The Duckhorn Portfolio, Inc(NYSE:NAPA) 
The Duckhorn Portfolio, Inc. produces and sells wines in North America. It offers wines under a portfolio of brands, including Duckhorn Vineyards, Decoy, Kosta Browne, Goldeneye, Paraduxx, Calera, Migration, Canvasback, Greenwing, and Postmark. The company sells its products directly to California r...
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
| Unit: USD | 2024-10-31 | 2024-07-31 | 2024-04-30 | 2024-01-31 | 2023-10-31 | 2023-07-31 | 2023-04-30 | 2023-01-31 | 2022-10-31 | 2022-07-31 | 2022-04-30 | 2022-01-31 | 2021-10-31 | 2021-07-31 | 2021-04-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
sales | 124,669,000 | ||||||||||||||
excise tax | 1,727,000 | ||||||||||||||
net sales | 122,942,000 | 107,395,000 | 92,532,000 | 103,045,000 | 102,509,000 | 100,095,000 | 91,242,000 | 103,488,000 | 108,171,000 | 78,009,000 | 91,584,000 | 98,736,000 | 104,181,000 | 70,893,000 | 90,425,000 |
yoy | 19.93% | 7.29% | 1.41% | -0.43% | -5.23% | 28.31% | -0.37% | 4.81% | 3.83% | 10.04% | 1.28% | ||||
qoq | 14.48% | 16.06% | -10.20% | 0.52% | 2.41% | 9.70% | -11.83% | -4.33% | 38.66% | -14.82% | -7.24% | -5.23% | 46.96% | -21.60% | |
cost of sales | 61,442,000 | 56,083,000 | 41,089,000 | 44,727,000 | 48,656,000 | 44,813,000 | 40,731,000 | 48,302,000 | 53,461,000 | 38,678,000 | 47,622,000 | 49,259,000 | 51,771,000 | 36,506,000 | 43,496,000 |
gross profit | 61,500,000 | 51,312,000 | 51,443,000 | 58,318,000 | 53,853,000 | 55,282,000 | 50,511,000 | 55,186,000 | 54,710,000 | 39,331,000 | 43,962,000 | 49,477,000 | 52,410,000 | 34,387,000 | 46,929,000 |
yoy | 14.20% | -7.18% | 1.85% | 5.68% | -1.57% | 40.56% | 14.90% | 11.54% | 4.39% | 14.38% | -6.32% | ||||
qoq | 19.86% | -0.25% | -11.79% | 8.29% | -2.58% | 9.45% | -8.47% | 0.87% | 39.10% | -10.53% | -11.15% | -5.60% | 52.41% | -26.73% | |
gross margin % | 50.02% | 47.78% | 55.59% | 56.59% | 52.53% | 55.23% | 55.36% | 53.33% | 50.58% | 50.42% | 48.00% | 50.11% | 50.31% | 48.51% | 51.90% |
selling, general and administrative expenses | 40,798,000 | 30,614,000 | 29,739,000 | 29,247,000 | 30,483,000 | 30,404,000 | 23,989,000 | 29,579,000 | 25,739,000 | 27,688,000 | 23,083,000 | 23,814,000 | 23,158,000 | 24,398,000 | 31,142,000 |
income from operations | 20,702,000 | 20,698,000 | 21,704,000 | 29,071,000 | 23,370,000 | 24,878,000 | 26,522,000 | 25,607,000 | 28,971,000 | 11,643,000 | 20,836,000 | 25,632,000 | 29,203,000 | 9,912,000 | 16,208,000 |
yoy | -11.42% | -16.80% | -18.17% | 13.53% | -19.33% | 113.67% | 27.29% | -0.10% | -0.79% | 17.46% | 28.55% | ||||
qoq | 0.02% | -4.64% | -25.34% | 24.39% | -6.06% | -6.20% | 3.57% | -11.61% | 148.83% | -44.12% | -18.71% | -12.23% | 194.62% | -38.85% | |
operating margin % | 16.84% | 19.27% | 23.46% | 28.21% | 22.80% | 24.85% | 29.07% | 24.74% | 26.78% | 14.93% | 22.75% | 25.96% | 28.03% | 13.98% | 17.92% |
interest expense | 5,115,000 | 5,068,000 | 4,531,000 | 4,500,000 | 4,004,000 | 3,882,000 | 2,993,000 | 2,684,000 | 2,162,000 | 1,917,000 | 1,618,000 | 1,636,000 | 1,606,000 | 2,671,000 | 3,755,000 |
other income | 117,000 | 2,087,000 | -3,054,000 | 2,696,000 | -1,813,000 | -3,597,000 | 729,000 | 2,743,000 | -87,000 | 263,000 | -1,046,000 | -338,000 | -1,093,000 | -1,499,000 | -2,192,000 |
total other incomes | 5,232,000 | 7,155,000 | 1,477,000 | 7,196,000 | 2,191,000 | 285,000 | 3,722,000 | 5,427,000 | 2,075,000 | 2,180,000 | 572,000 | 1,298,000 | 513,000 | 1,172,000 | 1,563,000 |
income before income taxes | 15,470,000 | 13,543,000 | 20,227,000 | 21,875,000 | 21,179,000 | 24,593,000 | 22,800,000 | 20,180,000 | 26,896,000 | 9,463,000 | 20,264,000 | 24,334,000 | 28,690,000 | 8,740,000 | 14,645,000 |
income tax expense | 4,285,000 | 2,247,000 | 6,906,000 | 6,021,000 | 5,629,000 | 6,825,000 | 6,006,000 | 5,265,000 | 7,087,000 | 4,041,000 | 4,699,000 | 6,407,000 | 7,377,000 | 1,314,000 | 5,623,000 |
net income | 11,185,000 | 11,296,000 | 13,321,000 | 15,854,000 | 15,550,000 | 17,768,000 | 16,794,000 | 14,915,000 | 19,809,000 | 5,422,000 | 15,565,000 | 17,927,000 | 21,313,000 | 7,426,000 | 9,022,000 |
yoy | -28.07% | -36.43% | -20.68% | 6.30% | -21.50% | 227.70% | 7.90% | -16.80% | -7.06% | -26.99% | 72.52% | ||||
qoq | -0.98% | -15.20% | -15.98% | 1.95% | -12.48% | 5.80% | 12.60% | -24.71% | 265.34% | -65.17% | -13.18% | -15.89% | 187.01% | -17.69% | |
net income margin % | 9.10% | 10.52% | 14.40% | 15.39% | 15.17% | 17.75% | 18.41% | 14.41% | 18.31% | 6.95% | 17.00% | 18.16% | 20.46% | 10.47% | 9.98% |
net income attributable to non-controlling interest | -21,000 | ||||||||||||||
net income attributable to the duckhorn portfolio, inc. | 11,164,000 | 11,296,000 | 13,323,000 | 15,857,000 | 15,537,000 | 17,769,000 | 16,797,000 | 14,917,000 | 19,815,000 | 5,420,000 | 15,565,000 | 17,932,000 | 21,273,000 | 7,428,000 | 9,022,000 |
earnings per share of common stock: | |||||||||||||||
basic | 0.08 | 0.06 | 0.12 | 0.14 | 0.13 | ||||||||||
diluted | 0.08 | 0.06 | 0.12 | 0.14 | 0.13 | ||||||||||
weighted-average shares of common stock outstanding: | |||||||||||||||
basic | 147,128,486 | 123,436,717 | 115,804,326 | 115,376,711 | 115,339,774 | 115,233,324 | 115,255,671 | 115,191,575 | 115,184,161 | 115,096,152 | 115,115,850 | 115,049,395 | 115,046,793 | 106,681,496 | 107,976,264 |
diluted | 147,186,767 | 123,549,109 | 115,834,119 | 115,415,348 | 115,451,719 | 115,407,624 | 115,367,455 | 115,327,660 | 115,275,692 | 115,363,578 | 115,281,724 | 115,389,502 | 115,396,026 | 106,934,853 | 108,404,009 |
net income (income) attributable to non-controlling interest | -2,000 | 2,000 | 3,000 | ||||||||||||
less: net (income) loss attributable to non-controlling interest | -13,000 | 6,000 | -2,000 | -40,000 | |||||||||||
less: net income (income) attributable to non-controlling interest | 1,000 | 3,000 | 2,000 | 5,000 | 2,000 | ||||||||||
net income per share | |||||||||||||||
basic | 0.113 | 0.15 | 0.13 | 0.17 | 0.04 | 0.14 | 0.16 | 0.18 | 0.05 | 0.08 | |||||
diluted | 0.113 | 0.15 | 0.13 | 0.17 | 0.05 | 0.14 | 0.16 | 0.18 | 0.05 | 0.08 | |||||
casualty gain | 43,000 | 31,000 | 77,000 | -421,000 | |||||||||||
casualty loss | 49,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2024-10-31 | 2024-07-31 | 2024-04-30 | 2024-01-31 | 2023-10-31 | 2023-07-31 | 2023-04-30 | 2023-01-31 | 2022-10-31 | 2022-07-31 | 2022-04-30 | 2022-01-31 | 2021-10-31 | 2021-07-31 | 2021-04-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||
current assets: | |||||||||||||||
cash | 5,407,000 | 10,872,000 | 15,735,000 | 13,139,000 | 21,182,000 | 6,353,000 | 36,077,000 | 7,292,000 | 5,325,000 | 3,167,000 | 8,654,000 | 4,770,000 | 5,247,000 | 4,244,000 | 5,027,000 |
accounts receivable trade | 88,016,000 | 52,262,000 | 44,893,000 | 51,822,000 | 71,254,000 | 48,706,000 | 43,274,000 | 48,324,000 | 69,645,000 | 37,026,000 | 39,104,000 | 43,008,000 | 59,618,000 | 33,253,000 | 43,955,000 |
due from related party | 222,000 | 10,845,000 | |||||||||||||
inventories | 530,293,000 | 448,967,000 | 454,921,000 | 392,634,000 | 389,199,000 | 322,227,000 | 327,313,000 | 327,024,000 | 341,926,000 | 285,430,000 | 292,077,000 | 297,531,000 | 319,224,000 | 267,737,000 | 268,825,000 |
prepaid expenses and other current assets | 11,040,000 | 14,594,000 | 6,445,000 | 12,254,000 | 8,393,000 | 10,244,000 | 10,929,000 | 13,125,000 | 14,027,000 | 13,898,000 | 8,992,000 | 9,524,000 | 8,693,000 | 9,167,000 | 8,554,000 |
total current assets | 634,978,000 | 537,540,000 | 521,994,000 | 469,849,000 | 490,028,000 | 387,530,000 | 417,593,000 | 395,765,000 | 430,923,000 | 339,521,000 | 348,827,000 | 354,833,000 | 392,782,000 | 314,401,000 | 326,361,000 |
property and equipment | 568,391,000 | 568,457,000 | 565,806,000 | 324,461,000 | 328,468,000 | 323,530,000 | 267,474,000 | 271,217,000 | 274,324,000 | 269,659,000 | 253,279,000 | 255,845,000 | 244,397,000 | 240,939,000 | 240,975,000 |
operating lease right-of-use assets | 26,369,000 | 27,130,000 | 17,189,000 | 17,937,000 | 18,834,000 | 20,376,000 | 20,875,000 | 21,777,000 | 22,478,000 | 23,375,000 | |||||
intangible assets | 190,577,000 | 192,467,000 | 195,557,000 | 180,447,000 | 182,337,000 | 184,227,000 | 186,116,000 | 188,006,000 | 189,896,000 | 191,786,000 | 194,784,000 | 196,705,000 | 198,626,000 | 200,547,000 | 202,468,000 |
goodwill | 484,379,000 | 483,879,000 | 483,818,000 | 425,209,000 | 425,209,000 | 425,209,000 | 425,209,000 | 425,209,000 | 425,209,000 | 425,209,000 | 425,209,000 | 425,209,000 | 425,209,000 | 425,209,000 | 425,209,000 |
other assets | 7,470,000 | 7,555,000 | 9,100,000 | 6,047,000 | 8,327,000 | 6,810,000 | |||||||||
total assets | 1,912,164,000 | 1,817,028,000 | 1,793,464,000 | 1,423,950,000 | 1,453,203,000 | 1,347,682,000 | 1,322,553,000 | 1,307,461,000 | 1,344,672,000 | 1,251,513,000 | 1,224,166,000 | 1,235,311,000 | 1,263,094,000 | 1,183,117,000 | 1,197,004,000 |
liabilities and stockholders’ equity | |||||||||||||||
current liabilities: | |||||||||||||||
accounts payable | 66,357,000 | 5,774,000 | 5,344,000 | 14,252,000 | 33,023,000 | 4,829,000 | 2,914,000 | 18,410,000 | 45,889,000 | 3,382,000 | 5,042,000 | 9,858,000 | 52,780,000 | 3,556,000 | 7,839,000 |
accrued expenses | 69,346,000 | 34,164,000 | 30,915,000 | 25,060,000 | 90,022,000 | 38,246,000 | 31,909,000 | 29,071,000 | 69,538,000 | 29,475,000 | 25,294,000 | 27,076,000 | 50,690,000 | 21,557,000 | 28,008,000 |
accrued compensation | 7,994,000 | 11,386,000 | 10,802,000 | 9,382,000 | 8,651,000 | 16,460,000 | 12,063,000 | 9,224,000 | 9,160,000 | 12,893,000 | 11,025,000 | 12,716,000 | 10,755,000 | 16,845,000 | 13,772,000 |
deferred revenue | 12,264,000 | 5,211,000 | 11,199,000 | 13,156,000 | 3,285,000 | 12,069,000 | 272,000 | 3,528,000 | 143,000 | 3,933,000 | 3,102,000 | 767,000 | |||
current maturities of long-term debt | 9,721,000 | 9,721,000 | 9,721,000 | 9,721,000 | 9,721,000 | 9,721,000 | 9,721,000 | 9,721,000 | 9,109,000 | 9,810,000 | 10,510,000 | 11,244,000 | 11,284,000 | 11,324,000 | 11,786,000 |
due to related party | 342,000 | 1,714,000 | 1,730,000 | ||||||||||||
other current liabilities | 4,250,000 | 1,116,000 | 5,990,000 | 4,965,000 | 4,870,000 | 1,417,000 | 3,214,000 | 3,056,000 | 474,000 | 672,000 | 490,000 | 377,000 | 395,000 | 397,000 | 796,000 |
total current liabilities | 170,274,000 | 66,744,000 | 64,502,000 | 68,591,000 | 157,486,000 | 74,460,000 | 76,624,000 | 76,370,000 | 149,745,000 | 60,002,000 | 55,889,000 | 61,414,000 | 129,837,000 | 56,781,000 | 63,976,000 |
revolving line of credit | 83,000,000 | 101,000,000 | 102,000,000 | 68,000,000 | 94,005,000 | 108,674,000 | 113,342,000 | 133,011,000 | 108,679,000 | 121,348,000 | 136,016,000 | ||||
long-term debt | 198,263,000 | 200,734,000 | 203,206,000 | 205,677,000 | 231,148,000 | 223,619,000 | 213,158,000 | 215,633,000 | 103,036,000 | 105,074,000 | 107,112,000 | 109,149,000 | 111,887,000 | 114,625,000 | 117,366,000 |
operating lease liabilities | 23,579,000 | 24,286,000 | 13,398,000 | 14,145,000 | 15,141,000 | 16,534,000 | 17,117,000 | 18,000,000 | 18,864,000 | 19,732,000 | |||||
deferred income taxes | 151,104,000 | 151,104,000 | 151,175,000 | 90,216,000 | 90,216,000 | 90,216,000 | 90,483,000 | 90,483,000 | 90,484,000 | 90,483,000 | 86,667,000 | 86,667,000 | 86,667,000 | 86,667,000 | 84,638,000 |
other liabilities | 694,000 | 705,000 | 647,000 | 517,000 | 445,000 | 445,000 | |||||||||
total liabilities | 626,914,000 | 544,573,000 | 534,928,000 | 447,146,000 | 494,436,000 | 405,274,000 | 399,599,000 | 402,410,000 | 456,522,000 | 384,352,000 | 363,991,000 | 391,227,000 | 438,084,000 | 380,879,000 | 403,494,000 |
commitments and contingencies | |||||||||||||||
stockholders’ equity: | |||||||||||||||
common stock, 0.01 par value... | 1,472,000 | 1,471,000 | 1,470,000 | 1,154,000 | 1,154,000 | 1,153,000 | 1,153,000 | 1,152,000 | 1,152,000 | 1,152,000 | 1,152,000 | 1,151,000 | 1,150,000 | 1,150,000 | 1,150,000 |
additional paid-in capital | 1,012,874,000 | 1,011,265,000 | 1,008,643,000 | 740,548,000 | 738,365,000 | 737,557,000 | 735,871,000 | 734,763,000 | 732,777,000 | 731,597,000 | 730,033,000 | 729,508,000 | 728,362,000 | 726,903,000 | 725,601,000 |
retained earnings | 270,299,000 | 259,135,000 | 247,839,000 | 234,516,000 | 218,659,000 | 203,122,000 | 185,353,000 | 168,556,000 | 153,639,000 | 133,824,000 | 128,404,000 | 112,839,000 | 94,907,000 | 73,634,000 | 66,206,000 |
total the duckhorn portfolio, inc. stockholders’ equity | 1,284,645,000 | 1,271,871,000 | 1,257,952,000 | 976,218,000 | 958,178,000 | 941,832,000 | |||||||||
non-controlling interest | 605,000 | 584,000 | 584,000 | 586,000 | 589,000 | 576,000 | 577,000 | 580,000 | 582,000 | 588,000 | 586,000 | 586,000 | 591,000 | 551,000 | 553,000 |
total stockholders’ equity | 1,285,250,000 | 1,272,455,000 | 1,258,536,000 | 976,804,000 | 958,767,000 | 942,408,000 | |||||||||
total liabilities and stockholders’ equity | 1,912,164,000 | 1,817,028,000 | 1,793,464,000 | 1,423,950,000 | 1,453,203,000 | 1,347,682,000 | |||||||||
current operating lease liabilities | 2,869,000 | 3,787,000 | 3,647,000 | 3,603,000 | 3,506,000 | 3,498,000 | |||||||||
long-term assets | |||||||||||||||
other long-term assets | 5,286,000 | 5,487,000 | 1,842,000 | 1,963,000 | 2,067,000 | 2,719,000 | 2,080,000 | 2,021,000 | 1,991,000 | ||||||
total long-term assets | 904,960,000 | 911,696,000 | 913,749,000 | 911,992,000 | 875,339,000 | 880,478,000 | 870,312,000 | 870,643,000 | |||||||
liabilities and stockholders' equity | |||||||||||||||
long-term liabilities | |||||||||||||||
other long-term liabilities | 2,217,000 | 387,000 | 388,000 | 387,000 | 981,000 | 986,000 | 1,014,000 | 1,458,000 | 1,498,000 | ||||||
total long-term liabilities | 322,975,000 | 326,040,000 | 306,777,000 | 324,350,000 | 308,102,000 | 329,813,000 | 308,247,000 | 324,098,000 | 339,518,000 | ||||||
stockholders' equity: | |||||||||||||||
total the duckhorn portfolio, inc. stockholders' equity | 922,377,000 | ||||||||||||||
total stockholders' equity | 922,954,000 | ||||||||||||||
total liabilities and stockholders' equity | 1,322,553,000 | ||||||||||||||
current assets | |||||||||||||||
liabilities and equity | |||||||||||||||
current liabilities | |||||||||||||||
derivative instrument | 1,537,000 | 1,008,000 | |||||||||||||
equity | |||||||||||||||
total the duckhorn portfolio, inc. equity | 904,471,000 | 887,568,000 | 866,573,000 | 859,589,000 | 843,498,000 | 824,419,000 | 801,687,000 | 792,957,000 | |||||||
total equity | 905,051,000 | 888,150,000 | 867,161,000 | 860,175,000 | 844,084,000 | 825,010,000 | 802,238,000 | 793,510,000 | |||||||
total liabilities and equity | 1,307,461,000 | 1,344,672,000 | 1,251,513,000 | 1,224,166,000 | 1,235,311,000 | 1,263,094,000 | 1,183,117,000 | 1,197,004,000 | |||||||
total other long-term assets | 868,716,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2024-10-31 | 2024-07-31 | 2024-04-30 | 2024-01-31 | 2023-10-31 | 2023-07-31 | 2023-04-30 | 2023-01-31 | 2022-10-31 | 2022-07-31 | 2022-04-30 | 2022-01-31 | 2021-10-31 | 2021-07-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | ||||||||||||||
net income | 11,185,000 | 11,296,000 | 13,321,000 | 15,854,000 | 15,550,000 | 17,768,000 | 16,794,000 | 14,915,000 | 19,809,000 | 5,422,000 | 15,565,000 | 17,927,000 | 21,313,000 | 7,426,000 |
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||
depreciation and amortization | 10,631,000 | 10,470,000 | 9,661,000 | 9,708,000 | 7,329,000 | 7,240,000 | 7,238,000 | 7,533,000 | 5,757,000 | 6,082,000 | 6,236,000 | 6,280,000 | 4,829,000 | 4,909,000 |
gain on disposal of assets | -61,000 | -42,000 | 125,000 | -32,000 | ||||||||||
change in fair value of derivatives | 137,000 | 2,433,000 | -2,975,000 | 3,147,000 | -1,889,000 | -2,909,000 | 882,000 | 2,429,000 | -368,000 | 252,000 | -990,000 | -515,000 | -442,000 | -1,030,000 |
amortization of debt issuance costs | 194,000 | 193,000 | 194,000 | 194,000 | 194,000 | 201,000 | 181,000 | 191,000 | 402,000 | 402,000 | 402,000 | 402,000 | 402,000 | 402,000 |
equity-based compensation | 2,254,000 | 2,359,000 | 1,746,000 | 2,064,000 | 1,150,000 | 1,549,000 | 1,756,000 | 1,805,000 | 1,180,000 | 1,283,000 | 1,365,000 | 1,416,000 | 1,459,000 | 1,284,000 |
change in operating assets and liabilities; net of acquisition: | ||||||||||||||
accounts receivable trade | -35,754,000 | -7,367,000 | 6,928,000 | 19,432,000 | -22,547,000 | -5,431,000 | 5,050,000 | 21,321,000 | -32,619,000 | 2,078,000 | 3,904,000 | 16,610,000 | -26,365,000 | 10,702,000 |
due from related party | 10,623,000 | |||||||||||||
inventories | -80,443,000 | 6,831,000 | -7,000 | -2,572,000 | -66,115,000 | 5,384,000 | 603,000 | 15,745,000 | -55,626,000 | 5,522,000 | 5,454,000 | 21,693,000 | -51,487,000 | 1,088,000 |
prepaid expenses and other current assets | 3,550,000 | -6,874,000 | 6,181,000 | -3,861,000 | 1,781,000 | 1,607,000 | -416,000 | 442,000 | -5,060,000 | 2,128,000 | -831,000 | 470,000 | -745,000 | |
other assets | -212,000 | -1,057,000 | -69,000 | -967,000 | 283,000 | |||||||||
accounts payable | 61,149,000 | -496,000 | -10,133,000 | -18,655,000 | 28,045,000 | 1,901,000 | -15,372,000 | -27,650,000 | 42,670,000 | -1,797,000 | -4,842,000 | -42,378,000 | 48,755,000 | -4,221,000 |
accrued expenses | 37,058,000 | -5,501,000 | 4,558,000 | -62,185,000 | 51,985,000 | 3,321,000 | 2,851,000 | -36,432,000 | 37,262,000 | 3,131,000 | -2,071,000 | -22,556,000 | 29,177,000 | -4,050,000 |
accrued compensation | -3,392,000 | 584,000 | 1,144,000 | 730,000 | -7,808,000 | 4,398,000 | 2,838,000 | 64,000 | -3,733,000 | 1,867,000 | -1,691,000 | 1,961,000 | -6,090,000 | 3,073,000 |
deferred revenue | 12,184,000 | -995,000 | -4,136,000 | -5,988,000 | 11,132,000 | -12,890,000 | 9,871,000 | -8,784,000 | 11,797,000 | -3,255,000 | 3,385,000 | -3,790,000 | 830,000 | 2,336,000 |
due to related party | -1,372,000 | |||||||||||||
other current and non-current liabilities | -496,000 | -885,000 | -953,000 | -859,000 | -982,000 | |||||||||
net cash from operating activities | 27,235,000 | 4,569,000 | 25,452,000 | -43,927,000 | 18,066,000 | 18,339,000 | 33,656,000 | -8,287,000 | 26,384,000 | 20,977,000 | 29,027,000 | -3,919,000 | 22,747,000 | 22,736,000 |
capital expenditures | -11,556,000 | 0 | -4,336,000 | -6,735,000 | -10,395,000 | 0 | -1,723,000 | -5,970,000 | -6,418,000 | -19,766,000 | -1,470,000 | -17,463,000 | -5,945,000 | -2,237,000 |
free cash flows | 15,679,000 | 4,569,000 | 21,116,000 | -50,662,000 | 7,671,000 | 18,339,000 | 31,933,000 | -14,257,000 | 19,966,000 | 1,211,000 | 27,557,000 | -21,382,000 | 16,802,000 | 20,499,000 |
cash flows from investing activities | ||||||||||||||
purchases of property and equipment, net of sales proceeds | -11,556,000 | -4,336,000 | -6,735,000 | -10,395,000 | -1,723,000 | -5,970,000 | -6,418,000 | |||||||
net cash from investing activities | -11,556,000 | -6,194,000 | -53,950,000 | -6,735,000 | -10,395,000 | -58,461,000 | -1,723,000 | -5,970,000 | -6,418,000 | -18,936,000 | -1,462,000 | -17,440,000 | -5,896,000 | -2,167,000 |
cash flows from financing activities | ||||||||||||||
payments under line of credit | -18,000,000 | -18,000,000 | -16,000,000 | 0 | -13,000,000 | -2,000,000 | 0 | -99,000,000 | -20,000,000 | -25,000,000 | -24,000,000 | -28,000,000 | ||
borrowings under line of credit | 17,000,000 | 50,000,000 | 45,000,000 | 23,000,000 | 15,000,000 | 0 | 4,000,000 | 5,000,000 | 5,000,000 | 48,000,000 | 15,000,000 | |||
payments of long-term debt | -2,500,000 | -2,500,000 | -2,500,000 | -2,500,000 | -2,500,000 | -2,500,000 | -2,500,000 | -112,358,000 | -2,808,000 | -2,809,000 | -2,842,000 | -2,848,000 | -2,848,000 | -3,274,000 |
taxes paid related to net share settlement of equity awards | -644,000 | 134,000 | -288,000 | 0 | -342,000 | -32,000 | -6,000 | |||||||
net cash from financing activities | -21,144,000 | -3,238,000 | 31,094,000 | 42,619,000 | 7,158,000 | 10,398,000 | -3,148,000 | 16,224,000 | -17,808,000 | -7,528,000 | -23,681,000 | 20,882,000 | -15,848,000 | -21,352,000 |
net increase in cash | -5,465,000 | -4,863,000 | 2,596,000 | -8,043,000 | 14,829,000 | -29,724,000 | 28,785,000 | 1,967,000 | 2,158,000 | -5,487,000 | 3,884,000 | -477,000 | 1,003,000 | -783,000 |
cash - beginning of period | 10,872,000 | 0 | 0 | 6,353,000 | 0 | |||||||||
cash - end of period | 5,407,000 | 2,596,000 | -8,043,000 | 21,182,000 | 28,785,000 | |||||||||
supplemental cash flow information | ||||||||||||||
interest paid, net of amount capitalized | 4,585,000 | 5,329,000 | 4,640,000 | 4,295,000 | 4,009,000 | 5,972,000 | 2,772,000 | -128,000 | 1,777,000 | |||||
income taxes paid | 6,057,000 | 4,569,000 | 11,877,000 | 11,607,000 | 641,000 | 300,000 | ||||||||
non-cash investing activities | ||||||||||||||
property and equipment additions in accounts payable and accrued expenses | 2,568,000 | 8,147,000 | -7,000 | -2,893,000 | 3,300,000 | 3,028,000 | -135,000 | -3,309,000 | 3,776,000 | 1,187,000 | 314,000 | -1,600,000 | 1,793,000 | 730,000 |
deferred income taxes | ||||||||||||||
impairment loss | ||||||||||||||
inventory reserve adjustments | ||||||||||||||
purchases of property and equipment | -19,766,000 | -1,470,000 | -17,463,000 | -5,945,000 | -2,237,000 | |||||||||
proceeds from sales of property and equipment | 830,000 | 8,000 | 23,000 | 49,000 | 70,000 | |||||||||
acquisition of business, net of cash acquired | 0 | |||||||||||||
issuance of long-term debt | 0 | 0 | 0 | |||||||||||
proceeds from employee stock purchase plan | 128,000 | 0 | 169,000 | 0 | ||||||||||
payment of equity issuance costs | 0 | |||||||||||||
debt issuance costs | 0 | |||||||||||||
payments of deferred offering costs | 0 | 0 | -3,078,000 | |||||||||||
cash - beginning of year | 3,167,000 | 0 | 0 | 0 | 4,244,000 | 0 | ||||||||
cash - end of year | 5,325,000 | -5,487,000 | 3,884,000 | -477,000 | 5,247,000 | -783,000 | ||||||||
non-cash investing and financing activities | ||||||||||||||
consideration payable for the acquisition of sonoma-cutrer in due to related party | ||||||||||||||
value of shares issued related to the acquisition of sonoma-cutrer | 0 | |||||||||||||
(gain) loss on disposal of assets | -8,000 | |||||||||||||
change in operating assets and liabilities; net of acquisition | ||||||||||||||
payments for debt issuance costs | 0 | |||||||||||||
consideration payable for the acquisition of sonoma-cutrer in accrued expenses | ||||||||||||||
change in operating assets and liabilities: | ||||||||||||||
wholesale - distributors | 77,000 | 7,300 | -15,100 | 76,400 | -5,200 | -1,300 | 68,500 | |||||||
wholesale - california direct to trade | 15,600 | -1,600 | 3,300 | 15,800 | ||||||||||
dtc | 7,400 | -5,700 | 11,800 | 7,800 | 8,400 | -2,100 | 15,100 | |||||||
net sales | 100,000 | 0 | 0 | 100,000 | 0 | 0 | 100,000 | |||||||
loss on debt extinguishment | 0 | |||||||||||||
prepaid expenses and other assets | ||||||||||||||
dividend to parent | 0 | |||||||||||||
proceeds from issuance of common stock pursuant to the initial public offering, net of underwriters’ discounts and commissions | ||||||||||||||
repayment of capital lease | ||||||||||||||
cash paid during the year | ||||||||||||||
loss on disposal of assets | -46,000 | -55,000 | ||||||||||||
other long-term assets | 47,000 | -677,000 | 122,000 | 1,304,000 | 171,000 | -159,000 | -58,000 | -29,000 | ||||||
other current and long-term liabilities | -672,000 | 1,544,000 | -679,000 | -3,894,000 | -14,000 | -383,000 | ||||||||
supplemental cash-flow information | ||||||||||||||
proceeds from issuance of common stock pursuant to the initial public offering, net of underwriters' discounts and commissions | 0 | |||||||||||||
payments under revolving line of credit | ||||||||||||||
borrowings under revolving line of credit | ||||||||||||||
extinguishment of long-term debt | 0 | |||||||||||||
repayment of capital leases | 0 | |||||||||||||
cash paid during the year for: | ||||||||||||||
interest, net of amount capitalized | ||||||||||||||
income taxes | ||||||||||||||
non cash investing and financing activities | ||||||||||||||
deferred offering costs in accounts payable, accrued expenses and prepaid expenses | ||||||||||||||
cashless exercise of stock options | ||||||||||||||
wholesale - california direct to retail | -3,200 | 3,400 | 16,400 | |||||||||||
change in operating assets and liabilities, net of effects of acquisition | ||||||||||||||
business acquisition, net of cash acquired | ||||||||||||||
capital contribution from parent | ||||||||||||||
capital lease additions | ||||||||||||||
index to notes |