0001558370-24-014906 | 10-Q | XBRL Viewer

September 30, 2024

December 31, 2023

Weighted-average discount rate

Weighted-average remaining lease term

Property, Plant and Equipment, Net

9 Months Ended

Sep. 30, 2024

Note 7. Property, Plant and Equipment, Net

The following table summarizes property, plant and equipment, net as of September 30, 2024 and December 31, 2023:


(Dollars in Thousands)	Depreciable Lives	September 30, 2024		December 31, 2023
Land		$	6,592	$	8,778
Buildings	10-40 years		143,915		35,911
Leasehold improvements⁽¹⁾			13,132		9,800
Plant equipment	3-15 years		242,716		128,639
Vehicles and transportation equipment	3-5 years		616		648
IT systems	3-7 years		12,935		8,909
Furniture and fixtures	3-10 years		7,495		3,294
Customer beverage equipment⁽²⁾	3-5 years		21,575		22,931
Lease right-of-use assets⁽³⁾			81		81
Construction in progress and equipment deposits			88,133		208,308
			537,190		427,299
Less: accumulated depreciation			(98,573)		(83,261)
Property, plant and equipment, net		$	438,617	$	344,038

1 - Leasehold improvements are amortized over the shorter of their estimated useful lives or the related lease life.

2 - Customer beverage equipment consists of brewers held on site at customer locations.

3 - Lease right-of-use assets are amortized over the shorter of the useful life of the asset or the lease term.

Depreciation expense for the three and nine months ended September 30, 2024 was $5.8 million and $17.1 million, respectively, and depreciation expense for the three and nine months ended September 30, 2023 was $4.4 million and $12.4 million, respectively. Assets classified as construction in progress and equipment deposits are not depreciated, as they are not ready for production use. All assets classified as construction in progress and equipment deposits at September 30, 2024 are expected to be in production use.

Segment Information - Other (Details)	9 Months Ended
Segment Information - Other (Details)	Sep. 30, 2024 segment
Segment Information
Number of operating segments	2

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2024

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

Note 16. Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss), net of tax by component for the three and nine months ended September 30, 2024 and 2023 is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Unrealized gain (loss) on derivative instruments:
Balance at beginning of period	$	7,368	$	(4,832)	$	3,362	$	(6,355)
Other comprehensive income (loss) before reclassifications		9,279		(97)		18,157		1,049
Amounts reclassified from accumulated comprehensive income		(4,297)		3,147		(7,869)		5,234
Tax effect		(1,220)		106		(2,520)		(1,604)
Net accumulated other comprehensive income		11,130		(1,676)		11,130		(1,676)
Less: Other comprehensive income attributable to non-controlling interests		—		—		—		—
Balance at end of period		11,130		(1,676)		11,130		(1,676)
Foreign currency translation adjustment
Balance at beginning of period		537		293		456		252
Other comprehensive income (loss) before reclassifications		122		86		203		127
Amounts reclassified from accumulated comprehensive income		—		—		—		—
Tax effect		—		—		—		—
Net accumulated other comprehensive income		659		379		659		379
Less: Other comprehensive income attributable to non-controlling interests		—		—		—		—
Balance at end of period		659		379		659		379
Accumulated other comprehensive income (loss) at end of period	$	11,789	$	(1,297)	$	11,789	$	(1,297)

Summary of Significant Accounting Policies - Restructuring Activities (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Feb. 12, 2024 ft²	Dec. 31, 2023 USD ($)
Accrual for employee termination benefits
Property, plant and equipment, net	$ 438,617		$ 438,617			$ 344,038
Impairment charges on land and buildings as held-for-sale	1,200		2,000
Operating lease liability	62,841		62,841
Operating lease right-of-use assets	61,404		61,404			$ 67,601
Foot distribution center
Accrual for employee termination benefits
Area of leased space \| ft²					530,000
Gregory distribution center
Accrual for employee termination benefits
Termination benefits				$ 0
Termination lease costs incurred	0
Reduction of lease liability		$ 3,000
Reduction of right-of-use assets		$ 3,000
Operating lease liability	0		0
Operating lease right-of-use assets	0		0
Plant consolidations
Accrual for employee termination benefits
Expected restructuring charges	5,000		5,000
Charges	$ 700		700
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Business Combination, Integration Related Costs
Plant consolidations \| Land and building
Accrual for employee termination benefits
Property, plant and equipment, net	$ 9,100		9,100
Reduction of excess workforce capacity
Accrual for employee termination benefits
Charges			4,066
Employee termination costs			4,100
Termination benefits	1,013		1,013	$ 3,590
Reduction of excess workforce capacity \| Accrued expenses and other current liabilities
Accrual for employee termination benefits
Termination benefits	$ 1,000		$ 1,000

Acquisitions - Other (Details) - USD ($) $ in Thousands	Feb. 28, 2023	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Business Acquisition
Goodwill		$ 116,111	$ 116,111
Bixby Roasting Co.
Business Acquisition
Shares of common stock issued by Company	39,778
Net assets acquired	$ 700
Total Consideration	2,600
Cash consideration	$ 2,200
Goodwill				$ 2,000

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
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-Paragraph 100
-Subparagraph (d)
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 10
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Fair Value Measurements - Other Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Measurements
Assets	$ 62,784	$ 47,105
Liabilities	10,933	48,532
Green coffee associated with forward contracts
Fair Value Measurements
Assets	46,064	33,447
Coffee futures contracts
Fair Value Measurements
Assets	1,143	3,355
Option contracts
Fair Value Measurements
Assets	214
Forward purchase and sales contracts
Fair Value Measurements
Assets	15,363	10,303
Liabilities	10,204	3,731
Westrock Public Warrants
Fair Value Measurements
Liabilities	$ 729	$ 39,371
Warrant exercise price (in dollars per share)	$ 1.65	$ 2.30
Westrock Private Warrants
Fair Value Measurements
Liabilities		$ 5,430
Warrant exercise price (in dollars per share)	$ 0	$ 2.68
Level 1
Fair Value Measurements
Assets	$ 1,357	$ 3,355
Liabilities	729	39,371
Level 1 \| Coffee futures contracts
Fair Value Measurements
Assets	1,143	3,355
Level 1 \| Option contracts
Fair Value Measurements
Assets	214
Level 1 \| Westrock Public Warrants
Fair Value Measurements
Liabilities	729	39,371
Level 2
Fair Value Measurements
Assets	61,427	43,750
Liabilities	10,204	3,731
Level 2 \| Green coffee associated with forward contracts
Fair Value Measurements
Assets	46,064	33,447
Level 2 \| Forward purchase and sales contracts
Fair Value Measurements
Assets	15,363	10,303
Liabilities	$ 10,204	3,731
Level 3
Fair Value Measurements
Liabilities		5,430
Level 3 \| Westrock Private Warrants
Fair Value Measurements
Liabilities		$ 5,430

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT) - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated other comprehensive income (loss)	Non-Controlling Interest	Total
Balance at beginning of year at Dec. 31, 2022	$ 750	$ 342,664	$ (328,042)	$ (6,103)	$ 2,460	$ 11,729
Balance at beginning of year (in shares) at Dec. 31, 2022	75,020
Net income (loss)			(14,531)		15	(14,516)
Issuance of common shares, net of issuance costs	$ 119	117,648				117,767
Issuance of common shares, net of issuance costs (in shares)	11,877
Issuance of common shares related to acquisitions		446				446
Issuance of common shares related to acquisitions (in shares)	40
Issuance of common shares related to Public Warrant exercise	$ 2	3,142				3,144
Issuance of common shares related to Public Warrant exercise (in shares)	229
Issuance of common shares related to stock options exercised	$ 1	847				848
Issuance of common shares related to stock options exercised (in shares)	88
Issuance of common shares related to conversion of Series A Convertible Preferred Shares	$ 1	881				882
Issuance of common shares related to conversion of Series A Convertible Preferred Shares (in shares)	76
Issuance of common shares related to purchase of non-controlling interest	$ 1	474			$ (2,475)	(2,000)
Issuance of common shares related to purchase of non-controlling interest (in shares)	100
Accretion of Series A Convertible Preferred Shares		(249)				(249)
Other comprehensive income (loss)				4,806		4,806
Equity-based compensation	$ 6	6,291				6,297
Equity-based compensation (in shares)	609
Net share settlement of equity awards		(2,977)				(2,977)
Balance at end of year at Sep. 30, 2023	$ 880	469,167	(342,573)	(1,297)		126,177
Balance at end of year (in shares) at Sep. 30, 2023	88,039
Balance at beginning of year at Jun. 30, 2023	$ 757	348,714	(359,194)	(4,539)		(14,262)
Balance at beginning of year (in shares) at Jun. 30, 2023	75,728
Net income (loss)			16,621			16,621
Issuance of common shares, net of issuance costs	$ 119	117,648				117,767
Issuance of common shares, net of issuance costs (in shares)	11,877
Issuance of common shares related to conversion of Series A Convertible Preferred Shares		627				627
Issuance of common shares related to conversion of Series A Convertible Preferred Shares (in shares)	54
Issuance of common shares related to stock options exercised	$ 1	785				786
Issuance of common shares related to stock options exercised (in shares)	82
Accretion of Series A Convertible Preferred Shares		93				93
Other comprehensive income (loss)				3,242		3,242
Equity-based compensation	$ 3	2,436				2,439
Equity-based compensation (in shares)	298
Net share settlement of equity awards		(1,136)				(1,136)
Balance at end of year at Sep. 30, 2023	$ 880	469,167	(342,573)	(1,297)		126,177
Balance at end of year (in shares) at Sep. 30, 2023	88,039
Balance at beginning of year at Dec. 31, 2023	$ 880	471,666	(362,624)	3,818		113,740
Balance at beginning of year (in shares) at Dec. 31, 2023	88,051
Net income (loss)			(55,691)			(55,691)
Issuance of common shares related to "at-the-market" offering program, net of issuance costs	$ 1	624				625
Issuance of common shares related to "at-the-market" offering program, net of issuance costs (in shares)	60
Issuance of common shares related to stock options exercised		12				12
Issuance of common shares related to stock options exercised (in shares)	1
Issuance of common shares related to warrant exchange	$ 54	36,884				36,938
Issuance of common shares related to warrant exchange (in shares)	5,424
Issuance of common shares related to conversion of Series A Convertible Preferred Shares		16				16
Issuance of common shares related to conversion of Series A Convertible Preferred Shares (in shares)	1
Accretion of Series A Convertible Preferred Shares		262				262
Other comprehensive income (loss)				7,971		7,971
Equity-based compensation	$ 6	8,502				8,508
Equity-based compensation (in shares)	536
Net share settlement of equity awards		(2,041)				(2,041)
Balance at end of year at Sep. 30, 2024	$ 941	515,925	(418,315)	11,789		110,340
Balance at end of year (in shares) at Sep. 30, 2024	94,073
Balance at beginning of year at Jun. 30, 2024	$ 884	476,795	(404,056)	7,905		81,528
Balance at beginning of year (in shares) at Jun. 30, 2024	88,366
Net income (loss)			(14,259)			(14,259)
Issuance of common shares related to warrant exchange	$ 54	36,884				36,938
Issuance of common shares related to warrant exchange (in shares)	5,424
Issuance of common shares related to conversion of Series A Convertible Preferred Shares		16				16
Issuance of common shares related to conversion of Series A Convertible Preferred Shares (in shares)	1
Accretion of Series A Convertible Preferred Shares		88				88
Other comprehensive income (loss)				3,884		3,884
Equity-based compensation	$ 3	3,025				3,028
Equity-based compensation (in shares)	282
Net share settlement of equity awards		(883)				(883)
Balance at end of year at Sep. 30, 2024	$ 941	$ 515,925	$ (418,315)	$ 11,789		$ 110,340
Balance at end of year (in shares) at Sep. 30, 2024	94,073

Common Stock Warrants

9 Months Ended

Sep. 30, 2024

Common Stock Warrants

Common Stock Warrants

Note 13. Common Stock Warrants

On August 28, 2024, the Company announced that it had commenced an exchange offer (the “Offer”) and consent solicitation (the “Consent Solicitation”) relating to its outstanding (i) public warrants to purchase Common Shares, which warrants trade on The Nasdaq Global Market (the “Nasdaq”) under the symbol “WESTW” (the “Westrock Public Warrants”), and (ii) private placement warrants to purchase common shares (the “Westrock Private Warrants” and, together with the Westrock Public Warrants, the “Westrock Warrants”). The Company offered to all holders of the Westrock Warrants the opportunity to receive 0.290 common shares in exchange for each of the Westrock Warrants tendered pursuant to the Offer.

The Offer and Consent Solicitation expired on September 26, 2024 (the “Expiration Date”). As of the Expiration Date, (x) 16,676,541 outstanding Westrock Public Warrants were validly tendered and not validly withdrawn in the Offer and Consent Solicitation, representing approximately 97.42% of the Westrock Public Warrants and (y) 2,026,046 outstanding Westrock Private Warrants were validly tendered and not validly withdrawn in the Offer and Consent Solicitation, representing 100% of the Westrock Private Warrants. On September 30, 2024, the Company issued 5,423,681 Common Shares in exchange for the tendered Westrock Warrants.

At September 30, 2024, following the completion of the Offer, the Company had 441,522 Westrock Public Warrants and no Westrock Private Warrants outstanding. The Westrock Warrants are included in warrant liabilities on the Company’s Condensed Consolidated Balance Sheets.

We account for the Westrock Warrants in accordance with the guidance contained in ASC 815, under which the warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, we classify the warrants as liabilities at their fair value and adjust the warrants to fair value at each reporting period. The liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Condensed Consolidated Statements of Operations.

The Company re-measures the fair value of the Westrock Public Warrants based on the quoted market price of the Westrock Public Warrants. Prior to the Offer, the Westrock Private Warrants were valued using a binomial lattice valuation model. For the three and nine months ended September 30, 2024, the Company recognized $5.5 million and $7.1 million of gains, respectively, related to the change in fair value of warrant liabilities, which is recognized in other (income) expense in the Condensed Consolidated Statements of Operations. For the three and nine months ended September 30, 2023, the Company recognized $25.1 million and $18.8 million of gains, respectively, related to the change in fair value of warrant liabilities.

Concurrently with the Offer, the Company also solicited consents from the holders of each of the Westrock Public Warrants and the Westrock Private Warrants to amend that certain Warrant Agreement, dated as of August 25, 2022, by and between the Company and Computershare Inc., a Delaware corporation, and its affiliate, Computershare Trust Company, N.A., a federally chartered trust company, as warrant agent (the “Warrant Agent”), which governs all of the Westrock Warrants (the “Warrant Agreement”), to permit the Company to require that (x) each Westrock Public Warrant that is outstanding upon the closing of the Offer be exchanged for 0.261 common shares, which is a ratio 10% less than the exchange ratio applicable to the Offer and (y) each Westrock Private Warrant that is outstanding upon the closing of the Offer be exchanged for 0.261 common shares, which is a ratio 10% less than the exchange ratio applicable to the Offer (such amendment, the “Warrant Amendment”).

Pursuant to the Consent Solicitation, the Company received the approval of holders of approximately 97.42% of the outstanding Westrock Public Warrants and 100% of the outstanding Westrock Private Warrants to adopt the Warrant Amendment, which exceeded (x) the 50% threshold of the outstanding Westrock Public Warrants required to amend the Warrant Agreement with respect to the Westrock Public Warrants and (y) the 50% threshold of the outstanding Westrock Private Warrants required to amend the Warrant Agreement with respect to the Westrock Private Warrants.

Accordingly, the Company and the Warrant Agent entered into the Warrant Amendment, dated September 30, 2024. On September 30, 2024, the Company announced that it would exercise its right, in accordance with the terms of the Warrant Amendment, to exchange each Westrock Public Warrant that is outstanding following the closing of the Offer for 0.261 common shares per warrant (the “Post-Offer Exchange”). The Company fixed the date for the Post-Offer Exchange as October 15, 2024.

Summary of Significant Accounting Policies - Income Taxes (Details)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Summary of Significant Accounting Policies
Effective tax rate (as percentage)	(2.30%)	18.70%

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Summary of Significant Accounting Policies

Schedule of activity in allowance of credit losses


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Balance at beginning of period	$	3,941	$	2,672	$	2,915	$	3,023
Charged to selling, general and administrative expense		342		629		1,368		278
Write-offs		(836)		—		(836)		—
Total	$	3,447	$	3,301	$	3,447	$	3,301

Schedule of changes in the Company's accrual for employee termination benefits


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
(Thousands)	2024		2024
Balance at beginning of period	$	3,590	$	—
Charges		—		4,066
Adjustments		(543)		(543)
Cash paid		(2,034)		(2,510)
Balance at end of the period	$	1,013	$	1,013

Leases - Schedule of weighted average discount rate and remaining lease term (Details)	Sep. 30, 2024	Dec. 31, 2023
Leases
Weighted-average discount rate	7.70%	7.80%
Weighted-average remaining lease term	12 years 7 months 6 days	12 years 10 months 24 days

Intangible Assets, Net - Other (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Intangible Assets, Net
Cost	$ 150,653		$ 150,653		$ 150,517
Accumulated Amortization	(33,685)		(33,685)		(27,572)
Total	116,968		116,968		122,945
Amortization expenses	$ 2,000	$ 2,000	$ 6,100	$ 6,000
Useful life	20 years		20 years
Customer relationships
Intangible Assets, Net
Cost	$ 148,648		$ 148,648		148,648
Accumulated Amortization	(32,270)		(32,270)		(26,487)
Total	116,378		116,378		122,161
Favorable lease assets
Intangible Assets, Net
Cost	790		790		790
Accumulated Amortization	(616)		(616)		(413)
Total	174		174		377
Software
Intangible Assets, Net
Cost	1,215		1,215		1,079
Accumulated Amortization	(799)		(799)		(672)
Total	$ 416		$ 416		$ 407

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leases

9 Months Ended

Sep. 30, 2024

Leases

Leases

Note 10. Leases

We have operating leases for manufacturing, production, administrative, distribution and warehousing facilities, vehicles and machinery and equipment. Some of our lease agreements have renewal options, tenant improvement allowances, rent holidays and rent escalation clauses. The remaining terms on our leases range from 1 year to 15 years, some of which may include options to extend the leases and some of which may include options to terminate the leases within 1 year.

The following table summarizes the amount of right-of-use lease assets and lease liabilities included in each respective line item on the Company’s Condensed Consolidated Balance Sheets:


(Thousands)	Balance Sheet Location	September 30, 2024		December 31, 2023
Right-of-use operating lease assets	Operating lease right-of-use assets	$	61,404	$	67,601
Operating lease liabilities - current	Accrued expenses and other current liabilities		4,334		4,809
Operating lease liabilities - noncurrent	Operating lease liabilities		58,507		63,554

During the nine months ended September 30, 2024 and 2023, the Company obtained approximately $1.0 million and $6.0 million, respectively, of right-of-use operating lease assets in exchange for lease obligations.

On February 12, 2024, following the completion of its 530,000 square foot distribution center in Conway, Arkansas, the Company entered into a lease termination agreement for the Gregory Distribution Center lease. The Gregory Distribution Center lease terminated, by mutual agreement, on June 30, 2024. No costs were incurred as a result of the lease termination. This lease termination event does not significantly alter the Company’s operational capabilities or its financial position.

Depending on the nature of the lease, lease costs are classified within costs of sales or selling, general and administrative expense on the Company’s Condensed Consolidated Statements of Operations. The components of lease costs for the three and nine months ended September 30, 2024 and 2023, respectively, are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Operating lease cost	$	2,678	$	1,179	$	8,242	$	3,609
Short-term lease cost		269		247		730		727
Total	$	2,947	$	1,426	$	8,972	$	4,336

The following table presents information about the Company’s weighted average discount rate and remaining lease term as of September 30, 2024 and December 31, 2023:

Supplemental cash flow information about the Company’s leases as of September 30, 2024 and 2023, respectively, is as follows:


	Nine Months Ended September 30,
(Thousands)	2024		2023
Cash paid related to operating lease liabilities	$	7,363	$	3,195

Finance lease assets are recorded in property, plant and equipment, net with the corresponding lease liabilities included in accrued expenses and other current liabilities and long-term debt, net on the Condensed Consolidated Balance Sheets. There were no material finance leases as of September 30, 2024.

Future minimum lease payments under non-cancellable operating leases as of September 30, 2024 are as follows:


(Thousands)
Remainder of 2024	$	2,269
2025		8,268
2026		7,705
2027		7,714
2028		7,173
Thereafter		68,642
Total future minimum lease payments		101,771
Less: imputed interest		(38,930)
Present value of minimum lease payments	$	62,841

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt

Summary of long-term debt


(Thousands)	September 30, 2024		December 31, 2023
Term loan facility	$	157,500	$	164,063
Delayed draw term loan facility		48,750		—
Revolving credit facility		107,500		65,000
Convertible notes payable		72,000		—
International trade finance lines		58,007		43,694
International notes payable		5,801		6,179
Other loans		22		39
Total debt		449,580		278,975
Unamortized debt costs		(3,625)		(2,378)
Current maturities of long-term debt		(12,137)		(9,811)
Convertible notes payable - related party, net		(49,689)		—
Short-term debt		(58,007)		(43,694)
Long-term debt, net	$	326,122	$	223,092

Leases - Other (Details) $ in Thousands	3 Months Ended	9 Months Ended
Leases - Other (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Sep. 30, 2024	Feb. 12, 2024 ft²
Leases
Option to extend		true
Option to terminate		true
Termination term (in years)	1 year	1 year
Minimum
Leases
Remaining non-cancelable lease term (in years)	1 year	1 year
Maximum
Leases
Remaining non-cancelable lease term (in years)	15 years	15 years
Foot distribution center
Leases
Area of leased space \| ft²			530,000
Gregory distribution center
Leases
Termination lease costs incurred \| $	$ 0

Inventories

9 Months Ended

Sep. 30, 2024

Inventories

Inventories

Note 6. Inventories

The following table summarizes inventories as of September 30, 2024 and December 31, 2023:


(Thousands)	September 30, 2024		December 31, 2023
Raw materials	$	74,662	$	78,882
Finished goods		33,055		26,857
Green coffee		52,927		44,182
Total inventories	$	160,644	$	149,921

Green coffee inventories represent green coffee held for resale. At September 30, 2024 and December 31, 2023, all green coffee held for resale was included within our Sustainable Sourcing & Traceability segment.

Summary of Significant Accounting Policies - Accrual for employee termination benefits (Details) - Reduction of excess workforce capacity - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Accrual for employee termination benefits
Balance at beginning of period	$ 3,590
Charges		$ 4,066
Adjustments	(543)	(543)
Cash paid	(2,034)	(2,510)
Balance at end of the period	$ 1,013	$ 1,013

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Subsequent Events

9 Months Ended

Sep. 30, 2024

Subsequent Events

Subsequent Events

Note 22. Subsequent Events

On October 16, 2024, the Post-Offer Exchange (Note 13) related to the Westrock Public Warrants was completed, resulting in the issuance of 115,220 Common Shares in exchange for then outstanding Westrock Public Warrants. Following the completion of the Post-Offer Exchange, no Westrock Warrants remain outstanding. Accordingly, the Westrock Public Warrants were suspended from trading on the Nasdaq as of the close of business on October 15, 2024, and were delisted.

Segment Information

9 Months Ended

Sep. 30, 2024

Segment Information

Segment Information

Note 19. Segment Information

Our two operating segments, Beverage Solutions and Sustainable Sourcing & Traceability, are evaluated using Segment Adjusted EBITDA, which is a segment performance measure. We define Segment Adjusted EBITDA as net (loss) income determined in accordance with GAAP, before interest expense, provision for income taxes, depreciation and amortization, equity-based compensation expense and the impact, which may be recurring in nature, of transaction, restructuring and integrations costs, including management services and consulting agreements entered into in connection with the acquisition of S&D Coffee, Inc., impairment charges, changes in fair value of warrant liabilities, non-cash mark-to-market adjustments, certain non-capitalizable costs necessary to place the Conway extract and ready-to-drink facility into commercial production, certain recurring operating costs related to the scale-up of operations of the Conway extract and ready-to-drink facility, the write off of unamortized deferred financing costs, costs incurred as a result of the early repayment of debt, gains or losses on dispositions, and other similar or infrequent items (although we may not have had such charges in the periods presented).

Selected financial data related to our segments is presented below for the periods indicated:


	Three Months Ended September 30, 2024
			Sustainable				Total of
	Beverage		Sourcing &		Intersegment		Reportable
(Thousands)	Solutions		Traceability		Revenues		Segments
Net sales	$	164,010	$	60,144	$	(3,294)	$	220,860

Segment Adjusted EBITDA		11,752		2,475		n/a		14,227
Less:
Interest expense								6,889
Income tax expense (benefit)								84
Depreciation and amortization								7,680
Transaction, restructuring and integration expense								2,538
Change in fair value of warrant liabilities								(5,481)
Equity-based compensation								3,028
Impairment charges								1,165
Conway extract and ready-to-drink facility pre-production costs								7,937
Conway extract and ready-to-drink facility scale up operating costs								3,958
Mark-to-market adjustments								470
Loss (gain) on disposal of property, plant and equipment								(8)
Other								226
Net loss							$	(14,259)

Total assets		973,085		104,029		n/a		1,077,114


	Three Months Ended September 30, 2023
			Sustainable				Total of
	Beverage		Sourcing &		Intersegment		Reportable
(Thousands)	Solutions		Traceability		Revenues		Segments
Net sales	$	176,818	$	44,098	$	(1,304)	$	219,612

Segment Adjusted EBITDA		9,884		1,711		n/a		11,595
Less:
Interest expense								7,803
Income tax expense (benefit)								(5,212)
Depreciation and amortization								6,364
Transaction, restructuring and integration expense								3,137
Change in fair value of warrant liabilities								(25,105)
Equity-based compensation								2,439
Conway extract and ready-to-drink facility pre-production costs								3,035
Mark-to-market adjustments								1,160
Loss (gain) on disposal of property, plant and equipment								248
Other								1,105
Net income							$	16,621

Total assets		801,466		89,605		n/a		891,071


	Nine Months Ended September 30, 2024
			Sustainable				Total of
	Beverage		Sourcing &		Intersegment		Reportable
(Thousands)	Solutions		Traceability		Revenues		Segments
Net sales	$	485,322	$	143,204	$	(6,777)	$	621,749

Segment Adjusted EBITDA		35,797		3,236		n/a		39,033
Less:
Interest expense								21,921
Income tax expense (benefit)								1,254
Depreciation and amortization								23,196
Transaction, restructuring and integration expense								9,901
Change in fair value of warrant liabilities								(7,134)
Equity-based compensation								8,508
Impairment charges								1,996
Conway extract and ready-to-drink facility pre-production costs								30,115
Conway extract and ready-to-drink facility scale up operating costs								5,188
Mark-to-market adjustments								(2,692)
Loss (gain) on disposal of property, plant and equipment								965
Other								1,506
Net loss							$	(55,691)

Total assets		973,085		104,029		n/a		1,077,114


	Nine Months Ended September 30, 2023
			Sustainable				Total of
	Beverage		Sourcing &		Intersegment		Reportable
(Thousands)	Solutions		Traceability		Revenues		Segments
Net sales	$	547,746	$	105,537	$	(3,535)	$	649,748

Segment Adjusted EBITDA		29,965		1,393		n/a		31,358
Less:
Interest expense								21,216
Income tax expense (benefit)								(3,331)
Depreciation and amortization								18,419
Transaction, restructuring and integration expense								12,682
Change in fair value of warrant liabilities								(18,833)
Management and consulting fees (S&D acquisition)								556
Equity-based compensation								6,297
Conway extract and ready-to-drink facility pre-production costs								6,615
Mark-to-market adjustments								(1,045)
Loss (gain) on disposal of property, plant and equipment								1,145
Other								2,153
Net loss							$	(14,516)

Total assets		801,466		89,605		n/a		891,071

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Organization and Description of Business

9 Months Ended

Sep. 30, 2024

Organization and Description of Business

Organization and Description of Business

Note 1. Organization and Description of Business

Westrock Coffee Company, a Delaware corporation (the “Company,” “Westrock,” “we,” “us,” or “our”), is a leading integrated coffee, tea, flavors, extracts, and ingredients solutions provider in the United States, providing coffee sourcing, supply chain management, product development, roasting, packaging, and distribution services to the retail, food service and restaurant, convenience store and travel center, non-commercial account, consumer packaged goods (“CPG”), and hospitality industries around the world. We manage our business in two operating segments.

Beverage Solutions: Through this segment, we combine our product innovation and customer insights to provide value-added beverage solutions, including coffee, tea, flavors, extracts and ingredients. We provide products in a variety of packaging, including branded and private label coffee in bags, fractional packs, and single serve cups, as well as extract solutions to be used in products such as cold brew and ready-to-drink offerings. Currently, we serve customers in the United States, Europe and Asia, through the retail, food service and restaurant, convenience store and travel center, non-commercial account, CPG, and hospitality industries.

Sustainable Sourcing & Traceability: Through this segment, we utilize our proprietary technology and digitally traceable supply chain to directly impact and improve the lives of our farming partners, tangible economic empowerment and an emphasis on environmental accountability and farmer literacy. Revenues primarily relate to the physical delivery and settlement of forward sales contracts for green coffee.

Fair Value Measurements - Measurements (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares Y	Sep. 30, 2024 USD ($) $ / shares Y
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Upward adjustment to carrying value	$ 0.0	$ 0.0
Downward adjustment to carrying value	0.0	0.0
Equity method investment at cost	1.0	1.0
Fixed asset impairment charge	$ 1.2	$ 2.0
Stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs \| $ / shares	10.21	10.21
Exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs \| $ / shares	11.50	11.50
Expected term (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs \| Y	5.00	5.00
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs	0.3380	0.3380
Risk-free rate of return
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs	0.0391	0.0391
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs	0.0000	0.0000

Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2024

Accumulated Other Comprehensive Income (Loss)

Schedule of changes in accumulated other comprehensive (loss) income, net of tax


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Unrealized gain (loss) on derivative instruments:
Balance at beginning of period	$	7,368	$	(4,832)	$	3,362	$	(6,355)
Other comprehensive income (loss) before reclassifications		9,279		(97)		18,157		1,049
Amounts reclassified from accumulated comprehensive income		(4,297)		3,147		(7,869)		5,234
Tax effect		(1,220)		106		(2,520)		(1,604)
Net accumulated other comprehensive income		11,130		(1,676)		11,130		(1,676)
Less: Other comprehensive income attributable to non-controlling interests		—		—		—		—
Balance at end of period		11,130		(1,676)		11,130		(1,676)
Foreign currency translation adjustment
Balance at beginning of period		537		293		456		252
Other comprehensive income (loss) before reclassifications		122		86		203		127
Amounts reclassified from accumulated comprehensive income		—		—		—		—
Tax effect		—		—		—		—
Net accumulated other comprehensive income		659		379		659		379
Less: Other comprehensive income attributable to non-controlling interests		—		—		—		—
Balance at end of period		659		379		659		379
Accumulated other comprehensive income (loss) at end of period	$	11,789	$	(1,297)	$	11,789	$	(1,297)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventories
Raw materials	$ 74,662	$ 78,882
Finished goods	33,055	26,857
Green coffee	52,927	44,182
Total inventories	$ 160,644	$ 149,921

Revenue (Tables)

9 Months Ended

Sep. 30, 2024

Revenue

Schedule of disaggregation of revenues by product type and geographic area


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Coffee & tea	$	115,456	$	131,819	$	349,301	$	425,241
Flavors, extracts & ingredients		47,424		44,332		133,205		121,999
Other		1,130		667		2,816		506
Green coffee		56,850		42,794		136,427		102,002
Net sales	$	220,860	$	219,612	$	621,749	$	649,748


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
United States	$	169,472	$	184,280	$	496,542	$	562,942
All other countries		51,388		35,332		125,207		86,806
Net sales	$	220,860	$	219,612	$	621,749	$	649,748

Derivatives (Tables)

9 Months Ended

Sep. 30, 2024

Derivatives

Schedule of fair value of derivative assets and liabilities


(Thousands)	Balance Sheet Location	September 30, 2024		December 31, 2023
Derivative assets designated as cash flow hedging instruments:
Coffee futures contracts⁽¹⁾	Derivative assets	$	1,143	$	3,355
Options contracts	Derivative assets		214		—
Total		$	1,357	$	3,355

Derivative assets not designated as cash flow hedging instruments:
Forward purchase and sales contracts	Derivative assets	$	15,363	$	10,303
Total			15,363		10,303
Total derivative assets		$	16,720	$	13,658

Derivative liabilities not designated as cash flow hedging instruments:
Forward purchase and sales contracts	Derivative liabilities	$	10,204	$	3,731
Total derivative liabilities		$	10,204	$	3,731

1 - The fair value of coffee futures excludes amounts related to margin accounts.

Schedule of pre-tax net gains and losses for derivative instruments


		Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	Statement of Operations Location	2024		2023		2024		2023
Derivative assets designated as cash flow hedging instruments:
Net realized gains (losses) on coffee derivatives	Costs of sales	$	4,297	$	(3,147)	$	7,869	$	(5,234)

Derivative assets and liabilities not designated as cash flow hedging instruments:
Net unrealized gains (losses) on forward sales and purchase contracts	Costs of sales	$	(3,264)	$	(669)	$	(997)	$	402

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies.

Commitments and Contingencies

Note 20. Commitments and Contingencies

We are subject to various claims and legal proceedings with respect to matters such as governmental regulations, and other actions arising out of the normal course of business. Management believes that the resolution of these matters will not have a material adverse effect on our financial position, results of operations, or cash flow.

We have future purchase obligations of $266.8 million as of September 30, 2024 that consist of commitments for the purchase of inventory over the next 12 months. These obligations represent the minimum contractual obligations expected under the normal course of business.

In addition, at September 30, 2024, we had an obligation to repurchase $1.2 million of inventory associated with repurchase agreements in which the Company’s Sustainable Sourcing & Traceability segment has sold inventory to a third party and from whom the Company’s Beverage Solutions segment has an obligation to repurchase. The liability for these obligations is recorded within accrued expenses and other current liabilities on the Company’s Condensed Consolidated Balance Sheet.

Revenue

9 Months Ended

Sep. 30, 2024

Revenue

Revenue

Note 4. Revenue

Revenue from Contracts with Customers (ASC 606)

We measure revenue based on the consideration specified in the client arrangement, and revenue is recognized when the performance obligations in the client arrangement are satisfied. Our principal source of revenue is from the procurement, trade, manufacture, and distribution of coffee, tea and extracts to customers in the United States, Europe, and Asia.

The transaction price of a contract, net of discounts and expected returns, is allocated to each distinct performance obligation based on the relative standalone selling price of the obligation and is recognized as revenue when the performance obligation is satisfied. The standalone selling price is the estimated price we would charge for the good or service in a separate transaction with similar customers in similar circumstances. Identifying distinct performance obligations and determining the standalone selling price for each performance obligation within a contract requires management judgment.

Substantially all our client contracts require that we be compensated for services performed to date. This is upon shipment of goods or upon delivery to the customer, depending on contractual terms. Shipping and handling costs paid by the customer to us are included in revenue and costs incurred by us for shipping and handling activities that are performed after a customer obtains control of the product are accounted for as fulfillment costs. In addition, we exclude from net revenue and cost of sales taxes assessed by governmental authorities on revenue-producing transactions. Although we occasionally accept returns of products from our customers, historically returns have not been material.

At times, the Company may enter into agreements in which its Sustainable Sourcing & Traceability segment will sell inventory to a third party, from whom the Company’s Beverage Solutions segment has an obligation to repurchase. Such transactions are accounted for as financing transactions in accordance with ASC 606. At September 30, 2024 and December 31, 2023, the Company had $1.2 million and $8.3 million, respectively, of such repurchase agreement obligations, collateralized by the corresponding inventory, that are recorded within accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets. Net cash flows associated with these repurchase agreements are reported as financing activities in the Condensed Consolidated Statements of Cash Flows.

Revenue from Forward Contracts (ASC 815)

A portion of the Company’s revenues consist of sales from commodity contracts that are accounted for under ASC 815. Sales from commodity contracts primarily relate to forward sales of green coffee which are accounted for as derivatives at fair value under ASC 815. These forward sales meet the definition of a derivative under ASC 815 as they have an underlying, notional amount, no initial net investment and can be net settled since the commodity is readily converted to cash. The Company does not apply the normal purchase and normal sale exception under ASC 815 to these contracts.

Revenues from commodity contracts are recognized in revenues for the contractually stated amount when the contracts are settled. Settlement generally occurs upon shipment or delivery of the product when title and risks and rewards of ownership transfers to the customer. Prior to settlement, these forward sales contracts are recognized at fair value with the unrealized gains or losses recorded within costs of sales in our Condensed Consolidated Statements of Operations. For the three and nine months ended September 30, 2024, we recorded $3.3 million of net unrealized losses and $1.0 million of net unrealized losses, respectively, within costs of sales. For the three and nine months ended September 30, 2023, we recorded $0.7 million of net unrealized losses and $0.4 million of net unrealized gains, respectively, within costs of sales.

For the three and nine months ended September 30, 2024, the Company recognized $56.6 million and $135.7 million in revenues under ASC 815, respectively, and for the three and nine months ended September 30, 2023, the Company recognized $42.4 million and $101.6 million in revenues under ASC 815, respectively, which are reported within the Company’s Sustainable Sourcing & Traceability segment.

Contract Estimates

The nature of the Company’s contracts gives rise to variable consideration including cash discounts, volume-based rebates, point of sale promotions, and other promotional discounts to certain customers. For all promotional programs and discounts, the Company estimates the rebate or discount that will be granted to the customer and records an accrual upon invoicing. These estimated rebates or discounts are included in the transaction price of the Company’s contracts with customers as a reduction to net revenues and are included as accrued sales incentives in accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets. Accrued sales incentives were $1.5 million and $1.5 million at September 30, 2024 and December 31, 2023, respectively. Other accrued deductions were $2.5 million and $2.7 million at September 30, 2024 and December 31, 2023, respectively, and are included as a reduction to accounts receivable, net in the Condensed Consolidated Balance Sheets.

We do not disclose the value of unsatisfied performance obligations for contracts (i) with an original expected length of one year or less or (ii) for which the Company recognizes revenue at the amount in which it has the right to invoice as the product is delivered.

Contract Balances

Contract balances relate primarily to advances received from the Company’s customers before revenue is recognized. The Company does not have any material contract liabilities as of September 30, 2024 or December 31, 2023. Receivables from contracts with customers are included in accounts receivable, net on the Company’s Condensed Consolidated Balance Sheets. At September 30, 2024 and December 31, 2023, accounts receivable, net included $107.8 million and $104.8 million in receivables from contracts with customers, respectively.

Contract acquisition costs for obtaining contracts that are deemed recoverable are capitalized as contract costs. Such costs result from the payment of sales incentives and are amortized over the contract life. As of September 30, 2024 and December 31, 2023, no costs were capitalized as all arrangements were less than a year.

Disaggregated Revenue

In general, the Company’s business segmentation is aligned according to the nature and economic characteristics of its products and customer relationships and provides meaningful disaggregation of each business segment’s results of operations.

Further disaggregation of revenues from sales to external customers by type and geographic area, based on customer location, for the periods indicated is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Coffee & tea	$	115,456	$	131,819	$	349,301	$	425,241
Flavors, extracts & ingredients		47,424		44,332		133,205		121,999
Other		1,130		667		2,816		506
Green coffee		56,850		42,794		136,427		102,002
Net sales	$	220,860	$	219,612	$	621,749	$	649,748


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
United States	$	169,472	$	184,280	$	496,542	$	562,942
All other countries		51,388		35,332		125,207		86,806
Net sales	$	220,860	$	219,612	$	621,749	$	649,748

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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-Section 50
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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (14,259)	$ 16,621	$ (55,691)	$ (14,531)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2024

Related Party Transactions

Schedule of transactions with related parties

The Condensed Consolidated Financial Statements reflect the following transactions with related parties:


(Thousands)	September 30, 2024		December 31, 2023
Accrued expenses and other current liabilities
Westrock Group	$	128	$	—
Wooster Capital		32		—
HF Direct Investment Pool, LLC		160		—
Total	$	320	$	—


(Thousands)	September 30, 2024		December 31, 2023
Convertible notes payable - related party, net:
Westrock Group	$	20,000	$	—
Wooster Capital		5,000		—
HF Direct Investment Pool, LLC		25,000		—
Total		50,000		—
Unamortized debt costs		(311)		—
Total	$	49,689	$	—


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Interest expense:
Westrock Group	$	255	$	—		633		—
Wooster Capital		64		—		158		—
HF Direct Investment Pool, LLC		320		—		792		—
Total	$	639	$	—	$	1,583	$	—

Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue
Revenues	$ 220,860	$ 219,612	$ 621,749	$ 649,748
United States
Revenue
Revenues	169,472	184,280	496,542	562,942
All other countries
Revenue
Revenues	51,388	35,332	125,207	86,806
Coffee & tea
Revenue
Revenues	115,456	131,819	349,301	425,241
Flavors, extracts & ingredients
Revenue
Revenues	47,424	44,332	133,205	121,999
Other
Revenue
Revenues	1,130	667	2,816	506
Green coffee
Revenue
Revenues	$ 56,850	$ 42,794	$ 136,427	$ 102,002

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Derivatives

9 Months Ended

Sep. 30, 2024

Derivatives

Derivatives

Note 14. Derivatives

We record all derivatives, whether designated in a hedging relationship or not, at fair value on the Condensed Consolidated Balance Sheets. We use various types of derivative instruments including, but not limited to, forward contracts, futures contracts, and options contracts for certain commodities. Forward and futures contracts are agreements to buy or sell a quantity of a commodity at a predetermined future date, and at a predetermined rate or price. Forward contracts are traded over the counter whereas future contracts are traded on an exchange. Option contracts are agreements to facilitate a potential transaction involving the commodity at a preset price and date.

The accounting for gains and losses that result from changes in the fair values of derivative instruments depends on whether the derivatives have been designated and qualify as hedging instruments and the types of hedging relationships. Derivatives can be designated as fair value hedges, cash flow hedges or hedges of net investments in foreign operations. The changes in the fair values of derivatives that have not been designated and for which hedge accounting is not applied, are recorded in the same line item in our Condensed Consolidated Statements of Operations as the changes in the fair value of the hedged items attributable to the risk being hedged. The changes in fair values of derivatives that have been designated and qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss) (“AOCI”) and are reclassified into the line item in the Condensed Consolidated Statements of Operations in which the hedged items are recorded in the same period the hedged items affect earnings.

For derivatives that will be accounted for as hedging instruments, we formally designate and document, at inception, the financial instrument as a hedge of a specific underlying exposure, the risk management objective and the strategy for undertaking the hedge transaction. In addition, we formally assess both at the inception and at least quarterly thereafter, whether the financial instruments used in hedging transactions are highly effective at offsetting changes in either the fair values or cash flows of the related underlying exposures.

We use cash flow hedges to minimize the variability in cash flows of assets or liabilities or forecasted transactions caused by fluctuations in commodity prices. The changes in fair values of hedges that are determined to be ineffective are immediately reclassified from AOCI into earnings. We did not discontinue any cash flow hedging relationships during the nine months ended September 30, 2024 and 2023.

Within our Beverage Solutions segment, we have entered into coffee futures contracts to hedge our exposure to price fluctuations on green coffee associated with certain price-to-be-fixed purchase contracts, which generally range from three to twelve months in length. These derivative instruments have been designated as cash flow hedges. The objective of this hedging program is to reduce the variability of cash flows associated with future purchases of green coffee.

The notional amount for the coffee futures contracts that were designated and qualified for our commodity cash flow hedging program was 4.8 million pounds and 11.5 million pounds as of September 30, 2024 and December 31, 2023, respectively. During the three and nine months ended September 30, 2024, the Company purchased coffee futures contracts and coffee options contracts under our cash flow hedging program with aggregate notional amounts of 28.7 million pounds and 58.5 million pounds, respectively. During the three and nine months ended September 30, 2023, the Company purchased coffee futures contracts and coffee options contracts under our cash flow hedging program with aggregate notional amounts of 30.3 million pounds and 53.9 million pounds, respectively.

Approximately $4.3 million and $7.9 million of net realized gains, representing the effective portion of the cash flow hedge, were subsequently reclassified from AOCI to earnings and recognized in costs of sales in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024, respectively. Approximately $3.1 million and $5.2 million of net realized losses, representing the effective portion of the cash flow hedge, were subsequently reclassified from AOCI to earnings and recognized in costs of sales in the Condensed

Consolidated Statements of Operations for the three and nine months ended September 30, 2023, respectively. As of September 30, 2024, the estimated amount of net gains reported in AOCI that is expected to be reclassified to the Condensed Consolidated Statements of Operations within the next twelve months is $13.6 million.

Within our Sustainable Sourcing & Traceability segment, the Company’s forward sales and forward purchase contracts are for physical delivery of green coffee in a future period. While the Company considers these contracts to be effective economic hedges, the Company does not designate or account for forward sales or forward purchase contracts as hedges as defined under current accounting standards. See Note 4 for a description of the treatment of realized and unrealized gains and losses on forward sales and forward purchase contracts.

The fair value of our derivative assets and liabilities included in the Condensed Consolidated Balance Sheets are set forth below:


(Thousands)	Balance Sheet Location	September 30, 2024		December 31, 2023
Derivative assets designated as cash flow hedging instruments:
Coffee futures contracts⁽¹⁾	Derivative assets	$	1,143	$	3,355
Options contracts	Derivative assets		214		—
Total		$	1,357	$	3,355

Derivative assets not designated as cash flow hedging instruments:
Forward purchase and sales contracts	Derivative assets	$	15,363	$	10,303
Total			15,363		10,303
Total derivative assets		$	16,720	$	13,658

Derivative liabilities not designated as cash flow hedging instruments:
Forward purchase and sales contracts	Derivative liabilities	$	10,204	$	3,731
Total derivative liabilities		$	10,204	$	3,731

1 - The fair value of coffee futures excludes amounts related to margin accounts.

The following table presents the pre-tax net gains and losses for our derivative instruments for the three and nine months ended September 30, 2024 and 2023, respectively:


		Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	Statement of Operations Location	2024		2023		2024		2023
Derivative assets designated as cash flow hedging instruments:
Net realized gains (losses) on coffee derivatives	Costs of sales	$	4,297	$	(3,147)	$	7,869	$	(5,234)

Derivative assets and liabilities not designated as cash flow hedging instruments:
Net unrealized gains (losses) on forward sales and purchase contracts	Costs of sales	$	(3,264)	$	(669)	$	(997)	$	402

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands	Sep. 30, 2024	Dec. 31, 2023
Allowance for credit loss	$ 3,447,000	$ 2,915,000
Preferred Stock, Par Value	$ 0.01	$ 0.01
Preferred Stock, Authorized (in shares)	26,000	26,000
Preferred Stock, Shares Issued (in shares)	0	0
Preferred Stock, Shares outstanding (in shares)	0	0
Common stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Common stock, Shares Authorized (In shares)	300,000	300,000
Common stock, Shares Issued (In shares)	94,073	88,051
Common stock, Shares Outstanding (In shares)	94,073	88,051
Series A Redeemable Common Equivalent Preferred Shares
Redeemable Common Preferred Shares, Par Value (in dollars per share)	$ 0.01	$ 0.01
Redeemable Common Preferred Shares, Authorized (in shares)	24,000	24,000
Redeemable Common Preferred Shares, Issued (in shares)	23,511	23,512
Redeemable Common Preferred Shares, Outstanding (in shares)	23,511	23,512
Temporary Equity, Liquidation Preference	$ 11.50	$ 11.50

Summary of Significant Accounting Policies - Allowance for credit losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Allowance for credit loss roll forward
Balance at beginning of period	$ 3,941	$ 2,672	$ 2,915	$ 3,023
Charged to selling, general and administrative expense	342	629	1,368	278
Write-offs	(836)		(836)
Total	$ 3,447	$ 3,301	$ 3,447	$ 3,301
Minimum
Accounts Receivable and Allowance for Credit Losses
Accounts receivable generally outstanding duration			30 days
Maximum
Accounts Receivable and Allowance for Credit Losses
Accounts receivable generally outstanding duration			60 days

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 220,860	$ 219,612	$ 621,749	$ 649,748
Costs of sales	183,775	184,546	505,987	544,707
Gross profit	37,085	35,066	115,762	105,041
Selling, general and administrative expense	46,132	37,050	142,182	105,275
Transaction, restructuring and integration expense	2,538	3,137	9,901	12,682
Impairment charges	1,165		1,996
(Gain) loss on disposal of property, plant and equipment	(8)	248	965	1,145
Total operating expenses	49,827	40,435	155,044	119,102
Loss from operations	(12,742)	(5,369)	(39,282)	(14,061)
Interest expense	6,889	7,803	21,921	21,216
Change in fair value of warrant liabilities	(5,481)	(25,105)	(7,134)	(18,833)
Other, net	(10)	510	223	1,323
(Loss) income before income taxes and equity in earnings from unconsolidated entities	(14,140)	11,423	(54,292)	(17,767)
Income tax expense (benefit)	84	(5,212)	1,254	(3,331)
Equity in (earnings) loss from unconsolidated entities	35	14	145	80
Net (loss) income	(14,259)	16,621	(55,691)	(14,516)
Net loss attributable to non-controlling interest				15
Net (loss) income attributable to shareholders	(14,259)	16,621	(55,691)	(14,531)
Participating securities' share in earnings		(3,912)
Accretion of Series A Convertible Preferred Shares	88	93	262	(249)
Net (loss) income attributable to common shareholders	$ (14,171)	$ 12,802	$ (55,429)	$ (14,780)
(Loss) earnings per common share:
Basic (in dollars per share)	$ (0.16)	$ 0.15	$ (0.63)	$ (0.19)
Diluted (in dollars per share)	$ (0.16)	$ 0.15	$ (0.63)	$ (0.19)
Weighted-average number of shares outstanding:
Basic (in shares)	88,540	83,437	88,320	78,203
Diluted (in shares)	88,540	107,080	88,320	78,203

Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Information

Summary of selected financial data related to our segments


	Three Months Ended September 30, 2024
			Sustainable				Total of
	Beverage		Sourcing &		Intersegment		Reportable
(Thousands)	Solutions		Traceability		Revenues		Segments
Net sales	$	164,010	$	60,144	$	(3,294)	$	220,860

Segment Adjusted EBITDA		11,752		2,475		n/a		14,227
Less:
Interest expense								6,889
Income tax expense (benefit)								84
Depreciation and amortization								7,680
Transaction, restructuring and integration expense								2,538
Change in fair value of warrant liabilities								(5,481)
Equity-based compensation								3,028
Impairment charges								1,165
Conway extract and ready-to-drink facility pre-production costs								7,937
Conway extract and ready-to-drink facility scale up operating costs								3,958
Mark-to-market adjustments								470
Loss (gain) on disposal of property, plant and equipment								(8)
Other								226
Net loss							$	(14,259)

Total assets		973,085		104,029		n/a		1,077,114


	Three Months Ended September 30, 2023
			Sustainable				Total of
	Beverage		Sourcing &		Intersegment		Reportable
(Thousands)	Solutions		Traceability		Revenues		Segments
Net sales	$	176,818	$	44,098	$	(1,304)	$	219,612

Segment Adjusted EBITDA		9,884		1,711		n/a		11,595
Less:
Interest expense								7,803
Income tax expense (benefit)								(5,212)
Depreciation and amortization								6,364
Transaction, restructuring and integration expense								3,137
Change in fair value of warrant liabilities								(25,105)
Equity-based compensation								2,439
Conway extract and ready-to-drink facility pre-production costs								3,035
Mark-to-market adjustments								1,160
Loss (gain) on disposal of property, plant and equipment								248
Other								1,105
Net income							$	16,621

Total assets		801,466		89,605		n/a		891,071


	Nine Months Ended September 30, 2024
			Sustainable				Total of
	Beverage		Sourcing &		Intersegment		Reportable
(Thousands)	Solutions		Traceability		Revenues		Segments
Net sales	$	485,322	$	143,204	$	(6,777)	$	621,749

Segment Adjusted EBITDA		35,797		3,236		n/a		39,033
Less:
Interest expense								21,921
Income tax expense (benefit)								1,254
Depreciation and amortization								23,196
Transaction, restructuring and integration expense								9,901
Change in fair value of warrant liabilities								(7,134)
Equity-based compensation								8,508
Impairment charges								1,996
Conway extract and ready-to-drink facility pre-production costs								30,115
Conway extract and ready-to-drink facility scale up operating costs								5,188
Mark-to-market adjustments								(2,692)
Loss (gain) on disposal of property, plant and equipment								965
Other								1,506
Net loss							$	(55,691)

Total assets		973,085		104,029		n/a		1,077,114


	Nine Months Ended September 30, 2023
			Sustainable				Total of
	Beverage		Sourcing &		Intersegment		Reportable
(Thousands)	Solutions		Traceability		Revenues		Segments
Net sales	$	547,746	$	105,537	$	(3,535)	$	649,748

Segment Adjusted EBITDA		29,965		1,393		n/a		31,358
Less:
Interest expense								21,216
Income tax expense (benefit)								(3,331)
Depreciation and amortization								18,419
Transaction, restructuring and integration expense								12,682
Change in fair value of warrant liabilities								(18,833)
Management and consulting fees (S&D acquisition)								556
Equity-based compensation								6,297
Conway extract and ready-to-drink facility pre-production costs								6,615
Mark-to-market adjustments								(1,045)
Loss (gain) on disposal of property, plant and equipment								1,145
Other								2,153
Net loss							$	(14,516)

Total assets		801,466		89,605		n/a		891,071

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Goodwill (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Goodwill, Impaired and Accumulated Impairment Loss
Gross goodwill	$ 192,994	$ 192,994
Accumulated impairment loss	(76,883)	(76,883)
Goodwill	116,111	116,111
Beverage Solutions
Goodwill, Impaired and Accumulated Impairment Loss
Gross goodwill	192,994	192,994
Accumulated impairment loss	(76,883)	(76,883)
Goodwill	$ 116,111	$ 116,111

- Definition

+ References

+ Details

Property, Plant and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment, Net.

Schedule of Property, Plant and Equipment, Net


(Dollars in Thousands)	Depreciable Lives	September 30, 2024		December 31, 2023
Land		$	6,592	$	8,778
Buildings	10-40 years		143,915		35,911
Leasehold improvements⁽¹⁾			13,132		9,800
Plant equipment	3-15 years		242,716		128,639
Vehicles and transportation equipment	3-5 years		616		648
IT systems	3-7 years		12,935		8,909
Furniture and fixtures	3-10 years		7,495		3,294
Customer beverage equipment⁽²⁾	3-5 years		21,575		22,931
Lease right-of-use assets⁽³⁾			81		81
Construction in progress and equipment deposits			88,133		208,308
			537,190		427,299
Less: accumulated depreciation			(98,573)		(83,261)
Property, plant and equipment, net		$	438,617	$	344,038

1 - Leasehold improvements are amortized over the shorter of their estimated useful lives or the related lease life.

2 - Customer beverage equipment consists of brewers held on site at customer locations.

3 - Lease right-of-use assets are amortized over the shorter of the useful life of the asset or the lease term.

Leases - Schedule of future minimum lease payments under non-cancellable operating leases (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases
Remainder of 2024	$ 2,269
2025	8,268
2026	7,705
2027	7,714
2028	7,173
Thereafter	68,642
Total future minimum lease payments	101,771
Less: imputed interest	(38,930)
Present value of minimum lease payments	$ 62,841

Series A Preferred Shares (Details)	3 Months Ended		9 Months Ended
Series A Preferred Shares (Details)	Sep. 30, 2024 USD ($) D $ / shares shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) D $ / shares shares	Sep. 30, 2023 USD ($)
Series A Preferred Shares
Conversion price	$ 11.50		$ 11.50
Number of shares converted \| $	1		1
Threshold number of days \| D	10		10
Redemption price per share	$ 18.50		$ 18.50
Series A Preferred Shares
Series A Preferred Shares
Shares issued \| shares	23,510,527		23,510,527
Liquidation preference per share	$ 11.50		$ 11.50
Liquidation preference share \| shares	23,510,527		23,510,527
Conversion price	$ 11.50		$ 11.50
Accretion value \| $	$ 100,000	$ 100,000	$ 300,000	$ 200,000
Series A Preferred Shares \| Minimum
Series A Preferred Shares
Aggregate redemption payment \| $	$ 270,400,000		$ 270,400,000
Redemption price per share	$ 18.50		$ 18.50

Basis of Presentation and Consolidation (Details) - Investment in Falcon - USD ($) $ / shares in Units, $ in Millions	Apr. 03, 2023	Aug. 26, 2022
Class of Stock [Line Items]
Percentage of ownership	15.00%
Aggregate consideration paid in cash	$ 3.2
Cash paid	$ 2.0
Aggregate consideration paid in shares	100,000
Common Stock
Class of Stock [Line Items]
Common stock par value ( in dollars per share)		$ 0.01

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 01, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Securities Act File Number	001-41485
Entity Registrant Name	WESTROCK COFFEE COMPANY
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0977200
Entity Address, Address Line One	4009 N. Rodney Parham Road, 4th Floor
Entity Address, City or Town	Little Rock
Entity Address, State or Province	AR
Entity Address, Postal Zip Code	72212
City Area Code	501
Local Phone Number	918-9358
Title of 12(b) Security	Shares of common stock, par value $0.01 per share
Trading Symbol	WEST
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		94,188,120
Entity Central Index Key	0001806347
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Series A Preferred Shares

9 Months Ended

Sep. 30, 2024

Series A Preferred Shares.

Series A Preferred Shares

Note 12. Series A Preferred Shares

The Company has 23,510,527 Westrock Series A Preferred Shares outstanding, which rank senior to the Common Shares with respect to dividend rights and/or distribution rights upon the liquidation, winding up or dissolution, as applicable, of Westrock. Each holder of Westrock Series A Preferred Shares is entitled to vote, on an as-converted basis, as a single class with the holders of Common Shares and the holders of any other class or series of capital stock of Westrock then entitled to vote with the Common Shares on all matters submitted to a vote of the holders of Common Shares.

The initial liquidation preference of Westrock Series A Preferred Shares is $11.50 per share, plus any declared but unpaid dividends and subject to accretion under certain circumstances. In the event of our liquidation, dissolution or winding up, holders of Westrock Series A Preferred Shares are entitled to receive, per Westrock Series A Preferred Share, the greater of (a) the liquidation preference and (b) the amount such holder would have received had they converted their Westrock Series A Preferred Shares into Common Shares immediately prior to such liquidation event.

Holders of Westrock Series A Preferred Shares may voluntarily convert their Westrock Series A Preferred Shares into a whole number of Common Shares at any time at a rate equal to the quotient of (a) the liquidation preference as of the applicable conversion date, divided by (b) the conversion price as of the applicable conversion date, which is currently $11.50 per Westrock Series A Preferred Share, plus cash in lieu of fractional shares. The initial conversion price of $11.50 per Westrock Series A Preferred Share is subject to customary adjustments for the issuance of Common Shares as a dividend or distribution to the holders of Common Shares, a subdivision or combination of the Common Shares, reclassification of the Common Shares into a greater or lesser number of Common Shares, certain tender or exchange offers for the Common Shares, and issuances of Common Shares below a specified price.

After February 26, 2028, any holder of Westrock Series A Preferred Shares may require Westrock to redeem all or any whole number of such holder’s Westrock Series A Preferred Shares in cash, subject to applicable law and the terms of any credit agreement or similar arrangement pursuant to which a third-party lender provides debt financing to Westrock or its subsidiaries, at a redemption price per share equal to the greater of (a) the liquidation preference and (b) the product of (i) the number of Common Shares that would have been obtained from converting one Westrock Series A Preferred Share on the redemption notice date and (ii) the simple average of the daily volume weighted average price per Common Share for the ten trading days ending on and including the trading day immediately preceding the redemption notice date. Assuming that the liquidation preference of the Series A Preferred Shares remains $11.50 per share and all 23,510,527 Series A Preferred Shares outstanding at September 30, 2024 remain outstanding after February 26, 2028, we estimate an aggregate redemption payment of at least approximately $270.4 million.

At any time after February 26, 2028, Westrock may redeem, ratably, in whole or, from time to time in part, the Westrock Series A Preferred Shares of any holder then outstanding at the redemption price in cash, equal to the greater of (i) the liquidation preference and (ii) the product of (x) the number of Common Shares that would have been obtained from converting one Westrock Series A Preferred Share on the date of the exercise of such call is notified by Westrock (including fractional shares for this purpose) and (y) the simple average of the daily volume weighted average price per Common Share for the ten trading days ending on and including the trading day immediately preceding the date of the exercise of such call by Westrock. The redemption price for the Westrock Series A Preferred Shares held by controlled affiliates of Brown Brothers Harriman & Co. (“BBH Investors”) may not be less than the $18.50 per Westrock Series A Preferred Share (subject to adjustments); provided that, Westrock may redeem such shares in such a case if it pays an incremental price per share on the redemption date to the BBH Investors equal to the difference between $18.50 (subject to adjustments) and the redemption price otherwise.

Upon issuance, the Westrock Series A Preferred Shares were recorded on our Condensed Consolidated Balance Sheets at fair value. Subsequently, the Company will accrete changes in the redemption value from the date of issuance to the earliest redemption date using the effective interest rate method. The accretion will be recorded as a deemed dividend, which adjusts retained earnings (or in the absence of retained earnings, additional paid-in capital) and earnings attributable to common shareholders in computing basic and diluted earnings per share. However, at no time will the Westrock Series A Preferred Shares be reported at a value less than its initial carrying value. For the three and nine months ended September 30, 2024, the Company recorded $0.1 million and $0.3 million of amortization, respectively,

with respect to the Westrock Series A Preferred Shares. For the three and nine months ended September 30, 2023, the Company recorded $0.1 million of amortization and $0.2 million of accretion, respectively, with respect to the Westrock Series A Preferred Shares.

Debt - Other (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Aug. 29, 2022
Debt
Total debt	$ 449,580	$ 278,975
Unamortized debt costs	(3,625)	(2,378)
Current maturities of long-term debt	(12,137)	(9,811)
Convertible notes payable - related party, net	(49,689)
Short-term debt	(58,007)	(43,694)
Long-term debt, net	326,122	223,092
Debt finance costs			$ 2,400
Term loan facility
Debt
Total debt	157,500	164,063
Delayed Draw Term Loan Facility
Debt
Total debt	48,750
Revolving credit facility
Debt
Total debt	107,500	65,000
Convertible notes payable
Debt
Total debt	72,000
Debt finance costs	500
International trade finance lines
Debt
Total debt	58,007	43,694
International notes payable
Debt
Total debt	5,801	6,179
Other loans
Debt
Total debt	$ 22	$ 39

Goodwill

9 Months Ended

Sep. 30, 2024

Goodwill.

Goodwill

Note 8. Goodwill

The following table reflects the carrying amount of goodwill as of September 30, 2024 and December 31, 2023:


	Beverage
(Thousands)	Solutions		Total
Balance at December 31, 2023
Goodwill	$	192,994	$	192,994
Accumulated impairment loss		(76,883)		(76,883)
		116,111		116,111
Balance at September 30, 2024
Goodwill	$	192,994	$	192,994
Accumulated impairment loss		(76,883)		(76,883)
	$	116,111	$	116,111

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Measurements

Fair Value Measurements

Note 15. Fair Value Measurements

ASC 820, Fair Value Measurements, defines fair value at the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Additionally, the inputs used to measure fair value are prioritized based on a three-level hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs.

The Company groups its assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded, and the reliability of the assumptions used to determine fair value. These levels are:

●

Level 1—Valuation is based upon quoted prices for identical instruments traded in active markets.

●

Level 2—Valuation is based upon inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (i.e. interest rate and yield curves observable at commonly quoted intervals, default rates, etc.). Observable inputs include quoted prices for similar instruments in active and non-active markets. Level 2 includes those financial instruments that are valued with industry standard valuation models that incorporate inputs that are observable in the marketplace throughout the full term of the instrument or can otherwise be derived from or supported by observable market data in the marketplace. Level 2 inputs may also include insignificant adjustments to market observable inputs.

●

Level 3—Valuation is based upon one or more unobservable inputs that are significant in establishing a fair value estimate. These unobservable inputs are used to the extent relevant observable inputs are not available and are developed based on the best information available. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value.

The following table summarizes the fair value of financial instruments at September 30, 2024:


	September 30, 2024
(Thousands)	Level 1		Level 2		Level 3		Total
Assets:
Green coffee associated with forward contracts	$	—	$	46,064	$	—	$	46,064
Coffee futures contracts		1,143		—		—		1,143
Options contracts		214		—		—		214
Forward purchase and sales contracts		—		15,363		—		15,363
Total	$	1,357	$	61,427	$	—	$	62,784

Liabilities:
Forward purchase and sales contracts		—		10,204		—		10,204
Westrock Public Warrants		729		—		—		729
Westrock Private Warrants		—		—		—		—
Total	$	729	$	10,204	$	—	$	10,933

The following table presents the change in fair value of Level 3 Westrock Private Warrant liabilities:


	Westrock
(Thousands)	Private Warrants
Fair value as of December 31, 2023	$	5,430
Change in fair value		(1,511)
Warrant exchange		(3,919)
Fair value as of September 30, 2024	$	—

The following table summarizes the fair value of financial instruments at December 31, 2023:


	December 31, 2023
(Thousands)	Level 1		Level 2		Level 3		Total
Assets:
Green coffee associated with forward contracts	$	—	$	33,447	$	—	$	33,447
Coffee futures contracts		3,355		—		—		3,355
Forward purchase and sales contracts		—		10,303		—		10,303
Total	$	3,355	$	43,750	$	—	$	47,105

Liabilities:
Forward purchase and sales contracts		—		3,731		—		3,731
Westrock Public Warrants		39,371		—		—		39,371
Westrock Private Warrants		—		—		5,430		5,430
Total	$	39,371	$	3,731	$	5,430	$	48,532

Coffee futures contracts and coffee options are valued based on quoted market prices. The estimated fair value for green coffee inventories associated with forward contracts and forward sales and purchase contracts are based on exchange-quoted prices, adjusted for differences in origin, quantity, quality, and future delivery period, as the exchange quoted prices represent standardized terms for the commodity. These adjustments are generally determined using broker or dealer quotes or based upon observable market transactions. As a result, green coffee associated with forward contracts and forward sales and purchase contracts are classified within Level 2 of the fair value hierarchy.

Westrock Public Warrants are valued based on their quoted market price of $1.65 and $2.30 per warrant as of September 30, 2024 and December 31, 2023, respectively. At September 30, 2024, there were no outstanding Westrock Private Warrants. As of December 31, 2023, the Westrock Private Warrants price of $2.68 per warrant was valued using a binomial lattice valuation model, which is considered to be a Level 3 fair value measurement. The primary unobservable inputs were as follows:


	December 31, 2023
Stock price	$	10.21
Exercise price		11.50
Expected term (years)		5.00
Expected volatility		33.80%
Risk-free rate of return		3.91%
Dividend yield		0.00%

The most significant of these primary unobservable inputs utilized in determining the fair value of the Westrock Private Warrants is the expected volatility of the stock price, which is determined by use of an option pricing model.

Financial instruments consist primarily of cash, accounts receivable, accounts payable, a supply chain finance program, convertible notes payable, short-term debt and long-term debt. The carrying amount of cash, accounts receivable, accounts payable, short-term debt and the supply chain finance program was estimated by management to approximate fair value due to the relatively short period of time to maturity for those instruments. The Term Loan Facility, Revolving Credit Facility and Delayed Draw Term Loan Facility are carried on the Condensed Consolidated Balance Sheets at amortized cost and are estimated by management to approximate fair value as of September 30, 2024 as the interest rate on these facilities is adjusted for changes in the market rates. The Convertible Notes are carried on the Condensed Consolidated Balance Sheets at amortized cost and are estimated by management to approximate fair value as of September 30, 2024. The fair value of the Term Loan Facility, Revolving Credit Facility, Delayed Draw Term Loan Facility and Convertible Notes was determined based on Level 2 inputs under the fair value hierarchy.

Non-financial assets and liabilities, including property, plant and equipment, goodwill and intangible assets are measured at fair value on a non-recurring basis. No events occurred during the three and nine months ended September 30, 2024 or 2023, requiring these non-financial assets and liabilities to be subsequently recognized at fair value, with the exception of the $1.2 million and $2.0 million of impairment charges for the three and nine months ended September 30, 2024, respectively, on equipment related to the restructuring activities disclosed in Note 3. The equipment is no longer in use and was determined to have no salvage value.

At September 30, 2024, the Company had an equity investment with a carrying value of approximately $1.0 million, for which there is no readily determinable fair value. This investment is recorded at cost within other long-term assets on the Condensed Consolidated Balance Sheets. As of September 30, 2024, there have been no adjustments, upward or downward, to the carrying value.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Derivatives - Pre-tax net gains and losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivatives
Net unrealized gains (losses)	$ 3,762	$ 3,156	$ 7,768	$ 4,679
Designated as hedges \| Cash flow hedging \| Coffee derivatives \| Cost of sales
Derivatives
Net realized gains (losses)	4,297	(3,147)	7,869	(5,234)
Not designated as hedges \| Cash flow hedging \| Forward sales and purchase contracts \| Cost of sales
Derivatives
Net unrealized gains (losses)	$ (3,264)	$ (669)	$ (997)	$ 402

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

Revenue - Revenue from Forward Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Derivatives
Purchase obligations	$ 266,800		$ 266,800
Net unrealized gains (losses)	3,762	$ 3,156	7,768	$ 4,679
Sustainable, Sourcing and Traceability
Derivatives
Purchase obligations	1,200		1,200		$ 8,300
Forward sales contracts
Derivatives
Net unrealized gains (losses)	(3,300)	(700)	(1,000)	400
Revenue	$ 56,600	$ 42,400	$ 135,700	$ 101,600

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

+ Details

- Definition

+ References + Details

Leases - Schedule of amount of right-of-use lease assets and lease liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Right-of-use lease assets and lease liabilities
Right-of-use operating lease assets	$ 61,404	$ 67,601
Operating lease liabilities - current	$ 4,334	$ 4,809
Operating lease liabilities - current, Balance sheet location	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Operating lease liabilities - noncurrent	$ 58,507	$ 63,554
Operating lease liabilities - noncurrent, Balance sheet location	Operating lease liabilities - noncurrent	Operating lease liabilities - noncurrent

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net (loss) income	$ (55,691)	$ (14,516)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	23,196	18,419
Impairment charges	1,996
Equity-based compensation	8,508	6,297
Provision for credit losses	1,368	278
Amortization of deferred financing fees included in interest expense	2,432	1,560
Loss on disposal of property, plant and equipment	965	1,145
Mark-to-market adjustments	(2,692)	(1,045)
Change in fair value of warrant liabilities	(7,134)	(18,833)
Foreign currency transactions	461	1,481
Deferred income tax expense (benefit)	1,133	(3,331)
Other	1,003	1,443
Change in operating assets and liabilities:
Accounts receivable	(4,930)	1,993
Inventories	(7,191)	(14,153)
Derivative assets and liabilities	12,685	4,090
Prepaid expense and other assets	1,447	(8,469)
Accounts payable	(2,650)	(50,254)
Accrued liabilities and other	9,071	(1,236)
Net cash used in operating activities	(16,023)	(75,131)
Cash flows from investing activities:
Additions to property, plant and equipment	(141,451)	(121,545)
Additions to intangible assets	(144)	(147)
Acquisition of business, net of cash acquired		(2,392)
Acquisition of equity method investments and non-marketable securities		(1,385)
Proceeds from sale of property, plant and equipment	1,225	198
Net cash used in investing activities	(140,370)	(125,271)
Cash flows from financing activities:
Payments on debt	(151,968)	(170,522)
Proceeds from debt	250,882	221,509
Payments on supply chain financing program	(121,203)	(2,321)
Proceeds from supply chain financing program	114,008	69,787
Proceeds from convertible notes payable	22,000
Proceeds from convertible notes payable - related party	50,000
Payment of debt issuance costs	(3,329)	(3,023)
Payment of convertible notes payable issuance costs	(511)
Net proceeds from (repayments of) repurchase agreements	(7,111)	(8,553)
Proceeds from exercise of stock options	12	848
Proceeds from exercise of Public Warrants		2,632
Proceeds from issuance of common stock	635	118,767
Payment of equity issuance costs	(10)	(1,000)
Payment for purchase of non-controlling interest		(2,000)
Payment for taxes for net share settlement of equity awards	(2,041)	(2,977)
Net cash provided by financing activities	151,364	223,147
Effect of exchange rate changes on cash	(131)	(335)
Net (decrease) increase in cash and cash equivalents and restricted cash	(5,160)	22,410
Cash and cash equivalents and restricted cash at beginning of period	37,840	26,405
Cash and cash equivalents and restricted cash at end of period	32,680	48,815
Supplemental non-cash investing and financing activities:
Property, plant and equipment acquired but not yet paid	$ 8,275	$ 4,441

Derivatives - Other (Details) lb in Millions, $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
Derivatives - Other (Details) lb in Millions, $ in Millions	Sep. 30, 2024 USD ($) lb	Sep. 30, 2023 USD ($) lb	Sep. 30, 2024 USD ($) lb	Sep. 30, 2023 USD ($) lb	Dec. 31, 2023 lb
Derivatives
Net gains reported in AOCI expected to be reclassified \| $			$ 13.6
Cash flow hedging
Derivatives
Net gains reported in AOCI expected to be reclassified \| $	$ 4.3	$ (3.1)	$ 7.9	$ (5.2)
Coffee futures contracts \| Cash flow hedging
Derivatives
Notional amount of derivative purchased \| lb	28.7	30.3	58.5	53.9
Coffee futures contracts \| Designated as hedges \| Cash flow hedging
Derivatives
Derivative notional amount \| lb			4.8		11.5

Organization and Description of Business (Details)	9 Months Ended
Organization and Description of Business (Details)	Sep. 30, 2024 segment
Organization and Description of Business
Number of operating segments	2

Revenue - Contract Estimates (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Revenue
Accrued sales incentives	$ 1.5	$ 1.5
Other accrued deductions	$ 2.5	$ 2.7

Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Equity-Based Compensation

Schedule of number of unvested restricted stock awards


		Weighted-Average
		Fair Value at
	Units	Grant Date
Outstanding at December 31, 2023	1,989,782	$	11.51
Granted	1,370,222		9.66
Forfeited	(164,374)		10.54
Vested	(756,565)		11.63
Outstanding at September 30, 2024	2,439,065	$	10.50

Inventories (Tables)

9 Months Ended

Sep. 30, 2024

Inventories

Schedule of inventories


(Thousands)	September 30, 2024		December 31, 2023
Raw materials	$	74,662	$	78,882
Finished goods		33,055		26,857
Green coffee		52,927		44,182
Total inventories	$	160,644	$	149,921

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2024

Summary of Significant Accounting Policies

Use of Estimates

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities in the consolidated financial statements and accompanying notes. On an ongoing basis, we evaluate our estimates, including those related to the allowance for credit losses, useful lives of property, plant and equipment, incremental borrowing rates for lease liability measurement, fair values of forward purchase and sales contracts, green coffee associated with forward contracts, warrant liabilities, share-based compensation, contingencies, and income taxes, among others. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from the estimates and assumptions used in preparing the accompanying condensed consolidated financial statements.

Going Concern

Going Concern

In accordance with Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40), the Company has the responsibility to evaluate whether conditions and/or events raise substantial doubt about its ability to meet its obligations as they become due within one year after the date that the financial statements are available to be issued. The Company is dependent on borrowings under its Credit Agreement (as defined herein) and cash generated from operations to finance its operations, service its debt requirements, maintain compliance with its covenants, and to fund capital requirements. The Company believes that projected cash flow from operations, including current projections of the timing and amount of cash flows to be generated from our Conway, Arkansas extract and ready-to-drink manufacturing facility (the “Conway Facility”), and available borrowings under its Credit Agreement, as amended, will be sufficient to fund operations and to maintain covenant compliance for at least the next twelve months. However, during the nine months ended September 30, 2024, the Company incurred net losses of $55.7 million and net cash outflows from operating activities of $16.0 million. If we are unable to achieve our profitability growth projections and maintain our covenant leverage ratio and minimum liquidity requirements, as a result of, for example, experiencing any adverse impact of changes or further delays in the estimated timing and volume of products to be commercialized in our Conway Facility over the next twelve months, and generate sufficient cash flows from operations, it may restrict our liquidity and capital resources and our ability to maintain compliance with our financial covenants.

As management’s ability to amend its financial covenants cannot be assured, if necessary, management has committed to delay growth capital expenditures and/or reduce operating expenses, including headcount, salary and/or bonus reductions, all of which are in the Company’s control, as necessary, in order to have adequate liquidity and to remain in compliance with its debt covenants. As further discussed in Restructuring Activities below, the Company has recently consolidated its manufacturing operations, signed a purchase and sale agreement of its West Winds facility, and executed a targeted reduction in excess workforce capacity, which were designed to improve operational efficiency. If required, the Company will further reduce operating costs to ensure compliance with its financial covenants. The accompanying Condensed Consolidated Financial Statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business.

Accounts Receivable and Allowance for Credit Losses

Accounts receivable consist principally of amounts billed and currently due from customers and are generally unsecured and due within 30 to 60 days. A portion of our accounts receivable is not expected to be collected due to non-payment, bankruptcies and deductions. Our accounting policy for the allowance for credit losses requires us to reserve an amount based on the evaluation of the aging of accounts receivable, detailed analysis of high-risk customers’ accounts, and the overall market and economic conditions of our customers. This evaluation considers the customer demographic, such as large commercial customers as compared to small businesses or individual customers. We consider our accounts

receivable delinquent or past due based on payment terms established with each customer. Accounts receivable are written off when the account is determined to be uncollectible.

Activity in the allowance for credit losses for the periods indicated was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Balance at beginning of period	$	3,941	$	2,672	$	2,915	$	3,023
Charged to selling, general and administrative expense		342		629		1,368		278
Write-offs		(836)		—		(836)		—
Total	$	3,447	$	3,301	$	3,447	$	3,301

Inventories

Inventories

Within our Sustainable Sourcing & Traceability segment, green coffee associated with our forward contracts is recorded at net realizable value, which approximates market price, consistent with our forward purchase contracts recorded at fair value in accordance with Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging (“ASC 815”). Green coffee is a commodity with quoted market prices in active markets, may be sold without significant further processing, has predictable and insignificant disposal costs and is available for immediate delivery. We estimate the fair value of green coffee based on the quoted market price at the end of each reporting period, with changes in fair value being reported as a component of costs of sales in our Condensed Consolidated Statements of Operations. For the three and nine months ended September 30, 2024, we recognized $2.7 million and $3.7 million of net unrealized gains, respectively, on green coffee inventory associated with our forward sales and purchase contracts. For the three and nine months ended September 30, 2023, we recognized $0.5 million of net unrealized losses and $0.6 million of net unrealized gains, respectively, on green coffee inventory associated with our forward sales and purchase contracts.

Capitalized Interest

Capitalized Interest

We capitalize a portion of interest costs incurred related to assets that require a period of time to get them ready for their intended use. The amount of interest capitalized is based on eligible expenditures incurred during the period involved in bringing the assets to their intended use and the Company’s weighted-average interest rate during the period. For the three and nine months ended September 30, 2024, we capitalized $4.0 million and $11.1 million of interest costs, respectively. For the three and nine months ended September 30, 2023, we capitalized $1.0 million of interest costs.

Supply Chain Finance Program

Supply Chain Finance Program

The Company is party to a supply chain finance program (the “Program”) with a third-party financing provider to provide better working capital usage by deferring payments for certain raw materials. Under the Program, the financing provider remits payment to the Company’s suppliers for approved invoices, and the Company repays the financing provider the amount of the approved invoices, plus a financing charge, on 180-day terms. The Program is uncommitted and the financing provider may, at its sole discretion, cancel the Program at any time. The Company may request cancellation of the Program in whole or in respect of one or more approved suppliers. Due to the extension of payment terms beyond the original due date of approved invoices, obligations under the Program are recorded outside of accounts payable, within our supply chain finance program, on our Condensed Consolidated Balance Sheets. Amounts paid by the financing provider to suppliers are reported as cash inflows from financing activities and a corresponding cash outflow from operating activities in our Condensed Consolidated Statements of Cash Flows. Amounts paid to the financing provider are reflected as cash outflows from financing activities in our Condensed Consolidated Statements of Cash Flows. At September 30, 2024 and December 31, 2023, there were $70.9 million and $78.1 million of obligations outstanding under the Program, respectively.

Restructuring Activities

Restructuring Activities

The Company accounts for exit or disposal activities in accordance with ASC 420, Exit or Disposal Cost Obligations (“ASC 420”). Restructuring charges may include one-time termination benefits related to employee separations, contract termination costs, long-lived asset impairments, and other related costs with exit or disposal activities.

The recognition of restructuring charges requires the Company to make certain judgements and estimates regarding the nature, timing and amount of costs associated with the planned exit activity. To the extent the Company’s actual results differ from its estimates and assumptions, the Company may be required to revise the estimates of future liabilities, require the recognition of additional restructuring charges or the reduction of liabilities already recognized. Such changes to previously estimated amounts may be material to the Condensed Consolidated Financial Statements. Restructuring charges are not included in the Company’s measurement of segment profitability as discussed in Note 19.

During the second quarter of 2024, the Company committed to a plan to consolidate its manufacturing operations in its Beverage Solutions segment, which resulted in the closure and sale of its West Winds manufacturing facility in Concord, NC, and the closure of its manufacturing facility in Richmond, CA. All production from the impacted facilities was consolidated into other facilities operated by the Company in Concord, NC and Conway, AR. The closure of the West Winds facility was completed as of June 30, 2024. The Company is under contract to sell the land and buildings, which is expected to be completed in the fourth quarter of 2024. Production in our Richmond, CA facility ceased during the third quarter of 2024.

The Company currently estimates total charges related to the plant consolidations of $5.0 million, of which $0.7 million have been incurred during the three and nine months ended September 30, 2024. These charges primarily relate to costs to remove and re-install production equipment into other manufacturing facilities. At September 30, 2024, the Company classified approximately $9.1 million of land and buildings as held-for-sale, which are reported within prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. During the three and nine months ended September 30, 2024, the Company incurred impairment charges of approximately $1.2 million and $2.0 million, respectively, on equipment associated with the plant consolidations, which is reported within impairment charges on the Condensed Consolidated Statements of Operations. The Company is continuing to evaluate which plant assets will be moved to other manufacturing facilities and which plant assets will be disposed of; therefore, there may be additional impairment charges in the future related to the consolidation of our manufacturing facilities.

In addition, during the second quarter of 2024, the Company committed to targeted restructuring activities to improve operational efficiency by reducing excess workforce capacity. As a result of this reduction, and the impacts of the consolidation of manufacturing facilities noted above, the Company recognized approximately $4.1 million of one-time employee severance costs during the nine months ended September 30, 2024, which are recorded in transaction, restructuring and integration expense in the Condensed Consolidated Statements of Operations. At September 30, 2024, approximately $1.0 million of such termination benefits were accrued for within accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets. The following table summarizes the changes in the Company’s accrual for employee termination benefits:


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
(Thousands)	2024		2024
Balance at beginning of period	$	3,590	$	—
Charges		—		4,066
Adjustments		(543)		(543)
Cash paid		(2,034)		(2,510)
Balance at end of the period	$	1,013	$	1,013

On February 12, 2024, following the completion of its 530,000 square foot distribution center in Conway, AR, the Company entered into a lease termination agreement for its distribution center located in North Little Rock, AR (the “Gregory Distribution Center”). The Gregory Distribution Center lease terminated, by mutual agreement, on June 30, 2024. No costs were incurred as a result of the lease termination. During the first quarter of 2024, the Company

remeasured the Gregory Distribution Center lease liability, and related right-of-use asset, in accordance with ASC 842, Leases, resulting in a reduction of the lease liability and right-of-use asset of approximately $3.0 million. At September 30, 2024, there was no remaining lease liability or right-of-use assets related to the Gregory Distribution Center recorded in the Condensed Consolidated Balance Sheets.

Income Taxes

We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized based on the differences between the financial statement carrying amount of assets and liabilities and their respective tax bases, using enacted income tax rates expected to apply when the deferred tax assets and liabilities are expected to be realized or settled. The Company’s foreign subsidiaries file income tax returns and are subject to tax provisions in their respective foreign tax jurisdictions.

A valuation allowance is established to reduce deferred income tax assets if, on the basis of available evidence, it is more likely than not that all or a portion of any deferred tax assets will not be realized. The consideration of available evidence requires significant management judgment including an assessment of the future periods in which the deferred tax assets and liabilities are expected to be realized and projections of future taxable income. Specifically, in assessing the need for a valuation allowance, we consider the reversal of taxable temporary differences, future taxable income, the ability to carryback certain attributes and tax-planning strategies. The ultimate realization of the deferred tax assets, including net operating losses, is dependent upon the generation of future taxable income during the periods prior to their expiration. If our estimates and assumptions about future taxable income are not appropriate, the value of our deferred tax assets may not be recoverable, which may result in an increase to our valuation allowance that will impact current earnings. We re-evaluate our need for a valuation allowance on a quarterly basis.

The effective income tax rates for the nine months ended September 30, 2024 and 2023 were (2.3%) and 18.7%, respectively. The Company’s effective tax rate for the current period differs from the federal statutory rate primarily due to an increase in the valuation allowance against domestic deferred tax assets. The effective tax rate for the nine months ended September 30, 2024 differs from the effective tax rate for the same period in 2023 primarily due to the Company’s full year forecasted ordinary income (loss) in the periods and the permanent difference for changes in the fair value of warrants.

On December 20, 2021, the Organization for Economic Co-operation and Development ("OECD") released Pillar Two Model Rules, which provide for a global minimum tax of 15% on multinational entities. Although the United States has not yet adopted the Pillar Two Model Rules, several foreign countries enacted Pillar Two legislation in 2023 with an initial effective date of January 1, 2024. The impact of Pillar Two legislation on the Company's 2024 effective tax rate is expected to be minimal. Management will continue to monitor future Pillar Two legislation in relevant jurisdictions for any impacts to the Company's effective tax rate.

Recently adopted and issued accounting pronouncements

Recently adopted accounting pronouncements

ASU 2022-04 - Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations

In September 2022, the FASB issued ASU 2022-04 “Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations”, which requires that a company that uses a supplier finance program in connection with the purchase of goods or services disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. ASU 2022-04 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on roll forward information, which is effective for fiscal years beginning after December 15, 2023. The Company adopted the amendments within ASU 2022-04 on a retrospective basis effective January 1, 2023. The amendments to ASU 2022-04 do not affect the recognition, measurement or financial statement presentation of obligations covered by supplier finance programs.

Recently issued accounting pronouncements

ASU 2023-05 – Business Combinations – Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement

In August 2023, the FASB issued ASU 2023-05, “Business Combinations – Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement”. The amendments in this update require that a joint venture recognize and initially measure assets contributed and liabilities assumed at fair value upon its formation in the joint venture’s separate financial statements. The amendments in this update are effective prospectively for all joint venture formations with a formation date on or after January 1, 2025, with early adoption permitted. The Company will apply the provisions of ASU 2023-05 to new joint ventures, as applicable, but does not believe the adoption of ASU 2023-05 will have a material impact on our consolidated financial statements.

ASU 2023-07 – Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. The amendments in the update are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. ASU 2023-07 requires disclosure to include significant segment expenses that are regularly provided to the chief operating decision maker and a description of other segment items by reportable segment. ASU 2023-07 also requires all annual disclosures currently required by Topic 280 to be included in interim periods. The amendments in the update are effective for fiscal years beginning after December 31, 2023, and interim periods within fiscal years beginning after December 31, 2024, with early adoption permitted. The amendments in the update require retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact that ASU 2023-07 will have on our consolidated financial statements. While we do not expect the adoption of this guidance to have a material impact on our financial position, results of operations or cash flows’, we will be required to provide enhanced segment disclosures beginning in our Annual Report for the fiscal year ended December 31, 2024 and subsequent interim periods.

ASU 2023-09 – Income Taxes (Topic 740): Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The amendments in the update relate to the rate reconciliation and income taxes paid disclosure and are intended to improve transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the tax reconciliation and (2) income taxes paid disaggregated by jurisdiction. The other amendments in the update are intended to improve comparability of disclosures by (1) adding disclosures of pretax income (or loss) and income tax expense (or benefit) and (2) removing disclosures that no longer are considered cost beneficial or relevant. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. The

amendments in the update should be applied on a prospective basis, with retrospective application permitted. The Company is currently evaluating the impact that ASU 2023-09 will have on our consolidated financial statements.

ASU 2024-03 – Income Statement – Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures

In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures”. The amendments in this update include requirements for public business entities to provide disclosure, in the notes to the financial statements, of specified information about certain costs and expenses. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The amendments in this update may be applied either prospectively or retrospectively. The Company is currently evaluating the impact that ASU 2024-03 will have on our consolidated financial statements.

The Enhancement and Standardization of Climate-Related Disclosure for Investors

In March 2024, the SEC adopted final rules requiring registrants to provide certain climate-related disclosures, including Scope 1 and Scope 2 greenhouse gas emissions to the extent they are material. These rules require certain disclosures related to severe weather events and other natural conditions in the notes to audited financial statements. These disclosures are required to phase-in over multiple years beginning with fiscal 2025 for large accelerated filers and fiscal 2026 for accelerated filers. On April 4, 2024, the SEC determined to voluntarily stay the final rules pending certain legal challenges. The Company is currently evaluating the impact of the new rules.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 22,359	$ 37,196
Restricted cash	10,321	644
Accounts receivable, net of allowance for credit losses of $3,447 and $2,915, respectively	102,669	99,158
Inventories	160,644	149,921
Derivative assets	16,720	13,658
Prepaid expenses and other current assets	23,921	12,473
Total current assets	336,634	313,050
Property, plant and equipment, net	438,617	344,038
Goodwill	116,111	116,111
Intangible assets, net	116,968	122,945
Operating lease right-of-use assets	61,404	67,601
Other long-term assets	7,380	7,769
Total Assets	1,077,114	971,514
LIABILITIES, CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY
Current maturities of long-term debt	12,137	9,811
Short-term debt	58,007	43,694
Accounts payable	52,320	69,106
Supply chain finance program	70,881	78,076
Derivative liabilities	10,204	3,731
Accrued expenses and other current liabilities	38,479	35,217
Total current liabilities	242,028	239,635
Long-term debt, net	326,122	223,092
Convertible notes payable - related party, net	49,689
Deferred income taxes	14,475	10,847
Operating lease liabilities	58,507	63,554
Warrant liabilities	729	44,801
Other long-term liabilities	1,286	1,629
Total liabilities	692,836	583,558
Commitments and contingencies (Note 20)
Shareholders' Equity
Preferred stock, $0.01 par value, 26,000 shares authorized, no shares issued and outstanding
Common stock, $0.01 par value, 300,000 shares authorized, 94,073 shares and 88,051 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	941	880
Additional paid-in-capital	515,925	471,666
Accumulated deficit	(418,315)	(362,624)
Accumulated other comprehensive income	11,789	3,818
Total shareholders' equity	110,340	113,740
Total Liabilities, Convertible Preferred Shares and Shareholders' Equity	1,077,114	971,514
Series A Redeemable Common Equivalent Preferred Shares
LIABILITIES, CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY
Series A Convertible Preferred Shares, $0.01 par value, 24,000 shares authorized, 23,511 shares and 23,512 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively, $11.50 liquidation value	$ 273,938	$ 274,216

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Measurements

Summary of the fair value of financial instruments


	September 30, 2024
(Thousands)	Level 1		Level 2		Level 3		Total
Assets:
Green coffee associated with forward contracts	$	—	$	46,064	$	—	$	46,064
Coffee futures contracts		1,143		—		—		1,143
Options contracts		214		—		—		214
Forward purchase and sales contracts		—		15,363		—		15,363
Total	$	1,357	$	61,427	$	—	$	62,784

Liabilities:
Forward purchase and sales contracts		—		10,204		—		10,204
Westrock Public Warrants		729		—		—		729
Westrock Private Warrants		—		—		—		—
Total	$	729	$	10,204	$	—	$	10,933


	December 31, 2023
(Thousands)	Level 1		Level 2		Level 3		Total
Assets:
Green coffee associated with forward contracts	$	—	$	33,447	$	—	$	33,447
Coffee futures contracts		3,355		—		—		3,355
Forward purchase and sales contracts		—		10,303		—		10,303
Total	$	3,355	$	43,750	$	—	$	47,105

Liabilities:
Forward purchase and sales contracts		—		3,731		—		3,731
Westrock Public Warrants		39,371		—		—		39,371
Westrock Private Warrants		—		—		5,430		5,430
Total	$	39,371	$	3,731	$	5,430	$	48,532

Schedule of change in fair value


	Westrock
(Thousands)	Private Warrants
Fair value as of December 31, 2023	$	5,430
Change in fair value		(1,511)
Warrant exchange		(3,919)
Fair value as of September 30, 2024	$	—

Schedule of unobservable inputs


	December 31, 2023
Stock price	$	10.21
Exercise price		11.50
Expected term (years)		5.00
Expected volatility		33.80%
Risk-free rate of return		3.91%
Dividend yield		0.00%

Related Party Transactions - Other (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 29, 2020	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transactions
Expenses incurred		$ 46,132	$ 37,050	$ 142,182	$ 105,275
Related Party
Related Party Transactions
Expenses incurred		0	0	0	600
Related Party \| Westrock Group, LLC
Related Party Transactions
Expenses incurred	$ 10,000	100	$ 500	700	$ 1,300
Related Party \| Accrued expenses and other current liabilities \| Westrock Group, LLC
Related Party Transactions
Short-term related party debt		$ 0		$ 0		$ 200

Goodwill (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill.

Schedule of changes in carrying amount of goodwill


	Beverage
(Thousands)	Solutions		Total
Balance at December 31, 2023
Goodwill	$	192,994	$	192,994
Accumulated impairment loss		(76,883)		(76,883)
		116,111		116,111
Balance at September 30, 2024
Goodwill	$	192,994	$	192,994
Accumulated impairment loss		(76,883)		(76,883)
	$	116,111	$	116,111

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

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+ Details

Fair Value Measurements - Change in Fair Value (Details) - Level 3 - Westrock Private Warrants $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Fair Value Measurements
Fair value as of beginning	$ 5,430
Change in fair value	(1,511)
Warrant exchange	$ (3,919)

Leases - Schedule of components of lease costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lease Cost
Operating lease cost	$ 2,678	$ 1,179	$ 8,242	$ 3,609
Short-term lease cost	269	247	730	727
Total	$ 2,947	$ 1,426	$ 8,972	$ 4,336

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2024 USD ($)
Commitments and Contingencies.
Purchase obligations	$ 266.8
Repurchase agreement liability	$ 1.2

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share

Schedule of potentially dilutive securities that were excluded from the computation of dilutive shares


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Warrants		18,941		19,144		19,076		19,151
Restricted stock units		2,687		2,142		2,565		1,906
Options		1,297		—		1,313		1,472
If-converted securities		31,726		—		29,688		23,564

Schedule of basic and diluted earning per share


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands, except per share data)	2024		2023		2024		2023
Basic Earnings per Common Share
Numerator:
Net income (loss) attributable to common shareholders	$	(14,171)	$	12,802	$	(55,429)	$	(14,780)
Denominator:
Weighted-average common shares outstanding - basic		88,540		83,437		88,320		78,203
Basic earnings (loss) per common share	$	(0.16)	$	0.15	$	(0.63)	$	(0.19)

Diluted Earnings per Common Share
Numerator:
Net income (loss) attributable to common shareholders - basic	$	(14,171)	$	12,802	$	(55,429)	$	(14,780)
Effect of participating securities		—		3,493		—		—
Net income (loss) attributable to common shareholders - diluted	$	(14,171)	$	16,295	$	(55,429)	$	(14,780)
Denominator:
Weighted-average common shares outstanding - basic		88,540		83,437		88,320		78,203
Effect of dilutive participating securities		—		23,542		—		—
Effect of dilutive non-participating securities		—		101		—		—
Weighted-average common shares outstanding - diluted		88,540		107,080		88,320		78,203

Dilutive (loss) earnings per common share	$	(0.16)	$	0.15	$	(0.63)	$	(0.19)

Acquisitions

9 Months Ended

Sep. 30, 2024

Acquisitions

Acquisitions

Note 5. Acquisitions

Bixby Roasting Co.

On February 28, 2023, the Company completed the acquisition of substantially all of the assets of Bixby Roasting Co. (“Bixby”), a specialty-grade roaster that is a leader in the emerging influencer-led brand space. The transaction is accounted for as a business combination in accordance with ASC 805, Business Combinations. Aggregate consideration paid for Bixby included 39,778 Common Shares and approximately $2.2 million in cash, for total consideration of $2.6 million, subject to customary adjustments. Net assets acquired totaled approximately $0.7 million. The acquisition allows the Company to continue to expand its product marketing and development resources as it capitalizes on shifting consumer consumption trends. The acquisition includes Bixby’s roasting facility in Los Angeles, California. The acquisition was recorded by allocating the costs of the assets acquired and liabilities assumed, which consisted of accounts receivable, inventory, property, plant and equipment, and accounts payable, based on their estimated fair values at the acquisition date. The excess of the cost of the acquisition over the fair value of the net assets acquired is recorded as goodwill. The Company finalized its purchase price allocation during the second quarter of 2023, recognizing approximately $2.0 million of goodwill, which is deductible for tax purposes, within our Beverage Solutions segment. The financial results of Bixby are included in the Beverage Solutions segment from the date of acquisition and were not material, individually or in the aggregate, to our results of operations and therefore, pro forma financial information has not been presented.

Equity-Based Compensation - Restricted common units - Activity (Details) - Restricted common units	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Units
Units outstanding, Beginning balance (in shares) \| shares	1,989,782
Units granted (in shares) \| shares	1,370,222
Units forfeited (in shares) \| shares	(164,374)
Units vested (in shares) \| shares	(756,565)
Units outstanding, Ending balance (in shares) \| shares	2,439,065
Weighted-Average Fair Value at Grant Date
Average Fair Market Value outstanding, Beginning balance (in dollars per shares) \| $ / shares	$ 11.51
Average Fair Market Value granted (in dollars per shares \| $ / shares	9.66
Average Fair Market Value forfeited (in dollars per shares \| $ / shares	10.54
Average Fair Market Value vested (in dollars per shares \| $ / shares	11.63
Average Fair Market Value outstanding, Ending balance (in dollars per shares \| $ / shares	$ 10.50

Equity-Based Compensation - Narrative (Details) - Restricted common units - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award
Units granted (in shares)		1,370,222
Vesting period		4 years	3 years
Shares available for future issuance	2,700,000	2,700,000
Employee
Share-Based Compensation Arrangement by Share-Based Payment Award
Units granted (in shares)	3,000	1,400,000
Units granted (in value)	$ 30	$ 13,200

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Summary of Significant Accounting Policies - Other (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Mar. 02, 2023 item	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Summary of Significant Accounting Policies
Unrealized gain (loss) on derivative instruments		$ 3,762	$ 3,156	$ 7,768	$ 4,679
Capitalized interest costs		4,000	1,000	11,100	1,000
Credit period under the supplier finance program	180 days
Number of approved suppliers \| item	1
Contractual Obligation		70,900		70,900		$ 78,100
Net income (loss)		(14,259)	16,621	(55,691)	(14,531)
Cash flow from operations				(16,023)	(75,131)
Green coffee associated with forward contracts
Summary of Significant Accounting Policies
Unrealized gain (loss) on derivative instruments		$ 2,700	$ (500)	$ 3,700	$ 600

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

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-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 97: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 98: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480424/946-10-50-3

Reference 99: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

Reference 100: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

+ Details

- Definition

+ References + Details

Revenue - Contract Balances (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Revenue
Capitalized contract costs	$ 0.0	$ 0.0
Accounts receivable
Revenue
Receivables from contracts with customers	$ 107.8	$ 104.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share

Earnings Per Share

Note 18. Earnings per Share

Westrock Series A Preferred Shares and our RSUs issued under our 2022 Equity Plan are considered participating securities as they receive non-forfeitable rights to dividends at the same rate as Common Shares. As participating securities, we include these instruments in the computation of earnings per share under the two-class method described in ASC 260 Earnings per Share (“ASC 260”). As a result of the Company’s net income position for the three months ended September 30, 2023, a portion of our undistributed earnings have been allocated to participating securities in accordance with the provisions of ASC 260.

The dilutive effect of Westrock Series A Preferred Shares and the Convertible Notes is calculated using the if-converted method, which assumes an add-back of any accretion on preferred shares and interest expense associated with the Convertible Notes to net income attributable to shareholders as if the securities were converted to common shares at the beginning of the reporting period (or at the time of issuance, if later), and the resulting common shares being included in the number of weighted-average units outstanding.

The dilutive effect of time-based option awards and RSUs is calculated using the treasury stock method, while performance-based awards are treated as contingently issuable.

The following potentially dilutive securities were excluded from the computation of diluted shares for the periods indicated because their inclusion would have an anti-dilutive effect on dilutive earnings (loss) per common share.


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Warrants		18,941		19,144		19,076		19,151
Restricted stock units		2,687		2,142		2,565		1,906
Options		1,297		—		1,313		1,472
If-converted securities		31,726		—		29,688		23,564

The following table sets forth the computation of basic and diluted earnings per share under the two-class method for the periods indicated.


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands, except per share data)	2024		2023		2024		2023
Basic Earnings per Common Share
Numerator:
Net income (loss) attributable to common shareholders	$	(14,171)	$	12,802	$	(55,429)	$	(14,780)
Denominator:
Weighted-average common shares outstanding - basic		88,540		83,437		88,320		78,203
Basic earnings (loss) per common share	$	(0.16)	$	0.15	$	(0.63)	$	(0.19)

Diluted Earnings per Common Share
Numerator:
Net income (loss) attributable to common shareholders - basic	$	(14,171)	$	12,802	$	(55,429)	$	(14,780)
Effect of participating securities		—		3,493		—		—
Net income (loss) attributable to common shareholders - diluted	$	(14,171)	$	16,295	$	(55,429)	$	(14,780)
Denominator:
Weighted-average common shares outstanding - basic		88,540		83,437		88,320		78,203
Effect of dilutive participating securities		—		23,542		—		—
Effect of dilutive non-participating securities		—		101		—		—
Weighted-average common shares outstanding - diluted		88,540		107,080		88,320		78,203

Dilutive (loss) earnings per common share	$	(0.16)	$	0.15	$	(0.63)	$	(0.19)

Intangible Assets, Net (Tables)

9 Months Ended

Sep. 30, 2024

Intangible Assets, Net

Schedule of intangible assets


	September 30, 2024
			Accumulated
(Thousands)	Cost		Amortization		Net
Customer relationships	$	148,648	$	(32,270)	$	116,378
Favorable lease asset		790		(616)		174
Software		1,215		(799)		416
Intangible assets, net	$	150,653	$	(33,685)	$	116,968


	December 31, 2023
			Accumulated
(Thousands)	Cost		Amortization		Net
Customer relationships	$	148,648	$	(26,487)	$	122,161
Favorable lease asset		790		(413)		377
Software		1,079		(672)		407
Intangible assets, net	$	150,517	$	(27,572)	$	122,945

Related Party Transactions - Transactions with related party (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Feb. 29, 2024	Dec. 31, 2023
Related Party Transactions
Accrued expenses and other current liabilities	$ 38,479		$ 38,479			$ 35,217
Convertible notes payable - related party, net	49,689		49,689
Interest expense	6,889	$ 7,803	21,921	$ 21,216
Minimum \| HF Direct Investments Pool, LLC
Related Party Transactions
Ownership percentage					10.00%
Related Party
Related Party Transactions
Accrued expenses and other current liabilities	320		320
Total	50,000		50,000
Unamortized debt costs	(311)		(311)
Convertible notes payable - related party, net	49,689		49,689
Interest expense	639		1,583
Related Party \| Westrock Group, LLC
Related Party Transactions
Accrued expenses and other current liabilities	128		128
Convertible notes payable - related party, net	20,000		20,000
Interest expense	255		633
Related Party \| Wooster Capital, LLC
Related Party Transactions
Accrued expenses and other current liabilities	32		32
Convertible notes payable - related party, net	5,000		5,000
Interest expense	64		158
Related Party \| HF Direct Investments Pool, LLC
Related Party Transactions
Accrued expenses and other current liabilities	160		160
Convertible notes payable - related party, net	25,000		25,000
Interest expense	$ 320		$ 792

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases

Summary of amount of right-of-use lease assets and lease liabilities


(Thousands)	Balance Sheet Location	September 30, 2024		December 31, 2023
Right-of-use operating lease assets	Operating lease right-of-use assets	$	61,404	$	67,601
Operating lease liabilities - current	Accrued expenses and other current liabilities		4,334		4,809
Operating lease liabilities - noncurrent	Operating lease liabilities		58,507		63,554

Schedule of components of lease costs


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Operating lease cost	$	2,678	$	1,179	$	8,242	$	3,609
Short-term lease cost		269		247		730		727
Total	$	2,947	$	1,426	$	8,972	$	4,336


	Nine Months Ended September 30,
(Thousands)	2024		2023
Cash paid related to operating lease liabilities	$	7,363	$	3,195

Schedule of future minimum lease payments under non-cancellable operating leases


(Thousands)
Remainder of 2024	$	2,269
2025		8,268
2026		7,705
2027		7,714
2028		7,173
Thereafter		68,642
Total future minimum lease payments		101,771
Less: imputed interest		(38,930)
Present value of minimum lease payments	$	62,841

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Cash and cash equivalents	$ 22,359	$ 37,196	$ 44,407
Restricted cash	10,321	644	4,408
Total	$ 32,680	$ 37,840	$ 48,815	$ 26,405

Debt - Additional Information (Details)						9 Months Ended
Debt - Additional Information (Details)	Aug. 15, 2024 USD ($) D $ / shares shares	Mar. 08, 2024 USD ($)	Feb. 15, 2024 USD ($)	Mar. 21, 2023 USD ($)	Aug. 29, 2022 USD ($)	Sep. 30, 2024 USD ($)	Apr. 30, 2026	Dec. 31, 2025	Sep. 30, 2025	Aug. 21, 2024 USD ($)	Mar. 07, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt
Debt finance costs					$ 2,400,000
Short-term debt						$ 58,007,000						$ 43,694,000
Percentage of conversion price for conversion of convertible notes	130.00%
Number of trading days of certain fundamental change transactions that occur prior to close of business	35 days
Minimum liquidity covenant required						15,000,000
Anti-Cash Hoarding Covenant Requirement Amount						$ 20,000,000
Threshold consecutive trading days immediately preceding calendar year \| D	30
Threshold trading days of 30 consecutive trading days for calculating share price \| D	20
Revolving credit facility
Debt
Debt finance costs					1,000,000.0
Face amount					175,000,000.0
Effective rate (as a percent)						8.80%
Line of credit						$ 107,500,000
Letters of credit outstanding						$ 2,600,000
Term Loan facility
Debt
Debt finance costs					1,300,000
Face amount					175,000,000.0
Variable rate (as a percent)						8.00%
Periodic payment principal amount					$ 2,800,000
Percentage of original principal amount					1.25%
Term Loan facility \| Year four
Debt
Periodic payment principal amount					$ 4,200,000
Percentage of original principal amount					1.875%
Term Loan facility \| Year five
Debt
Periodic payment principal amount					$ 5,600,000
Percentage of original principal amount					2.50%
Delayed Draw Term Loan Facility
Debt
Face amount						$ 50,000,000.0
Variable rate (as a percent)						8.90%
Minimum \| Subsequent Events
Debt
Interest coverage ratio								2.00	1.50
Net Leverage Ratio							4.50
Maximum \| Subsequent Events
Debt
Net Leverage Ratio							6.25
Base rate \| One Month Interest Period
Debt
Interest rate (as a percent)					1.00%
Interest period					1 month
SOFR \| One Month Interest Period
Debt
Variable rate (as a percent)					0.10%
Interest period					1 month
SOFR \| Three Month Interest Period
Debt
Variable rate (as a percent)					0.15%
Interest period					3 months
SOFR \| Six Month Interest Period
Debt
Variable rate (as a percent)					0.25%
Interest period					6 months
SOFR \| Minimum \| After the covenant relief period
Debt
Variable rate (as a percent)			2.00%
SOFR \| Minimum \| During the covenant relief period
Debt
Net Leverage Ratio			3.00
SOFR \| Maximum \| After the covenant relief period
Debt
Variable rate (as a percent)			3.00%
SOFR \| Maximum \| During the covenant relief period
Debt
Net Leverage Ratio			4.00
ABR rate \| Minimum \| After the covenant relief period
Debt
Variable rate (as a percent)			1.00%
ABR rate \| Minimum \| During the covenant relief period
Debt
Variable rate (as a percent)			2.00%
ABR rate \| Maximum \| After the covenant relief period
Debt
Variable rate (as a percent)			2.00%
ABR rate \| Maximum \| During the covenant relief period
Debt
Variable rate (as a percent)			3.00%
NYFRB
Debt
Interest rate (as a percent)					0.50%
New short-term trade finance facility
Debt
Face amount		$ 55,000,000.0		$ 70,000,000						$ 75,000,000.0	$ 70,000,000.0
Variable rate (as a percent)				4.00%
Line of credit						$ 48,500,000
Debt term		1 year		1 year
New short-term trade finance facility \| SOFR
Debt
Variable rate (as a percent)		4.00%
New short-term trade finance facility \| SOFR one-month
Debt
Variable rate (as a percent)		1.00%		1.00%
New short-term trade finance facility \| Federal Funds Rate
Debt
Variable rate (as a percent)		1.00%		0.50%
5.00% convertible senior notes due 2029
Debt
Interest rate (as a percent)			5.00%
Face amount	$ 1,000		$ 72,000,000.0
Debt converted into shares \| shares	77.88
Percentage of shares issuable on outstanding common stock	19.99%
Conversion price \| $ / shares	$ 12.84
5.00% convertible senior notes due 2029 \| Related Party
Debt
Face amount			$ 50,000,000.0

Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment, Net
Property, plant and equipment, gross	$ 537,190		$ 537,190		$ 427,299
Less: accumulated depreciation	(98,573)		(98,573)		(83,261)
Property, plant and equipment, net	438,617		438,617		344,038
Depreciation expense	5,800	$ 4,400	17,100	$ 12,400
Land
Property, Plant and Equipment, Net
Property, plant and equipment, gross	6,592		6,592		8,778
Building
Property, Plant and Equipment, Net
Property, plant and equipment, gross	143,915		143,915		35,911
Leasehold improvements
Property, Plant and Equipment, Net
Property, plant and equipment, gross	13,132		13,132		9,800
Plant equipment
Property, Plant and Equipment, Net
Property, plant and equipment, gross	242,716		242,716		128,639
Vehicles and transportation equipment
Property, Plant and Equipment, Net
Property, plant and equipment, gross	616		616		648
IT systems
Property, Plant and Equipment, Net
Property, plant and equipment, gross	12,935		12,935		8,909
Furniture and fixtures
Property, Plant and Equipment, Net
Property, plant and equipment, gross	7,495		7,495		3,294
Customer beverage equipment
Property, Plant and Equipment, Net
Property, plant and equipment, gross	21,575		21,575		22,931
Lease right-of-use assets
Property, Plant and Equipment, Net
Property, plant and equipment, gross	81		81		81
Construction in progress and equipment deposits
Property, Plant and Equipment, Net
Property, plant and equipment, gross	$ 88,133		$ 88,133		$ 208,308
Minimum \| Building
Property, Plant and Equipment, Net
Useful life	10 years		10 years
Minimum \| Plant equipment
Property, Plant and Equipment, Net
Useful life	3 years		3 years
Minimum \| Vehicles and transportation equipment
Property, Plant and Equipment, Net
Useful life	3 years		3 years
Minimum \| IT systems
Property, Plant and Equipment, Net
Useful life	3 years		3 years
Minimum \| Furniture and fixtures
Property, Plant and Equipment, Net
Useful life	3 years		3 years
Minimum \| Customer beverage equipment
Property, Plant and Equipment, Net
Useful life	3 years		3 years
Maximum \| Building
Property, Plant and Equipment, Net
Useful life	40 years		40 years
Maximum \| Plant equipment
Property, Plant and Equipment, Net
Useful life	15 years		15 years
Maximum \| Vehicles and transportation equipment
Property, Plant and Equipment, Net
Useful life	5 years		5 years
Maximum \| IT systems
Property, Plant and Equipment, Net
Useful life	7 years		7 years
Maximum \| Furniture and fixtures
Property, Plant and Equipment, Net
Useful life	10 years		10 years
Maximum \| Customer beverage equipment
Property, Plant and Equipment, Net
Useful life	5 years		5 years

Common Stock Warrants (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Common Stock Warrants (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 26, 2024	Aug. 28, 2024	Aug. 25, 2022
Common Stock Warrants
Gains/Losses related to changes in fair value of warrant liabilities	$ 5,481	$ 25,105	$ 7,134	$ 18,833
Common Shares in exchange for then outstanding	5,423,681		5,423,681
Westrock Warrants
Common Stock Warrants
Warrant to purchase each share						0.290
Westrock Public Warrants
Common Stock Warrants
Common stock warrants outstanding	441,522		441,522		16,676,541
Warrant to purchase each share	0.261		0.261				0.261
Percentage of warrant outstanding					97.42%
Exchange offer							10.00%
Threshold Percentage Of Warrants Outstanding					50.00%
Westrock Private Warrants
Common Stock Warrants
Common stock warrants outstanding	0		0		2,026,046
Warrant to purchase each share							0.261
Percentage of warrant outstanding					100.00%
Exchange offer							10.00%
Threshold Percentage Of Warrants Outstanding					50.00%

Leases - Schedule of supplemental cashflow information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) lease	Sep. 30, 2023 USD ($)
Leases
Cash paid related to operating lease liabilities	$ 7,363	$ 3,195
Right-of-use operating lease assets in exchange for lease obligations	$ 1,000	$ 6,000
Number of material finance lease \| lease	0

Segment information - Selected Financial Data (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Information
Net sales	$ 220,860	$ 219,612	$ 621,749	$ 649,748
Segment Adjusted EBITDA	14,227	11,595	39,033	31,358
Interest expense	6,889	7,803	21,921	21,216
Income tax expense (benefit)	84	(5,212)	1,254	(3,331)
Depreciation and amortization	7,680	6,364	23,196	18,419
Transaction, restructuring and integration expense	2,538	3,137	9,901	12,682
Change in fair value of warrant liabilities	(5,481)	(25,105)	(7,134)	(18,833)
Management and consulting fees (S&D acquisition)				556
Equity-based compensation	3,028	2,439	8,508	6,297
Impairment charges	1,165		1,996
Conway extract and ready-to-drink facility pre-production costs	7,937	3,035	30,115	6,615
Conway extract and ready-to-drink facility scale up operating costs	3,958		5,188
Mark-to-market adjustments	470	1,160	(2,692)	(1,045)
Loss on disposal of property, plant and equipment	(8)	248	965	1,145
Other	226	1,105	1,506	2,153
Net (loss) income	(14,259)	16,621	(55,691)	(14,516)
Total assets	1,077,114	891,071	1,077,114	891,071	$ 971,514
Operating Segments \| Beverage Solutions
Segment Information
Net sales	164,010	176,818	485,322	547,746
Segment Adjusted EBITDA	11,752	9,884	35,797	29,965
Total assets	973,085	801,466	973,085	801,466
Operating Segments \| Sustainable, Sourcing and Traceability
Segment Information
Net sales	60,144	44,098	143,204	105,537
Segment Adjusted EBITDA	2,475	1,711	3,236	1,393
Total assets	104,029	89,605	104,029	89,605
Intersegment Eliminations
Segment Information
Net sales	$ (3,294)	$ (1,304)	$ (6,777)	$ (3,535)

Earnings Per Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income (loss) attributable to common unitholders - basic	$ (14,171)	$ 12,802	$ (55,429)	$ (14,780)
Numerator:
Net income (loss) attributable to common shareholders - basic	(14,171)	12,802	(55,429)	(14,780)
Effect of participating securities		3,493
Net income (loss) attributable to common shareholders - diluted	$ (14,171)	$ 16,295	$ (55,429)	$ (14,780)
Denominator:
Weighted-average common units outstanding - basic	88,540	83,437	88,320	78,203
Effect of dilutive participating securities		23,542
Effect of dilutive non-participating securities		101
Weighted-average common units outstanding - diluted	88,540	107,080	88,320	78,203
Basic earnings (loss) per common share	$ (0.16)	$ 0.15	$ (0.63)	$ (0.19)
Dilutive (loss) earnings per common share	$ (0.16)	$ 0.15	$ (0.63)	$ (0.19)
Westrock Warrants
Earnings per Unit
Antidilutive securities	18,941	19,144	19,076	19,151
Restricted stock units
Earnings per Unit
Antidilutive securities	2,687	2,142	2,565	1,906
Employee Stock Option
Earnings per Unit
Antidilutive securities	1,297		1,313	1,472
Series A Preferred Shares
Earnings per Unit
Antidilutive securities	31,726		29,688	23,564

Accumulated Other Comprehensive Income (Loss) - Schedule of changes in accumulated other comprehensive loss, net of tax (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive (Loss) Income
Balance at beginning of year	$ 81,528	$ (14,262)	$ 113,740	$ 11,729
Net accumulated other comprehensive income	3,884	3,242	7,971	4,806
Balance at end of year	110,340	126,177	110,340	126,177
Unrealized gain (loss) on derivative instruments
Accumulated Other Comprehensive (Loss) Income
Balance at beginning of year	7,368	(4,832)	3,362	(6,355)
Other comprehensive income (loss) before reclassifications	9,279	(97)	18,157	1,049
Amounts reclassified from accumulated comprehensive income	(4,297)	3,147	(7,869)	5,234
Tax effect	(1,220)	106	(2,520)	(1,604)
Net accumulated other comprehensive income	11,130	(1,676)	11,130	(1,676)
Balance at end of year	11,130	(1,676)	11,130	(1,676)
Foreign currency translation adjustment
Accumulated Other Comprehensive (Loss) Income
Balance at beginning of year	537	293	456	252
Other comprehensive income (loss) before reclassifications	122	86	203	127
Net accumulated other comprehensive income	659	379	659	379
Balance at end of year	659	379	659	379
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest
Accumulated Other Comprehensive (Loss) Income
Balance at end of year	$ 11,789	$ (1,297)	$ 11,789	$ (1,297)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-4

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
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+ Details

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

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+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

Equity-Based Compensation

9 Months Ended

Sep. 30, 2024

Equity-Based Compensation

Equity-Based Compensation

Note 17. Equity-Based Compensation

During the three and nine months ended September 30, 2024, the Company granted three thousand and 1.4 million restricted stock units (“RSUs”), respectively, under the Westrock Coffee Company 2022 Equity Incentive Plan (the “2022 Equity Plan”). The RSUs had a grant date fair value of thirty thousand and $13.2 million, respectively, which was calculated using the closing price of the Common Shares on the applicable date of grant. The RSUs are amortized on a straight-line basis to expense over the vesting period. For RSUs issued during 2024, the vesting period is four years, and for RSUs issued prior to 2024, the vesting period is three years. As of September 30, 2024, there were 2.7 million shares available for future issuance under the 2022 Equity Plan.

The following table sets forth the RSU activity under the 2022 Equity Plan for the nine months ended September 30, 2024.


		Weighted-Average
		Fair Value at
	Units	Grant Date
Outstanding at December 31, 2023	1,989,782	$	11.51
Granted	1,370,222		9.66
Forfeited	(164,374)		10.54
Vested	(756,565)		11.63
Outstanding at September 30, 2024	2,439,065	$	10.50

Debt - Information (Details) $ in Thousands	Sep. 28, 2023 USD ($)	Sep. 30, 2024 USD ($) item	Dec. 31, 2023 USD ($)	Aug. 29, 2022 USD ($)
Debt
Debt finance costs				$ 2,400
Short-term debt		$ (58,007)	$ (43,694)
International Debt and Lending Facilities \| Westrock Coffee Company, LLC. \| Mortgage backed securities
Debt
Long term note		800
Unsecured Working Capital Trade Finance Facility
Debt
Face amount	$ 5,000
Variable rate	Term SOFR
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Line of credit		5,000
Long term debt, net		4,500
Current maturities of long term debt		$ 500
Unsecured Working Capital Trade Finance Facility \| Stepped repayments due December 31, 2024
Debt
Periodic payment principal amount	$ 500
Unsecured Working Capital Trade Finance Facility \| Stepped repayments due December 31, 2025
Debt
Periodic payment principal amount	1,000
Unsecured Working Capital Trade Finance Facility \| Stepped repayments due December 31, 2026
Debt
Periodic payment principal amount	$ 3,500
Working Capital Trade Finance Facility \| Westrock Coffee Company, LLC. \| Mortgage backed securities
Debt
Number of mortgage-backed lending facilities \| item		2
Short-term debt		$ (6,600)
Futures contract-based lending facilities one \| Westrock Coffee Company, LLC. \| Mortgage backed securities
Debt
Short-term debt		(600)
Futures contract-based lending facilities two \| Westrock Coffee Company, LLC. \| Mortgage backed securities
Debt
Short-term debt		$ (2,400)

Derivatives - Fair value of assets and liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivatives
Fair value of derivative assets	$ 16,720	$ 13,658
Fair value of derivative liabilities	10,204	3,731
Designated as hedges
Derivatives
Fair value of derivative assets	1,357	3,355
Designated as hedges \| Coffee futures contracts \| Derivative assets
Derivatives
Fair value of derivative assets	1,143	3,355
Designated as hedges \| Option contracts \| Derivative assets
Derivatives
Fair value of derivative assets	214
Not designated as hedges
Derivatives
Fair value of derivative assets	15,363	10,303
Not designated as hedges \| Forward purchase and sales contracts \| Derivative assets
Derivatives
Fair value of derivative assets	15,363	10,303
Not designated as hedges \| Forward purchase and sales contracts \| Derivative liabilities
Derivatives
Fair value of derivative liabilities	$ 10,204	$ 3,731

Debt

9 Months Ended

Sep. 30, 2024

Debt

Debt

Note 11. Debt

Our long-term debt at September 30, 2024 and December 31, 2023 is as follows:


(Thousands)	September 30, 2024		December 31, 2023
Term loan facility	$	157,500	$	164,063
Delayed draw term loan facility		48,750		—
Revolving credit facility		107,500		65,000
Convertible notes payable		72,000		—
International trade finance lines		58,007		43,694
International notes payable		5,801		6,179
Other loans		22		39
Total debt		449,580		278,975
Unamortized debt costs		(3,625)		(2,378)
Current maturities of long-term debt		(12,137)		(9,811)
Convertible notes payable - related party, net		(49,689)		—
Short-term debt		(58,007)		(43,694)
Long-term debt, net	$	326,122	$	223,092

Credit Agreement

The Company is party to a credit agreement (the “Credit Agreement”) among the Company, Westrock Beverage Solutions, LLC, as the borrower (the “Borrower”), Wells Fargo Bank, N.A., as administrative agent, collateral agent, and swingline lender, Wells Fargo Securities, LLC, as sustainability structuring agent, and each issuing bank and lender party thereto. The Credit Agreement includes (a) a senior secured first lien revolving credit facility in an initial aggregate principal amount of $175.0 million (the “Revolving Credit Facility”), (b) a senior secured first lien term loan facility in an initial aggregate principal amount of $175.0 million (the “Term Loan Facility”), and (c) incremental term loan commitments in the form of a senior secured delayed draw term loan credit facility (the “Delayed Draw Term Loan Facility”) in the aggregate principal amount of $50.0 million. The Revolving Credit Facility, the Term Loan Facility and the Delayed Draw Term Loan Facility will mature on August 29, 2027. All obligations under the Credit Agreement are guaranteed by the Company and each of the Borrower’s domestic subsidiaries, which comprise our Beverage Solutions segment, and are secured by substantially all of the Company’s assets.

Borrowings under the Revolving Credit Facility, the Term Loan Facility and the Delayed Draw Term Loan Facility will bear interest, at the Borrower’s option, initially at an annual rate equal to (a) term SOFR plus a credit spread adjustment of 0.10% for loans with an interest period of one month, 0.15% for loans with an interest period of three months and 0.25% for loans with an interest period of six months, as applicable, (the “Adjusted Term SOFR”) or (b) the base rate (determined by reference to the greatest of (i) the rate of interest last quoted by The Wall Street Journal in the United States as the prime rate in effect, (ii) the NYFRB Rate from time to time plus 0.50% and (iii) the Adjusted Term SOFR for a one month interest period plus 1.00%, (the “Base Rate”)), in each case plus an applicable margin.

At September 30, 2024, we had $107.5 million of outstanding borrowings under the Revolving Credit Facility, with a weighted average interest rate of 8.8%, and we had $2.6 million of standby letters of credit outstanding. At September 30, 2024, the interest rate applicable to our Term Loan Facility was 8.0% and the interest rate applicable to our Delayed Draw Term Loan Facility was 8.9%.

On February 15, 2024, the Borrower entered into Amendment No. 3 (the “Third Amendment”) to the Credit Agreement. The Third Amendment modified the existing covenant relief period (the “Covenant Relief Period”), which commenced on June 30, 2023 and will end on the earlier to occur of (i) April 1, 2026 and (ii) any date following June 30, 2024, on which the Borrower elects to terminate the Covenant Relief Period subject to satisfaction of certain conditions. During the Covenant Relief Period, the Company’s ability to incur additional indebtedness and make investments, restricted payments and junior debt restricted payments will be more limited. The Third Amendment permits the Company to issue convertible notes, including the Convertible Notes (as defined below).

During the Covenant Relief Period, the applicable margin for any term SOFR rate loan will range from 3.00% to 4.00% and for any ABR loan will range from 2.00% to 3.00%, in each case depending on the secured net leverage ratio. After the Covenant Relief Period, the applicable margin for any term SOFR rate loan will range from 2.00% to 3.00% and for any ABR loan will range from 1.00% to 2.00%, in each case depending on the secured net leverage ratio.

The Credit Agreement, as amended, requires the Borrower to maintain compliance with (i) a secured net leverage ratio at levels ranging from 4.50:1.00 to 6.25:1.00 and stepping down to 4.50:1.00 by April 2026 and (ii) an interest coverage ratio of at least 1.50:1.00 on and prior to September 30, 2025 and at least 2.00:1.00 on December 31, 2025 and thereafter. The Credit Agreement, as amended, also includes (i) a minimum liquidity covenant requiring the Borrower not to permit its liquidity, measured as of the last business day of each calendar month commencing March 29, 2024, to be less than $15 million and (ii) an anti-cash hoarding covenant, which shall be effective only during the Covenant Relief Period, requiring the Borrower to have no more than $20 million of unrestricted cash on the last day of each calendar month when revolving loans or letters of credit are outstanding or on the date of borrowing of a revolving loan. As of the date of this Quarterly Report on Form 10-Q, the Company was in compliance with its financial covenants.

The Term Loan Facility and Delayed Draw Term Loan Facility require quarterly principal payments totaling approximately $2.8 million (1.25% of the original principal balance). Quarterly payments increase to approximately $4.2 million and $5.6 million (1.875% and 2.5% of the original principal balance) during the final two years of the agreements, respectively.

We incurred a total of $2.4 million in financing fees in connection with the Third Amendment. Approximately $1.3 million of the fees were allocated to the Term Loan Facility and are being amortized over the remaining term of the Term Loan Facility utilizing the frozen effective yield method based on the interest rate in place at the issuance of the Term Loan Facility. Approximately $1.0 million of the fees were allocated to the Revolving Credit Facility, are reported within other long-term assets on the Condensed Consolidated Balance Sheets and are being amortized ratably over the remaining term of the Revolving Credit Facility.

Convertible Notes

On February 15, 2024, the Company sold and issued in a private placement $72.0 million in aggregate principal amount of 5.00% convertible senior notes due 2029 (the “Convertible Notes”), of which $50.0 million was from related parties (See Note 21). The Convertible Notes are unsecured, senior obligations of the Company and accrue interest at a rate of 5.00% per annum.

The Convertible Notes are carried at amortized cost and are recorded in long-term debt, net and convertible notes payable – related party, net on the Condensed Consolidated Balance Sheets. At September 30, 2024, the carrying value of the Convertible Notes was $71.6 million, of which $49.7 million was from related parties. We incurred a total of $0.5 million of financing fees in connection with the Convertible Notes, which were ratably allocated to the convertible notes payable and the convertible notes payable – related party, respectively, and are being amortized into interest expense over the remaining term of the Convertible Notes utilizing the effective interest rate method.

Pursuant to the terms of the Convertible Notes, noteholders may convert their Convertible Notes at their option only in the following circumstances: (i) during the period commencing on August 15, 2024, and prior to the close of business on the trading day immediately preceding August 15, 2028, if the closing price for at least 20 trading days (whether or not consecutive) during the period of any 30 consecutive trading days in the immediately preceding calendar quarter is equal to or greater than 130% of the conversion price; (ii) during the period commencing on August 15, 2028, and prior to the close of business on the second scheduled trading day immediately preceding February 15, 2029, at any time; and (iii) during the 35 trading days following the effective date of certain fundamental change transactions that occur prior to the close of business on the trading day immediately preceding August 15, 2028.

The Company will settle conversions by paying or delivering, as applicable, at the Company’s election, cash, Common Shares, or a combination of cash and Common Shares. The Company may not issue more than 19.99% of the issued and outstanding Common Shares immediately prior to the issuance of the Convertible Notes in respect of the conversion of the Convertible Notes. The initial conversion price of the Convertible Notes is $12.84, which corresponds to an initial

conversion rate of approximately 77.88 Common Shares per $1,000 principal amount of Convertible Notes. The conversion price and conversion rate are subject to customary adjustments.

International Debt and Lending Facilities

On March 21, 2023, we entered into a $70 million working capital trade finance facility with multiple financial institutions through our subsidiary, Falcon. The facility is uncommitted and repayable on demand, with certain of Falcon’s assets pledged as collateral against the facility. The facility was set to mature one year from inception. Borrowings under the facility bore interest at the borrower’s option at a rate equal to (a) Term SOFR, as defined in the facility, plus a margin of 4.00% plus a liquidity premium set by the lender at the time of borrowing or (b) the Base Rate (determined by reference to the greatest of (i) the Prime Rate, as defined in the facility, at such time, (ii) one-half of 1.00% in excess of the Federal Funds Effective Rate, as defined in the facility, at such time, and (iii) Term SOFR for a one-month tenor in effect at such time plus 1.00%).

On March 8, 2024, Falcon renewed its working capital trade finance facility with multiple institutions. The facility size was reduced from $70.0 million to $55.0 million and remains uncommitted and repayable on demand, with certain of Falcon’s assets pledged as collateral against the facility. The facility will mature one year from inception. Borrowings under the facility will bear interest at the borrower’s option at a rate equal to (a) Term SOFR plus a margin of 4.00% plus a liquidity premium set by the lender at the time of borrowing or (b) the Base Rate (determined by reference to the greatest of (i) the Prime Rate, as defined in the facility, at such time, (ii) one-half of 1.00% in excess of the Federal Funds Effective Rate, as defined in the facility, at such time, and (iii) Term SOFR for a one-month tenor in effect at such time plus 1.00%). On August 21, 2024, Falcon amended its working capital trade finance facility. The amendment increased the facility size from $55.0 million to $75.0 million. The interest rates and maturity date were unchanged as a result of the amendment.

At September 30, 2024, there was $48.5 million of outstanding borrowings under the facility, which is recorded in short-term debt in the Condensed Consolidated Balance Sheets. Falcon’s facility contains certain restrictive financial covenants which require Falcon to maintain certain levels of working capital, debt, and net worth. Falcon was in compliance with these financial covenants as of September 30, 2024.

On September 28, 2023, we entered into a $5.0 million unsecured working capital trade finance facility with responsAbility Climate Smart Agriculture & Food Systems Fund through our subsidiary, Falcon. The facility will mature on December 31, 2026, and requires stepped repayments of $0.5 million on December 31, 2024, $1.0 million on December 31, 2025 and $3.5 million on December 31, 2026. Borrowings under the facility will bear interest at the borrower’s option at a rate equal to (a) (i) the most recent applicable Term SOFR for the longest period (for which Term SOFR is available) which is less than the applicable interest period of the loan or (ii) if no such Term SOFR is available for a period which is less than the applicable interest period, SOFR for the day which is two U.S. Government Securities Business Days, as defined in the facility, before the Quotation Day, as defined in the facility; or (b) the most recent applicable Term SOFR (as of the Quotation Day) for the shortest period (for which Term SOFR is available) which exceeds the applicable interest period of that loan, in each case plus the applicable margin. At September 30, 2024, there was $5.0 million of outstanding borrowings under the facility, of which $4.5 million and $0.5 million, is recorded in long-term debt, net and current maturities of long-term debt, respectively, on the Condensed Consolidated Balance Sheets. Falcon’s facility contains certain restrictive financial covenants which require Falcon to maintain certain levels of working capital, debt, and tangible net worth. Falcon was in compliance with these financial covenants as of September 30, 2024.

Westrock Coffee International, LLC, through its subsidiary Rwanda Trading Company, maintains two mortgage and inventory-backed lending facilities with a local bank in Rwanda: (a) a short-term trade finance facility with a balance of $6.6 million at September 30, 2024 and (b) a long-term note payable with a balance of $0.8 million at September 30, 2024. Additionally, Rwanda Trading Company maintains two short-term futures contract-based lending facilities from international institutions with outstanding balances of $0.6 million and $2.4 million at September 30, 2024.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related Party Transactions

9 Months Ended

Sep. 30, 2024

Related Party Transactions

Related Party Transactions

Note 21. Related Party Transactions

In February 2024, the Company sold and issued Convertible Notes to Westrock Group, LLC (an affiliate of Scott Ford, the Company’s Chief Executive Officer and a member of the board of directors of the Company, “Westrock Group”), Wooster Capital, LLC (an affiliate of Joe Ford, chairman of the board of directors) and HF Direct Investments Pool, LLC (a holder of more than 10% of the outstanding Common Shares), each a related party.

The Condensed Consolidated Financial Statements reflect the following transactions with related parties:


(Thousands)	September 30, 2024		December 31, 2023
Accrued expenses and other current liabilities
Westrock Group	$	128	$	—
Wooster Capital		32		—
HF Direct Investment Pool, LLC		160		—
Total	$	320	$	—


(Thousands)	September 30, 2024		December 31, 2023
Convertible notes payable - related party, net:
Westrock Group	$	20,000	$	—
Wooster Capital		5,000		—
HF Direct Investment Pool, LLC		25,000		—
Total		50,000		—
Unamortized debt costs		(311)		—
Total	$	49,689	$	—


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Interest expense:
Westrock Group	$	255	$	—		633		—
Wooster Capital		64		—		158		—
HF Direct Investment Pool, LLC		320		—		792		—
Total	$	639	$	—	$	1,583	$	—

In connection with the acquisition of S&D Coffee, Inc. in February 2020, the Company entered into a Management Services Agreement with Westrock Group, whose controlling manager and controlling member, Greenbrier Holdings, LLC, is owned and controlled by our co-founder and Chief Executive Officer Scott Ford. Under the terms of the

agreement, which expired in February 2023, Westrock Group was paid $10.0 million in return for financial, managerial, operational, and strategic services. The associated expense is recorded within selling, general and administrative expense in our Condensed Consolidated Statements of Operations. The Company recognized no such expenses during the three or nine months ended September 30, 2024. The Company recognized no expenses and $0.6 million of such expenses during the three and nine months ended September 30, 2023. In addition, the Company reimburses Westrock Group for the usage of a corporate aircraft, and its portion of shared administrative expenses. For the three and nine months ended September 30, 2024, the Company recognized expenses of $0.1 million and $0.7 million, respectively, for such items, which are recorded in selling, general and administrative expenses in our Condensed Consolidated Statements of Operations. For the three and nine months ended September 30, 2023, the Company recognized expenses of $0.5 million and $1.3 million, respectively, for such items. At September 30, 2024 and December 31, 2023, we had no amounts payable and $0.2 million payable to Westrock Group, respectively, related to such items.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net (loss) income	$ (14,259)	$ 16,621	$ (55,691)	$ (14,516)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on derivative instruments	3,762	3,156	7,768	4,679
Foreign currency translation adjustment	122	86	203	127
Total other comprehensive income (loss)	3,884	3,242	7,971	4,806
Comprehensive (loss) income	(10,375)	19,863	(47,720)	(9,710)
Comprehensive income (loss) attributable to non-controlling interests				15
Comprehensive (loss) income attributable to shareholders	(10,375)	19,863	(47,720)	(9,725)
Participating securities' share in earnings		(3,912)
Accretion of Series A Convertible Preferred Shares	88	93	262	(249)
Comprehensive (loss) income attributable to common shareholders	$ (10,287)	$ 16,044	$ (47,458)	$ (9,974)

Basis of Presentation and Consolidation

9 Months Ended

Sep. 30, 2024

Basis of Presentation and Consolidation

Basis of Presentation and Consolidation

Note 2. Basis of Presentation and Consolidation

The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) using the U.S. dollar as the reporting currency. They do not include all the information and footnotes required by GAAP for complete financial statements. The Condensed Consolidated Financial Statements include the activities of the Company and its wholly owned and/or controlled subsidiaries. All intercompany balances and transactions have been eliminated. The Condensed Consolidated Balance Sheet as of December 31, 2023 was derived from the audited financial statements, but does not include all disclosures required by GAAP.

On April 3, 2023, the Company purchased the remaining 15% of the equity interests of Falcon Coffees Limited (“Falcon”) that it did not previously own, resulting in Falcon becoming a wholly owned subsidiary of the Company. Aggregate consideration paid for the interest totaled $3.2 million and included $2.0 million in cash and 100,000 shares of common stock, par value $0.01 per share, of the Company (“Common Shares”). Due to the Company’s controlling financial interest in Falcon prior to the purchase, the transaction was accounted for as an equity transaction. For periods prior to April 3, 2023, equity interests not owned by us are reflected as non-controlling interests. In the Condensed Consolidated Statements of Operations, we allocate net income (loss) attributable to non-controlling interest to arrive at net income (loss) attributable to common shareholders based on their proportionate share. Falcon operates our trading business and is reported within our Sustainable Sourcing & Traceability segment.

The interim financial information is unaudited but, in the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair statement of results for the interim periods have been included. Operating results from any interim period are not necessarily indicative of the results that may be expected for the full fiscal year. The Condensed Consolidated Financial Statements and related notes should be read in conjunction with the audited December 31, 2023 consolidated financial statements and notes thereto included in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 15, 2024. Accordingly, certain significant accounting policies and other disclosures normally provided have been omitted from the accompanying Condensed Consolidated Financial Statements and related notes since such items are disclosed in our audited financial statements.

Intangible Assets, Net

9 Months Ended

Sep. 30, 2024

Intangible Assets, Net

Intangible Assets, Net

Note 9. Intangible Assets, Net

The following table summarizes intangible assets, net as of September 30, 2024 and December 31, 2023:


	September 30, 2024
			Accumulated
(Thousands)	Cost		Amortization		Net
Customer relationships	$	148,648	$	(32,270)	$	116,378
Favorable lease asset		790		(616)		174
Software		1,215		(799)		416
Intangible assets, net	$	150,653	$	(33,685)	$	116,968


	December 31, 2023
			Accumulated
(Thousands)	Cost		Amortization		Net
Customer relationships	$	148,648	$	(26,487)	$	122,161
Favorable lease asset		790		(413)		377
Software		1,079		(672)		407
Intangible assets, net	$	150,517	$	(27,572)	$	122,945

Amortization expense of intangible assets was $2.0 million and $6.1 million for the three and nine months ended September 30, 2024, respectively, and amortization expense of intangible assets was $2.0 million and $6.0 million for the three and nine months ended September 30, 2023, respectively. As of September 30, 2024, the weighted average useful life for definite-lived intangibles is approximately 20 years.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Note 3. Summary of Significant Accounting Policies

Use of Estimates

Going Concern

Accounts Receivable and Allowance for Credit Losses

receivable delinquent or past due based on payment terms established with each customer. Accounts receivable are written off when the account is determined to be uncollectible.

Activity in the allowance for credit losses for the periods indicated was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Balance at beginning of period	$	3,941	$	2,672	$	2,915	$	3,023
Charged to selling, general and administrative expense		342		629		1,368		278
Write-offs		(836)		—		(836)		—
Total	$	3,447	$	3,301	$	3,447	$	3,301

Inventories

Capitalized Interest

Supply Chain Finance Program

Restructuring Activities


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
(Thousands)	2024		2024
Balance at beginning of period	$	3,590	$	—
Charges		—		4,066
Adjustments		(543)		(543)
Cash paid		(2,034)		(2,510)
Balance at end of the period	$	1,013	$	1,013

Income Taxes

Recently adopted accounting pronouncements

ASU 2022-04 - Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations

Recently issued accounting pronouncements

ASU 2023-05 – Business Combinations – Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement

ASU 2023-07 – Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

ASU 2023-09 – Income Taxes (Topic 740): Improvements to Income Tax Disclosures

ASU 2024-03 – Income Statement – Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures

The Enhancement and Standardization of Climate-Related Disclosure for Investors

Subsequent Events (Details) - shares	Oct. 16, 2024	Sep. 30, 2024
Subsequent Events
Common Shares in exchange for then outstanding		5,423,681
Subsequent Events \| Westrock Warrants
Subsequent Events
Common Shares in exchange for then outstanding	115,220
Common stock warrants outstanding	0