0001482981-24-000064 | 10-Q | XBRL Viewer

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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 3,304	$ 2,486
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)	63,311,737	63,135,453
Common stock, shares outstanding (in shares)	56,683,993	56,899,253
Treasury stock (in shares)	6,627,744	6,236,200

Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

DEBT

The table below details the outstanding balances on the Company’s debt as of March 31, 2024 and December 31, 2023:


	March 31, 2024		December 31, 2023


Notes payable

Vehicle loans	21		26
	$	21	$	26
Current	11		13
Non-current	$	10	13

Revolving Credit Facility

In May 2020, the Company entered into the five-year credit facility with Wells Fargo Bank, National Association consisting of a revolving line of credit, which currently provides for committed borrowings of $60 million (the "2020 Credit Facility"). The maturity date on the 2020 Credit Facility is May 12, 2026.

Starting in December 2022, borrowings on the 2020 Credit Facility bear interest at rates based on either: 1) a fluctuating rate per annum determined to be the sum of Daily Simple Secured Overnight Financing Rate ("SOFR") plus a spread defined in the credit agreement (the "Spread"); or 2) a fixed rate per annum determined to be the sum of the Term SOFR plus the Spread. The Spread ranges from 1.00% to 1.75%, which is based on the Company’s leverage ratio (as defined in the credit agreement) for the immediately preceding fiscal quarter as defined in the credit agreement. In addition, the Company is currently subject to an unused commitment fee ranging from 0.10% 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).

As of March 31, 2024 and December 31, 2023, the Company had no outstanding balance and $60 million undrawn and available under its amended 2020 Credit Facility. Interest expense and unused commitment fee for the 2020 Credit Facility amounted to $15 and $15 for the three months ended March 31, 2024 and March 31, 2023 respectively.

The 2020 Credit Facility is collateralized by substantially all of the Company’s assets.

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 March 31, 2024, the Company was compliant with all financial covenants.

Vehicle Loans

We periodically enter into vehicle loans. Interest rates on these vehicle loans range from 4.56% to 5.68%. The outstanding balance on the vehicle loans as of March 31, 2024 was less than $0.1 million.

- 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

Segment Reporting - Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 111,698	$ 109,759
United States \| Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	90,153	90,513
United Kingdom \| Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	11,221	9,043
All other countries \| Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 10,324	$ 10,202

- 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.

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+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES For the three months ended March 31, 2024 and 2023, the Company recorded income tax expense of $3,777 and $1,821, respectively, 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 March 31, 2024 and December 31, 2023, there was a $106 liability for income tax uncertainties recorded in the Company's consolidated balance sheets. 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 recognized no interest and penalties related to income tax uncertainties in its consolidated balance sheets or consolidated statement of operations for the three months ended March 31, 2024 and 2023. The Company is subject to income tax examinations by the Internal Revenue Service ("IRS") and various state and local jurisdictions for the open tax years between December 31, 2019 and December 31, 2022.

- 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

Segment Reporting - Additional Information (Details)	3 Months Ended
Segment Reporting - Additional Information (Details)	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	2

Segment Reporting - Long Lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net (including asset held for sale)	$ 2,195	$ 2,136
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net (including asset held for sale)	751	729
Ecuador
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net (including asset held for sale)	141	140
Singapore
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net (including asset held for sale)	1,132	1,081
All other countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net (including asset held for sale)	$ 171	$ 186

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024
	Americas		International		Consolidated
Vita Coco Coconut Water	$	69,522	$	9,665	$	79,187
Private Label	24,273		5,152		29,425
Other	2,296		790		3,086
Total	$	96,091	$	15,607	$	111,698

	Three Months Ended March 31, 2023
	Americas		International		Consolidated
Vita Coco Coconut Water	$	69,138	$	9,558	$	78,696
Private Label	25,050		2,666		27,716
Other	2,584		763		3,347
Total	$	96,772	$	12,987	$	109,759

Related-Party Transactions (Details) $ in Thousands	12 Months Ended
Related-Party Transactions (Details) $ in Thousands	Dec. 31, 2023 offering	Mar. 31, 2024 USD ($)
Related Party Transactions [Abstract]
Number of secondary offerings \| offering	2
Accrual for legal fees reimbursement \| $		$ 300

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023, is as follows:


	Level 1		Level 2		Level 3		Total
			Forward Currency Swaps/Contracts
March 31, 2024	$	—	$	138	$	—	$	138
December 31, 2023	$	—	$	2,663	$	—	$	2,663

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2024

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
	Three Months Ended March 31,				March 31, 2024		December 31, 2023
	2024		2023
Customer A	25	%	26	%	18	%	20	%
Customer B	22	%	24	%	21	%	23	%

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


	Three Months Ended March 31,
	2024		2023
Supplier A	24	%	17	%
Supplier B	14	%	15	%

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue Recognition (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 111,698	$ 109,759
Vita Coco Coconut Water
Disaggregation of Revenue [Line Items]
Revenue	79,187	78,696
Private Label
Disaggregation of Revenue [Line Items]
Revenue	29,425	27,716
Other
Disaggregation of Revenue [Line Items]
Revenue	3,086	3,347
Operating Segments \| Americas
Disaggregation of Revenue [Line Items]
Revenue	96,091	96,772
Operating Segments \| Americas \| Vita Coco Coconut Water
Disaggregation of Revenue [Line Items]
Revenue	69,522	69,138
Operating Segments \| Americas \| Private Label
Disaggregation of Revenue [Line Items]
Revenue	24,273	25,050
Operating Segments \| Americas \| Other
Disaggregation of Revenue [Line Items]
Revenue	2,296	2,584
Operating Segments \| International
Disaggregation of Revenue [Line Items]
Revenue	15,607	12,987
Operating Segments \| International \| Vita Coco Coconut Water
Disaggregation of Revenue [Line Items]
Revenue	9,665	9,558
Operating Segments \| International \| Private Label
Disaggregation of Revenue [Line Items]
Revenue	5,152	2,666
Operating Segments \| International \| Other
Disaggregation of Revenue [Line Items]
Revenue	$ 790	$ 763

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023, the Company held 6,627,744 and 6,236,200 shares, respectively, in treasury stock. As of March 31, 2024 and December 31, 2023, the Company had 3,231,028 and 3,124,326 shares, respectively, of Common Stock available for issuance upon the conversion of outstanding equity awards under the 2021 Incentive Award Plan ("2021 Plan"). On October 30, 2023, the Company's Board of Directors approved a share repurchase program ("Program") authorizing the Company to repurchase up to $40,000 of Common Stock. Shares of Common Stock may be repurchased under the Program from time to time through open market purchases, block trades, private transactions or accelerated or other structured share repurchase programs. To the extent not retired, shares of Common Stock repurchased under the Program will be placed in the Company's treasury shares. The extent to which the Company repurchases shares of Common Stock, and the timing of such repurchases, will depend upon a variety of factors, including market conditions, regulatory requirements and other corporate considerations, as determined by the Company. The Program has no time limits and may be suspended or discontinued at any time. The Company repurchased 391,544 shares under this Program at a cost of $9,235 during the three months ended March 31, 2024. The Company repurchased 30,000 shares under this Program at a cost of $773 during the year ended December 31, 2023. As of March 31, 2024, the Company had $29,992 remaining under this Program. Stock-based Compensation—The stockholders of the Company approved the adoption of the Company’s 2014 Stock Option and Restricted Stock Plan (the “2014 Plan”). The 2014 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 2014 Plan, the Company may grant employees, directors and consultants stock options and restricted stock awards and has the authority to establish the specific terms of each award, including exercise price, expiration and vesting. Currently, only stock options were granted under the 2014 Plan. Generally, stock options issued pursuant to the 2014 Plan contain exercise prices no less than the fair value of Common Stock on the date of grant and have a ten-year contractual term. Subsequent to September 30, 2021, the stockholders of the Company approved the adoption of the 2021 Plan, which became effective after the closing of the Company's IPO completed in October 2021. On and after closing of the offering and the effectiveness of the 2021 Plan, no further grants have been made under the 2014 Plan. The maximum number of shares of our Common Stock available for issuance under the 2021 Plan is equal to the sum of: (i) 3,431,312 shares of our Common Stock; and (ii) an annual increase on the first day of each year beginning in 2022 and ending in and including 2031, equal to the lesser of (A) two percent (2%) of the outstanding shares of our Common Stock on the last day of the immediately preceding fiscal year; and (B) such lesser amount as determined by our Board of Directors; provided, however, no more than 3,431,312 shares may be issued upon the exercise of incentive stock options ("ISOs"). The 2021 Plan provides for the grant of stock options, including ISOs and nonqualified stock options ("NSOs"), restricted stock, dividend equivalents, stock payments, restricted stock units ("RSUs"), other incentive awards, stock appreciation rights ("SARs"), and cash awards. As of March 31, 2024, only stock options, restricted stock, and RSU's have been granted under the 2021 Plan. The Company recognized stock-based compensation expense of $1,958 and $1,297 for the three months ended March 31, 2024 and 2023, respectively, in selling, general and administrative expenses. For the RSUs previously granted to a major customer, $151 and $865 was recognized for the three months ended March 31, 2024 and March 31, 2023, respectively, as stock-based sales incentive based on guidance in ASC 606 and reflected as a reduction in the transaction price revenue. Option Awards with Service-based Vesting Conditions Most of the stock option awards granted under the 2014 Plan and 2021 Plan vest based on continuous service. The options awarded to the employees have differing vesting schedules as specified in each grant agreement. There were 168,076 new service-based stock option awards granted during the three months ended March 31, 2024. Exercises of stock options during the three months ended March 31, 2024, and 2023 were 13,960 and 66,523, respectively. Option Awards with Performance and Market-based Vesting Conditions There are also stock option awards containing performance-based vesting conditions, subject to achievement of various performance goals by a future period,such as revenue and adjusted EBITDA targets. There are also stock option awards granted in 2019 to the current Chief Executive Officer ("CEO") containing performance and market vesting conditions that vest upon occurrence of an IPO or other qualifying liquidity event and upon achieving a predetermined equity value of the Company, which were fully vested as of July 31, 2023. There were no new stock option awards granted during the three months ended March 31, 2024 with performance-based vesting conditions. Service & Performance based Restricted Stock and RSUs Restricted stock and RSUs were granted under the 2021 Plan and primarily vest based on continuous service. The RSUs with service-based vesting conditions 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; or (ii) the first anniversary of the date of grant. During the three months ended March 31, 2024 and March 31, 2023, the Company also granted RSUs that contained performance-based vesting conditions, subject to achievement of various performance goals in the future, specifically net sales growth and Adjusted EBITDA targets. Also included in these awards are $3,000 of shares of restricted Common Stock granted at the time of the IPO to entities affiliated with a significant customer, at a price per share granted at the IPO of $15.00, or 200,000 restricted shares, in connection with an amendment to extend the distributor agreement term to June 10, 2026. Since the distribution agreement has not been terminated by either party for cause as of March 31, 2023, 50% of the shares were released on March 31, 2023. The remaining 50% were released on March 31, 2024. The grant was accounted for as a stock-based sales incentive based on guidance in ASC 606 and is reflected as a reduction in the transaction price of revenue on the basis of the grant-date fair-value measure in accordance with the stock compensation guidance in ASC 718. During the three months ended March 31, 2024, there were 241,791 service based and 58,365 performance based RSUs granted, which had an aggregate grant date fair value of $7,858. During the three months ended March 31, 2024 and March 31, 2023, awards vested were 162,324 and 0, respectively, which includes service based RSUs and restricted stock of the major customer

- Definition

The entire disclosure for equity.

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+ Details

Condensed Consolidated Statement of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net sales	$ 111,698	$ 109,759
Cost of goods sold	64,521	76,098
Gross profit	47,177	33,661
Operating expenses
Selling, general and administrative	28,218	26,957
Income (loss) from operations	18,959	6,704
Other income (expense)
Unrealized gain/(loss) on derivative instruments	(2,525)	1,213
Foreign currency gain/(loss)	58	611
Interest income	1,523	13
Interest expense	0	(15)
Total other income (expense)	(944)	1,822
Income before income taxes	18,015	8,526
Income tax expense	(3,777)	(1,821)
Net income attributable to The Vita Coco Company, Inc.	$ 14,238	$ 6,705
Net income per common share
Basic (in dollars per share)	$ 0.25	$ 0.12
Diluted (in dollars per share)	$ 0.24	$ 0.12
Weighted-average number of common shares outstanding
Basic (in shares)	56,589,565	56,046,904
Diluted (in shares)	58,746,631	57,351,405

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials and packaging	$ 4,018	$ 3,360
Finished goods	52,746	47,397
Inventory	$ 56,764	$ 50,757

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net income	$ 14,238	$ 6,705
Denominator:
Weighted-average number of common shares used in earnings per share - basic (in shares)	56,589,565	56,046,904
Effect of conversion of stock options and RSUs (in shares)	2,157,066	1,304,501
Weighted-average number of common shares used in earnings per share - diluted (in shares)	58,746,631	57,351,405
Earnings per share - basic (in dollars per share)	$ 0.25	$ 0.12
Earnings per share - diluted (in dollars per share)	$ 0.24	$ 0.12

- 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

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

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.The Company records a liability when it is probable that a loss has been incurred and the amount is reasonably estimable. The Company also discloses when it is reasonably possible that a material loss may be incurred. As of March 31, 2024 and December 31, 2023, the Company has not recorded any liabilities relating to such legal matters.

Business Risk—The Company imports finished goods predominantly from manufacturers located in South American 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
	Three Months Ended March 31,				March 31, 2024		December 31, 2023
	2024		2023
Customer A	25	%	26	%	18	%	20	%
Customer B	22	%	24	%	21	%	23	%

One of the customers acquired less than 5% ownership in the Company upon consummation of the Company's initial public offering ("IPO"). As discussed in Note 10, Stockholders' Equity, the same customer also was granted 200,000 restricted stock awards at the time of the IPO, of which 100,000 vested on March 31, 2023 and 100,000 vested on March 31, 2024. The customer continues to hold less than 5% ownership in the Company as of March 31, 2024.

In 2023, we agreed to start to discontinue the private label coconut water and coconut oil supply relationship with one of our significant customers as the terms required to retain the business were contrary to our long term margin targets. However, at the request of this customer, we expect to continue the supply relationship for a significant portion of their private label coconut water needs.

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


	Three Months Ended March 31,
	2024		2023
Supplier A	24	%	17	%
Supplier B	14	%	15	%

Nature of Business and Basis of Presentation (Details) - Subsidiaries	3 Months Ended
	Mar. 31, 2024 subsidiary
Subsidiaries Owned [Line Items]
Number of subsidiaries	10
Asia
Subsidiaries Owned [Line Items]
Number of subsidiaries	4
North America
Subsidiaries Owned [Line Items]
Number of subsidiaries	4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Dec. 31, 2023

Cash flows from operating activities:

Net income

$ 14,238

$ 6,705

Adjustments required to reconcile net income to cash flows from operating activities:

Depreciation and amortization

162

165

(Gain)/loss on disposal of equipment

(1)

Bad debt expense

517

832

Unrealized (gain)/loss on derivative instruments

2,525

(1,213)

Stock-based compensation

2,109

2,162

Noncash lease expense

254

279

Changes in operating assets and liabilities:

Accounts receivable

(8,463)

(21,337)

Inventory

(6,068)

20,089

Prepaid expenses, net supplier advances, and other assets

(1,442)

683

Accounts payable, accrued expenses, and other liabilities

(4,112)

1,072

Net cash provided by (used in) operating activities

(267)

9,436

Cash flows from investing activities:

Cash paid for property and equipment

(124)

(454)

Proceeds from sale of property and equipment

Net cash used in investing activities

(124)

(449)

Cash flows from financing activities:

Proceeds from exercise of stock awards

153

603

Cash received (paid) on notes payable

(4)

(6)

Cash paid to acquire treasury stock

(9,235)

$ (773)

Net cash provided by (used in) financing activities

(9,086)

597

Effects of exchange rate changes on cash and cash equivalents

(80)

187

Net increase/(decrease) in cash and cash equivalents

(9,557)

9,771

Cash, cash equivalents and restricted cash at beginning of the period

132,867

19,629

Cash, cash equivalents and restricted cash at end of period

$ 123,310

^[1]

$ 29,400

^[1]

$ 132,867

[1]	Includes $332 and $320 of restricted cash as of March 31, 2024 and 2023, respectively, that were included in other current assets.

Derivative Instruments - Summary of Notional Amount and Fair Value of All Outstanding Derivative Instruments (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Receive BRL/sell USD
Derivatives, Fair Value [Line Items]
Derivative asset, notional amount	$ 55,191	$ 62,253
Derivative asset, fair value	1,671	3,876
Receive USD/pay EUR
Derivatives, Fair Value [Line Items]
Derivative asset, notional amount	4,899
Derivative asset, fair value	46
Derivative liability, notional amount		5,627
Derivative liability, fair value		(90)
Receive USD/pay CAD
Derivatives, Fair Value [Line Items]
Derivative asset, notional amount	6,795
Derivative asset, fair value	55
Derivative liability, notional amount		7,666
Derivative liability, fair value		(89)
Receive THB/sell USD
Derivatives, Fair Value [Line Items]
Derivative liability, notional amount	17,548	21,971
Derivative liability, fair value	(1,186)	(285)
Receive USD/pay GBP
Derivatives, Fair Value [Line Items]
Derivative liability, notional amount	20,610	23,512
Derivative liability, fair value	$ (448)	$ (749)

Related-Party Transactions	3 Months Ended
Related-Party Transactions	Mar. 31, 2024
Related Party Transactions [Abstract]
Related-Party Transactions	RELATED-PARTY TRANSACTIONS Director Nominee Agreements - A member of the Board of Directors appointed under the Investor Rights Agreement by Verlinvest Beverages SA ("Verlinvest"), a stockholder of the Company, entered into a nominee agreement on May 24, 2022 instructing the Company to pay all cash and equity compensation earned in connection with his board of director service to Verlinvest. Based on the aforementioned nominee agreement, RSUs granted to this director will be held by him as nominee for Verlinvest and, upon vesting of the RSUs, the shares will be transferred to Verlinvest. The nominee agreements are primarily between the director and Verlinvest. The Company is a party to this arrangement solely to agree to the manner in which it would satisfy the compensation obligations to this director. Registration Rights and Underwriting Agreements - Under the Registration Rights agreement by and among the Company, Verlinvest and certain other investors, in connection with each demand registration, piggyback or shelf offering, the Company agreed to reimburse the holders of registrable securities for the reasonable fees and disbursements of not more than one law firm. As part of the two secondary offerings during 2023, the Company also entered into underwriting agreements, to which Verlinvest was a party. In connection with the secondary share offering by Verlinvest in November 2023, the Company held an accrual in the amount of approximately $300 for legal fees reimbursement as of March 31, 2024. Subsequently during April 2024, Verlinvest agreed to waive its right to reimbursement of legal fees for its counsel, and those expenses

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill

Goodwill consists of the following:


	March 31, 2024		December 31, 2023
Goodwill	$	7,791	$	7,791

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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+ Details

Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

Basic and diluted earnings per share were calculated as follows:


	Three months ended March 31,
	2024		2023
Numerator:

Net income	$	14,238	$	6,705
Denominator:
Weighted-average number of common shares used in earnings per share—basic	56,589,565		56,046,904
Effect of conversion of stock options	2,157,066		1,304,501
Weighted-average number of common shares used in earnings per share—diluted	58,746,631		57,351,405
Earnings per share—basic	$	0.25	$	0.12
Earnings per share—diluted	$	0.24	$	0.12

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 March 31,
	2024	2023
Options to purchase common stock and RSUs	301,813	1,067,435

Nature of Business and Basis of Presentation	3 Months Ended
Nature of Business and Basis of Presentation	Mar. 31, 2024
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 (the “Company”) develops, markets, and distributes 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, coconut oil, coconut as a commodity, water (under the brand name Ever & Ever), and protein infused fitness drinks (under the brand name PWR LIFT). We also offered a natural energy drink (under the brand name Runa), which we ceased selling in December 2023. The Company was incorporated in Delaware as All Market Inc. on January 17, 2007. On September 9, 2021, we changed our name to The Vita Coco Company, Inc. In 2018, the Company purchased certain assets and liabilities of Runa, which is marketed and distributed primarily in the United States until the Company ceased selling the brand in December 2023. 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 ten wholly-owned subsidiaries including four wholly-owned Asian subsidiaries established between fiscal 2012 and 2015, four North American subsidiaries established between 2012 and 2018, All Market Europe, Ltd. (“AME”) in the United Kingdom, and one subsidiary in Germany established during 2024. 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, 2024 or for any other interim period or for any other future year. The condensed consolidated balance sheet as of March 31, 2024 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, 2023. During the three months ended March 31, 2024, there were no significant changes to the Company’s significant accounting policies as described in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2023

Derivative Instruments

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023, 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 Company's subsidiary, All Market Singapore Pte. Ltd. ("AMS"), 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:


March 31, 2024
Derivatives not designated as hedging instruments under ASC 815-20	Notional Amount		Fair Value		Balance Sheet Location
Assets
Foreign currency exchange contracts
Receive BRL/sell USD	$	55,191	$	1,671	Derivative assets
Receive USD/pay EUR	4,899		46		Derivative assets
Receive USD/pay CAD	6,795		55		Derivative assets

Liabilities
Foreign currency exchange contracts
Receive THB/sell USD	$	17,548	$	(1,186)	Derivative liabilities
Receive USD/pay GBP	20,610		(448)		Derivative liabilities

December 31, 2023

Derivatives not designated as
hedging instruments under
ASC 815-20

Notional
Amount

Fair
Value

Balance Sheet Location

Assets

Foreign currency exchange contracts

Receive BRL/sell USD

62,253

3,876

Derivative assets

Liabilities

Foreign currency exchange contracts

Receive THB/sell USD

21,971

(285)

Derivative liabilities

Receive USD/pay EUR

5,627

(90)

Derivative liabilities

Receive USD/pay GBP

23,512

(749)

Derivative liabilities

Receive USD/pay CAD

7,666

(89)

Derivative liabilities

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 months ended March 31, 2024 and 2023 are as follows:


	Three Months Ended March 31,
	2024		2023
Unrealized gain/(loss) on derivative instruments	$	(2,525)	$	1,213
Location	Unrealized gain/(loss) on derivative instruments		Unrealized gain/(loss) on derivative instruments
Foreign currency gain / (loss)	$	607	$	1,071
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.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTSOn April 24, 2024, the Company announced that AMS, a wholly owned subsidiary of the Company, entered into a Co-Manufacturing and Purchasing Agreement, dated April 18, 2024 with Axelum Resources Corp. (“Axelum”). The Company has an existing relationship with an affiliate of Axelum for the manufacture of various Company products in accordance with the terms of a manufacturing and purchasing agreement, dated April 8, 2020, which was filed as Exhibit 10.15 to the Company's Registration Statement on Form S-1 filed with the Securities and Exchange Commission ("SEC") on September 27, 2021. The new manufacturing agreement expands the Company's existing relationship with Axelum.

Segment Reporting - Schedule of Segment Reporting Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net sales	$ 111,698	$ 109,759
Total gross profit	47,177	33,661
Total segment assets	289,042		$ 285,682
Operating Segments \| Americas
Segment Reporting Information [Line Items]
Net sales	96,091	96,772
Total gross profit	40,872	29,150
Total segment assets	205,709		209,984
Operating Segments \| International
Segment Reporting Information [Line Items]
Net sales	15,607	12,987
Total gross profit	6,305	$ 4,511
Total segment assets	$ 83,333		$ 75,698

- 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.

Inventory

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventory

INVENTORY

Inventory consists of the following:


	March 31, 2024		December 31, 2023
Raw materials and packaging	$	4,018	$	3,360
Finished goods	52,746		47,397
Inventory	$	56,764	$	50,757

Debt - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended
Debt - Additional Information (Details) - USD ($)	Dec. 31, 2022	May 31, 2020	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Notes Payable, Other Payables \| Vehicle loans
Debt Instrument [Line Items]
Long-term Debt			$ 100,000
Notes Payable, Other Payables \| Minimum \| Vehicle loans
Debt Instrument [Line Items]
Interest rate on vehicle loans			4.56%
Notes Payable, Other Payables \| Maximum \| Vehicle loans
Debt Instrument [Line Items]
Interest rate on vehicle loans			5.68%
2020 Credit facility
Debt Instrument [Line Items]
Line of credit facility, interest expense and unused commitment fee			$ 15,000	$ 15,000
2020 Credit facility \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, term		5 years
Line of credit facility, maximum borrowing capacity		$ 60,000,000
Long-term line of credit			0		$ 0
Line of credit facility, remaining borrowing capacity			$ 60,000,000		$ 60,000,000
2020 Credit facility \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage	0.10%
2020 Credit facility \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage	0.20%
2020 Credit facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
2020 Credit facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%

Segment Reporting - Reconciliation of Gross Profit to Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting [Abstract]
Total gross profit	$ 47,177	$ 33,661
Selling, general, and administrative expenses	28,218	26,957
Income (loss) from operations	18,959	6,704
Unrealized gain/(loss) on derivative instruments	(2,525)	1,213
Foreign currency gain/(loss)	58	611
Interest income	1,523	13
Interest expense	0	(15)
Income before income taxes	$ 18,015	$ 8,526

- Definition

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

+ References

+ Details

- 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.

+ References

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+ Details

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

Summary of Significant Accounting Policies - Narrative (Details) - Customer Concentration Risk - Two Customers	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2023
Net sales
Concentration Risk [Line Items]
Concentration risk, percentage	47.00%	50.00%
Accounts receivable
Concentration Risk [Line Items]
Concentration risk, percentage	39.00%		43.00%

Commitments and Contingencies - Schedule of Concentration of Risk, by Risk Factor (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Supplier A \| Supplier Concentration Risk \| Cost of Goods and Service, Product and Service
Concentration Risk [Line Items]
Concentration risk, percentage	24.00%	17.00%
Supplier B \| Supplier Concentration Risk \| Cost of Goods and Service, Product and Service
Concentration Risk [Line Items]
Concentration risk, percentage	14.00%	15.00%
Customer A \| Customer Concentration Risk \| Net sales
Concentration Risk [Line Items]
Concentration risk, percentage	25.00%	26.00%
Customer A \| Customer Concentration Risk \| Accounts receivable
Concentration Risk [Line Items]
Concentration risk, percentage	18.00%		20.00%
Customer B \| Customer Concentration Risk \| Net sales
Concentration Risk [Line Items]
Concentration risk, percentage	22.00%	24.00%
Customer B \| Customer Concentration Risk \| Accounts receivable
Concentration Risk [Line Items]
Concentration risk, percentage	21.00%		23.00%

Inventory (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Summary of Inventory

Inventory consists of the following:


	March 31, 2024		December 31, 2023
Raw materials and packaging	$	4,018	$	3,360
Finished goods	52,746		47,397
Inventory	$	56,764	$	50,757

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 14,238	$ 6,705

- Definition

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

+ References

+ Details

Segment Reporting

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

SEGMENT REPORTING

The Company has two operating and reportable segments:

•Americas—The Americas segment is 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., coconut oil and milk). The Company’s aluminum bottle canned water (Ever & Ever), protein infused fitness drink (PWR LIFT), and guayusa leaf products (Runa) are marketed only in the Americas segment. As of December 2023, we ceased offering the Runa brand.

•International—The International segment is 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.

The Company’s CEO is the chief operating decision maker and evaluates segment performance primarily based on net sales and gross profit. All intercompany transactions between the segments have been eliminated.

Information about the Company’s operations by operating segment as of the three months ended March 31, 2024 and 2023 is as follows:


	Three Months Ended March 31,
	2024		2023
Net sales	$	111,698	$	109,759
Americas	96,091		96,772
International	15,607		12,987
Gross profit	$	47,177	$	33,661
Americas	40,872		29,150
International	6,305		4,511


	As of March 31,		As of December 31,
	2024		2023
Total segment assets	$	289,042	$	285,682
Americas	205,709		209,984
International	83,333		75,698


	Three Months Ended March 31,
Reconciliation	2024		2023
Total gross profit	$	47,177	$	33,661
Less:
Selling, general, and administrative expenses	28,218		26,957
Income (loss) from operations	$	18,959	$	6,704
Less:
Unrealized gain/(loss) on derivative instruments	(2,525)		1,213
Foreign currency gain/(loss)	58		611
Interest income	1,523		13
Interest expense	—		(15)
Income before income taxes	$	18,015	$	8,526

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:


Three Months Ended March 31,	2024		2023
United States	$	90,153	$	90,513
United Kingdom	11,221		9,043
All other countries(1)	10,324		10,202
Net sales	$	111,698	$	109,759

___________


(1)			No individual country is greater than 10% of total net sales for the three months ended March 31, 2024 and 2023.

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


	March 31, 2024		December 31, 2023
United States	$	751	$	729
Ecuador	141		140
Singapore	1,132		1,081
All other countries(1)	171		186
Property and equipment, net (including asset held for sale)	$	2,195	$	2,136

___________


(1)			No individual country is greater than 10% of total property and equipment, net as of March 31, 2024 and December 31, 2023.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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-Paragraph 32
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Goodwill

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

GOODWILL

Goodwill consists of the following:


	March 31, 2024		December 31, 2023
Goodwill	$	7,791	$	7,791

All of the Company’s goodwill is associated with an acquisition, which occurred in June 2018. The goodwill is allocated to the Americas reporting unit and is tax deductible. The Company has not recognized any impairment since acquisition.

Goodwill - Summary of Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
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

Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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:


March 31, 2024
Derivatives not designated as hedging instruments under ASC 815-20	Notional Amount		Fair Value		Balance Sheet Location
Assets
Foreign currency exchange contracts
Receive BRL/sell USD	$	55,191	$	1,671	Derivative assets
Receive USD/pay EUR	4,899		46		Derivative assets
Receive USD/pay CAD	6,795		55		Derivative assets

Liabilities
Foreign currency exchange contracts
Receive THB/sell USD	$	17,548	$	(1,186)	Derivative liabilities
Receive USD/pay GBP	20,610		(448)		Derivative liabilities

December 31, 2023

Derivatives not designated as
hedging instruments under
ASC 815-20

Notional
Amount

Fair
Value

Balance Sheet Location

Assets

Foreign currency exchange contracts

Receive BRL/sell USD

62,253

3,876

Derivative assets

Liabilities

Foreign currency exchange contracts

Receive THB/sell USD

21,971

(285)

Derivative liabilities

Receive USD/pay EUR

5,627

(90)

Derivative liabilities

Receive USD/pay GBP

23,512

(749)

Derivative liabilities

Receive USD/pay CAD

7,666

(89)

Derivative liabilities

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


	Three Months Ended March 31,
	2024		2023
Unrealized gain/(loss) on derivative instruments	$	(2,525)	$	1,213
Location	Unrealized gain/(loss) on derivative instruments		Unrealized gain/(loss) on derivative instruments
Foreign currency gain / (loss)	$	607	$	1,071
Location	Foreign currency gain/(loss)		Foreign currency gain/(loss)

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Cash Flows [Abstract]
Restricted cash	$ 332	$ 320

Revenue Recognition

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

REVENUE RECOGNITION

Revenues are accounted for in accordance with ASC Topic 606, Revenue Recognition ("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 included Runa (until we ceased selling it in December 2023), and includes Ever & Ever and PWR LIFT product offerings and Vita Coco product extensions beyond coconut water, 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.

The Company provides trade promotions and sales discounts to its customers and distributors. Since these sales promotions and sales discounts do not meet the criteria for a distinct good or service, they are primarily accounted for as a reduction of revenue and include payments to customers and distributors for performing activities on our behalf, such as payments for in-store displays, payments to gain distribution of new products, payments for shelf space and discounts to promote lower retail prices. These condensed consolidated financial statements include accruals for these promotion and discounts. The accruals are made for invoices that have not yet been received as of the end of the reporting period and are recorded as a reduction of sales, and are based on contract terms and our historical experience with similar programs and require management judgment with respect to estimating customer and consumer participation and performance levels.

Disaggregation of Revenue

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


	Three Months Ended March 31, 2024
	Americas		International		Consolidated
Vita Coco Coconut Water	$	69,522	$	9,665	$	79,187
Private Label	24,273		5,152		29,425
Other	2,296		790		3,086
Total	$	96,091	$	15,607	$	111,698

	Three Months Ended March 31, 2023
	Americas		International		Consolidated
Vita Coco Coconut Water	$	69,138	$	9,558	$	78,696
Private Label	25,050		2,666		27,716
Other	2,584		763		3,347
Total	$	96,772	$	12,987	$	109,759

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Total Shareholders’ Equity Attributable to The Vita Coco Company, Inc.	Total Shareholders’ Equity Attributable to The Vita Coco Company, Inc. Impact of ASC 326 adoption	Common Stock	Additional Paid-in Capital	Retained Earnings	Retained Earnings Impact of ASC 326 adoption	Accumulated Other Comprehensive Income / (Loss)	Treasury Stock	Common Stock Common Stock	Common Stock with Exit Warrants Common Stock
Beginning balance, common stock (in shares) at Dec. 31, 2022				62,225,250						54,112,145	8,113,105
Beginning balance at Dec. 31, 2022		$ 141,093		$ 622	$ 145,210	$ 55,183		$ (994)	$ (58,928)	$ 541	$ 81
Beginning balance, treasury stock (in shares) at Dec. 31, 2022									6,206,200
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 6,705	6,705				6,705
Stock-based compensation		2,162			2,162
Exercise of stock options (in shares)				185,783						185,783
Exercise of stock awards		603		$ 2	601					$ 2
Foreign currency translation adjustment		173						173
Ending balance, common stock (in shares) at Mar. 31, 2023				62,411,033						54,297,928	8,113,105
Ending balance at Mar. 31, 2023		149,666		$ 624	147,973	60,818		(821)	$ (58,928)	$ 543	$ 81
Ending balance, treasury stock (in shares) at Mar. 31, 2023									6,206,200
Beginning balance, common stock (in shares) at Dec. 31, 2023	56,899,253			63,135,453						55,022,348	8,113,105
Beginning balance at Dec. 31, 2023	$ 202,437	202,437		$ 631	161,414	100,742		(649)	$ (59,701)	$ 550	$ 81
Beginning balance (Accounting Standards Update 2016-13) at Dec. 31, 2023			$ (1,070)				$ (1,070)
Beginning balance, treasury stock (in shares) at Dec. 31, 2023	6,236,200								6,236,200
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 14,238	14,238				14,238
Purchase of treasury stock (in shares)									391,544
Purchase of treasury stock		(9,235)							$ (9,235)
Stock-based compensation		2,109			2,109
Exercise of stock options (in shares)				176,284						176,284
Exercise of stock awards		153		$ 2	151					$ 2
Foreign currency translation adjustment		(12)						(12)
Ending balance, common stock (in shares) at Mar. 31, 2024	56,683,993			63,311,737						55,198,632	8,113,105
Ending balance at Mar. 31, 2024	$ 209,690	$ 209,690		$ 633	$ 163,674	$ 114,980		$ (661)	$ (68,936)	$ 552	$ 81
Ending balance, treasury stock (in shares) at Mar. 31, 2024	6,627,744								6,627,744

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

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.

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. Additionally, uncertainty in the macroeconomic environment resulting from current geopolitical and economic instability (including the effects of current wars and other international conflicts) and the high interest rate and inflationary cost environment make estimates and assumptions difficult to calculate with precision. 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, determining the accounts receivables reserve, assessing goodwill for impairment, determining 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 institutions, which may include banks, financial institutions and investment firms, and invest daily or reserve operating cash in money market funds, government securities, bank obligations, municipal securities or other investment vehicles with short-term maturities.

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 47% and 50% of total net sales for the three months ended March 31, 2024 and 2023, respectively. In addition, the two customers in aggregate also accounted for 39% and 43% of total accounts receivable as of March 31, 2024 and December 31, 2023, respectively. The Company has not experienced credit issues with these customers. Refer to Note 7, Commitments and Contingencies regarding additional information on our major customers.

Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). The new accounting standard introduced the current expected credit losses methodology ("CECL") for estimating allowances for credit losses. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized costs, including loans and trade receivables. ASU 2016-13 was effective for the Company for annual and interim reporting periods beginning after December 15, 2022. The Company adopted the standard on January 1, 2023 using the modified retrospective method for all financial assets in scope.

As a part of the adoption, the Company selected to apply roll-rate method to estimate current expected credit losses for its accounts receivable population and weighted average remaining maturity ("WARM") method for supplier advances.

The difference of $1,070 between the incurred credit loss estimate and current expected credit loss estimate was recorded as cumulative effect adjustment to the Company’s opening retained earnings and reflected on the consolidated balance sheet as of January 1, 2023 as a result of the ASC Topic 326, Financial Instruments - Credit Losses ("ASC 326") adoption. 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. The following table illustrates the impact of ASC 326.


	As of January 1, 2023
	As reported under ASC 326		Pre-ASC 326 adoption		Impact of ASC 326 adoption
Allowance for credit losses on accounts receivables	$	3,552	$	2,898	$	654
Allowance for credit losses on supplier advances	416		—		416
Total	$	3,968	$	2,898	$	1,070

Recently Issued Accounting Pronouncements

In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis ("ASU 2023-07"). Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC Topic 280, Segment Reporting on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the effective tax rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction ("ASU 2023-09"). ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Accounts Receivable, Allowance for Credit Loss

The following table illustrates the impact of ASC 326.


	As of January 1, 2023
	As reported under ASC 326		Pre-ASC 326 adoption		Impact of ASC 326 adoption
Allowance for credit losses on accounts receivables	$	3,552	$	2,898	$	654
Allowance for credit losses on supplier advances	416		—		416
Total	$	3,968	$	2,898	$	1,070

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information by Segment

Information about the Company’s operations by operating segment as of the three months ended March 31, 2024 and 2023 is as follows:


	Three Months Ended March 31,
	2024		2023
Net sales	$	111,698	$	109,759
Americas	96,091		96,772
International	15,607		12,987
Gross profit	$	47,177	$	33,661
Americas	40,872		29,150
International	6,305		4,511


	As of March 31,		As of December 31,
	2024		2023
Total segment assets	$	289,042	$	285,682
Americas	205,709		209,984
International	83,333		75,698

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


	Three Months Ended March 31,
Reconciliation	2024		2023
Total gross profit	$	47,177	$	33,661
Less:
Selling, general, and administrative expenses	28,218		26,957
Income (loss) from operations	$	18,959	$	6,704
Less:
Unrealized gain/(loss) on derivative instruments	(2,525)		1,213
Foreign currency gain/(loss)	58		611
Interest income	1,523		13
Interest expense	—		(15)
Income before income taxes	$	18,015	$	8,526

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:


Three Months Ended March 31,	2024		2023
United States	$	90,153	$	90,513
United Kingdom	11,221		9,043
All other countries(1)	10,324		10,202
Net sales	$	111,698	$	109,759

___________


(1)			No individual country is greater than 10% of total net sales for the three months ended March 31, 2024 and 2023.

Long-lived Assets by Geographic Areas

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


	March 31, 2024		December 31, 2023
United States	$	751	$	729
Ecuador	141		140
Singapore	1,132		1,081
All other countries(1)	171		186
Property and equipment, net (including asset held for sale)	$	2,195	$	2,136

___________


(1)			No individual country is greater than 10% of total property and equipment, net as of March 31, 2024 and December 31, 2023.

Summary of Significant Accounting Policies - Allowance for Credit Loss (Details) - Accounting Standards Update 2016-13 $ in Thousands	Jan. 01, 2023 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses on accounts receivables	$ 2,898
Allowance for credit losses on supplier advances	0
Total	2,898
As reported under ASC 326
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses on accounts receivables	3,552
Allowance for credit losses on supplier advances	416
Total	3,968
Impact of ASC 326 adoption
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses on accounts receivables	654
Allowance for credit losses on supplier advances	416
Total	$ 1,070

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 14,238	$ 6,705
Other comprehensive income (loss):
Foreign currency translation adjustment	(12)	173
Total comprehensive income attributable to The Vita Coco Company, Inc.	$ 14,226	$ 6,878

- Definition

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

+ References

+ Details

Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Summary of Credit Facility and Notes Payable

The table below details the outstanding balances on the Company’s debt as of March 31, 2024 and December 31, 2023:


	March 31, 2024		December 31, 2023


Notes payable

Vehicle loans	21		26
	$	21	$	26
Current	11		13
Non-current	$	10	13

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

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—See Note 8, Derivative Instruments, for a description of these contracts.The Company’s valuation methodology for forward currency swap contracts is based upon third-party institution data.

The Company’s fair value hierarchy for those assets (liabilities) measured at fair value on a recurring basis at March 31, 2024 and December 31, 2023, is as follows:


	Level 1		Level 2		Level 3		Total
			Forward Currency Swaps/Contracts
March 31, 2024	$	—	$	138	$	—	$	138
December 31, 2023	$	—	$	2,663	$	—	$	2,663

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

Debt - Summary of Credit Facility and Notes Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule Of Line Of Credit Facilities And Notes Payable [Line Items]
Notes payable	$ 21	$ 26
Current	11	13
Non-current	10	13
Vehicle loans
Schedule Of Line Of Credit Facilities And Notes Payable [Line Items]
Notes payable	$ 21	$ 26

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

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.

Use of Estimates

Concentration of Credit Risk

Recently Adopted Accounting Pronouncements


	As of January 1, 2023
	As reported under ASC 326		Pre-ASC 326 adoption		Impact of ASC 326 adoption
Allowance for credit losses on accounts receivables	$	3,552	$	2,898	$	654
Allowance for credit losses on supplier advances	416		—		416
Total	$	3,968	$	2,898	$	1,070

Recently Issued Accounting Pronouncements

Insider Trading Arrangements

3 Months Ended

Mar. 31, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

In accordance with the disclosure requirements set forth in Item 408(a) of Regulation S-K, the following table discloses any officer (as defined in Rule 16a-1(f) under the Exchange Act), director, or entity controlled by such officer or

director who adopted a contract, instruction, or written plan for the sale of securities of the Company intended to satisfy the affirmative defense of Rule 10b5-1(c) during the quarterly period ended March 31, 2024:

Name

Title

Action Taken

Date of Action

Duration of Trading Arrangement

Aggregate Number of Securities to be Sold

Jonathan Burth

Chief Operating Officer

Adoption

March 15, 2024

June 14, 2024 to July 31, 2025

Up to 100,000 shares of Common Stock issuable upon exercise of fully vested stock options and up to 40,000 shares of Common Stock

Jane Prior

Chief Marketing Officer

Adoption

March 15, 2024

June 14, 2024 to February 3, 2025

Up to 50,000 shares of Common Stock upon exercise of fully vested stock options

Charles van Es

Chief Sales Officer

Adoption

March 15, 2024

June 14, 2024 to January 31, 2025

Up to 39,675 shares of Common Stock upon exercise of fully vested stock options

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Jonathan Burth [Member]

Trading Arrangements, by Individual

Name

Jonathan Burth

Title

Chief Operating Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

March 15, 2024

Arrangement Duration

1 year 18 days

Jane Prior [Member]

Trading Arrangements, by Individual

Name

Jane Prior

Title

Chief Marketing Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

March 15, 2024

Arrangement Duration

7 months 21 days

Aggregate Available

50,000

Charles van Es [Member]

Trading Arrangements, by Individual

Name

Charles van Es

Title

Chief Sales Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

March 15, 2024

Arrangement Duration

1 year 18 days

Aggregate Available

39,675

Jonathan Burth Trading Arrangement, Common Stock Issuable Upon Exercise Of Fully Vested Stock Options [Member] | Jonathan Burth [Member]

Trading Arrangements, by Individual

Aggregate Available

100,000

Jonathan Burth Trading Arrangement, Common Stock [Member] | Jonathan Burth [Member]

Trading Arrangements, by Individual

Aggregate Available

40,000

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		56,683,993
Entity Central Index Key	0001482981
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Fair Value Measurements (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 138	$ 2,663
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	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	138	2,663
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 0	$ 0

Shareholders' Equity (Details) $ / shares in Units, $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2024 USD ($) vote $ / shares shares	Mar. 31, 2023 USD ($) shares	Jun. 30, 2022	Dec. 31, 2023 USD ($) shares	Oct. 30, 2023 USD ($)	Dec. 31, 2022 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)	6,627,744			6,236,200
Stock repurchase program, authorized amount \| $	$ 29,992				$ 40,000
Payments for repurchase of common stock \| $	9,235	$ 0		$ 773
Stock-based compensation expense \| $	1,958	1,297
Stock-based sales incentive \| $	$ 151	$ 865
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchased during period (in shares)	391,544			30,000
Exercise of stock options (in shares)	176,284	185,783
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	162,324	0
Aggregate intrinsic value, nonvested \| $	$ 3,000
Granted (in dollars per share) \| $ / shares	$ 15.00
Granted RSUs (in shares)	200,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate grant date fair value \| $	$ 7,858
Service-Based Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise of stock options (in shares)	13,960	66,523
Granted RSUs (in shares)	241,791
Performance-Based Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted RSUs (in shares)	58,365
Service-based Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	168,076
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for future issuance (in shares)	3,231,028			3,124,326
Percentage of outstanding stock maximum			2.00%
2021 Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for future issuance (in shares)						3,431,312
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%
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%

Earnings Per Share - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Payment Arrangement, Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase common stock and RSUs (in shares)	301,813	1,067,435

Derivative Instruments - Summary of Realized and Unrealized Gains and Losses of the Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivatives, Fair Value [Line Items]
Unrealized gain/(loss) on derivative instruments	$ (2,525)	$ 1,213
Unrealized gain/(loss) on derivative instruments
Derivatives, Fair Value [Line Items]
Unrealized gain/(loss) on derivative instruments	(2,525)	1,213
Foreign currency gain / (loss)
Derivatives, Fair Value [Line Items]
Foreign currency gain / (loss)	$ 607	$ 1,071

- Definition

+ References + Details

Commitments and Contingencies - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Concentration Risk [Line Items]
Estimated litigation liability	$ 0		$ 0
Restricted Stock
Concentration Risk [Line Items]
Granted RSUs (in shares)	200,000
One customer
Concentration Risk [Line Items]
Vested (in shares)	100,000	100,000

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31,
	2024		2023
Numerator:

Net income	$	14,238	$	6,705
Denominator:
Weighted-average number of common shares used in earnings per share—basic	56,589,565		56,046,904
Effect of conversion of stock options	2,157,066		1,304,501
Weighted-average number of common shares used in earnings per share—diluted	58,746,631		57,351,405
Earnings per share—basic	$	0.25	$	0.12
Earnings per share—diluted	$	0.24	$	0.12

Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three months ended March 31,
	2024	2023
Options to purchase common stock and RSUs	301,813	1,067,435

Income Taxes (Details) - USD ($)	3 Months Ended
Income Taxes (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 3,777,000	$ 1,821,000
Unrecognized tax benefits	$ 106,000		$ 106,000

- 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	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 122,978	$ 132,537
Accounts receivable, net of allowance of $3,304 at March 31, 2024, and $2,486 at December 31, 2023	57,881	50,086
Inventory	56,764	50,757
Supplier advances, current	1,535	1,521
Derivative assets	1,772	3,876
Prepaid expenses and other current assets	25,772	24,160
Total current assets	266,702	262,937
Property and equipment, net	2,195	2,136
Goodwill	7,791	7,791
Supplier advances, long-term	2,619	2,820
Deferred tax assets, net	6,746	6,749
Right-of-use assets, net	1,151	1,406
Other assets	1,838	1,843
Total assets	289,042	285,682
Current liabilities:
Accounts payable	18,134	21,826
Accrued expenses and other current liabilities	59,223	59,533
Notes payable, current	11	13
Derivative liabilities	1,634	1,213
Total current liabilities	79,002	82,585
Notes payable, long-term	10	13
Other long-term liabilities	340	647
Total liabilities	79,352	83,245
Stockholders’ equity:
Common stock, $0.01 par value; 500,000,000 shares authorized; 63,311,737 and 63,135,453 shares issued at March 31, 2024 and December 31, 2023, respectively 56,683,993 and 56,899,253 shares outstanding at March 31, 2024 and December 31, 2023, respectively	633	631
Additional paid-in capital	163,674	161,414
Retained earnings	114,980	100,742
Accumulated other comprehensive loss	(661)	(649)
Treasury stock, 6,627,744 shares at cost as of March 31, 2024, and $6,236,200 shares at cost as of December 31, 2023.	(68,936)	(59,701)
Total stockholders’ equity attributable to The Vita Coco Company, Inc.	209,690	202,437
Total liabilities and stockholders’ equity	$ 289,042	$ 285,682