EBITDA was primarily due to
higher sales and improved gross profit performance, partially
offset by increased marketing spend and higher employee-related
expenses. Our Adjusted EBITDA excludes certain non-cash items.
Adjusted EBITDA is a non-GAAP financial measure defined in the
section titled “Non-GAAP Financial Measures” below and is
reconciled to net income, its closest comparable GAAP measure, at
the end of this release.
Balance Sheet and Cash Flow
Highlights
Cash, cash equivalents and marketable
securities were $96.1 million as of September 24, 2023,
and we had no outstanding debt. Net cash provided by operating
activities was $27.2 million for the 39-week period ended September
24, 2023, compared to net cash used in operating activities of $3.4
million for the 39-week period ended September 25, 2022.
Capital expenditures totaled
$9.1 million in the 39-week period ended September 24, 2023,
compared to $6.9 million in the prior year period.
Update on Fiscal 2023
Outlook
Thilo Wrede, Vital Farms’ Chief Financial
Officer, commented: “Even though we have begun to lap the top-line
benefits that we saw due to commodity egg supply constraints as a
result of avian influenza, we are delivering double-digit volume
growth – a testament to the strength of our brand. Additionally,
while we are judiciously managing prices, we continue to gain share
and expand our profit margins. We believe that we are well
positioned to deliver our increased guidance for fiscal year
2023.”
- For the full fiscal year 2023, management still expects net
revenue of more than $465 million, which includes Vital Farms'
expectation of the highest single net revenue period in company
history in the fourth quarter.
- Management now expects Adjusted EBITDA of more than $40 million
for the full fiscal year 2023.
- Finally, management now expects fiscal year 2023 capital
expenditures in the range of $11 million to $16 million.
Long-Term Financial Targets
- By the end of fiscal year 2027, management expects to generate
annual net revenue of more than $1 billion in Vital Farms' current
categories.
- Management expects gross margin of at least 35% of net revenue
by fiscal year 2027.
- Management expects Adjusted EBITDA Margin in the range of 12%
to 14% of net revenue by fiscal year 2027.
Vital Farms’ guidance continues to assume that
there are no additional significant disruptions to the supply chain
or its customers or consumers, including any issues from adverse
macroeconomic factors. Vital Farms cannot provide a reconciliation
between its forecasted Adjusted EBITDA and net income (loss) and
Adjusted EBITDA Margin and net income (loss) margin, their most
directly comparable GAAP measures, without unreasonable effort due
to the unavailability of reliable estimates for income taxes, among
other items. These items are not within our control and may vary
greatly between periods and could significantly impact future
financial results.
Conference Call and Webcast
Details
Vital Farms will host a conference call and
webcast at 8:30 a.m. ET today to discuss the results. To
participate in the call and receive dial in information, please
register here: Vital Farms Q3 2023 Conference Call. 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 in 30 days.
About Vital Farms
Vital Farms (Nasdaq: VITL) is a Certified B
Corporation that offers a range of ethically produced foods
nationwide. Started on a single farm in Austin, Texas in 2007,
Vital Farms has become a national consumer brand that works with
over 300 family farms and is the leading U.S. brand of
pasture-raised eggs 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, crew members, and stockholders. Vital Farms' products,
including shell eggs, butter, hard-boiled eggs, and liquid whole
eggs, are sold in over 24,000 stores nationwide. For more
information, please visit www.vitalfarms.com.
Forward-Looking Statements
This 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, and future financial
performance, including management’s outlook for fiscal year 2023
and management’s long-term outlook. 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: 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 personnel,
farmers, suppliers, distributors, and co-manufacturers; Vital
Farms’ ability to sustain or increase its profitability; Vital
Farms’ ability to procure sufficient high-quality eggs, cream for
its butter, and other raw materials; Vital Farms' ability to
successfully enter into new product categories; 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 farmers, suppliers,
co-manufacturers, distributors, retailers, and foodservice
customers, as well as the health of the foodservice industry
generally; the impact of agricultural risks, including diseases
such as avian influenza; the ability of Vital Farms, its farmers,
suppliers, and its co-manufacturers to comply with food safety,
environmental or other laws or regulations; the effects of a public
health pandemic or contagious disease on Vital Farms' supply chain,
the demand for its products, and on overall economic conditions and
consumer confidence and spending levels; future investments in its
business, anticipated capital expenditures and estimates regarding
capital requirements; anticipated changes in Vital Farms’ product
offerings and Vital Farms’ ability to innovate to offer successful
new products; 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
impact of adverse economic conditions, increased interest rates,
and inflation; 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 (SEC), including in the sections entitled “Risk Factors”
in its Quarterly Report on Form 10-Q for the fiscal quarter ended
June 25, 2023 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 management’s 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.
Media: Rob Discher
Rob.Discher@vitalfarms.com
Investors: Matt Siler
Matt.Siler@vitalfarms.com
|
|
|
|
VITAL FARMS, INC. CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (Amounts in thousands,
except share amounts) (Unaudited) |
|
|
|
|
|
13-Weeks Ended |
|
|
39-Weeks Ended |
|
|
|
September 24, 2023 |
|
|
September 25, 2022 |
|
|
September 24, 2023 |
|
|
September 25, 2022 |
|
Net revenue |
|
$ |
110,429 |
|
|
$ |
92,040 |
|
|
$ |
336,046 |
|
|
$ |
251,969 |
|
Cost of goods sold |
|
|
73,764 |
|
|
|
62,549 |
|
|
|
218,913 |
|
|
|
175,838 |
|
Gross profit |
|
|
36,665 |
|
|
|
29,491 |
|
|
|
117,133 |
|
|
|
76,131 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
25,081 |
|
|
|
20,561 |
|
|
|
72,935 |
|
|
|
55,193 |
|
Shipping and distribution |
|
|
6,355 |
|
|
|
6,906 |
|
|
|
20,034 |
|
|
|
22,279 |
|
Total operating expenses |
|
|
31,436 |
|
|
|
27,467 |
|
|
|
92,969 |
|
|
|
77,472 |
|
Income (loss) from operations |
|
|
5,229 |
|
|
|
2,024 |
|
|
|
24,164 |
|
|
|
(1,341 |
) |
Other (expense) income, net: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(238 |
) |
|
|
(12 |
) |
|
|
(513 |
) |
|
|
(27 |
) |
Interest income |
|
|
707 |
|
|
|
312 |
|
|
|
1,497 |
|
|
|
652 |
|
Other expense, net |
|
|
(642 |
) |
|
|
(148 |
) |
|
|
(2,508 |
) |
|
|
(151 |
) |
Total other (expense) income, net |
|
|
(173 |
) |
|
|
152 |
|
|
|
(1,524 |
) |
|
|
474 |
|
Net income (loss) before income taxes |
|
|
5,056 |
|
|
|
2,176 |
|
|
|
22,640 |
|
|
|
(867 |
) |
Income tax provision (benefit) |
|
|
533 |
|
|
|
1,465 |
|
|
|
4,284 |
|
|
|
(232 |
) |
Net income (loss) |
|
|
4,523 |
|
|
|
711 |
|
|
|
18,356 |
|
|
|
(635 |
) |
Less: Net loss attributable to noncontrolling interests |
|
|
— |
|
|
|
(12 |
) |
|
|
— |
|
|
|
(21 |
) |
Net income (loss) attributable to Vital Farms, Inc. common
stockholders |
|
$ |
4,523 |
|
|
$ |
723 |
|
|
$ |
18,356 |
|
|
$ |
(614 |
) |
Net income (loss) per share attributable to Vital Farms, Inc.
stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic: |
|
$ |
0.11 |
|
|
$ |
0.02 |
|
|
$ |
0.45 |
|
|
$ |
(0.02 |
) |
Diluted: |
|
$ |
0.10 |
|
|
$ |
0.02 |
|
|
$ |
0.42 |
|
|
$ |
(0.02 |
) |
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic: |
|
|
41,375,008 |
|
|
|
40,695,014 |
|
|
|
41,037,778 |
|
|
|
40,618,736 |
|
Diluted: |
|
|
43,135,579 |
|
|
|
42,879,818 |
|
|
|
43,299,898 |
|
|
|
40,618,736 |
|
|
|
VITAL FARMS, INC. CONDENSED CONSOLIDATED
BALANCE SHEETS (Amounts in thousands, except share
amounts) |
|
|
|
|
|
September 24, 2023 |
|
|
December 25, 2022 |
|
|
|
(Unaudited) |
|
|
|
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
56,810 |
|
|
$ |
12,914 |
|
Investment securities, available-for-sale |
|
|
39,256 |
|
|
|
65,814 |
|
Accounts receivable, net |
|
|
37,401 |
|
|
|
38,895 |
|
Inventories |
|
|
38,271 |
|
|
|
26,849 |
|
Prepaid expenses and other current assets |
|
|
5,026 |
|
|
|
5,142 |
|
Total current assets |
|
|
176,764 |
|
|
|
149,614 |
|
Property, plant and equipment, net |
|
|
67,859 |
|
|
|
59,155 |
|
Operating lease right-of-use assets |
|
|
1,512 |
|
|
|
1,895 |
|
Goodwill and other assets |
|
|
3,904 |
|
|
|
4,002 |
|
Total assets |
|
$ |
250,039 |
|
|
$ |
214,666 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
21,970 |
|
|
$ |
25,972 |
|
Accrued liabilities |
|
|
26,729 |
|
|
|
18,477 |
|
Operating lease liabilities, current |
|
|
685 |
|
|
|
1,208 |
|
Finance lease liabilities, current |
|
|
3,118 |
|
|
|
1,570 |
|
Income taxes payable |
|
|
456 |
|
|
|
425 |
|
Total current liabilities |
|
|
52,958 |
|
|
|
47,652 |
|
Operating lease liabilities, non-current |
|
|
961 |
|
|
|
892 |
|
Finance lease liabilities, non-current |
|
|
11,120 |
|
|
|
7,023 |
|
Other liabilities |
|
|
2,125 |
|
|
|
767 |
|
Total liabilities |
|
$ |
67,164 |
|
|
$ |
56,334 |
|
Commitments and contingencies (Note 19) |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Common stock, $0.0001 par value per share, 310,000,000 shares
authorized as of September 24, 2023 and December 25, 2022;
41,574,449 and 40,746,990 shares issued and outstanding as of
September 24, 2023 and December 25, 2022, respectively |
|
|
4 |
|
|
|
4 |
|
Additional paid-in capital |
|
|
161,081 |
|
|
|
155,716 |
|
Retained earnings |
|
|
22,515 |
|
|
|
4,159 |
|
Accumulated other comprehensive loss |
|
|
(725 |
) |
|
|
(1,547 |
) |
Total stockholders’ equity |
|
$ |
182,875 |
|
|
$ |
158,332 |
|
Total liabilities and stockholders’ equity |
|
$ |
250,039 |
|
|
$ |
214,666 |
|
|
|
VITAL FARMS, INC. CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (Amounts in
thousands) (Unaudited) |
|
|
|
|
|
39-Weeks Ended |
|
|
|
September 24, 2023 |
|
|
September 25, 2022 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
Net income (loss) |
|
$ |
18,356 |
|
|
$ |
(635 |
) |
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
5,595 |
|
|
|
3,795 |
|
Amortization of right-of-use assets |
|
|
2,787 |
|
|
|
1,228 |
|
Amortization of available-for-sale debt securities |
|
|
341 |
|
|
|
660 |
|
Stock-based compensation expense |
|
|
5,502 |
|
|
|
4,498 |
|
Deferred taxes |
|
|
1,082 |
|
|
|
(474 |
) |
Change in fair value of derivative instruments |
|
|
761 |
|
|
|
— |
|
Other |
|
|
363 |
|
|
|
260 |
|
Net change in operating assets and liabilities |
|
|
(7,610 |
) |
|
|
(12,700 |
) |
Net cash provided by (used in) operating activities |
|
$ |
27,177 |
|
|
$ |
(3,368 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
Purchases of property, plant and equipment |
|
|
(9,138 |
) |
|
|
(6,898 |
) |
Purchases of available-for-sale debt securities |
|
|
(982 |
) |
|
|
(33,173 |
) |
Purchases and settlements of derivative instruments |
|
|
(1,264 |
) |
|
|
— |
|
Sales of available-for-sale debt securities |
|
|
2,895 |
|
|
|
— |
|
Maturities and calls of available-for-sale debt securities |
|
|
25,228 |
|
|
|
31,145 |
|
Proceeds from the sale of property, plant and equipment |
|
|
1,056 |
|
|
|
89 |
|
Return of investment in variable interest entity |
|
|
552 |
|
|
|
— |
|
Dissolution of equity investment |
|
|
— |
|
|
|
(108 |
) |
Net cash provided by (used in) investing activities |
|
$ |
18,347 |
|
|
$ |
(8,945 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
Proceeds from borrowing under revolving line of credit |
|
|
7,500 |
|
|
|
— |
|
Proceeds from exercise of stock options |
|
|
396 |
|
|
|
559 |
|
Proceeds from issuance of common stock under employee stock
purchase plan |
|
|
135 |
|
|
|
— |
|
Repayment of revolving line of credit |
|
|
(7,500 |
) |
|
|
— |
|
Payment of tax withholding obligation on vested RSU shares |
|
|
(668 |
) |
|
|
— |
|
Principal payments under finance lease obligations |
|
|
(1,491 |
) |
|
|
(336 |
) |
Payment of contingent consideration |
|
|
— |
|
|
|
(38 |
) |
Net cash (used in) provided by financing activities |
|
$ |
(1,628 |
) |
|
$ |
185 |
|
Net increase (decrease) in cash and cash
equivalents |
|
|
43,896 |
|
|
|
(12,128 |
) |
Cash and cash equivalents at beginning of the period |
|
|
12,914 |
|
|
|
30,966 |
|
Cash and cash equivalents at end of the period |
|
$ |
56,810 |
|
|
$ |
18,838 |
|
Supplemental disclosure of cash flow
information: |
|
|
|
|
|
|
Cash paid for interest |
|
$ |
507 |
|
|
$ |
27 |
|
Cash paid for income taxes |
|
$ |
3,189 |
|
|
$ |
97 |
|
Supplemental disclosure of non-cash investing and
financing activities: |
|
|
|
|
|
|
Purchases of property, plant and equipment included in accounts
payable and accrued liabilities |
|
$ |
667 |
|
|
$ |
868 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures
We report our financial results in accordance
with GAAP. However, management believes that Adjusted EBITDA and
Adjusted EBITDA Margin, non-GAAP financial measures, provide
investors with additional useful information in evaluating our
performance.
Adjusted EBITDA and Adjusted EBITDA Margin are
financial measures that are not required by or presented in
accordance with GAAP. We believe that Adjusted EBITDA and Adjusted
EBITDA Margin, when taken together with our financial results
presented in accordance with GAAP, provide meaningful supplemental
information regarding our operating performance and facilitate
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 and Adjusted
EBITDA Margin are helpful to our investors as they are measures
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.
We calculate Adjusted EBITDA as net income,
adjusted to exclude: (1) depreciation and amortization; (2)
(benefit) or provision for income taxes as applicable; (3)
stock-based compensation expense; (4) interest expense; (5) change
in fair value of contingent consideration; (6) interest income; (7)
the costs related to the discontinuation of our convenient
breakfast product line; and (8) the costs related to the
dissolution of the Ovabrite, Inc. variable interest entity. We
believe the costs directly related to the convenient breakfast exit
and dissolution of Ovabrite, Inc. should be excluded as they are
unlikely to recur. We calculate Adjusted EBITDA Margin as Adjusted
EBITDA divided by Net Revenue.
Adjusted EBITDA and Adjusted EBITDA Margin are
presented for supplemental informational purposes only, have
limitations as analytical tools 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
and Adjusted EBITDA Margin include that (1) they do 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 and Adjusted
EBITDA Margin do not reflect these capital expenditures, (3) they
do not consider the impact of stock-based compensation expense, (4)
they do not include costs related to the discontinuation of our
convenient breakfast product line; (5) they do not include costs
related to the dissolution of the Ovabrite, Inc. variable interest
entity; (6) they do not reflect other non-operating expenses,
including interest expense; (7) they do not consider the impact of
any contingent consideration liability valuation adjustments; and
(8) they do not reflect tax payments that may represent a reduction
in cash available to us. In addition, our use of Adjusted EBITDA
and Adjusted EBITDA Margin may not be comparable to similarly
titled measures of other companies because they may not calculate
Adjusted EBITDA and Adjusted EBITDA Margin in the same manner,
limiting the usefulness as comparative measures. Because of these
limitations, when evaluating our performance, you should consider
Adjusted EBITDA and Adjusted EBITDA Margin 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 (loss) and a reconciliation of
Adjusted EBITDA Margin to net income (loss) margin, the most
directly comparable financial measures stated in accordance with
GAAP, for the 13-week and 39-week periods presented.
|
|
VITAL FARMS, INC. ADJUSTED EBITDA
RECONCILIATION (Amounts in thousands)
(Unaudited) |
|
|
|
|
|
13-Weeks Ended |
|
|
39-Weeks Ended |
|
|
|
September 24, 2023 |
|
|
September 25, 2022 |
|
|
September 24, 2023 |
|
|
September 25, 2022 |
|
|
|
(in thousands) |
|
|
(in thousands) |
|
Net income (loss) |
|
$ |
4,523 |
|
|
$ |
711 |
|
|
$ |
18,356 |
|
|
$ |
(635 |
) |
Depreciation and amortization1 |
|
|
2,860 |
|
|
|
1,646 |
|
|
|
7,297 |
|
|
|
3,892 |
|
Stock-based compensation expense |
|
|
1,815 |
|
|
|
1,569 |
|
|
|
5,502 |
|
|
|
4,498 |
|
Costs related to our exit of the convenient breakfast product
line |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,341 |
|
Dissolution of Ovabrite, Inc. |
|
|
— |
|
|
|
122 |
|
|
|
— |
|
|
|
122 |
|
Income tax provision (benefit) |
|
|
533 |
|
|
|
1,465 |
|
|
|
4,284 |
|
|
|
(232 |
) |
Interest expense |
|
|
238 |
|
|
|
12 |
|
|
|
513 |
|
|
|
27 |
|
Change in fair value of contingent consideration2 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
19 |
|
Interest income |
|
|
(707 |
) |
|
|
(312 |
) |
|
|
(1,497 |
) |
|
|
(652 |
) |
Adjusted EBITDA |
|
$ |
9,262 |
|
|
$ |
5,213 |
|
|
$ |
34,455 |
|
|
$ |
9,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue |
|
$ |
110,429 |
|
|
$ |
92,040 |
|
|
$ |
336,046 |
|
|
$ |
251,969 |
|
Net income (loss) margin3 |
|
|
4.1 |
% |
|
|
0.8 |
% |
|
|
5.5 |
% |
|
|
(0.3 |
)% |
Adjusted EBITDA Margin4 |
|
|
8.4 |
% |
|
|
5.7 |
% |
|
|
10.3 |
% |
|
|
3.7 |
% |
1 Amount also includes finance lease
amortization. 2 Amount reflects the change in fair value of a
contingent consideration liability in connection with our 2014
acquisition of certain assets of Heartland Eggs. 3 Net income
(loss) margin is calculated by dividing net income (loss) by net
revenue. 4 Adjusted EBITDA Margin is calculated by dividing
Adjusted EBITDA by net revenue.
Vital Farms (NASDAQ:VITL)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Vital Farms (NASDAQ:VITL)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024