The Vita Coco Company, Inc. · NASDAQ:COCO
The Vita Coco — Q1 2024 Earnings Presentation
15 slides from The Vita Coco's earnings presentation, May 1, 2024
Slide 1: Building the Better Beverage Platform of the Future: 2024 First Quarter Results
BUILDING THE BETTER BEVERAGE PLATFORM OF THE FUTURE 2024 FIRST QUARTER RESULTS
Slide 2: Disclaimer
DISCLAIMER Non-GAAP Financial Measures In addition to disclosing results determined in accordance with U.S. GAAP, The Vita Coco Company, Inc. (the “Company”) also discloses certain non-GAAP results of operations, including, but not limited to, Adjusted EBITDA, that include certain adjustments or exc
Slide 3: 2024 First Quarter Performance Highlights
2024 FIRST QUARTER PERFORMANCE HIGHLIGHTS NET SALES % GROWTH VS. PRIOR YEAR (PY) NET SALES: $112MM / 1.8% vs. PY Consolidated Vita Coco Coconut Water • Q1 2024 Net Sales growth of +2% GROSS PROFIT: with Vita Coco Coconut Water (VCCW) growth of +1% vs. Q1 2023 +2% +1% $47MM / 42.2% margin • Q1 2024 G
Slide 4: Our Vision
OUR VISION To be the leading platform for brands in the functional beverage category, and help our consumers… EAT A LITTLE BETTER, DRINK A LITTLE BETTER, LIVE A LITTLE BETTER We believe in democratizing health and wellness, while using business as a force for good to drive positive impact in our com
Slide 5: Building the Better Beverage Platform of the Future
BUILDING THE BETTER BEVERAGE PLATFORM OF THE FUTURE A PUBLIC BENEFIT CORPORATION GLOBAL SUPPLY CHAIN – COCONUT WATER COMMITTED TO GIVING BACK AT SOURCE – SUPPORTED BY CO-PACK IN DIFFERENTIATED ASSET-LITE MARKET RESPONSIBLE BUSINESS, CULTURE & VALUES SUPPLY CHAIN OMNICHANNEL BUSINESS WITH BLUE-CHIP R
Slide 6: Investing to Expand Occasions in >$30B Better-For-You Functional Hydration Category
INVESTING TO EXPAND OCCASIONS FOR OUR BRANDS IN >$30B BETTER-FOR-YOU FUNCTIONAL HYDRATION CATEGORY Large Better-For-You Functional Capturing Opportunities Hydration Category Expand the core by increasing Sports Drinks consumption occasions of Coconut Water $12B and gaining share from retail executio
Slide 7: Vita Coco and Coconut Water Outpacing Other US Beverage Categories
VITA COCO AND COCONUT WATER OUTPACING OTHER US BEVERAGE CATEGORIES; STRONG VOLUME GROWTH, LESS DEPENDENT ON PRICING VS. OTHER CATEGORIES VOLUME (OZ) SOLD: TOTAL US MULO+C % CHANGE VS. PY DOLLAR $: TOTAL US MULO+C % CHANGE VS. PY Last 13 weeks - 3/31/2024 Last 13 weeks - 3/31/2024 Total Ounces Sold %
Slide 8: Vita Coco Coconut Water in US Growing Faster Than Category
VITA COCO COCONUT WATER IN US GROWING FASTER THAN CATEGORY; FOUR YEAR GROWTH REMAINS VERY STRONG IN Q1 2024, VITA COCO +9% AND GROWING SHARE TO 51% LONG-TERM TRENDS REMAIN STRONG TOTAL US MULO+C $ % CHANGE VS. PY TOTAL US MULO+C $ % CHANGE VS. 4 YR AGO L52W, L26W, AND L13W THROUGH 03/31/2024 L52W, L
Slide 9: Key US 2024 Vita Coco Commercial Initiatives Fueling Incremental $ Growth
KEY US 2024 VITA COCO COMMERCIAL INITIATIVES FUELING INCREMENTAL $ GROWTH; ACV PROGRESSING ON MULTIPACKS AND INNOVATION $1.3 $86.5 $5.5 $(0.1) ACV Performance $79.8 Total US – MULO ACV 1L – $4.3 Q1'23 Q1'24 500mL – $7.7 500mL 1ct Base 81 79 330mL – $21.6 1L Base 75 76 500mL MPs 65 67 330mL MPs 43 53
Slide 10: First Quarter 2024 Financial Highlights
FIRST QUARTER 2024 FINANCIAL HIGHLIGHTS VOLUME (CE) GROWTH VS. PRIOR YEAR NET SALES GROWTH VS. PRIOR YEAR 17% 16% 12% 8% Q1 2024 21% Versus Q1 2023: 14% 15% 11% Volume (CE) decline of (1)% (1)% 2% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Net Sales Growth of +2%
Slide 11: Raising 2024 Full Year Guidance
RAISING 2024 FULL YEAR GUIDANCE KEY INITIATIVES 2024 GUIDANCE NET SALES $500-$510MM MULTIPACK JUICE/CANS EXPAND EXPANSION GROWTH OCCASIONS • Expect strong core Coconut Water growth partially offset by transition of private label coconut oil ADJUSTED $76-$82MM EBITDA1 • Expect strong gross margins of
Slide 12: Long-Term Growth Algorithm
LONG-TERM GROWTH ALGORITHM LONG-TERM TARGET RANGE1 KEY INVESTMENT THEMES o Established beverage platform with strong balance BRANDED sheet, built for long-term growth MID NET SALES2 TEENS o Branded Net Sales2 growth expected to be primarily driven by Vita Coco Coconut Water GROWTH including contribu
Slide 13: Appendix
APPENDIX oy THe VITA, COMPANY
Slide 14: Q1 2024 P&L Summary
Q1 2024 P&L SUMMARY $ & CE UNITS IN MM Q1 2024 Q1 2023 VS. PY VOLUME (CE) 11.9 11.9 (1)% — NET SALES 111.7 109.8 2% 1.9 GROSS PROFIT / % MARGIN 47.2 / 42% 33.7 / 31% 40% 13.5 SG&A 28.2 27.0 5% 1.2 INCOME FROM OPERATIONS 19.0 6.7 184% 12.3 NET INCOME / % MARGIN 14.2 / 13% 6.7 / 6% 135% 7.5 EPS - DILU
Slide 15: Q1 2024 and Q1-Q4 2023 Net Income to Adjusted EBITDA Reconciliation
Q1 2024 AND Q1-Q4 2023 NET INCOME TO ADJUSTED EBITDA RECONCILIATION Three Months Ended $MM March 31, 2024 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 NET INCOME $14.2 $6.7 $18.0 $15.2 $6.8 Depreciation & Amortization 0.2 0.2 0.2 0.2 0.2 Interest Income / Expense (1.5) — (0.3) (
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