0001437749-22-010571 | 10-Q | XBRL Viewer

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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2022	Apr. 28, 2022
Document Information [Line Items]
Entity Central Index Key	0001611647
Entity Registrant Name	Freshpet INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-36729
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-1884894
Entity Address, Address Line One	400 Plaza Drive, 1st Floor
Entity Address, City or Town	Secaucus
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07094
City Area Code	201
Local Phone Number	520-4000
Title of 12(b) Security	Common Stock
Trading Symbol	FRPT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		43,490,152

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 29,730	$ 72,788
Accounts receivable, net of allowance for doubtful accounts	61,458	34,780
Inventories, net	45,311	35,574
Prepaid expenses	4,494	5,834
Other current assets	1,972	1,349
Total Current Assets	142,965	150,325
Property, plant and equipment, net	663,844	583,922
Deposits on equipment	1,167	4,100
Operating lease right of use assets	6,227	6,537
Equity method investment	27,840	25,856
Other assets	11,417	13,670
Total Assets	853,460	784,410
CURRENT LIABILITIES:
Accounts payable	77,151	42,612
Accrued expenses	13,139	14,950
Current operating lease liabilities	1,384	1,384
Current portion of long term debt	4,770	0
Total Current Liabilities	96,444	58,946
Long term debt	43,541	0
Long term operating lease liabilities	5,421	5,710
Total Liabilities	145,406	64,656
STOCKHOLDERS' EQUITY:
Common stock — voting, $0.001 par value, 200,000 shares authorized, 43,485 issued and 43,471 outstanding on March 31, 2022, and 43,449 issued and 43,435 outstanding on December 31, 2021	43	43
Additional paid-in capital	961,914	955,710
Accumulated deficit	(253,165)	(235,623)
Accumulated other comprehensive loss	(482)	(120)
Treasury stock, at cost — 14 shares on March 31, 2022 and on December 31, 2021	(256)	(256)
Total Stockholders' Equity	708,054	719,754
Total Liabilities and Stockholders' Equity	$ 853,460	$ 784,410

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands	Mar. 31, 2022	Dec. 31, 2021
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	200,000	200,000
Common stock, issued (in shares)	43,485	43,449
Common stock, outstanding (in shares)	43,471	43,435
Treasury Stock, Shares (in shares)	14	14

Consolidated Statements of Operations and Comprehensive (Loss) (Unaudited) - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

Mar. 31, 2022

Mar. 31, 2021

NET SALES

^[1]

$ 132,171

$ 93,414

COST OF GOODS SOLD

87,419

57,099

GROSS PROFIT

44,753

36,315

SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES

60,631

46,033

LOSS FROM OPERATIONS

(15,878)

(9,718)

OTHER (EXPENSES)/INCOME:

Other (Expenses)/Income, net

258

(5)

Interest Expense

(571)

(901)

Nonoperating Income (Expense), Total

(313)

(906)

LOSS BEFORE INCOME TAXES

(16,191)

(10,624)

INCOME TAX EXPENSE

LOSS ON EQUITY METHOD INVESTMENT

1,310

248

LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS

(17,542)

(10,888)

OTHER COMPREHENSIVE (LOSS) INCOME:

Change in foreign currency translation

(362)

259

TOTAL COMPREHENSIVE (LOSS) INCOME

$ (17,904)

$ (10,629)

NET (LOSS) INCOME PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS

-BASIC (in dollars per share)

$ (0.40)

$ (0.26)

-DILUTED (in dollars per share)

$ (0.40)

$ (0.26)

WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING USED IN COMPUTING NET (LOSS) INCOME PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS

-BASIC (in shares)

43,437

41,627

-DILUTED (in shares)

43,437

41,627

[1]	Online sales associated with each class of retailer are included within their respective total.

Changes to Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]	Total
Balances (in shares) at Dec. 31, 2020	40,732				14
Balances at Dec. 31, 2020	$ 41	$ 600,388	$ (205,924)	$ (80)	$ (256)	$ 394,169
Exercise of options to purchase common stock (in shares)	72
Exercise of options to purchase common stock	$ 0	714				714
Vesting of restricted stock units (in shares)	23				0
Vesting of restricted stock units	$ 0	(1,529)	0	0	$ 0	(1,529)
Share-based compensation expense		6,151				6,151
Foreign Currency Translation				259		259
Net loss			(10,888)			(10,888)
Shares issued in primary offering (in shares)	2,415				0
Shares issued in primary offering	$ 2	332,518	0	0	$ 0	332,520
Balances (in shares) at Mar. 31, 2021	43,242				14
Balances at Mar. 31, 2021	$ 43	938,242	(216,812)	179	$ (256)	721,396
Balances (in shares) at Dec. 31, 2021	43,449				14
Balances at Dec. 31, 2021	$ 43	955,710	(235,623)	(120)	$ (256)	719,754
Exercise of options to purchase common stock (in shares)	22
Exercise of options to purchase common stock	$ 0	232				232
Vesting of restricted stock units (in shares)	14				0
Vesting of restricted stock units	$ 0	(323)	0	0	$ 0	(323)
Share-based compensation expense		6,295				6,295
Foreign Currency Translation				(362)		(362)
Net loss			(17,542)			(17,542)
Balances (in shares) at Mar. 31, 2022	43,485				14
Balances at Mar. 31, 2022	$ 43	$ 961,914	$ (253,165)	$ (482)	$ (256)	$ 708,054

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (17,542)	$ (10,888)
Adjustments to reconcile net loss to net cash flows provided by operating activities:
Provision for loss (gains) on accounts receivable	(25)	(3)
Loss on disposal of equipment	43	60
Share-based compensation	6,295	6,080
Inventory obsolescence	(149)	129
Depreciation and amortization	8,007	7,089
Amortization of deferred financing costs and loan discount	132	617
Change in operating lease right of use asset	310	309
Loss on equity method investment	1,310	236
Changes in operating assets and liabilities:
Accounts receivable	(26,653)	(10,378)
Inventories	(9,588)	(2,835)
Prepaid expenses and other current assets	717	(140)
Other assets	(990)	137
Accounts payable	5,449	6,248
Accrued expenses	(1,811)	(1,801)
Other lease liabilities	(290)	(345)
Net cash flows used in operating activities	(34,785)	(5,485)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investments in equity method investment	(3,294)	0
Acquisitions of property, plant and equipment, software and deposits on equipment	(55,888)	(49,334)
Net cash flows used in investing activities	(59,182)	(49,334)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from common shares issued in primary offering, net of issuance cost	0	332,520
Proceeds from exercise of options to purchase common stock	232	714
Tax withholdings related to net shares settlements of restricted stock units	(323)	(1,529)
Proceeds from borrowings under Credit Facility	51,000	0
Fees paid in connection with financing agreements	0	(3,166)
Net cash flows provided by financing activities	50,909	328,539
NET CHANGE IN CASH AND CASH EQUIVALENTS	(43,058)	273,720
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	72,788	67,247
CASH AND CASH EQUIVALENTS, END OF PERIOD	29,730	340,967
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid	421	208
NON-CASH FINANCING AND INVESTING ACTIVITIES:
Property, plant and equipment purchases in accounts payable	$ 51,572	$ 19,536

Note 1 - Nature of the Business and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]

Note 1 – Nature of the Business and Summary of Significant Accounting Policies:

Nature of the Business – Freshpet, Inc. (hereafter referred to as “Freshpet”, the “Company”, “we,” "us" or “our”), a Delaware corporation, manufactures and markets natural fresh meals and treats for dogs and cats. The Company’s products are distributed throughout the United States, Canada and other international markets, into major retail classes including Grocery (including online), Mass and Club, Pet Specialty, and Natural retail.

Basis of Presentation – The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). The unaudited consolidated financial statements include the accounts of the Company as well as the Company’s wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The interim unaudited consolidated financial statements have been prepared on the same basis as the annual audited consolidated financial statements and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). In the opinion of management, the interim unaudited financial statements reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2022, the results of its operations and changes to stockholders’ equity for the three months ended March 31, 2022 and 2021, and its cash flows for the three months ended March 31, 2022 and 2021. The results for the three months ended March 31, 2022, are not necessarily indicative of results to be expected for the year ending December 31, 2022, or any other interim periods, or any future year or period. All amounts included herein have been rounded except where otherwise stated. As figures are rounded, numbers presented throughout this document may not add up precisely to the totals we provide and percentages may not precisely reflect the absolute figures.

These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes in Item 8 of Part II, “Financial Statements and Supplementary Data,” of our Annual Report on Form 10-K for the year ended December 31, 2021.

Equity method investment – The Company utilizes the equity method to account for investments when the Company possesses the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. The ability to exercise significant influence is presumed when an investor possesses more than 20% of the voting interests of the investee. This presumption may be overcome based on specific facts and circumstances that demonstrate that the ability to exercise significant influence is restricted. The Company applies the equity method to investments in common stock and to other investments when such other investments possess substantially identical subordinated interests to common stock. The Company has elected to record its share of equity in income (losses) of equity method investment on a one-quarter lag based on the most recently available financial statements.

In applying the equity method, the Company records the investment at cost and subsequently increases or decreases the carrying amount of the investment by our proportionate share of the net income or loss.

On March 10, 2022, the Company invested $3,300 to maintain our 19% interest in a privately held company that operates in our industry, with our investments to date totaling $31,200. The Company concluded that it is not the primary beneficiary, which is primarily the result of the Company's conclusion that it does not have the power to direct activities that most significantly impact the economic performance. The Company accounts for the investment under the equity method of accounting based on our ability to exercise significant influence even though the Company's percentage of ownership is below 20%. The basis difference between the Company's carrying value of its investment and the amount of underlying equity in net assets of the privately held company is not material to the Company's consolidated financial statements.

Variable interest entities – In accordance with the applicable accounting guidance for the consolidation of variable interest entities, the Company analyzes its variable interests to determine if an entity in which it has a variable interest is a variable interest entity. The Company's analysis includes both quantitative and qualitative reviews to determine if we must consolidate a variable interest entity as its primary beneficiary.

Estimates and Uncertainties – The preparation of our consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used in determining, among other items, trade incentives, share-based compensation and useful lives for long-lived assets. Actual results, as determined at a later date, could differ from those estimates.

Fair Value of Financial Instruments – Financial Accounting Standards Board (“FASB”) guidance specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement).

The three levels of the fair value hierarchy are as follows:

• Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 primarily consists of financial instruments whose value is based on quoted market prices such as exchange-traded instruments and listed equities.

• Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (e.g., quoted prices of similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active). Level 2 includes financial instruments that are valued using models or other valuation methodologies.

• Level 3 - Unobservable inputs for the asset or liability. Financial instruments are considered Level 3 when their fair values are determined using pricing models, discounted cash flows or similar techniques and at least one significant model assumption or input is unobservable.

The carrying amounts reported in the balance sheets for cash and cash equivalents, short-term investments, other receivables, accounts payable and accrued expenses approximate their fair value based on the short-term maturity of these instruments. Certain assets, including the equity method investment, right-of-use assets and property and equipment are also subject to measurement at fair value on a non-recurring basis if they are deemed to be impaired as a result of an impairment review.

As of March 31, 2022, the Company only maintained Level 1 assets and liabilities.

Trade accounts receivable – The allowance for doubtful accounts is based on the Company's assessment of the collectability of customer accounts. The Company regularly reviews the allowance by considering factors such as historical experience, credit quality, the age of the accounts receivable balances and current economic conditions that may affect a customer's ability to pay.

Restricted Stock Tax Withholdings – To meet payroll tax withholdings obligations arising from the vesting of restricted stock units, the Company withheld 3 shares totaling $323 for the three months ended March 31, 2022, and withheld 10 shares totaling $1,529 for the three months ended March 31, 2021.

Debt Issuance Cost – During the first quarter of 2021, as part of the Sixth Amended and Restated Loan and Security Agreement, dated February 19, 2021, (as amended, the "New Loan Agreement"), the Company incurred an additional $3,263 of fees in 2021 associated with the debt modification, of which $2,797 of the fees were related to the Delayed Draw Term Loan (as defined below) with the remaining balance relating to the Revolving Loan Facility (as defined below). The Company also wrote down $485 of fees incurred from the prior credit facilities. The Company’s policy is to record the debt issuance cost related to the Delayed Draw Term Loan, net of debt, for the portion of the Delayed Draw Term Loan that is outstanding, with the remaining amount recorded within assets.

The Company amortizes debt issuance costs categorized as assets on a straight-line basis over the term of the loan and amortizes the debt issuance costs that are categorized net of debt using the effective interest method, over the term of the loan.

Net Sales - Information about the Company’s net sales by class of retailer is as follows:

Three Months Ended

March 31,

2022

2021

Grocery, Mass and Club
$ 115,518 $ 79,071

Pet Specialty and Natural
16,654 14,342

Net Sales (a)
$ 132,171 $ 93,414

^(a) Online sales associated with each class of retailer are included within their respective total.

Recently Adopted Accounting Standards

The Company did not adopt any new Accounting Standard Updates during the quarter ended March 31, 2022.

Note 2 - Inventories

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Inventory Disclosure [Text Block]

Note 2 – Inventories:

	*March 31,*			*December 31,*
	*2022*			*2021*
Raw Materials and Work in Process	$	13,327		$	13,339
Packaging Components Material		4,386			2,823
Finished Goods		27,741			19,704
		45,454			35,866
Reserve for Obsolete Inventory		(143	)		(292	)
Inventories, net	$	45,311		$	35,574

Note 3 - Property, Plant and Equipment

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

Note 3 – Property, Plant and Equipment:

	*March 31,*			*December 31,*
	*2022*			*2021*
Refrigeration Equipment	$	123,208		$	122,063
Machinery and Equipment		144,957			140,471
Building, Land, and Improvements		152,608			150,927
Furniture and Office Equipment		8,252			8,844
Leasehold Improvements		1,319			1,319
Construction in Progress		354,712			273,880
		785,056			697,504
Less: Accumulated Depreciation		(121,213	)		(113,582	)
Property, plant and equipment, net	$	663,844		$	583,922

Depreciation expense related to property, plant and equipment totaled $7,947 for the three months ended March 31, 2022, of which $4,701 was recorded to cost of goods sold for the three months ended March 31, 2022, with the remainder of depreciation and amortization expense recorded to selling, general and administrative expense.

Depreciation expense related to property, plant and equipment totaled $6,585 for the three months ended March 31, 2021, of which $3,800 was recorded to cost of goods sold for the three months ended March 31, 2021, with the remainder of depreciation and amortization expense recorded to selling, general and administrative expense.

Note 4 - Accrued Expenses

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]

Note 4 – Accrued Expenses:

	*March 31,*		*December 31,*
	*2022*		*2021*
Accrued Compensation and Employee Related Costs	$	4,204	$	6,934
Accrued Chiller Cost		1,973		2,050
Accrued Customer Consideration		617		828
Accrued Freight		1,251		1,547
Accrued Production Expenses		2,418		1,862
Accrued Corporate and Marketing Expenses		1,942		1,081
Other Accrued Expenses		734		648
Accrued Expenses	$	13,139	$	14,950

Note 5 - Debt

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Debt Disclosure [Text Block]

Note 5 – Debt:

On February 19, 2021, the Company entered into the Sixth Amended and Restated Loan and Security Agreement ("Sixth Amendment"), which amended and restated in full the Company's Fifth Amended and Restated Loan and Security Agreement, dated as of April 17, 2020. The Sixth Amendment provides for a $350,000 senior secured credit facility (as amended the "Credit Facility"), encompassing a $300,000 delayed draw term loan facility (the "Delayed Draw Facility") and a $50,000 revolving loan facility (the "Revolving Loan Facility"), which replaced the Company's prior $130,000 delayed draw term loan facility and $35,000 revolving loan facility.

As of March 31, 2022, the Company had $51,000 debt outstanding under the Delayed Draw Facility.

In connection with entering into the Sixth Amendment, the Company incurred $3,166 of debt issuance cost, which is capitalized on the balance sheet and amortized over the life of the facility, and wrote off $485 of fees incurred from the prior credit facilities.

As of March 31, 2022, there was $1,995 of debt issuance cost recorded against the Long-Term debt, and 694 of debt issuance cost recorded against the Current Portion of Long-Term Debt related to the issuance costs of the Delayed Draw Facility. In addition, $285 of debt issuance costs recorded to other assets, and $99 was recorded in other current assets related to the issuance costs of the Revolving Loan Facility. See Note 11, Subsequent Events, for additional information on an amendment to the Sixth Amendment that was executed on April 29, 2022.

- 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.

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+ Details

Note 6 - Leases

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

Note 6 – Leases:

We have various noncancelable lease agreements for office and warehouse space, as well as office equipment, with original remaining lease terms of two years to nine years, some of which include an option to extend the lease term for up to five years. Because the Company is not reasonably certain to exercise these renewal options, the options are not considered in determining the lease term and associated potential option payments are excluded from lease payments. The Company’s leases generally do not include termination options for either party to the lease or restrictive financial or other covenants.

Weighted-average remaining lease term (in years) and discount rate related to operating leases were as follows:

Weighted-average remaining lease term			4.28
Weighted-average discount rate			6.15	%

As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date to determine the present value of lease payments.

Maturities of lease liabilities under noncancelable operating leases as of March 31, 2022 were as follows:

Operating Lease Obligations	*As of March 31, 2022*
2022 (a)	$	1,328
2023		1,802
2024		1,511
2025		1,210
2026 and beyond		1,576
Total lease payments	$	7,428
Less: Imputed interest		(623	)
Present value of lease liabilities	$	6,805

(a)

Excluding the three months ended March 31, 2022.

A summary of rent expense for the three months ended March 31, 2022 and 2021 was as follows:

	*Three Months Ended*
	*March 31,*
	*2022*		*2021*
Operating lease cost	$	438	$	447

Supplemental cash flow information and non-cash activity relating to operating leases are as follows:

	*Three Months Ended*
	*March 31,*
Operating cash flow information:	*2022*		*2021*
Cash paid for amounts included in the measurement of lease liabilities	$	435	$	434

Note 7 - Equity Incentive Plans

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

Note 7 – Equity Incentive Plans:

Total compensation cost for share-based payments recognized for the three months ended March 31, 2022 and 2021 was $6,295 and $6,151, respectively. During the three months ended March 31, 2022, 22 stock options were exercised. During the three months ended March 31, 2022, 80 service period restricted stock units were granted at a weighted average grant-date fair market value of $85.15. During the three months ended March 31, 2022, 17 restricted stock units vested.

Note 8 - Earnings Per Share Attributable to Common Stockholder

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 8 – Earnings Per Share Attributable to Common Stockholders:

Basic net earnings (loss) per share of common stock is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted net earnings (loss) per share of common stock is computed by giving effect to all potentially dilutive securities.

The potentially dilutive securities excluded from the determination of diluted loss per share, as their effect is antidilutive, are as follows:

	*Three Months Ended*
	*March 31,*
	*2022*		*2021*
Service Period Stock Options		1,262		1,318
Restricted Stock Units		167		199
Performance Stock Options		956		961
Total		2,385		2,478

For the three months ended March 31, 2022 and 2021, diluted net loss per share of common stock is the same as basic net loss per share of common stock, due to the fact that potentially dilutive securities would have an antidilutive effect as the Company incurred a net loss during such period.

Note 9 - Concentrations

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Concentration Risk Disclosure [Text Block]

Note 9 – Concentrations:

Concentration of Credit Risk—The Company maintains its cash balances in financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250 each. At times, such balances may be in excess of the FDIC insurance limit.

Note 10 - Commitments and Contingencies

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

Note 10 – Commitments and Contingencies:

We are currently involved in various claims and legal actions that arise in the ordinary course of our business, including claims resulting from employment related matters. None of these claims or proceedings, most of which are covered by insurance, are expected to have a material adverse effect on our business, financial condition, results of operations or cash flows. However, a significant increase in the number of these claims or an increase in amounts owing under successful claims could materially and adversely affect our business, financial condition, results of operations or cash flows.

Note 11 - Subsequent Events

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Subsequent Events [Text Block]

Note 11 – Subsequent Events:

The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued for recognition or disclosures.

With the Company's continuing expansion of its manufacturing capacity, the Company's borrowings under the Credit Facility increased by an additional $27,000 as of April 23, 2022 for aggregate debt outstanding of $78,000. On April 29, 2022, the Company entered into an amendment of the Sixth Amendment, by and among the Company, as borrower, City National Bank, as the arranger and administrative agent, and the lenders party thereto (the "Amendment"). The Amendment did not change the capacity of the $350,000 Credit Facility, encompassing a $300,000 Delayed Draw Term Loan Facility and the $50,000 Revolving Loan Facility. The Amendment, among other things, (i) made mechanical amendments to allow for the Company's projected Capital Expenditures (as defined in the Amendment) without either triggering mandatory prepayment obligations or violating the Capital Expenditure covenant and (ii) replaced the LIBOR interest rate for U.S. dollar loans to a term Secured Overnight Financing Rate (or "Term SOFR", as defined in the Amendment).

On April 8, 2022, Phillips Feed Service, Inc., d/b/a Phillips Feed And Pet Supply ("Phillips") filed a complaint against the Company in U.S. District Court for the Eastern District of Pennsylvania (Allentown Division) for damages allegedly sustained as a result of the termination of the Company's distribution arrangement with Phillips, a former distributor of Freshpet products. Phillips asserts a claim for breach of contract, and seeks monetary damages in excess of $8,300 based on a claimed "termination payment" under a 2018 "Letter Of Intent" and additional damages based on a claim for improper notice of termination. Phillips also claims a right of setoff with respect to monies owed by Phillips to the Company. The Company was recently served with Phillips' complaint but has not yet filed its answer and counterclaims. Management does not believe that the outcome of the litigation will have a material adverse effect on the Company's financial condition, results of operations or cash flows.

On April 27, 2022, the Company entered into a lease agreement with the intended use as a manufacturing innovation facility in Bethlehem, Pennsylvania near the Company's current Freshpet Kitchens. The lease has an initial term of approximately twenty years and is expected to commence in May 2023. The base rent under the lease agreement is approximately $900 per year for the first year, escalating 3.5% annually thereafter over the term.

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Nature of the Business [Policy Text Block]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation – The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). The unaudited consolidated financial statements include the accounts of the Company as well as the Company’s wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The interim unaudited consolidated financial statements have been prepared on the same basis as the annual audited consolidated financial statements and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). In the opinion of management, the interim unaudited financial statements reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2022, the results of its operations and changes to stockholders’ equity for the three months ended March 31, 2022 and 2021, and its cash flows for the three months ended March 31, 2022 and 2021. The results for the three months ended March 31, 2022, are not necessarily indicative of results to be expected for the year ending December 31, 2022, or any other interim periods, or any future year or period. All amounts included herein have been rounded except where otherwise stated. As figures are rounded, numbers presented throughout this document may not add up precisely to the totals we provide and percentages may not precisely reflect the absolute figures.

These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes in Item 8 of Part II, “Financial Statements and Supplementary Data,” of our Annual Report on Form 10-K for the year ended December 31, 2021.

Equity Method Investments [Policy Text Block]

Equity method investment – The Company utilizes the equity method to account for investments when the Company possesses the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. The ability to exercise significant influence is presumed when an investor possesses more than 20% of the voting interests of the investee. This presumption may be overcome based on specific facts and circumstances that demonstrate that the ability to exercise significant influence is restricted. The Company applies the equity method to investments in common stock and to other investments when such other investments possess substantially identical subordinated interests to common stock. The Company has elected to record its share of equity in income (losses) of equity method investment on a one-quarter lag based on the most recently available financial statements.

In applying the equity method, the Company records the investment at cost and subsequently increases or decreases the carrying amount of the investment by our proportionate share of the net income or loss.

On March 10, 2022, the Company invested $3,300 to maintain our 19% interest in a privately held company that operates in our industry, with our investments to date totaling $31,200. The Company concluded that it is not the primary beneficiary, which is primarily the result of the Company's conclusion that it does not have the power to direct activities that most significantly impact the economic performance. The Company accounts for the investment under the equity method of accounting based on our ability to exercise significant influence even though the Company's percentage of ownership is below 20%. The basis difference between the Company's carrying value of its investment and the amount of underlying equity in net assets of the privately held company is not material to the Company's consolidated financial statements.

Consolidation, Policy [Policy Text Block]

Variable interest entities – In accordance with the applicable accounting guidance for the consolidation of variable interest entities, the Company analyzes its variable interests to determine if an entity in which it has a variable interest is a variable interest entity. The Company's analysis includes both quantitative and qualitative reviews to determine if we must consolidate a variable interest entity as its primary beneficiary.

Use of Estimates, Policy [Policy Text Block]

Estimates and Uncertainties – The preparation of our consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used in determining, among other items, trade incentives, share-based compensation and useful lives for long-lived assets. Actual results, as determined at a later date, could differ from those estimates.

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value of Financial Instruments – Financial Accounting Standards Board (“FASB”) guidance specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement).

The three levels of the fair value hierarchy are as follows:

	•	Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 primarily consists of financial instruments whose value is based on quoted market prices such as exchange-traded instruments and listed equities.
	•	Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (e.g., quoted prices of similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active). Level 2 includes financial instruments that are valued using models or other valuation methodologies.
	•	Level 3 - Unobservable inputs for the asset or liability. Financial instruments are considered Level 3 when their fair values are determined using pricing models, discounted cash flows or similar techniques and at least one significant model assumption or input is unobservable.

The carrying amounts reported in the balance sheets for cash and cash equivalents, short-term investments, other receivables, accounts payable and accrued expenses approximate their fair value based on the short-term maturity of these instruments. Certain assets, including the equity method investment, right-of-use assets and property and equipment are also subject to measurement at fair value on a non-recurring basis if they are deemed to be impaired as a result of an impairment review.

As of March 31, 2022, the Company only maintained Level 1 assets and liabilities.

Receivable [Policy Text Block]

Trade accounts receivable – The allowance for doubtful accounts is based on the Company's assessment of the collectability of customer accounts. The Company regularly reviews the allowance by considering factors such as historical experience, credit quality, the age of the accounts receivable balances and current economic conditions that may affect a customer's ability to pay.

Restricted Stock Tax Withholdings [Policy Text Block]

Restricted Stock Tax Withholdings – To meet payroll tax withholdings obligations arising from the vesting of restricted stock units, the Company withheld 3 shares totaling $323 for the three months ended March 31, 2022, and withheld 10 shares totaling $1,529 for the three months ended March 31, 2021.

Debt Issuance Cost [Policy Text Block]

Debt Issuance Cost – During the first quarter of 2021, as part of the Sixth Amended and Restated Loan and Security Agreement, dated February 19, 2021, (as amended, the "New Loan Agreement"), the Company incurred an additional $3,263 of fees in 2021 associated with the debt modification, of which $2,797 of the fees were related to the Delayed Draw Term Loan (as defined below) with the remaining balance relating to the Revolving Loan Facility (as defined below). The Company also wrote down $485 of fees incurred from the prior credit facilities. The Company’s policy is to record the debt issuance cost related to the Delayed Draw Term Loan, net of debt, for the portion of the Delayed Draw Term Loan that is outstanding, with the remaining amount recorded within assets.

The Company amortizes debt issuance costs categorized as assets on a straight-line basis over the term of the loan and amortizes the debt issuance costs that are categorized net of debt using the effective interest method, over the term of the loan.

Revenue from Contract with Customer [Policy Text Block]

Net Sales - Information about the Company’s net sales by class of retailer is as follows:

	*Three Months Ended*
	*March 31,*
	*2022*		*2021*
Grocery, Mass and Club	$	115,518	$	79,071
Pet Specialty and Natural		16,654		14,342
Net Sales (a)	$	132,171	$	93,414

^(a) Online sales associated with each class of retailer are included within their respective total.

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Adopted Accounting Standards

The Company did not adopt any new Accounting Standard Updates during the quarter ended March 31, 2022.

Note 1 - Nature of the Business and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2022

Notes Tables

Disaggregation of Revenue [Table Text Block]

	*Three Months Ended*
	*March 31,*
	*2022*		*2021*
Grocery, Mass and Club	$	115,518	$	79,071
Pet Specialty and Natural		16,654		14,342
Net Sales (a)	$	132,171	$	93,414

Note 2 - Inventories (Tables)

3 Months Ended

Mar. 31, 2022

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	*March 31,*			*December 31,*
	*2022*			*2021*
Raw Materials and Work in Process	$	13,327		$	13,339
Packaging Components Material		4,386			2,823
Finished Goods		27,741			19,704
		45,454			35,866
Reserve for Obsolete Inventory		(143	)		(292	)
Inventories, net	$	45,311		$	35,574

Note 3 - Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2022

Notes Tables

Property, Plant and Equipment [Table Text Block]

	*March 31,*			*December 31,*
	*2022*			*2021*
Refrigeration Equipment	$	123,208		$	122,063
Machinery and Equipment		144,957			140,471
Building, Land, and Improvements		152,608			150,927
Furniture and Office Equipment		8,252			8,844
Leasehold Improvements		1,319			1,319
Construction in Progress		354,712			273,880
		785,056			697,504
Less: Accumulated Depreciation		(121,213	)		(113,582	)
Property, plant and equipment, net	$	663,844		$	583,922

Note 4 - Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2022

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

	*March 31,*		*December 31,*
	*2022*		*2021*
Accrued Compensation and Employee Related Costs	$	4,204	$	6,934
Accrued Chiller Cost		1,973		2,050
Accrued Customer Consideration		617		828
Accrued Freight		1,251		1,547
Accrued Production Expenses		2,418		1,862
Accrued Corporate and Marketing Expenses		1,942		1,081
Other Accrued Expenses		734		648
Accrued Expenses	$	13,139	$	14,950

Note 6 - Leases (Tables)

3 Months Ended

Mar. 31, 2022

Notes Tables

Lease, Cost [Table Text Block]

Weighted-average remaining lease term			4.28
Weighted-average discount rate			6.15	%

	*Three Months Ended*
	*March 31,*
	*2022*		*2021*
Operating lease cost	$	438	$	447

	*Three Months Ended*
	*March 31,*
Operating cash flow information:	*2022*		*2021*
Cash paid for amounts included in the measurement of lease liabilities	$	435	$	434

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Operating Lease Obligations	*As of March 31, 2022*
2022 (a)	$	1,328
2023		1,802
2024		1,511
2025		1,210
2026 and beyond		1,576
Total lease payments	$	7,428
Less: Imputed interest		(623	)
Present value of lease liabilities	$	6,805

Note 8 - Earnings Per Share Attributable to Common Stockholder (Tables)

3 Months Ended

Mar. 31, 2022

Notes Tables

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	*Three Months Ended*
	*March 31,*
	*2022*		*2021*
Service Period Stock Options		1,262		1,318
Restricted Stock Units		167		199
Performance Stock Options		956		961
Total		2,385		2,478

Note 1 - Nature of the Business and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands		3 Months Ended
	Mar. 10, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Payments to Acquire Equity Method Investments		$ 3,294	$ (0)
Equity Method Investments		27,840		$ 25,856
Payment, Tax Withholding, Share-Based Payment Arrangement		323	1,529
Credit Facility [Member]
Debt Issuance Costs, Net, Total		3,166
Credit Facility [Member] \| Revolving Credit Facility [Member]
Debt Issuance Costs, Net, Total			3,263
Draw Term Loan [Member]
Debt Issuance Costs, Net, Total			2,797
Amortization of Debt Issuance Costs		$ 485	$ 485
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares)		3	10
Payment, Tax Withholding, Share-Based Payment Arrangement		$ 323	$ 1,529
Privately Held Company, Not Primary Beneficiary [Member]
Payments to Acquire Equity Method Investments	$ 3,300,000
Equity Method Investment, Ownership Percentage	19.00%
Equity Method Investments	$ 31,200,000

Note 1 - Nature of the Business and Summary of Significant Accounting Policies - Net Sales by Class of Retailer (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Net Sales

^[1]

$ 132,171

$ 93,414

Grocery (including Online), Mass and Club [Member]

Net Sales

115,518

79,071

Pet Specialty and Natural [Member]

Net Sales

$ 16,654

$ 14,342

[1]	Online sales associated with each class of retailer are included within their respective total.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Note 2 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Raw Materials and Work in Process	$ 13,327	$ 13,339
Packaging Components Material	4,386	2,823
Finished Goods	27,741	19,704
Inventory, Gross, Total	45,454	35,866
Reserve for Obsolete Inventory	(143)	(292)
Inventories, net	$ 45,311	$ 35,574

Note 3 - Property, Plant and Equipment (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Depreciation, Depletion and Amortization, Total	$ 7,947	$ 6,585
Cost of Sales [Member]
Depreciation, Depletion and Amortization, Total	$ 4,701	$ 3,800

Note 3 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property, plant and equipment, gross	$ 785,056	$ 697,504
Less: Accumulated Depreciation	(121,213)	(113,582)
Property, plant and equipment, net	663,844	583,922
Refrigeration Equipment [Member]
Property, plant and equipment, gross	123,208	122,063
Machinery and Equipment [Member]
Property, plant and equipment, gross	144,957	140,471
Land, Buildings and Improvements [Member]
Property, plant and equipment, gross	152,608	150,927
Furniture and Office Equipment [Member]
Property, plant and equipment, gross	8,252	8,844
Leasehold Improvements [Member]
Property, plant and equipment, gross	1,319	1,319
Construction in Progress [Member]
Property, plant and equipment, gross	$ 354,712	$ 273,880

Note 4 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accrued Compensation and Employee Related Costs	$ 4,204	$ 6,934
Accrued Chiller Cost	1,973	2,050
Accrued Customer Consideration	617	828
Accrued Freight	1,251	1,547
Accrued Production Expenses	2,418	1,862
Accrued Corporate and Marketing Expenses	1,942	1,081
Other Accrued Expenses	734	648
Accrued Expenses	$ 13,139	$ 14,950

Note 5 - Debt (Details Textual) - USD ($) $ in Thousands	3 Months Ended
Note 5 - Debt (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021	Apr. 29, 2022	Apr. 23, 2022	Feb. 19, 2021	Apr. 17, 2020
Credit Facility [Member]
Debt Agreement, Maximum Borrowing Capacity					$ 350,000
Long-Term Debt, Total	$ 51,000
Debt Issuance Costs, Net, Total	3,166
Credit Facility [Member] \| Subsequent Event [Member]
Debt Agreement, Maximum Borrowing Capacity			$ 350,000
Long-Term Debt, Total				$ 78,000
Credit Facility [Member] \| Other Assets [Member]
Debt Issuance Costs, Net, Total	1,995
Credit Facility [Member] \| Other Assets [Member] \| Subsequent Event [Member]
Debt Issuance Costs, Net, Total			285
Credit Facility [Member] \| Other Current Assets [Member]
Debt Issuance Costs, Net, Total	694
Credit Facility [Member] \| Other Current Assets [Member] \| Subsequent Event [Member]
Debt Issuance Costs, Net, Total			99
Credit Facility [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity						$ 35,000
Debt Issuance Costs, Net, Total		$ 3,263
Credit Facility [Member] \| Revolving Credit Facility [Member] \| Subsequent Event [Member]
Line of Credit Facility, Maximum Borrowing Capacity			50,000
Credit Facility [Member] \| Draw Term Loan [Member]
Long-Term Debt, Total						$ 130,000
Credit Facility [Member] \| Draw Term Loan [Member] \| Subsequent Event [Member]
Long-Term Debt, Total			$ 300,000
Draw Term Loan [Member]
Debt Issuance Costs, Net, Total		2,797
Amortization of Debt Issuance Costs	$ 485	$ 485

Note 6 - Leases (Details Textual)	Mar. 31, 2022
Lessee, Operating Lease, Renewal Term (Year)	5 years
Minimum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	2 years
Maximum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	9 years

Note 6 - Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Weighted-average remaining lease term (Year)	4 years 3 months 10 days
Weighted-average discount rate	6.15%
Operating lease cost	$ 438	$ 447
Cash paid for amounts included in the measurement of lease liabilities	$ 435	$ 434

Note 6 - Leases - Maturities of Lease Liabilities (Details)
$ in Thousands

Mar. 31, 2022

USD ($)

2022 (a)

$ 1,328

^[1]

1,802

1,511

1,210

1,576

7,428

Less: Imputed interest

(623)

Present value of lease liabilities

$ 6,805

[1]	Excluding the three months ended March 31, 2022.

Note 7 - Equity Incentive Plans (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-Based Payment Arrangement, Expense	$ 6,295	$ 6,151
Performance Based Restricted Stock Units [Member]
Unrecognized Compensation Costs, Performance Based Awards (in shares)	22
Service Period Restricted Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	80
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 85.15
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)	17

Note 8 - Earnings Per Share Attributable to Common Stockholder - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities (in shares)	2,385	2,478
Service Period Stock Options [Member]
Antidilutive Securities (in shares)	1,262	1,318
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities (in shares)	167	199
Performance Stock Options [Member]
Antidilutive Securities (in shares)	956	961

Note 9 - Concentrations (Details Textual) $ in Thousands	Mar. 31, 2022 USD ($)
Maximum [Member]
Cash, FDIC Insured Amount	$ 250

Note 11 - Subsequent Events (Details Textual) - USD ($) $ in Millions	Apr. 27, 2022	Apr. 23, 2022	Apr. 08, 2022	Apr. 29, 2022	Mar. 31, 2022	Feb. 19, 2021	Apr. 17, 2020
Subsequent Event [Member] \| Manufacturing Innovation Facility in Bethlehem, Pennsylvania [Member]
Lessee, Operating Lease, Term of Contract (Year)	20 years
Lessee, Operating Lease, Yearly Payment	$ 0.9
Lessee, Operating Lease, Annual Payment Increase, Percent	3.50%
Subsequent Event [Member] \| Phillips Feed Service, Inc., d/b/a Phillips Feed And Pet Supply Complaint [Member]
Loss Contingency, Damages Sought, Value			$ 8.3
Credit Facility [Member]
Long-Term Debt, Total					$ 51.0
Debt Agreement, Maximum Borrowing Capacity						$ 350.0
Credit Facility [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity							$ 35.0
Credit Facility [Member] \| Draw Term Loan [Member]
Long-Term Debt, Total							$ 130.0
Credit Facility [Member] \| Subsequent Event [Member]
Line of Credit Facility, Increase (Decrease), Net, Total		$ 27,000.0
Long-Term Debt, Total		$ 78.0
Debt Agreement, Maximum Borrowing Capacity				$ 350.0
Credit Facility [Member] \| Subsequent Event [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity				50.0
Credit Facility [Member] \| Subsequent Event [Member] \| Draw Term Loan [Member]
Long-Term Debt, Total				$ 300.0