Monster Beverage Corporation (NASDAQ: MNST) today reported
financial results for the three- and twelve-months ended December
31, 2020.
COVID-19 Pandemic
The Company’s top priority continues to be the health, safety
and well-being of its employees. Early in March 2020, the Company
implemented global travel restrictions and work-from-home policies
for employees who are able to work remotely. For those employees
who are unable to work remotely, safety precautions have been
instituted, which were developed and adopted in line with guidance
from public health authorities and professional consultants.
Throughout this period, the Company has engaged with its employees
through on-going communications, on-line training and personal
development opportunities to promote their well-being and
motivation. The Company’s flavor manufacturing facilities, its
co-packers, warehouses and shipment facilities, are all operating.
Certain of the Company’s bottlers/distributors have implemented
modifications to their call points and service levels, but the
Company’s products remain generally available to consumers. In
limited countries the operations of its bottlers/distributors have
been more affected.
Despite the ongoing impact of the COVID-19 pandemic, the Company
achieved record fourth quarter net sales. While the
Company’s performance in Europe, Middle East and Africa (“EMEA”)
was solid in the fourth quarter, EMEA remained adversely affected
by the COVID-19 pandemic. Since mid-March 2020, the Company has
seen a shift in consumer channel preferences and package
configurations, including an increase in at-home consumption and a
decrease in food service on-premise consumption. The Company’s
sales in the 2020 second quarter were initially adversely affected
as a result of a decrease in foot traffic in the convenience and
gas channel (which is the Company’s largest channel) but improved
sequentially from the latter half of the 2020 second quarter and
throughout the 2020 third and fourth quarters. The Company’s
e-commerce, club store, mass merchandiser and grocery and related
business continued to increase in the fourth quarter, while its
food service on-premise business, which is a small channel for the
Company, remained challenged.
Currently, the Company does not foresee a material impact on the
ability of its co-packers to manufacture and its
bottlers/distributors to distribute its products as a result of the
COVID-19 pandemic. In addition, the Company is not experiencing
significant raw material or finished product shortages, and its
supply chain remains intact. The Company is continually addressing
the increase in its aluminum can requirements given the Company’s
volume growth and the current supply constraints in the aluminum
can industry.
As of December 31, 2020, the Company had $1.18 billion in cash
and cash equivalents, $881.4 million in short-term investments and
$44.3 million in long-term investments. Based on currently
available information, the Company does not expect the COVID-19
pandemic to have a material impact on its liquidity.
Fourth Quarter ResultsNet sales for the 2020
fourth quarter increased 17.6 percent to $1.20 billion, from $1.02
billion in the same period last year. Net sales 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 “Product
Returns”). Net changes in foreign currency exchange
rates had an unfavorable impact on net sales for the 2020 fourth
quarter of $7.1 million.
Net sales for the Company’s Monster Energy® Drinks segment,
which primarily includes the Company’s Monster Energy® drinks and
Reign Total Body Fuel® high performance energy drinks, increased
17.7 percent to $1.12 billion for the 2020 fourth quarter, from
$953.2 million for the 2019 fourth quarter. Net sales for the
Monster Energy® Drinks segment for the 2020 fourth quarter were
negatively impacted by approximately $15.2 million related to the
Product Returns. Net changes in foreign currency exchange rates had
an unfavorable impact on net sales for the Monster Energy® Drinks
segment of approximately $5.8 million for the 2020 fourth
quarter.
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, increased 14.8 percent to $67.9 million for the 2020 fourth
quarter, from $59.2 million in the 2019 fourth quarter. Net changes
in foreign currency exchange rates had an unfavorable impact on net
sales for the Strategic Brands segment of $1.3 million for the 2020
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”), increased to $6.7
million for the 2020 fourth quarter, from $4.9 million in the 2019
fourth quarter.
Net sales to customers outside the United States increased 20.4
percent to $384.8 million in the 2020 fourth quarter, from $319.5
million in the 2019 fourth quarter. Such sales were approximately
32 percent of total net sales in the 2020 fourth quarter, compared
with 31 percent in the 2019 fourth quarter. Net sales to customers
outside the United States for the 2020 fourth quarter were
negatively impacted by $15.2 million primarily related to the
Product Returns.
Gross profit as a percentage of net sales, for the 2020 fourth
quarter was 57.7 percent, compared with 60.0 percent in the 2019
fourth quarter. The decrease in gross profit as a percentage of net
sales for the 2020 fourth quarter was primarily the result of the
impact of the Product Returns, associated inventory provisions and
other related costs. Gross profit as a percentage of
net sales (excluding the impact of the Product Returns, associated
inventory provisions and other related costs), was 59.3 percent for
the 2020 fourth quarter. To a lesser extent, the decrease in gross
profit as a percentage of net sales was the result of increased
input costs and unfavorable geographical mix during the 2020 fourth
quarter, which was partially offset by favorable product mix.
Operating expenses for the 2020 fourth quarter were $288.4
million, compared with $293.7 million in the 2019 fourth quarter.
As a percentage of net sales, operating expenses for the 2020
fourth quarter were 24.1 percent, compared with 28.9 percent in the
2019 fourth quarter. The decrease in operating expenses as a
percentage of net sales was primarily due to (i) decreased
expenditures of $13.5 million for legal settlements and (ii)
decreased expenditures for sponsorships and endorsements as well as
travel and entertainment, as a consequence of the COVID-19
pandemic. The costs for certain postponed or rescheduled events
have been, or may be, deferred to future periods. Due to the
uncertainty surrounding the COVID-19 pandemic, the Company is
unable to estimate in which future periods, if any, such deferred
sponsorship and endorsement costs will be recognized.
Distribution costs as a percentage of net sales were 3.9 percent
for the 2020 fourth quarter, compared with 3.5 percent in the 2019
fourth quarter.
Selling expenses as a percentage of net sales for the 2020
fourth quarter were 9.8 percent, compared with 12.3 percent in the
2019 fourth quarter, primarily as a result of the reduction in
sponsorship and endorsement costs referred to above.
General and administrative expenses for the 2020 fourth quarter
were $123.8 million, or 10.4 percent of net sales, compared with
$133.0 million, or 13.1 percent of net sales, for the 2019 fourth
quarter. Stock-based compensation was $17.2 million for the fourth
quarter of 2020, compared with $16.4 million in the 2019 fourth
quarter.
Operating income for the 2020 fourth quarter increased to $402.3
million, from $317.0 million in the 2019 fourth
quarter. Operating income for the 2020 fourth quarter
(excluding the impact of the Product Returns, associated inventory
provisions and other related costs) increased to $429.6
million.
The effective tax rate for the 2020 fourth quarter was -17.7
percent, compared with 20.6 percent in the 2019 fourth quarter. The
decrease in the effective tax rate was primarily attributable to a
non-recurring tax benefit of approximately $165.1 million, due to
an intra-entity transfer of intangible assets between certain of
the Company’s foreign subsidiaries, which resulted in a step-up of
the tax-deductible basis in the transferred assets in a foreign
jurisdiction, and created a temporary difference between the tax
basis and the book basis for such intangible assets (the
“Non-Recurring Tax Benefit”). The effective tax rate for the 2020
fourth quarter (excluding the Non-Recurring Tax Benefit) was 23.5
percent.
Net income for the 2020 fourth quarter increased 85.0 percent to
$471.7 million, from $255.0 million in the 2019 fourth quarter. Net
income per diluted share for the 2020 fourth quarter increased 87.5
percent to $0.88, from $0.47 in the fourth quarter of 2019. Net
income for the 2020 fourth quarter (excluding the Non-Recurring Tax
Benefit, the impact of the Product Returns, associated inventory
provisions and other related costs) increased 28.9 percent to
$328.6 million, from $255.0 million in the 2019 fourth quarter. Net
income per diluted share for the 2020 fourth quarter (excluding the
Non-Recurring Tax Benefit, the impact of the Product Returns,
associated inventory provisions and other related costs) increased
30.6 percent to $0.62 from $0.47 in the fourth quarter of 2019.
Rodney C. Sacks, Chairman and Co-Chief Executive Officer, said:
“The Company posted record fourth quarter net sales and profits,
despite the continuing impact of the COVID-19 pandemic in most of
our markets. With ongoing lockdowns and restrictions, EMEA
remains adversely affected, but continued to deliver solid
results.
“The procurement of aluminum cans in excess of our
contracted volumes, remains challenging.
However, our supply chain remains intact and we are
continuing to service our customers.
“According to Nielsen, the energy drink category, as well as our
Monster Energy® brand, continues to grow in most of
our markets, including the United States,” Sacks added.
Vice Chairman and Co-Chief Executive Officer Hilton H.
Schlosberg said: “We continued to launch a number of energy drinks
under certain of our brand families including Monster Energy® brand
energy drinks, Reign Total Body Fuel® high performance energy
drinks, and Predator® energy drinks (one of our affordable energy
brands), in our domestic and international markets in the 2020
fourth quarter as well in the first two months of 2021.
“In particular, we are pleased with the early results
of our Monster Energy Ultra® Watermelon, Juice Monster®
Khaotic® and Juice Monster® PapillonTM energy drinks that were
launched in early October 2020 in the United
States,” Schlosberg said.
2020 Full Year Results
Net sales for the twelve-months ended December 31, 2020
increased 9.5 percent to $4.60 billion, from $4.20 billion in the
comparable period last year. Net sales for the twelve-months were
negatively impacted by $15.2 million related to the Product
Returns. Net changes in foreign currency exchange rates had an
unfavorable impact on net sales for the twelve-months ended
December 31, 2020 of $48.2 million.
Gross profit as a percentage of net sales, for the twelve-months
ended December 31, 2020, was 59.2 percent, compared with 60.0
percent in the comparable period last year. Gross profit as a
percentage of net sales (excluding the impact of the Product
Returns, associated inventory provisions and other related costs)
was 59.6 percent for the twelve-months ended December 31, 2020 as
compared with 60.0 percent in the comparable period last year.
Operating expenses for the twelve-months ended December 31, 2020
were $1.09 billion, compared with $1.12 billion in the comparable
period last year. The decrease in operating expenses was primarily
due to decreased expenditures for sponsorship and endorsements and
decreased expenditures for travel and entertainment, each largely
as a consequence of the COVID-19 pandemic, as well as decreased
expenditures related to the costs associated with distributor
terminations. The costs for certain postponed or rescheduled events
have been, or may be, deferred to future periods. Due to the
uncertainty surrounding the COVID-19 pandemic, we are unable to
estimate in what future periods, if any, such deferred sponsorship
and endorsement costs will be recognized. Operating expenses for
comparable twelve-months ended December 31, 2019 included a $15.5
million provision for legal settlements.
Operating income for the twelve-months ended December 31, 2020
increased to $1.63 billion, from $1.40 billion in the comparable
period last year. Operating income for the twelve-months ended
December 31, 2020 (excluding the impact of the Product Returns,
associated inventory provisions and other related costs) increased
to $1.66 billion, from $1.40 billion in the comparable period last
year.
The effective tax rate for the twelve-months ended December 31,
2020 was 13.3 percent, compared with 21.8 percent in the comparable
period last year. The decrease in the effective tax rate was
primarily attributable to the Non-Recurring Tax Benefit. The
effective tax rate for the 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, 2020
increased 27.2 percent to $1.41 billion, from $1.11 billion in the
comparable period last year. Net income per diluted share for
the twelve-months ended December 31, 2020 increased 30.0 percent to
$2.64, from $2.03 in the comparable period last year. Net income
for the twelve-months ended December 31, 2020 (excluding the
Non-Recurring Tax Benefit, the impact of the Product Returns,
associated inventory provisions and other related costs) increased
14.3 percent to $1.27 billion, from $1.11 billion in the comparable
period last year. Net income per diluted share for the
twelve-months ended December 31, 2020 (excluding the Non-Recurring
Tax Benefit, the impact of the Product Returns, associated
inventory provisions and other related costs) increased 16.8
percent to $2.37, from $2.03 in the comparable period last
year.
Share Repurchase Program
No shares of the Company’s common stock were
repurchased during the 2020 fourth quarter. As of February 25,
2021, approximately $441.5 million remained available for
repurchase under the previously authorized repurchase program.
Investor Conference Call
The Company will host an investor conference call
today, February 25, 2021, 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, Monster MAXX® maximum strength
energy drinks, Java Monster® non-carbonated coffee + energy drinks,
Espresso Monster® non-carbonated espresso + energy drinks, Monster
Rehab® non-carbonated tea + energy drinks, Muscle Monster®
non-carbonated energy shakes, Monster Hydro® non-carbonated
refreshment + energy drinks, Monster HydroSport Super Fuel®
non-carbonated advanced hydration + energy drinks, Monster Dragon
Tea® non-carbonated energy teas, Reign Total Body Fuel® high
performance energy drinks, Reign Inferno® thermogenic fuel high
performance 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.
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 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 in the
Northern Hemisphere, resulting in a number of countries,
particularly EMEA, reinstituting lockdowns and other restrictions
as well as the impact of possible resurgences in other countries;
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), and the impact on demand for products resulting from
deteriorating economic conditions and/or financial uncertainties
due to the COVID-19 pandemic; our ability to recognize benefits
from The Coca-Cola Company (TCCC) transaction; our extensive
commercial arrangements with TCCC and, as a result, our future
performance’s substantial dependence on the success of our
relationship with TCCC; the impact of TCCC bottlers/distributors
distributing Coca-Cola brand energy drinks; the impact on our
business of trademark and trade dress infringement proceedings
brought against us relating to our Reign Total Body Fuel® high
performance energy drinks; 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 and
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 new 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; 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, 2019, 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, 2020 AND 2019(In
Thousands, Except Per Share Amounts)
(Unaudited)
|
Three-Months Ended |
|
Twelve-Months Ended |
|
December 31, |
|
December 31, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
Net sales¹ |
$ |
1,196,283 |
|
|
$ |
1,017,206 |
|
|
$ |
4,598,638 |
|
|
$ |
4,200,819 |
|
|
|
|
|
|
|
|
|
Cost of sales |
|
505,599 |
|
|
|
406,438 |
|
|
|
1,874,758 |
|
|
|
1,682,234 |
|
|
|
|
|
|
|
|
|
Gross profit¹ |
|
690,684 |
|
|
|
610,768 |
|
|
|
2,723,880 |
|
|
|
2,518,585 |
|
Gross profit as a percentage
of net sales |
|
57.7 |
% |
|
|
60.0 |
% |
|
|
59.2 |
% |
|
|
60.0 |
% |
|
|
|
|
|
|
|
|
Operating expenses² |
|
288,383 |
|
|
|
293,722 |
|
|
|
1,090,727 |
|
|
|
1,115,646 |
|
Operating expenses as a
percentage of net sales |
|
24.1 |
% |
|
|
28.9 |
% |
|
|
23.7 |
% |
|
|
26.6 |
% |
|
|
|
|
|
|
|
|
Operating income¹,² |
|
402,301 |
|
|
|
317,046 |
|
|
|
1,633,153 |
|
|
|
1,402,939 |
|
Operating income as a
percentage of net sales |
|
33.6 |
% |
|
|
31.2 |
% |
|
|
35.5 |
% |
|
|
33.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other (expense)
income, net |
|
(1,505 |
) |
|
|
4,188 |
|
|
|
(6,996 |
) |
|
|
13,023 |
|
|
|
|
|
|
|
|
|
Income before provision for
income taxes¹,² |
|
400,796 |
|
|
|
321,234 |
|
|
|
1,626,157 |
|
|
|
1,415,962 |
|
|
|
|
|
|
|
|
|
(Benefit) provision for income
taxes |
|
(70,940 |
) |
|
|
66,280 |
|
|
|
216,563 |
|
|
|
308,127 |
|
Income taxes as a percentage
of income before taxes |
|
(17.7 |
)% |
|
|
20.6 |
% |
|
|
13.3 |
% |
|
|
21.8 |
% |
|
|
|
|
|
|
|
|
Net income¹,² |
$ |
471,736 |
|
|
$ |
254,954 |
|
|
$ |
1,409,594 |
|
|
$ |
1,107,835 |
|
Net income as a percentage of
net sales |
|
39.4 |
% |
|
|
25.1 |
% |
|
|
30.7 |
% |
|
|
26.4 |
% |
|
|
|
|
|
|
|
|
Net income per common
share: |
|
|
|
|
|
|
|
Basic |
$ |
0.89 |
|
|
$ |
0.47 |
|
|
$ |
2.66 |
|
|
$ |
2.04 |
|
Diluted |
$ |
0.88 |
|
|
$ |
0.47 |
|
|
$ |
2.64 |
|
|
$ |
2.03 |
|
|
|
|
|
|
|
|
|
Weighted average number of
shares of common stock and common stock equivalents: |
|
|
|
|
|
|
|
Basic |
|
527,986 |
|
|
|
537,403 |
|
|
|
529,639 |
|
|
|
542,191 |
|
Diluted |
|
534,199 |
|
|
|
541,245 |
|
|
|
534,807 |
|
|
|
546,608 |
|
|
|
|
|
|
|
|
|
Case sales (in thousands) (in
192-ounce case equivalents) |
|
132,340 |
|
|
|
106,037 |
|
|
|
504,821 |
|
|
|
448,770 |
|
Average net sales per
case3 |
$ |
8.99 |
|
|
$ |
9.55 |
|
|
$ |
9.06 |
|
|
$ |
9.31 |
|
|
|
|
|
|
|
|
|
¹Includes $10.5 million and $10.7 million for
the three-months ended December 31, 2020 and 2019, respectively,
related to the recognition of deferred revenue. Includes $42.1
million and $46.3 million for the twelve-months ended December 31,
2020 and 2019, respectively, related to the recognition of deferred
revenue.
² No distributor termination costs were incurred in the
three-months ended December 31, 2020. Includes $0.3 million for the
three-months ended December 31, 2019, related to distributor
termination costs. Includes $0.2 million and $11.3 million for the
twelve-months ended December 31, 2020 and 2019, respectively,
related to distributor termination costs.
3Excludes Other segment net sales of $6.7 million and $4.9
million for the three-months ended December 31, 2020 and 2019,
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 Other segment net sales of $27.0 million
and $21.9 million for the twelve-months ended December 31, 2020 and
2019, 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, 2020 AND DECEMBER 31,
2019(In Thousands, Except Par Value)
(Unaudited)
|
|
December 31,2020 |
|
December 31,2019 |
ASSETS |
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
Cash and cash equivalents |
|
$ |
1,180,413 |
|
|
$ |
797,957 |
|
Short-term investments |
|
|
881,354 |
|
|
|
533,063 |
|
Accounts receivable, net |
|
|
666,012 |
|
|
|
540,330 |
|
Inventories |
|
|
333,085 |
|
|
|
360,731 |
|
Prepaid expenses and other
current assets |
|
|
55,358 |
|
|
|
54,868 |
|
Prepaid income taxes |
|
|
24,733 |
|
|
|
29,360 |
|
Total current assets |
|
|
3,140,955 |
|
|
|
2,316,309 |
|
|
|
|
|
|
INVESTMENTS |
|
|
44,291 |
|
|
|
12,905 |
|
PROPERTY AND EQUIPMENT,
net |
|
|
314,656 |
|
|
|
298,640 |
|
DEFERRED INCOME TAXES,
net |
|
|
241,650 |
|
|
|
84,777 |
|
GOODWILL |
|
|
1,331,643 |
|
|
|
1,331,643 |
|
OTHER INTANGIBLE ASSETS,
net |
|
|
1,059,046 |
|
|
|
1,052,105 |
|
OTHER ASSETS |
|
|
70,475 |
|
|
|
53,973 |
|
Total Assets |
|
$ |
6,202,716 |
|
|
$ |
5,150,352 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
Accounts payable |
|
$ |
296,800 |
|
|
$ |
274,045 |
|
Accrued liabilities |
|
|
142,653 |
|
|
|
114,075 |
|
Accrued promotional
allowances |
|
|
186,658 |
|
|
|
166,761 |
|
Deferred revenue |
|
|
45,429 |
|
|
|
44,237 |
|
Accrued compensation |
|
|
55,015 |
|
|
|
47,262 |
|
Income taxes payable |
|
|
23,433 |
|
|
|
14,717 |
|
Total current liabilities |
|
|
749,988 |
|
|
|
661,097 |
|
|
|
|
|
|
DEFERRED REVENUE |
|
|
264,436 |
|
|
|
287,469 |
|
|
|
|
|
|
OTHER LIABILITIES |
|
|
27,432 |
|
|
|
30,505 |
|
|
|
|
|
|
STOCKHOLDERS' EQUITY: |
|
|
|
|
Common stock -
$0.005 par value; 1,250,000 shares authorized;638,662 shares issued
and 528,097 shares outstanding as of December 31, 2020;636,460
shares issued and 536,698 shares outstanding as of December 31,
2019 |
|
3,193 |
|
|
|
3,182 |
|
Additional paid-in
capital |
|
|
4,537,982 |
|
|
|
4,397,511 |
|
Retained earnings |
|
|
6,432,074 |
|
|
|
5,022,480 |
|
Accumulated other
comprehensive income (loss) |
|
|
3,034 |
|
|
|
(32,387 |
) |
Common stock in
treasury, at cost; 110,565 and 99,762 shares as of
December 31, 2020 and December 31, 2019,
respectively |
|
(5,815,423 |
) |
|
|
(5,219,505 |
) |
Total stockholders' equity |
|
|
5,160,860 |
|
|
|
4,171,281 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
6,202,716 |
|
|
$ |
5,150,352 |
|
|
|
|
|
|
|
|
|
|
CONTACTS: Rodney C. SacksChairman and Co-Chief
Executive Officer(951) 739-6200
Hilton H. SchlosbergVice Chairman and Co-Chief
Executive Officer(951) 739-6200
Roger S. Pondel / Judy Lin SfetcuPondelWilkinson
Inc.(310) 279-5980
Monster Beverage (NASDAQ:MNST)
Historical Stock Chart
From Sep 2024 to Oct 2024
Monster Beverage (NASDAQ:MNST)
Historical Stock Chart
From Oct 2023 to Oct 2024