Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Principal Market
The Company’s common stock trades on the Nasdaq Global Select Market under the symbol, “MNST”. As of February 19, 2021, there were 528,137,036 shares of the Company’s common stock outstanding held by approximately 188 holders of record. The holders of record do not include those stockholders whose shares are held of record by banks, brokers and other financial institutions.
Stock Price and Dividend Information
We have not paid cash dividends to our stockholders since our inception and do not anticipate paying cash dividends in the foreseeable future.
On February 26, 2019, the Company’s Board of Directors authorized a share repurchase program for the purchase of up to $500.0 million of the Company’s outstanding common stock (the “February 2019 Repurchase Plan”). During the year ended December 31, 2020, the Company purchased 0.6 million shares of common stock at an average purchase price of $58.16 per share, for a total amount of $36.6 million (excluding broker commissions), which exhausted the availability under the February 2019 Repurchase Plan. Such shares are included in common stock in treasury in the accompanying consolidated balance sheet at December 31, 2020.
On November 6, 2019, the Company’s Board of Directors authorized a new share repurchase program for the purchase of up to $500.0 million of the Company’s outstanding common stock (the “November 2019 Repurchase Plan”). During the year ended December 31, 2020, the Company purchased 9.1 million shares of common stock at an average purchase price of $54.86 per share, for a total amount of $499.9 million (excluding broker commissions), which exhausted the availability under the November 2019 Repurchase Plan. Such shares are included in common stock in treasury in the accompanying consolidated balance sheet at December 31, 2020.
On March 13, 2020, the Company’s Board of Directors authorized a new share repurchase program for the purchase of up to $500.0 million of the Company’s outstanding common stock (the “March 2020 Repurchase Plan”). During the year ended December 31, 2020, the Company purchased 1.0 million shares of common stock at an average purchase price of $55.85 per share, for a total amount of $58.5 million (excluding broker commissions), under the March 2020 Repurchase Plan. Such shares are included in common stock in treasury in the accompanying consolidated balance sheet at December 31, 2020. As of March 1, 2021, $441.5 million remained available for repurchase under the March 2020 Repurchase Plan.
During the year ended December 31, 2020, 0.02 million shares of common stock were purchased from employees in lieu of cash payments for options exercised or withholding taxes due for a total amount of $1.0 million. While such purchases are considered common stock repurchases, they are not counted as purchases against the Company’s authorized share repurchase programs. Such shares are included in common stock in treasury in the accompanying consolidated balance sheet at December 31, 2020.
No shares were repurchased during the quarter ended December 31, 2020.
40
Table of Contents
Performance Graph
The following graph shows a five-year comparison of cumulative total returns: 1
1 Annual return assumes reinvestment of dividends. Cumulative total return assumes an initial investment of $100 on December 31, 2015. The Company’s self-selected peer group is comprised of TCCC, Dr. Pepper Snapple Group, Inc. (through July 9, 2018), Keurig Dr. Pepper Inc. (after July 10, 2018), National Beverage Corporation, Jones Soda Company and PepsiCo, Inc.
41
Table of Contents
ITEM 6. SELECTED FINANCIAL DATA
The consolidated statements of operations data set forth below with respect to each of the fiscal years ended December 31, 2018 through 2020 and the balance sheet data as of December 31, 2020 and 2019, are derived from our audited consolidated financial statements included herein, and should be read in conjunction with those financial statements and notes thereto, and with Management’s Discussion and Analysis of Financial Condition and Results of Operations included as Part II, Item 7 of this Annual Report on Form 10-K. The consolidated statements of operations data for the fiscal years ended December 31, 2017 and 2016 and the balance sheet data as of December 31, 2018, 2017 and 2016 are derived from the Company’s audited consolidated financial statements not included herein.
(in thousands, except per share information)
2020
2019
2018
2017
2016
Net sales 1
$
4,598,638
$
4,200,819
$
3,807,183
$
3,369,045
$
3,049,393
Gross profit 1
$
2,723,880
$
2,518,585
$
2,295,375
$
2,137,690
$
1,942,000
Gross profit as a percentage to net sales
59.2%
60.0%
60.3%
63.5%
63.7%
Operating income 1,2
$
1,633,153
$
1,402,939
$
1,283,619
$
1,198,787
$
1,085,338
Net income 1,2
$
1,409,594
$
1,107,835
$
993,004
$
820,678
$
712,685
Net income per common share:
Basic
$
2.66
$
2.04
$
1.78
$
1.45
$
1.21
Diluted
$
2.64
$
2.03
$
1.76
$
1.42
$
1.19
Cash, cash equivalents and investments
$
2,106,058
$
1,343,925
$
958,163
$
1,203,921
$
600,530
Total assets
$
6,202,716
$
5,150,352
$
4,526,891
$
4,791,012
$
4,153,471
Stockholders’ equity
$
5,160,860
$
4,171,281
$
3,610,901
$
3,895,212
$
3,329,709
¹ Includes $42.1 million, $46.3 million, $44.3 million, $43.4 million and $40.3 million for the years ended December 31, 2020, 2019, 2018, 2017 and 2016, respectively, related to the recognition of deferred revenue.
2 Includes $0.2 million, $11.3 million, $26.6 million, $35.4 million and $79.8 million for the years ended December 31, 2020, 2019, 2018, 2017 and 2016, respectively, related to expenditures attributable to the costs associated with terminating existing distributors .
42
Table of Contents