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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

Quarterly Report Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2023

Commission File Number 001-18761

MONSTER BEVERAGE CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

    

47-1809393

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

1 Monster Way

Corona, California 92879

(Address of principal executive offices) (Zip code)

(951) 739 - 6200

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

MNST

Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  X    No __

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes  X    No __

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes __    No X

The registrant had 1,040,441,348 shares of common stock, par value $0.005 per share, outstanding as of October 31, 2023.

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

SEPTEMBER 30, 2023

INDEX

Part I.

FINANCIAL INFORMATION

    

Page No.

Item 1.

Condensed Consolidated Financial Statements (Unaudited)

Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022

3

Condensed Consolidated Statements of Income for the Three- and Nine-months ended September 30, 2023 and 2022

4

Condensed Consolidated Statements of Comprehensive Income for the Three- and Nine-months ended September 30, 2023 and 2022

5

Condensed Consolidated Statements of Stockholders’ Equity for the Three- and Nine-months ended September 30, 2023 and 2022

6

Condensed Consolidated Statements of Cash Flows for the Nine-Months Ended September 30, 2023 and 2022

8

Notes to Condensed Consolidated Financial Statements

10

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

35

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

54

Item 4.

Controls and Procedures

55

Part II.

OTHER INFORMATION

Item 1.

Legal Proceedings

56

Item 1A.

Risk Factors

56

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

56

Item 3.

Defaults Upon Senior Securities

57

Item 4.

Mine Safety Disclosures

57

Item 5.

Other Information

57

Item 6.

Exhibits

58

Signatures

59

2

PART I – FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF SEPTEMBER 30, 2023 AND DECEMBER 31, 2022

(In Thousands, Except Par Value) (Unaudited)

September 30, 

December 31, 

    

2023

    

2022

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

1,773,849

$

1,307,141

Short-term investments

 

1,236,752

 

 

1,362,314

Accounts receivable, net

 

1,231,188

 

 

1,016,203

Inventories

 

883,582

 

 

935,631

Prepaid expenses and other current assets

 

162,676

 

 

109,823

Prepaid income taxes

 

23,468

 

 

33,785

Total current assets

 

5,311,515

 

 

4,764,897

INVESTMENTS

 

52,636

 

 

61,443

PROPERTY AND EQUIPMENT, net

 

731,208

 

 

516,897

DEFERRED INCOME TAXES, net

 

176,724

 

 

177,039

GOODWILL

 

1,417,941

 

 

1,417,941

OTHER INTANGIBLE ASSETS, net

 

1,459,447

 

 

1,220,410

OTHER ASSETS

 

164,867

 

 

134,478

Total Assets

$

9,314,338

 

$

8,293,105

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable

$

539,892

 

$

444,265

Accrued liabilities

 

207,727

 

 

172,991

Accrued promotional allowances

 

296,577

 

 

255,631

Deferred revenue

 

40,127

 

 

43,311

Accrued compensation

 

76,835

 

 

72,463

Income taxes payable

 

17,644

 

 

13,317

Total current liabilities

 

1,178,802

 

 

1,001,978

DEFERRED REVENUE

 

209,136

 

 

223,800

OTHER LIABILITIES

53,251

42,286

COMMITMENTS AND CONTINGENCIES (Note 12)

STOCKHOLDERS’ EQUITY1:

Common stock - $0.005 par value; 5,000,000 shares authorized; 1,118,498 shares issued and 1,040,420 shares outstanding as of September 30, 2023; 1,283,688 shares issued and 1,044,600 shares outstanding as of December 31, 2022

5,592

6,418

Additional paid-in capital

 

4,893,289

 

 

4,776,804

Retained earnings

 

5,572,757

 

 

9,001,173

Accumulated other comprehensive loss

 

(198,033)

 

 

(159,073)

Common stock in treasury, at cost; 78,078 shares and 239,088 shares as of September 30, 2023 and December 31, 2022, respectively

 

(2,400,456)

 

 

(6,600,281)

Total stockholders’ equity

 

7,873,149

 

 

7,025,041

Total Liabilities and Stockholders’ Equity

$

9,314,338

 

$

8,293,105

1 Stock Split - On February 28, 2023, the Company announced a two-for-one stock split of its common stock to be effected in the form of a 100% stock dividend. The stock dividend was issued on March 27, 2023 (the “Stock Split”). The accompanying condensed consolidated financial statements and notes thereto have been retroactively updated to reflect the Stock Split. See Note 1 for additional information.

See accompanying notes to condensed consolidated financial statements.

3

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE- AND NINE-MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(In Thousands, Except Per Share Amounts) (Unaudited)

Three-Months Ended

Nine-Months Ended

September 30, 

September 30, 

    

2023

    

2022

    

2023

    

2022

NET SALES

$

1,856,028

$

1,624,286

$

5,409,919

$

4,798,119

COST OF SALES

 

872,265

 

790,561

 

2,554,086

 

2,407,867

GROSS PROFIT

 

983,763

 

833,725

 

2,855,833

 

2,390,252

OPERATING EXPENSES

 

473,236

 

415,795

 

1,336,437

 

1,199,883

OPERATING INCOME

 

510,527

 

417,930

1,519,396

 

1,190,369

INTEREST and OTHER INCOME (EXPENSE), net

 

71,357

 

2,149

 

99,010

 

(11,932)

INCOME BEFORE PROVISION FOR INCOME TAXES

 

581,884

 

420,079

1,618,406

 

1,178,437

PROVISION FOR INCOME TAXES

129,190

97,692

354,397

288,487

NET INCOME

$

452,694

$

322,387

$

1,264,009

$

889,950

NET INCOME PER COMMON SHARE1:

Basic

$

0.43

$

0.31

$

1.21

$

0.84

Diluted

$

0.43

$

0.30

$

1.19

$

0.83

WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK AND COMMON STOCK EQUIVALENTS1:

Basic

 

1,047,015

 

1,053,594

 

1,046,337

 

1,056,526

Diluted

 

1,059,966

 

1,066,600

1,059,809

 

1,069,198

1 Stock Split - The accompanying condensed consolidated financial statements and notes thereto have been retroactively updated to reflect the Stock Split. See Note 1 for additional information.

See accompanying notes to condensed consolidated financial statements.

4

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE- AND NINE-MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(In Thousands) (Unaudited)

Three-Months Ended

    

Nine-Months Ended

September 30, 

September 30, 

    

2023

    

2022

    

2023

    

2022

Net income, as reported

$

452,694

$

322,387

$

1,264,009

$

889,950

Other comprehensive income (loss):

Change in foreign currency translation adjustment

 

(48,280)

 

(68,822)

 

(46,074)

 

(147,450)

Available-for-sale investments:

Change in net unrealized gains (losses)

 

1,272

 

(2,675)

 

3,680

 

(7,840)

Net gains on commodity derivatives

 

4,700

 

 

3,434

 

Other comprehensive income (loss)

 

(42,308)

 

(71,497)

 

(38,960)

 

(155,290)

Comprehensive income

$

410,386

$

250,890

$

1,225,049

$

734,660

See accompanying notes to condensed consolidated financial statements.

5

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE THREE- AND NINE-MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(In Thousands) (Unaudited)

Accumulated Other

Total

Common stock

Additional

Retained

Comprehensive

Treasury stock

Stockholders’

    

Shares

    

Amount

    

Paid-in Capital

    

Earnings

    

(Loss) Income

    

Shares

    

Amount

    

Equity

Balance, December 31, 2022

1,283,688

$

6,418

$

4,776,804

$

9,001,173

$

(159,073)

(239,088)

$

(6,600,281)

$

7,025,041

 

Stock-based compensation

 

15,743

15,743

Stock options/awards

 

3,704

 

19

 

36,329

 

 

 

 

 

36,348

Unrealized gain (loss), net on available-for-sale securities

 

3,181

3,181

Repurchase of common stock

(1,688)

(90,378)

(90,378)

Retirement of treasury stock

(170,000)

(850)

425

(4,692,425)

170,000

4,692,850

Foreign currency translation

 

7,981

7,981

Net income

 

397,444

397,444

 

Balance, March 31, 2023

 

1,117,392

 

$

5,587

 

$

4,829,301

 

$

4,706,192

 

$

(147,911)

(70,776)

 

$

(1,997,809)

 

$

7,395,360

 

Stock-based compensation

17,176

17,176

Stock options/awards

 

877

4

23,314

23,318

Unrealized gain (loss), net on available-for-sale securities

 

 

 

 

 

(773)

 

 

 

(773)

Repurchase of common stock

 

(8)

(447)

(447)

Foreign currency translation

(5,775)

(5,775)

Net losses on commodity derivatives

 

(1,266)

(1,266)

Net income

413,871

413,871

 

Balance, June 30, 2023

 

1,118,269

$

5,591

$

4,869,791

$

5,120,063

$

(155,725)

(70,784)

$

(1,998,256)

$

7,841,464

Stock-based compensation

17,605

17,605

Stock options/awards

229

1

5,893

5,894

Unrealized gain (loss), net on available-for-sale securities

1,272

1,272

Repurchase of common stock

(7,294)

(402,200)

(402,200)

Foreign currency translation

(48,280)

(48,280)

Net gains on commodity derivatives

4,700

4,700

Net income

452,694

452,694

Balance, September 30, 2023

1,118,498

$

5,592

$

4,893,289

$

5,572,757

$

(198,033)

(78,078)

$

(2,400,456)

$

7,873,149

6

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE THREE- AND NINE-MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(In Thousands) (Unaudited) (Continued)

Accumulated Other

Total

Common stock

Additional

Retained

Comprehensive (Loss)

Treasury stock

Stockholders’

    

Shares

    

Amount

    

Paid-in Capital

    

Earnings

    

Income

    

Shares

    

Amount

    

Equity

Balance, December 31, 2021

1,280,086

$

6,400

$

4,649,420

$

7,809,549

$

(69,165)

(221,440)

$

(5,829,253)

$

6,566,951

Stock-based compensation

 

16,175

16,175

Stock options/awards

 

970

6

4,504

4,510

Unrealized gain (loss), net on available-for-sale securities

 

 

 

 

 

(4,059)

 

 

 

(4,059)

Repurchase of common stock

(332)

(12,187)

(12,187)

Foreign currency translation

 

1,079

1,079

Net income

 

294,203

294,203

 

Balance, March 31, 2022

 

1,281,056

$

6,406

$

4,670,099

$

8,103,752

$

(72,145)

(221,772)

$

(5,841,440)

$

6,866,672

Stock-based compensation

 

 

 

16,157

 

 

 

 

16,157

Stock options/awards

832

4

18,108

18,112

Unrealized gain (loss), net on available-for-sale securities

 

(1,105)

(1,105)

Repurchase of common stock

 

(6,572)

(284,311)

(284,311)

Foreign currency translation

 

 

 

 

 

(79,707)

 

 

 

(79,707)

Net income

 

273,360

273,360

Balance, June 30, 2022

1,281,888

$

6,410

$

4,704,364

$

8,377,112

$

(152,957)

(228,344)

$

(6,125,751)

$

6,809,178

Stock-based compensation