Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001611647 | |
Entity Registrant Name | Freshpet INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-36729 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-1884894 | |
Entity Address, Address Line One | 400 Plaza Drive, 1st Floor | |
Entity Address, City or Town | Secaucus | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07094 | |
City Area Code | 201 | |
Local Phone Number | 520-4000 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | FRPT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 43,268,159 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 340,967 | $ 67,247 |
Accounts receivable, net of allowance for doubtful accounts | 28,818 | 18,438 |
Inventories, net | 21,825 | 19,119 |
Prepaid expenses | 2,496 | 3,378 |
Other current assets | 1,936 | 914 |
Total Current Assets | 396,042 | 109,096 |
Property, plant and equipment, net | 331,371 | 281,073 |
Deposits on equipment | 3,617 | 3,710 |
Operating lease right of use assets | 7,557 | 7,866 |
Equity method investment | 27,658 | 27,894 |
Other assets | 7,727 | 4,749 |
Total Assets | 773,972 | 434,388 |
CURRENT LIABILITIES: | ||
Accounts payable | 30,955 | 16,452 |
Accrued expenses | 13,570 | 15,371 |
Current operating lease liabilities | 1,298 | 1,298 |
Total Current Liabilities | 45,823 | 33,121 |
Long term operating lease liabilities | 6,753 | 7,098 |
Total Liabilities | 52,576 | 40,219 |
STOCKHOLDERS' EQUITY: | ||
Common stock — voting, $0.001 par value, 200,000 shares authorized, 43,242 issued and 43,228 outstanding on March 31, 2021, and 40,732 issued and 40,718 outstanding on December 31, 2020 | 43 | 41 |
Additional paid-in capital | 938,242 | 600,388 |
Accumulated deficit | (216,812) | (205,924) |
Accumulated other comprehensive income (loss) | 179 | (80) |
Treasury stock, at cost — 14 shares on March 31, 2021 and on December 31, 2020 | (256) | (256) |
Total Stockholders' Equity | 721,396 | 394,169 |
Total Liabilities and Stockholders' Equity | $ 773,972 | $ 434,388 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 200,000 | 200,000 |
Common stock, issued (in shares) | 43,242 | 40,732 |
Common stock, outstanding (in shares) | 43,228 | 40,718 |
Treasury Stock, Shares (in shares) | 14 | 14 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
NET SALES | $ 93,414 | $ 70,098 |
COST OF GOODS SOLD | 57,099 | 38,308 |
GROSS PROFIT | 36,315 | 31,790 |
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES | 46,033 | 34,676 |
LOSS FROM OPERATIONS | (9,718) | (2,886) |
OTHER INCOME/(EXPENSES): | ||
Other Income/(Expenses), net | (5) | 22 |
Interest Expense | (901) | (704) |
Nonoperating Income (Expense), Total | (906) | (682) |
LOSS BEFORE INCOME TAXES | (10,624) | (3,569) |
INCOME TAX EXPENSE | 16 | 22 |
LOSS ON EQUITY METHOD INVESTMENT | (248) | 0 |
LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | (10,888) | (3,590) |
OTHER COMPREHENSIVE INCOME: | ||
Change in foreign currency translation | 259 | 59 |
TOTAL OTHER COMPREHENSIVE INCOME | 259 | 59 |
TOTAL COMPREHENSIVE (LOSS) | $ (10,629) | $ (3,531) |
NET (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS | ||
-BASIC (in dollars per share) | $ (0.26) | $ (0.10) |
-DILUTED (in dollars per share) | $ (0.26) | $ (0.10) |
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING USED IN COMPUTING NET (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS | ||
-BASIC (in shares) | 41,627 | 37,444 |
-DILUTED (in shares) | 41,627 | 37,444 |
Changes to Statements of Stockh
Changes to Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
BALANCES (in shares) at Dec. 31, 2019 | 36,162 | 14 | ||||
BALANCES at Dec. 31, 2019 | $ 36 | $ 334,299 | $ (202,735) | $ (79) | $ (256) | $ 131,265 |
Exercise of options to purchase common stock (in shares) | 44 | 0 | ||||
Exercise of options to purchase common stock | $ 0 | 403 | 0 | 0 | $ 0 | 403 |
Vesting of restricted stock units (in shares) | 65 | 0 | ||||
Vesting of restricted stock units | $ 0 | (645) | 0 | 0 | $ 0 | (645) |
Share-based compensation expense | $ 0 | 2,242 | 0 | 0 | $ 0 | 2,242 |
Shares issued in primary offering (in shares) | 4,000 | 0 | ||||
Shares issued in primary offering | $ 4 | 252,058 | 0 | 0 | $ 0 | 252,062 |
Foreign Currency Translation | 0 | 0 | 0 | 59 | 0 | 59 |
Net loss | $ 0 | 0 | (3,590) | 0 | $ 0 | (3,590) |
BALANCES (in shares) at Mar. 31, 2020 | 40,271 | 14 | ||||
BALANCES at Mar. 31, 2020 | $ 40 | 588,357 | (206,325) | (20) | $ (256) | 381,796 |
BALANCES (in shares) at Dec. 31, 2020 | 40,732 | 14 | ||||
BALANCES at Dec. 31, 2020 | $ 41 | 600,388 | (205,924) | (80) | $ (256) | 394,169 |
Exercise of options to purchase common stock (in shares) | 72 | 0 | ||||
Exercise of options to purchase common stock | $ 0 | 714 | 0 | 0 | $ 0 | 714 |
Vesting of restricted stock units (in shares) | 23 | 0 | ||||
Vesting of restricted stock units | $ 0 | (1,529) | 0 | 0 | $ 0 | (1,529) |
Share-based compensation expense | $ 0 | 6,151 | 0 | 0 | $ 0 | 6,151 |
Shares issued in primary offering (in shares) | 2,415 | 0 | ||||
Shares issued in primary offering | $ 2 | 332,518 | 0 | 0 | $ 0 | 332,520 |
Foreign Currency Translation | 0 | 0 | 0 | 259 | 0 | 259 |
Net loss | $ 0 | 0 | (10,888) | 0 | $ 0 | (10,888) |
BALANCES (in shares) at Mar. 31, 2021 | 43,242 | 14 | ||||
BALANCES at Mar. 31, 2021 | $ 43 | $ 938,242 | $ (216,812) | $ 179 | $ (256) | $ 721,396 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (10,888) | $ (3,590) |
Adjustments to reconcile net income (loss) to net cash flows provided by operating activities: | ||
Provision for loss/(gains) on accounts receivable | (3) | 91 |
Loss on disposal of equipment | 60 | 2 |
Share-based compensation | 6,080 | 2,178 |
Inventory obsolescence | 129 | 118 |
Depreciation and amortization | 7,089 | 4,453 |
Amortization of deferred financing costs and loan discount | 617 | 625 |
Investments in equity method investment | 236 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (10,378) | (1,805) |
Inventories | (2,835) | (3,581) |
Prepaid expenses and other current assets | (140) | 10 |
Operating lease right of use | 309 | 308 |
Other assets | 137 | 12 |
Accounts payable | 6,248 | 656 |
Accrued expenses | (1,801) | (1,692) |
Other lease liabilities | (345) | (284) |
Net cash flows used in operating activities | (5,485) | (2,501) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of short-term investments | 0 | (20,000) |
Acquisitions of property, plant and equipment, software and deposits on equipment | (49,334) | (34,238) |
Net cash flows used in investing activities | (49,334) | (54,238) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from common shares issued in primary offering, net of issuance cost | 332,520 | 252,062 |
Proceeds from exercise of options to purchase common stock | 714 | 403 |
Tax withholdings related to net shares settlements of restricted stock units | (1,529) | (645) |
Proceeds from borrowings under Credit Facilities | 0 | 20,933 |
Repayment of borrowings under Credit Facilities | 0 | (76,000) |
Fees paid in connection with financing agreements | (3,166) | 0 |
Net cash flows provided by financing activities | 328,539 | 196,753 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 273,720 | 140,014 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 67,247 | 9,472 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 340,967 | 149,486 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Interest paid | 208 | 767 |
NON-CASH FINANCING AND INVESTING ACTIVITIES: | ||
Property, plant and equipment purchases in accounts payable | $ 19,536 | $ 8,672 |
Note 1 - Nature of the Business
Note 1 - Nature of the Business and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Note 1 Nature of the Business Basis of Presentation March 31, 2021 three March 31, 2021 2020 three March 31, 2021 2020 three March 31, 2021 not December 31, 2021 may not These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes in Item 8 10 December 31, 2020 Equity method investment not 20% may one In applying the equity method, the Company records the investment at cost and subsequently increases or decreases the carrying amount of the investment by our proportionate share of the net income or loss. Variable interest entities ("VIEs") Estimates and Uncertainties Fair Value of Financial Instruments 1 3 The three • Level 1 1 • Level 2 1 not 2 • Level 3 3 one The carrying amounts reported in the balance sheets for cash and cash equivalents, short-term investments, other receivables, accounts payable and accrued expenses approximate their fair value based on the short-term maturity of these instruments. Certain assets, including the equity method investment, right-of-use assets and property and equipment are also subject to measurement at fair value on a non-recurring basis if they are deemed to be impaired as a result of an impairment review. As of March 31, 2021 1 Trade accounts receivable may Restricted Stock Tax Withholdings three March 31, 2021, three March 31, 2020. Debt Issuance Cost first 2021, March 31, 2021 The Company amortizes debt issuance costs categorized as assets on a straight-line basis over the term of the loan and amortizes the debt issuance costs that are categorized net of debt using the effective interest method, over the term of the loan. Net Sales Three Months Ended March 31, 2021 2020 Grocery (including Online), Mass and Club $ 79,071 $ 60,819 Pet Specialty and Natural 14,342 9,279 Net Sales $ 93,414 $ 70,098 Recently Adopted Accounting Standards In January 2020, 2020 01, 321 323 815 321, 323, 815. 2020 01 January 1, 2021. 2020 01 not |
Note 2 - Inventories
Note 2 - Inventories | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 2 March 31, December 31, 2021 2020 Raw Materials and Work in Process $ 9,163 $ 9,347 Packaging Components Material 2,442 1,872 Finished Goods 10,744 8,365 22,349 19,584 Reserve for Obsolete Inventory (524 ) (465 ) Inventories, net $ 21,825 $ 19,119 |
Note 3 - Property, Plant and Eq
Note 3 - Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 3 March 31, December 31, 2021 2020 Refrigeration Equipment $ 111,536 $ 107,703 Machinery and Equipment 115,613 106,176 Building, Land, and Improvements 103,850 101,786 Furniture and Office Equipment 5,883 5,687 Leasehold Improvements 1,314 1,301 Automotive Equipment 65 160 Construction in Progress 85,671 44,497 423,931 367,310 Less: Accumulated Depreciation (92,560 ) (86,237 ) Property, plant and equipment, net $ 331,371 $ 281,073 Depreciation expense related to property, plant and equipment totaled $6,585 for the three March 31, 2021 three March 31, 2021 Depreciation expense related to property, plant and equipment totaled $4,373 for the three March 31, 2020 three March 31, 2020 |
Note 4 - Accrued Expenses
Note 4 - Accrued Expenses | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | Note 4 March 31, December 31, 2021 2020 Accrued Compensation and Employee Related Costs 5,321 8,185 Accrued Chiller Cost 2,151 2,049 Accrued Customer Consideration 626 502 Accrued Freight 1,596 1,002 Accrued Production Expenses 823 705 Accrued Marketing 432 684 Accrued Corporate Expenses 1,581 1,629 Other Accrued Expenses 1,040 615 Accrued expenses $ 13,570 $ 15,371 |
Note 5 - Debt
Note 5 - Debt | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 5 On February 19, 2021, April 17, 2020. The New Credit Facility matures on February 19, 2026 no August 19, 2023, August 19, 2022, 1/28th August 19, 2023, 1/28th February 19, 2026. Borrowings under the New Credit Facility are secured by substantially all of the Company's and certain of its subsidiaries' assets. The New Loan Agreement requires compliance with various covenants customary for agreements of this type, including financial covenants and negative covenants that limit, among other things, the Company's ability to incur additional debt, create or incur liens, engage in mergers or consolidations, sell, transfer or otherwise dispose of assets, make voluntary prepayments to subordinated debt, permit a change of control, pay dividends or distributions, make investments, and enter into certain transactions with affiliates. The New Loan Agreement also includes events of default customary for agreements of this type. As of March 31, 2021 In connection with entering into the New Credit Facility, the Company incurred $3,166 of debt issuance cost, which is capitalized on the balance sheet and amortized over the life of the New Credit Facility, and wrote off $485 of fees incurred from the prior credit facilities. As of March 31, 2021 |
Note 6 - Leases
Note 6 - Leases | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 6 We have various noncancelable lease agreements for office and warehouse space, as well as office equipment, with original remaining lease terms of two nine five not not not Weighted-average remaining lease term (in years) and discount rate related to operating leases were as follows: Weighted-average remaining lease term 5.20 Weighted-average discount rate 6.14 % As most of our leases do not Maturities of lease liabilities under noncancelable operating leases as of March 31, 2021 Operating Lease Obligations March 31, 2021 2021 (a) $ 1,326 2022 1,768 2023 1,802 2024 1,511 2025 and beyond 2,786 Total lease payments $ 9,193 Less: Imputed interest (1,108 ) Present value of lease liabilities $ 8,084 (a) Excluding the three March 31, 2021 A summary of rent expense for the three March 31, 2021 2020 For the Three Months Ended March 31, 2021 2020 Operating lease cost $ 447 $ 452 Supplemental cash flow information and non-cash activity relating to operating leases are as follows: For the Three Months Ended March 31, 2021 2020 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 434 $ 284 |
Note 7 - Equity Incentive Plans
Note 7 - Equity Incentive Plans | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 7 Total compensation cost for share-based payments recognized for the three March 31, 2021 2020 three March 31, 2021, three March 31, 2021, three March 31, 2021, |
Note 8 - Earnings Per Share Att
Note 8 - Earnings Per Share Attributable to Common Stockholders | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 8 Basic net (loss) per share of common stock is calculated by dividing net (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted net (loss) per share of common stock is computed by giving effect to all potentially dilutive securities. For the three March 31, 2021 2020 no The potentially dilutive securities are as follows: Three Months Ended March 31, 2021 2020 Service Period Stock Options 1,318 1,356 Restricted Stock Units 199 242 Performance Stock Options 961 34 Total 2,478 1,632 For the three March 31, 2021 2020, |
Note 9 - Concentrations
Note 9 - Concentrations | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 9 Concentration of Credit Risk may |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 10 We are currently involved in various claims and legal actions that arise in the ordinary course of our business, including claims resulting from employment related matters. None |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 11 The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued for recognitions or disclosures. The Company did not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Nature of the Business [Policy Text Block] | Nature of the Business |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation March 31, 2021 three March 31, 2021 2020 three March 31, 2021 2020 three March 31, 2021 not December 31, 2021 may not These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes in Item 8 10 December 31, 2020 |
Equity Method Investments [Policy Text Block] | Equity method investment not 20% may one In applying the equity method, the Company records the investment at cost and subsequently increases or decreases the carrying amount of the investment by our proportionate share of the net income or loss. |
Consolidation, Policy [Policy Text Block] | Variable interest entities ("VIEs") |
Use of Estimates, Policy [Policy Text Block] | Estimates and Uncertainties |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments 1 3 The three • Level 1 1 • Level 2 1 not 2 • Level 3 3 one The carrying amounts reported in the balance sheets for cash and cash equivalents, short-term investments, other receivables, accounts payable and accrued expenses approximate their fair value based on the short-term maturity of these instruments. Certain assets, including the equity method investment, right-of-use assets and property and equipment are also subject to measurement at fair value on a non-recurring basis if they are deemed to be impaired as a result of an impairment review. As of March 31, 2021 1 |
Receivable [Policy Text Block] | Trade accounts receivable may |
Restricted Stock Tax Withholdings [Policy Text Block] | Restricted Stock Tax Withholdings three March 31, 2021, three March 31, 2020. |
Debt Issuance Cost [Policy Text Block] | Debt Issuance Cost first 2021, March 31, 2021 The Company amortizes debt issuance costs categorized as assets on a straight-line basis over the term of the loan and amortizes the debt issuance costs that are categorized net of debt using the effective interest method, over the term of the loan. |
Revenue from Contract with Customer [Policy Text Block] | Net Sales Three Months Ended March 31, 2021 2020 Grocery (including Online), Mass and Club $ 79,071 $ 60,819 Pet Specialty and Natural 14,342 9,279 Net Sales $ 93,414 $ 70,098 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards In January 2020, 2020 01, 321 323 815 321, 323, 815. 2020 01 January 1, 2021. 2020 01 not |
Note 1 - Nature of the Busine_2
Note 1 - Nature of the Business and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2021 2020 Grocery (including Online), Mass and Club $ 79,071 $ 60,819 Pet Specialty and Natural 14,342 9,279 Net Sales $ 93,414 $ 70,098 |
Note 2 - Inventories (Tables)
Note 2 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2021 2020 Raw Materials and Work in Process $ 9,163 $ 9,347 Packaging Components Material 2,442 1,872 Finished Goods 10,744 8,365 22,349 19,584 Reserve for Obsolete Inventory (524 ) (465 ) Inventories, net $ 21,825 $ 19,119 |
Note 3 - Property, Plant and _2
Note 3 - Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, 2021 2020 Refrigeration Equipment $ 111,536 $ 107,703 Machinery and Equipment 115,613 106,176 Building, Land, and Improvements 103,850 101,786 Furniture and Office Equipment 5,883 5,687 Leasehold Improvements 1,314 1,301 Automotive Equipment 65 160 Construction in Progress 85,671 44,497 423,931 367,310 Less: Accumulated Depreciation (92,560 ) (86,237 ) Property, plant and equipment, net $ 331,371 $ 281,073 |
Note 4 - Accrued Expenses (Tabl
Note 4 - Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 31, December 31, 2021 2020 Accrued Compensation and Employee Related Costs 5,321 8,185 Accrued Chiller Cost 2,151 2,049 Accrued Customer Consideration 626 502 Accrued Freight 1,596 1,002 Accrued Production Expenses 823 705 Accrued Marketing 432 684 Accrued Corporate Expenses 1,581 1,629 Other Accrued Expenses 1,040 615 Accrued expenses $ 13,570 $ 15,371 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Weighted-average remaining lease term 5.20 Weighted-average discount rate 6.14 % For the Three Months Ended March 31, 2021 2020 Operating lease cost $ 447 $ 452 For the Three Months Ended March 31, 2021 2020 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 434 $ 284 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Lease Obligations March 31, 2021 2021 (a) $ 1,326 2022 1,768 2023 1,802 2024 1,511 2025 and beyond 2,786 Total lease payments $ 9,193 Less: Imputed interest (1,108 ) Present value of lease liabilities $ 8,084 |
Note 8 - Earnings Per Share A_2
Note 8 - Earnings Per Share Attributable to Common Stockholders (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended March 31, 2021 2020 Service Period Stock Options 1,318 1,356 Restricted Stock Units 199 242 Performance Stock Options 961 34 Total 2,478 1,632 |
Note 1 - Nature of the Busine_3
Note 1 - Nature of the Business and Summary of Significant Accounting Policies (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Payment, Tax Withholding, Share-based Payment Arrangement | $ 1,529 | $ 645 |
Credit Facility [Member] | ||
Debt Issuance Costs, Net, Total | 3,166 | |
Credit Facility [Member] | Other Assets [Member] | ||
Debt Issuance Costs, Net, Total | 2,996 | |
Credit Facility [Member] | Other Current Assets [Member] | ||
Debt Issuance Costs, Net, Total | 773 | |
Credit Facility [Member] | Draw Term Loan [Member] | ||
Debt Issuance Costs, Net, Total | 2,713 | |
Credit Facility [Member] | Revolving Credit Facility [Member] | ||
Debt Issuance Costs, Net, Total | 3,166 | |
Draw Term Loan [Member] | ||
Amortization of Debt Issuance Costs | $ 485 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 10 | 10 |
Payment, Tax Withholding, Share-based Payment Arrangement | $ 1,529 | $ 644 |
Note 1 - Nature of the Busine_4
Note 1 - Nature of the Business and Summary of Significant Accounting Policies - Net Sales by Class of Retailer (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net Sales | $ 93,414 | $ 70,098 |
Grocery (including Online), Mass and Club [Member] | ||
Net Sales | 79,071 | 60,819 |
Pet Specialty and Natural [Member] | ||
Net Sales | $ 14,342 | $ 9,279 |
Note 2 - Inventories - Summary
Note 2 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Raw Materials and Work in Process | $ 9,163 | $ 9,347 |
Packaging Components Material | 2,442 | 1,872 |
Finished Goods | 10,744 | 8,365 |
Inventory, Gross, Total | 22,349 | 19,584 |
Reserve for Obsolete Inventory | (524) | (465) |
Inventories, net | $ 21,825 | $ 19,119 |
Note 3 - Property, Plant and _3
Note 3 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Depreciation, Depletion and Amortization, Total | $ 6,585 | $ 4,373 |
Cost of Sales [Member] | ||
Depreciation, Depletion and Amortization, Total | $ 3,800 | $ 1,744 |
Note 3 - Property, Plant and _4
Note 3 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Property, plant and equipment, gross | $ 423,931 | $ 367,310 | |
Less: Accumulated Depreciation | (92,560) | (86,237) | |
Property, plant and equipment, net | 331,371 | $ 281,073 | 281,073 |
Refrigeration Equipment [Member] | |||
Property, plant and equipment, gross | 111,536 | 107,703 | |
Machinery and Equipment [Member] | |||
Property, plant and equipment, gross | 115,613 | 106,176 | |
Land, Buildings and Improvements [Member] | |||
Property, plant and equipment, gross | 103,850 | 101,786 | |
Furniture and Office Equipment [Member] | |||
Property, plant and equipment, gross | 5,883 | 5,687 | |
Leasehold Improvements [Member] | |||
Property, plant and equipment, gross | 1,314 | 1,301 | |
Automotive Equipment [Member] | |||
Property, plant and equipment, gross | 65 | 160 | |
Construction in Progress [Member] | |||
Property, plant and equipment, gross | $ 85,671 | $ 44,497 |
Note 4 - Accrued Expenses - Sum
Note 4 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accrued Compensation and Employee Related Costs | $ 5,321 | $ 8,185 |
Accrued Chiller Cost | 2,151 | 2,049 |
Accrued Customer Consideration | 626 | 502 |
Accrued Freight | 1,596 | 1,002 |
Accrued Production Expenses | 823 | 705 |
Accrued Marketing | 432 | 684 |
Accrued Corporate Expenses | 1,581 | 1,629 |
Other Accrued Expenses | 1,040 | 615 |
Accrued expenses | $ 13,570 | $ 15,371 |
Note 5 - Debt (Details Textual)
Note 5 - Debt (Details Textual) - USD ($) $ in Thousands | Apr. 17, 2020 | Mar. 31, 2021 | May 15, 2019 |
Unamortized Debt Issuance Expense | $ 3,769 | ||
Credit Facility [Member] | |||
Debt Agreement, Maximum Borrowing Capacity | $ 350,000 | ||
Long-term Debt, Total | 0 | ||
Debt Issuance Costs, Net, Total | 3,166 | ||
Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||
Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||
Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||
Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | ||
Credit Facility [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | $ 35,000 | |
Debt Issuance Costs, Net, Total | 3,166 | ||
Credit Facility [Member] | Draw Term Loan [Member] | |||
Long-term Debt, Total | $ 300,000 | $ 130,000 | |
Debt Issuance Costs, Net, Total | 2,713 | ||
Draw Term Loan [Member] | |||
Amortization of Debt Issuance Costs | $ 485 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) | Mar. 31, 2021 |
Lessee, Operating Lease, Renewal Term (Year) | 5 years |
Minimum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 2 years |
Maximum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 9 years |
Note 6 - Leases - Lease Cost (D
Note 6 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Weighted-average remaining lease term (Year) | 5 years 2 months 12 days | |
Weighted-average discount rate | 6.14% | |
Operating lease cost | $ 447 | $ 452 |
Cash paid for amounts included in the measurement of lease liabilities | $ 434 | $ 284 |
Note 6 - Leases - Maturities of
Note 6 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Mar. 31, 2021USD ($) | |
2021 (a) | $ 1,326 | [1] |
2022 | 1,768 | |
2023 | 1,802 | |
2024 | 1,511 | |
2025 and beyond | 2,786 | |
Total lease payments | 9,193 | |
Less: Imputed interest | (1,108) | |
Present value of lease liabilities | $ 8,084 | |
[1] | Excluding the three months ended March 31, 2021. |
Note 7 - Equity Incentive Pla_2
Note 7 - Equity Incentive Plans (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount, Total | $ 6,151 | $ 2,242 |
Service Period Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 34 | |
Performance Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 37 | |
Service Period Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 30 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 155.06 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 33 |
Note 8 - Earnings Per Share A_3
Note 8 - Earnings Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive Securities (in shares) | 2,478 | 1,632 |
Service Period Stock Options [Member] | ||
Antidilutive Securities (in shares) | 1,318 | 1,356 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities (in shares) | 199 | 242 |
Performance Stock Options [Member] | ||
Antidilutive Securities (in shares) | 961 | 34 |
Note 9 - Concentrations (Detail
Note 9 - Concentrations (Details Textual) $ in Thousands | Mar. 31, 2021USD ($) |
Cash, FDIC Insured Amount | $ 250 |