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Segment Reporting
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Reporting SEGMENT REPORTING
The Company has two operating and reportable segments:
•Americas—The Americas segment is comprised primarily of the U.S. and Canada, and derives its revenues from the marketing and distribution of various coconut water and non-coconut water products (e.g., coconut oil and milk). The Company’s aluminum bottle canned water (Ever & Ever) and protein infused fitness drink (PWR LIFT) are marketed only in the Americas segment. The Company also offered guayusa leaf products (Runa) in the Americas segment. As of December 2023, we ceased offering the Runa brand.
•International—The International segment is comprised primarily of Europe, Middle East, and Asia Pacific, which includes the Company’s procurement arm and derives its revenues from the marketing and distribution of various coconut water and non-coconut water products.
The Company’s CEO is the chief operating decision maker and evaluates segment performance primarily based on net sales and gross profit. All intercompany transactions between the segments have been eliminated.
Information about the Company’s operations by operating segment as of the three and nine months ended September 30, 2024 and 2023 is as follows:
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 20242023
Net sales$132,906 $138,064 $388,720 $387,468 
Americas112,246 120,646 332,839 338,681 
International20,660 17,418 55,881 48,787 
Gross profit$51,562 $56,171 $157,476 $140,926 
Americas43,563 50,208 136,643 124,466 
International7,999 5,963 20,833 16,460 
As of September 30,
As of December 31,
20242023
Total segment assets$353,147 $285,682 
Americas235,406 209,984 
International117,741 75,698 
Three Months Ended September 30,Nine Months Ended September 30,
Reconciliation2024202320242023
Total gross profit$51,562 $56,171 $157,476 $140,926 
Less:
Selling, general, and administrative expenses30,967 32,649 87,941 89,855 
Income (loss) from operations$20,595 $23,522 $69,535 $51,071 
Less:
Unrealized gain/(loss) on derivative instruments2,592 (3,959)(5,896)(1,758)
Foreign currency gain/(loss)550 (1,211)472 (430)
Interest income1,876 824 5,026 1,105 
Interest expense— (1)— (31)
Income before income taxes$25,613 $19,175 $69,137 $49,957 

Geographic Data:
The following table provides information related to the Company’s net sales by country, which is presented on the basis of the location that revenue from customers is recorded:
Nine Months Ended September 30,2024 2023
United States$311,168 $316,923 
United Kingdom
40,801 34,223 
All other countries(1)36,751 36,322 
Net sales$388,720 $387,468 
___________
(1)
No individual country is greater than 10% of total net sales for the nine months ended September 30, 2024 and 2023.
The following table provides information related to the Company’s property and equipment, net by country:
September 30,
2024		December 31,
2023
United States$806 $729 
Singapore1,334 1,081 
All other countries(1)300 326 
Property and equipment, net
$2,440 $2,136 
___________
(1)
No individual country is greater than 10% of total property and equipment, net as of September 30, 2024 and December 31, 2023.