UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 28, 2020
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______________ to ______________
Commission File Number: 001-39411
Vital Farms, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
27-0496985 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer |
|
|
3601 South Congress Avenue Suite C100 Austin, Texas
|
78704 |
(Address of principal executive offices) |
(Zip Code) |
(877) 455-3063
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, par value $0.0001 per share |
|
VITL |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No ☒
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
|
☐ |
|
Accelerated filer |
|
☐ |
|
|
|
|
|||
Non-accelerated filer |
|
☒ |
|
Smaller reporting company |
|
☐ |
|
|
|
|
|
|
|
Emerging growth company |
|
☒ |
|
|
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of September 4, 2020, the registrant had 39,432,161 shares of common stock, $0.0001 par value per share, outstanding.
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Page |
PART I. |
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Item 1. |
Financial Statements (Unaudited) |
|
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3 |
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4 |
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5 |
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|
7 |
|
|
Notes to Unaudited Condensed Consolidated Financial Statements |
8 |
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
23 |
Item 3. |
39 |
|
Item 4. |
40 |
|
PART II. |
41 |
|
Item 1. |
41 |
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Item 1A. |
41 |
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Item 2. |
64 |
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Item 3. |
65 |
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Item 4. |
65 |
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Item 5. |
65 |
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Item 6. |
66 |
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i
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains “forward-looking statements” (within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will” or “would” or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following:
|
• |
the effects of the current COVID-19 pandemic, or of other global outbreaks of pandemics or contagious diseases or fear of such outbreaks, including on our supply chain, the demand for our products, and on overall economic conditions and consumer confidence and spending levels; |
|
• |
our expectations regarding our revenue, expenses and other operating results; |
|
• |
our ability to acquire new customers and successfully retain existing customers; |
|
• |
our ability to attract and retain our suppliers, distributors and co-manufacturers; |
|
• |
our ability to sustain or increase our profitability; |
|
• |
our ability to procure sufficient high quality eggs, butter and other raw materials; |
|
• |
real or perceived quality with our products or other issues that adversely affect our brand and reputation; |
|
• |
changes in the tastes and preferences of our consumers; |
|
• |
the financial condition of, and our relationships with, our suppliers, co-manufacturers, distributors, retailers and foodservice customers, as well as the health of the foodservice industry generally; |
|
• |
real or perceived quality or health issues with our products or other issues that adversely affect our brand and reputation; |
|
• |
the ability of our suppliers and co-manufacturers to comply with food safety, environmental or other laws or regulations; |
|
• |
future investments in our business, our anticipated capital expenditures and our estimates regarding our capital requirements; |
|
• |
the costs and success of our marketing efforts, and our ability to promote our brand; |
|
• |
our reliance on key personnel and our ability to identify, recruit and retain skilled personnel; |
|
• |
our ability to effectively manage our growth; |
|
• |
our focus on a specific public benefit purpose and producing a positive effect for society may negatively influence our financial performance; |
|
• |
our ability to compete effectively with existing competitors and new market entrants; |
|
• |
the impact of adverse economic conditions; |
|
• |
the sufficiency of our cash to meet our liquidity needs and service our indebtedness; |
|
• |
seasonality; and |
|
• |
the growth rates of the markets in which we compete. |
You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.
1
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Quarterly Report on Form 10-Q. And while we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.
The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments.
Unless the context otherwise requires, the terms “Vital Farms,” “the Company,” “we,” “our,” “us” or similar references in this Quarterly Report on Form 10-Q refer to Vital Farms, Inc. and its subsidiaries.
2
PART I – FINANCIAL INFORMATION
VITAL FARMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share amounts)
|
|
June 28, 2020 |
|
|
December 29, 2019 |
|
||
|
|
(Unaudited) |
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
17,094 |
|
|
$ |
1,274 |
|
Accounts receivable, net |
|
|
16,016 |
|
|
|
16,108 |
|
Inventories |
|
|
9,922 |
|
|
|
12,947 |
|
Income taxes receivable |
|
|
— |
|
|
|
1,615 |
|
Prepaid expenses and other current assets |
|
|
3,199 |
|
|
|
2,706 |
|
Total current assets |
|
|
46,231 |
|
|
|
34,650 |
|
Property, plant and equipment, net |
|
|
26,823 |
|
|
|
22,458 |
|
Notes receivable from related party |
|
|
844 |
|
|
|
831 |
|
Goodwill |
|
|
3,858 |
|
|
|
3,858 |
|
Deposits and other assets |
|
|
181 |
|
|
|
151 |
|
Total assets |
|
$ |
77,937 |
|
|
$ |
61,948 |
|
Liabilities, Redeemable Noncontrolling Interest, Redeemable Convertible Preferred Stock and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
15,107 |
|
|
$ |
13,510 |
|
Accrued liabilities |
|
|
7,820 |
|
|
|
8,608 |
|
Current portion of long-term debt |
|
|
1,460 |
|
|
|
2,160 |
|
Lease obligation, current |
|
|
460 |
|
|
|
449 |
|
Contingent consideration, current |
|
|
159 |
|
|
|
270 |
|
Income taxes payable |
|
|
355 |
|
|
|
— |
|
Total current liabilities |
|
|
25,361 |
|
|
|
24,997 |
|
Long-term debt, net of current portion |
|
|
8,315 |
|
|
|
2,896 |
|
Lease obligation, net of current portion |
|
|
565 |
|
|
|
797 |
|
Contingent consideration, non-current |
|
|
54 |
|
|
|
382 |
|
Deferred tax liabilities, net |
|
|
2,306 |
|
|
|
755 |
|
Other liability, non-current |
|
|
421 |
|
|
|
272 |
|
Total liabilities |
|
|
37,022 |
|
|
|
30,099 |
|
Commitments and contingencies (Note 15) |
|
|
|
|
|
|
|
|
Redeemable noncontrolling interest |
|
|
175 |
|
|
|
175 |
|
Redeemable convertible preferred stock (Series B, Series C and Series D), $0.0001 par value per share; 8,192,876 shares authorized, issued, and outstanding as of June 28, 2020 (unaudited) and December 29, 2019; aggregate liquidation preference of $40,436 as of June 28, 2020 (unaudited) and December 29, 2019 |
|
|
23,036 |
|
|
|
23,036 |
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Common stock, $0.0001 par value per share, 40,348,565 shares authorized as of June 28, 2020 (unaudited) and December 29, 2019; 31,683,486 and 31,429,898 shares issued as of June 28, 2020 (unaudited) and December 29, 2019, respectively; 26,188,568 and 25,934,980 shares outstanding as of June 28, 2020 (unaudited) and December 29, 2019, respectively |
|
|
3 |
|
|
|
3 |
|
Treasury stock, at cost, 5,494,918 common shares as of June 28, 2020 (unaudited) and December 29, 2019 |
|
|
(16,276 |
) |
|
|
(16,276 |
) |
Additional paid-in capital |
|
|
20,789 |
|
|
|
19,593 |
|
Retained earnings |
|
|
13,148 |
|
|
|
5,239 |
|
Total stockholders’ equity attributable to Vital Farms, Inc. stockholders |
|
|
17,664 |
|
|
|
8,559 |
|
Noncontrolling interests |
|
|
40 |
|
|
|
79 |
|
Total stockholders’ equity |
|
$ |
17,704 |
|
|
$ |
8,638 |
|
Total liabilities, redeemable noncontrolling interest, redeemable convertible preferred stock and stockholders’ equity |
|
$ |
77,937 |
|
|
$ |
61,948 |
|
See accompanying notes to the unaudited condensed consolidated financial statements.
3
VITAL FARMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per share data)
(Unaudited)
|
|
13-Weeks Ended |
|
|
26-Weeks Ended |
|
||||||||||
|
|
June 28, 2020 |
|
|
June 30, 2019 |
|
|
June 28, 2020 |
|
|
June 30, 2019 |
|
||||
Net revenue |
|
$ |
59,341 |
|
|
$ |
32,285 |
|
|
$ |
106,920 |
|
|
$ |
65,230 |
|
Cost of goods sold |
|
|
36,643 |
|
|
|
21,285 |
|
|
|
68,367 |
|
|
|
42,724 |
|
Gross profit |
|
|
22,698 |
|
|
|
11,000 |
|
|
|
38,553 |
|
|
|
22,506 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
9,970 |
|
|
|
4,758 |
|
|
|
19,648 |
|
|
|
9,922 |
|
Shipping and distribution |
|
|
3,666 |
|
|
|
2,333 |
|
|
|
6,940 |
|
|
|
4,412 |
|
Total operating expenses |
|
|
13,636 |
|
|
|
7,091 |
|
|
|
26,588 |
|
|
|
14,334 |
|
Income from operations |
|
|
9,062 |
|
|
|
3,909 |
|
|
|
11,965 |
|
|
|
8,172 |
|
Other (expense) income, net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(97 |
) |
|
|
(79 |
) |
|
|
(255 |
) |
|
|
(165 |
) |
Other (expense) income, net |
|
|
(181 |
) |
|
|
53 |
|
|
|
(161 |
) |
|
|
1,322 |
|
Total other (expense) income, net |
|
|
(278 |
) |
|
|
(26 |
) |
|
|
(416 |
) |
|
|
1,157 |
|
Net income before income taxes |
|
|
8,784 |
|
|
|
3,883 |
|
|
|
11,549 |
|
|
|
9,329 |
|
Provision for income taxes |
|
|
2,848 |
|
|
|
1,095 |
|
|
|
3,679 |
|
|
|
2,516 |
|
Net income |
|
|
5,936 |
|
|
|
2,788 |
|
|
|
7,870 |
|
|
|
6,813 |
|
Less: Net (loss) income attributable to noncontrolling interests |
|
|
(28 |
) |
|
|
(11 |
) |
|
|
(39 |
) |
|
|
956 |
|
Net income attributable to Vital Farms, Inc. common stockholders |
|
$ |
5,964 |
|
|
$ |
2,799 |
|
|
$ |
7,909 |
|
|
$ |
5,857 |
|
Net income per share attributable to Vital Farms, Inc. stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic: |
|
$ |
0.23 |
|
|
$ |
0.11 |
|
|
$ |
0.30 |
|
|
$ |
0.23 |
|
Diluted: |
|
$ |
0.16 |
|
|
$ |
0.08 |
|
|
$ |
0.21 |
|
|
$ |
0.17 |
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic: |
|
|
26,007,459 |
|
|
|
26,440,796 |
|
|
|
25,974,873 |
|
|
|
25,426,563 |
|
Diluted: |
|
|
37,896,742 |
|
|
|
36,241,488 |
|
|
|
37,755,675 |
|
|
|
35,067,996 |
|
See accompanying notes to the unaudited condensed consolidated financial statements
4
VITAL FARMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK , REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
(Amounts in thousands, except share amounts)
(Unaudited)
|
|
Redeemable Convertible Preferred Stock |
|
|
Redeemable Noncontrolling Interest |
|
|
|
Common Stock |
|
|
Treasury Stock |
|
|
|
|
|
|
|
|
|
|
Total Stockholders’ Equity Attributable |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
Shares |
|
|
Amount |
|
|
Amount |
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Additional Paid-In Capital |
|
|
Retained Earnings |
|
|
to Vital Farms, Inc. Stockholders’ |
|
|
Noncontrolling Interests |
|
|
Total Stockholders’ Equity |
|
||||||||||||
Balances at December 29. 2019 |
|
|
8,192,876 |
|
|
$ |
23,036 |
|
|
$ |
175 |
|
|
|
|
31,429,898 |
|
|
$ |
3 |
|
|
|
(5,494,918 |
) |
|
$ |
(16,276 |
) |
|
$ |
19,593 |
|
|
$ |
5,239 |
|
|
$ |
8,559 |
|
|
$ |
79 |
|
|
$ |
8,638 |
|
Exercise of stock options |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
7,588 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10 |
|
|
|
— |
|
|
|
10 |
|
|
|
— |
|
|
|
10 |
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
448 |
|
|
|
— |
|
|
|
448 |
|
|
|
— |
|
|
|
448 |
|
Net loss attributable to non- controlling interests - stockholders |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(11 |
) |
|
|
(11 |
) |
Net income attributable to Vital Farms, Inc. |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,945 |
|
|
|
1,945 |
|
|
|
— |
|
|
|
1,945 |
|
Balances at March 29, 2020 |
|
|
8,192,876 |
|
|
$ |
23,036 |
|
|
$ |
175 |
|
|
|
|
31,437,486 |
|
|
$ |
3 |
|
|
|
(5,494,918 |
) |
|
$ |
(16,276 |
) |
|
$ |
20,051 |
|
|
$ |
7,184 |
|
|
$ |
10,962 |
|
|
$ |
68 |
|
|
$ |
11,030 |
|
Exercise of stock options |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
49,200 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
160 |
|
|
|
— |
|
|
|
160 |
|
|
|
— |
|
|
|
160 |
|
Exercise of warrant |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
196,800 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
282 |
|
|
|
— |
|
|
|
282 |
|
|
|
— |
|
|
|
282 |
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
296 |
|
|
|
— |
|
|
|
296 |
|
|
|
— |
|
|
|
296 |
|
Net loss attributable to non- controlling interests - stockholders |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(28 |
) |
|
|
(28 |
) |
Net income attributable to Vital Farms, Inc. |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,964 |
|
|
|
5,964 |
|
|
|
— |
|
|
|
5,964 |
|
Balances at June 28, 2020 |
|
|
8,192,876 |
|
|
$ |
23,036 |
|
|
$ |
175 |
|
|
|
|
31,683,486 |
|
|
$ |
3 |
|
|
|
(5,494,918 |
) |
|
$ |
(16,276 |
) |
|
$ |
20,789 |
|
|
$ |
13,148 |
|
|
$ |
17,664 |
|
|
$ |
40 |
|
|
$ |
17,704 |
|
See accompanying notes to the unaudited condensed consolidated financial statements.
5
VITAL FARMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
(Amounts in thousands, except share amounts)
(Unaudited)
|
|
Redeemable Convertible Preferred Stock |
|
|
Redeemable Noncontrolling Interest |
|
|
Common Stock |
|
|
Treasury Stock |
|
|
|
|
|
|
|
|
|
|
Total Stockholders’ Equity Attributable |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
Shares |
|
|
Amount |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Additional Paid-In Capital |
|
|
Retained Earnings |
|
|
to Vital Farms, Inc. Stockholders’ |
|
|
Noncontrolling Interests |
|
|
Total Stockholders’ Equity |
|
||||||||||||
Balances at December 30, 2018 |
|
|
8,192,876 |
|
|
$ |
23,036 |
|
|
$ |
175 |
|
|
|
28,461,978 |
|
|
$ |
3 |
|
|
|
(2,642,148 |
) |
|
$ |
(1,987 |
) |
|
$ |
4,245 |
|
|
$ |
2,854 |
|
|
$ |
5,115 |
|
|
$ |
(848 |
) |
|
$ |
4,267 |
|
Issuance of common stock, net of issuance costs of $497 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,407,506 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,003 |
|
|
|
— |
|
|
|
7,003 |
|
|
|
— |
|
|
|
7,003 |
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
143 |
|
|
|
— |
|
|
|
143 |
|
|
|
— |
|
|
|
143 |
|
Net income attributable to non- controlling interests - stockholders |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
967 |
|
|
|
967 |
|
Net income attributable to Vital Farms, Inc. |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,058 |
|
|
|
3,058 |
|
|
|
— |
|
|
|
3,058 |
|
Balances at March 31, 2019 |
|
|
8,192,876 |
|
|
$ |
23,036 |
|
|
$ |
175 |
|
|
|
29,869,484 |
|
|
$ |
3 |
|
|
|
(2,642,148 |
) |
|
$ |
(1,987 |
) |
|
$ |
11,391 |
|
|
$ |
5,912 |
|
|
$ |
15,319 |
|
|
$ |
119 |
|
|
$ |
15,438 |
|
Issuance of common stock, net of issuance costs of $406 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,407,506 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,094 |
|
|
|
— |
|
|
|
7,094 |
|
|
|
— |
|
|
|
7,094 |
|
Exercise of stock options |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
147,840 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
218 |
|
|
|
— |
|
|
|
218 |
|
|
|
— |
|
|
|
218 |
|
Repurchase of common stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,852,770 |
) |
|
|
(14,289 |
) |
|
|
— |
|
|
|
— |
|
|
|
(14,289 |
) |
|
|
— |
|
|
|
(14,289 |
) |
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
143 |
|
|
|
— |
|
|
|
143 |
|
|
|
— |
|
|
|
143 |
|
Net loss attributable to non- controlling interests - stockholders |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(11 |
) |
|
|
(11 |
) |
Net income attributable to Vital Farms, Inc. |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,799 |
|
|
|
2,799 |
|
|
|
— |
|
|
|
2,799 |
|
Balances at June 30, 2019 |
|
|
8,192,876 |
|
|
$ |
23,036 |
|
|
$ |
175 |
|
|
|
31,424,830 |
|
|
$ |
3 |
|
|
|
(5,494,918 |
) |
|
$ |
(16,276 |
) |
|
$ |
18,846 |
|
|
$ |
8,711 |
|
|
$ |
11,284 |
|
|
$ |
108 |
|
|
$ |
11,392 |
|
See accompanying notes to the unaudited condensed consolidated financial statements.
6
VITAL FARMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
|
|
26-Weeks Ended |
|
|||||
|
|
June 28, 2020 |
|
|
June 30, 2019 |
|
||
Cash flows provided by operating activities: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
7,870 |
|
|
$ |
6,813 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
954 |
|
|
|
726 |
|
Non-cash interest expense |
|
|
11 |
|
|
|
4 |
|
Bad debt recovery |
|
|
(150 |
) |
|
|
— |
|
Inventory provisions |
|
|
165 |
|
|
|
(67 |
) |
Change in fair value of contingent consideration |
|
|
(350 |
) |
|
|
38 |
|
Stock-based compensation expense |
|
|
744 |
|
|
|
286 |
|
Loss on write-off of construction in progress |
|
|
209 |
|
|
|
— |
|
Deferred taxes |
|
|
1,551 |
|
|
|