Monster Beverage Corporation (NASDAQ: MNST) today reported
financial results for the three- and nine-months ended September
30, 2020.
COVID-19 PandemicThe 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. 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 third quarter net
sales and the highest quarterly net sales in the Company’s history.
While our performance in EMEA was solid in the third 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 quarter. The
Company’s e-commerce, club store, mass merchandiser and grocery and
related business continued to increase in the 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
its aluminum can requirements given the Company’s volume growth and
the current supply constraints in the aluminum can industry.As of
September 30, 2020, the Company had $1.07 billion in cash and cash
equivalents, $599.3 million in short-term investments and $20.6
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.
Third Quarter ResultsNet sales
for the 2020 third quarter increased 9.9 percent to $1.25 billion
from $1.13 billion in the same period last year. Gross sales for
the 2020 third quarter increased 11.1 percent to $1.46 billion from
$1.32 billion in the same period last year. Net changes in foreign
currency exchange rates had an unfavorable impact on net and gross
sales for the 2020 third quarter of $12.5 million and $11.9
million, respectively.
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
9.6 percent to $1.16 billion for the 2020 third quarter, from $1.06
billion for the 2019 third quarter. Net changes in foreign currency
exchange rates had an unfavorable impact on net sales for the
Monster Energy® Drinks segment of approximately $11.6 million for
the 2020 third 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 12.0 percent to $74.3 million for the 2020 third
quarter, from $66.3 million in the 2019 third quarter. Net changes
in foreign currency exchange rates had an unfavorable impact on net
sales for the Strategic Brands segment of $0.9 million for the 2020
third 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”), were $8.6 million
for the 2020 third quarter, compared with $5.9 million in the 2019
third quarter.
Net sales to customers outside the United States increased 17.0
percent to $444.5 million in the 2020 third quarter, from $379.8
million in the 2019 third quarter. Such sales were approximately 36
percent of total net sales in the 2020 third quarter, compared with
34 percent in the 2019 third quarter.
Gross profit, as a percentage of net sales, for the 2020 third
quarter was 59.1 percent, compared with 59.4 percent in the 2019
third quarter.
Operating expenses for the 2020 third quarter were $277.9
million, compared with $277.6 million in the 2019 third quarter. As
a percentage of net sales, operating expenses for the 2020 third
quarter were 22.3 percent, compared with 24.5 percent in the 2019
third quarter, primarily as a result of decreased expenditures for
sponsorships and endorsements as well as travel and entertainment,
each largely 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 3.5 percent
for the 2020 third quarter, compared with 3.3 percent in the 2019
third quarter.
Selling expenses as a percentage of net sales for the 2020 third
quarter were 8.8 percent, compared with 11.1 percent in the 2019
third quarter, primarily as a result of the reduction in
sponsorship and endorsement costs referred to above.
General and administrative expenses for the 2020 third quarter
were $125.4 million, or 10.1 percent of net sales, compared with
$114.2 million, or 10.1 percent of net sales, for the 2019 third
quarter. Stock-based compensation was $19.5 million for the third
quarter of 2020, compared with $16.0 million in the 2019 third
quarter.
Operating income for the 2020 third quarter increased to $458.6
million, from $395.4 million in the 2019 third quarter.
The effective tax rate for the 2020 third quarter was 23.4
percent, compared with 25.0 percent in the 2019 third quarter.
Net income for the 2020 third quarter increased 16.3 percent to
$347.7 million, from $298.9 million in the 2019 third quarter. Net
income per diluted share for the 2020 third quarter increased 19.6
percent to $0.65, from $0.55 in the third quarter of 2019.
Rodney C. Sacks, Chairman and Chief Executive Officer, said:
“The Company performed well in the third quarter, achieving record
quarterly net sales, despite the ongoing impact of the COVID-19
pandemic in most of our markets. In particular, net sales in EMEA,
for both the Monster Energy® and the Strategic Brands segments,
improved sequentially in the third quarter, although the COVID-19
pandemic continued to negatively impact this region. Our supply
chain remains intact and we are continuing to service our
customers.
“According to Nielsen, the energy drink category continues to
grow in most of our markets, including the United States.
“We launched a number of new Monster Energy® brand energy
drinks, Reign Total Body Fuel® high performance energy drinks and
our affordable energy brands in various domestic and international
markets in the third quarter, as well as in early October 2020.
“The COVID-19 pandemic remains a heightened threat with a number
of countries, particularly in EMEA, reinstituting lockdowns and
other restrictions.
“Our thoughts and prayers remain with all who have been impacted
by the COVID-19 pandemic and we wish them all a speedy recovery,”
Sacks added.
2020
Nine-Months
ResultsNet sales for the nine-months ended
September 30, 2020 increased 6.9 percent to $3.40 billion,
from $3.18 billion in the comparable period last year. Gross
sales for the nine-months ended September 30, 2020 increased
7.6 percent to $3.97 billion, from $3.70 billion in the comparable
period last year.
Net changes in foreign currency exchange rates had an
unfavorable impact on net and gross sales for the nine-months ended
September 30, 2020 of $41.1 million and $44.7 million,
respectively.
Gross profit, as a percentage of net sales, for the nine-months
ended September 30, 2020 was 59.8 percent, compared with 59.9
percent in the comparable period last year.
Operating expenses for the nine-months ended September 30,
2020 were $802.3 million, compared with $821.9 million in the
comparable period last year. The decrease in operating expenses was
primarily due to decreased expenditures of $38.3 million for
sponsorship and endorsements and decreased expenditures of $19.6
million for travel and entertainment, each largely as a consequence
of the COVID-19 pandemic, as well as decreased expenditures of
$10.7 million related to the costs associated with distributor
terminations.
Operating income for the nine-months ended September 30,
2020 increased to $1.23 billion, from $1.09 billion in the
comparable period last year.
Net income for the nine-months ended September 30, 2020
increased 10.0 percent to $937.9 million, from $852.9 million in
the comparable period last year. Net income per diluted share
for the nine-months ended September 30, 2020 increased 12.7
percent to $1.75, from $1.56 in the comparable period last
year.
Share Repurchase ProgramNo shares
of the Company’s common stock were repurchased during the 2020
third quarter. As of November 5, 2020, approximately $441.5 million
remained available for repurchase under the previously authorized
repurchase program. Investor Conference
CallThe Company will host an investor conference call
today, November 5, 2020, 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.
Note Regarding Use of Non-GAAP Measures
Gross sales represents the recognition of deferred revenue and
amounts invoiced to customers, net of cash discounts and
returns. Gross sales is used internally by management
as an indicator of and to monitor operating performance, including
sales performance of particular products, salesperson performance,
product growth or declines and overall Company performance. The use
of gross sales allows evaluation of sales performance before the
effect of any promotional items, which can mask certain performance
issues, such as the timing of certain promotional programs. We
therefore believe that the presentation of gross sales provides a
useful measure of our operating performance. Gross sales is not a
measure that is recognized under accounting principles generally
accepted in the United States of America (“GAAP”) and should not be
considered as an alternative to net sales, which is determined in
accordance with GAAP, and should not be used alone as an indicator
of operating performance in place of net sales. Additionally, gross
sales may not be comparable to similarly titled measures used by
other companies, as gross sales has been defined by our internal
reporting practices. In addition, gross sales may not be realized
in the form of cash receipts as promotional payments and allowances
may be deducted from payments received from certain customers.
The following table reconciles the non-GAAP financial measure of
gross sales with the most directly comparable GAAP financial
measure of net sales (in thousands):
|
|
Three-Months EndedSeptember 30, |
|
Nine-Months EndedSeptember 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Gross sales, net of discounts and returns |
$ |
1,464,426 |
|
$ |
1,318,267 |
|
$ |
3,974,763 |
|
$ |
3,695,128 |
Less: Promotional allowances,
commissions and other expenses |
|
218,064 |
|
|
184,690 |
|
|
572,408 |
|
|
511,515 |
Net Sales |
$ |
1,246,362 |
|
$ |
1,133,577 |
|
$ |
3,402,355 |
|
$ |
3,183,613 |
|
Caution Concerning Forward-Looking
Statements
Certain 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 in Europe
announcing expansive new regulations; the global slowing of growth
and/or decline in sales of energy drinks including the convenience
and gas channel (which is our largest channel), resulting from
deteriorating economic conditions and 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, water usage, environmental impact, human rights 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, 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
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; criticism of
energy drinks and/or the energy drink market generally; our ability
to satisfy all criteria set forth in any U.S. model energy drink
guidelines; 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; 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 quarterly
report on Form 10-Q for the quarter ended June 30, 2020. 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.
CONTACTS: |
Rodney C. Sacks |
|
Chairman and Chief Executive Officer |
|
(951) 739-6200 |
|
|
|
Hilton H. Schlosberg |
|
Vice Chairman |
|
(951) 739-6200 |
|
|
|
Roger S. Pondel / Judy Lin Sfetcu |
|
PondelWilkinson Inc. |
|
(310) 279-5980 |
MONSTER BEVERAGE
CORPORATION AND
SUBSIDIARIESCONDENSED
CONSOLIDATED STATEMENTS OF INCOME AND OTHER
INFORMATIONFOR THE
THREE- AND
NINE-MONTHS
ENDED SEPTEMBER
30,
2020 AND
2019(In Thousands, Except Per
Share Amounts)
(Unaudited)
|
|
|
|
|
Three-Months Ended |
|
Nine-Months Ended |
|
September
30, |
|
September 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
Net sales¹ |
$ |
1,246,362 |
|
|
$ |
1,133,577 |
|
|
$ |
3,402,355 |
|
|
$ |
3,183,613 |
|
|
|
|
|
|
|
|
|
Cost of sales |
|
509,831 |
|
|
|
460,575 |
|
|
|
1,369,160 |
|
|
|
1,275,796 |
|
|
|
|
|
|
|
|
|
Gross profit¹ |
|
736,531 |
|
|
|
673,002 |
|
|
|
2,033,195 |
|
|
|
1,907,817 |
|
Gross profit as a percentage
of net sales |
|
59.1 |
% |
|
|
59.4 |
% |
|
|
59.8 |
% |
|
|
59.9 |
% |
|
|
|
|
|
|
|
|
Operating expenses² |
|
277,930 |
|
|
|
277,559 |
|
|
|
802,343 |
|
|
|
821,923 |
|
Operating expenses as a
percentage of net sales |
|
22.3 |
% |
|
|
24.5 |
% |
|
|
23.6 |
% |
|
|
25.8 |
% |
|
|
|
|
|
|
|
|
Operating income¹,² |
|
458,601 |
|
|
|
395,443 |
|
|
|
1,230,852 |
|
|
|
1,085,894 |
|
Operating income as a
percentage of net sales |
|
36.8 |
% |
|
|
34.9 |
% |
|
|
36.2 |
% |
|
|
34.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other (expense)
income, net |
|
(4,568 |
) |
|
|
3,121 |
|
|
|
(5,491 |
) |
|
|
8,835 |
|
|
|
|
|
|
|
|
|
Income before provision for
income taxes¹,² |
|
454,033 |
|
|
|
398,564 |
|
|
|
1,225,361 |
|
|
|
1,094,729 |
|
|
|
|
|
|
|
|
|
Provision for income
taxes |
|
106,379 |
|
|
|
99,641 |
|
|
|
287,503 |
|
|
|
241,848 |
|
Income taxes as a percentage
of income before taxes |
|
23.4 |
% |
|
|
25.0 |
% |
|
|
23.5 |
% |
|
|
22.1 |
% |
|
|
|
|
|
|
|
|
Net income¹,² |
$ |
347,654 |
|
|
$ |
298,923 |
|
|
$ |
937,858 |
|
|
$ |
852,881 |
|
Net income as a percentage of
net sales |
|
27.9 |
% |
|
|
26.4 |
% |
|
|
27.6 |
% |
|
|
26.8 |
% |
|
|
|
|
|
|
|
|
Net income per common
share: |
|
|
|
|
|
|
|
Basic |
$ |
0.66 |
|
|
$ |
0.55 |
|
|
$ |
1.77 |
|
|
$ |
1.57 |
|
Diluted |
$ |
0.65 |
|
|
$ |
0.55 |
|
|
$ |
1.75 |
|
|
$ |
1.56 |
|
|
|
|
|
|
|
|
|
Weighted average number of
shares of common stock and common stock equivalents: |
|
|
|
|
|
|
|
Basic |
|
527,637 |
|
|
|
544,469 |
|
|
|
530,194 |
|
|
|
543,804 |
|
Diluted |
|
533,263 |
|
|
|
548,422 |
|
|
|
535,011 |
|
|
|
548,387 |
|
|
|
|
|
|
|
|
|
Case sales (in thousands) (in
192-ounce case equivalents) |
|
139,922 |
|
|
|
121,854 |
|
|
|
372,481 |
|
|
|
342,734 |
|
Average net sales per
case3 |
$ |
8.85 |
|
|
$ |
9.25 |
|
|
$ |
9.08 |
|
|
$ |
9.24 |
|
|
|
|
|
|
|
|
|
¹Includes $10.5 million and $10.7 million for
the three-months ended September 30, 2020 and 2019, respectively,
related to the recognition of deferred revenue. Includes $31.6
million and $35.6 million for the nine-months ended September 30,
2020 and 2019, respectively, related to the recognition of deferred
revenue.
² No distributor termination costs were incurred in the
three-months ended September 30, 2020 and 2019. Includes $0.2
million and $11.0 million for the nine-months ended September 30,
2020 and 2019, respectively, related to distributor termination
costs.
3Excludes Other segment net sales of $8.6 million and $5.9
million for the three-months ended September 30, 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 $20.4 million
and $17.0 million for the nine-months ended September 30, 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
SEPTEMBER
30,
2020 AND DECEMBER 31,
2019(In Thousands, Except Par
Value) (Unaudited)
|
|
September
30,2020 |
|
December
31,2019 |
ASSETS |
|
|
|
CURRENT ASSETS: |
|
|
|
Cash and cash equivalents |
$ |
1,074,730 |
|
|
$ |
797,957 |
|
Short-term investments |
|
599,326 |
|
|
|
533,063 |
|
Accounts receivable, net |
|
740,813 |
|
|
|
540,330 |
|
Inventories |
|
318,956 |
|
|
|
360,731 |
|
Prepaid expenses and other
current assets |
|
75,958 |
|
|
|
54,868 |
|
Prepaid income taxes |
|
16,064 |
|
|
|
29,360 |
|
Total current assets |
|
2,825,847 |
|
|
|
2,316,309 |
|
|
|
|
|
INVESTMENTS |
|
20,571 |
|
|
|
12,905 |
|
PROPERTY AND EQUIPMENT,
net |
|
304,687 |
|
|
|
298,640 |
|
DEFERRED INCOME TAXES,
net |
|
84,777 |
|
|
|
84,777 |
|
GOODWILL |
|
1,331,643 |
|
|
|
1,331,643 |
|
OTHER INTANGIBLE ASSETS,
net |
|
1,059,537 |
|
|
|
1,052,105 |
|
OTHER ASSETS |
|
70,621 |
|
|
|
53,973 |
|
Total Assets |
$ |
5,697,683 |
|
|
$ |
5,150,352 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
CURRENT LIABILITIES: |
|
|
|
Accounts payable |
$ |
281,522 |
|
|
$ |
274,045 |
|
Accrued liabilities |
|
168,398 |
|
|
|
114,075 |
|
Accrued promotional
allowances |
|
200,668 |
|
|
|
166,761 |
|
Deferred revenue |
|
45,538 |
|
|
|
44,237 |
|
Accrued compensation |
|
45,555 |
|
|
|
47,262 |
|
Income taxes payable |
|
32,082 |
|
|
|
14,717 |
|
Total current liabilities |
|
773,763 |
|
|
|
661,097 |
|
|
|
|
|
DEFERRED REVENUE |
|
268,281 |
|
|
|
287,469 |
|
|
|
|
|
OTHER LIABILITIES |
|
26,318 |
|
|
|
30,505 |
|
|
|
|
|
STOCKHOLDERS' EQUITY: |
|
|
|
Common stock - $0.005 par
value; 1,250,000 shares authorized;638,458 shares issued and
527,893 shares outstanding as of September 30, 2020;636,460 shares
issued and 536,698 shares outstanding as of December 31, 2019 |
|
3,192 |
|
|
|
3,182 |
|
Additional paid-in
capital |
|
4,513,743 |
|
|
|
4,397,511 |
|
Retained earnings |
|
5,960,338 |
|
|
|
5,022,480 |
|
Accumulated other
comprehensive loss |
|
(32,529 |
) |
|
|
(32,387 |
) |
Common stock in treasury, at
cost; 110,565 and 99,762 shares as of September 30, 2020 and
December 31, 2019, respectively |
|
(5,815,423 |
) |
|
|
(5,219,505 |
) |
Total stockholders' equity |
|
4,629,321 |
|
|
|
4,171,281 |
|
Total Liabilities and Stockholders’ Equity |
$ |
5,697,683 |
|
|
$ |
5,150,352 |
|
Monster Beverage (NASDAQ:MNST)
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