Freshpet (FRPT) FY2021 results: revenue $425 million, up 33.5% on the year

Freshpet, Inc. (FRPT) reported revenue of $425 million for fiscal 2021, the year ended 31 December 2021, up 33.5% on the year before. Net income was -$30 million, and diluted earnings per share $-0.69. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2022.

Revenue

$425 million

+33.5% on the year

FY2014FY2021

Operating margin

-5.8%

-0.6% a year earlier

FY2014FY2021

Net income

-$30 million

FY2014FY2021

Diluted EPS

-$0.69

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	425	319	246	+33.5%
Cost of revenue	263	186	132	+41.7%
Gross profit	162	133	114	+22.0%
Gross margin	38.1%	41.7%	46.4%
Research and development	n/a	0.8	1.2
Selling, general and administrative	187	135	114	+38.5%
Operating income	-24.7	-2.0	-0.3
Operating margin	-5.8%	-0.6%	-0.1%
Interest expense	2.9	1.2	1.0	+137.8%
Pre-tax income	-27.5	-3.1	-1.2
Income tax	0.2	0.1	0.1	+149.2%
Net income	-29.7	-3.2	-1.4
Net margin	-7.0%	-1.0%	-0.6%
Diluted EPS	-$0.69	-$0.08	-$0.04

$ million except per share.

Free 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	0.6	21.2	16.3	-96.9%
Capital expenditure	322	135	70.6	+139.4%
Free cash flow	-321	-113	-54.3
Free cash flow margin	-75.5%	-35.6%	-22.1%
Cash from investing	-322	-162	-70.6
Cash from financing	327	199	56.2	+64.3%
Depreciation and amortisation	29.5	20.8	15.6	+41.7%
Share-based compensation	25.0	10.9	7.8	+128.8%
Diluted shares, weighted	43m	40m	36m	+8.0%
Shares outstanding at period end	43m	41m	36m	+6.7%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	720	394	131	+82.6%
Short-term borrowings	n/a	n/a	54.5
Debt	0.0	0.0	54.5
Operating lease liabilities	5.7	7.1	8.4	-19.6%
Other liabilities	58.9	33.1	n/a	+78.0%
Total liabilities and equity	784	434	236	+80.6%
Fixed assets	584	281	165	+107.7%
Investments	0.0	n/a	0.0
Cash and equivalents	72.8	67.2	9.5	+8.2%
Receivables	34.8	18.4	18.6	+88.6%
Inventory	35.6	19.1	12.5	+86.1%
Other assets	57.3	48.5	30.2	+18.2%
Total assets	784	434	236	+80.6%

10-K for the year ended 31 December 2021, filed 1 March 2022: the filing.