8-K
Vita Coco Company, Inc. (COCO)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): November 12, 2021
The Vita Coco Company, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 001-40950 | 11-3713156 |
|---|---|---|
| (State or other jurisdiction of<br> <br>incorporation or organization) | (Commission<br> <br>File Number) | (I.R.S. Employer<br> <br>Identification No.) |
250 Park Avenue South
Seventh Floor
New York, New York 10003
(Address of principal executive offices) (Zip Code)
(Registrant’s telephone number, include area code) (212) 206-0763
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br> <br>Symbols | Name of each exchange<br> <br>on which registered |
|---|---|---|
| Common Stock, $0.01 par value per share | COCO | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
| Item 2.02 | Results of Operations and Financial Condition. |
|---|
The following table provides a comparative summary of shipments in case equivalents, or CE, by operating segment and product category for The Vita Coco Company, Inc. for the periods presented:
| Three Months Ended<br>September 30, | Change | Nine Months Ended<br>September 30, | Change | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in thousands) | 2021 | 2020 | Amount | Percentage | 2021 | 2020 | Amount | Percentage | ||||||||||||
| Americas segment | ||||||||||||||||||||
| Vita Coco Coconut Water | 7,605 | 6,147 | 1,458 | 23.7 | % | 19,482 | 15,176 | 4,306 | 28.4 | % | ||||||||||
| Private Label | 2,934 | 2,391 | 543 | 22.7 | % | 7,643 | 7,000 | 643 | 9.2 | % | ||||||||||
| Other | 326 | 325 | 1 | 0.3 | % | 831 | 1,269 | (438 | ) | (34.5 | %) | |||||||||
| Subtotal | 10,865 | 8,863 | 2,002 | 22.6 | % | 27,956 | 23,445 | 4,511 | 19.2 | % | ||||||||||
| International segment* | ||||||||||||||||||||
| Vita Coco Coconut Water | 1,463 | 1,242 | 221 | 17.8 | % | 3,890 | 3,278 | 612 | 18.7 | % | ||||||||||
| Private Label | 540 | 448 | 92 | 20.5 | % | 1,327 | 1,302 | 25 | 1.9 | % | ||||||||||
| Other | 7 | 119 | (112 | ) | (94.1 | %) | 213 | 481 | (268 | ) | (55.7 | %) | ||||||||
| Subtotal | 2,010 | 1,809 | 201 | 11.1 | % | 5,430 | 5,061 | 369 | 7.3 | % | ||||||||||
| Total volume (CE) | 12,875 | 10,672 | 2,203 | 20.6 | % | 33,386 | 28,506 | 4,880 | 17.1 | % |
Note: A CE is a standard volume measure used by management which is defined as a case of 12 bottles of 330ml liquid beverages or the same liter volume of oil.
| * | International Other excludes minor volume that is treated as zero CE. |
|---|
The information disclosed under this Item 2.02 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as expressly set forth in such filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| THE VITA COCO COMPANY, INC. | ||
|---|---|---|
| Date: November 12, 2021 | By: | /s/ Kevin Benmoussa |
| Name: Kevin Benmoussa | ||
| Title: Chief Financial Officer |