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Whole Earth Brands (FREE)

Whole Earth Brands is a global food company enabling healthier lifestyles and providing access to premium plant-based sweeteners, flavor enhancers and other foods through our diverse portfolio of trusted brands and delicious products, including Whole Earth Sweetener®, Swerve®, Pure Via®, Equal® and Canderel®. With food playing a central role in people's health and wellness, Whole Earth Brands' innovative product pipeline addresses the growing consumer demand for more dietary options, baking ingredients and taste profiles. Its world-class global distribution network is the largest provider of plant-based sweeteners in more than 100 countries with a vision to expand its portfolio to responsibly meet local preferences. It is committed to helping people enjoy life's everyday moments and the celebrations that bring people together.

Company profile

Ticker
FREE, FREEW
Exchange
CEO
Albert Manzone
Employees
Incorporated
Location
Fiscal year end
Former names
Act II Global Acquisition Corp.
SEC CIK
Subsidiaries
Merisant Company • Merisant Luxembourg Sarl • Mafco Worldwide LLC • Extraits Vegetaux ET Derives, SAS • Zhangjiangang Free Trade Zone Mafco Biotech Co., Ltd. • Swerve, L.L.C. • Swerve IP, L.L.C. • WSO Investments, Inc. • Wholesome Sweeteners, Incorporated ...

FREE stock data

Calendar

9 Aug 22
29 Sep 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 27.62M 27.62M 27.62M 27.62M 27.62M 27.62M
Cash burn (monthly) 581.33K (no burn) (no burn) (no burn) 5.49M (no burn)
Cash used (since last report) 1.74M n/a n/a n/a 16.44M n/a
Cash remaining 25.88M n/a n/a n/a 11.18M n/a
Runway (months of cash) 44.5 n/a n/a n/a 2.0 n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
22 Aug 22 Brian Litman RSU Common Stock Grant Dispose A No No 0 43,147 0 72,796
19 Aug 22 Trisha L Fox Common Stock Sell Dispose S No No 5.97 10,306 61.53K 0
1 Aug 22 Trisha L Fox RSU Common Stock Grant Dispose A No No 0 62,162 0 95,797
1 Aug 22 Jeffrey S. Robinson RSU Common Stock Grant Dispose A No No 0 71,298 0 110,051
13F holders Current Prev Q Change
Total holders 0 0
Opened positions 0 0
Closed positions 0 0
Increased positions 0 0
Reduced positions 0 0
13F shares Current Prev Q Change
Total value 0 0
Total shares 0 0
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
Largest transactions Shares Bought/sold Change

Financial report summary

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Risks
  • We must expend resources to maintain consumer awareness of our brands, build brand loyalty and generate interest in our products. Our marketing strategies and channels will evolve and our programs may or may not be successful.
  • Our Branded CPG segment may be adversely affected by concentration in our manufacturer, supplier and distributor base.
  • Changes in our relationships with our suppliers could have a material adverse effect on our Flavors & Ingredients business, financial condition and results of operations.
  • We are subject to risks associated with economic, climatic or political instability in countries in which we source licorice root and intermediary licorice extract.
  • Industry competition, consolidation and costs may reduce sales and margins.
  • Climate change, or legal or market measures to address climate change, may negatively affect our business and operations.
  • The ongoing novel coronavirus (COVID-19) outbreak and consequent travel and other restrictions could adversely affect our business.
  • If we fail to successfully implement our growth strategies on a timely basis, or at all, our ability to increase our revenue and operating profits could be materially and adversely affected.
  • Changes in consumer preferences could decrease our revenues and cash flow.
  • We are heavily dependent on certain customers for a significant percentage of our net revenues.
  • Our Business is subject to transportation risks.
  • Our Business may be adversely affected by conditions in the countries where we operate.
  • Negative information, including inaccurate information, about us on social media may harm our reputation and brand, which could have a material and adverse effect on our business, financial condition and results of operations.
  • The full effects of the United Kingdom’s withdrawal from the European Union remain uncertain and continue to evolve, which could have an adverse impact on our business, financial condition, operating results and cash flows.
  • Our international operations involve the use of foreign currencies, which subjects us to exchange rate fluctuations and other currency risks.
  • Inability to protect our trademarks and other proprietary rights could damage our competitive position.
  • Any acquisitions, partnerships or joint ventures that we enter into could disrupt our operations and have a material adverse effect on our business, financial condition and results of operations.
  • We may become involved in litigation that may materially adversely affect us.
  • Changes in tax laws or regulations may increase tax uncertainty and adversely affect results of our operations and our effective tax rate.
  • We may be exposed to the threat of cyber-attacks and/or data breaches.
  • Our success significantly depends on key personnel.
  • Our credit facilities contain financial and other covenants. The failure to comply with such covenants could have an adverse effect.
  • The price of our common stock and warrants may be volatile.
  • If we do not maintain effective internal control over financial reporting, we may not be able to accurately report our financial results in a timely manner or prevent fraud, which may adversely affect investor confidence in our financial reporting and adversely affect our business and operating results and the market price for our common stock.
  • Our Private Warrants are accounted for as liabilities and changes in the value of these warrants could have a material effect on our financial results.
  • We may have tax consequences and other liabilities as a result of the Business Combination.
  • The historical financial results of Merisant and MAFCO may not be indicative of what our actual financial position or results of operations would have been.
Management Discussion
  • Product revenues, net. Product revenues, net for the three months ended June 30, 2022 were $133.5 million, an increase of $7.0 million, or 5.5%, from $126.5 million for the three months ended June 30, 2021 due to a $5.0 million increase in product revenues in the Branded CPG segment and a $2.0 million increase in product revenues at Flavors & Ingredients. The increase in Branded CPG revenues was driven primarily by price increases, partially offset by unfavorable impacts from foreign exchange.
  • Cost of goods sold. Cost of goods sold for the three months ended June 30, 2022 was $96.2 million, an increase of $11.1 million, or 13.0%, from $85.1 million for the three months ended June 30, 2021. The increase was primarily due to increased logistics and raw materials costs due to inflationary pressures and costs associated with the Company’s new production operations at Branded CPG, including supply chain optimization projects, partially offset by a $1.0 million favorable change in the amortization of purchase accounting adjustments related to inventory revaluations (benefit of $0.9 million in the second quarter of 2022 compared to expense of $0.1 million in the second quarter of 2021).
  • Selling, general and administrative expenses. Selling, general and administrative expenses for the three months ended June 30, 2022 were $25.0 million, a decrease of $2.9 million, or 10.3%, from $27.8 million for the three months ended June 30, 2021 primarily due to a $2.8 million decline in public company readiness and acquisition related transaction expenses and a $0.6 million reduction in stock-based compensation expense, partially offset by higher salaries from increased headcount in the second half of 2021.

Content analysis

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Legalese
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Readability
H.S. sophomore Avg
New words: benchmark, inflation, margin, optimization, Overnight, shut, SOFR
Removed: accounted, conform, consist, geographic, indirectly, participated, reclassified, registration, variable