0001482981-22-000074 | 10-Q | XBRL Viewer

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Commitments and Contingencies - Additional Information (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021	Oct. 25, 2021
Concentration Risk [Line Items]
Estimated litigation liability	$ 0	$ 0
One customer
Concentration Risk [Line Items]
Ownership percentage			5.00%

Derivative Instruments - Summary of Notional Amount and Fair Value of All Outstanding Derivative Instruments (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Receive USD/pay GBP
Derivatives, Fair Value [Line Items]
Derivative asset, notional amount	$ 26,041	$ 22,323
Derivative asset, fair value	3,502	125
Receive BRL/sell USD
Derivatives, Fair Value [Line Items]
Derivative asset, notional amount	41,515
Derivative asset, fair value	1,275
Derivative liability, notional amount		43,174
Derivative liability, fair value		(2,389)
Receive USD/pay CAD
Derivatives, Fair Value [Line Items]
Derivative asset, notional amount	4,633
Derivative asset, fair value	303
Derivative liability, notional amount		4,731
Derivative liability, fair value		(57)
Receive THB/sell USD
Derivatives, Fair Value [Line Items]
Derivative liability, notional amount	17,786	18,488
Derivative liability, fair value	$ (1,735)	(751)
Receive MYR/sell USD
Derivatives, Fair Value [Line Items]
Derivative asset, notional amount		392
Derivative asset, fair value		$ 1

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) vote $ / shares shares	Sep. 30, 2021 USD ($)	Dec. 31, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of votes per share of common stock \| vote			1
Treasury stock (in shares)	6,206,200		6,206,200		6,206,200
Stock-based compensation expense \| $	$ 1,142	$ 629	$ 4,722	$ 1,641
Reduction in revenue, stock-based compensation \| $	$ 315		$ 935
Service-based Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)			128,940
Performance and Market-based Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of vesting of award under share-based payment arrangement			50.00%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted RSUs (in shares)			339,153
Aggregate grant date fair value \| $			$ 4,408
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	4,542,480		4,542,480		3,431,312
Common shares reserved for future issuance (in shares)	2,892,361		2,892,361		2,170,975
Percentage of vesting of award under share-based payment arrangement			25.00%
Award requisite service period (in years)			4 years
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of outstanding stock maximum			8.00%
Share based compensation arrangement by share based payment award, Award vesting period			10 years
2014 Plan \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of vesting of award under share-based payment arrangement			50.00%
Award requisite service period (in years)			2 years
2014 Plan \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of vesting of award under share-based payment arrangement			50.00%
Award requisite service period (in years)			4 years
All Market Europe, Ltd.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners	0.00%		0.00%		0.00%
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchased during period (in shares)			5,192,005
Purchase price per share (in dollars per share) \| $ / shares			$ 9.63
Stock repurchased during period \| $			$ 50,000

Debt - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
Debt - Additional Information (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Credit facility	$ 9,500,000		$ 9,500,000		$ 0
2020 Credit facility
Debt Instrument [Line Items]
Credit facility	9,500,000		9,500,000		$ 0
Line of credit facility, interest expense and unused commitment fee	140,000	$ 44,000	$ 249,000	$ 197,000
2020 Credit facility \| Minimum
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage			0.05%
2020 Credit facility \| Maximum
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage			0.20%
2020 Credit facility \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity	$ 50,500,000		$ 50,500,000
2020 Credit facility \| Line of Credit \| Adjusted LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			0.00%
2020 Credit facility \| Line of Credit \| Fed Funds Effective Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.50%
2020 Credit facility \| Line of Credit \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.50%

Fair Value Measurements - Summary of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 3,345
Liabilities measured at fair value		$ (3,071)
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0
Liabilities measured at fair value		0
Level 2 \| Forward Currency Swaps/Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	3,345
Liabilities measured at fair value		(3,071)
Level 3 \| Contingent consideration liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 0
Liabilities measured at fair value		$ 0

Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Notional Amount and Fair Value of All Outstanding Derivative Instruments

The notional amount and fair value of all outstanding derivative instruments in the condensed consolidated balance sheets consist of the following at:

September 30, 2022

Derivatives not designated as
hedging instruments under
ASC 815-20

Notional
Amount

Fair
Value

Balance Sheet Location

Assets

Foreign currency exchange contracts

Receive USD/pay GBP

26,041

3,502

Derivative assets

Receive BRL/sell USD

41,515

1,275

Derivative assets

Receive USD/pay CAD

4,633

303

Derivative assets

Liabilities

Foreign currency exchange contracts

Receive THB/sell USD

17,786

(1,735)

Derivative liabilities


December 31, 2021
Derivatives not designated as hedging instruments under ASC 815-20	Notional Amount		Fair Value		Balance Sheet Location
Assets
Foreign currency exchange contracts
Receive USD/pay GBP	$	22,323	$	125	Derivative assets
Receive MYR/sell USD	392		1		Derivative assets
Liabilities
Foreign currency exchange contracts
Receive BRL/sell USD	$	43,174	$	(2,389)	Derivative liabilities
Receive USD/pay CAD	4,731		(57)		Derivative liabilities
Receive THB/sell USD	18,488		(751)		Derivative liabilities

Summary of Realized and Unrealized Gains and Losses of the Derivative Instruments

The amount and location of realized and unrealized gains and losses of the derivative instruments in the condensed consolidated statements of operations for the three and nine months ended September 30, 2022 and 2021 are as follows:


	Three Months Ended September 30,
	2022		2021
Unrealized gain/(loss) on derivative instruments	$	952	$	(1,964)
Location	Unrealized gain/(loss) on derivative instruments		Unrealized gain/(loss) on derivative instruments
Foreign currency gain / (loss)	$	881	$	(483)
Location	Foreign currency gain/(loss)		Foreign currency gain/(loss)

	Nine Months Ended September 30,
	2022		2021
Unrealized gain/(loss) on derivative instruments	$	6,416	$	1,250
Location	Unrealized gain/(loss) on derivative instruments		Unrealized gain/(loss) on derivative instruments
Foreign currency gain / (loss)	$	1,839	$	(2,013)
Location	Foreign currency gain/(loss)		Foreign currency gain/(loss)

Goodwill and Intangible Assets - Summary of Estimated Future Expense for Amortizable Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2022 (excluding the nine months ended September 30, 2022)	$ 305
2023	1,220
2024	1,220
2025	1,220
2026	1,220
Thereafter	1,834
Net	$ 7,019	$ 7,934

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 1,565	$ 1,301
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	62,129,192	61,764,582
Common stock, shares outstanding (in shares)	55,922,992	55,558,382
Treasury stock (in shares)	6,206,200	6,206,200

Related-Party Transactions	9 Months Ended
Related-Party Transactions	Sep. 30, 2022
Related Party Transactions [Abstract]
Related-Party Transactions	RELATED-PARTY TRANSACTIONS Management Fees—The Company was subject to an arrangement with one of its stockholders for as long as such stockholder held at least 5% of the Company’s capital stock. Pursuant to the terms of the amended arrangement, the Company was required to make fixed annual management fee payments of $281. On October 20, 2021, in connection with the IPO discussed in Note 1, the Stockholder’s Agreement was revised and the new Investor Rights Agreement does not provide for payment of a management fee to this stockholder. For the nine months ended September 30, 2021 and the year ended December 31, 2021, the Company had amounts due in accounts payable of $227 for the portion of the year prior to the execution of the new Investor Rights Agreement, which was paid as of September 30, 2022. Director Nominee Agreements - On May 24, 2022, two members of the Board of Directors appointed as nominees under the Investor Rights Agreement by Verlinvest Beverages SA, a stockholder of the Company, entered into nominee agreements instructing the Company to pay all cash compensation earned in connection with their Board of Director services to Verlinvest Beverages SA. Based on aforementioned nominee agreements, RSUs granted to these two directors, based on the aforementioned nominee agreements, will be held by them as nominees for Verlinvest Beverages SA and, upon vesting of the RSUs, the shares will be transferred to Verlinvest Beverages SA. The nominee agreements are primarily between the directors and Verlinvest Beverages SA. The Company is a party to this arrangement solely to agree to the manner in which it would satisfy the compensation obligations to these directors. Loan to Employee—On September 18, 2019, the Company extended a five year promissory note of $17,700 to Martin Roper, the current CEO, in order for him to buy 1,739,010 shares of The Vita Coco Company, Inc.’s common stock in conjunction with his employment agreement. The interest on the note accrued annually at a rate of 1.78% with the principal balance due at maturity. The purchase of the Company’s shares occurred simultaneously with the commencement of the loan, as a result, no funds were actually disbursed by the Company. The purchased Company shares were pledged as collateral to the loan until full repayment of the principal balance. On May 18, 2020, the Company amended the interest rate on the note to 0.58%. On September 16, 2021, Martin Roper repaid the outstanding principal balance and accrued interest in full satisfaction of the promissory note. Distribution Agreement with Shareholder—On October 1, 2019, the Company entered into a distribution agreement with one of its stockholders. The distribution agreement grants the stockholder the right to sell, resell, and distribute designated products supplied by the Company within a specified territory. The amount of revenue recognized related to this distribution agreement was $1,371 and $1,636 for the three months ended September 30, 2022 and 2021, respectively, and $4,777 and $4,944 for the nine months ended September 30, 2022 and 2021, respectively. The amounts due from the stockholder in Accounts Receivable, net were $408 and $600 as of September 30, 2022 and December 31, 2021, respectively. Related to this distribution arrangement, the Company and the stockholder have a service agreement where the Company shares in the compensation costs of the stockholder’s employee managing the China market. The Company recorded $63 and $39 for the three months ended September 30, 2022 and 2021, respectively, and $160 and $119 for the nine months ended September 30, 2022 and 2021, respectively, in selling, general and administrative expense for this service agreement.

Goodwill and Intangible Assets - Summary of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 12,238	$ 12,238
Accumulated Amortization	(5,219)	(4,304)
Net	7,019	7,934
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	6,200	6,200
Accumulated Amortization	(2,652)	(2,187)
Net	3,548	4,013
Distributor relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	6,000	6,000
Accumulated Amortization	(2,567)	(2,117)
Net	3,433	3,883
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	38	38
Accumulated Amortization	0	0
Net	$ 38	$ 38

Assets Held For Sale (Tables)

9 Months Ended

Sep. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Assets Held For Sale

The remaining carrying amount is listed below. Theses assets held for sale do not qualify for discontinued operations reporting.


Asset held for sale	Amount
Land	$	503

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Segment Reporting - Reconciliation of Gross Profit to Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting [Abstract]
Total gross profit	$ 32,576	$ 38,501	$ 80,928	$ 91,561
Selling, general, and administrative expenses	23,960	20,675	73,018	61,897
Income (loss) from operations	8,616	17,826	7,910	29,664
Unrealized gain/(loss) on derivative instruments	952	(1,964)	6,416	1,250
Foreign currency gain/(loss)	(364)	(483)	(508)	(2,013)
Interest income	20	31	30	104
Interest expense	(130)	(127)	(213)	(319)
Income before income taxes	$ 9,094	$ 15,283	$ 13,635	$ 28,686

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Fair Value Measurements

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

ASC 820 provides a framework for measuring fair value and requires expanded disclosures regarding fair value measurements. ASC 820 defines fair value 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. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs. Based upon observability of the inputs used in valuation techniques, the Company’s assets and liabilities are classified as follows:

Level 1—Quoted market prices in active markets for identical assets or liabilities.

Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted market prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes internally developed models and methodologies utilizing significant unobservable inputs.

Forward Currency Swap Contracts—The Company’s valuation methodology for forward currency swap contracts is based upon third-party institution data.

Contingent Consideration Liability—The Company utilized a probability weighted scenario-based model to determine the fair value of the contingent consideration.

The Company’s fair value hierarchy for those assets (liabilities) measured at fair value on a recurring basis at September 30, 2022 and December 31, 2021, is as follows:


	Level 1		Level 2		Level 3		Total
			Forward Currency Swaps/Contracts		Contingent consideration liability
September 30, 2022	$	—	$	3,345	$	—	$	3,345
December 31, 2021	$	—	$	(3,071)	$	—	$	(3,071)

In connection with the Company’s acquisition of the entity currently known as AMI Runa USA LLC (“Runa”), the Company is obligated to pay contingent payments to Runa’s former shareholders only if a certain revenue growth rate is achieved. Assuming the revenue growth is achieved, the former shareholders could elect for payment to be calculated based on quarterly data available between December 2021 and December 2022, as follows: 49% of the product of (a) the net revenue for the trailing 12 calendar months and (b) a specified multiple, which is contingent on the revenue growth achieved since December 31, 2017. Per the acquisition agreement, the contingent payment cannot exceed $51,500. If a certain revenue growth rate is not achieved, the Company is not required to pay any contingent payment.

The fair value of contingent consideration of $15,700 determined on the acquisition date in 2019 was initially recognized as a liability and then subsequently remeasured to fair value at each reporting date with changes in fair value recognized as a component of operating income/expenses in the accompanying condensed consolidated statements of operations.

The contingent consideration liability related to the acquisition of Runa was considered a Level 3 liability, as the fair value was determined based on significant inputs not observable in the market, and recorded within other long-term liabilities in the accompanying condensed consolidated balance sheets. The Company estimated the fair value of the contingent consideration liability based on a probability-weighted present value of various future cash payment outcomes. The technique considered the following unobservable inputs as of each valuation date:

•The probability and timing of achieving the specified milestones;

•Revenue performance expectations; and

•Market-based discount rates.

Based on updated revenue performance expectations during the earn-out period for Runa, the Company measured the contingent consideration as zero for the periods ended September 30, 2022 and December 31, 2021.

There were no transfers between any levels of the fair value hierarchy for any of the Company’s fair value measurements.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income	$ 10,624	$ 22,409
Adjustments required to reconcile net income to cash flows from operating activities:
Depreciation and amortization	1,442	1,557
(Gain)/loss on disposal of equipment	0	89
Bad debt expense	348	20
Unrealized (gain)/loss on derivative instruments	(6,416)	(1,250)
Stock-based compensation	5,657	1,641
Impairment loss on assets held for sale	619	0
Noncash lease expense	963	0
Changes in operating assets and liabilities:
Accounts receivable	(20,696)	(26,940)
Inventory	(255)	(15,362)
Prepaid expenses, net supplier advances, and other assets	(4,433)	(12,766)
Accounts payable, accrued expenses, and other liabilities	(6,034)	14,251
Net cash provided by (used in) operating activities	(18,181)	(16,351)
Cash flows from investing activities:
Cash paid for property and equipment	(907)	(127)
Net cash used in investing activities	(907)	(127)
Cash flows from financing activities:
Proceeds from exercise of stock options/warrants	2,675	153
Borrowings on credit facility	22,000	16,500
Repayments of borrowings on credit facility	(12,500)	(34,000)
Proceeds from settlement of loan to stockholder	0	17,700
Cash received (paid) on notes payable	(22)	30,028
Cash paid to acquire treasury stock	0	(50,003)
Cash paid to acquire portion of non-controlling interest	0	(54)
Net cash provided by (used in) financing activities	12,153	(19,676)
Effects of exchange rate changes on cash and cash equivalents	(544)	(117)
Net decrease in cash and cash equivalents	(7,479)	(36,271)
Cash and cash equivalents at beginning of the period	28,690	72,181
Cash and cash equivalents at end of the period	$ 21,211	$ 35,910

Derivative Instruments

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

DERIVATIVE INSTRUMENTS

The Company accounts for derivative instruments in accordance with the ASC Topic 815, Derivatives and Hedging ("ASC 815"). These principles require that all derivative instruments be recognized at fair value on each balance sheet date unless they qualify for a scope exclusion as a normal purchase or sales transaction, which is accounted for under the accrual method of accounting. In addition, these principles permit derivative instruments that qualify for hedge accounting to reflect the changes in the fair value of the derivative instruments through earnings or stockholders’ equity as other comprehensive income on a net basis until the hedged item is settled and recognized in earnings, depending on whether the derivative is being used to hedge changes in fair value or cash flows. The ineffective portion of a derivative instrument’s change in fair value is immediately recognized in earnings. As of September 30, 2022 and December 31, 2021, the Company did not have any derivative instruments that it had designated as fair value or cash flow hedges.

The Company is subject to the following currency risks:

Inventory Purchases from Brazilian, Malaysian and Thai Manufacturers—In order to mitigate the currency risk on inventory purchases from its Brazilian, Malaysian and Thai manufacturers, which are settled in Brazilian Real ("BRL"), Malaysian Ringgit ("MYR") and Thai Baht ("THB"), the AMS subsidiary enters a series of forward currency swaps to buy BRL, MYR and THB.

Intercompany Transactions Between AME and AMS—In order to mitigate the currency risk on intercompany transactions between AME and AMS, AMS enters into foreign currency swaps to sell British Pounds ("GBP").

Intercompany Transactions with Canadian Customer and Vendors—In order to mitigate the currency risk on transactions with Canadian customer and vendors, the Company enters into foreign currency swaps to sell Canadian Dollars ("CAD").

The notional amount and fair value of all outstanding derivative instruments in the condensed consolidated balance sheets consist of the following at:

September 30, 2022

Derivatives not designated as
hedging instruments under
ASC 815-20

Notional
Amount

Fair
Value

Balance Sheet Location

Assets

Foreign currency exchange contracts

Receive USD/pay GBP

26,041

3,502

Derivative assets

Receive BRL/sell USD

41,515

1,275

Derivative assets

Receive USD/pay CAD

4,633

303

Derivative assets

Liabilities

Foreign currency exchange contracts

Receive THB/sell USD

17,786

(1,735)

Derivative liabilities


December 31, 2021
Derivatives not designated as hedging instruments under ASC 815-20	Notional Amount		Fair Value		Balance Sheet Location
Assets
Foreign currency exchange contracts
Receive USD/pay GBP	$	22,323	$	125	Derivative assets
Receive MYR/sell USD	392		1		Derivative assets
Liabilities
Foreign currency exchange contracts
Receive BRL/sell USD	$	43,174	$	(2,389)	Derivative liabilities
Receive USD/pay CAD	4,731		(57)		Derivative liabilities
Receive THB/sell USD	18,488		(751)		Derivative liabilities


	Three Months Ended September 30,
	2022		2021
Unrealized gain/(loss) on derivative instruments	$	952	$	(1,964)
Location	Unrealized gain/(loss) on derivative instruments		Unrealized gain/(loss) on derivative instruments
Foreign currency gain / (loss)	$	881	$	(483)
Location	Foreign currency gain/(loss)		Foreign currency gain/(loss)

	Nine Months Ended September 30,
	2022		2021
Unrealized gain/(loss) on derivative instruments	$	6,416	$	1,250
Location	Unrealized gain/(loss) on derivative instruments		Unrealized gain/(loss) on derivative instruments
Foreign currency gain / (loss)	$	1,839	$	(2,013)
Location	Foreign currency gain/(loss)		Foreign currency gain/(loss)

The Company applies recurring fair value measurements to its derivative instruments in accordance with ASC Topic 820, Fair Value Measurements ("ASC 820"). In determining fair value, the Company used a market approach and incorporated the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and/or the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable internally developed inputs.

Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Summary of Credit Facility and Notes Payable

The table below details the outstanding balances on the Company’s credit facility and notes payable as of September 30, 2022 and December 31, 2021:


	September 30, 2022		December 31, 2021
2020 Credit facility	$	9,500	$	—

Notes payable

Vehicle loans	54		76
	$	54	$	76
Current	24		28
Non-current	$	30	48

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Summary of Basic and Diluted Earnings Per Share

Basic and diluted earnings per share were calculated as follows:


	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Numerator:

Net income attributable to The Vita Coco Company, Inc.	$	7,258	$	12,990	$	10,624	$	22,432
Denominator:
Weighted-average number of common shares used in earnings per share—basic	55,785,622		53,006,746		55,658,946		53,266,209
Effect of conversion of stock options	794,290		773,314		370,123		475,839
Weighted-average number of common shares used in earnings per share—diluted	56,579,912		53,780,060		56,029,069		53,742,048
Earnings per share—basic	$	0.13	$	0.25	$	0.19	$	0.42
Earnings per share—diluted	$	0.13	$	0.24	$	0.19	$	0.42

Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following potentially dilutive securities, prior to the use of the treasury stock method, have been excluded from the computation of diluted weighted-average number of common shares outstanding, as they would be anti-dilutive:


	Three months ended September 30,		Nine months ended September 30,
	2022	2021	2022	2021
Awards to purchase common stock	1,123,845	116,322	1,954,406	1,198,005

Fair Value Measurements - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage of revenue growth rate of the product	49.00%
Number of calendar months for trailing the revenue growth rate of the product	12 months
Runa
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of contingent consideration	$ 0	$ 0	$ 15,700,000
Runa \| Revenue Growth Achieved \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of contingent consideration	$ 51,500,000

Earnings Per Share - Summary of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net income attributable to The Vita Coco Company, Inc.	$ 7,258	$ 12,990	$ 10,624	$ 22,432
Denominator:
Weighted-average number of common shares used in earnings per share - basic (in shares)	55,785,622	53,006,746	55,658,946	53,266,209
Effect of conversion of stock options and RSUs (in shares)	794,290	773,314	370,123	475,839
Weighted-average number of common shares used in earnings per share - diluted (in shares)	56,579,912	53,780,060	56,029,069	53,742,048
Earnings per share - basic (in dollars per share)	$ 0.13	$ 0.25	$ 0.19	$ 0.42
Earnings per share - diluted (in dollars per share)	$ 0.13	$ 0.24	$ 0.19	$ 0.42

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Earnings Per Share - Additional Information (Details)	9 Months Ended
Earnings Per Share - Additional Information (Details)	Sep. 30, 2022
Earnings Per Share [Abstract]
Annual internal rate of return provided by proceeds from a liquidity event (less than)	30.00%

Related-Party Transactions (Details)			3 Months Ended		9 Months Ended		12 Months Ended
Related-Party Transactions (Details)	May 18, 2020	Sep. 18, 2019 USD ($) shares	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	May 24, 2022 director
Related Party Transaction [Line Items]
Number of members of the Board of Directors appointed as nominees \| director								2
Management Fee Payments \| Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction					$ 281,000	$ 227,000	$ 227,000
Loan to Employee \| Affiliated Entity \| Promissory Note
Related Party Transaction [Line Items]
Debt instrument, term		5 years
Debt instrument, face amount		$ 17,700,000
Related party transaction, rate	0.58%	1.78%
Debt instrument, funds disbursed		$ 0
Loan to Employee \| Affiliated Entity \| Promissory Note \| Common Stock
Related Party Transaction [Line Items]
Share-based compensation arrangement by share-based payment award, shares issued (in shares) \| shares		1,739,010
Distribution Agreement With Shareholder \| Affiliated Entity
Related Party Transaction [Line Items]
Revenue from related parties			$ 1,371,000	$ 1,636,000	4,777,000	4,944,000
Accounts receivable, related parties, current			408,000		408,000		$ 600,000
Service Agreement Related To Distribution Agreement With Shareholder \| Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, selling, general and administrative expenses from transactions with related party			$ 63,000	$ 39,000	$ 160,000	$ 119,000
Minimum \| Management Fee Payments \| Affiliated Entity
Related Party Transaction [Line Items]
Ownership percentage			5.00%		5.00%

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenue Recognition (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 124,043	$ 115,669	$ 335,796	$ 292,929
Vita Coco Coconut Water
Disaggregation of Revenue [Line Items]
Revenue	93,280	81,918	248,044	202,674
Private Label
Disaggregation of Revenue [Line Items]
Revenue	28,596	30,090	77,934	76,105
Other
Disaggregation of Revenue [Line Items]
Revenue	2,167	3,661	9,818	14,150
Operating Segments \| Americas
Disaggregation of Revenue [Line Items]
Revenue	108,796	100,933	293,900	250,932
Operating Segments \| Americas \| Vita Coco Coconut Water
Disaggregation of Revenue [Line Items]
Revenue	82,643	71,825	217,934	176,229
Operating Segments \| Americas \| Private Label
Disaggregation of Revenue [Line Items]
Revenue	24,786	25,973	68,413	66,457
Operating Segments \| Americas \| Other
Disaggregation of Revenue [Line Items]
Revenue	1,367	3,135	7,553	8,246
Operating Segments \| International
Disaggregation of Revenue [Line Items]
Revenue	15,247	14,736	41,896	41,997
Operating Segments \| International \| Vita Coco Coconut Water
Disaggregation of Revenue [Line Items]
Revenue	10,637	10,093	30,110	26,445
Operating Segments \| International \| Private Label
Disaggregation of Revenue [Line Items]
Revenue	3,810	4,117	9,521	9,648
Operating Segments \| International \| Other
Disaggregation of Revenue [Line Items]
Revenue	$ 800	$ 526	$ 2,265	$ 5,904

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

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+ Details

Assets Held For Sale - Schedule of Assets Held For Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Asset held for sale	$ 503	$ 0

Commitments and Contingencies - Schedule of Concentration of Risk, by Risk Factor (Details)	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Supplier A \| Supplier Concentration Risk \| Cost of Goods and Service, Product and Service
Concentration Risk [Line Items]
Concentration risk, percentage	16.00%	19.00%
Supplier B \| Supplier Concentration Risk \| Cost of Goods and Service, Product and Service
Concentration Risk [Line Items]
Concentration risk, percentage	13.00%	14.00%
Customer A \| Customer Concentration Risk \| Net sales
Concentration Risk [Line Items]
Concentration risk, percentage	31.00%	33.00%
Customer A \| Customer Concentration Risk \| Accounts receivable
Concentration Risk [Line Items]
Concentration risk, percentage	28.00%		18.00%
Customer B \| Customer Concentration Risk \| Net sales
Concentration Risk [Line Items]
Concentration risk, percentage	24.00%	22.00%
Customer B \| Customer Concentration Risk \| Accounts receivable
Concentration Risk [Line Items]
Concentration risk, percentage	21.00%		19.00%

Debt - Summary of Credit Facility and Notes Payable (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Schedule Of Line Of Credit Facilities And Notes Payable [Line Items]
2020 Credit facility	$ 9,500,000	$ 0
Notes Payable [Abstract]
Notes payable	54,000	76,000
Current	24,000	28,000
Non-current	30,000	48,000
2020 Credit facility
Schedule Of Line Of Credit Facilities And Notes Payable [Line Items]
2020 Credit facility	9,500,000	0
Vehicle loans
Notes Payable [Abstract]
Notes payable	$ 54,000	$ 76,000

- Definition

The carrying value as of the balance sheet date of the noncurrent portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Inventory (Tables)

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Summary of Inventory

Inventory consists of the following:


	September 30, 2022		December 31, 2021
Raw materials and packaging	$	6,076	$	4,868
Finished goods	68,383		70,492
Inventory	$	74,459	$	75,360

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

The Company’s fair value hierarchy for those assets (liabilities) measured at fair value on a recurring basis at September 30, 2022 and December 31, 2021, is as follows:


	Level 1		Level 2		Level 3		Total
			Forward Currency Swaps/Contracts		Contingent consideration liability
September 30, 2022	$	—	$	3,345	$	—	$	3,345
December 31, 2021	$	—	$	(3,071)	$	—	$	(3,071)

Segment Reporting

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment Reporting

SEGMENT REPORTING

The Company has two operating and reportable segments:

•Americas—Comprised primarily of the U.S. and Canada, and derives its revenues from the marketing and distribution of various coconut water and non-coconut water products (e.g., oil and milk). The Company’s Guayusa leaf products (Runa), aluminum bottle canned water (Ever and Ever), and protein infused fitness drink (PWR LIFT) are marketed only in the Americas segment.

•International—Comprised primarily of Europe, Middle East, and Asia Pacific, which includes the Company’s procurement arm and derives its revenues from the marketing and distribution of various coconut water and non-coconut water products.

Information about the Company’s operations by operating segment as of September 30, 2022 and 2021 and for the three and nine months ended September 30, 2022 and 2021 is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net sales	$	124,043	$	115,669	$	335,796	$	292,929
Americas	108,796		100,933		293,900		250,932
International	15,247		14,736		41,896		41,997
Gross profit	$	32,576	$	38,501	$	80,928	$	91,561
Americas	30,279		34,679		73,285		81,502
International	2,297		3,822		7,643		10,059


	As of September 30,		As of December 31,
	2022		2021
Total segment assets	$	218,378	$	197,484
Americas	171,291		141,973
International	47,087		55,511


	Three Months Ended September 30,				Nine Months Ended September 30,
Reconciliation	2022		2021		2022		2021
Total gross profit	$	32,576	$	38,501	$	80,928	$	91,561
Less:
Selling, general, and administrative expenses	23,960		20,675		73,018		61,897
Income (loss) from operations	$	8,616	$	17,826	$	7,910	$	29,664
Less:
Unrealized gain/(loss) on derivative instruments	952		(1,964)		6,416		1,250
Foreign currency gain/(loss)	(364)		(483)		(508)		(2,013)
Interest income	20		31		30		104
Interest expense	(130)		(127)		(213)		(319)
Income before income taxes	$	9,094	$	15,283	$	13,635	$	28,686

Geographic Data:

The following table provides information related to the Company’s net sales by country, which is presented on the basis of the location that revenue from customers is recorded:


Nine Months Ended September 30,	2022		2021
United States	$	277,987	$	250,933
All other countries(1)	57,809		41,996
Net sales	$	335,796	$	292,929

___________


(1)			No individual country is greater than 10% of total net sales for the nine months ended September 30, 2022 and 2021.

The following table provides information related to the Company’s property and equipment, net by country:


	September 30, 2022		December 31, 2021
United States	$	644	$	890
Ecuador	503		870
Singapore	1,261		536
All other countries(1)	109		177
Property and equipment, net	$	2,517	$	2,473

___________


(1)			No individual country is greater than 10% of total property and equipment, net as of September 30, 2022 and December 31, 2021.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

GOODWILL AND INTANGIBLE ASSETS

Goodwill and Intangible Assets, net consist of the following:


	September 30, 2022		December 31, 2021
Goodwill	$	7,791	$	7,791

The goodwill is allocated to the Americas reporting unit and is tax deductible.


	September 30, 2022						December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Intangible assets, net
Trade names	$	6,200	$	(2,652)	$	3,548	$	6,200	$	(2,187)	$	4,013
Distributor relationships	6,000		(2,567)		3,433		6,000		(2,117)		3,883
Other	38		—		38		38		—		38
Total intangible assets subject to amortization	$	12,238	$	(5,219)	$	7,019	$	12,238	$	(4,304)	$	7,934

All the intangible assets, net as of September 30, 2022 and December 31, 2021 were associated with the acquisition of Runa, which was acquired in June 2018.

Amortization expense of $915 associated with intangible assets was recorded for both the nine months ended September 30, 2022 and 2021, which were included in selling, general and administrative expenses on the condensed consolidated statements of operations. For both the three months ended September 30, 2022 and 2021, the Company recorded $305 of amortization expense related to these intangible assets.

As of September 30, 2022, the estimated future expense for amortizable intangible assets is as follows:


Fiscal Years
2022 (excluding the nine months ended September 30, 2022)	$	305
2023	1,220
2024	1,220
2025	1,220
2026	1,220
Thereafter	1,834
	$	7,019

Nature of Business and Basis of Presentation (Details) $ / shares in Units, $ in Thousands		9 Months Ended
	Oct. 25, 2021 USD ($) $ / shares shares	Sep. 30, 2022 subsidiary $ / shares	Dec. 31, 2021 $ / shares
Subsidiaries Owned [Line Items]
Common stock, par value (in dollars per share) \| $ / shares		$ 0.01	$ 0.01
IPO
Subsidiaries Owned [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01
Payments for underwriting expense \| $	$ 2,000
Payments of stock issuance costs \| $	$ 5,000
Common Stock \| IPO
Subsidiaries Owned [Line Items]
Stock issued during period (in shares) \| shares	2,500,000
Shares issued, price per share (in dollars per share) \| $ / shares	$ 15
Proceeds from issuance initial public offering \| $	$ 30,000
Sale of stock, number of shares issued in transaction (in shares) \| shares	9,000,000
Europe \| All Market Europe, Ltd.
Subsidiaries Owned [Line Items]
Equity method investment, ownership percentage		100.00%
Subsidiaries
Subsidiaries Owned [Line Items]
Number of subsidiaries		9
Subsidiaries \| Asia
Subsidiaries Owned [Line Items]
Number of subsidiaries		4
Subsidiaries \| North America
Subsidiaries Owned [Line Items]
Number of subsidiaries		1
Subsidiaries \| Europe
Subsidiaries Owned [Line Items]
Number of subsidiaries		2
Subsidiaries \| Ecuador
Subsidiaries Owned [Line Items]
Number of subsidiaries		1
Subsidiaries \| Ecuador \| All Market Singapore Pte Ltd
Subsidiaries Owned [Line Items]
Equity method investment, ownership percentage		100.00%

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Summary of Disaggregation of Revenue

The following table disaggregates net revenue by product type and reportable segment:


	Three Months Ended September 30, 2022
	Americas		International		Consolidated
Vita Coco Coconut Water	$	82,643	$	10,637	$	93,280
Private Label	24,786		3,810		28,596
Other	1,367		800		2,167
Total	$	108,796	$	15,247	$	124,043

	Three Months Ended September 30, 2021
	Americas		International		Consolidated
Vita Coco Coconut Water	$	71,825	$	10,093	$	81,918
Private Label	25,973		4,117		30,090
Other	3,135		526		3,661
Total	$	100,933	$	14,736	$	115,669


	Nine Months Ended September 30, 2022
	Americas		International		Consolidated
Vita Coco Coconut Water	$	217,934	$	30,110	$	248,044
Private Label	68,413		9,521		77,934
Other	7,553		2,265		9,818
Total	$	293,900	$	41,896	$	335,796

	Nine Months Ended September 30, 2021
	Americas		International		Consolidated
Vita Coco Coconut Water	$	176,229	$	26,445	$	202,674
Private Label	66,457		9,648		76,105
Other	8,246		5,904		14,150
Total	$	250,932	$	41,997	$	292,929

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill

Goodwill and Intangible Assets, net consist of the following:


	September 30, 2022		December 31, 2021
Goodwill	$	7,791	$	7,791

Summary of Finite-Lived Intangible Assets


	September 30, 2022						December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Intangible assets, net
Trade names	$	6,200	$	(2,652)	$	3,548	$	6,200	$	(2,187)	$	4,013
Distributor relationships	6,000		(2,567)		3,433		6,000		(2,117)		3,883
Other	38		—		38		38		—		38
Total intangible assets subject to amortization	$	12,238	$	(5,219)	$	7,019	$	12,238	$	(4,304)	$	7,934

Summary of Estimated Future Expense for Amortizable Intangible Assets

As of September 30, 2022, the estimated future expense for amortizable intangible assets is as follows:


Fiscal Years
2022 (excluding the nine months ended September 30, 2022)	$	305
2023	1,220
2024	1,220
2025	1,220
2026	1,220
Thereafter	1,834
	$	7,019

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Segment Reporting - Schedule of Segment Reporting Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Net sales	$ 124,043	$ 115,669	$ 335,796	$ 292,929
Total gross profit	32,576	38,501	80,928	91,561
Total segment assets	218,378		218,378		$ 197,484
Operating Segments \| Americas
Segment Reporting Information [Line Items]
Net sales	108,796	100,933	293,900	250,932
Total gross profit	30,279	34,679	73,285	81,502
Total segment assets	171,291		171,291		141,973
Operating Segments \| International
Segment Reporting Information [Line Items]
Net sales	15,247	14,736	41,896	41,997
Total gross profit	2,297	$ 3,822	7,643	$ 10,059
Total segment assets	$ 47,087		$ 47,087		$ 55,511

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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+ Details

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

Segment Reporting - Additional Information (Details)	9 Months Ended
Segment Reporting - Additional Information (Details)	Sep. 30, 2022 segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements are presented in accordance with U.S. GAAP.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include all the accounts of the wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The non-controlling interest in consolidated subsidiaries presented in the accompanying condensed consolidated financial statements for periods prior to December 31, 2021 represents the portion of AME stockholders’ equity, which was not directly owned by the Company.
Use of Estimates	Use of Estimates Preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management considers many factors in selecting appropriate financial accounting policies and controls in developing the estimates and assumptions that are used in the preparation of these condensed consolidated financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of reasonable estimates of the ultimate future outcomes, and management must select an amount that falls within that range of reasonable estimates. The most significant estimates in the condensed consolidated financial statements relate to share-based compensation, assessing long-lived assets for impairment, estimating the net realizable value of inventories, the determination of allowance for uncollectible accounts, assessing goodwill for impairment, the determination of the value of trade promotions, and assessing the realizability of deferred income taxes. Actual results could differ from those estimates.
Concentration of Credit Risk	Concentration of Credit Risk The Company’s cash and accounts receivable are subject to concentrations of credit risk. The Company’s cash balances are primarily on deposit with banks in the U.S. which are guaranteed by the Federal Deposit Insurance Corporation ("FDIC") up to $250. At times, such cash may be in excess of the FDIC insurance limit. To minimize the risk, the Company’s policy is to maintain cash balances with high quality financial institutions and any excess cash above a certain minimum balance may be invested in overnight money market treasury deposits in widely diversified accounts. Substantially all of the Company’s customers are either wholesalers or retailers of beverages. A material default in payment, a material reduction in purchases from these or any large customers, or the loss of a large customer or customer groups could have a material adverse impact on the Company’s financial condition, results of operations and liquidity. The Company is exposed to concentration of credit risk from its major customers for which two customers in aggregate represented 55% of total net sales for both the nine months ended September 30, 2022 and 2021. In addition, the two customers in aggregate also accounted for 49% and 37% of total accounts receivable as of September 30, 2022 and December 31, 2021, respectively. The Company has not experienced credit issues with these customers.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued ASC 842, ASU 2016-02, Leases (Topic 842), which was amended by subsequent Accounting Standard Updates ("ASUs"), to enhance the comparability and usefulness of financial reporting around leasing activity. The new standard supersedes the existing authoritative literature for lease accounting under ASC 840, with a focus on applying a “right-of-use model.” The guidance for leases under ASC 842 results in a right-of-use asset (“ROU asset”) and lease liability being reported on the balance sheet for leases with a lease term greater than twelve months. In June 2020, the FASB issued ASU 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for certain entities, which deferred the effective date of ASU 2016-02 for certain entities. ASC 842 is effective for the Company, as an Emerging Growth Company (“EGC”), for annual reporting periods beginning after December 15, 2021 and for interim periods beginning after December 15, 2022. The Company adopted the standard on January 1, 2022 using the alternative modified retrospective transition approach in accordance with ASU 2018-11, Leases (Topic 842): Targeted Improvements, where the adoption date represents the initial date of application. As part of its adoption, the Company elected to apply the package of practical expedients requiring no reassessment of whether any expired or existing contracts are or contain leases, the lease classification of any expired or existing leases, or the capitalization of initial direct costs for any existing leases. Additionally, the Company elected the practical expedient that permits the exclusion of leases considered to be short-term. Under the alternative modified retrospective transition approach, the reported results for 2022 reflect the application of ASC 842 guidance, whereas comparative periods and the respective disclosures prior to the adoption of ASC 842 are presented using the legacy guidance of ASC 840. As a result of adopting the new standard, the Company recognized right-of-use assets and lease liabilities of $1,866 and $2,097, respectively, on the Company’s consolidated balance sheet as of January 1, 2022. The difference of $231 between the operating lease right-of-use assets and operating lease liabilities represents reclassification of deferred rent liability from other liabilities to operating lease right-to-use assets at the adoption date. The adoption of the standard did not have a material impact on the Company’s consolidated statements of operations, or consolidated statements of cash flows. In June 2022, the Company extended its lease agreement for the New York office to April 30, 2025 and remeasured the lease liability and right-of-use asset as of June 30, 2022. Recently Issued Accounting Pronouncements As a company with less than $1.07 billion of revenue during the last fiscal year, the Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act. This classification allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use the adoption dates applicable to private companies. As a result, the Company’s financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective date for new or revised accounting standards that are applicable to public companies.
Leases	Leases Prior to adopting ASC 842 on January 1, 2022 as described in "Recently Adopted Accounting Pronouncements" within this Note, the Company applied the lease accounting guidance as issued in ASC 840. Under ASC 840, the Company classified its leases as operating or capital based on the evaluation of certain criteria that served to indicate whether the risks and rewards of ownership of the underlying asset had been transferred to the lessee. For leases that contained rent escalations or rent holidays, the Company recorded the total rent expense on a straight-line basis over the lease term and recorded the difference between the rent paid and the straight-line rent expense as deferred rent on the balance sheet. Any tenant incentives received from the lessor were recorded as a reduction to rent expense over the lease term. Under ASC 842, at the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement, including which party controls the use of identified assets. The Company classifies leases with a term greater than one year as either operating or finance leases at the commencement date and records a right-of-use asset and current and non-current lease liabilities, as applicable on the balance sheet. The Company has elected not to recognize on the balance sheet leases with terms of one year or less, but payments are recognized as expense on a straight-line basis over the lease term. If a lease includes options to extend the lease term, the Company does not assume the option will be exercised unless there is reasonable certainty that the Company will renew based on an assessment of economic factors present at the lease commencement date. The Company measures its lease liability for each leased asset as the present value of lease payments, as defined in ASC 842, discounted using a discount rate specific to the terms of the underlying lease. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company estimated its incremental borrowing rate for each leased asset based on the interest rate the Company would incur to borrow an amount equal to the lease payments on a collateralized basis over a similar term in a similar economic environment. The Company’s right-of-use assets are equal to the lease liability, adjusted for prepaid rent, initial direct costs and incentives, as applicable. After lease commencement and the establishment of a right-to-use asset and operating lease liability, lease expense is recorded on a straight-line basis over the lease term. In accordance with the guidance in ASC 842, components of a lease should be split into three categories: lease components (e.g. land, building, etc.), non-lease components (e.g. common area maintenance, consumables, etc.) and non-components (e.g. property taxes, insurance, etc.). The fixed and in-substance fixed contract consideration (including any related to non-components) must be allocated to the lease components and non-lease components based on their relative fair values. The Company elected the accounting policy available under ASC 842 to not separate lease and non-lease components for its real estate and equipment leases. Therefore, each lease component and the related non-lease components and non-components are accounted for together as a single component. Variable costs associated with the lease, such as maintenance and utilities, are not included in the measurement of right-to-use assets and lease liabilities but rather expensed when the events determining the amount of variable consideration to be paid have occurred.

Earnings Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

Basic and diluted earnings per share were calculated as follows:


	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Numerator:

Net income attributable to The Vita Coco Company, Inc.	$	7,258	$	12,990	$	10,624	$	22,432
Denominator:
Weighted-average number of common shares used in earnings per share—basic	55,785,622		53,006,746		55,658,946		53,266,209
Effect of conversion of stock options	794,290		773,314		370,123		475,839
Weighted-average number of common shares used in earnings per share—diluted	56,579,912		53,780,060		56,029,069		53,742,048
Earnings per share—basic	$	0.13	$	0.25	$	0.19	$	0.42
Earnings per share—diluted	$	0.13	$	0.24	$	0.19	$	0.42

All exit warrants expired as of December 31, 2021. Before expiration, for the nine months ended September 30, 2021, the exit warrants, which expired upon a liquidity event and only vest when proceeds from a liquidity event provide an annual internal rate of return of less than 30%, were not considered in the basic and diluted earnings per share, as the contingency of a liquidity event had not occurred.


	Three months ended September 30,		Nine months ended September 30,
	2022	2021	2022	2021
Awards to purchase common stock	1,123,845	116,322	1,954,406	1,198,005

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 1,836,000	$ 2,296,000	$ 3,011,000	$ 6,277,000
Unrecognized tax benefits	$ 326,000		$ 326,000		$ 326,000

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 21,211	$ 28,690
Accounts receivable, net of allowance of $1,565 at September 30, 2022, and $1,301 at December 31, 2021	65,717	47,195
Inventory	74,459	75,360
Supplier advances, current	1,519	1,170
Derivative assets	5,080	126
Asset held for sale	503	0
Prepaid expenses and other current assets	22,368	20,718
Total current assets	190,857	173,259
Property and equipment, net	2,014	2,473
Goodwill	7,791	7,791
Intangible assets, net	7,019	7,934
Supplier advances	4,878	2,808
Deferred tax assets, net	1,091	1,265
Other assets	4,728	1,954
Total assets	218,378	197,484
Current liabilities:
Accounts payable	17,353	28,338
Accrued expenses and other current liabilities	45,950	42,399
Notes payable, current	24	28
Derivative liabilities	1,735	3,197
Total current liabilities	65,062	73,962
Credit facility	9,500	0
Notes payable	30	48
Other long-term liabilities	2,173	301
Total liabilities	76,765	74,311
Commitments and contingencies (Note 7)
Stockholders’ equity:
Common stock, $0.01 par value; 500,000,000 shares authorized; 62,129,192 and 61,764,582 shares issued at September 30, 2022 and December 31, 2021, respectively; 55,922,992 and 55,558,382 shares outstanding at September 30, 2022 and December 31, 2021, respectively	621	618
Additional paid-in capital	143,095	134,730
Retained earnings	57,993	47,369
Accumulated other comprehensive loss	(1,168)	(616)
Treasury stock, 6,206,200 shares at cost as of September 30, 2022, and 6,206,200 shares at cost as of December 31, 2021	(58,928)	(58,928)
Total stockholders’ equity attributable to The Vita Coco Company, Inc.	141,613	123,173
Total liabilities and stockholders’ equity	$ 218,378	$ 197,484

Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Contingencies:

Litigation—The Company may engage in various litigation matters in the ordinary course of business. The Company intends to vigorously defend itself in such matters, based upon the advice of legal counsel, and is of the opinion that the resolution of these matters will not have a material effect on the condensed consolidated financial statements. Reserves are recorded for specific legal proceedings when the Company determines that the likelihood of an unfavorable outcome is probable and the amount of loss can be reasonably estimated. As of September 30, 2022 and December 31, 2021, the Company has not recorded any liabilities relating to legal settlements.

Business Risk—The Company imports finished goods predominantly from manufacturers located in South America and Southeast Asian countries. The Company may be subject to certain business risks due to potential instability in these regions.

Major Customers—The Company’s customers that accounted for 10% or more of total net sales and total accounts receivable were as follows:


	Net sales				Accounts receivable
	Nine Months Ended September 30,				September 30, 2022		December 31, 2021
	2022		2021
Customer A	31	%	33	%	28	%	18	%
Customer B	24	%	22	%	21	%	19	%

One of the customers acquired less than 5% ownership in the Company upon consummation of the IPO.

Major Suppliers—The Company’s suppliers that accounted for 10% or more of the Company’s purchases were as follows:


	Nine Months Ended September 30,
	2022		2021
Supplier A	16	%	19	%
Supplier B	13	%	14	%

Segment Reporting - Long Lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	$ 2,517	$ 2,473
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	644	890
Ecuador
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	503	870
Singapore
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	1,261	536
All other countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	$ 109	$ 177

Assets Held For Sale

9 Months Ended

Sep. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Assets Held For Sale

ASSET HELD FOR SALE

The asset group held for sale consists of a farm in Ecuador which was the source of Guayusa leaves for our Runa products. Since the Company is able to source Guayusa through alternative means to produce the Runa products, as of September 30, 2022, the Company committed to a plan for disposal through sale. The Company performed a fair value assessment on the asset group held for sale consisting of land, a production plant, equipment and inventory. The Company obtained a valuation of the assets and adjusted the carrying amount down to their fair value less costs to sell, which resulted in a $619 impairment loss recorded in selling, general and administrative expenses. The remaining carrying amount is listed below. Theses assets held for sale do not qualify for discontinued operations reporting.


Asset held for sale	Amount
Land	$	503

Segment Reporting - Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 124,043	$ 115,669	$ 335,796	$ 292,929
United States \| Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales			277,987	250,933
All other countries \| Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales			$ 57,809	$ 41,996

- Definition

+ References

+ Details

Earnings Per Share - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Payment Arrangement, Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Awards to purchase common stock (in shares)	1,123,845	116,322	1,954,406	1,198,005

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Concentration of Risk, by Risk Factor

The Company’s customers that accounted for 10% or more of total net sales and total accounts receivable were as follows:


	Net sales				Accounts receivable
	Nine Months Ended September 30,				September 30, 2022		December 31, 2021
	2022		2021
Customer A	31	%	33	%	28	%	18	%
Customer B	24	%	22	%	21	%	19	%

The Company’s suppliers that accounted for 10% or more of the Company’s purchases were as follows:


	Nine Months Ended September 30,
	2022		2021
Supplier A	16	%	19	%
Supplier B	13	%	14	%

Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials and packaging	$ 6,076	$ 4,868
Finished goods	68,383	70,492
Inventory	$ 74,459	$ 75,360

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2022	Nov. 07, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-40950
Entity Registrant Name	The Vita Coco Company, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	11-3713156
Entity Address, Address Line One	250 Park Avenue South
Entity Address, Address Line Two	Seventh Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10003
City Area Code	212
Local Phone Number	206-0763
Title of 12(b) Security	Common Stock, Par Value $0.01 Per Share
Trading Symbol	COCO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		55,924,292
Entity Central Index Key	0001482981
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Statement of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Net sales	$ 124,043	$ 115,669	$ 335,796	$ 292,929
Cost of goods sold	91,467	77,168	254,868	201,368
Gross profit	32,576	38,501	80,928	91,561
Operating expenses
Selling, general and administrative	23,960	20,675	73,018	61,897
Income (loss) from operations	8,616	17,826	7,910	29,664
Other income (expense)
Unrealized gain/(loss) on derivative instruments	952	(1,964)	6,416	1,250
Foreign currency gain/(loss)	(364)	(483)	(508)	(2,013)
Interest income	20	31	30	104
Interest expense	(130)	(127)	(213)	(319)
Total other income (expense)	478	(2,543)	5,725	(978)
Income before income taxes	9,094	15,283	13,635	28,686
Income tax expense	(1,836)	(2,296)	(3,011)	(6,277)
Net income	7,258	12,987	10,624	22,409
Net loss attributable to noncontrolling interest	0	(3)	0	(23)
Net income attributable to The Vita Coco Company, Inc.	$ 7,258	$ 12,990	$ 10,624	$ 22,432
Net income attributable to The Vita Coco Company, Inc. per common share
Basic (in dollars per share)	$ 0.13	$ 0.25	$ 0.19	$ 0.42
Diluted (in dollars per share)	$ 0.13	$ 0.24	$ 0.19	$ 0.42
Weighted-average number of common shares outstanding
Basic (in shares)	55,785,622	53,006,746	55,658,946	53,266,209
Diluted (in shares)	56,579,912	53,780,060	56,029,069	53,742,048

Goodwill and Intangible Assets - Summary of Goodwill (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 7,791	$ 7,791

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Revenue Recognition

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue Recognition

REVENUE RECOGNITION

Revenues are accounted for in accordance with ASC 606. The Company disaggregates revenue into the following product categories:

•Vita Coco Coconut Water—This product category consists of all branded coconut water product offerings under the Vita Coco labels, where the majority ingredient is coconut water. The Company determined that the sale of the products represents a distinct performance obligation as customers can benefit from purchasing the products on their own or together with other resources that are readily available to the customers. For these products, control is transferred upon customer receipt, at which point the Company recognizes the transaction price for the product as revenue.

•Private Label—This product category consists of all private label product offerings, which includes coconut water and oil. The Company determined the production and distribution of private label products represents a distinct performance obligation. Since there is no alternative use for these products and the Company has the right to payment for performance completed to date, the Company recognizes the revenue for the production of these private label products over time as the production for open purchase orders occurs, which may be prior to any shipment.

•Other—This product category consists of all other products, which includes Runa, Ever & Ever and PWR LIFT product offerings and Vita Coco product extensions beyond coconut water, such as Vita Coco Sparkling, coconut milk products, and other revenue transactions (e.g., bulk product sales). For these products, control is transferred upon customer receipt, at which point the Company recognizes the transaction price for the product as revenue.

The Company excludes from revenues all taxes assessed by a governmental authority that are imposed on the sale of its products and collected from customers.

Disaggregation of Revenue

The following table disaggregates net revenue by product type and reportable segment:


	Three Months Ended September 30, 2022
	Americas		International		Consolidated
Vita Coco Coconut Water	$	82,643	$	10,637	$	93,280
Private Label	24,786		3,810		28,596
Other	1,367		800		2,167
Total	$	108,796	$	15,247	$	124,043

	Three Months Ended September 30, 2021
	Americas		International		Consolidated
Vita Coco Coconut Water	$	71,825	$	10,093	$	81,918
Private Label	25,973		4,117		30,090
Other	3,135		526		3,661
Total	$	100,933	$	14,736	$	115,669


	Nine Months Ended September 30, 2022
	Americas		International		Consolidated
Vita Coco Coconut Water	$	217,934	$	30,110	$	248,044
Private Label	68,413		9,521		77,934
Other	7,553		2,265		9,818
Total	$	293,900	$	41,896	$	335,796

	Nine Months Ended September 30, 2021
	Americas		International		Consolidated
Vita Coco Coconut Water	$	176,229	$	26,445	$	202,674
Private Label	66,457		9,648		76,105
Other	8,246		5,904		14,150
Total	$	250,932	$	41,997	$	292,929

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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+ Details

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying condensed consolidated financial statements are presented in accordance with U.S. GAAP. Principles of Consolidation The condensed consolidated financial statements include all the accounts of the wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The non-controlling interest in consolidated subsidiaries presented in the accompanying condensed consolidated financial statements for periods prior to December 31, 2021 represents the portion of AME stockholders’ equity, which was not directly owned by the Company. Use of Estimates Preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management considers many factors in selecting appropriate financial accounting policies and controls in developing the estimates and assumptions that are used in the preparation of these condensed consolidated financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of reasonable estimates of the ultimate future outcomes, and management must select an amount that falls within that range of reasonable estimates. The most significant estimates in the condensed consolidated financial statements relate to share-based compensation, assessing long-lived assets for impairment, estimating the net realizable value of inventories, the determination of allowance for uncollectible accounts, assessing goodwill for impairment, the determination of the value of trade promotions, and assessing the realizability of deferred income taxes. Actual results could differ from those estimates. Concentration of Credit Risk The Company’s cash and accounts receivable are subject to concentrations of credit risk. The Company’s cash balances are primarily on deposit with banks in the U.S. which are guaranteed by the Federal Deposit Insurance Corporation ("FDIC") up to $250. At times, such cash may be in excess of the FDIC insurance limit. To minimize the risk, the Company’s policy is to maintain cash balances with high quality financial institutions and any excess cash above a certain minimum balance may be invested in overnight money market treasury deposits in widely diversified accounts. Substantially all of the Company’s customers are either wholesalers or retailers of beverages. A material default in payment, a material reduction in purchases from these or any large customers, or the loss of a large customer or customer groups could have a material adverse impact on the Company’s financial condition, results of operations and liquidity. The Company is exposed to concentration of credit risk from its major customers for which two customers in aggregate represented 55% of total net sales for both the nine months ended September 30, 2022 and 2021. In addition, the two customers in aggregate also accounted for 49% and 37% of total accounts receivable as of September 30, 2022 and December 31, 2021, respectively. The Company has not experienced credit issues with these customers. Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued ASC 842, ASU 2016-02, Leases (Topic 842), which was amended by subsequent Accounting Standard Updates ("ASUs"), to enhance the comparability and usefulness of financial reporting around leasing activity. The new standard supersedes the existing authoritative literature for lease accounting under ASC 840, with a focus on applying a “right-of-use model.” The guidance for leases under ASC 842 results in a right-of-use asset (“ROU asset”) and lease liability being reported on the balance sheet for leases with a lease term greater than twelve months. In June 2020, the FASB issued ASU 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for certain entities, which deferred the effective date of ASU 2016-02 for certain entities. ASC 842 is effective for the Company, as an Emerging Growth Company (“EGC”), for annual reporting periods beginning after December 15, 2021 and for interim periods beginning after December 15, 2022. The Company adopted the standard on January 1, 2022 using the alternative modified retrospective transition approach in accordance with ASU 2018-11, Leases (Topic 842): Targeted Improvements, where the adoption date represents the initial date of application. As part of its adoption, the Company elected to apply the package of practical expedients requiring no reassessment of whether any expired or existing contracts are or contain leases, the lease classification of any expired or existing leases, or the capitalization of initial direct costs for any existing leases. Additionally, the Company elected the practical expedient that permits the exclusion of leases considered to be short-term. Under the alternative modified retrospective transition approach, the reported results for 2022 reflect the application of ASC 842 guidance, whereas comparative periods and the respective disclosures prior to the adoption of ASC 842 are presented using the legacy guidance of ASC 840. As a result of adopting the new standard, the Company recognized right-of-use assets and lease liabilities of $1,866 and $2,097, respectively, on the Company’s consolidated balance sheet as of January 1, 2022. The difference of $231 between the operating lease right-of-use assets and operating lease liabilities represents reclassification of deferred rent liability from other liabilities to operating lease right-to-use assets at the adoption date. The adoption of the standard did not have a material impact on the Company’s consolidated statements of operations, or consolidated statements of cash flows. In June 2022, the Company extended its lease agreement for the New York office to April 30, 2025 and remeasured the lease liability and right-of-use asset as of June 30, 2022. Recently Issued Accounting Pronouncements As a company with less than $1.07 billion of revenue during the last fiscal year, the Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act. This classification allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use the adoption dates applicable to private companies. As a result, the Company’s financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective date for new or revised accounting standards that are applicable to public companies. Leases Prior to adopting ASC 842 on January 1, 2022 as described in "Recently Adopted Accounting Pronouncements" within this Note, the Company applied the lease accounting guidance as issued in ASC 840. Under ASC 840, the Company classified its leases as operating or capital based on the evaluation of certain criteria that served to indicate whether the risks and rewards of ownership of the underlying asset had been transferred to the lessee. For leases that contained rent escalations or rent holidays, the Company recorded the total rent expense on a straight-line basis over the lease term and recorded the difference between the rent paid and the straight-line rent expense as deferred rent on the balance sheet. Any tenant incentives received from the lessor were recorded as a reduction to rent expense over the lease term. Under ASC 842, at the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement, including which party controls the use of identified assets. The Company classifies leases with a term greater than one year as either operating or finance leases at the commencement date and records a right-of-use asset and current and non-current lease liabilities, as applicable on the balance sheet. The Company has elected not to recognize on the balance sheet leases with terms of one year or less, but payments are recognized as expense on a straight-line basis over the lease term. If a lease includes options to extend the lease term, the Company does not assume the option will be exercised unless there is reasonable certainty that the Company will renew based on an assessment of economic factors present at the lease commencement date. The Company measures its lease liability for each leased asset as the present value of lease payments, as defined in ASC 842, discounted using a discount rate specific to the terms of the underlying lease. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company estimated its incremental borrowing rate for each leased asset based on the interest rate the Company would incur to borrow an amount equal to the lease payments on a collateralized basis over a similar term in a similar economic environment. The Company’s right-of-use assets are equal to the lease liability, adjusted for prepaid rent, initial direct costs and incentives, as applicable. After lease commencement and the establishment of a right-to-use asset and operating lease liability, lease expense is recorded on a straight-line basis over the lease term. In accordance with the guidance in ASC 842, components of a lease should be split into three categories: lease components (e.g. land, building, etc.), non-lease components (e.g. common area maintenance, consumables, etc.) and non-components (e.g. property taxes, insurance, etc.). The fixed and in-substance fixed contract consideration (including any related to non-components) must be allocated to the lease components and non-lease components based on their relative fair values. The Company elected the accounting policy available under ASC 842 to not separate lease and non-lease components for its real estate and equipment leases. Therefore, each lease component and the related non-lease components and non-components are accounted for together as a single component. Variable costs associated with the lease, such as maintenance and utilities, are not included in the measurement of right-to-use assets and lease liabilities but rather expensed when the events determining the amount of variable consideration to be paid have occurred.

Derivative Instruments - Summary of Realized and Unrealized Gains and Losses of the Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivatives, Fair Value [Line Items]
Unrealized gain/(loss) on derivative instruments	$ 952	$ (1,964)	$ 6,416	$ 1,250
Unrealized gain/(loss) on derivative instruments
Derivatives, Fair Value [Line Items]
Unrealized gain/(loss) on derivative instruments	952	(1,964)	6,416	1,250
Foreign currency gain / (loss)
Derivatives, Fair Value [Line Items]
Foreign currency gain / (loss)	$ 881	$ (483)	$ 1,839	$ (2,013)

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES For the three months ended September 30, 2022 and 2021, the Company recorded income tax expense of $1,836 and $2,296, respectively. For the nine months ended September 30, 2022 and 2021, the Company recorded $3,011 and $6,277, respectively, in income tax expense in its condensed consolidated statements of operations. In assessing the recoverability of its deferred tax assets, the Company continually evaluates all available positive and negative evidence to assess the amount of deferred tax assets for which it is more likely than not to realize a benefit. For any deferred tax asset in excess of the amount for which it is more likely than not that the Company will realize a benefit, the Company establishes a valuation allowance. As of September 30, 2022, the Company had liabilities for uncertain tax positions of $326 which, if recognized, would impact the Company’s tax provision and effective income tax rate. The Company’s policy is to record interest and penalties related to income taxes as part of its income tax provision. The Company does not expect its uncertain tax positions to change significantly over the next twelve months.The Company is subject to income tax examinations by the Internal Revenue Service ("IRS") and various state and location jurisdictions for the open tax years between December 31, 2018 to December 31, 2021.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 305	$ 305	$ 915	$ 915

Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt

DEBT

The table below details the outstanding balances on the Company’s credit facility and notes payable as of September 30, 2022 and December 31, 2021:


	September 30, 2022		December 31, 2021
2020 Credit facility	$	9,500	$	—

Notes payable

Vehicle loans	54		76
	$	54	$	76
Current	24		28
Non-current	$	30	48

2020 Credit Facility

As of December 31, 2021, the Company had no outstanding borrowings under its 2020 Credit Facility. As of September 30, 2022, $9,500 was outstanding, and $50,500 undrawn and available under its 2020 Credit Facility. The 2020 Credit Facility is collateralized by substantially all of the Company’s assets. Borrowings under the 2020 Credit Facility bear interest at a rate per annum equal to, at our option, either (a) adjusted LIBOR (or current LIBOR replacement rate),

which shall not be less than 0.0%, plus the applicable rate or (b) base rate (determined by reference to the greatest of the prime rate published by Wells Fargo, the federal funds effective rate plus 1.5% and one-month LIBOR (or current LIBOR replacement) plus 1.5%). The applicable rate for LIBOR borrowings under the 2020 Credit Facility is subject to step-downs based on our total net leverage ratio (as defined in the credit agreement) for the immediately preceding fiscal quarter. In addition, the Company is currently subject to an unused commitment fee ranging from 0.05% and 0.20% on the unused amount of the line of credit, with the rate being based on the Company’s leverage ratio (as defined in the credit agreement). The maturity date on the 2020 Credit Facility is May 12, 2026.

Interest expense and unused commitment fee for the 2020 Credit Facility amounted to $140 and $44 for the three months ended September 30, 2022 and 2021, respectively. Interest expense and unused commitment fee for the 2020 Credit Facility amounted to $249 and $197 for the nine months ended September 30, 2022 and 2021, respectively.

The 2020 Credit Facility contains certain affirmative and negative covenants that, among other things, limit the Company’s ability to, subject to various exceptions and qualifications: (i) incur liens; (ii) incur additional debt; (iii) sell, transfer or dispose of assets; (iv) merge with or acquire other companies; (v) make loans, advances or guarantees; (vi) make investments; (vii) make dividends and distributions on, or repurchases of, equity; and (viii) enter into certain transactions with affiliates. The 2020 Credit Facility also requires the Company to maintain certain financial covenants including a maximum leverage ratio, a minimum fixed charge coverage ratio, and a minimum asset coverage ratio. As of September 30, 2022, the Company was compliant with all financial covenants.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Nature of Business and Basis of Presentation	9 Months Ended
Nature of Business and Basis of Presentation	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Basis of Presentation	NATURE OF BUSINESS AND BASIS OF PRESENTATION The Vita Coco Company, Inc. and subsidiaries (formerly known as All Market Inc.) (the “Company”) develop, market, and distribute various coconut water products under the brand name Vita Coco and for retailers' own brands, predominantly in the United States. Other products include coconut milk, natural energy drinks (under the brand name Runa), coconut oil, water (under the brand name Ever & Ever), protein infused fitness drinks (under the brand name PWR LIFT) and coconut as a commodity. The Company was incorporated in Delaware on January 17, 2007. In 2018, the Company purchased certain assets and liabilities of Runa, which is marketed and distributed primarily in the United States. Effective as of September 9, 2021, the name of the Company was changed from All Market Inc. to The Vita Coco Company, Inc. We are a public benefit corporation under Section 362 of the Delaware General Corporation Law. As a public benefit corporation, our Board of Directors is required by the Delaware General Corporation Law to manage or direct our business and affairs in a manner that balances the pecuniary interests of our stockholders, the best interests of those materially affected by our conduct and the specific public benefits identified in our certificate of incorporation. The Company has nine wholly-owned subsidiaries including four wholly-owned Asian subsidiaries established between fiscal year 2012 and 2015, one North American subsidiary established in 2015, as well as All Market Europe, Ltd. ("AME") in the United Kingdom. AME was established in fiscal year 2009 and has 100% ownership in two European subsidiaries established in 2015. The non-controlling interest in AME represented minority stockholders’ proportionate share of the equity in AME during fiscal year 2021, which was fully acquired by the Company as of December 31, 2021. One of the wholly-owned Asian subsidiaries, All Market Singapore Pte Ltd ("AMS"), has 100% ownership in one subsidiary established in fiscal year 2018 in Ecuador. Initial Public Offering The Company’s registration statement on Form S-1, as amended, was declared effective by the Securities and Exchange Commission ("SEC") on October 20, 2021 and related to the initial public offering ("IPO") of its common stock in the prospectus dated October 20, 2021, filed with the SEC in accordance with Rule 424(b)(4) of the Securities Act on October 22, 2021 (the “Prospectus”). On October 21, 2021, the Company’s shares began trading on the NASDAQ under the ticker symbol “COCO”. On October 25, 2021, we completed our IPO by issuing 2,500,000 shares of our common stock, $0.01 par value per share, at a price to the public of $15 per share, resulting in net proceeds to us of approximately $30,000, after deducting the underwriting discount and commissions of approximately $2,000 and offering expenses of approximately $5,000. Additionally, certain selling stockholders sold an aggregate of 9,000,000 shares. On October, 27, 2021, the Company used the net proceeds from the IPO to repay the outstanding balance on the 2021 Term Loan. Concurrent with the IPO, various agreements were amended or newly effective, which are further described in our Prospectus, which include: •The Registration Rights agreement; •The Investor Rights agreement; •Amendments to the employment agreements for the then co-CEOs, Mike Kirban and Martin Roper; •Adoption of the 2021 Stock Incentive Award Plan and grants of awards to employees and directors, and •Adoption of the 2021 Employee Stock Purchase Plan. Impact of the COVID-19 Pandemic and Current Geopolitical Instability Disruptions in the worldwide economy may affect our business, and the macroeconomic environment continues to be affected by the COVID-19 pandemic and the current geopolitical instability (including the effects of the conflict between Ukraine and Russia). As a result, the Company has seen significant cost inflation to domestic and international shipping costs and some inflationary pressures on other cost elements; only some of which have been covered by pricing actions to date. The Company is continuing to monitor the situation carefully to understand any future potential impact on its people and business. As a result, it is not currently possible to ascertain the overall impact of COVID-19 or the ongoing geopolitical instability on the Company’s business, results of operations, financial condition or liquidity. Future events and effects related to COVID-19 or the ongoing geopolitical instability cannot be determined with precision and actual results could significantly differ from estimates or forecasts. The Company has also seen greater volatility on foreign exchange rates. A strong dollar generally benefits the Company's supply chain activities while negatively impacting our reported international revenues. Unaudited interim financial information The Company’s condensed consolidated interim financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and Article 10 of Regulation S-X. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the Company’s financial information for the interim period presented. These interim results are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any other interim period or for any other future year. The condensed consolidated balance sheet as of September 30, 2022 is unaudited and should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the fiscal year ended December 31, 2021. During the nine months ended September 30, 2022, there were no significant changes to the Company’s significant accounting policies as described in the Company’s audited consolidated financial statement as of and for the year ended December 31, 2021, except for the adoption of the new lease standard described in "Recently Adopted Accounting Pronouncements" in the Summary of Significant Accounting Policies (Note 2).

Condensed Consolidated Statements of Non-Controlling Interests and Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Total Shareholders’ Equity Attributable to The Vita Coco Company, Inc.	Common Stock	Additional Paid-in Capital	Loan to Shareholder	Retained Earnings	Accumulated Other Comprehensive Income / (Loss)	Treasury Stock	Non- controlling Interest in Subsidiary	Common Stock Common Stock	Common Stock with Exit Warrants Common Stock
Beginning balance, common stock (in shares) at Dec. 31, 2020			59,200,050							51,086,945	8,113,105
Beginning balance at Dec. 31, 2020	$ 102,299	$ 102,221	$ 592	$ 100,849	$ (17,700)	$ 28,354	$ (949)	$ (8,925)	$ 78	$ 511	$ 81
Beginning balance, treasury stock (in shares) at Dec. 31, 2020								1,014,195
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,640	1,645				1,645			(5)
Purchase of treasury stock (in shares)								5,192,005
Purchase of treasury stock	(50,003)	(50,003)						$ (50,003)
Loan to Shareholder	(26)	(26)			(26)
Stock-based compensation	487	487		487
Exercise of stock options (in shares)			1,365							1,365
Exercise of stock options	9	9		9
Foreign currency translation adjustment	17	17					17
Ending balance, common stock (in shares) at Mar. 31, 2021			59,201,415							51,088,310	8,113,105
Ending balance at Mar. 31, 2021	54,423	54,350	$ 592	101,345	(17,726)	29,999	(932)	$ (58,928)	73	$ 511	$ 81
Ending balance, treasury stock (in shares) at Mar. 31, 2021								6,206,200
Beginning balance, common stock (in shares) at Dec. 31, 2020			59,200,050							51,086,945	8,113,105
Beginning balance at Dec. 31, 2020	102,299	102,221	$ 592	100,849	(17,700)	28,354	(949)	$ (8,925)	78	$ 511	$ 81
Beginning balance, treasury stock (in shares) at Dec. 31, 2020								1,014,195
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	22,409
Ending balance, common stock (in shares) at Sep. 30, 2021			59,215,520							51,102,415	8,113,105
Ending balance at Sep. 30, 2021	94,277	94,254	$ 592	102,626	0	50,786	(822)	$ (58,928)	23	$ 511	$ 81
Ending balance, treasury stock (in shares) at Sep. 30, 2021								6,206,200
Beginning balance, common stock (in shares) at Mar. 31, 2021			59,201,415							51,088,310	8,113,105
Beginning balance at Mar. 31, 2021	54,423	54,350	$ 592	101,345	(17,726)	29,999	(932)	$ (58,928)	73	$ 511	$ 81
Beginning balance, treasury stock (in shares) at Mar. 31, 2021								6,206,200
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	7,782	7,797				7,797			(15)
Loan to Shareholder	(25)	(25)			(25)
Stock-based compensation	525	525		525
Exercise of stock options (in shares)			910							910
Exercise of stock options	10	10		10
Foreign currency translation adjustment	299	295					295		4
Ending balance, common stock (in shares) at Jun. 30, 2021			59,202,325							51,089,220	8,113,105
Ending balance at Jun. 30, 2021	63,014	62,952	$ 592	101,880	(17,751)	37,796	(637)	$ (58,928)	62	$ 511	$ 81
Ending balance, treasury stock (in shares) at Jun. 30, 2021								6,206,200
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	12,987	12,990				12,990			(3)
Loan to Shareholder	17,751	17,751			17,751
Stock-based compensation	629	629		629
Exercise of stock options (in shares)			13,195							13,195
Exercise of stock options	135	135		135
Acquisition of portion of non-controlling interest	(54)	(18)		(18)					(36)
Foreign currency translation adjustment	(185)	(185)					(185)
Ending balance, common stock (in shares) at Sep. 30, 2021			59,215,520							51,102,415	8,113,105
Ending balance at Sep. 30, 2021	$ 94,277	94,254	$ 592	102,626	0	50,786	(822)	$ (58,928)	23	$ 511	$ 81
Ending balance, treasury stock (in shares) at Sep. 30, 2021								6,206,200
Beginning balance, common stock (in shares) at Dec. 31, 2021	55,558,382		61,764,582							53,651,477	8,113,105
Beginning balance at Dec. 31, 2021	$ 123,173	123,173	$ 618	134,730	0	47,369	(616)	$ (58,928)	0	$ 537	$ 81
Beginning balance, treasury stock (in shares) at Dec. 31, 2021	6,206,200							6,206,200
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 2,227	2,227				2,227
Stock-based compensation	2,386	2,386		2,386
Exercise of stock options (in shares)			26,845							26,845
Exercise of stock options	151	151		151
Foreign currency translation adjustment	(254)	(254)					(254)
Ending balance, common stock (in shares) at Mar. 31, 2022			61,791,427							53,678,322	8,113,105
Ending balance at Mar. 31, 2022	$ 127,683	127,683	$ 618	137,267	0	49,596	(870)	$ (58,928)	0	$ 537	$ 81
Ending balance, treasury stock (in shares) at Mar. 31, 2022								6,206,200
Beginning balance, common stock (in shares) at Dec. 31, 2021	55,558,382		61,764,582							53,651,477	8,113,105
Beginning balance at Dec. 31, 2021	$ 123,173	123,173	$ 618	134,730	0	47,369	(616)	$ (58,928)	0	$ 537	$ 81
Beginning balance, treasury stock (in shares) at Dec. 31, 2021	6,206,200							6,206,200
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 10,624
Ending balance, common stock (in shares) at Sep. 30, 2022	55,922,992		62,129,192							54,016,087	8,113,105
Ending balance at Sep. 30, 2022	$ 141,613	141,613	$ 621	143,095	0	57,993	(1,168)	$ (58,928)	0	$ 540	$ 81
Ending balance, treasury stock (in shares) at Sep. 30, 2022	6,206,200							6,206,200
Beginning balance, common stock (in shares) at Mar. 31, 2022			61,791,427							53,678,322	8,113,105
Beginning balance at Mar. 31, 2022	$ 127,683	127,683	$ 618	137,267	0	49,596	(870)	$ (58,928)	0	$ 537	$ 81
Beginning balance, treasury stock (in shares) at Mar. 31, 2022								6,206,200
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,139	1,139				1,139
Stock-based compensation	1,814	1,814		1,814
Exercise of stock options (in shares)			66,272							66,272
Exercise of stock options	90	90	$ 1	89						$ 1
Foreign currency translation adjustment	(196)	(196)					(196)
Ending balance, common stock (in shares) at Jun. 30, 2022			61,857,699							53,744,594	8,113,105
Ending balance at Jun. 30, 2022	130,530	130,530	$ 619	139,170	0	50,735	(1,066)	$ (58,928)	0	$ 538	$ 81
Ending balance, treasury stock (in shares) at Jun. 30, 2022								6,206,200
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	7,258	7,258				7,258
Stock-based compensation	1,457	1,457		1,457
Exercise of stock options (in shares)			271,493							271,493
Exercise of stock options	2,470	2,470	$ 2	2,468						$ 2
Foreign currency translation adjustment	$ (102)	(102)					(102)
Ending balance, common stock (in shares) at Sep. 30, 2022	55,922,992		62,129,192							54,016,087	8,113,105
Ending balance at Sep. 30, 2022	$ 141,613	$ 141,613	$ 621	$ 143,095	$ 0	$ 57,993	$ (1,168)	$ (58,928)	$ 0	$ 540	$ 81
Ending balance, treasury stock (in shares) at Sep. 30, 2022	6,206,200							6,206,200

Inventory

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Inventory

INVENTORY

Inventory consists of the following:


	September 30, 2022		December 31, 2021
Raw materials and packaging	$	6,076	$	4,868
Finished goods	68,383		70,492
Inventory	$	74,459	$	75,360

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 30, 2022
Equity [Abstract]
Stockholders' Equity	STOCKHOLDERS’ EQUITY Common and Treasury Stock—Each share of common stock entitles its holder to one vote on matters required to be voted on by the stockholders of the Company and to receive dividends, when and if declared by the Company’s Board of Directors. As of September 30, 2022 and December 31, 2021, the Company held 6,206,200 shares in treasury stock. As of September 30, 2022 and December 31, 2021, the Company had 4,542,480 and 3,431,312 shares, respectively, of common stock available for issuance upon the conversion of outstanding warrants and stock options under the 2021 Incentive Award Plan, of which 2,892,361 and 2,170,975, respectively, were reserved for future issuance. In January 2021, the Company entered into a Stock Purchase Agreement with RW VC S.a.r.l, f/k/a Vita Coco S.a.r.l (the “Seller”). The Company repurchased 5,192,005 shares of its own common stock from the Seller at a purchase price of $9.63 per share, or an aggregate purchase price of approximately $50,000. The purchase price per share approximated the most recent third-party common stock valuation prepared in conjunction with the accounting of stock-based compensation discussed within this Note. Non-controlling Interest—On December 31, 2021, the Company purchased the remaining outstanding AME shares directly from minority stockholders, resulting in a zero non-controlling interest as of December 31, 2021 and September 30, 2022. Warrants—All service and exit warrants expired as of December 31, 2021. As such, there was no warrant activity for the nine months ended September 30, 2022. Stock Options—The stockholders of the Company approved the adoption of the Company’s 2014 Stock Option and Restricted Stock Plan (the “Stock Option Plan”). The Stock Option Plan allowed for a maximum of 8% of the sum of the Available Equity defined as the sum of (i) the total then outstanding shares of common shares and (ii) all available stock options (i.e., granted and outstanding stock options and stock options not yet granted). Under the terms of the Stock Option Plan, the Company could grant employees, directors and consultants stock options and restricted stock awards and had the authority to establish the specific terms of each award, including exercise price, expiration and vesting. Generally, stock options issued pursuant to the Stock Option Plan contained exercise prices no less than the fair value of the Company’s common stock on the date of grant and have a ten-year contractual term. The stockholders of the Company approved the adoption of the 2021 Incentive Award Plan, which was effective after the closing of the IPO discussed in Note 1. On and after closing of the offering and the effectiveness of the 2021 Incentive Award Plan, no further grants will be made under the Stock Option Plan. The Company recognized stock-based compensation expense of $1,142 and $629 for the three months ended September 30, 2022 and 2021, respectively, in selling, general and administrative expenses. Additionally, the stock compensation expense of $4,722 and $1,641 was recognized for the nine months ended September 30, 2022 and 2021, respectively, in selling, general and administrative expenses. For the restricted stock units ("RSUs") previously granted to a major customer, $315 and $935 was recognized for the three and nine months ended September 30, 2022, respectively, as stock-based sales incentive based on guidance in ASC 606 and reflected as a reduction in the transaction price revenue. Awards with Service-based Vesting Conditions Most of the stock option awards granted under the Stock Option Plan vest based on continuous service. Generally, 50% of the stock options granted vest two years after the grant date and 50% of the stock options granted vest four years after the grant date. For options granted under the 2021 Incentive Award Plan, 25% of the stock options granted vest annually in each of the four years after the grant date. There were 128,940 new service-based stock option awards granted during the nine months ended September 30, 2022. Exercises of stock options during the nine months ended September 30, 2022 are disclosed in the Condensed Consolidated Statements of Non-controlling Interests and Stockholders' Equity. Awards with Performance and Market-based Vesting Conditions During the nine months ended September 30, 2022, certain awards that contained performance-based vesting condition were modified. The modification adjusted the performance condition to allow for 50% of the performance awards to meet the criteria to vest, and no other terms were modified. Since it did not affect any terms that would affect the fair value, and only the number of awards, it is considered an improbable-to-probable modification. The impact of the modification was not material. Restricted Stock and Restricted Stock Unit Awards Restricted stock and RSUs were granted under the 2021 Incentive Award Plan and primarily vest based on continuous service. Currently, there are no restricted stock or RSUs that contain any performance or market conditions. The RSUs awarded to the employees have differing vesting schedules as specified in each grant agreement. The RSUs granted to non-employee directors vest in full on the earlier of (i) the day immediately preceding the date of the first Annual Shareholders Meeting following the date of grant and (ii) the first anniversary of the date of grant. During the nine months ended September 30, 2022, there were 339,153 RSUs granted, which had an aggregate grant date fair value of $4,408.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Assets Held For Sale - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Impairment loss on assets held for sale	$ 619	$ 0

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information by Segment

Information about the Company’s operations by operating segment as of September 30, 2022 and 2021 and for the three and nine months ended September 30, 2022 and 2021 is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net sales	$	124,043	$	115,669	$	335,796	$	292,929
Americas	108,796		100,933		293,900		250,932
International	15,247		14,736		41,896		41,997
Gross profit	$	32,576	$	38,501	$	80,928	$	91,561
Americas	30,279		34,679		73,285		81,502
International	2,297		3,822		7,643		10,059


	As of September 30,		As of December 31,
	2022		2021
Total segment assets	$	218,378	$	197,484
Americas	171,291		141,973
International	47,087		55,511

Reconciliation of Gross Profit to Income (Loss) Before Income Taxes


	Three Months Ended September 30,				Nine Months Ended September 30,
Reconciliation	2022		2021		2022		2021
Total gross profit	$	32,576	$	38,501	$	80,928	$	91,561
Less:
Selling, general, and administrative expenses	23,960		20,675		73,018		61,897
Income (loss) from operations	$	8,616	$	17,826	$	7,910	$	29,664
Less:
Unrealized gain/(loss) on derivative instruments	952		(1,964)		6,416		1,250
Foreign currency gain/(loss)	(364)		(483)		(508)		(2,013)
Interest income	20		31		30		104
Interest expense	(130)		(127)		(213)		(319)
Income before income taxes	$	9,094	$	15,283	$	13,635	$	28,686

Revenue from External Customers by Geographic Areas

The following table provides information related to the Company’s net sales by country, which is presented on the basis of the location that revenue from customers is recorded:


Nine Months Ended September 30,	2022		2021
United States	$	277,987	$	250,933
All other countries(1)	57,809		41,996
Net sales	$	335,796	$	292,929

___________


(1)			No individual country is greater than 10% of total net sales for the nine months ended September 30, 2022 and 2021.

Long-lived Assets by Geographic Areas

The following table provides information related to the Company’s property and equipment, net by country:


	September 30, 2022		December 31, 2021
United States	$	644	$	890
Ecuador	503		870
Singapore	1,261		536
All other countries(1)	109		177
Property and equipment, net	$	2,517	$	2,473

___________


(1)			No individual country is greater than 10% of total property and equipment, net as of September 30, 2022 and December 31, 2021.

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 7,258	$ 12,987	$ 10,624	$ 22,409
Other comprehensive income (loss):
Foreign currency translation adjustment	(102)	(185)	(552)	131
Total comprehensive income including noncontrolling interest	7,156	12,802	10,072	22,540
Net loss attributable to noncontrolling interest	0	(3)	0	(23)
Foreign currency translation adjustment attributable to noncontrolling interest	0	0	0	4
Total comprehensive loss attributable to noncontrolling interest	0	(3)	0	(19)
Total comprehensive income attributable to The Vita Coco Company, Inc.	$ 7,156	$ 12,805	$ 10,072	$ 22,559

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands		9 Months Ended		12 Months Ended
	Jan. 01, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Concentration Risk [Line Items]
Operating lease right-of-use assets	$ 1,866
Operating lease, liability	2,097
Reclassification of deferred rent liability	$ 231
Net sales \| Customer Concentration Risk \| Two Customers
Concentration Risk [Line Items]
Concentration risk, percentage		55.00%	55.00%
Accounts receivable \| Customer Concentration Risk \| Two Customers
Concentration Risk [Line Items]
Concentration risk, percentage		49.00%		37.00%