Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 28, 2022 | |
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 | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
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 | 43,490,152 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 29,730 | $ 72,788 |
Accounts receivable, net of allowance for doubtful accounts | 61,458 | 34,780 |
Inventories, net | 45,311 | 35,574 |
Prepaid expenses | 4,494 | 5,834 |
Other current assets | 1,972 | 1,349 |
Total Current Assets | 142,965 | 150,325 |
Property, plant and equipment, net | 663,844 | 583,922 |
Deposits on equipment | 1,167 | 4,100 |
Operating lease right of use assets | 6,227 | 6,537 |
Equity method investment | 27,840 | 25,856 |
Other assets | 11,417 | 13,670 |
Total Assets | 853,460 | 784,410 |
CURRENT LIABILITIES: | ||
Accounts payable | 77,151 | 42,612 |
Accrued expenses | 13,139 | 14,950 |
Current operating lease liabilities | 1,384 | 1,384 |
Current portion of long term debt | 4,770 | 0 |
Total Current Liabilities | 96,444 | 58,946 |
Long term debt | 43,541 | 0 |
Long term operating lease liabilities | 5,421 | 5,710 |
Total Liabilities | 145,406 | 64,656 |
STOCKHOLDERS' EQUITY: | ||
Common stock — voting, $0.001 par value, 200,000 shares authorized, 43,485 issued and 43,471 outstanding on March 31, 2022, and 43,449 issued and 43,435 outstanding on December 31, 2021 | 43 | 43 |
Additional paid-in capital | 961,914 | 955,710 |
Accumulated deficit | (253,165) | (235,623) |
Accumulated other comprehensive loss | (482) | (120) |
Treasury stock, at cost — 14 shares on March 31, 2022 and on December 31, 2021 | (256) | (256) |
Total Stockholders' Equity | 708,054 | 719,754 |
Total Liabilities and Stockholders' Equity | $ 853,460 | $ 784,410 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
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) | 43,485 | 43,449 |
Common stock, outstanding (in shares) | 43,471 | 43,435 |
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, 2022 | Mar. 31, 2021 | ||
NET SALES | [1] | $ 132,171 | $ 93,414 |
COST OF GOODS SOLD | 87,419 | 57,099 | |
GROSS PROFIT | 44,753 | 36,315 | |
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES | 60,631 | 46,033 | |
LOSS FROM OPERATIONS | (15,878) | (9,718) | |
OTHER (EXPENSES)/INCOME: | |||
Other (Expenses)/Income, net | 258 | (5) | |
Interest Expense | (571) | (901) | |
Nonoperating Income (Expense), Total | (313) | (906) | |
LOSS BEFORE INCOME TAXES | (16,191) | (10,624) | |
INCOME TAX EXPENSE | 41 | 16 | |
LOSS ON EQUITY METHOD INVESTMENT | 1,310 | 248 | |
LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | (17,542) | (10,888) | |
OTHER COMPREHENSIVE (LOSS) INCOME: | |||
Change in foreign currency translation | (362) | 259 | |
TOTAL COMPREHENSIVE (LOSS) INCOME | $ (17,904) | $ (10,629) | |
NET (LOSS) INCOME PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS | |||
-BASIC (in dollars per share) | $ (0.40) | $ (0.26) | |
-DILUTED (in dollars per share) | $ (0.40) | $ (0.26) | |
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING USED IN COMPUTING NET (LOSS) INCOME PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS | |||
-BASIC (in shares) | 43,437 | 41,627 | |
-DILUTED (in shares) | 43,437 | 41,627 | |
[1] | Online sales associated with each class of retailer are included within their respective total. |
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, 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 | |||||
Exercise of options to purchase common stock | $ 0 | 714 | 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 | 6,151 | 6,151 | ||||
Foreign Currency Translation | 259 | 259 | ||||
Net loss | (10,888) | (10,888) | ||||
Shares issued in primary offering (in shares) | 2,415 | 0 | ||||
Shares issued in primary offering | $ 2 | 332,518 | 0 | 0 | $ 0 | 332,520 |
Balances (in shares) at Mar. 31, 2021 | 43,242 | 14 | ||||
Balances at Mar. 31, 2021 | $ 43 | 938,242 | (216,812) | 179 | $ (256) | 721,396 |
Balances (in shares) at Dec. 31, 2021 | 43,449 | 14 | ||||
Balances at Dec. 31, 2021 | $ 43 | 955,710 | (235,623) | (120) | $ (256) | 719,754 |
Exercise of options to purchase common stock (in shares) | 22 | |||||
Exercise of options to purchase common stock | $ 0 | 232 | 232 | |||
Vesting of restricted stock units (in shares) | 14 | 0 | ||||
Vesting of restricted stock units | $ 0 | (323) | 0 | 0 | $ 0 | (323) |
Share-based compensation expense | 6,295 | 6,295 | ||||
Foreign Currency Translation | (362) | (362) | ||||
Net loss | (17,542) | (17,542) | ||||
Balances (in shares) at Mar. 31, 2022 | 43,485 | 14 | ||||
Balances at Mar. 31, 2022 | $ 43 | $ 961,914 | $ (253,165) | $ (482) | $ (256) | $ 708,054 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (17,542) | $ (10,888) |
Adjustments to reconcile net loss to net cash flows provided by operating activities: | ||
Provision for loss (gains) on accounts receivable | (25) | (3) |
Loss on disposal of equipment | 43 | 60 |
Share-based compensation | 6,295 | 6,080 |
Inventory obsolescence | (149) | 129 |
Depreciation and amortization | 8,007 | 7,089 |
Amortization of deferred financing costs and loan discount | 132 | 617 |
Change in operating lease right of use asset | 310 | 309 |
Loss on equity method investment | 1,310 | 236 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (26,653) | (10,378) |
Inventories | (9,588) | (2,835) |
Prepaid expenses and other current assets | 717 | (140) |
Other assets | (990) | 137 |
Accounts payable | 5,449 | 6,248 |
Accrued expenses | (1,811) | (1,801) |
Other lease liabilities | (290) | (345) |
Net cash flows used in operating activities | (34,785) | (5,485) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Investments in equity method investment | (3,294) | 0 |
Acquisitions of property, plant and equipment, software and deposits on equipment | (55,888) | (49,334) |
Net cash flows used in investing activities | (59,182) | (49,334) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from common shares issued in primary offering, net of issuance cost | 0 | 332,520 |
Proceeds from exercise of options to purchase common stock | 232 | 714 |
Tax withholdings related to net shares settlements of restricted stock units | (323) | (1,529) |
Proceeds from borrowings under Credit Facility | 51,000 | 0 |
Fees paid in connection with financing agreements | 0 | (3,166) |
Net cash flows provided by financing activities | 50,909 | 328,539 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (43,058) | 273,720 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 72,788 | 67,247 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 29,730 | 340,967 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Interest paid | 421 | 208 |
NON-CASH FINANCING AND INVESTING ACTIVITIES: | ||
Property, plant and equipment purchases in accounts payable | $ 51,572 | $ 19,536 |
Note 1 - Nature of the Business
Note 1 - Nature of the Business and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 three March 31, 2022 2021 three March 31, 2022 2021 three March 31, 2022 not December 31, 2022 may not may not These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes in Item 8 10 December 31, 2021 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. On March 10, 2022, not not 20%. not Variable interest entities 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, 2022 1 Trade accounts receivable may Restricted Stock Tax Withholdings three March 31, 2022, three March 31, 2021. Debt Issuance Cost first 2021, February 19, 2021, ( 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, 2022 2021 Grocery, Mass and Club $ 115,518 $ 79,071 Pet Specialty and Natural 16,654 14,342 Net Sales (a) $ 132,171 $ 93,414 (a) Recently Adopted Accounting Standards The Company did not March 31, 2022. |
Note 2 - Inventories
Note 2 - Inventories | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 2 March 31, December 31, 2022 2021 Raw Materials and Work in Process $ 13,327 $ 13,339 Packaging Components Material 4,386 2,823 Finished Goods 27,741 19,704 45,454 35,866 Reserve for Obsolete Inventory (143 ) (292 ) Inventories, net $ 45,311 $ 35,574 |
Note 3 - Property, Plant and Eq
Note 3 - Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 3 March 31, December 31, 2022 2021 Refrigeration Equipment $ 123,208 $ 122,063 Machinery and Equipment 144,957 140,471 Building, Land, and Improvements 152,608 150,927 Furniture and Office Equipment 8,252 8,844 Leasehold Improvements 1,319 1,319 Construction in Progress 354,712 273,880 785,056 697,504 Less: Accumulated Depreciation (121,213 ) (113,582 ) Property, plant and equipment, net $ 663,844 $ 583,922 Depreciation expense related to property, plant and equipment totaled $7,947 for the three March 31, 2022 three March 31, 2022 Depreciation expense related to property, plant and equipment totaled $6,585 for the three March 31, 2021 three March 31, 2021 |
Note 4 - Accrued Expenses
Note 4 - Accrued Expenses | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | Note 4 March 31, December 31, 2022 2021 Accrued Compensation and Employee Related Costs $ 4,204 $ 6,934 Accrued Chiller Cost 1,973 2,050 Accrued Customer Consideration 617 828 Accrued Freight 1,251 1,547 Accrued Production Expenses 2,418 1,862 Accrued Corporate and Marketing Expenses 1,942 1,081 Other Accrued Expenses 734 648 Accrued Expenses $ 13,139 $ 14,950 |
Note 5 - Debt
Note 5 - Debt | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 5 On February 19, 2021, April 17, 2020. $300,000 $50,000 As of March 31, 2022 In connection with entering into the Sixth Amendment, the Company incurred $3,166 of debt issuance cost, which is capitalized on the balance sheet and amortized over the life of the facility, and wrote off $485 of fees incurred from the prior credit facilities. As of March 31, 2022 11, April 29, 2022. |
Note 6 - Leases
Note 6 - Leases | 3 Months Ended |
Mar. 31, 2022 | |
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 4.28 Weighted-average discount rate 6.15 % As most of our leases do not Maturities of lease liabilities under noncancelable operating leases as of March 31, 2022 Operating Lease Obligations As of March 31, 2022 2022 (a) $ 1,328 2023 1,802 2024 1,511 2025 1,210 2026 and beyond 1,576 Total lease payments $ 7,428 Less: Imputed interest (623 ) Present value of lease liabilities $ 6,805 (a) Excluding the three March 31, 2022 A summary of rent expense for the three March 31, 2022 2021 Three Months Ended March 31, 2022 2021 Operating lease cost $ 438 $ 447 Supplemental cash flow information and non-cash activity relating to operating leases are as follows: Three Months Ended March 31, Operating cash flow information: 2022 2021 Cash paid for amounts included in the measurement of lease liabilities $ 435 $ 434 |
Note 7 - Equity Incentive Plans
Note 7 - Equity Incentive Plans | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 2021 three March 31, 2022, three March 31, 2022, three March 31, 2022, |
Note 8 - Earnings Per Share Att
Note 8 - Earnings Per Share Attributable to Common Stockholder | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 8 Basic net earnings (loss) per share of common stock is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted net earnings (loss) per share of common stock is computed by giving effect to all potentially dilutive securities. The potentially dilutive securities excluded from the determination of diluted loss per share, as their effect is antidilutive, are as follows: Three Months Ended March 31, 2022 2021 Service Period Stock Options 1,262 1,318 Restricted Stock Units 167 199 Performance Stock Options 956 961 Total 2,385 2,478 For the three March 31, 2022 2021, |
Note 9 - Concentrations
Note 9 - Concentrations | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 | |
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, 2022 | |
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 recognition or disclosures. With the Company's continuing expansion of its manufacturing capacity, the Company's borrowings under the Credit Facility increased by an additional $27,000 as of April 23, 2022 April 29, 2022, not $300,000 On April 8, 2022, $8,300 2018 not not On April 27, 2022, twenty May 2023. first |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 three March 31, 2022 2021 three March 31, 2022 2021 three March 31, 2022 not December 31, 2022 may not may not These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes in Item 8 10 December 31, 2021 |
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. On March 10, 2022, not not 20%. not |
Consolidation, Policy [Policy Text Block] | Variable interest entities |
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, 2022 1 |
Receivable [Policy Text Block] | Trade accounts receivable may |
Restricted Stock Tax Withholdings [Policy Text Block] | Restricted Stock Tax Withholdings three March 31, 2022, three March 31, 2021. |
Debt Issuance Cost [Policy Text Block] | Debt Issuance Cost first 2021, February 19, 2021, ( 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, 2022 2021 Grocery, Mass and Club $ 115,518 $ 79,071 Pet Specialty and Natural 16,654 14,342 Net Sales (a) $ 132,171 $ 93,414 (a) |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards The Company did not March 31, 2022. |
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, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2022 2021 Grocery, Mass and Club $ 115,518 $ 79,071 Pet Specialty and Natural 16,654 14,342 Net Sales (a) $ 132,171 $ 93,414 |
Note 2 - Inventories (Tables)
Note 2 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2022 2021 Raw Materials and Work in Process $ 13,327 $ 13,339 Packaging Components Material 4,386 2,823 Finished Goods 27,741 19,704 45,454 35,866 Reserve for Obsolete Inventory (143 ) (292 ) Inventories, net $ 45,311 $ 35,574 |
Note 3 - Property, Plant and _2
Note 3 - Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, 2022 2021 Refrigeration Equipment $ 123,208 $ 122,063 Machinery and Equipment 144,957 140,471 Building, Land, and Improvements 152,608 150,927 Furniture and Office Equipment 8,252 8,844 Leasehold Improvements 1,319 1,319 Construction in Progress 354,712 273,880 785,056 697,504 Less: Accumulated Depreciation (121,213 ) (113,582 ) Property, plant and equipment, net $ 663,844 $ 583,922 |
Note 4 - Accrued Expenses (Tabl
Note 4 - Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 31, December 31, 2022 2021 Accrued Compensation and Employee Related Costs $ 4,204 $ 6,934 Accrued Chiller Cost 1,973 2,050 Accrued Customer Consideration 617 828 Accrued Freight 1,251 1,547 Accrued Production Expenses 2,418 1,862 Accrued Corporate and Marketing Expenses 1,942 1,081 Other Accrued Expenses 734 648 Accrued Expenses $ 13,139 $ 14,950 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Weighted-average remaining lease term 4.28 Weighted-average discount rate 6.15 % Three Months Ended March 31, 2022 2021 Operating lease cost $ 438 $ 447 Three Months Ended March 31, Operating cash flow information: 2022 2021 Cash paid for amounts included in the measurement of lease liabilities $ 435 $ 434 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Lease Obligations As of March 31, 2022 2022 (a) $ 1,328 2023 1,802 2024 1,511 2025 1,210 2026 and beyond 1,576 Total lease payments $ 7,428 Less: Imputed interest (623 ) Present value of lease liabilities $ 6,805 |
Note 8 - Earnings Per Share A_2
Note 8 - Earnings Per Share Attributable to Common Stockholder (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended March 31, 2022 2021 Service Period Stock Options 1,262 1,318 Restricted Stock Units 167 199 Performance Stock Options 956 961 Total 2,385 2,478 |
Note 1 - Nature of the Busine_3
Note 1 - Nature of the Business and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Mar. 10, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Payments to Acquire Equity Method Investments | $ 3,294 | $ 0 | ||
Equity Method Investments | 27,840 | $ 25,856 | ||
Payment, Tax Withholding, Share-Based Payment Arrangement | 323 | 1,529 | ||
Credit Facility [Member] | ||||
Debt Issuance Costs, Net, Total | 3,166 | |||
Credit Facility [Member] | Revolving Credit Facility [Member] | ||||
Debt Issuance Costs, Net, Total | 3,263 | |||
Draw Term Loan [Member] | ||||
Debt Issuance Costs, Net, Total | 2,797 | |||
Amortization of Debt Issuance Costs | $ 485 | $ 485 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 3 | 10 | ||
Payment, Tax Withholding, Share-Based Payment Arrangement | $ 323 | $ 1,529 | ||
Privately Held Company, Not Primary Beneficiary [Member] | ||||
Payments to Acquire Equity Method Investments | $ 3,300,000 | |||
Equity Method Investment, Ownership Percentage | 19.00% | |||
Equity Method Investments | $ 31,200,000 |
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, 2022 | Mar. 31, 2021 | ||
Net Sales | [1] | $ 132,171 | $ 93,414 |
Grocery (including Online), Mass and Club [Member] | |||
Net Sales | 115,518 | 79,071 | |
Pet Specialty and Natural [Member] | |||
Net Sales | $ 16,654 | $ 14,342 | |
[1] | Online sales associated with each class of retailer are included within their respective total. |
Note 2 - Inventories - Summary
Note 2 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Raw Materials and Work in Process | $ 13,327 | $ 13,339 |
Packaging Components Material | 4,386 | 2,823 |
Finished Goods | 27,741 | 19,704 |
Inventory, Gross, Total | 45,454 | 35,866 |
Reserve for Obsolete Inventory | (143) | (292) |
Inventories, net | $ 45,311 | $ 35,574 |
Note 3 - Property, Plant and _3
Note 3 - Property, Plant and Equipment (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Depreciation, Depletion and Amortization, Total | $ 7,947 | $ 6,585 |
Cost of Sales [Member] | ||
Depreciation, Depletion and Amortization, Total | $ 4,701 | $ 3,800 |
Note 3 - Property, Plant and _4
Note 3 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property, plant and equipment, gross | $ 785,056 | $ 697,504 |
Less: Accumulated Depreciation | (121,213) | (113,582) |
Property, plant and equipment, net | 663,844 | 583,922 |
Refrigeration Equipment [Member] | ||
Property, plant and equipment, gross | 123,208 | 122,063 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 144,957 | 140,471 |
Land, Buildings and Improvements [Member] | ||
Property, plant and equipment, gross | 152,608 | 150,927 |
Furniture and Office Equipment [Member] | ||
Property, plant and equipment, gross | 8,252 | 8,844 |
Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | 1,319 | 1,319 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 354,712 | $ 273,880 |
Note 4 - Accrued Expenses - Sum
Note 4 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accrued Compensation and Employee Related Costs | $ 4,204 | $ 6,934 |
Accrued Chiller Cost | 1,973 | 2,050 |
Accrued Customer Consideration | 617 | 828 |
Accrued Freight | 1,251 | 1,547 |
Accrued Production Expenses | 2,418 | 1,862 |
Accrued Corporate and Marketing Expenses | 1,942 | 1,081 |
Other Accrued Expenses | 734 | 648 |
Accrued Expenses | $ 13,139 | $ 14,950 |
Note 5 - Debt (Details Textual)
Note 5 - Debt (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2022 | Mar. 31, 2021 | Apr. 29, 2022 | Apr. 23, 2022 | Feb. 19, 2021 | Apr. 17, 2020 | |
Credit Facility [Member] | ||||||
Debt Agreement, Maximum Borrowing Capacity | $ 350,000 | |||||
Long-Term Debt, Total | $ 51,000 | |||||
Debt Issuance Costs, Net, Total | 3,166 | |||||
Credit Facility [Member] | Subsequent Event [Member] | ||||||
Debt Agreement, Maximum Borrowing Capacity | $ 350,000 | |||||
Long-Term Debt, Total | $ 78,000 | |||||
Credit Facility [Member] | Other Assets [Member] | ||||||
Debt Issuance Costs, Net, Total | 1,995 | |||||
Credit Facility [Member] | Other Assets [Member] | Subsequent Event [Member] | ||||||
Debt Issuance Costs, Net, Total | 285 | |||||
Credit Facility [Member] | Other Current Assets [Member] | ||||||
Debt Issuance Costs, Net, Total | 694 | |||||
Credit Facility [Member] | Other Current Assets [Member] | Subsequent Event [Member] | ||||||
Debt Issuance Costs, Net, Total | 99 | |||||
Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000 | |||||
Debt Issuance Costs, Net, Total | $ 3,263 | |||||
Credit Facility [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000 | |||||
Credit Facility [Member] | Draw Term Loan [Member] | ||||||
Long-Term Debt, Total | $ 130,000 | |||||
Credit Facility [Member] | Draw Term Loan [Member] | Subsequent Event [Member] | ||||||
Long-Term Debt, Total | $ 300,000 | |||||
Draw Term Loan [Member] | ||||||
Debt Issuance Costs, Net, Total | 2,797 | |||||
Amortization of Debt Issuance Costs | $ 485 | $ 485 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) | Mar. 31, 2022 |
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, 2022 | Mar. 31, 2021 | |
Weighted-average remaining lease term (Year) | 4 years 3 months 10 days | |
Weighted-average discount rate | 6.15% | |
Operating lease cost | $ 438 | $ 447 |
Cash paid for amounts included in the measurement of lease liabilities | $ 435 | $ 434 |
Note 6 - Leases - Maturities of
Note 6 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Mar. 31, 2022USD ($) | |
2022 (a) | $ 1,328 | [1] |
2023 | 1,802 | |
2024 | 1,511 | |
2025 | 1,210 | |
2026 and beyond | 1,576 | |
Total lease payments | 7,428 | |
Less: Imputed interest | (623) | |
Present value of lease liabilities | $ 6,805 | |
[1] | Excluding the three months ended March 31, 2022. |
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, 2022 | Mar. 31, 2021 | |
Share-Based Payment Arrangement, Expense | $ 6,295 | $ 6,151 |
Performance Based Restricted Stock Units [Member] | ||
Unrecognized Compensation Costs, Performance Based Awards (in shares) | 22 | |
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) | 80 | |
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) | $ 85.15 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 17 |
Note 8 - Earnings Per Share A_3
Note 8 - Earnings Per Share Attributable to Common Stockholder - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities (in shares) | 2,385 | 2,478 |
Service Period Stock Options [Member] | ||
Antidilutive Securities (in shares) | 1,262 | 1,318 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities (in shares) | 167 | 199 |
Performance Stock Options [Member] | ||
Antidilutive Securities (in shares) | 956 | 961 |
Note 9 - Concentrations (Detail
Note 9 - Concentrations (Details Textual) $ in Thousands | Mar. 31, 2022USD ($) |
Maximum [Member] | |
Cash, FDIC Insured Amount | $ 250 |
Note 11 - Subsequent Events (De
Note 11 - Subsequent Events (Details Textual) - USD ($) $ in Millions | Apr. 27, 2022 | Apr. 23, 2022 | Apr. 08, 2022 | Apr. 29, 2022 | Mar. 31, 2022 | Feb. 19, 2021 | Apr. 17, 2020 |
Subsequent Event [Member] | Manufacturing Innovation Facility in Bethlehem, Pennsylvania [Member] | |||||||
Lessee, Operating Lease, Term of Contract (Year) | 20 years | ||||||
Lessee, Operating Lease, Yearly Payment | $ 0.9 | ||||||
Lessee, Operating Lease, Annual Payment Increase, Percent | 3.50% | ||||||
Subsequent Event [Member] | Phillips Feed Service, Inc., d/b/a Phillips Feed And Pet Supply Complaint [Member] | |||||||
Loss Contingency, Damages Sought, Value | $ 8.3 | ||||||
Credit Facility [Member] | |||||||
Long-Term Debt, Total | $ 51 | ||||||
Debt Agreement, Maximum Borrowing Capacity | $ 350 | ||||||
Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35 | ||||||
Credit Facility [Member] | Draw Term Loan [Member] | |||||||
Long-Term Debt, Total | $ 130 | ||||||
Credit Facility [Member] | Subsequent Event [Member] | |||||||
Line of Credit Facility, Increase (Decrease), Net, Total | $ 27,000 | ||||||
Long-Term Debt, Total | $ 78 | ||||||
Debt Agreement, Maximum Borrowing Capacity | $ 350 | ||||||
Credit Facility [Member] | Subsequent Event [Member] | Revolving Credit Facility [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 50 | ||||||
Credit Facility [Member] | Subsequent Event [Member] | Draw Term Loan [Member] | |||||||
Long-Term Debt, Total | $ 300 |