Monster Beverage Corporation (NASDAQ: MNST) today reported
financial results for the three- and twelve-months ended December
31, 2021.
The Company achieved record fourth quarter and
full-year net sales, with annual net sales exceeding the $5.5
billion mark for the first time in the Company’s history,
notwithstanding the impact of the COVID-19 pandemic on the
Company.
Despite certain challenges in the 2021 fourth
quarter, the Company achieved solid results overall. The
comparative 2020 fourth quarter included a non-recurring tax
benefit of $165.1 million (the “Non-Recurring Tax Benefit”), as
well as reduced marketing, sponsorships and certain other operating
expenses, largely as a consequence of the COVID-19 pandemic. These
items should be taken into consideration when evaluating
comparative performance over the 2020 fourth quarter and
full-year.
During the 2021 fourth quarter, the Company
continued to procure additional quantities of aluminum cans from
suppliers in the United States and abroad in response to increased
consumer demand.
In addition, the Company continued to experience
additional global supply chain challenges, including, freight
inefficiencies, shortages of shipping containers, port of entry
congestion, and delays in the receipt of certain ingredients, some
of which are likely to be transitory. In the United States, the
Company lacked sufficient co-packing capacity to meet increased
demand for certain of its products. As a result, the Company was
not able to fully satisfy increased demand for its products in a
number of markets in the 2021 fourth quarter.
During the 2021 fourth quarter, the Company
experienced increased aluminum can costs attributable to higher
aluminum commodity pricing, as well as the costs of importing
aluminum cans. In addition, the Company experienced increased
ingredient and other input costs, including shipping and freight,
labor, trucking, fuel, co-packing fees, secondary packaging
materials, increased outbound freight costs and production
inefficiencies, which resulted in increased costs of sales and
increased operating costs.
As of December 31, 2021, the Company had $1.33
billion in cash and cash equivalents, $1.75 billion in short-term
investments and $99.4 million in long-term investments. Based on
currently available information, the Company does not expect the
ongoing COVID-19 pandemic to have a material impact on its
liquidity.
Fourth Quarter ResultsNet sales for the 2021
fourth quarter increased 19.1 percent to $1.43 billion from $1.20
billion in the comparable period last year. Net changes in foreign
currency exchange rates had an unfavorable impact on net sales for
the 2021 fourth quarter of $2.4 million.
Net sales for the Company’s Monster Energy® Drinks segment which
primarily includes the Company’s Monster Energy® drinks, Reign
Total Body Fuel® high performance energy drinks and True North®
Pure Energy Seltzers, increased 20.7 percent to $1.35 billion for
the 2021 fourth quarter, from $1.12 billion for the 2020 fourth
quarter. Net changes in foreign currency exchange rates
had an unfavorable impact on net sales for the Monster Energy®
Drinks segment of approximately $2.7 million for the 2021 fourth
quarter.
The comparative net sales for the 2020 fourth quarter as well as
the comparative net sales for the Monster Energy® Drinks segment
for the 2020 fourth quarter were negatively impacted by $15.2
million related to product returns from our customers as a result
of a European formulation issue with a limited number of products
in Europe and a labeling issue concerning one product in Japan (the
“2020 Product Returns”).
Net sales for the Company’s Strategic Brands segment, which
primarily includes the various energy drink brands acquired from
The Coca-Cola Company, as well as the Company’s affordable energy
brands, decreased 3.5 percent to $65.6 million for the 2021 fourth
quarter, from $67.9 million in the 2020 fourth quarter, largely due
to shortages of flavor concentrates for certain of the Company’s
NOS® brand energy drinks. Net changes in foreign currency exchange
rates had a favorable impact on net sales for the Strategic Brands
segment of approximately $0.3 million for the 2021 fourth
quarter.
Net sales for the Company’s Other segment, which includes
certain products of American Fruits and Flavors, LLC, a wholly
owned subsidiary of the Company, sold to independent third-party
customers (the “AFF Third-Party Products”), decreased to $6.0
million for the 2021 fourth quarter, from $6.7 million in the 2020
fourth quarter.
Net sales to customers outside the United States increased 32.0
percent to $508.1 million in the 2021 fourth quarter, from $384.8
million in the 2020 fourth quarter. Such sales were approximately
36 percent of total net sales in the 2021 fourth quarter, compared
with 32 percent in the 2020 fourth quarter.
Gross profit, as a percentage of net sales, for the 2021 fourth
quarter was 53.9 percent, compared with 57.7 percent in the 2020
fourth quarter. The decrease in gross profit as a percentage of net
sales for the 2021 fourth quarter was primarily the result of
increased freight-in costs, increased aluminum can costs
attributable to higher aluminum commodity pricing, geographical and
product sales mix, and production inefficiencies.
Operating expenses for the 2021 fourth quarter were $354.7
million, compared with $288.4 million in the 2020 fourth quarter.
The increase in operating expenses was primarily due to increased
out-bound freight and warehouse costs, increased expenditures for
sponsorships and endorsements, increased expenditures for other
marketing activities, including social media and digital marketing
and increased payroll costs. During the comparative 2020 fourth
quarter, the Company decreased expenditures for sponsorship and
endorsements and decreased expenditures for travel and
entertainment, each largely as a consequence of the COVID-19
pandemic. The impact of the COVID-19 pandemic was less pronounced
on the Company’s sales and marketing programs during the 2021
fourth quarter. Operating expenses for the 2019 fourth quarter (pre
COVID-19) were $293.7 million.
Operating expenses as a percentage of net sales for the 2021
fourth quarter were 24.9 percent, compared with 24.1 percent in the
2020 fourth quarter. Operating expenses as a percentage of net
sales for the 2019 fourth quarter (pre COVID-19) were 28.9
percent.
Distribution costs for the 2021 fourth quarter increased to
$69.8 million, an increase of 48.4 percent, or 4.9 percent of net
sales, compared to $47.0 million, or 3.9 percent of net sales in
the 2020 fourth quarter, and 3.5 percent of net sales in the 2019
fourth quarter.
Selling expenses as a percentage of net sales for the 2021
fourth quarter were 9.9 percent, compared with 9.8 percent in the
2020 fourth quarter, and 12.3 percent in the 2019 fourth
quarter.
General and administrative expenses for the 2021 fourth quarter
were $143.9 million, or 10.1 percent of net sales, compared with
$123.8 million, or 10.4 percent of net sales, for the 2020 fourth
quarter. Stock-based compensation was $18.1 million for the 2021
fourth quarter, compared with $17.2 million in the 2020 fourth
quarter.
Operating income for the 2021 fourth quarter increased to $412.9
million, from $402.3 million in the 2020 fourth quarter.
The effective tax rate for the 2021 fourth quarter was 23.3
percent, compared with -17.7 percent in the 2020 fourth quarter.
The increase in the effective tax rate was primarily attributable
to the Non-Recurring Tax Benefit of approximately $165.1 million
recognized in the comparative 2020 fourth quarter. The effective
tax rate for the 2020 fourth quarter (excluding the Non-Recurring
Tax Benefit) was 23.5 percent.
Net income for the 2021 fourth quarter decreased 31.9 percent to
$321.3 million, from $471.7 million in the 2020 fourth quarter. Net
income per diluted share for the 2021 fourth quarter decreased 32.1
percent to $0.60, from $0.88 in the fourth quarter of 2020.
Net income for the comparative 2020 fourth quarter (excluding
the Non-Recurring Tax Benefit, the impact of the 2020 Product
Returns, associated inventory provisions and other related costs)
was $328.6 million. Net income per diluted share for the
comparative 2020 fourth quarter (excluding the Non-Recurring Tax
Benefit, the impact of the 2020 Product Returns, associated
inventory provisions and other related costs) was $0.62.
Rodney C. Sacks, Chairman and Co-Chief Executive Officer, said:
“We are pleased to report record net sales for the 2021 fourth
quarter, despite the ongoing impact of the COVID-19
pandemic, particularly of the Omicron variant.
“We are excited with the sustained growth in the
global energy drink category, and specifically with the growth
of our Monster Energy® brand.
“In the fourth quarter of 2021, we expanded distribution of our
brands in certain international markets. In the United
States, we launched our Monster® (stylized) Reserve line in
the 2021 fourth quarter and early in 2022 we launched Juice
Monster® Aussie Lemonade, Rehab® Monster Watermelon, Reign Total
Body Fuel™, Reignbow Sherbet™ and Ultra Peachy Keen™.
“We completed our acquisition of CANarchy Craft Brewery
Collective LLC on February 17, 2022. We are enthusiastic
about the opportunities this acquisition presents to us
in the alcohol space and through their distribution network,” Sacks
added.
Vice Chairman and Co-Chief Executive Officer Hilton H.
Schlosberg said: “We are pleased with the results for the Company
in what was a challenging fourth quarter. We continued to
experience challenges meeting demand in the United States and
EMEA in the fourth quarter, largely as a result of a shortage in
aluminum cans, the availability of co-packing capacity and
procurement difficulties in other inputs. The shortage of shipping
containers and global port congestion continues to impact our
operations. Due to the actions we have taken to procure additional
aluminum cans from domestic sources as well as from imports,
and with production from two new aluminum can suppliers in the
United States, we currently have sufficient supplies of
aluminum cans to meet demand. However, we continue
to experience shortages in the availability of co-packing capacity
for certain of our products. We believe that some of the increased
costs we are experiencing are likely to be transitory, as we begin
to decrease our reliance on the use of imported aluminum cans, as
well as increasing our inventory levels in proximity to our
customers, thus reducing the excess costs of long-distance
transportation and freight.
“We continue to implement measures to mitigate the impact of
increased costs experienced in our supply chain through
reductions in promotions and other pricing actions in the United
States and in EMEA,” Schlosberg added.2021 Full-Year
ResultsThe comparative 2020 full-year results included the
Non-Recurring Tax Benefit of $165.1 million, as well as reduced
marketing, sponsorships and certain other operating expenses,
largely as a consequence of the COVID-19 pandemic. These items
should be taken into consideration when evaluating comparative
performance over the 2020 full-year.
Net sales for the twelve-months ended December 31, 2021
increased 20.5 percent to $5.54 billion, from $4.60 billion in the
comparable period last year. Net changes in foreign currency
exchange rates had a favorable impact on net sales for the
twelve-months ended December 31, 2021 of $61.9 million.
Gross profit, as a percentage of net sales, for the
twelve-months ended December 31, 2021 was 56.1 percent, compared
with 59.2 percent in the comparable period last year. The decrease
in gross profit as a percentage of net sales for the year ended
December 31, 2021 was primarily the result of increased aluminum
can costs attributable to higher aluminum commodity pricing,
increased costs of certain other raw materials and ingredients,
increased freight-in costs and geographical sales mix.
Operating expenses for the twelve-months ended December 31, 2021
were $1.31 billion, compared with $1.09 billion in the comparable
period last year. During the comparative 2020 period, the Company
decreased expenditures for sponsorship and endorsements and
decreased expenditures for travel and entertainment, each largely
as a consequence of the COVID-19 pandemic. The impact of the
COVID-19 pandemic was less pronounced on the Company’s sales and
marketing programs during the year ended December 31, 2021.
Operating expenses for the year ended December 31, 2019 (pre
COVID-19) were $1.12 billion.
Operating income for the twelve-months ended December 31, 2021
increased to $1.80 billion, from $1.63 billion in the comparable
period last year.
The effective tax rate was 23.5 percent for the twelve-months
ended December 31, 2021, compared with 13.3 percent in the
comparable period last year. The increase in the effective
tax rate was primarily attributable to the Non-Recurring Tax
Benefit. The effective tax rate for the comparative twelve-months
ended December 31, 2020 (excluding the Non-Recurring Tax Benefit)
was 23.5 percent.
Net income for the twelve-months ended December 31, 2021
decreased 2.3 percent to $1.38 billion, from $1.41 billion in the
comparable period last year. Net income per diluted share for
the twelve-months ended December 31, 2021 decreased 2.4 percent to
$2.57, from $2.64 in the comparable period last year.
Net income for the comparative twelve-months ended December 31,
2020 (excluding the Non-Recurring Tax Benefit, the impact of the
2020 Product Returns, associated inventory provisions and other
related costs) was $1.27 billion, compared with $1.38 billion in
2021, an increase of 8.8 percent. Net income per diluted share for
the comparative twelve-months ended December 31, 2020 (excluding
the Non-Recurring Tax Benefit, the impact of the 2020 Product
Returns, associated inventory provisions and other related costs)
was $2.37, compared with $2.57 in 2021, an increase of 8.6
percent.
Share Repurchase ProgramNo shares
of the Company’s common stock were repurchased during the 2021
fourth quarter. As of February 24, 2022, approximately $441.5
million remained available for repurchase under the previously
authorized repurchase program.
CANarchy AcquisitionOn February 17, 2022, the
Company completed its acquisition of CANarchy Craft Brewery
Collective LLC (“CANarchy”), a craft beer and hard seltzer company,
for $330.0 million in cash, subject to adjustments. The transaction
allows the Company to enter the alcohol beverage sector and brings
the Cigar City family of brands, including Jai Alai IPA and Florida
Man IPA, the Oskar Blues family of brands, including Dale’s Pale
Ale and Wild Basin Hard Seltzers, the Deep Ellum family of brands,
including Dallas Blonde and Deep Ellum IPA, the Perrin Brewing
family of brands, including Black Ale, the Squatters family of
brands, including Hop Rising Double IPA and Juicy IPA, and the
Wasatch family of brands, including Apricot Hefeweizen to the
Company’s beverage portfolio. The transaction does not include
CANarchy’s stand-alone restaurants. The Company’s organizational
structure for its existing energy beverage business will remain
unchanged. CANarchy will function independently, retaining its own
organizational structure and team.
Investor Conference CallThe
Company will host an investor conference call today, February 24,
2022, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). The
conference call will be open to all interested investors through a
live audio web broadcast via the internet at www.monsterbevcorp.com
in the “Events & Presentations” section. For those who are not
able to listen to the live broadcast, the call will be archived for
approximately one year on the website.
Monster Beverage CorporationBased
in Corona, California, Monster Beverage Corporation is a holding
company and conducts no operating business except through its
consolidated subsidiaries. The Company’s subsidiaries develop and
market energy drinks, including Monster Energy® energy drinks,
Monster Energy Ultra® energy drinks, Juice Monster® Energy + Juice
energy drinks, Java Monster® non-carbonated coffee + energy drinks,
Espresso Monster® non-carbonated espresso + energy drinks, Rehab®
Monster® non-carbonated energy drinks, Monster Hydro® Energy Water™
non-carbonated refreshment + energy drinks, Monster Hydro Super
Sport® Superior Hydration non-carbonated refreshment + energy
drinks, Monster HydroSport Super Fuel® non-carbonated advanced
hydration + energy drinks, Monster Dragon Iced Tea® non-carbonated
energy teas, Muscle Monster® non-carbonated energy shakes, Monster
Energy® Nitro energy drinks, Reign Total Body Fuel® high
performance energy drinks, Reign Inferno® thermogenic fuel high
performance energy drinks, True North® Pure Energy Seltzer energy
drinks, NOS® energy drinks, Full Throttle® energy drinks, Burn®
energy drinks, Samurai® energy drinks, Relentless® energy drinks,
Mother® energy drinks, Play® and Power Play® (stylized) energy
drinks, BU® energy drinks, Nalu® energy drinks, BPM® energy drinks,
Gladiator® energy drinks, Ultra Energy® energy drinks, Live+®
energy drinks, Predator® energy drinks and Fury® energy drinks. For
more information, visit www.monsterbevcorp.com.
The Company recently acquired CANarchy Craft Brewery Collective
LLC and added a number of craft beer and alcoholic seltzers to its
product portfolio.
Caution Concerning Forward-Looking
StatementsCertain statements made in this announcement may
constitute “forward-looking statements” within the meaning of the
U.S. federal securities laws, as amended, regarding the
expectations of management with respect to our future operating
results and other future events including revenues and
profitability. The Company cautions that these statements are based
on management’s current knowledge and expectations and are subject
to certain risks and uncertainties, many of which are outside of
the control of the Company, that could cause actual results and
events to differ materially from the statements made herein. Such
risks and uncertainties include, but are not limited to, the
following: the direct and indirect impacts of the human and
economic consequences of the COVID-19 pandemic, including the new
variants, as well as measures being taken or that may be taken in
the future by governments, and consequently, businesses (including
the Company and its suppliers, bottlers/distributors, co-packers
and other service providers), and the public at large to limit the
COVID-19 pandemic; the impact on consumer demand of the resurgence
of the COVID-19 pandemic, including new variants, in many of the
countries and territories in which we operate resulting in a number
of countries, reinstituting lockdowns and other restrictions; the
impact of vaccine mandates on our business and supply chain,
including our ability to recruit and/or retain employees, and
disruptions in the business of our co-packers,
bottlers/distributors and/or suppliers; fluctuations in growth
rates and/or decline in sales of the domestic and international
energy drink categories generally, including in the convenience and
gas channel (which is our largest channel); our extensive
commercial arrangements with The Coca-Cola Company (TCCC) and, as a
result, our future performance’s substantial dependence on the
success of our relationship with TCCC; our ability to implement our
growth strategy, including expanding our business in existing and
new sectors, such as the alcoholic beverage sector; our ability to
successfully integrate CANarchy and other acquired businesses or
assets; exposure to significant liabilities due to litigation,
legal or regulatory proceedings; intellectual property injunctions;
our ability to introduce and increase sales of both existing and
new products, and the impact of the COVID-19 pandemic on our
innovation plans; our ability to implement the share repurchase
programs; unanticipated litigation concerning the Company’s
products; the current uncertainty and volatility in the national
and global economy; changes in consumer preferences; adverse
publicity surrounding obesity and health concerns related to our
products, product safety and quality, water usage, environmental
impact and sustainability, human rights, our culture, workforce and
labor and workplace laws; changes in demand due to both domestic
and international economic conditions; activities and strategies of
competitors, including the introduction of new products and
competitive pricing and/or marketing of similar products; actual
performance of the parties under the new distribution agreements;
potential disruptions arising out of the transition of certain
territories to new distributors; changes in sales levels by
existing distributors; unanticipated costs incurred in connection
with the termination of existing distribution agreements or the
transition to new distributors; changes in the price and/or
availability of raw materials; other supply issues, including the
availability of products and/or suitable production facilities
including limitations on co-packing availability including retort
production; product distribution and placement decisions by
retailers; the effects of retailer and/or bottler/distributor
consolidation on our business; our ability to successfully adapt to
the changing landscape of advertising, marketing, promotional,
sponsorship and endorsement opportunities created by the COVID-19
pandemic; unilateral decisions by bottlers/distributors, buying
groups, convenience chains, grocery chains, mass merchandisers,
specialty chain stores, e-commerce retailers, e-commerce websites,
club stores and other customers to discontinue carrying all or any
of our products that they are carrying at any time, restrict the
range of our products they carry, impose restrictions or
limitations on the sale of our products and/or devote less
resources to the sale of our products; changes in governmental
regulation; the imposition of new and/or increased excise sales
and/or other taxes on our products; our ability to adapt to the
changing retail landscape with the rapid growth in e-commerce
retailers and e-commerce websites; criticism of energy drinks
and/or the energy drink market generally; changes in U.S. tax laws
as a result of any legislation proposed by the current U.S.
presidential administration or U.S. Congress; the impact of
proposals to limit or restrict the sale of energy drinks to minors
and/or persons below a specified age and/or restrict the venues
and/or the size of containers in which energy drinks can be sold;
possible recalls of our products and/or the consequences and costs
of defective production; our ability to absorb, reduce or pass on
to our bottlers/distributors increases in commodity costs,
including freight costs; or political, legislative or other
governmental actions or events, including the outcome of any state
attorney general, government and/or quasi-government agency
inquiries, in one or more regions in which we operate. For a more
detailed discussion of these and other risks that could affect our
operating results, see the Company’s reports filed with the
Securities and Exchange Commission, including our annual report on
Form 10-K for the year ended December 31, 2020, and our
subsequently filed quarterly reports. The Company’s actual results
could differ materially from those contained in the forward-looking
statements. The Company assumes no obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
(tables below)
MONSTER BEVERAGE CORPORATION AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
INCOME AND OTHER INFORMATIONFOR THE THREE- AND
TWELVE-MONTHS ENDED DECEMBER 31, 2021 AND 2020(In
Thousands, Except Per Share Amounts) (Unaudited)
|
Three-Months Ended |
|
Twelve-Months Ended |
|
December 31, |
|
December 31, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
Net sales¹ |
$ |
1,425,045 |
|
|
$ |
1,196,283 |
|
|
$ |
5,541,352 |
|
|
$ |
4,598,638 |
|
|
|
|
|
|
|
|
|
Cost of sales |
|
657,465 |
|
|
|
505,599 |
|
|
|
2,432,839 |
|
|
|
1,874,758 |
|
|
|
|
|
|
|
|
|
Gross profit¹ |
|
767,580 |
|
|
|
690,684 |
|
|
|
3,108,513 |
|
|
|
2,723,880 |
|
Gross profit as a percentage
of net sales |
|
53.9 |
% |
|
|
57.7 |
% |
|
|
56.1 |
% |
|
|
59.2 |
% |
|
|
|
|
|
|
|
|
Operating expenses |
|
354,700 |
|
|
|
288,383 |
|
|
|
1,311,046 |
|
|
|
1,090,727 |
|
Operating expenses as a
percentage of net sales |
|
24.9 |
% |
|
|
24.1 |
% |
|
|
23.7 |
% |
|
|
23.7 |
% |
|
|
|
|
|
|
|
|
Operating income¹ |
|
412,880 |
|
|
|
402,301 |
|
|
|
1,797,467 |
|
|
|
1,633,153 |
|
Operating income as a
percentage of net sales |
|
29.0 |
% |
|
|
33.6 |
% |
|
|
32.4 |
% |
|
|
35.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense),
net |
|
6,131 |
|
|
|
(1,505 |
) |
|
|
3,952 |
|
|
|
(6,996 |
) |
|
|
|
|
|
|
|
|
Income before provision for
income taxes¹ |
|
419,011 |
|
|
|
400,796 |
|
|
|
1,801,419 |
|
|
|
1,626,157 |
|
|
|
|
|
|
|
|
|
Provision (benefit) for income
taxes |
|
97,697 |
|
|
|
(70,940 |
) |
|
|
423,944 |
|
|
|
216,563 |
|
Income taxes as a percentage
of income before taxes |
|
23.3 |
% |
|
|
(17.7 |
)% |
|
|
23.5 |
% |
|
|
13.3 |
% |
|
|
|
|
|
|
|
|
Net income |
$ |
321,314 |
|
|
$ |
471,736 |
|
|
$ |
1,377,475 |
|
|
$ |
1,409,594 |
|
Net income as a percentage of
net sales |
|
22.5 |
% |
|
|
39.4 |
% |
|
|
24.9 |
% |
|
|
30.7 |
% |
|
|
|
|
|
|
|
|
Net income per common
share: |
|
|
|
|
|
|
|
Basic |
$ |
0.61 |
|
|
$ |
0.89 |
|
|
$ |
2.61 |
|
|
$ |
2.66 |
|
Diluted |
$ |
0.60 |
|
|
$ |
0.88 |
|
|
$ |
2.57 |
|
|
$ |
2.64 |
|
|
|
|
|
|
|
|
|
Weighted average number of
shares of common stock and common stock equivalents: |
|
|
|
|
|
|
|
Basic |
|
529,193 |
|
|
|
527,986 |
|
|
|
528,763 |
|
|
|
529,639 |
|
Diluted |
|
535,747 |
|
|
|
534,199 |
|
|
|
535,639 |
|
|
|
534,807 |
|
|
|
|
|
|
|
|
|
Case sales (in thousands) (in
192-ounce case equivalents) |
|
153,450 |
|
|
|
132,340 |
|
|
|
613,441 |
|
|
|
504,821 |
|
Average net sales per
case2 |
$ |
9.25 |
|
|
$ |
8.99 |
|
|
$ |
8.99 |
|
|
$ |
9.06 |
|
|
|
|
|
|
|
|
|
¹Includes $10.2 million and $10.5 million for
the three-months ended December 31, 2021 and 2020, respectively,
related to the recognition of deferred revenue. Includes $41.5
million and $42.1 million for the twelve-months ended December 31,
2021 and 2020, respectively, related to the recognition of deferred
revenue.
2Excludes certain Other segment net sales of
$6.0 million and $6.7 million for the three-months ended December
31, 2021 and 2020, respectively, comprised of net sales of AFF
Third-Party Products to independent third-party customers, as these
sales do not have unit case equivalents. Excludes certain Other
segment net sales of $25.9 million and $27.0 million for the
twelve-months ended December 31, 2021 and 2020, respectively,
comprised of net sales of AFF Third-Party Products to independent
third-party customers, as these sales do not have unit case
equivalents.
MONSTER BEVERAGE CORPORATION AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETSAS OF DECEMBER 31, 2021 AND DECEMBER 31,
2020(In Thousands, Except Par Value)
(Unaudited)
|
December 31, 2021 |
|
December 31, 2020 |
ASSETS |
|
|
|
CURRENT ASSETS: |
|
|
|
Cash and cash equivalents |
$ |
1,326,462 |
|
|
$ |
1,180,413 |
|
Short-term investments |
|
1,749,727 |
|
|
|
881,354 |
|
Accounts receivable, net |
|
896,658 |
|
|
|
666,012 |
|
Inventories |
|
593,357 |
|
|
|
333,085 |
|
Prepaid expenses and other
current assets |
|
82,668 |
|
|
|
55,358 |
|
Prepaid income taxes |
|
33,238 |
|
|
|
24,733 |
|
Total current assets |
|
4,682,110 |
|
|
|
3,140,955 |
|
|
|
|
|
INVESTMENTS |
|
99,419 |
|
|
|
44,291 |
|
PROPERTY AND EQUIPMENT,
net |
|
313,753 |
|
|
|
314,656 |
|
DEFERRED INCOME TAXES |
|
225,221 |
|
|
|
241,650 |
|
GOODWILL |
|
1,331,643 |
|
|
|
1,331,643 |
|
OTHER INTANGIBLE ASSETS,
net |
|
1,072,386 |
|
|
|
1,059,046 |
|
OTHER ASSETS |
|
80,252 |
|
|
|
70,475 |
|
Total Assets |
$ |
7,804,784 |
|
|
$ |
6,202,716 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
CURRENT LIABILITIES: |
|
|
|
Accounts payable |
$ |
404,263 |
|
|
$ |
296,800 |
|
Accrued liabilities |
|
210,964 |
|
|
|
142,653 |
|
Accrued promotional
allowances |
|
211,461 |
|
|
|
186,658 |
|
Deferred revenue |
|
42,530 |
|
|
|
45,429 |
|
Accrued compensation |
|
65,459 |
|
|
|
55,015 |
|
Income taxes payable |
|
30,399 |
|
|
|
23,433 |
|
Total current liabilities |
|
965,076 |
|
|
|
749,988 |
|
|
|
|
|
DEFERRED REVENUE |
|
243,249 |
|
|
|
264,436 |
|
|
|
|
|
OTHER LIABILITIES |
|
29,508 |
|
|
|
27,432 |
|
|
|
|
|
STOCKHOLDERS' EQUITY: |
|
|
|
Common stock - $0.005 par
value; 1,250,000 shares authorized;640,043 shares issued and
529,323 shares outstanding as of December 31, 2021;638,662 shares
issued and 528,097 shares outstanding as of December 31, 2020 |
|
3,200 |
|
|
|
3,193 |
|
Additional paid-in
capital |
|
4,652,620 |
|
|
|
4,537,982 |
|
Retained earnings |
|
7,809,549 |
|
|
|
6,432,074 |
|
Accumulated other
comprehensive (loss) income |
|
(69,165 |
) |
|
|
3,034 |
|
Common stock in treasury, at
cost; 110,720 shares and 110,565 shares as of December 31, 2021 and
December 31, 2020, respectively |
|
(5,829,253 |
) |
|
|
(5,815,423 |
) |
Total stockholders' equity |
|
6,566,951 |
|
|
|
5,160,860 |
|
Total Liabilities and Stockholders’ Equity |
$ |
7,804,784 |
|
|
$ |
6,202,716 |
|
CONTACTS: |
Rodney C.
Sacks |
|
Chairman and Co-Chief Executive Officer |
|
(951) 739-6200 |
|
|
|
Hilton H. Schlosberg |
|
Vice Chairman and Co-Chief Executive Officer |
|
(951) 739-6200 |
|
|
|
Roger S. Pondel / Judy Lin Sfetcu |
|
PondelWilkinson Inc. |
|
(310) 279-5980 |
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