Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 28, 2021 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report 1 | true | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report 1 | false | |
Entity File Number | 001-31573 | |
Entity Registrant Name | Medifast, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 13-3714405 | |
Entity Address, Address Line One | 100 International Drive | |
Entity Address, City or Town | Baltimore | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 21202 | |
City Area Code | 410 | |
Local Phone Number | 581-8042 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Trading Symbol | MED | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 11,616,233 | |
Entity Central Index Key | 0000910329 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||
Revenue | $ 413,395 | $ 271,470 | $ 1,148,253 | $ 669,930 |
Cost of sales | 106,338 | 67,434 | 298,942 | 171,354 |
Gross profit | 307,057 | 204,036 | 849,311 | 498,576 |
Selling, general, and administrative | 251,886 | 159,477 | 679,907 | 402,385 |
Income from operations | 55,171 | 44,559 | 169,404 | 96,191 |
Other income | ||||
Interest income, net | (94) | 44 | (138) | 212 |
Other income (expense) | 115 | 30 | 112 | 12 |
Other income (expense) | 21 | 74 | (26) | 224 |
Income from operations before income taxes | 55,192 | 44,633 | 169,378 | 96,415 |
Provision for income taxes | 13,210 | 10,180 | 39,370 | 21,550 |
Net income | $ 41,982 | $ 34,453 | $ 130,008 | $ 74,865 |
Basic earnings per share | ||||
Earnings per share - basic | $ 3.59 | $ 2.93 | $ 11.07 | $ 6.36 |
Diluted earnings per share | ||||
Earnings per share - diluted | $ 3.56 | $ 2.91 | $ 10.98 | $ 6.32 |
Weighted average shares outstanding - | ||||
Basic | 11,692 | 11,766 | 11,739 | 11,772 |
Diluted | 11,785 | 11,857 | 11,840 | 11,840 |
Cash dividends declared per share | $ 1.42 | $ 1.13 | $ 4.26 | $ 3.39 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||
Net income | $ 41,982 | $ 34,453 | $ 130,008 | $ 74,865 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation | 63 | (1) | 130 | (3) |
Unrealized (losses) gains on investment securities | (16) | (1) | (49) | 75 |
Other comprehensive income | 47 | (2) | 81 | 72 |
Comprehensive income | $ 42,029 | $ 34,451 | $ 130,089 | $ 74,937 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash and cash equivalents | $ 154,516 | $ 163,723 |
Inventories | 129,614 | 53,392 |
Investment securities | 5,379 | 10,752 |
Prepaid expenses and other current assets | 11,541 | 6,447 |
Total current assets | 301,050 | 234,314 |
Property, plant and equipment - net of accumulated depreciation | 46,451 | 27,633 |
Right-of-use assets | 16,736 | 10,508 |
Other assets | 6,439 | 2,937 |
Deferred tax assets | 692 | 692 |
TOTAL ASSETS | 371,368 | 276,084 |
Current Liabilities | ||
Accounts payable and accrued expenses | 155,506 | 107,677 |
Current lease obligations | 5,402 | 3,673 |
Total current liabilities | 160,908 | 111,350 |
Lease obligations, less current lease obligations | 14,221 | 7,488 |
Total liabilities | 175,129 | 118,838 |
Stockholders' Equity: | ||
Common stock, par value $.001 per share: 20,000 shares authorized; 11,618 and 11,822 issued and 11,616 and 11,772 outstanding at September 30, 2021 and December 31, 2020, respectively | 12 | 12 |
Additional paid-in capital | 12,950 | 7,842 |
Accumulated other comprehensive income | 122 | 41 |
Retained earnings | 183,155 | 154,351 |
Less: Treasury stock at cost, 0 and 46 shares at September 30, 2021 and December 31, 2020, respectively | (5,000) | |
Total stockholders' equity | 196,239 | 157,246 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 371,368 | $ 276,084 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 20,000 | 20,000 |
Common stock, issued | 11,618 | 11,822 |
Common stock, outstanding | 11,616 | 11,772 |
Treasury stock, common, shares | 0 | 46 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating Activities | ||
Net income | $ 130,008 | $ 74,865 |
Adjustments to reconcile net income to cash provided by operating activities | ||
Depreciation and amortization | 7,275 | 5,259 |
Share-based compensation | 6,613 | 4,243 |
Loss on sale of disposal of property, plant and equipment | 28 | |
Amortization of premium on investment securities | 70 | 263 |
Deferred income taxes | (735) | |
Change in operating assets and liabilities: | ||
Inventories | (76,222) | 7,035 |
Income taxes, prepaid | 5,169 | |
Prepaid expenses and other current assets | (5,094) | 1,728 |
Other assets | (3,393) | (2,566) |
Accounts payable and accrued expenses | 42,747 | 30,078 |
Net cash flow provided by operating activities | 102,004 | 125,367 |
Investing Activities | ||
Sale and maturities of investment securities | 5,145 | 2,000 |
Purchase of property and equipment | (22,585) | (3,852) |
Net cash flow (used in) provided by investing activities | (17,440) | (1,852) |
Financing Activities | ||
Options exercised by executives and directors | 811 | 1,424 |
Net shares repurchased for employee taxes | (1,867) | (532) |
Cash dividends paid to stockholders | (46,845) | (39,892) |
Stock repurchases | (46,000) | (5,000) |
Net cash flow used in financing activities | (93,901) | (44,000) |
Foreign currency impact | 130 | (3) |
Increase in cash and cash equivalents | (9,207) | 79,512 |
Cash and cash equivalents - beginning of the period | 163,723 | 76,974 |
Cash and cash equivalents - end of the period | 154,516 | 156,486 |
Supplemental disclosure of cash flow information: | ||
Income taxes paid (received) | 41,302 | 14,135 |
Dividends declared included in accounts payable | $ 17,351 | $ 13,715 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid- In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balance at Dec. 31, 2019 | $ 12 | $ 25 | $ 168,788 | $ (63,993) | $ 104,832 | |
Balance (in shares) at Dec. 31, 2019 | 12,272,000 | |||||
Net income | 18,477 | 18,477 | ||||
Share-based compensation | $ 981 | 981 | ||||
Share-based compensation (in shares) | 7,000 | |||||
Net shares repurchased for employee taxes | (487) | (487) | ||||
Net shares repurchased for employee taxes, (in shares) | (5,000) | |||||
Treasury stock retired from stock repurchases | (63,993) | 63,993 | ||||
Treasury stock retired from stock repurchases, (in shares) | (489,000) | |||||
Other comprehensive income | 45 | 45 | ||||
Cash dividends declared to stockholders | (13,099) | (13,099) | ||||
Balance at Mar. 31, 2020 | $ 12 | 494 | 70 | 110,173 | 110,749 | |
Balance (in shares) at Mar. 31, 2020 | 11,785,000 | |||||
Balance at Dec. 31, 2019 | $ 12 | 25 | 168,788 | (63,993) | 104,832 | |
Balance (in shares) at Dec. 31, 2019 | 12,272,000 | |||||
Net income | $ 74,865 | |||||
Net shares repurchased for employee taxes, (in shares) | (5,432) | |||||
Other comprehensive income | $ 72 | |||||
Balance at Sep. 30, 2020 | $ 12 | 5,135 | 97 | 139,770 | (5,000) | 140,014 |
Balance (in shares) at Sep. 30, 2020 | 11,817,000 | |||||
Balance at Mar. 31, 2020 | $ 12 | 494 | 70 | 110,173 | 110,749 | |
Balance (in shares) at Mar. 31, 2020 | 11,785,000 | |||||
Net income | 21,935 | 21,935 | ||||
Share-based compensation | 1,136 | 1,136 | ||||
Options exercised by executives and directors | 1,250 | 1,250 | ||||
Options exercised by executives and directors (in shares) | 21,000 | |||||
Net shares repurchased for employee taxes | (9) | (9) | ||||
Treasury stock from stock repurchases | (5,000) | (5,000) | ||||
Other comprehensive income | 29 | 29 | ||||
Cash dividends declared to stockholders | (13,354) | (13,354) | ||||
Balance at Jun. 30, 2020 | $ 12 | 2,871 | 99 | 118,754 | (5,000) | 116,736 |
Balance (in shares) at Jun. 30, 2020 | 11,806,000 | |||||
Net income | 34,453 | 34,453 | ||||
Share-based compensation | 2,126 | 2,126 | ||||
Share-based compensation (in shares) | 9,000 | |||||
Options exercised by executives and directors | 174 | 174 | ||||
Options exercised by executives and directors (in shares) | 2,000 | |||||
Net shares repurchased for employee taxes | (36) | (36) | ||||
Other comprehensive income | (2) | (2) | ||||
Cash dividends declared to stockholders | (13,437) | (13,437) | ||||
Balance at Sep. 30, 2020 | $ 12 | 5,135 | 97 | 139,770 | (5,000) | 140,014 |
Balance (in shares) at Sep. 30, 2020 | 11,817,000 | |||||
Balance at Dec. 31, 2020 | $ 12 | 7,842 | 41 | 154,351 | (5,000) | 157,246 |
Balance (in shares) at Dec. 31, 2020 | 11,822,000 | |||||
Net income | 41,063 | 41,063 | ||||
Share-based compensation | 2,198 | 2,198 | ||||
Share-based compensation (in shares) | 13,000 | |||||
Options exercised by executives and directors | 481 | 481 | ||||
Options exercised by executives and directors (in shares) | 11,000 | |||||
Net shares repurchased for employee taxes | (1,807) | (1,807) | ||||
Net shares repurchased for employee taxes, (in shares) | (7,000) | |||||
Treasury stock from stock repurchases | (7,500) | (7,500) | ||||
Other comprehensive income | 62 | 62 | ||||
Cash dividends declared to stockholders | (16,852) | (16,852) | ||||
Balance at Mar. 31, 2021 | $ 12 | 8,714 | 103 | 178,562 | (12,500) | 174,891 |
Balance (in shares) at Mar. 31, 2021 | 11,839,000 | |||||
Balance at Dec. 31, 2020 | $ 12 | 7,842 | 41 | 154,351 | (5,000) | 157,246 |
Balance (in shares) at Dec. 31, 2020 | 11,822,000 | |||||
Net income | $ 130,008 | |||||
Net shares repurchased for employee taxes, (in shares) | (7,226) | |||||
Other comprehensive income | $ 81 | |||||
Balance at Sep. 30, 2021 | $ 12 | 12,950 | 122 | 183,155 | 196,239 | |
Balance (in shares) at Sep. 30, 2021 | 11,618,000 | |||||
Balance at Mar. 31, 2021 | $ 12 | 8,714 | 103 | 178,562 | (12,500) | 174,891 |
Balance (in shares) at Mar. 31, 2021 | 11,839,000 | |||||
Net income | 46,963 | 46,963 | ||||
Share-based compensation | 1,697 | 142 | 1,839 | |||
Share-based compensation (in shares) | 10,000 | |||||
Options exercised by executives and directors | 221 | 221 | ||||
Options exercised by executives and directors (in shares) | 3,000 | |||||
Net shares repurchased for employee taxes | (26) | (26) | ||||
Treasury stock from stock repurchases | (12,230) | (12,230) | ||||
Treasury stock retired from stock repurchases | (23,383) | 23,383 | ||||
Treasury stock retired from stock repurchases, (in shares) | (114,000) | |||||
Other comprehensive income | (28) | (28) | ||||
Cash dividends declared to stockholders | (16,941) | (16,941) | ||||
Balance at Jun. 30, 2021 | $ 12 | 10,606 | 75 | 185,343 | (1,347) | 194,689 |
Balance (in shares) at Jun. 30, 2021 | 11,738,000 | |||||
Net income | 41,982 | 41,982 | ||||
Share-based compensation | $ 1 | 2,269 | 2,269 | |||
Options exercised by executives and directors | 109 | 109 | ||||
Options exercised by executives and directors (in shares) | 3,000 | |||||
Net shares repurchased for employee taxes | (34) | (34) | ||||
Net shares repurchased for employee taxes, (in shares) | (1,000) | |||||
Treasury stock from stock repurchases | (26,270) | (26,270) | ||||
Treasury stock retired from stock repurchases | (27,617) | $ 27,617 | ||||
Treasury stock retired from stock repurchases, (in shares) | (123,000) | |||||
Other comprehensive income | 47 | 47 | ||||
Cash dividends declared to stockholders | (16,553) | (16,553) | ||||
Balance at Sep. 30, 2021 | $ 12 | $ 12,950 | $ 122 | $ 183,155 | $ 196,239 | |
Balance (in shares) at Sep. 30, 2021 | 11,618,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation - The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of results that may be expected for the fiscal year ending December 31, 2021. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the 2020 audited consolidated financial statements and notes thereto, which are included in the 2020 Form 10-K. Presentation of Financial Statements - Reclassification - Use of Estimates Accounting Pronouncements Adopted in 2021 On January 1, 2021, the beginning of the Company’s fiscal year, the Company adopted Accounting Standard Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is designed to simplify the accounting for income taxes by eliminating certain exceptions to the general principles in Topic 740. There was no material impact on the Company’s condensed consolidated financial statements upon adoption of this ASU. Recently Issued Accounting Pronouncements – Pending Adoption In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying accounting principles under GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met and to other derivative instruments if there is a change to the interest rates used for discounting, margining or contract price alignment. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. We are currently evaluating our contracts and the optional expedients provided by the new standard as it pertains to the credit agreement disclosed in Note 8. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2021 | |
Inventories [Abstract] | |
Inventories | 2. INVENTORIES Inventories consist principally of raw materials, non-food finished goods and packaged meal replacements held in the Company’s warehouses and outsourced distribution centers. Inventories are stated at the lower of cost or net realizable value, utilizing the first-in, first-out method. The cost of finished goods includes the cost of raw materials, packaging supplies, direct and indirect labor and other indirect manufacturing costs. On a quarterly basis, management reviews inventories for unsalable or obsolete inventories. Inventories consisted of the following (in thousands): September 30, 2021 December 31, 2020 Raw materials $ 13,840 $ 13,428 Packaging 3,395 4,071 Non-food finished goods 15,407 8,078 Finished goods 100,688 29,858 Reserve for obsolete inventory (3,716) (2,043) Total $ 129,614 $ 53,392 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 3. EARNINGS PER SHARE Basic earnings per share (“EPS”) computations are calculated utilizing the weighted average number of shares of the Company’s common stock outstanding during the periods presented. Diluted EPS is calculated utilizing the weighted average number of shares of the Company’s common stock outstanding adjusted for the effect of dilutive common stock equivalents. The following table sets forth the computation of basic and diluted EPS (in thousands, except per share data): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Numerator: Net income $ 41,982 $ 34,453 $ 130,008 $ 74,865 Denominator: Weighted average shares of common stock outstanding 11,692 11,766 11,739 11,772 Effect of dilutive common stock equivalents 93 91 101 68 Weighted average shares of common stock outstanding 11,785 11,857 11,840 11,840 Earnings per share - basic $ 3.59 $ 2.93 $ 11.07 $ 6.36 Earnings per share - diluted $ 3.56 $ 2.91 $ 10.98 $ 6.32 The calculation of diluted EPS excluded 0 and 88 antidilutive options outstanding for the three months ended September 30, 2021 and 2020, respectively, and 0 and 545 antidilutive options outstanding for the nine months ended September 30, 2021 and 2020, respectively. The calculation of diluted EPS also excluded 218 and 0 antidilutive restricted stock awards for the three months ended September 30, 2021 and 2020, respectively, and 306 and 3,620 antidilutive restricted stock awards for the nine months ended September 30, 2021 and 2020, respectively. EPS is computed independently for each of the periods presented above, and accordingly, the sum of the quarterly earnings per common share may not equal the year-to-date total computed. |
Share-based Compensation
Share-based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Compensation [Abstract] | |
Share-based Compensation | 4. SHARE-BASED COMPENSATION Stock Options The Company has issued non-qualified and incentive stock options to employees and nonemployee directors. The fair value of these options are estimated on the date of grant using the Black-Scholes option pricing model, which requires estimates of the expected term of the option, the risk-free interest rate, the expected volatility of the price of the Company’s common stock, and dividend yield. Options outstanding as of September 30, 2021 generally vest over a period of three years and expire ten years from the date of grant. The exercise price of these options ranges from $26.52 to $66.68. Due to the Company’s lack of option exercise history on the date of grant, the expected term is calculated using the simplified method defined as the midpoint between the vesting period and the contractual term of each option. The risk free interest rate is based on the U.S. Treasury yield curve in effect on the date of grant that most closely corresponds to the expected term of the option. The expected volatility is based on the historical volatility of the Company’s common stock over the period of time equivalent to the expected term for each award. The dividend yield is computed as the annualized dividend rate at the grant date divided by the strike price of the stock option. For the nine months ended September 30, 2021 and 2020, the Company did not grant stock options. The following table is a summary of our stock option activity: Nine months ended September 30, 2021 2020 Awards Weighted-Average Exercise Price Awards Weighted-Average Exercise Price (awards in thousands) Outstanding at beginning of period 61 $ 48.19 97 $ 52.53 Exercised (16) 49.69 (24) 58.80 Forfeited - - (6) 68.84 Outstanding at end of the period 45 $ 47.66 67 $ 48.71 Exercisable at end of the period 35 $ 42.00 48 $ 40.83 As of September 30, 2021, the weighted-average remaining contractual life for outstanding stock options was 5.0 years with an aggregate intrinsic value of $6.7 million and the weighted-average remaining contractual life for exercisable stock options was 4.6 years with an aggregate intrinsic value of $5.3 million. The unrecognized compensation expense calculated under the fair value method for stock options expected to vest as of September 30, 2021 was $0.1 million and is expected to be recognized over a weighted average period of 1.4 years. For the nine months ended September 30, 2021, the Company received $0.8 million in cash proceeds from the exercise of stock options. The total intrinsic value for stock options exercised during the nine months ended September 30, 2021 was $3.3 million. For the nine months ended September 30, 2020, the Company received $1.4 million in cash proceeds from the exercise of stock options. The total intrinsic value for stock options exercised during the nine months ended September 30, 2020 was $1.1 million. Restricted Stock The Company has issued restricted stock to employees and nonemployee directors generally with vesting terms up to five years after the date of grant. The fair value of the restricted stock is equal to the market price of the Company’s common stock on the date of grant. Expense for restricted stock is amortized ratably over the vesting period. The following table summarizes our restricted stock activity: Nine months ended September 30, 2021 2020 Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value (shares in thousands) Outstanding at beginning of period 50 $ 116.06 46 $ 98.28 Granted 21 266.99 43 113.68 Vested (26) 116.62 (30) 86.79 Forfeited (3) 166.02 (7) 108.81 Outstanding at end of the period 42 $ 183.04 52 $ 116.29 The Company withheld 7,226 and 5,432 shares of the Company’s common stock to cover minimum tax liability withholding obligations upon the vesting of shares of restricted stock for the nine months ended September 30, 2021 and 2020, respectively. The total fair value of restricted stock awards vested during the nine months ended September 30, 2021 and 2020 was $6.9 million and $3.4 million, respectively. The total share-based compensation charged against income was $2.3 million and $2.1 million during the three months ended September 30, 2021 and 2020, respectively, and $6.6 million and $4.2 million during the nine months ended September 30, 2021 and 2020, respectively. The total costs of the options and restricted stock awards charged against income was $1.1 million and $1.0 million during the three months ended September 30, 2021 and 2020, respectively, and $3.2 million and $2.5 million during the nine months ended September 30, 2021 and 2020. Included for the three and nine months ended September 30, 2021 was $0.4 million and $1.4 million, respectively, for 15,834 performance-based contingent shares and for the three and nine months ended September 30, 2020 was $0.5 million and $0.8 million, respectively, for 16,637 performance-based contingent shares for certain key executives granted in 2019. Also included for the three and nine months ended September 30, 2021 was $0.5 million and $1.3 million, respectively, for 25,999 performance-based contingent shares and for the three and nine months ended September 30, 2020 was $0.6 million and $0.9 million, respectively, for 27,525 performance-based contingent shares for certain key executives granted in 2020. Additionally, included for the three and nine months ended September 30, 2021 was $0.3 million and $0.7 million, respectively, for 13,512 performance-based contingent shares for certain key executives granted in 2021. The total income tax benefit recognized in the Condensed Consolidated Statements of Income for restricted stock awards was $0.1 million and $0.3 million for the three months ended September 30, 2021 and 2020, respectively, and was $2.3 million and $0.9 million for the nine months ended September 30, 2021 and 2020, respectively. There was $5.8 million of total unrecognized compensation cost related to restricted stock awards as of September 30, 2021, which is expected to be recognized over a weighted-average period of 1.8 years. There was $5.6 million of unrecognized compensation cost related to the 55,345 performance-based contingent shares discussed above as of September 30, 2021, which is expected to be recognized over 1.7 years. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | 5. LEASES Operating Leases The Company has operating leases for office and warehouse space and certain equipment. In certain of the Company’s lease agreements, the rental payments are adjusted periodically based on defined terms within the lease. The Company did not have any finance leases as of September 30, 2021 and 2020, respectively, or for the nine-month periods then ended, respectively. Our leases relating to office and warehouse space have lease terms of 19 24 The Company’s warehouse agreements also contain non-lease components, in the form of payments towards variable logistics services and labor charges, which the Company is obligated to pay based on the services consumed by it. Such amounts are not included in the measurement of the lease liability but will be recognized as expense when they are incurred. The operating lease expense was $1.4 million and $0.9 million for the three months ended September 30, 2021 and 2020, respectively, and was $3.8 million and $2.6 million for the nine months ended September 30, 2021 and 2020, respectively. Supplemental cash flow information related to the Company’s operating leases was as follows (in thousands): Nine months ended September 30, 2021 2020 Cash paid for amounts included in the measurements of lease liabilities Operating cash flow used in operating leases $ 3,175 $ 2,778 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 9,745 $ 887 As of September 30, 2021, the weighted average remaining lease term was 4.3 years and the weighted average discount rate was 2.3%. The following table presents the maturity of the Company’s operating lease liabilities as of September 30, 2021 (in thousands): 2021 (excluding the nine months ended September 30, 2021) $ 1,482 2022 5,540 2023 4,080 2024 3,515 2025 3,591 Thereafter 2,324 Total lease payments $ 20,532 Less: imputed interest (909) Total $ 19,623 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2021 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income | 6. ACCUMULATED OTHER COMPREHENSIVE INCOME The following table sets forth the components of accumulated other comprehensive income, net of tax where applicable (in thousands): September 30, 2021 December 31, 2020 Foreign currency translation $ 108 $ (22) Unrealized gains on investment securities 14 63 Accumulated other comprehensive income $ 122 $ 41 |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Financial Instruments [Abstract] | |
Financial Instruments | 7. FINANCIAL INSTRUMENTS Certain financial assets and liabilities are accounted for at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy prioritizes the inputs used to measure fair value: Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 – Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value from the perspective of a market participant. The following tables present the Company’s cash and financial assets that are measured at fair value on a recurring basis for each of the hierarchy levels (in thousands): September 30, 2021 Cost Unrealized Gains Accrued Interest Estimated Fair Value Cash & Cash Equivalents Investment Securities Cash $ 145,166 $ - $ - $ 145,166 $ 145,166 $ - Level 1: Money market accounts 9,350 - - 9,350 9,350 - Government & agency securities 1,402 19 8 1,429 - 1,429 10,752 19 8 10,779 9,350 1,429 Level 2: Municipal bonds 3,901 18 31 3,950 - 3,950 Total $ 159,819 $ 37 $ 39 $ 159,895 $ 154,516 $ 5,379 December 31, 2020 Cost Unrealized Gains Accrued Interest Estimated Fair Value Cash & Cash Equivalents Investment Securities Cash $ 159,754 $ - $ - $ 159,754 $ 159,754 $ - Level 1: Money market accounts 3,969 - - 3,969 3,969 - Government & agency securities 2,829 45 - 2,874 - 2,874 6,798 45 - 6,843 3,969 2,874 Level 2: Municipal bonds 7,689 42 147 7,878 - 7,878 Total $ 174,241 $ 87 $ 147 $ 174,475 $ 163,723 $ 10,752 The Company had no realized losses or gains for the three and nine months ended September 30, 2021 and 2020, respectively. The maturities of the Company’s investment securities generally range less than 1 year for municipal bonds and for government and agency securities. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | 8. DEBT Credit Agreement On April 13, 2021, the Company and certain of its subsidiaries (collectively, the “Guarantors”) entered into a credit agreement (the “Credit Agreement”) among the Company, the Guarantors, the lenders party thereto and Citibank, N.A., in its capacity as administrative agent. The Credit Agreement provides for a $125.0 million senior secured revolving credit facility with a $20.0 million letter of credit sublimit. The Credit Agreement also provides for an uncommitted incremental facility that permits the Company, subject to certain conditions, to increase the senior secured revolving credit facility by up to $100.0 million. The Credit Agreement matures on April 13, 2026. The Company’s obligations under the Credit Agreement are guaranteed by the Guarantors. The obligations of the Company and the Guarantors are secured by first-priority liens on substantially all of the assets of the Company and the Guarantors, subject to certain exceptions. Under the Credit Agreement, the Company will pay to the administrative agent for the account of each revolving lender a commitment fee on a quarterly basis based on amounts committed but unused under the revolving facility from 0.20 to 0.40% per annum depending on the Company’s Total Net Leverage Ratio (as defined in the Credit Agreement). The Company is also obligated to pay the administrative agent customary fees for credit facilities of this size and type. Revolving borrowings under the Credit Agreement bear interest at a rate per annum equal to (i) the Adjusted LIBOR Rate for the interest period plus the Applicable Rate (as defined in the Credit Agreement) based on the Company’s Total Net Leverage Ratio (with customary provisions under the Credit Agreement providing for the replacement of LIBOR with a successor rate) or (ii) the Alternate Base Rate (as defined in the Credit Agreement) as in effect from time to time plus the Applicable Rate based on the Company’s Total Net Leverage Ratio. As of September 30, 2021, the Applicable Rate for Eurodollar Loans is 1.25% per annum and the Applicable Rate for ABR Loans is 0.25% per annum. The Credit Agreement contains affirmative and negative covenants customarily applicable to senior secured credit facilities, including covenants that, among other things, limit or restrict the ability of the Company and its subsidiaries, subject to negotiated exceptions, to incur additional indebtedness and additional liens on their assets, engage in mergers or acquisitions or dispose of assets, pay dividends or make other distributions, voluntarily prepay other indebtedness, enter into transactions with affiliated persons, make investments and change the nature of their businesses. The Credit Agreement also contains customary events of default, subject to thresholds and grace periods, including, among others, payment default, covenant default, cross default to other material indebtedness and judgment default. In addition, the Credit Agreement requires the Company to maintain a Total Net Leverage Ratio of no more than 3.00 to 1.00 and an Interest Coverage Ratio of at least 3.50 to 1.00. The Company has no borrowings under the Credit Agreement as of the date of this report. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation - The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of results that may be expected for the fiscal year ending December 31, 2021. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the 2020 audited consolidated financial statements and notes thereto, which are included in the 2020 Form 10-K. |
Presentation of Financial Statements | Presentation of Financial Statements - |
Reclassification | Reclassification - |
Use of Estimates | Use of Estimates |
Recent Accounting Pronouncements | Accounting Pronouncements Adopted in 2021 On January 1, 2021, the beginning of the Company’s fiscal year, the Company adopted Accounting Standard Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is designed to simplify the accounting for income taxes by eliminating certain exceptions to the general principles in Topic 740. There was no material impact on the Company’s condensed consolidated financial statements upon adoption of this ASU. Recently Issued Accounting Pronouncements – Pending Adoption In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying accounting principles under GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met and to other derivative instruments if there is a change to the interest rates used for discounting, margining or contract price alignment. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. We are currently evaluating our contracts and the optional expedients provided by the new standard as it pertains to the credit agreement disclosed in Note 8. |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventories [Abstract] | |
Inventories | Inventories consisted of the following (in thousands): September 30, 2021 December 31, 2020 Raw materials $ 13,840 $ 13,428 Packaging 3,395 4,071 Non-food finished goods 15,407 8,078 Finished goods 100,688 29,858 Reserve for obsolete inventory (3,716) (2,043) Total $ 129,614 $ 53,392 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted EPS (in thousands, except per share data): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Numerator: Net income $ 41,982 $ 34,453 $ 130,008 $ 74,865 Denominator: Weighted average shares of common stock outstanding 11,692 11,766 11,739 11,772 Effect of dilutive common stock equivalents 93 91 101 68 Weighted average shares of common stock outstanding 11,785 11,857 11,840 11,840 Earnings per share - basic $ 3.59 $ 2.93 $ 11.07 $ 6.36 Earnings per share - diluted $ 3.56 $ 2.91 $ 10.98 $ 6.32 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Compensation [Abstract] | |
Stock Option Activity | The following table is a summary of our stock option activity: Nine months ended September 30, 2021 2020 Awards Weighted-Average Exercise Price Awards Weighted-Average Exercise Price (awards in thousands) Outstanding at beginning of period 61 $ 48.19 97 $ 52.53 Exercised (16) 49.69 (24) 58.80 Forfeited - - (6) 68.84 Outstanding at end of the period 45 $ 47.66 67 $ 48.71 Exercisable at end of the period 35 $ 42.00 48 $ 40.83 |
Restricted Stock Activity | The following table summarizes our restricted stock activity: Nine months ended September 30, 2021 2020 Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value (shares in thousands) Outstanding at beginning of period 50 $ 116.06 46 $ 98.28 Granted 21 266.99 43 113.68 Vested (26) 116.62 (30) 86.79 Forfeited (3) 166.02 (7) 108.81 Outstanding at end of the period 42 $ 183.04 52 $ 116.29 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Summary of supplemental cash flow information | Supplemental cash flow information related to the Company’s operating leases was as follows (in thousands): Nine months ended September 30, 2021 2020 Cash paid for amounts included in the measurements of lease liabilities Operating cash flow used in operating leases $ 3,175 $ 2,778 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 9,745 $ 887 |
Summary of maturity of the Company's operating lease liabilities | The following table presents the maturity of the Company’s operating lease liabilities as of September 30, 2021 (in thousands): 2021 (excluding the nine months ended September 30, 2021) $ 1,482 2022 5,540 2023 4,080 2024 3,515 2025 3,591 Thereafter 2,324 Total lease payments $ 20,532 Less: imputed interest (909) Total $ 19,623 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | The following table sets forth the components of accumulated other comprehensive income, net of tax where applicable (in thousands): September 30, 2021 December 31, 2020 Foreign currency translation $ 108 $ (22) Unrealized gains on investment securities 14 63 Accumulated other comprehensive income $ 122 $ 41 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Financial Instruments [Abstract] | |
Cash and Available for Sale Securities Adjusted Cost, Gross Unrealized Gains, Gross Unrealized Losses, and Fair Value by Significant Investment Category | The following tables present the Company’s cash and financial assets that are measured at fair value on a recurring basis for each of the hierarchy levels (in thousands): September 30, 2021 Cost Unrealized Gains Accrued Interest Estimated Fair Value Cash & Cash Equivalents Investment Securities Cash $ 145,166 $ - $ - $ 145,166 $ 145,166 $ - Level 1: Money market accounts 9,350 - - 9,350 9,350 - Government & agency securities 1,402 19 8 1,429 - 1,429 10,752 19 8 10,779 9,350 1,429 Level 2: Municipal bonds 3,901 18 31 3,950 - 3,950 Total $ 159,819 $ 37 $ 39 $ 159,895 $ 154,516 $ 5,379 December 31, 2020 Cost Unrealized Gains Accrued Interest Estimated Fair Value Cash & Cash Equivalents Investment Securities Cash $ 159,754 $ - $ - $ 159,754 $ 159,754 $ - Level 1: Money market accounts 3,969 - - 3,969 3,969 - Government & agency securities 2,829 45 - 2,874 - 2,874 6,798 45 - 6,843 3,969 2,874 Level 2: Municipal bonds 7,689 42 147 7,878 - 7,878 Total $ 174,241 $ 87 $ 147 $ 174,475 $ 163,723 $ 10,752 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Narrative) (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Summary of Significant Accounting Policies [Abstract] | ||||||||
Cumulative effect adjustments from changes in accounting standards | $ 196,239 | $ 194,689 | $ 174,891 | $ 157,246 | $ 140,014 | $ 116,736 | $ 110,749 | $ 104,832 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Inventories [Abstract] | ||
Raw materials | $ 13,840 | $ 13,428 |
Packaging | 3,395 | 4,071 |
Non-food finished goods | 15,407 | 8,078 |
Finished goods | 100,688 | 29,858 |
Reserve for obsolete inventory | (3,716) | (2,043) |
Inventory | $ 129,614 | $ 53,392 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Stock Options [Member] | ||||
Anti-dilutive awards | 0 | 88 | 0 | 545 |
Restricted Stock [Member] | ||||
Anti-dilutive awards | 218 | 0 | 306 | 3,620 |
Earnings Per Share (Earnings Pe
Earnings Per Share (Earnings Per Share) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Numerator: | ||||||||
Net income | $ 41,982 | $ 46,963 | $ 41,063 | $ 34,453 | $ 21,935 | $ 18,477 | $ 130,008 | $ 74,865 |
Denominator: | ||||||||
Weighted average shares of common stock outstanding | 11,692 | 11,766 | 11,739 | 11,772 | ||||
Effect of dilutive common stock equivalents | 93 | 91 | 101 | 68 | ||||
Weighted average shares of common stock outstanding | 11,785 | 11,857 | 11,840 | 11,840 | ||||
Basic earnings per share | ||||||||
Earnings per share - basic | $ 3.59 | $ 2.93 | $ 11.07 | $ 6.36 | ||||
Diluted earnings per share | ||||||||
Earnings per share - diluted | $ 3.56 | $ 2.91 | $ 10.98 | $ 6.32 |
Share-based Compensation (Narra
Share-based Compensation (Narrative) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation | $ 2,300 | $ 2,100 | $ 6,613 | $ 4,243 | ||
Proceeds from stock options exercised | $ 811 | $ 1,424 | ||||
Shares withheld for employee taxes | 7,226 | 5,432 | ||||
Common Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares withheld for employee taxes | 1,000 | 7,000 | 5,000 | |||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation | $ 1,100 | 1,000 | $ 3,200 | $ 2,500 | ||
Total income tax benefit recognized related to restricted stock awards | 100 | 300 | $ 2,300 | 900 | ||
Compensation cost recognition weighted average period | 1 year 9 months 18 days | |||||
Share-based compensation arrangement, fair value of awards vested | $ 6,900 | $ 3,400 | ||||
Shares granted in period | 21,000 | 43,000 | ||||
Shares vested in period | 26,000 | 30,000 | ||||
Unrecognized compensation costs | 5,800 | $ 5,800 | ||||
Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Employee service share based compensation nonvested awards total compensation cost not yet recognized | 100 | $ 100 | ||||
Compensation cost recognition weighted average period | 1 year 4 months 24 days | |||||
Weighted-average remaining contractual life of options outstanding | 5 years | |||||
Aggregate intrinsic value of options outstanding | 6,700 | $ 6,700 | ||||
Weighted-average remaining contractual life of options exercisable | 4 years 7 months 6 days | |||||
Aggregate intrinsic value of options exercisable | $ 5,300 | $ 5,300 | ||||
Intrinsic value of options exercised | $ 3,300 | $ 1,100 | ||||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation cost recognition weighted average period | 1 year 8 months 12 days | |||||
Share-based compensation arrangement shares to be issued | 55,345 | 55,345 | ||||
Unrecognized compensation costs | $ 5,600 | $ 5,600 | ||||
Granted in 2019 [Member] | Performance Shares [Member] | Certain Key Executive [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation | 400 | 500 | $ 1,400 | $ 800 | ||
Shares granted in period | 15,834 | 16,637 | ||||
Granted in 2020 [Member] | Performance Shares [Member] | Certain Key Executive [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation | $ 600 | $ 1,300 | $ 900 | |||
Shares granted in period | 25,999 | 27,525 | ||||
Granted in 2020 [Member] | Performance Shares [Member] | Key Executives [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation | 500 | |||||
Granted in 2021 [Member] | Performance Shares [Member] | Certain Key Executive [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation | $ 300 | $ 700 | ||||
Shares granted in period | 13,512 | |||||
Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation, shares authorized under stock option plans, exercise price range, lower range limit | $ 26.52 | |||||
Minimum [Member] | Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 3 years | |||||
Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation, shares authorized under stock option plans, exercise price range, upper range limit | $ 66.68 | |||||
Maximum [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 5 years | |||||
Maximum [Member] | Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award expiration period | 10 years |
Share-based Compensation (Summa
Share-based Compensation (Summary of Stock Options Activity) (Details) - Stock Options [Member] - $ / shares shares in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares, Outstanding at beginning of period | 61 | 97 |
Shares, Exercised | (16) | (24) |
Shares, Forfeited | (6) | |
Shares, Outstanding at end of the period | 45 | 67 |
Shares, Exercisable at end of the period | 35 | 48 |
Weighted-Average Exercise Price, Outstanding at beginning of period | $ 48.19 | $ 52.53 |
Weighted-Average Exercise Price, Exercised | 49.69 | 58.80 |
Weighted-Average Exercise Price, Forfeited | 68.84 | |
Weighted-Average Exercise Price, Outstanding at end of the period | 47.66 | 48.71 |
Weighted-Average Exercise Price, Exercisable at end of the period | $ 42 | $ 40.83 |
Share-based Compensation (Sum_2
Share-based Compensation (Summary of Restricted Stock Activity) (Detail) - Restricted Stock [Member] - $ / shares shares in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Shares | ||
Outstanding at beginning of period | 50 | 46 |
Granted | 21 | 43 |
Vested | (26) | (30) |
Forfeited | (3) | (7) |
Outstanding at end of period | 42 | 52 |
Weighted-Average Grant Date Fair Value | ||
Outstanding at beginning of period | $ 116.06 | $ 98.28 |
Granted | 266.99 | 113.68 |
Vested | 116.62 | 86.79 |
Forfeited | 166.02 | 108.81 |
Outstanding at end of period | $ 183.04 | $ 116.29 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Lessee, Lease, Description [Line Items] | ||||
Finance leases | $ 0 | $ 0 | $ 0 | $ 0 |
Operating lease expense | $ 1,400 | $ 900 | $ 3,800 | $ 2,600 |
Minimum [Member] | Operating Lease Arrangement for Real Estate [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease term | 19 months | 19 months | ||
Minimum [Member] | Operating Lease Arrangement for Equipment [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease term | 24 months | 24 months | ||
Maximum [Member] | Operating Lease Arrangement for Real Estate [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease term | 122 months | 122 months | ||
Maximum [Member] | Operating Lease Arrangement for Equipment [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease term | 203 months | 203 months |
Leases (Schedule of Supplementa
Leases (Schedule of Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||
Cash paid for amounts included in the measurements of lease: Operating cash flow from operating leases liabilities | $ 3,175 | $ 2,778 |
Right-of-use assets obtained in exchange for lease obligations - Operating leases | $ 9,745 | $ 887 |
Weighted average remaining lease term | 4 years 3 months 18 days | |
Weighted average discount rate | 2.30% |
Leases (Schedule of Future Mini
Leases (Schedule of Future Minimum Lease Commitments ) (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2021 (excluding the nine months ended September 30, 2021) | $ 1,482 |
2022 | 5,540 |
2023 | 4,080 |
2024 | 3,515 |
2025 | 3,591 |
Thereafter | 2,324 |
Total lease payments | 20,532 |
Less: imputed interest | (909) |
Total | $ 19,623 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accumulated Other Comprehensive Income [Abstract] | ||
Foreign currency translation | $ 108 | $ (22) |
Unrealized gains on investment securities | 14 | 63 |
Accumulated other comprehensive income | $ 122 | $ 41 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Financial Instruments [Line Items] | ||||
Realized loss or gains | $ 0 | $ 0 | $ 0 | $ 0 |
US Treasury and Government Short-term Debt Securities [Member] | ||||
Financial Instruments [Line Items] | ||||
Available for Sale Securities Maturity Period | 1 year |
Financial Instruments (Cash and
Financial Instruments (Cash and Available for Sale Securities Adjusted Cost, Gross Unrealized Gains, Gross Unrealized Losses, and Fair Value by Significant Investment Category) (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Cash And Cash Equivalents And Marketable securities [Line Items] | ||
Cost | $ 159,819 | $ 174,241 |
Unrealized Gains | 37 | 87 |
Accrued Interest | 39 | 147 |
Estimated Fair Value | 159,895 | 174,475 |
Cash & Cash Equivalents | 154,516 | 163,723 |
Investment Securities | 5,379 | 10,752 |
Cash [Member] | ||
Cash And Cash Equivalents And Marketable securities [Line Items] | ||
Cost | 145,166 | 159,754 |
Estimated Fair Value | 145,166 | 159,754 |
Cash & Cash Equivalents | 145,166 | 159,754 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash And Cash Equivalents And Marketable securities [Line Items] | ||
Cost | 10,752 | 6,798 |
Unrealized Gains | 19 | 45 |
Accrued Interest | 8 | |
Estimated Fair Value | 10,779 | 6,843 |
Cash & Cash Equivalents | 9,350 | 3,969 |
Investment Securities | 1,429 | 2,874 |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Cash And Cash Equivalents And Marketable securities [Line Items] | ||
Cost | 9,350 | 3,969 |
Estimated Fair Value | 9,350 | 3,969 |
Cash & Cash Equivalents | 9,350 | 3,969 |
Fair Value, Inputs, Level 1 [Member] | Government and Agency Securities [Member] | ||
Cash And Cash Equivalents And Marketable securities [Line Items] | ||
Cost | 1,402 | 2,829 |
Unrealized Gains | 19 | 45 |
Accrued Interest | 8 | |
Estimated Fair Value | 1,429 | 2,874 |
Investment Securities | 1,429 | 2,874 |
Fair Value, Inputs, Level 2 [Member] | Municipal Bonds [Member] | ||
Cash And Cash Equivalents And Marketable securities [Line Items] | ||
Cost | 3,901 | 7,689 |
Unrealized Gains | 18 | 42 |
Accrued Interest | 31 | 147 |
Estimated Fair Value | 3,950 | 7,878 |
Investment Securities | $ 3,950 | $ 7,878 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - Credit Agreement [Member] | 6 Months Ended | 9 Months Ended |
Sep. 30, 2021USD ($) | Sep. 30, 2021USD ($) | |
Debt Instrument [Line Items] | ||
Credit Agreement date | Apr. 13, 2021 | |
Credit Agreement maturity date | Apr. 13, 2026 | |
Maximum Total Net Leverage Ratio | 3 | 3 |
Minimum Interest Coverage Ratio | 3.50 | 3.50 |
Borrowings | $ 0 | $ 0 |
Eurodollar [Member] | ||
Debt Instrument [Line Items] | ||
Applicable Rate | 1.25% | |
Base Rate [Member] | ||
Debt Instrument [Line Items] | ||
Applicable Rate | 0.25% | |
Senior Secured Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility maximum borrowing capacity | $ 125,000,000 | 125,000,000 |
Letter of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility maximum borrowing capacity | 20,000,000 | 20,000,000 |
Uncommitted Incremental Facility [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility maximum borrowing capacity | $ 100,000,000 | $ 100,000,000 |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Commitment fee percentage | 0.20% | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Commitment fee percentage | 0.40% |