Westrock Coffee Company (Nasdaq: WEST) (“Westrock Coffee” or the
“Company”) today reported financial results for the second quarter
ended June 30, 2024.
Second Quarter Highlights
Consolidated Results
- Net sales were
$208.4 million for the second quarter of 2024, a decrease of $16.3
million, or 7.3%, compared to the second quarter of 2023.
- Gross profit
for the second quarter of 2024 was $41.4 million and included $1.5
million of non-cash mark-to-market gains, compared to gross profit
of $35.7 million for the second quarter of 2023, which included
$1.0 million of non-cash mark-to-market gains.
- Net loss for
the period was $17.8 million, compared to a net loss of $26.8
million for the second quarter of 2023. The $17.8 million net loss
for the second quarter of 2024 included $4.4 million of
transaction, restructuring and integration expense, $13.6 million
of start-up costs related to our Conway, Arkansas extract and
ready-to-drink facility, and $1.6 million of non-cash gains from
the change in fair value of warrant liabilities. The $26.8 million
net loss for the second quarter of 2023 included $2.9 million of
transaction, restructuring and integration expense, $1.7 million of
start-up costs related to our Conway, Arkansas extract and
ready-to-drink facility, and $11.8 million of non-cash charges from
the change in fair value of warrant liabilities.
- Adjusted EBITDA
was $13.7 million for the second quarter of 2024, an increase of
$2.4 million, or 20.8%, compared to the second quarter of
2023.
Segment Results
- Beverage
Solutions segment contributed $163.3 million of net sales and $13.2
million of Adjusted EBITDA for the second quarter of 2024, compared
to $189.7 million and $11.7 million, respectively, for the second
quarter of 2023.
- SS&T
segment, net of intersegment revenues, contributed $45.1 million of
net sales and $0.4 million of Adjusted EBITDA for the second
quarter of 2024, compared to $35.0 million and ($0.4 million),
respectively, for the second quarter of 2023.
Scott T. Ford, CEO and Co-founder stated, “The second quarter of
2024 was an important quarter at Westrock Coffee for several
reasons. First, it represents our second consecutive quarter of
year-over-year growth in Adjusted EBITDA – up 31.8% in the first
quarter and now up 20.8% in the second quarter, while our Beverage
Solutions Adjusted EBITDA margin improved almost 200 basis points,
year over year. And perhaps more importantly, the second quarter
marked our first commercial sale of multi-serve bottles, and first
commercial production of cans, from our Conway extract and
ready-to-drink facility. Also, given our updated sales ramp
visibility for our Conway extract and RTD plant, we are narrowing
our 2024 guidance range to $60 - $65 million of Adjusted EBITDA,
while simultaneously reaffirming our preliminary guidance for
Adjusted EBITDA of $115 million in fiscal year 2025.”
2024 and 2025 Outlook
The Company is updating its guidance for
Adjusted EBITDA, and the Company now expects Adjusted EBITDA to be
between $60 million and $65 million in fiscal year 2024. Westrock
Coffee is lowering the top end of its range to account for the
Company’s current expectations regarding the timing of the
commercialization of customers at its Conway, Arkansas extract and
ready-to-drink facility. The Company is affirming its guidance for
Adjusted EBITDA of $115 million in fiscal year 2025. Management
will provide additional details regarding the 2024 and 2025 outlook
on its earnings results call to be held today.
The Company is not readily able to provide a
reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net
income (loss) without unreasonable effort because certain items
that impact such figure are uncertain or outside the Company’s
control and cannot be reasonably predicted. Such items include the
impacts of non-cash gains or losses resulting from mark-to-market
adjustments of derivatives and the change in fair value of warrant
liabilities, among others.
Conference Call Details
Westrock Coffee will host a conference call and webcast at 4:30
p.m. ET today to discuss this release. To participate in the live
earnings call and question and answer session, please register at
https://register.vevent.com/register/BI9bad72ca08ef456698dffe2f12427ebd
and dial-in information will be provided directly to you. The live
audio webcast will be accessible in the “Events and Presentations”
section of the Company’s Investor Relations website at
https://investors.westrockcoffee.com. An archived replay of the
webcast will be available shortly after the live event has
concluded and will be available for a minimum of 14 days.
About Westrock Coffee
Westrock Coffee is a leading integrated coffee,
tea, flavors, extracts, and ingredients solutions provider in the
United States, providing coffee sourcing, supply chain management,
product development, roasting, packaging, and distribution services
to the retail, food service and restaurant, convenience store and
travel center, non-commercial account, CPG, and hospitality
industries around the world. With offices in 10 countries, the
Company sources coffee and tea from numerous countries of
origin.
Forward-Looking Statements
Certain statements in this press release that
are not historical facts are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, as
amended from time to time. Forward-looking statements generally are
accompanied by words such as "believe," "may," "will," "estimate,"
"continue," "anticipate," "intend," "expect," "should," "would,"
"plan," "predict," "potential," "seem," "seek," "future,"
"outlook," and similar expressions that predict or indicate future
events or trends or that are not statements of historical matters,
but the absence of these words does not mean that a statement is
not forward-looking. These forward-looking statements include, but
are not limited to, our 2024 financial outlook, our 2025
preliminary financial outlook, certain plans, expectations, goals,
projections, and statements about the timing and benefits of the
build-out, and our ability to sell or commit the capacity of the
Company's Conway, Arkansas extract and ready-to-drink facility, the
plans, objectives, expectations, and intentions of Westrock Coffee,
and other statements that are not historical facts. These
statements are based on information available to Westrock Coffee as
of the date hereof and Westrock Coffee is not under any duty to
update any of the forward-looking statements after the date of this
communication to conform these statements to actual results. These
statements are based on various assumptions, whether or not
identified in this communication, and on the current expectations
of the management of Westrock Coffee as of the date hereof and are
not predictions of actual performance. These forward-looking
statements are provided for illustrative purposes only and are not
intended to serve as and should not be relied on by an investor, or
others, as a guarantee, an assurance, a prediction, or a definitive
statement of fact or probability. Actual events and circumstances
are difficult or impossible to predict and will differ from
assumptions. Many actual events and circumstances are beyond the
control of Westrock Coffee. These forward-looking statements are
subject to a number of risks and uncertainties, including, but not
limited to, changes in domestic and foreign business, market,
financial, political, and legal conditions; risks relating to the
uncertainty of the projected financial information with respect to
Westrock Coffee; risks related to the rollout of Westrock Coffee's
business and the timing of expected business milestones; the
effects of competition on Westrock Coffee's business; the ability
of Westrock Coffee to issue equity or equity-linked securities or
obtain debt financing in the future; the risk that Westrock Coffee
fails to fully realize the potential benefits of acquisitions or
joint ventures or has difficulty successfully integrating acquired
companies; the availability of equipment and the timely performance
by suppliers involved with the build-out of the Conway, Arkansas
extract and ready-to-drink facility; the loss of significant
customers or delays in bringing their products to market; and those
factors discussed in Westrock Coffee’s Annual Report on Form 10-K,
which was filed with the United States Securities and Exchange
Commission (the “SEC”) on March 15, 2024, in Part I, Item 1A “Risk
Factors” and other documents Westrock Coffee has filed, or will
file, with the SEC. If any of these risks materialize or our
assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. There
may be additional risks that Westrock Coffee does not presently
know, or that Westrock Coffee currently believes are immaterial,
that could also cause actual results to differ from those contained
in the forward-looking statements. In addition, the forward-looking
statements reflect Westrock Coffee's expectations, plans, or
forecasts of future events and views as of the date of this
communication. Westrock Coffee anticipates that subsequent events
and developments will cause Westrock Coffee's assessments to
change. However, while Westrock Coffee may elect to update these
forward-looking statements at some point in the future, Westrock
Coffee specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as a
representation of Westrock Coffee's assessments as of any date
subsequent to the date of this communication. Accordingly, undue
reliance should not be placed upon the forward-looking
statements.
Contacts
Media: Westrock Coffee:
PR@westrockcoffee.com
Investor Contact: Westrock Coffee:
IR@westrockcoffee.com
Westrock Coffee CompanyCondensed
Consolidated Balance
Sheets(Unaudited) |
(Thousands, except par value) |
|
June 30, 2024 |
|
December 31, 2023 |
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
24,316 |
|
|
$ |
37,196 |
|
Restricted cash |
|
|
1,711 |
|
|
|
644 |
|
Accounts receivable, net of allowance for credit losses of $3,941
and $2,915, respectively |
|
|
102,071 |
|
|
|
99,158 |
|
Inventories |
|
|
163,703 |
|
|
|
149,921 |
|
Derivative assets |
|
|
17,751 |
|
|
|
13,658 |
|
Prepaid expenses and other current assets |
|
|
22,973 |
|
|
|
12,473 |
|
Total current assets |
|
|
332,525 |
|
|
|
313,050 |
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
418,247 |
|
|
|
344,038 |
|
Goodwill |
|
|
116,111 |
|
|
|
116,111 |
|
Intangible assets, net |
|
|
118,953 |
|
|
|
122,945 |
|
Operating lease right-of-use assets |
|
|
62,643 |
|
|
|
67,601 |
|
Other long-term assets |
|
|
7,894 |
|
|
|
7,769 |
|
Total Assets |
|
$ |
1,056,373 |
|
|
$ |
971,514 |
|
|
|
|
|
|
|
|
LIABILITIES,
CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Current maturities of long-term debt |
|
$ |
12,137 |
|
|
$ |
9,811 |
|
Short-term debt |
|
|
54,552 |
|
|
|
43,694 |
|
Accounts payable |
|
|
43,091 |
|
|
|
69,106 |
|
Supply chain finance program |
|
|
76,336 |
|
|
|
78,076 |
|
Derivative liabilities |
|
|
5,044 |
|
|
|
3,731 |
|
Accrued expenses and other current liabilities |
|
|
62,707 |
|
|
|
35,217 |
|
Total current liabilities |
|
|
253,867 |
|
|
|
239,635 |
|
|
|
|
|
|
|
|
Long-term debt, net |
|
|
280,255 |
|
|
|
223,092 |
|
Convertible notes payable - related party, net |
|
|
49,671 |
|
|
|
— |
|
Deferred income taxes |
|
|
13,288 |
|
|
|
10,847 |
|
Operating lease liabilities |
|
|
59,287 |
|
|
|
63,554 |
|
Warrant liabilities |
|
|
43,148 |
|
|
|
44,801 |
|
Other long-term liabilities |
|
|
1,287 |
|
|
|
1,629 |
|
Total liabilities |
|
|
700,803 |
|
|
|
583,558 |
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A Convertible Preferred Shares, $0.01 par value, 24,000
shares authorized, 23,512 shares issued and outstanding at June 30,
2024 and December 31, 2023, respectively, $11.50 liquidation
value |
|
|
274,042 |
|
|
|
274,216 |
|
|
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
Preferred stock, $0.01 par value, 26,000 shares authorized, no
shares issued and outstanding |
|
|
— |
|
|
|
— |
|
Common stock, $0.01 par value, 300,000 shares authorized, 88,366
shares and 88,051 shares issued and outstanding at June 30, 2024
and December 31, 2023, respectively |
|
|
884 |
|
|
|
880 |
|
Additional paid-in-capital |
|
|
476,795 |
|
|
|
471,666 |
|
Accumulated deficit |
|
|
(404,056) |
|
|
|
(362,624) |
|
Accumulated other comprehensive income |
|
|
7,905 |
|
|
|
3,818 |
|
Total shareholders' equity |
|
|
81,528 |
|
|
|
113,740 |
|
|
|
|
|
|
|
|
Total Liabilities,
Convertible Preferred Shares and Shareholders' Equity |
|
$ |
1,056,373 |
|
|
$ |
971,514 |
|
Westrock Coffee CompanyCondensed
Consolidated Statements of
Operations(Unaudited) |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
(Thousands, except per share data) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Net sales |
|
$ |
208,389 |
|
|
$ |
224,694 |
|
|
$ |
400,889 |
|
|
$ |
430,136 |
|
Costs of sales |
|
|
166,986 |
|
|
|
189,018 |
|
|
|
322,212 |
|
|
|
360,162 |
|
Gross profit |
|
|
41,403 |
|
|
|
35,676 |
|
|
|
78,677 |
|
|
|
69,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expense |
|
|
51,610 |
|
|
|
34,170 |
|
|
|
96,050 |
|
|
|
68,292 |
|
Transaction, restructuring and integration expense |
|
|
4,399 |
|
|
|
2,901 |
|
|
|
7,363 |
|
|
|
9,545 |
|
Impairment charges |
|
|
831 |
|
|
|
— |
|
|
|
831 |
|
|
|
— |
|
Loss on disposal of property, plant and equipment |
|
|
971 |
|
|
|
— |
|
|
|
973 |
|
|
|
896 |
|
Total operating expenses |
|
|
57,811 |
|
|
|
37,071 |
|
|
|
105,217 |
|
|
|
78,733 |
|
Loss from
operations |
|
|
(16,408) |
|
|
|
(1,395) |
|
|
|
(26,540) |
|
|
|
(8,759) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (income) expense |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
7,453 |
|
|
|
7,385 |
|
|
|
15,032 |
|
|
|
13,414 |
|
Change in fair value of warrant liabilities |
|
|
(1,612) |
|
|
|
11,800 |
|
|
|
(1,653) |
|
|
|
6,272 |
|
Other, net |
|
|
98 |
|
|
|
(9) |
|
|
|
233 |
|
|
|
811 |
|
Loss before income
taxes and equity in earnings from unconsolidated
entities |
|
|
(22,347) |
|
|
|
(20,571) |
|
|
|
(40,152) |
|
|
|
(29,256) |
|
Income tax expense (benefit) |
|
|
(4,645) |
|
|
|
6,240 |
|
|
|
1,170 |
|
|
|
1,881 |
|
Equity in (earnings) loss from unconsolidated entities |
|
|
57 |
|
|
|
— |
|
|
|
110 |
|
|
|
— |
|
Net loss |
|
$ |
(17,759) |
|
|
$ |
(26,811) |
|
|
$ |
(41,432) |
|
|
$ |
(31,137) |
|
Net income (loss) attributable to non-controlling interest |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15 |
|
Net loss attributable
to shareholders |
|
|
(17,759) |
|
|
|
(26,811) |
|
|
|
(41,432) |
|
|
|
(31,152) |
|
Accretion of Series A Convertible Preferred Shares |
|
|
87 |
|
|
|
87 |
|
|
|
174 |
|
|
|
(341) |
|
Net loss attributable
to common shareholders |
|
$ |
(17,672) |
|
|
$ |
(26,724) |
|
|
$ |
(41,258) |
|
|
$ |
(31,493) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.20) |
|
|
$ |
(0.35) |
|
|
$ |
(0.47) |
|
|
$ |
(0.42) |
|
Diluted |
|
$ |
(0.20) |
|
|
$ |
(0.35) |
|
|
$ |
(0.47) |
|
|
$ |
(0.42) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
number of shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
88,323 |
|
|
|
75,726 |
|
|
|
88,209 |
|
|
|
75,543 |
|
Diluted |
|
|
88,323 |
|
|
|
75,726 |
|
|
|
88,209 |
|
|
|
75,543 |
|
Westrock Coffee CompanyCondensed
Consolidated Statements of Cash
Flows(Unaudited) |
|
|
Six Months Ended June 30, |
(Thousands) |
|
2024 |
|
|
2023 |
|
Cash flows from
operating activities: |
|
|
|
|
|
|
Net loss |
|
$ |
(41,432) |
|
|
$ |
(31,137) |
|
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
15,516 |
|
|
|
12,055 |
|
Impairment charges |
|
|
831 |
|
|
|
— |
|
Equity-based compensation |
|
|
5,481 |
|
|
|
3,857 |
|
Provision for credit losses |
|
|
1,026 |
|
|
|
653 |
|
Amortization of deferred financing fees included in interest
expense |
|
|
1,715 |
|
|
|
988 |
|
Loss on disposal of property, plant and equipment |
|
|
973 |
|
|
|
896 |
|
Mark-to-market adjustments |
|
|
(3,162) |
|
|
|
(2,205) |
|
Change in fair value of warrant liabilities |
|
|
(1,653) |
|
|
|
6,272 |
|
Foreign currency transactions |
|
|
53 |
|
|
|
907 |
|
Deferred income tax expense (benefit) |
|
|
1,170 |
|
|
|
1,881 |
|
Other |
|
|
490 |
|
|
|
992 |
|
Change in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
(3,954) |
|
|
|
649 |
|
Inventories |
|
|
(12,912) |
|
|
|
(6,874) |
|
Derivative assets and liabilities |
|
|
4,709 |
|
|
|
693 |
|
Prepaid expense and other assets |
|
|
733 |
|
|
|
(8,529) |
|
Accounts payable |
|
|
(20,211) |
|
|
|
(24,080) |
|
Accrued liabilities and other |
|
|
34,936 |
|
|
|
7,314 |
|
Net cash used in operating activities |
|
|
(15,691) |
|
|
|
(35,668) |
|
Cash flows from
investing activities: |
|
|
|
|
|
|
Additions to property, plant and equipment |
|
|
(105,105) |
|
|
|
(55,745) |
|
Additions to intangible assets |
|
|
(104) |
|
|
|
(95) |
|
Acquisition of business, net of cash acquired |
|
|
— |
|
|
|
(2,392) |
|
Proceeds from sale of property, plant and equipment |
|
|
449 |
|
|
|
57 |
|
Net cash used in investing activities |
|
|
(104,760) |
|
|
|
(58,175) |
|
Cash flows from
financing activities: |
|
|
|
|
|
|
Payments on debt |
|
|
(134,634) |
|
|
|
(79,795) |
|
Proceeds from debt |
|
|
184,124 |
|
|
|
156,118 |
|
Payments on supply chain financing program |
|
|
(49,612) |
|
|
|
— |
|
Proceeds from supply chain financing program |
|
|
47,872 |
|
|
|
29,026 |
|
Proceeds from convertible notes payable |
|
|
22,000 |
|
|
|
— |
|
Proceeds from convertible notes payable - related party |
|
|
50,000 |
|
|
|
— |
|
Payment of debt issuance costs |
|
|
(2,965) |
|
|
|
(2,582) |
|
Payment of convertible notes payable issuance costs |
|
|
(511) |
|
|
|
— |
|
Net proceeds from (repayments of) repurchase agreements |
|
|
(7,343) |
|
|
|
(5,236) |
|
Proceeds from exercise of stock options |
|
|
12 |
|
|
|
63 |
|
Proceeds from exercise of Public Warrants |
|
|
— |
|
|
|
2,632 |
|
Proceeds from issuance of common stock |
|
|
635 |
|
|
|
— |
|
Payment of equity issuance costs |
|
|
(10) |
|
|
|
— |
|
Payment for purchase of non-controlling interest |
|
|
— |
|
|
|
(2,000) |
|
Payment for taxes for net share settlement of equity awards |
|
|
(1,159) |
|
|
|
(1,841) |
|
Net cash provided by financing activities |
|
|
108,409 |
|
|
|
96,385 |
|
Effect of exchange rate changes on cash |
|
|
229 |
|
|
|
(165) |
|
Net (decrease) increase in
cash and cash equivalents and restricted cash |
|
|
(11,813) |
|
|
|
2,377 |
|
Cash and cash equivalents and
restricted cash at beginning of period |
|
|
37,840 |
|
|
|
26,405 |
|
Cash and cash equivalents
and restricted cash at end of period |
|
$ |
26,027 |
|
|
$ |
28,782 |
|
Westrock Coffee CompanyReconciliation of
Net Income (Loss) to Non-GAAP Adjusted
EBITDA(Unaudited) |
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
(Thousands) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Net loss |
|
$ |
(17,759) |
|
|
$ |
(26,811) |
|
|
$ |
(41,432) |
|
|
$ |
(31,137) |
|
Interest expense |
|
|
7,453 |
|
|
|
7,385 |
|
|
|
15,032 |
|
|
|
13,414 |
|
Income tax expense (benefit) |
|
|
(4,645) |
|
|
|
6,240 |
|
|
|
1,170 |
|
|
|
1,881 |
|
Depreciation and amortization |
|
|
7,968 |
|
|
|
6,181 |
|
|
|
15,516 |
|
|
|
12,055 |
|
EBITDA |
|
|
(6,983) |
|
|
|
(7,005) |
|
|
|
(9,714) |
|
|
|
(3,787) |
|
Transaction, restructuring and integration expense |
|
|
4,399 |
|
|
|
2,901 |
|
|
|
7,363 |
|
|
|
9,545 |
|
Change in fair value of warrant liabilities |
|
|
(1,612) |
|
|
|
11,800 |
|
|
|
(1,653) |
|
|
|
6,272 |
|
Management and consulting fees (S&D Coffee, Inc.
acquisition) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
556 |
|
Equity-based compensation |
|
|
3,025 |
|
|
|
2,310 |
|
|
|
5,481 |
|
|
|
3,857 |
|
Impairment charges |
|
|
831 |
|
|
|
— |
|
|
|
831 |
|
|
|
— |
|
Conway extract and ready-to-drink facility start-up costs |
|
|
13,612 |
|
|
|
1,711 |
|
|
|
23,408 |
|
|
|
3,580 |
|
Mark-to-market adjustments |
|
|
(1,522) |
|
|
|
(969) |
|
|
|
(3,162) |
|
|
|
(2,205) |
|
Loss on disposal of property, plant and equipment |
|
|
971 |
|
|
|
— |
|
|
|
973 |
|
|
|
896 |
|
Other |
|
|
943 |
|
|
|
562 |
|
|
|
1,279 |
|
|
|
1,049 |
|
Adjusted
EBITDA |
|
$ |
13,664 |
|
|
$ |
11,310 |
|
|
$ |
24,806 |
|
|
$ |
19,763 |
|
Westrock Coffee CompanyReconciliation of
Segment Results(Unaudited) |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
(Thousands) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Net
Sales |
|
|
|
|
|
|
|
|
|
|
|
|
Beverage Solutions |
|
$ |
163,253 |
|
$ |
189,719 |
|
$ |
321,312 |
|
$ |
370,928 |
Sustainable Sourcing &
Traceability1 |
|
|
45,136 |
|
|
34,975 |
|
|
79,577 |
|
|
59,208 |
Total of Reportable
Segments |
|
$ |
208,389 |
|
$ |
224,694 |
|
$ |
400,889 |
|
$ |
430,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
(Thousands) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Gross
Profit |
|
|
|
|
|
|
|
|
|
|
|
|
Beverage Solutions |
|
$ |
36,615 |
|
$ |
32,475 |
|
$ |
69,614 |
|
$ |
62,970 |
Sustainable Sourcing &
Traceability |
|
|
4,788 |
|
|
3,201 |
|
|
9,063 |
|
|
7,004 |
Total of Reportable
Segments |
|
$ |
41,403 |
|
$ |
35,676 |
|
$ |
78,677 |
|
$ |
69,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
(Thousands) |
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
Adjusted
EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
Beverage Solutions |
|
$ |
13,245 |
|
$ |
11,660 |
|
|
$ |
24,045 |
|
$ |
20,081 |
|
Sustainable Sourcing &
Traceability |
|
|
419 |
|
|
(350) |
|
|
|
761 |
|
|
(318) |
|
Total of Reportable
Segments |
|
$ |
13,664 |
|
$ |
11,310 |
|
|
$ |
24,806 |
|
$ |
19,763 |
|
1 - Net of intersegment revenues
Non-GAAP Financial Measures
We refer to EBITDA and Adjusted EBITDA in our analysis of our
results of operations, which are not required by, or presented in
accordance with, accounting principles generally accepted in the
United States (“GAAP”). While we believe that net (loss) income, as
defined by GAAP, is the most appropriate earnings measure, we also
believe that EBITDA and Adjusted EBITDA are important non-GAAP
supplemental measures of operating performance as they contribute
to a meaningful evaluation of the Company’s future operating
performance and comparisons to the Company’s past operating
performance. Additionally, we use these non-GAAP financial measures
in evaluating the performance of our segments, to make operational
and financial decisions and in our budgeting and planning process.
The Company believes that providing these non-GAAP financial
measures to investors helps investors evaluate the Company’s
operating performance, profitability and business trends in a way
that is consistent with how management evaluates such
performance.
We define “EBITDA” as net (loss) income, as defined by GAAP,
before interest expense, provision for income taxes and
depreciation and amortization. We define “Adjusted EBITDA” as
EBITDA before equity-based compensation expense and the impact,
which may be recurring in nature, of transaction, restructuring and
integration related costs, including management services and
consulting agreements entered into in connection with the
acquisition of S&D Coffee, Inc., impairment charges, changes in
the fair value of warrant liabilities, non-cash mark-to-market
adjustments, certain costs specifically excluded from the
calculation of EBITDA under our material debt agreements, such as
facility start-up costs, the write off of unamortized deferred
financing costs, costs incurred as a result of the early repayment
of debt, gains or losses on dispositions, and other similar or
infrequent items (although we may not have had such charges in the
periods presented). We believe EBITDA and Adjusted EBITDA are
important supplemental measures to net (loss) income because they
provide additional information to evaluate our operating
performance on an unleveraged basis. In addition, Adjusted EBITDA
is calculated similar to defined terms in our material debt
agreements used to determine compliance with specific financial
covenants.
Since EBITDA and Adjusted EBITDA are not measures calculated in
accordance with GAAP, they should be viewed in addition to, and not
be considered as alternatives for, net income (loss) determined in
accordance with GAAP. Further, our computations of EBITDA and
Adjusted EBITDA may not be comparable to that reported by other
companies that define EBITDA and Adjusted EBITDA differently than
we do.
Westrock Coffee (NASDAQ:WEST)
過去 株価チャート
から 11 2024 まで 12 2024
Westrock Coffee (NASDAQ:WEST)
過去 株価チャート
から 12 2023 まで 12 2024