Freshpet (FRPT) FY2020 results: revenue $319 million, up 29.7% on the year
Freshpet, Inc. (FRPT) reported revenue of $319 million for fiscal 2020, the year ended 31 December 2020, up 29.7% on the year before. Net income was -$3 million, and diluted earnings per share $-0.08. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2021.
Revenue
$319 million
+29.7% on the year
FY2013FY2020
Operating margin
-0.6%
-0.1% a year earlier
FY2013FY2020
Net income
-$3 million
FY2013FY2020
Diluted EPS
-$0.08
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
319
246
193
+29.7%
Cost of revenue
186
132
103
+41.2%
Gross profit
133
114
90.0
+16.4%
Gross margin
41.7%
46.4%
46.6%
Research and development
0.8
1.2
0.5
-33.3%
Selling, general and administrative
135
114
94.9
+17.9%
Operating income
-2.0
-0.3
-4.9
Operating margin
-0.6%
-0.1%
-2.5%
Interest expense
1.2
1.0
0.3
+22.3%
Pre-tax income
-3.1
-1.2
-5.3
Income tax
0.1
0.1
0.1
-54.9%
Net income
-3.2
-1.4
-5.4
Net margin
-1.0%
-0.6%
-2.8%
Diluted EPS
-$0.08
-$0.04
-$0.15
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
21.2
16.3
18.6
+29.9%
Capital expenditure
135
70.6
16.3
+90.5%
Free cash flow
-113
-54.3
2.3
Free cash flow margin
-35.6%
-22.1%
1.2%
Cash from investing
-162
-70.6
-16.3
Cash from financing
199
56.2
3.1
+254.0%
Depreciation and amortisation
20.8
15.6
13.8
+33.3%
Share-based compensation
10.9
7.8
6.8
+39.5%
Buybacks
n/a
n/a
0.3
Diluted shares, weighted
40m
36m
35m
+10.6%
Shares outstanding at period end
41m
36m
36m
+12.6%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
394
131
121
+200.3%
Short-term borrowings
n/a
54.5
n/a
Debt
0.0
54.5
0.0
Operating lease liabilities
7.1
8.4
n/a
-15.6%
Other liabilities
33.1
n/a
18.5
Total liabilities and equity
434
236
140
+84.0%
Fixed assets
281
165
102
+70.1%
Investments
n/a
0.0
n/a
Cash and equivalents
67.2
9.5
7.6
+610.0%
Receivables
18.4
18.6
12.3
-0.8%
Inventory
19.1
12.5
9.3
+52.4%
Other assets
48.5
30.2
8.7
+60.4%
Total assets
434
236
140
+84.0%
10-K for the year ended 31 December 2020, filed 22 February 2021: the filing.