Westrock Coffee Co

For the period ended Mar 31, 2024. Filed May 9, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 9, 2024

WEST$8.99-13.3%Stored close · as of Nov 6, 2026

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Contents

19. Segment Information

Note 19. Segment Information

Ourtwo operating segments, Beverage Solutions and Sustainable Sourcing & Traceability, are evaluated using Adjusted EBITDA, which is a segment performance measure we define as net 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 acquisition, transaction 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 the fair value of warrant liabilities, non-cash mark-to-market adjustments, certain costs

specifically excluded from the calculation of EBITDA under our material debt agreements, such as facility start-up costs, 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 March 31, 2024
· · · Sustainable · · · Total of
· · Beverage · · Sourcing & · · Intersegment · · Reportable
(Thousands) · · Solutions · · Traceability · · Revenues · · Segments
Net sales	$158,059	$36,320	$(1,879)	$192,500

Adjusted EBITDA	10,800	342	n/a	11,142
Less:
Interest expense				7,579
Income tax expense (benefit)				5,815
Depreciation and amortization				7,548
Transaction, restructuring and integration expense				2,964
Change in fair value of warrant liabilities				(41)
Equity-based compensation				2,455
Conway extract and ready-to-drink facility start-up costs				9,796
Mark-to-market adjustments				(1,640)
Loss (gain) on disposal of property, plant and equipment				2
Other				337
Net income (loss)				$(23,673)

Total assets	917,091	66,165	n/a	983,256


· · Three Months Ended March 31, 2023
· · · Sustainable · · · Total of
· · Beverage · · Sourcing & · · Intersegment · · Reportable
(Thousands) · · Solutions · · Traceability · · Revenues · · Segments
Net sales	$181,209	$25,391	$(1,158)	$205,442

Adjusted EBITDA	8,421	32	n/a	8,453
Less:
Interest expense				6,029
Income tax expense (benefit)				(4,359)
Depreciation and amortization				5,874
Transaction, restructuring and integration expense				6,644
Change in fair value of warrant liabilities				(5,529)
Management and consulting fees (S&D Coffee, Inc. acquisition)				556
Equity-based compensation				1,548
Conway extract and ready-to-drink facility start-up costs				1,869
Mark-to-market adjustments				(1,236)
Loss (gain) on disposal of property, plant and equipment				896
Other				487
Net loss				$(4,326)

Total assets	688,403	84,898	n/a	773,301

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