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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________________________________________________
FORM 10-Q
(Mark one)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________________ to _______________________.
Commission File Number: 001-38180
__________________________________________________________________________
HF FOODS GROUP INC.
(Exact name of registrant as specified in its charter)
| | | | | |
Delaware (State or other jurisdiction of incorporation or organization) | 81-2717873 (I.R.S. Employer Identification No.) |
|
6325 South Rainbow Boulevard, Suite 420, Las Vegas, NV 89118 |
(Address of principal executive offices) (Zip Code) |
(888) 905-0988
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading Symbol | Name of each exchange on which registered |
Common Stock, $0.0001 par value | HFFG | Nasdaq Capital Market |
Preferred Share Purchase Rights | N/A | Nasdaq Capital Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | |
Large accelerated filer | ☐ | Accelerated filer | ☒ |
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of August 5, 2024, the registrant had 52,730,183 shares of common stock outstanding.
HF Foods Group Inc. and Subsidiaries
Form 10-Q for the Quarter Ended June 30, 2024
Table of Contents
| | | | | | | | |
Description | Page |
| |
| | |
Item 1. | | |
| | |
| | |
| | |
| | |
| | |
Item 2. | | |
Item 3. | | |
Item 4. | | |
| | |
| | |
Item 1. | | |
Item 1A. | | |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |
Item 3. | | |
Item 4. | | |
Item 5. | | |
Item 6. | | |
| | |
| |
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements.
HF Foods Group Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
| | | | | | | | | | | |
| June 30, 2024 | | December 31, 2023 |
ASSETS | | | |
CURRENT ASSETS: | | | |
Cash | $ | 13,968 | | | $ | 15,232 | |
Accounts receivable, net of allowances of $2,077 and $2,119 | 50,867 | | | 47,524 | |
Accounts receivable - related parties | 548 | | | 308 | |
Inventories | 119,232 | | | 105,618 | |
Prepaid expenses and other current assets | 8,996 | | | 10,145 | |
TOTAL CURRENT ASSETS | 193,611 | | | 178,827 | |
Property and equipment, net | 143,538 | | | 133,136 | |
Operating lease right-of-use assets | 16,006 | | | 12,714 | |
Long-term investments | 2,390 | | | 2,388 | |
Customer relationships, net | 141,898 | | | 147,181 | |
Trademarks, trade names and other intangibles, net | 27,768 | | | 30,625 | |
Goodwill | 85,118 | | | 85,118 | |
| | | |
Other long-term assets | 6,538 | | | 6,531 | |
TOTAL ASSETS | $ | 616,867 | | | $ | 596,520 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | | | |
CURRENT LIABILITIES: | | | |
Checks issued not presented for payment | $ | 6,452 | | | $ | 4,494 | |
Line of credit | 66,350 | | | 58,564 | |
Accounts payable | 62,497 | | | 51,617 | |
Accounts payable - related parties | 651 | | | 397 | |
Current portion of long-term debt, net | 5,414 | | | 5,450 | |
Current portion of obligations under finance leases | 3,025 | | | 1,749 | |
Current portion of obligations under operating leases | 4,116 | | | 3,706 | |
Accrued expenses and other liabilities | 15,554 | | | 17,287 | |
TOTAL CURRENT LIABILITIES | 164,059 | | | 143,264 | |
Long-term debt, net of current portion | 106,000 | | | 108,711 | |
| | | |
Obligations under finance leases, non-current | 17,434 | | | 11,229 | |
Obligations under operating leases, non-current | 12,219 | | | 9,414 | |
Deferred tax liabilities | 28,204 | | | 29,028 | |
Other long-term liabilities | 160 | | | 6,891 | |
TOTAL LIABILITIES | 328,076 | | | 308,537 | |
COMMITMENTS AND CONTINGENCIES (Note 13) | | | |
SHAREHOLDERS’ EQUITY: | | | |
Series A Participating Preferred Stock, par value $0.001; 100,000 shares authorized, no shares issued and outstanding | — | | | — | |
Preferred Stock, $0.001 par value; 1,000,000 shares authorized; no shares issued and outstanding | — | | | — | |
Common Stock, $0.0001 par value; 100,000,000 shares authorized; 54,668,169 and 54,153,391 shares issued and 52,670,746 and 52,155,968 shares outstanding as of June 30, 2024 and December 31, 2023, respectively | 5 | | | 5 | |
Treasury stock, at cost; 1,997,423 shares as of June 30, 2024 and December 31, 2023 | (7,750) | | | (7,750) | |
Additional paid-in capital | 603,454 | | | 603,094 | |
Accumulated deficit | (309,365) | | | (308,688) | |
TOTAL SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO HF FOODS GROUP INC. | 286,344 | | | 286,661 | |
Noncontrolling interests | 2,447 | | | 1,322 | |
TOTAL SHAREHOLDERS’ EQUITY | 288,791 | | | 287,983 | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 616,867 | | | $ | 596,520 | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
1
HF Foods Group Inc. and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(In thousands, except share and per share data)
(Unaudited)
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| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 | | |
Net revenue - third parties | $ | 301,331 | | | $ | 290,364 | | | $ | 596,167 | | | $ | 581,926 | | | |
Net revenue - related parties | 1,011 | | | 1,948 | | | 1,829 | | | 4,241 | | | |
TOTAL NET REVENUE | 302,342 | | | 292,312 | | | 597,996 | | | 586,167 | | | |
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Cost of revenue - third parties | 248,957 | | | 239,724 | | | 493,441 | | | 481,181 | | | |
Cost of revenue - related parties | 920 | | | 1,922 | | | 1,679 | | | 4,148 | | | |
TOTAL COST OF REVENUE | 249,877 | | | 241,646 | | | 495,120 | | | 485,329 | | | |
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GROSS PROFIT | 52,465 | | | 50,666 | | | 102,876 | | | 100,838 | | | |
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Distribution, selling and administrative expenses | 49,840 | | | 52,243 | | | 100,336 | | | 105,172 | | | |
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INCOME (LOSS) FROM OPERATIONS | 2,625 | | | (1,577) | | | 2,540 | | | (4,334) | | | |
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Interest expense | 3,119 | | | 2,847 | | | 5,953 | | | 5,715 | | | |
Other expense (income), net | 3,466 | | | (127) | | | 3,372 | | | (355) | | | |
Change in fair value of interest rate swap contracts | (361) | | | (2,856) | | | (2,331) | | | (110) | | | |
Lease guarantee income | (5,433) | | | (90) | | | (5,548) | | | (210) | | | |
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INCOME (LOSS) BEFORE INCOME TAXES | 1,834 | | | (1,351) | | | 1,094 | | | (9,374) | | | |
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Income tax expense (benefit) | 1,599 | | | 209 | | | 1,418 | | | (2,017) | | | |
NET INCOME (LOSS) AND COMPREHENSIVE LOSS | 235 | | | (1,560) | | | (324) | | | (7,357) | | | |
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Less: net income (loss) attributable to noncontrolling interests | 218 | | | (710) | | | 353 | | | (574) | | | |
NET INCOME (LOSS) AND COMPREHENSIVE LOSS ATTRIBUTABLE TO HF FOODS GROUP INC. | $ | 17 | | | $ | (850) | | | $ | (677) | | | $ | (6,783) | | | |
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EARNINGS (LOSS) PER COMMON SHARE - BASIC | $ | 0.00 | | | $ | (0.02) | | | $ | (0.01) | | | $ | (0.13) | | | |
EARNINGS (LOSS) PER COMMON SHARE - DILUTED | $ | 0.00 | | | $ | (0.02) | | | $ | (0.01) | | | $ | (0.13) | | | |
WEIGHTED AVERAGE SHARES - BASIC | 52,585,715 | | | 54,046,328 | | | 52,370,842 | | | 53,935,178 | | | |
WEIGHTED AVERAGE SHARES - DILUTED | 52,661,119 | | | 54,046,328 | | | 52,370,842 | | | 53,935,178 | | | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
2
HF Foods Group Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
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| Six Months Ended June 30, |
| 2024 | | 2023 | | |
Cash flows from operating activities: | | | | | |
Net loss | $ | (324) | | | $ | (7,357) | | | |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | | | | | |
Depreciation and amortization expense | 13,266 | | | 13,129 | | | |
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Asset impairment charges | — | | | 1,200 | | | |
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Provision for credit losses | (40) | | | 56 | | | |
Deferred tax benefit | (824) | | | (1,324) | | | |
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Change in fair value of interest rate swap contracts | (2,331) | | | (110) | | | |
Stock-based compensation | 1,260 | | | 1,848 | | | |
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Non-cash lease expense | 1,930 | | | 1,916 | | | |
Lease guarantee income | (5,548) | | | (210) | | | |
Other non-cash expense | 485 | | | 389 | | | |
Changes in operating assets and liabilities: | | | | | |
Accounts receivable | (3,303) | | | (1,456) | | | |
Accounts receivable - related parties | (240) | | | (394) | | | |
Inventories | (13,614) | | | 9,225 | | | |
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Prepaid expenses and other current assets | 1,149 | | | (3,545) | | | |
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Other long-term assets | 723 | | | (1,519) | | | |
Accounts payable | 10,880 | | | (667) | | | |
Accounts payable - related parties | 254 | | | (659) | | | |
Operating lease liabilities | (2,007) | | | (1,765) | | | |
Accrued expenses and other liabilities | (1,733) | | | (25) | | | |
Net cash (used in) provided by operating activities | (17) | | | 8,732 | | | |
Cash flows from investing activities: | | | | | |
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Purchase of property and equipment | (6,331) | | | (1,522) | | | |
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Net cash used in investing activities | (6,331) | | | (1,522) | | | |
Cash flows from financing activities: | | | | | |
Payments for tax withholding related to vested stock awards | (128) | | | — | | | |
Checks issued not presented for payment | 1,958 | | | (1,072) | | | |
Proceeds from line of credit | 735,717 | | | 594,916 | | | |
Repayment of line of credit | (727,958) | | | (605,826) | | | |
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Repayment of long-term debt | (2,768) | | | (3,172) | | | |
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Repayment of obligations under finance leases | (1,737) | | | (1,399) | | | |
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Net cash provided by (used in) financing activities | 5,084 | | | (16,553) | | | |
Net decrease in cash | (1,264) | | | (9,343) | | | |
Cash at beginning of the period | 15,232 | | | 24,289 | | | |
Cash at end of the period | $ | 13,968 | | | $ | 14,946 | | | |
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Supplemental disclosure of non-cash investing and financing activities: | | | | | |
Right-of-use assets obtained in exchange for operating lease liabilities | $ | 5,222 | | | $ | 88 | | | |
Property acquired in exchange for finance leases | 9,218 | | | 1,059 | | | |
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Dissolution of noncontrolling interests | 772 | | | — | | | |
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The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
3
HF Foods Group Inc. and Subsidiaries
Condensed Consolidated Statements of Changes in Shareholders' Equity
(In thousands, except share data)
(Unaudited)
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| Common Stock | | Treasury Stock | | Additional Paid-in Capital | | Accumulated Deficit | | Total Shareholders’ Equity Attributable to HF Foods Group Inc. | | Noncontrolling Interests | | Total Shareholders’ Equity |
| Shares | | Amount | | Shares | | Amount | | | | | |
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Balance at January 1, 2023 | 53,813,777 | | | $ | 5 | | | — | | | $ | — | | | $ | 598,322 | | | $ | (306,514) | | | $ | 291,813 | | | $ | 4,436 | | | $ | 296,249 | |
Net (loss) income | — | | | — | | | — | | | — | | | — | | | (5,933) | | | (5,933) | | | 136 | | | (5,797) | |
Issuance of common stock pursuant to equity compensation plan | 37,847 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Shares withheld for tax withholdings on vested awards | (7,132) | | | — | | | — | | | — | | | (34) | | | — | | | (34) | | | — | | | (34) | |
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Stock-based compensation | — | | | — | | | — | | | — | | | 1,096 | | | — | | | 1,096 | | | — | | | 1,096 | |
Balance at March 31, 2023 | 53,844,492 | | | $ | 5 | | | — | | | $ | — | | | $ | 599,384 | | | $ | (312,447) | | | $ | 286,942 | | | $ | 4,572 | | | $ | 291,514 | |
Net loss | — | | | — | | | — | | | — | | | | | (850) | | | (850) | | | (710) | | | (1,560) | |
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Issuance of common stock pursuant to equity compensation plan | 269,113 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Shares withheld for tax withholdings on vested awards | (27,441) | | | — | | | — | | | — | | | (106) | | | — | | | (106) | | | — | | | (106) | |
Stock-based compensation | — | | | — | | | — | | | — | | | 752 | | | — | | | 752 | | | — | | | 752 | |
Balance at June 30, 2023 | 54,086,164 | | | $ | 5 | | | — | | | $ | — | | | $ | 600,030 | | | $ | (313,297) | | | $ | 286,738 | | | $ | 3,862 | | | $ | 290,600 | |
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Balance at January 1, 2024 | 54,153,391 | | | $ | 5 | | | 1,997,423 | | | $ | (7,750) | | | $ | 603,094 | | | $ | (308,688) | | | $ | 286,661 | | | $ | 1,322 | | | $ | 287,983 | |
Net (loss) income | — | | | — | | | — | | | — | | | — | | | (694) | | | (694) | | | 135 | | | (559) | |
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Stock-based compensation | — | | | — | | | — | | | — | | | 738 | | | — | | | 738 | | | — | | | 738 | |
Balance at March 31, 2024 | 54,153,391 | | | $ | 5 | | | 1,997,423 | | | $ | (7,750) | | | $ | 603,832 | | | $ | (309,382) | | | $ | 286,705 | | | $ | 1,457 | | | $ | 288,162 | |
Net income | — | | | — | | | — | | | — | | | — | | | 17 | | | 17 | | | 218 | | | 235 | |
Issuance of common stock pursuant to equity compensation plan | 555,181 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Shares withheld for tax withholdings on vested awards | (40,403) | | | — | | | — | | | — | | | (128) | | | — | | | (128) | | | — | | | (128) | |
Dissolution of noncontrolling interests | | | | | | | | | (772) | | | | | (772) | | | 772 | | | — | |
Stock-based compensation | — | | | — | | | — | | | — | | | 522 | | | — | | | 522 | | | — | | | 522 | |
Balance at June 30, 2024 | 54,668,169 | | | $ | 5 | | | 1,997,423 | | | $ | (7,750) | | | $ | 603,454 | | | $ | (309,365) | | | $ | 286,344 | | | $ | 2,447 | | | $ | 288,791 | |
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The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
4
HF Foods Group Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements
Note 1 - Organization and Description of Business
Organization and General
HF Foods Group Inc. and subsidiaries (collectively “HF Foods” or the “Company”) is an Asian foodservice distributor that markets and distributes fresh produce, seafood, frozen and dry food, and non-food products to primarily Asian restaurants and other foodservice customers throughout the United States. The Company's business consists of one operating segment, which is also its one reportable segment: HF Foods, which operates solely in the United States. The Company's customer base consists primarily of Asian restaurants, and it provides sales and service support to customers who mainly converse in Mandarin or Chinese dialects.
Note 2 - Summary of Significant Accounting Policies
Basis of Presentation and Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. All adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.
The condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto that are included in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 26, 2024 (the “2023 Annual Report”). There have been no material changes to the Company’s significant accounting policies as compared to the significant accounting policies described in the 2023 Annual Report.
All significant intercompany balances and transactions have been eliminated in consolidation. For consolidated entities where we own or are exposed to less than 100% of the economics, the Company records net income (loss) attributable to noncontrolling interest in its condensed consolidated statements of operations and comprehensive loss equal to the percentage of the economic or ownership interest retained in such entity by the respective noncontrolling party.
Variable Interest Entities
GAAP provides guidance on the identification of a variable interest entity (“VIE”) and financial reporting for an entity over which control is achieved through means other than voting interests. The Company evaluates each of its interests in an entity to determine whether or not the investee is a VIE and, if so, whether the Company is the primary beneficiary of such VIE. In determining whether the Company is the primary beneficiary, the Company considers if the Company (1) has power to direct the activities that most significantly affect the economic performance of the VIE, and (2) has the obligation to absorb losses or the right to receive the economic benefits of the VIE that could be potentially significant to the VIE. If deemed the primary beneficiary, the Company consolidates the VIE.
The Company previously disclosed one VIE, AnHeart, Inc. (“AnHeart”), for which the Company was not the primary beneficiary and therefore did not consolidate. During the three months ended June 30, 2024, the Company assumed the lease for which AnHeart was a lessee and the Company was a guarantor, and as such, it no longer recognizes AnHeart as a VIE as of June 30, 2024. See Note 13 - Commitments and Contingencies for additional information on AnHeart.
Noncontrolling Interests
GAAP requires that noncontrolling interests in subsidiaries and affiliates be reported in the equity section of the Company’s condensed consolidated balance sheets. In addition, the amounts attributable to the net income (loss) of those noncontrolling interests are reported separately in the condensed consolidated statements of operations and comprehensive loss.
As of June 30, 2024 and December 31, 2023, noncontrolling interest equity consisted of the following:
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($ in thousands) | | Ownership of noncontrolling interest at June 30, 2024 | | June 30, 2024 | | December 31, 2023 |
HF Foods Industrial, LLC ("HFFI")(a) | | —% | | $ | — | | | $ | (759) | |
Min Food, Inc. | | 39.75% | | 2,078 | | | 1,715 | |
Monterey Food Service, LLC | | 35.00% | | 369 | | | 366 | |
Total | | | | $ | 2,447 | | | $ | 1,322 | |
_______________
(a)During the quarter ended June 30, 2024, upon dissolution of HFFI, the Company assumed HFFI’s remaining assets and liabilities. In accordance with ASC Topic 810 (“ASC 810”), Consolidation, changes in a parent’s ownership interest while the parent retains its controlling financial interest in its subsidiary shall be accounted for as equity transactions. No gain or loss was recognized. As a result of this transaction, noncontrolling interest of $0.8 million was reclassified to additional paid-in capital on the condensed consolidated balance sheets.
Uses of Estimates
The preparation of condensed consolidated financial statements in conformity with 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 condensed consolidated financial statements and the reported amounts of revenue and expenses during each reporting period. Actual results could differ from those estimates. Significant accounting estimates reflected in the Company’s condensed consolidated financial statements include, but are not limited to, inventory reserves, impairment of long-lived assets, impairment of goodwill, and the purchase price allocation and fair value of assets and liabilities acquired with respect to business combinations.
Recent Accounting Pronouncements
In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires enhanced disclosures about segment expenses on an annual and interim basis. This standard is effective for the Company’s consolidated financial statements for the year ending December 31, 2024 and for interim periods beginning in 2025. The impact of the adoption of this ASU is not expected to have a material effect on the Company’s financial position, or operations, however, the Company is currently evaluating the impact of this standard on its disclosures to the consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (“Topic 740”): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities to disclose specific categories in its annual effective tax rate reconciliation and disaggregated information about significant reconciling items by jurisdiction and by nature. ASU 2023-09 also requires entities to disclose their income tax payments (net of refunds) to international, federal, and state and local jurisdictions. This guidance is effective for fiscal years beginning after December 15, 2024, and requires prospective application with the option to apply it retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on the consolidated financial statements and disclosures.
Note 3 - Revenue
The following table presents the Company's net revenue disaggregated by principal product categories:
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| | Three Months Ended June 30, | | Six Months Ended June 30, |
($ in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | | |
Seafood | | $ | 99,530 | | | 33 | % | | $ | 91,382 | | | 31 | % | | $ | 193,925 | | | 32 | % | | $ | 184,272 | | | 32 | % | | | | |
Asian Specialty | | 77,493 | | | 26 | % | | 76,337 | | | 26 | % | | 157,702 | | | 26 | % | | 154,161 | | | 26 | % | | | | |
Meat and Poultry | | 63,792 | | | 20 | % | | 56,012 | | | 19 | % | | 121,542 | | | 20 | % | | 108,061 | | | 18 | % | | | | |
Produce | | 32,171 | | | 11 | % | | 31,636 | | | 11 | % | | 64,254 | | | 11 | % | | 63,847 | | | 11 | % | | | | |
Packaging and Other | | 15,645 | | | 5 | % | | 18,037 | | | 6 | % | | 32,019 | | | 6 | % | | 37,433 | | | 6 | % | | | | |
Commodity | | 13,711 | | | 5 | % | | 18,908 | | | 7 | % | | 28,554 | | | 5 | % | | 38,393 | | | 7 | % | | | | |
Total | | $ | 302,342 | | | 100 | % | | $ | 292,312 | | | 100 | % | | $ | 597,996 | | | 100 | % | | $ | 586,167 | | | 100 | % | | | | |
Note 4 - Balance Sheet Components
Accounts receivable, net consisted of the following:
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(In thousands) | June 30, 2024 | | December 31, 2023 |
Accounts receivable | $ | 52,944 | | | $ | 49,643 | |
Less: allowance for expected credit losses | (2,077) | | | (2,119) | |
Accounts receivable, net | $ | 50,867 | | | $ | 47,524 | |
Movement of allowance for expected credit losses was as follows:
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| Six Months Ended June 30, |
(In thousands) | 2024 | | 2023 | | | | |
Beginning balance | $ | 2,119 | | | $ | 1,442 | | | | | |
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(Decrease) increase in provision for expected credit losses | (40) | | | 56 | | | | | |
Bad debt write-offs | (2) | | | (24) | | | | | |
Ending balance | $ | 2,077 | | | $ | 1,474 | | | | | |
Prepaid expenses and other current assets consisted of the following:
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(In thousands) | June 30, 2024 | | December 31, 2023 |
Prepaid expenses | $ | 2,093 | | | $ | 4,591 | |
Advances to suppliers | 6,112 | | | 3,340 | |
Other current assets | 791 | | | 2,214 | |
Prepaid expenses and other current assets | $ | 8,996 | | | $ | 10,145 | |
Property and equipment, net consisted of the following:
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(In thousands) | June 30, 2024 | | December 31, 2023 |
Automobiles(1) | $ | 47,312 | | | $ | 37,256 | |
Buildings | 63,045 | | | 63,045 | |
Building improvements | 22,278 | | | 22,014 | |
Furniture and fixtures | 419 | | | 474 | |
Land | 49,929 | | | 49,929 | |
Machinery and equipment | 11,970 | | | 11,532 | |
Construction in progress | 5,172 | | | 1,391 | |
Subtotal | 200,125 | | | 185,641 | |
Less: accumulated depreciation | (56,587) | | | (52,505) | |
Property and equipment, net | $ | 143,538 | | | $ | 133,136 | |
_________________
(1) The cost and accumulated depreciation of property and equipment related to finance leases was $31.0 million and $12.3 million at June 30, 2024 and $22.2 million and $10.3 million at December 31, 2023, which primarily relates to Automobiles. During the six months ended June 30, 2024, the Company entered into finance leases for automobiles which mature in 4 to 6 years and have a weighted average discount rate of 6.6%. The total future minimum lease payments under finance leases as of June 30, 2024 is $30.1 million. As of June 30, 2024, the Company had additional leases that had not yet commenced which totaled $16.9 million in future minimum lease payments.
Depreciation expense was $2.5 million and $2.4 million for the three months ended June 30, 2024 and 2023, respectively. Depreciation expense was $5.1 million and $5.0 million for the six months ended June 30, 2024 and 2023, respectively. During the three months ended June 30, 2023, the Company impaired machinery and recognized impairment expense of $1.2 million in distribution, selling and administrative expense in the condensed consolidated statements of operations and comprehensive income.
Long-term investments consisted of the following:
| | | | | | | | | | | | | | | | | |
(In thousands) | Ownership as of June 30, 2024 | | June 30, 2024 | | December 31, 2023 |
Asahi Food, Inc. ("Asahi") | 49% | | $ | 590 | | | $ | 588 | |
Pt. Tamron Akuatik Produk Industri ("Tamron") | 12% | | 1,800 | | | 1,800 | |
Total long-term investments | | | $ | 2,390 | | | $ | 2,388 | |
The investment in Tamron is accounted for using the measurement alternative under Accounting Standards Codification (“ASC”) Topic 321 Investments—Equity Securities, which is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments, if any. The investment in Asahi is accounted for under the equity method due to the fact that the Company has significant influence but does not exercise control over this investee. The Company determined there was no impairment as of June 30, 2024 for these investments.
Accrued expenses and other liabilities consisted of the following:
| | | | | | | | | | | | | | |
(In thousands) | | June 30, 2024 | | December 31, 2023 |
Accrued compensation | | $ | 5,617 | | | $ | 7,941 | |
Accrued professional fees | | 663 | | | 1,353 | |
| | | | |
Accrued interest and fees | | 1,056 | | | 1,276 | |
Self-insurance liability | | 2,439 | | | 1,723 | |
Other | | 5,779 | | | 4,994 | |
Total accrued expenses and other liabilities | | $ | 15,554 | | | $ | 17,287 | |
Note 5 - Fair Value Measurements
The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of the dates indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| June 30, 2024 | | December 31, 2023 |
| Level 1 | | Level 2 | | Level 3 | | Total | | Level 1 | | Level 2 | | Level 3 | | Total |
| Quoted Prices in Active Markets for Identical Assets | | Significant Other Observable Inputs | | Significant Unobservable Inputs | | | | Quoted Prices in Active Markets for Identical Assets | | Significant Other Observable Inputs | | Significant Unobservable Inputs | | |
| (In thousands) |
Assets: | | | | | | | | | | | | | | | |
Interest rate swaps | $ | — | | | $ | 1,142 | | | $ | — | | | $ | 1,142 | | | $ | — | | | $ | 412 | | | $ | — | | | $ | 412 | |
| | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | |
Interest rate swaps | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (1,601) | | | $ | — | | | $ | (1,601) | |
| | | | | | | | | | | | | | | |
The Company follows the provisions of ASC Topic 820 Fair Value Measurement which clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:
•Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.
•Level 2 - Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.
•Level 3 - Inputs are unobservable inputs which reflect the reporting entity’s own assumptions about what assumptions market participants would use in pricing the asset or liability based on the best available information.
Any transfers of assets or liabilities between Level 1, Level 2, and Level 3 of the fair value hierarchy will be recognized at the end of the reporting period in which the transfer occurs. There were no transfers between fair value levels in any of the periods presented herein.
The carrying amounts reported in the condensed consolidated balance sheets for cash, accounts receivable, other current assets, accounts payable, checks issued not presented for payment and accrued expenses and other liabilities approximate their fair value based on the short-term maturity of these instruments.
See Note 7 - Derivative Financial Instruments for additional information regarding the Company’s interest rate swaps.
Carrying Value and Estimated Fair Value of Outstanding Debt - The following table presents the carrying value and estimated fair value of the Company’s outstanding debt as described in Note 8 - Debt, including the current portion, as of the dates indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Fair Value Measurements | | | |
(In thousands) | | Level 1 | | Level 2 | | Level 3 | | Carrying Value | |
June 30, 2024 | | |
Fixed rate debt: | | | | | | | | | |
| | | | | | | | | |
Bank of America | | $ | — | | | $ | — | | | $ | 126 | | | $ | 141 | | |
| | | | | | | | | |
| | | | | | | | | |
Other finance institutions | | — | | | — | | | 4 | | | 4 | | |
Variable rate debt: | | | | | | | | | |
JPMorgan Chase | | $ | — | | | $ | 103,549 | | | $ | — | | | $ | 103,549 | | |
Bank of America | | — | | | 2,123 | | | — | | | 2,123 | | |
East West Bank | | — | | | 5,597 | | | — | | | 5,597 | | |
| | | | | | | | | |
December 31, 2023 | | | | | | | | | |
Fixed rate debt: | | | | | | | | | |
| | | | | | | | | |
Bank of America | | $ | — | | | $ | — | | | $ | 151 | | | $ | 169 | | |
| | | | | | | | | |
| | | | | | | | | |
Other finance institutions | | — | | | — | | | 43 | | | 45 | | |
Variable rate debt: | | | | | | | | | |
JPMorgan Chase | | $ | — | | | $ | 106,079 | | | $ | — | | | $ | 106,079 | | |
Bank of America | | — | | | 2,193 | | | — | | | 2,193 | | |
East West Bank | | — | | | 5,675 | | | — | | | 5,675 | | |
The carrying value of the variable rate debt approximates its fair value because of the variability of interest rates associated with these instruments. For the Company's fixed rate debt, the fair values were estimated using discounted cash flow analyses, based on the current incremental borrowing rates for similar types of borrowing arrangements.
See Note 8 - Debt for additional information regarding the Company's debt.
Nonrecurring Fair Values
The Company measures fair value of certain assets on a nonrecurring basis when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. No adjustments to fair value from the write-down of asset values due to impairment were made during the three and six months ended June 30, 2024 and 2023.
There were no assets carried at nonrecurring fair value at June 30, 2024 and December 31, 2023.
Note 6 - Goodwill and Acquired Intangible Assets
Goodwill
The Company performed a quantitative goodwill impairment assessment as of December 31, 2023, as a result of the Company’s results of operations compared to previous forecasts, combined with the level of the Company’s stock price. The fair value was determined using an average of the income approach, comparable public company analysis, and comparable acquisitions analysis. The fair value of the reporting unit exceeded the carrying value, and therefore the Company concluded no impairment was required to be recorded during the year ended December 31, 2023.
The annual goodwill impairment test in 2023 resulted in an estimated fair value that exceeded carrying value by approximately 10% at December 31, 2023. The most critical assumptions in determining fair value using the income approach were projections of future cash flows such as forecasted revenue growth rates, gross profit margins, and the discount rate. The market approaches were primarily impacted by an enterprise value multiple of EBITDA. A significant change in these assumptions or a sustained decline in the Company’s stock price could result in an interim impairment test and/or potential goodwill impairment in the future.
The Company determined that there were no events or circumstances during the six months ended June 30, 2024 that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Goodwill was $85.1 million as of June 30, 2024 and December 31, 2023.
Acquired Intangible Assets
The components of the intangible assets are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | June 30, 2024 | | December 31, 2023 |
(In thousands) | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount |
Non-competition agreement | | $ | 3,892 | | | $ | (3,076) | | | $ | 816 | | | $ | 3,892 | | | $ | (2,429) | | | $ | 1,463 | |
Trademarks and trade names | | 44,207 | | | (17,255) | | | 26,952 | | | 44,207 | | | (15,045) | | | 29,162 | |
Customer relationships | | 185,266 | | | (43,368) | | | 141,898 | | | 185,266 | | | (38,085) | | | 147,181 | |
Total | | $ | 233,365 | | | $ | (63,699) | | | $ | 169,666 | | | $ | 233,365 | | | $ | (55,559) | | | $ | 177,806 | |
Amortization expense for acquired intangible assets was $4.1 million for the three months ended June 30, 2024 and 2023. Amortization expense for acquired intangible assets was $8.1 million for the six months ended June 30, 2024 and 2023.
Note 7 - Derivative Financial Instruments
Derivative Instruments
The Company utilizes interest rate swaps ("IRS") for the sole purpose of mitigating interest rate fluctuation risk associated with floating rate debt instruments (as defined in Note 8 - Debt). The Company does not use any other derivative financial instruments for trading or speculative purposes.
On August 20, 2019, HF Foods entered into two IRS contracts with East West Bank (the "EWB IRS") for initial notional amounts of $1.1 million and $2.6 million, respectively. On April 20, 2023, the Company amended the corresponding mortgage term loans, which pegged the two mortgage term loans to 1-month Term SOFR (Secured Overnight Financing Rate) + 2.29% per annum for the remaining duration of the term loans. The amended EWB IRS contracts fixed the two term loans at 4.23% per annum until maturity in September 2029.
On December 19, 2019, HF Foods entered into an IRS contract with Bank of America (the "BOA IRS") for an initial notional amount of $2.7 million in conjunction with a newly contracted mortgage term loan of corresponding amount. On December 19, 2021, the Company entered into the Second Amendment to Loan Agreement, which pegged the mortgage term loan to Term SOFR + 2.5%. The BOA IRS was modified accordingly to fix the SOFR based loan to approximately 4.50%. The term loan and corresponding BOA IRS contract mature in December 2029.
On March 15, 2023, the Company entered into an amortizing IRS contract with JPMorgan Chase for an initial notional amount of $120.0 million, effective from March 1, 2023 and expiring in March 2028, as a means to partially hedge its existing floating rate loans exposure. Pursuant to the agreement, the Company will pay the swap counterparty a fixed rate of 4.11% in exchange for floating payments based on Term SOFR.
The Company evaluated the aforementioned IRS contracts currently in place and did not designate those as cash flow hedges. Hence, the fair value changes of these IRS contracts are accounted for and recognized as a change in fair value of interest rate swap contracts in the condensed consolidated statements of operations and comprehensive income (loss).
As of June 30, 2024, the Company determined that the fair values of the IRS contracts were $1.1 million in an asset position. As of December 31, 2023, the fair values of the IRS contracts were $0.4 million in an asset position and $1.6 million in a liability position. The Company includes these in other long-term assets and other long-term liabilities, respectively, on the consolidated balance sheets. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in its assessment of fair value. The inputs used to determine the fair value of the IRS are classified as Level 2 on the fair value hierarchy.
Note 8 - Debt
Long-term debt at June 30, 2024 and December 31, 2023 is summarized as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
($ in thousands) | | | | | | |
Bank Name | | Maturity | | Interest Rate at June 30, 2024 | | June 30, 2024 | | December 31, 2023 |
Bank of America (a) | | October 2026 - December 2029 | | 4.34% - 7.93% | | $ | 2,264 | | | $ | 2,362 | |
East West Bank (b) | | August 2027 - September 2029 | | 7.62% - 9.00% | | 5,597 | | | 5,675 | |
| | | | | | | | |
JPMorgan Chase (c) | | January 2030 | | 7.30% | | 103,786 | | | 106,337 | |
Other finance institutions (d) | | July 2024 | | N/A | | 4 | | | 45 | |
Total debt, principal amount | | | | | | 111,651 | | | 114,419 | |
Less: debt issuance costs | | | | | | (237) | | | (258) | |
Total debt, carrying value | | | | | | 111,414 | | | 114,161 | |
Less: current portion | | | | | | (5,414) | | | (5,450) | |
Long-term debt | | | | | | $ | 106,000 | | | $ | 108,711 | |
_______________
(a)Loan balance consists of real estate term loan and equipment term loan, collateralized by one real property and specific equipment. The real estate term loan is pegged to TERM SOFR + 2.5%.
(b)Real estate term loans with East West Bank are collateralized by three real properties. Balloon payments of $1.9 million and $3.0 million are due at maturity in 2027 and 2029, respectively.
(c)Real estate term loan with a principal balance of $103.8 million as of June 30, 2024 and $106.3 million as of December 31, 2023 is secured by assets held by the Company and has a maturity date of January 2030.
(d)Secured by vehicles.
The terms of the various loan agreements related to long-term bank borrowings require the Company to comply with certain financial covenants, including, but not limited to, a fixed charge coverage ratio and effective tangible net worth. As of June 30, 2024, the Company was in compliance with its covenants.
Credit Facility
The outstanding principal balance on the line of credit as of June 30, 2024 was $66.4 million and outstanding letters of credit amounted to $3.8 million leaving access to approximately $29.9 million in additional funds through our $100.0 million line of credit, subject to a borrowing base calculation.
On March 31, 2022, the Company amended the $100.0 million asset-secured revolving credit facility agreement, extending for five years, with a maturity date of November 4, 2027. On February 6, 2024, the Company amended the agreement to (i) remove a cap on permitted indebtedness in respect of capital lease obligations, subject to certain enumerated conditions; (ii) create a reserve on the borrowing base, which will be reduced on a dollar-for-dollar basis once the Company has made expenditures in excess of such amount relating to the development and construction of certain real property, and which amounts shall be excluded from certain financial covenants under the JPM Credit Agreement and; (iii) remove certain sublease income from various financial covenants.
Note 9 - Earnings (Loss) Per Share
The Company computes earnings per share (“EPS”) in accordance with ASC Topic 260 (“ASC 260”), Earnings per Share. ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS, but presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options, warrants and restricted stock) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. There were 37,084 and 967,779 potential common shares related to performance-based restricted stock units and restricted stock units that were excluded from the calculation of diluted EPS for the three months ended June 30, 2024 and 2023, respectively, because their effect could have been anti-dilutive. There were 1,354,908 and 620,402 potential common shares related to performance-based restricted stock units and restricted stock units that were excluded from the calculation of diluted EPS for the six months ended June 30, 2024 and 2023, respectively, because their effect could have been anti-dilutive.
The following table sets forth the computation of basic and diluted EPS:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
($ in thousands, except share and per share data) | | 2024 | | 2023 | | 2024 | | 2023 | | |
Numerator: | | | | | | | | | | |
Net income (loss) attributable to HF Foods Group Inc. | | $ | 17 | | | $ | (850) | | | $ | (677) | | | $ | (6,783) | | | |
Denominator: | | | | | | | | | | |
Weighted-average common shares outstanding | | 52,585,715 | | | 54,046,328 | | | 52,370,842 | | | 53,935,178 | | | |
Effect of dilutive securities | | 75,404 | | | — | | | — | | | — | | | |
Weighted-average dilutive shares outstanding | | 52,661,119 | | | 54,046,328 | | | 52,370,842 | | | 53,935,178 | | | |
Earnings (loss) per common share: | | | | | | | | | | |
Basic | | $ | 0.00 | | | $ | (0.02) | | | $ | (0.01) | | | $ | (0.13) | | | |
Diluted | | $ | 0.00 | | | $ | (0.02) | | | $ | (0.01) | | | $ | (0.13) | | | |
Note 10 - Income Taxes
The determination of the Company’s overall effective income tax rate requires the use of estimates. The effective income tax rate reflects the income earned and taxed in U.S. federal and various state jurisdictions based on enacted tax law, permanent differences between book and tax items, tax credits and the Company’s change in relative income in each jurisdiction. Changes in tax laws and rates may affect recorded deferred tax assets and liabilities and the Company’s effective income tax rate in the future. As of June 30, 2024, the Company had no subsidiaries outside the U.S., as such, no foreign income tax was recorded.
For the three and six months ended June 30, 2024, the Company's effective income tax rate of 87.2% and 129.6%, respectively, differed from the federal statutory tax rate primarily as a result of discrete tax items, permanent differences and state income taxes. The Company’s tax provision for the three and six months ended June 30, 2024 includes a discrete tax expense of $1.0 million related to the Company’s SEC settlement and $0.1 million tax expense related to stock-based compensation shortfalls. Absent the discrete items, the estimated annual effective income tax rate from continuing operations for the three and six months ended June 30, 2024 was 25.5% and 25.1%, respectively. For the three and six months ended June 30, 2023, the Company's effective income tax rate of (15.5)% and 21.5%, respectively, differed from the federal statutory tax rate primarily as a result of permanent differences and state income taxes.
During the three months ended June 30, 2024, the Company dissolved one of its subsidiaries, HFFI. The Company is in the process of determining the tax impact of the dissolution. However, the Company does not expect the dissolution of HFFI to have a significant impact on the income tax provision as HFFI’s deferred tax assets were subject to a full valuation allowance.
Note 11 - Related Party Transactions
The Company makes regular purchases from and sales to various related parties. Related party affiliations were attributed to transactions conducted between the Company and those business entities partially or wholly owned by the Company, the Company's officers and/or shareholders who owned no less than 10% shareholdings of the Company.
Mr. Xiao Mou Zhang (“Mr. Zhang”), the Chief Executive Officer of the Company, and certain of his immediate family members (collectively greater than 10% shareholders) have ownership interests in various related parties involved in (i) the distribution of food and related products to restaurants and other retailers and (ii) the supply of fresh food, frozen food, and packaging supplies to distributors. Mr. Zhang does not have any involvement in negotiations with any of the above-mentioned related parties.
The Company believes that Mr. Zhou Min Ni (“Mr. Ni”), the Company’s former Co-Chief Executive Officer, together with various trusts for the benefit of Mr. Ni's four children, are collectively beneficial owners of more than 10% of the outstanding shares of the Company’s common stock, and he and certain of his immediate family members have ownership interests in related parties involved in (i) the distribution of food and related products to restaurants and other retailers and (ii) the supply of fresh food, frozen food, and packaging supplies to distributors.
The related party transactions as of June 30, 2024 and December 31, 2023 and for the three and six months ended June 30, 2024 and 2023 are identified as follows:
Related Party Sales, Purchases, and Lease Agreements
Purchases
Below is a summary of purchases of goods and services from related parties recorded for the three and six months ended June 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Three Months Ended June 30, | | Six Months Ended June 30, |
| (In thousands) | | Nature | | 2024 | | 2023 | | 2024 | | 2023 | | |
(a) | Asahi Food, Inc. | | Trade | | $ | 29 | | | $ | 17 | | | $ | 56 | | | $ | 39 | | | |
(b) | Conexus Food Solutions LLC (formerly known as Best Food Services, LLC) | | Trade | | 1,763 | | | 2,729 | | | 2,913 | | | 4,813 | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
(c) | Enson Seafood GA, Inc. (formerly “GA-GW Seafood, Inc.”) | | Trade | | — | | | — | | | — | | | 37 | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
(c) | Ocean Pacific Seafood Group, Inc. | | Trade | | 60 | | | 74 | | | 140 | | | 242 | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
(c) | Rainfield Ranches, LP | | Trade | | 38 | | | 6 | | | 95 | | | 36 | | | |
| Total | | | | $ | 1,890 | | | $ | 2,826 | | | $ | 3,204 | | | $ | 5,167 | | | |
_______________
(a)The Company, through its subsidiary Mountain Food, LLC, owns an equity interest in this entity.
(b)An equity interest is held by three Irrevocable Trusts for the benefit of Mr. Zhang's children.
(c)Mr. Zhou Min Ni owns an equity interest in this entity.
Sales
Below is a summary of sales to related parties recorded for the three and six months ended June 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended June 30, | | Six Months Ended June 30, |
| (In thousands) | | 2024 | | 2023 | | 2024 | | 2023 | | |
(a) | ABC Food Trading, LLC | | $ | 431 | | | $ | 722 | | | $ | 834 | | | $ | 1,315 | | | |
(b) | Asahi Food, Inc. | | 148 | | | 191 | | | 287 | | | 386 | | | |
(a) | Conexus Food Solutions LLC (formerly known as Best Food Services, LLC) | | 335 | | | 93 | | | 588 | | | 526 | | | |
(c) | Eagle Food Service, LLC | | — | | | 922 | | | — | | | 1,942 | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
(d) | First Choice Seafood, Inc. | | 6 | | | 8 | | | 13 | | | 16 | | | |
(d) | Fortune One Foods, Inc. | | 91 | | | 4 | | | 107 | | | 23 | | | |
| | | | | | | | | | | |
(e) | N&F Logistics, Inc. | | — | | | — | | | — | | | 6 | | | |
(f) | Union Food LLC | | — | | | 8 | | | — | | | 27 | | | |
| | | | | | | | | | | |
| Total | | $ | 1,011 | | | $ | 1,948 | | | $ | 1,829 | | | $ | 4,241 | | | |
_______________
(a)An equity interest is held by three Irrevocable Trusts for the benefit of Mr. Zhang's children.
(b)The Company, through its subsidiary Mountain Food, LLC, owns an equity interest in this entity.
(c)Tina Ni, one of Mr. Zhou Min Ni’s family members, owns an equity interest in this entity indirectly through its parent company.
(d)Mr. Zhou Min Ni owns an equity interest in this entity indirectly through its parent company.
(e)Mr. Zhou Min Ni owns an equity interest in this entity.
(f)Tina Ni, one of Mr. Zhou Min Ni’s family members, owns an equity interest in this entity.
Lease Agreements
The Company leases various facilities to related parties.
In 2020, the Company renewed a warehouse lease from Yoan Chang Trading Inc. under an operating lease agreement which expired on December 31, 2020. In February 2021, the Company executed a new five-year operating lease agreement with Yoan Chang Trading Inc., effective January 1, 2021 and expiring on December 31, 2025. Rent expense, which is included in distribution, selling and administrative expenses in the condensed consolidated statements of operations and comprehensive income (loss), was $0.1 million and $0.1 million for the three months ended June 30, 2024 and 2023, respectively and $0.1 million and $0.2 million for the six months ended June 30, 2024 and 2023, respectively.
Beginning 2014, the Company leased a warehouse to Asahi Food, Inc. under a commercial lease agreement which was rescinded March 1, 2020. A new commercial lease agreement for a period of one year was entered into, expiring February 28, 2021, with a total of four renewal periods with each term being one year. Rental income was $36 thousand and $36 thousand for the three months ended June 30, 2024 and 2023, respectively and $72 thousand and $72 thousand for the six months ended June 30, 2024 and 2023, respectively. Rental income is included in other income in the condensed consolidated statements of operations and comprehensive income (loss).
Related Party Balances
Accounts Receivable - Related Parties, Net
Below is a summary of accounts receivable with related parties recorded as of June 30, 2024 and December 31, 2023, respectively:
| | | | | | | | | | | | | | | | | |
| (In thousands) | | June 30, 2024 | | December 31, 2023 |
(a) | ABC Food Trading, LLC | | $ | 194 | | | $ | 94 | |
(b) | Asahi Food, Inc. | | 80 | | | 69 | |
(a) | Conexus Food Solutions LLC (formerly known as Best Food Services, LLC) | | 168 | | | 84 | |
| | | | | |
(c) | Enson Seafood GA, Inc. (formerly known as GA-GW Seafood, Inc.) | | 59 | | | 59 | |
(d) | Fortune One Foods, Inc. | | 47 | | | — | |
(e) | Union Food LLC | | — | | | 2 | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| Total | | $ | 548 | | | $ | 308 | |
_______________
(a)An equity interest is held by three Irrevocable Trusts for the benefit of Mr. Zhang's children.
(b)The Company, through its subsidiary Mountain Food, LLC, owns an equity interest in this entity.
(c)Mr. Zhou Min Ni owns an equity interest in this entity.
(d)Mr. Zhou Min Ni owns an equity interest in this entity indirectly through its parent company.
(e)Tina Ni, one of Mr. Zhou Min Ni’s family members, owns an equity interest in this entity.
The Company has reserved for 100% of the accounts receivable for Enson Seafood GA, Inc. as of June 30, 2024 and December 31, 2023. All other accounts receivable from these related parties are current and considered fully collectible. No additional allowance is deemed necessary as of June 30, 2024 and December 31, 2023.
Accounts Payable - Related Parties
All the accounts payable to related parties are payable upon demand without interest. Below is a summary of accounts payable with related parties recorded as of June 30, 2024 and December 31, 2023, respectively:
| | | | | | | | | | | | | | | | | |
| (In thousands) | | June 30, 2024 | | December 31, 2023 |
(a) | Conexus Food Solutions LLC (formerly known as Best Food Services, LLC) | | $ | 627 | | | $ | 379 | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| Others | | 24 | | | 18 | |
| Total | | $ | 651 | | | $ | 397 | |
_______________
(a)An equity interest is held by three Irrevocable Trusts for the benefit of Mr. Zhang's children.
Note 12 - Stock-Based Compensation
In 2021, the Company began issuing awards under the HF Foods Group Inc. 2018 Omnibus Equity Incentive Plan (the “2018 Incentive Plan”), which reserves up to 3,000,000 shares of the Company's common stock for issuance of awards to employees and non-employee directors. On June 3, 2024, the Company’s shareholders approved an amendment to the 2018 Incentive Plan which increased the number of shares of the Company's common stock available for issuance under the 2018 Incentive Plan to 7,000,000, an increase of 4,000,000 shares. As of June 30, 2024, the Company had 1,065,174 time-based vesting restricted stock units unvested, 981,894 performance-based restricted stock units unvested, 1,086,403 shares of common stock vested and 3,866,529 shares remaining available for future awards under the 2018 Incentive Plan.
Stock-based compensation expense was $0.5 million and $0.8 million for the three months ended June 30, 2024 and 2023, respectively. Stock-based compensation expense was $1.3 million and $1.8 million for the six months ended June 30, 2024 and 2023, respectively. Stock-based compensation expense was included in distribution, selling and administrative expenses in the Company's condensed consolidated statements of operations and comprehensive income (loss).
As of June 30, 2024, there was $6.8 million of total unrecognized compensation cost related to all non-vested outstanding RSUs and PSUs outstanding under the 2018 Incentive Plan, with a weighted average remaining service period of 2.32 years.
Note 13 - Commitments and Contingencies
From time to time, the Company is a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. When the Company becomes aware of a claim or potential claim, it assesses the likelihood of any loss or exposure. In accordance with authoritative guidance, the Company records loss contingencies in its financial statements only for matters in which losses are probable and can be reasonably estimated. Where a range of loss can be reasonably estimated with no best estimate in the range, the Company records the minimum estimated liability. If the loss is not probable or the amount of the loss cannot be reasonably estimated, the Company discloses the nature of the specific claim if the likelihood of a potential loss is reasonably possible and the amount involved is material. The Company continuously assesses the potential liability related to its pending litigation and revises its estimates when additional information becomes available. Adverse outcomes in some or all of these matters may result in significant monetary damages or injunctive relief against the Company that could adversely affect its ability to conduct business. There also exists the possibility of a material adverse effect on the Company’s financial statements for the period in which the effect of an unfavorable outcome becomes probable and reasonably estimable. Legal costs associated with loss contingencies are expensed as incurred.
On June 6, 2024, the SEC announced that it had accepted an Offer of Settlement submitted by the Company in order to resolve the previously disclosed formal, non-public SEC investigation of allegations that the Company and certain of its current and former directors and officers violated the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by making allegedly false and misleading statements. Under the settlement, without admitting or denying the SEC’s findings in this matter, the Company consented to the entry of an administrative civil cease-and-desist order by the SEC (the “Order”) with respect to violations of Sections 17(a) of the Securities Act, and of Sections 10(b), 13(a), 13(b)(2)(A), 13(b)(2)(B), and 14(a) of the Securities Exchange Act of 1934, as amended, and Rules 10b-5, 12b-20, 13a-1, 13a-11, 13a-13, 13a-15(a), and 14a-9 thereunder, resulting from the materially false and misleading disclosures and other fraudulent conduct implemented by its former Chairman and CEO Zhou Min Ni and former CFO Jian Ming “Jonathan” Ni. The Company agreed to payment of a civil monetary penalty of $3.9 million, paid during the three months ended June 30, 2024, which was recorded in other income (expense), net in the Company’s condensed consolidated statements of operations and comprehensive income (loss).
The Order states that, in determining to accept the Company’s Offer of Settlement, the SEC considered the numerous remedial actions promptly undertaken by the Company and its cooperation during the investigation. The Company’s resolution follows charges brought by the SEC against the two former executives in a District Court action filed on June 3, 2024. As a result of the SEC’s district court complaint against them, the two former executives agreed to pay civil fines and disgorgement, and agreed to be subject to officer and director bars. Zhou Min Ni also agreed to a conduct-based injunction which enjoins him from directly or indirectly participating in the management of, or otherwise exercising any control of influence over the Company. The Special Litigation Committee of the Board of Directors previously obtained a monetary settlement from the former executives that was ratified by the Delaware Chancery Court.
AnHeart Lease Guarantee
The Company provided a guarantee for two separate leases for two properties located in Manhattan, New York, at 273 Fifth Avenue and 275 Fifth Avenue, for 30 years and 15 years, respectively. The Company previously determined that AnHeart was a VIE as a result of the guarantee. However, the Company concluded it was not the primary beneficiary of AnHeart and therefore did not consolidate, because it did not have the power to direct the activities of AnHeart that most significantly impact AnHeart's economic performance. During the three months ended June 30, 2024, the Company assumed the lease for 275 Fifth Avenue and no longer recognized AnHeart as a VIE. As a result of the lease assumption, the lease guarantee liability of $5.4 million was reversed and an operating lease right-of-use asset and liability of $4.9 million was recorded on the condensed consolidated balance sheets. As a result of the reversal, a gain of $5.4 million was recorded to other expense (income), net on the condensed consolidated statements of operations and comprehensive income (loss).
On February 10, 2021, the Company entered into an Assignment and Assumption of Lease Agreement (“Assignment”), dated effective as of January 21, 2021, with AnHeart and Premier 273 Fifth, LLC, pursuant to which it assumed the lease of the premises at 273 Fifth Avenue (the “273 Lease Agreement”). At the same time, the closing documents were delivered to effectuate the amendment of the 273 Lease Agreement pursuant to an Amendment to Lease (the “Lease Amendment”). The Assignment and the Lease Amendment were negotiated in light of the Company’s guarantee obligations as guarantor under the Lease Agreement. The Company agreed to observe all the covenants and conditions of the Lease Agreement, as amended, including the payment of all rents due. Under the terms of the Lease Agreement and the Assignment, the Company has undertaken to construct, at its own expense, a building on the premises at a minimum cost of $2.5 million. The Lease Amendment permits subletting of the premises, and the Company intends to sublease the newly constructed premises to defray the rental expense undertaken pursuant to its guaranty obligations. In March 2024, the Company began construction of a multi-use facility on 273 Fifth Avenue and committed $7.0 million for the completion of the construction project. The Company incurred $2.2 million in construction costs which was recorded in construction in progress within property and equipment, net in the Company’s condensed consolidated balance sheet as of June 30, 2024. The Company expects to complete construction in June 2025.
On January 17, 2022, the Company received notice that AnHeart had defaulted on its obligations as tenant under the lease for 275 Fifth Avenue. On February 7, 2022, the Company undertook its guaranty obligations by assuming responsibility for payment of monthly rent and other tenant obligations, including past due rent as well as property tax obligations beginning with the January 2022 rent due. On February 25, 2022, the Company instituted a legal action to pursue legal remedies against AnHeart and Minsheng. In March 2022, the Company agreed to stay that litigation against AnHeart in exchange for AnHeart’s payment of certain back rent from January to April 2022 and its continued partial payment of monthly rent. AnHeart subsequently defaulted on these obligations. On October 25, 2023, the Company commenced a new legal action by filing a complaint in New York County Supreme Court to pursue legal remedies against AnHeart and Minsheng (the “2023 Action”). As of the filing of the new summons and complaint, AnHeart and Minsheng are indebted to the Company in the amount of $474,000. AnHeart and the Company have since reached a settlement agreement (the “Settlement Agreement”) for AnHeart to pay the Company $40,000 a month in rent through December 2024 and commence regular monthly rental payments in accordance with the lease for 275 Fifth Avenue. The Settlement Agreement also provides that AnHeart will pay twenty-four monthly installments of $11,250 from January 2025 through December 2026 as payment for all back rent due.
Effective April 30, 2024, the Company through its subsidiary assumed the lease of a building located on the premises of 275 Fifth Avenue, New York, New York. The Company was the guarantor of this lease under a lease guarantee agreement dated July 2018, and in February 2022, upon receiving notice of default, the Company undertook its lease guarantee obligations. The assumption of the lease had no impact on the Company’s obligations as guarantor.
The lease covers certain portions of the ground floor, lower lever, and second floor of the building. The lease term ends on April 30, 2034 and is renewable at the option of the Company for up to two additional five-year terms. The Company shall pay rent of approximately $45,000 per month with provisions for yearly increases.
Note 14 - Subsequent Events
Other than as disclosed elsewhere, no subsequent events have occurred that would require recognition in the condensed consolidated financial statements or disclosure in the accompanying notes.
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND RISK FACTOR SUMMARY
This Quarterly Report on Form 10-Q for HF Foods Group Inc. (“HF Foods”, the “Company,” “we,” “us,” or “our”) contains certain statements that are, or may deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding our expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words or phrases such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “will” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. We derive many of our forward-looking statements from our operating budgets and forecasts, which are based on many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected. Important factors that could cause actual results to differ materially from our expectations, or cautionary statements, include without limitation:
•Low margins in the foodservice distribution industry and periods of significant or prolonged inflation or deflation;
•Qualified labor shortages;
•Unfavorable macroeconomic conditions in the United States;
•Competition in the foodservice distribution industry particularly the entry of new competitors into the Chinese/Asian restaurant supply market niche;
•Increases in fuel costs;
•Disruption of relationships with vendors and increases in product prices;
•Dependency on the timely delivery of products from vendors, particularly the prolonged diminution of global supply chains;
•The effects of the COVID-19 pandemic or other pandemics;
•The steps taken by the governments where our suppliers are located, including the People’s Republic of China, to address the COVID-19 pandemic or other pandemics;
•Disruption of relationships with or loss of customers;
•Changes in consumer eating and dining out habits;
•Related party transactions and possible conflicts of interests;
•Related parties and variable interest entities consolidation;
•Failure to protect our intellectual property rights;
•Our ability to renew or replace our current warehouse leases on favorable terms, or terminations prior to expiration of stated terms;
•Failure to retain our senior management and other key personnel, particularly our CEO, President and COO, CFO and General Counsel and CCO;
•Our ability to attract, train and retain employees;
•Changes in and enforcement of immigration laws;
•Failure to comply with various federal, state and local rules and regulations regarding food safety, sanitation, transportation, minimum wage, overtime and other health and safety laws;
•Product recalls, voluntary recalls or withdrawals if any of the products we distribute are alleged to have caused illness, been mislabeled, misbranded or adulterated or to otherwise have violated applicable government regulations;
•Costs to comply with environmental laws and regulations;
•Litigation, regulatory investigations and potential enforcement actions;
•Increases in commodity prices;
•U.S. government tariffs on products imported into the United States, particularly from China;
•Severe weather, natural disasters and adverse climate change;
•Unfavorable geopolitical conditions;
•Any cyber security incident, other technology disruption or delay in implementing our information technology systems;
•Current indebtedness affecting our liquidity and ability of future financing;
•Failure to acquire other distributors or wholesalers and enlarge our customer base;
•Scarcity of and competition for acquisition opportunities;
•Our ability to obtain acquisition financing;
•The impact of non-cash charges relating to the amortization of intangible assets related to material acquisitions;
•Our ability to identify acquisition candidates;
•Increases in debt in order to successfully implement our acquisition strategy;
•Difficulties in integrating operations, personnel, and assets of acquired businesses that may disrupt our business, dilute stockholder value, and adversely affect our operating results;
•The impact on the price and demand for our common stock resulting from the relative illiquidity of the market for our common stock;
•Significant stockholders’ ability to significantly influence the Company; and
•The impact of state anti-takeover laws and related provisions in our governance documents.
We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q.
All written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements as well as other cautionary statements that are made from time to time in our other filings with the Securities and Exchange Commission (the "SEC") and public communications. We caution you that the important factors referenced above may not contain all of the risks, uncertainties (some of which are beyond our control) or other assumptions that are important to you. These risks and uncertainties include, but are not limited to, those factors described under Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC.
In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect. The forward-looking statements included in this Quarterly Report on Form 10-Q are made only as of the date hereof. Except as otherwise required by law, we undertake no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise.
Overview
We market and distribute Asian specialty food products, seafood, fresh produce, frozen and dry food, and non-food products primarily to Asian restaurants and other foodservice customers throughout the United States. HF Foods was formed through a merger between two complementary market leaders, HF Foods Group Inc. and B&R Global. In 2022, HF Foods acquired two frozen seafood suppliers, expanding its distribution network in Illinois, Texas and along the eastern seaboard, from Massachusetts to Florida, as well as Pennsylvania, West Virginia, Ohio, Kentucky, and Tennessee.
We aim to supply the increasing demand for Asian American restaurant cuisine, leveraging our nationwide network of distribution centers and our strong relations with growers and suppliers of fresh, high-quality specialty restaurant food products and supplies in the US, South America, and China. Capitalizing on our deep understanding of the Chinese culture, we have become a trusted partner serving Asian restaurants and other foodservice customers throughout the United States, providing sales and service support to customers who mainly converse in Mandarin or other Chinese dialects. We are dedicated to serving the vast array of Asian restaurants in need of high-quality and specialized food ingredients at competitive prices.
Transformation Plan
To position the business for long-term success, we have initiated a comprehensive, operational transformation plan in an effort to drive growth and cost savings. Our transformation is focused on four key areas, each of which we expect will positively impact future growth or cost savings. The components of our transformation are as follows:
•Centralized Purchasing: We began the roll out of our centralized purchasing program with seafood products and have yielded positive results with respect to margin expansion for the product category. We are now focusing on expanding the program to other categories.
•Fleet and Transportation: We have established a national fleet maintenance program. Within this, we have defined new truck specifications, initiated a replacement program for 50% of our current fleet, implemented a national fuel savings program to maximize efficiency, and plan to outsource domestic inbound freight logistics to a third-party partner to adopt a cohesive national approach to our supply chain. This is expected to deliver substantial improvements to our transportation system.
•Digital Transformation: We will be implementing a modern ERP solution across all of our distribution centers. This is expected to deliver enhanced operational efficiency and responsiveness, streamlined processes, and greater data driven decision-making.
•Facility Upgrades: We will be reorganizing and upgrading our facilities and distribution centers to efficiently streamline costs, and to capitalize on cross-selling opportunities with both new and existing customers.
Financial Overview
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | | | Six Months Ended June 30, | | |
($ in thousands) | 2024 | | 2023 | | Change | | | | 2024 | | 2023 | | Change | | |
Net revenue | $ | 302,342 | | | $ | 292,312 | | | $ | 10,030 | | | | | $ | 597,996 | | | $ | 586,167 | | | $ | 11,829 | | | |
Net income (loss) | $ | 235 | | | $ | (1,560) | | | $ | 1,795 | | | | | $ | (324) | | | $ | (7,357) | | | $ | 7,033 | | | |
Adjusted EBITDA | $ | 10,561 | | | $ | 8,357 | | | $ | 2,204 | | | | | $ | 19,263 | | | $ | 14,106 | | | $ | 5,157 | | | |
For additional information on our non-GAAP financial measures, EBITDA and Adjusted EBITDA, see the section entitled “EBITDA and Adjusted EBITDA” below.
How to Assess HF Foods’ Performance
In assessing our performance, we consider a variety of performance and financial measures, including principal growth in net revenue, gross profit, distribution, selling and administrative expenses, as well as certain non-GAAP financial measures, including EBITDA and Adjusted EBITDA. The key measures that we use to evaluate the performance of our business are set forth below:
Net Revenue
Net revenue is equal to gross sales minus sales returns, sales incentives that we offer to our customers, such as rebates and discounts that are offsets to gross sales; and certain other adjustments. Our net revenue is driven by changes in number of customers and average customer order amount, product inflation that is reflected in the pricing of our products and mix of products sold.
Gross Profit
Gross profit is equal to net revenue minus cost of revenue. Cost of revenue primarily includes inventory costs (net of supplier consideration), inbound freight, customs clearance fees and other miscellaneous expenses. Cost of revenue generally changes as we incur higher or lower costs from suppliers and as the customer and product mix changes.
Distribution, Selling and Administrative Expenses
Distribution, selling and administrative expenses consist primarily of salaries, stock-based compensation and benefits for employees and contract laborers, trucking and fuel expenses, utilities, maintenance and repair expenses, insurance expenses, depreciation and amortization expenses, selling and marketing expenses, professional fees and other operating expenses.
EBITDA and Adjusted EBITDA
Discussion of our results includes certain non-GAAP financial measures, including EBITDA and Adjusted EBITDA, that we believe provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial performance with other companies in the same industry, many of which present similar non-GAAP financial measures to investors. We present EBITDA and Adjusted EBITDA in order to provide supplemental information that we consider relevant for the readers of our condensed consolidated financial statements included elsewhere in this report, and such information is not meant to replace or supersede GAAP measures.
Management uses EBITDA to measure operating performance, defined as net income before interest expense, interest income, income taxes, and depreciation and amortization. In addition, management uses Adjusted EBITDA, defined as net income before interest expense, interest income, income taxes, and depreciation and amortization, further adjusted to exclude certain unusual, non-cash, or non-recurring expenses. Management believes that Adjusted EBITDA is less susceptible to variances in actual performance resulting from non-recurring expenses, and other non-cash charges and is more reflective of other factors that affect our operating performance.
The definition of EBITDA and Adjusted EBITDA may not be the same as similarly titled measures used by other companies in the industry. EBITDA and Adjusted EBITDA are not defined under GAAP and are subject to important limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of HF Foods’ results as reported under GAAP. For example, Adjusted EBITDA:
•excludes certain tax payments that may represent a reduction in cash available;
•does not reflect any cash capital expenditure requirements for the assets being depreciated and amortized that may have to be replaced in the future;
•does not reflect changes in, or cash requirements for, our working capital needs; and
•does not reflect the significant interest expense, or the cash requirements, necessary to service our debt.
For additional information on EBITDA and Adjusted EBITDA and a reconciliation to their most directly comparable U.S. GAAP financial measures, see “Results of Operations — EBITDA and Adjusted EBITDA” below.
Results of Operations
Comparison of Three Months Ended June 30, 2024 to Three Months Ended June 30, 2023
The following table sets forth a summary of our consolidated results of operations for the three months ended June 30, 2024 and 2023. The historical results presented below are not necessarily indicative of the results that may be expected for any future period.
| | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | |
($ in thousands) | 2024 | | 2023 | | Change |
| | | | | |
Net revenue | $ | 302,342 | | | $ | 292,312 | | | $ | 10,030 | |
Cost of revenue | 249,877 | | | 241,646 | | | 8,231 | |
Gross profit | 52,465 | | | 50,666 | | | 1,799 | |
Distribution, selling and administrative expenses | 49,840 | | | 52,243 | | | (2,403) | |
| | | | | |
Income (loss) from operations | 2,625 | | | (1,577) | | | 4,202 | |
| | | | | |
Interest expense | 3,119 | | | 2,847 | | | 272 |
Other expense (income), net | 3,466 | | | (127) | | | 3,593 |
Change in fair value of interest rate swap contracts | (361) | | | (2,856) | | | 2,495 |
Lease guarantee income | (5,433) | | | (90) | | | (5,343) |
Income (loss) before income taxes | 1,834 | | | (1,351) | | | 3,185 | |
Income tax expense | 1,599 | | | 209 | | | 1,390 |
Net income (loss) and comprehensive loss | 235 | | | (1,560) | | | 1,795 | |
Less: net income (loss) attributable to noncontrolling interests | 218 | | | (710) | | | 928 |
Net income (loss) and comprehensive loss attributable to HF Foods Group Inc. | $ | 17 | | | $ | (850) | | | $ | 867 | |
The following table sets forth the components of our consolidated results of operations expressed as a percentage of net revenue for the periods indicated:
| | | | | | | | | | | |
| Three Months Ended June 30, |
| 2024 | | 2023 |
| | | |
Net revenue | 100.0 | % | | 100.0 | % |
Cost of revenue | 82.6 | % | | 82.7 | % |
Gross profit | 17.4 | % | | 17.3 | % |
Distribution, selling and administrative expenses | 16.5 | % | | 17.9 | % |
| | | |
Income (loss) from operations | 0.9 | % | | (0.5) | % |
| | | |
Interest expense | 0.9 | % | | 1.0 | % |
Other expense (income), net | 1.1 | % | | — | % |
Change in fair value of interest rate swap contracts | (0.1) | % | | (1.0) | % |
Lease guarantee income | (1.8) | % | | — | % |
Income (loss) before income taxes | 0.6 | % | | (0.5) | % |
Income tax expense | 0.5 | % | | 0.1 | % |
Net income (loss) and comprehensive income (loss) | 0.1 | % | | (0.5) | % |
Less: net income (loss) attributable to noncontrolling interests | 0.1 | % | | (0.2) | % |
Net income (loss) and comprehensive income (loss) attributable to HF Foods Group Inc. | — | % | | (0.3) | % |
Net Revenue
Net revenue for the three months ended June 30, 2024 increased by $10.0 million, or 3.4%, compared to the same period in 2023. This increase was primarily attributable to product cost inflation, volume increases and improved pricing in certain categories, such as chicken and seafood, partially offset by deflation in commodities, such as cooking oils, and the $3.1 million loss in revenue resulting from the exit of our chicken processing businesses in 2023.
Gross Profit
Gross profit was $52.5 million for three months ended June 30, 2024 compared to $50.7 million in the same period in 2023, an increase of $1.8 million, or 3.6%. The increase was primarily attributable to increased net revenue. Gross profit margin for the three months ended June 30, 2024 increased slightly to 17.4% compared to 17.3% in the same period in 2023.
Distribution, Selling and Administrative Expenses
Distribution, selling and administrative expenses decreased by $2.4 million, or 4.6%, for the three months ended June 30, 2024 primarily due to a decrease of $5.5 million in professional fees, partially offset by higher payroll and related labor costs. Distribution, selling and administrative expenses as a percentage of net revenue decreased to 16.5% for the three months ended June 30, 2024 from 17.9% in the same period in 2023, primarily due to increased net revenue and lower professional fees, partially offset by increased headcount.
Interest Expense
Interest expense for the three months ended June 30, 2024 of $3.1 million remained consistent compared to the three months ended June 30, 2023, having increased slightly from $2.8 million. Average floating interest rates on our floating-rate debt for the three months ended June 30, 2024 increased by approximately 0.4% on our line of credit and 0.3% on the JPMorgan Chase mortgage-secured term loan, compared to the same period in 2023. Our average daily line of credit balance increased by $19.2 million, or 51.7%, to $56.4 million for the three months ended June 30, 2024 from $37.2 million for the three months ended June 30, 2023, and our average daily JPMorgan Chase mortgage-secured term loan balance decreased by $5 million, or 4.6%, to $104.2 million for the three months ended June 30, 2024 from $109.3 million for the three months ended June 30, 2023.
Income Tax Expense
Income tax expense was $1.6 million for the three months ended June 30, 2024, compared to an income tax expense of $0.2 million for the three months ended June 30, 2023, primarily due to discrete tax items related to the SEC settlement and stock-based compensation shortfalls impacting the tax provision for the current period.
Net Income (Loss) Attributable to HF Foods Group Inc.
Net income attributable to HF Foods Group Inc. was $0.0 million for the three months ended June 30, 2024, compared to net loss of $0.9 million for the three months ended June 30, 2023. The improvement was primarily driven by an increase in our income from operations of $4.2 million, as well as the $5.3 million reversal of our lease guarantee liability, partially offset by our SEC settlement of $3.9 million, the decrease of the gain related to the fair value of interest rate swap contracts of $2.5 million and the increase of income tax expense of $1.4 million.
EBITDA and Adjusted EBITDA
The following table reconciles EBITDA and Adjusted EBITDA to the most directly comparable GAAP measure:
| | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | | |
($ in thousands) | | 2024 | | 2023 | | Change | |
| | | | | | | |
Net income (loss) | | $ | 235 | | $ | (1,560) | | $ | 1,795 | |
Interest expense | | 3,119 | | 2,847 | | 272 | |
Income tax expense | | 1,599 | | 209 | | 1,390 | |
Depreciation and amortization | | 6,590 | | 6,440 | | 150 | |
EBITDA | | 11,543 | | 7,936 | | 3,607 | |
Lease guarantee income | | (5,433) | | (90) | | (5,343) | |
Change in fair value of interest rate swap contracts | | (361) | | (2,856) | | 2,495 | |
Stock-based compensation expense | | 522 | | 752 | | (230) | |
SEC settlement | | 3,900 | | — | | 3,900 | |
Asset impairment charges | | — | | 1,200 | | (1,200) | |
Business transformation costs (1) | | 130 | | 160 | | (30) | |
Other non-routine expense (2) | | 260 | | 1,255 | | (995) | |
Adjusted EBITDA | | $ | 10,561 | | $ | 8,357 | | $ | 2,204 | |
| | | | | | | |
_________________
(1) Represents non-recurring costs associated with the launch of strategic projects including supply chain management improvements and technology infrastructure initiatives.
(2) Includes contested proxy and related legal and consulting costs and facility closure costs.
Results of Operations
Comparison of Six Months Ended June 30, 2024 to Six Months Ended June 30, 2023
The following table sets forth a summary of our consolidated results of operations for the six months ended June 30, 2024 and 2023. The historical results presented below are not necessarily indicative of the results that may be expected for any future period.
| | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, | | |
($ in thousands) | 2024 | | 2023 | | Change | | |
| | | | | | | |
Net revenue | $ | 597,996 | | | $ | 586,167 | | | $ | 11,829 | | | |
Cost of revenue | 495,120 | | | 485,329 | | | 9,791 | | | |
Gross profit | 102,876 | | | 100,838 | | | 2,038 | | | |
Distribution, selling and administrative expenses | 100,336 | | | 105,172 | | | (4,836) | | | |
| | | | | | | |
Income (loss) from operations | 2,540 | | | (4,334) | | | 6,874 | | | |
| | | | | | | |
Interest expense | 5,953 | | | 5,715 | | | 238 | | |
Other expense (income), net | 3,372 | | | (355) | | | 3,727 | | |
Change in fair value of interest rate swap contracts | (2,331) | | | (110) | | | (2,221) | | |
Lease guarantee income | (5,548) | | | (210) | | | (5,338) | | | |
Income (loss) before income taxes | 1,094 | | | (9,374) | | | 10,468 | | | |
Income tax expense (benefit) | 1,418 | | | (2,017) | | | 3,435 | | |
Net loss and comprehensive loss | (324) | | | (7,357) | | | 7,033 | | | |
Less: net income (loss) attributable to noncontrolling interests | 353 | | | (574) | | | 927 | | |
Net loss and comprehensive loss attributable to HF Foods Group Inc. | $ | (677) | | | $ | (6,783) | | | $ | 6,106 | | | |
The following table sets forth the components of our consolidated results of operations expressed as a percentage of net revenue for the periods indicated:
| | | | | | | | | | | |
| Six Months Ended June 30, |
| 2024 | | 2023 |
| | | |
Net revenue | 100.0 | % | | 100.0 | % |
Cost of revenue | 82.8 | % | | 82.8 | % |
Gross profit | 17.2 | % | | 17.2 | % |
Distribution, selling and administrative expenses | 16.8 | % | | 17.9 | % |
| | | |
Income (loss) from operations | 0.4 | % | | (0.7) | % |
| | | |
Interest expense | 1.0 | % | | 1.0 | % |
Other expense (income), net | 0.6 | % | | (0.1) | % |
Change in fair value of interest rate swap contracts | (0.4) | % | | — | % |
Lease guarantee income | (0.9) | % | | — | % |
Income (loss) before income taxes | 0.1 | % | | (1.6) | % |
Income tax expense (benefit) | 0.2 | % | | (0.3) | % |
Net loss and comprehensive loss | (0.1) | % | | (1.3) | % |
Less: net income (loss) attributable to noncontrolling interests | 0.1 | % | | — | % |
Net loss and comprehensive loss attributable to HF Foods Group Inc. | (0.2) | % | | (1.3) | % |
Net Revenue
Net revenue for the six months ended June 30, 2024 increased by $11.8 million, or 2.0%, compared to the same period in 2023. This increase was primarily attributable to product cost inflation and improved pricing in certain categories, partially offset by the $5.8 million loss in revenue resulting from the exit of our chicken processing businesses in 2023.
Gross Profit
Gross profit was $102.9 million for the six months ended June 30, 2024 compared to $100.8 million in the same period in 2023, an increase of $2.1 million, or 2.0%. The gross profit increase was primarily attributable to increased net revenue. Gross profit margin for the six months ended June 30, 2024 was flat at 17.2% in the same period in 2023.
Distribution, Selling and Administrative Expenses
Distribution, selling and administrative expenses of $100.3 million for the six months ended June 30, 2024 decreased compared to prior year expenses of $105.2 million primarily due to a decrease of $8.4 million in professional fees, partially offset by higher payroll and related labor costs. Distribution, selling and administrative expenses as a percentage of net revenue decreased to 16.8% for the six months ended June 30, 2024 from 17.9% in the same period in 2023, primarily due to lower professional fees and increased net revenue, partially offset by increased headcount.
Interest Expense
Interest expense for the six months ended June 30, 2024 increased by $0.2 million or 4.2%, compared to the six months ended June 30, 2023, primarily due to a slightly higher interest-rate environment. Average floating interest rates on our floating-rate debt for the six months ended June 30, 2024 increased by approximately 0.6% on the line of credit and 0.6% on the JPMorgan Chase mortgage-secured term loan, compared to the same period in 2023. Our average daily line of credit balance increased by $10.7 million, or 26.8%, to $50.6 million for the six months ended June 30, 2024 from $39.9 million for the six months ended June 30, 2023, and our average daily JPMorgan Chase mortgage-secured term loan balance decreased by $5.0 million, or 4.5%, to $104.9 million for the six months ended June 30, 2024 from $109.9 million for the six months ended June 30, 2023.
Income Tax Expense (Benefit)
Income tax expense was $1.4 million for the six months ended June 30, 2024, compared to an income tax benefit of $2.0 million for the six months ended June 30, 2023, primarily due to discrete tax expense items impacting the tax provision for the current period compared to losses from operations in the prior period.
Net Loss Attributable to HF Foods Group Inc.
Net loss attributable to HF Foods Group Inc. was $0.7 million for the six months ended June 30, 2024, compared to net loss of $6.8 million for the six months ended June 30, 2023. The improvement of $6.1 million was primarily driven by an increase in our income from operations of $6.9 million, the $5.3 million reversal of our lease guarantee liability and the increase of the gain related to the fair value of interest rate swap contracts of $2.2 million, partially offset by our SEC settlement of $3.9 million and the increase of income tax expense of $3.4 million.
EBITDA and Adjusted EBITDA
The following table reconciles EBITDA and Adjusted EBITDA to the most directly comparable GAAP measure:
| | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, | | | |
($ in thousands) | | 2024 | | 2023 | | Change | |
| | | | | | | |
Net loss | | $ | (324) | | $ | (7,357) | | $ | 7,033 | |
Interest expense | | 5,953 | | 5,715 | | 238 | |
Income tax expense (benefit) | | 1,418 | | (2,017) | | 3,435 | |
Depreciation and amortization | | 13,266 | | 13,129 | | 137 | |
EBITDA | | 20,313 | | 9,470 | | 10,843 | |
Lease guarantee income | | (5,548) | | (210) | | (5,338) | |
Change in fair value of interest rate swap contracts | | (2,331) | | (110) | | (2,221) | |
Stock-based compensation expense | | 1,260 | | 1,848 | | (588) | |
SEC settlement | | 3,900 | | — | | 3,900 | |
Asset impairment charges | | — | | 1,200 | | (1,200) | |
Business transformation costs (1) | | 1,103 | | 204 | | 899 | |
Other non-routine expense (2) | | 566 | | 1,704 | | (1,138) | |
Adjusted EBITDA | | $ | 19,263 | | $ | 14,106 | | $ | 5,157 | |
| | | | | | | |
_________________
(1) Represents non-recurring costs associated with the launch of strategic projects including supply chain management improvements and technology infrastructure initiatives.
(2) Includes contested proxy and related legal and consulting costs and facility closure costs.
Liquidity and Capital Resources
As of June 30, 2024, we had cash of approximately $14.0 million, checks issued not presented for payment of $6.5 million and access to approximately $29.9 million in additional funds through our $100.0 million line of credit, subject to a borrowing base calculation. We have funded working capital and other capital requirements primarily by cash flow from operations and bank loans. Cash is required to pay purchase costs for inventory, salaries, fuel and trucking expenses, selling expenses, rental expenses, income taxes, other operating expenses and to service debts.
We believe that our cash flow generated from operations is sufficient to meet our normal working capital needs for at least the next twelve months. However, our ability to repay our current obligations will depend on the future realization of our current assets. Management has considered the historical experience, the economy, the trends in the foodservice distribution industry to determine the expected collectability of accounts receivable and the realization of inventories as of June 30, 2024.
We are party to an amortizing interest rate swap contract with JPMorgan Chase for an initial notional amount of $120.0 million, expiring in March 2028, as a means to partially hedge our existing floating rate loans exposure. Pursuant to the agreement, we will pay the swap counterparty a fixed rate of 4.11% in exchange for floating payments based on CME Term SOFR.
Our liquidity is also affected by the entry of an administrative civil cease-and-desist order by the SEC, whereby we agreed to payment of a civil monetary penalty of $3.9 million. We made this payment during the three months ended June 30, 2024.
Management believes we have sufficient funds to meet our working capital requirements and debt obligations in the next twelve months. However, there are a number of factors that could potentially arise which might result in shortfalls in anticipated cash flow, such as the demand for our products, economic conditions, competitive pricing in the foodservice distribution industry, and our bank and suppliers being able to provide continued support. If the future cash flow from operations and other capital resources is insufficient to fund our liquidity needs, we may have to resort to reducing or delaying our expected acquisition plans, liquidating assets, obtaining additional debt or equity capital, or refinancing all or a portion of our debt.
As of June 30, 2024, we have no off balance sheet arrangements that currently have or are reasonably likely to have a material effect on our consolidated financial position, changes in financial condition, results of operations, liquidity, capital expenditures or capital resources.
The following table summarizes cash flow data for the three months ended June 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, | | | |
(In thousands) | 2024 | | 2023 | | Change | |
| | | | | | |
Net cash (used in) provided by operating activities | $ | (17) | | | $ | 8,732 | | | $ | (8,749) | | |
Net cash used in investing activities | (6,331) | | | (1,522) | | | (4,809) | | |
Net cash provided by (used in) financing activities | 5,084 | | | (16,553) | | | 21,637 | | |
Net decrease in cash and cash equivalents | $ | (1,264) | | | $ | (9,343) | | | $ | 8,079 | | |
Operating Activities
Net cash (used in) provided by operating activities consists primarily of net income, which includes a $3.9 million civil monetary penalty payment, adjusted for non-cash items, including depreciation and amortization, changes in deferred income taxes and others, and includes the effect of working capital changes. Net cash (used in) provided by operating activities decreased by $8.7 million primarily due to the timing of working capital outlays and the $3.9 million SEC settlement payment partially offset by improved operating income.
Investing Activities
Net cash used in investing activities increased by $4.8 million primarily due to increased capital project spend in the six months ended June 30, 2024.
Financing Activities
Net cash provided by (used in) financing activities decreased by $21.6 million to $5.1 million provided by financing activities primarily due to net line of credit activity, as well as the checks issued not presented for payment activity for the six months ended June 30, 2024 compared to the six months ended June 30, 2023.
Critical Accounting Policies and Estimates
We have prepared the financial information in this Quarterly Report in accordance with GAAP. Preparing our condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during these reporting periods. We base our estimates and judgments on historical experience and other factors we believe are reasonable under the circumstances. These assumptions form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Part II, Item 7 — “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the 2023 Annual Report on Form 10-K includes a summary of the critical accounting policies and estimates we believe are the most important to aid in understanding our financial results. There have been no changes to those critical accounting policies and estimates that have had a material impact on our reported amounts of assets, liabilities, revenue, or expenses during the three months ended June 30, 2024. Additionally, see Note 6 - Goodwill and Acquired Intangible Assets of our condensed consolidated financial statements on this Form 10-Q for disclosure regarding the Company’s single reporting unit.
Recent Accounting Pronouncements
For a discussion of recent accounting pronouncements, see Note 2 - Summary of Significant Accounting Policies to the condensed consolidated financial statements in this Quarterly Report on Form 10-Q.
ITEM 3. Quantitative and Qualitative Disclosures about Market Risk.
Interest Rate Risk
Our debt exposes us to risk of fluctuations in interest rates. Floating rate debt, where the interest rate fluctuates periodically, exposes us to short-term changes in market interest rates. Fixed rate debt, where the interest rate is fixed over the life of the instrument, exposes us to changes in market interest rates reflected in the fair value of the debt and to the risk that we may need to refinance maturing debt with new debt at higher rates. We manage our debt portfolio to achieve an overall desired proportion of fixed and floating rate debts and may employ interest rate swaps as a tool from time to time to achieve that position. To manage our interest rate risk exposure, we entered into four interest rate swap contracts to hedge the floating rate term loans. See Note 7 - Derivative Financial Instruments to the condensed consolidated financial statements in this Quarterly Report on Form 10-Q for additional information.
As of June 30, 2024, our aggregate floating rate debt’s outstanding principal balance without hedging was $68.6 million, or 38.5% of total debt, consisting primarily of our revolving line of credit (see Note 8 - Debt to the condensed consolidated financial statements in this Quarterly Report on Form 10-Q). Our floating rate debt interest is based on the floating 1-month SOFR plus a predetermined credit adjustment rate plus the bank spread. The remaining 61.5% of our debt is on a fixed rate or a floating rate with hedging. In a hypothetical scenario, a 1% change in the applicable rate would cause the interest expense on our floating rate debt to change by approximately $0.7 million per year.
Fuel Price Risk
We are also exposed to risks relating to fluctuations in the price and availability of diesel fuel. We require significant quantities of diesel fuel for our vehicle fleet, and the inbound delivery of the products we sell is also dependent upon shipment by diesel-fueled vehicles. Additionally, elevated fuel costs can negatively impact consumer confidence and discretionary spending and thus reduce the frequency and amount spent by consumers for food-away-from-home purchases. We currently are able to obtain adequate supplies of diesel fuel, and average prices in the second quarter of 2024 decreased in comparison to average prices in the same period in 2023, decreasing 1.6% on average. However, it is impossible to predict the future availability or price of diesel fuel. The price and supply of diesel fuel fluctuates based on external factors not within our control, including geopolitical developments, supply and demand for oil and gas, regional production patterns, weather conditions and environmental concerns. Increases in the cost of diesel fuel could increase our cost of goods sold and operating costs to deliver products to our customers.
We do not actively hedge the price fluctuation of diesel fuel in general. Instead, we seek to minimize fuel cost risk through delivery route optimization and fleet utilization improvement.
ITEM 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
Under the supervision and with the participation of our management, including our principal executive officer and principal financial and accounting officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, as of the end of the period covered by this report. In connection with this review and the audit of our consolidated financial statements for the year ended December 31, 2023, we identified material weaknesses as were reported previously, which continue to exist as of June 30, 2024. We did not properly design or maintain effective controls over the control environment, risk assessment, control activities, information and communication components and monitoring of the Committee of Sponsoring Organizations of the Treadway Commission in 2013.
Based on this evaluation, our principal executive officer and principal financial and accounting officer have concluded that as a result of the material weaknesses and control deficiencies as reported in our Annual Report on Form 10-K for the year ended December 31, 2023, our disclosure controls and procedures were not effective as of June 30, 2024. Notwithstanding the weaknesses, our management has concluded that the financial statements included elsewhere in this report present fairly, and in all material respects, our financial position, results of operation and cash flow in conformity with GAAP.
Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Controls Over Financial Reporting and Disclosure Controls
Management remains committed to ongoing efforts to address material weaknesses. Although we will continue to implement measures to remedy our internal control deficiencies, there can be no assurance that our efforts will be successful or avoid potential future material weaknesses. In addition, until remediation steps have been completed and operated for a sufficient period of time, and subsequent evaluation of their effectiveness is completed, the material weaknesses previously identified will continue to exist.
Other than the remediation efforts previously disclosed, there have been no changes in our internal controls over financial reporting for the quarter ended June 30, 2024, that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.
PART II - OTHER INFORMATION
ITEM 1. Legal Proceedings.
From time to time, we are a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. With respect to our outstanding legal matters, we believe that the amount or estimable range of reasonably possible loss will not, either individually or in the aggregate, have a material adverse effect on our business, consolidated financial position, results of operations, or cash flows. For information relating to legal proceedings, see Note 13 - Commitments and Contingencies to our condensed consolidated financial statements.
ITEM 1A. Risk Factors.
Except as set forth below, there have been no material changes from the risk factors disclosed in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2024.
Turnover among our senior management, directors and other key personnel may create uncertainty and adversely affect our operations.
Our success is substantially dependent on our senior management, directors and other key personnel. Our senior management, directors and other key personnel have been primarily responsible for determining the strategic direction of our business and for executing our growth strategy, and are integral to our brand, culture and reputation with suppliers and consumers. The loss of the services of any senior management, directors or other key personnel could have a material adverse effect on our business and prospects. We have recently appointed four new members to our board of directors as part of our continuous efforts to enhance our corporate governance and our future strategies and plans. Our new directors have different professional experiences and industry knowledge from those individuals who previously served, and we expect they will have different views on the issues that will determine our future strategies and plans. Such changes to strategic or operating goals may ultimately be unsuccessful. In addition, transition periods relating to such changes are often difficult as new personnel gain more detailed knowledge of our operations and management. If we do not integrate any new personnel successfully, including our new directors, we may be unable to manage and grow our business, and our financial condition and profitability may suffer as a result. Any departure of senior management, directors and other key personnel could be viewed in a negative light by investors and analysts, which may cause our stock price to decline.
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities.
None.
ITEM 3. Defaults Upon Senior Securities.
None.
ITEM 4. Mine Safety Disclosures.
Not applicable.
ITEM 5. Other Information.
Securities Trading Plans of Directors and Executive Officers
During the three months ended June 30, 2024, none of our officers or directors adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K.
ITEM 6. Exhibits
The following exhibits are incorporated herein by reference or are filed or furnished with this report as indicated below:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Incorporated by Reference |
Exhibit Number | | Description | | Form | | Exhibit | | Filing Date |
| | | | 8-K | | 3.1 | | 8/11/2017 |
| | | | 8-K | | 3.1.2 | | 8/27/2018 |
| | | | 8-K | | 3.02 | | 11/4/2022 |
| | | | 8-K | | 3.1 | | 4/26/2023 |
| | | | 8-K | | 3.1 | | 4/11/2023 |
| | | | S-1/A | | 4.2 | | 7/28/2017 |
| | | | | | | | |
| | | | S-1/A | | 4.5 | | 7/28/2017 |
| | | | 8-A | | 4.2 | | 4/12/2024 |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | 8-K | | 10.1 | | 4/25/2024 |
| | | | 8-K | | 10.1 | | 5/6/2024 |
| | Amendment to Lease, dated as of January 21, 2021, between Anheart, Inc. and 825 Broadway Realty, LLC, Samayabeneli RE LLC, AS 2 East 30, LLC, 273 Yoco LLC, and UBA 2 East 30, LLC. | | 8-K | | 10.2 | | 5/6/2024 |
| | | | 8-K | | 10.3 | | 5/6/2024 |
| | | | S-8 | | 4.2 | | 6/5/2024 |
| | | | S-8 | | 4.3 | | 6/5/2024 |
| | | | S-8 | | 4.4 | | 6/5/2024 |
| | | | DEF14A | | Annex | | 4/24/2024 |
| | | | 8-K | | 10.1 | | 6/5/2024 |
| | | | 8-K | | 10.1 | | 6/28/2024 |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
101.INS* | | XBRL Instance Document | | | | | | |
101.SCH* | | XBRL Taxonomy Extension Schema Document | | | | | | |
101.CAL* | | XBRL Taxonomy Extension Calculation Linkbase Document | | | | | | |
101.DEF* | | XBRL Taxonomy Extension Definition Linkbase Document | | | | | | |
101.LAB* | | XBRL Taxonomy Extension Label Linkbase Document | | | | | | |
101.PRE* | | XBRL Taxonomy Extension Presentation Linkbase Document | | | | | | |
104* | | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | | | | | | |
| | | | | | | | | |
* | Filed herewith. | |
** | Furnished herewith. | |
† | Indicates a management contract or compensatory plan or arrangement. | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| | | | | |
| HF Foods Group Inc. |
| |
| By: /s/ Xiao Mou Zhang |
| Xiao Mou Zhang Chief Executive Officer |
| |
| By: /s/ Cindy Yao |
| Cindy Yao Chief Financial Officer (Principal accounting and financial officer) |
| |
Date: August 9, 2024 | |
Exhibit 31.1
Certification of Chief Executive Officer
I, Xiao Mou Zhang, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of HF Foods Group Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | |
Date: August 9, 2024 | By: | /s/ Xiao Mou Zhang |
| | Xiao Mou Zhang |
| | Chief Executive Officer |
Exhibit 31.2
Certification of Chief Financial Officer
I, Cindy Yao, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of HF Foods Group Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | |
Date: August 9, 2024 | By: | /s/ Cindy Yao |
| | Cindy Yao Chief Financial Officer |
Exhibit 32.1
Section 1350 Certification of Chief Executive Officer
In connection with the Quarterly Report on Form 10-Q of HF Foods Group Inc. (the “Company”) for the quarterly period ended June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Xiao Mou Zhang, Chief Executive Officer of the Company, certify, to the best of my knowledge and belief, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and
2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | | | | |
Date: August 9, 2024 | By: | /s/ Xiao Mou Zhang |
| | Xiao Mou Zhang |
| | Chief Executive Officer |
Exhibit 32.2
Section 1350 Certification of Chief Financial Officer
In connection with the Quarterly Report on Form 10-Q of HF Foods Group Inc. (the “Company”) for the quarterly period ended June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Cindy Yao, Chief Financial Officer, certify, to the best of my knowledge and belief, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and
2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | | | | |
Date: August 9, 2024 | By: | /s/ Cindy Yao |
| | Cindy Yao Chief Financial Officer |
v3.24.2.u1
Cover - shares
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6 Months Ended |
|
Jun. 30, 2024 |
Aug. 05, 2024 |
Document Type |
10-Q
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Document Quarterly Report |
true
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Document Period End Date |
Jun. 30, 2024
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Document Transition Report |
false
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Entity File Number |
001-38180
|
|
Entity Registrant Name |
HF FOODS GROUP INC.
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Tax Identification Number |
81-2717873
|
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Entity Address, Address Line One |
6325 South Rainbow Boulevard
|
|
Entity Address, Address Line Two |
Suite 420
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|
Entity Address, City or Town |
Las Vegas
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Entity Address, State or Province |
NV
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Entity Address, Postal Zip Code |
89118
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City Area Code |
888
|
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Local Phone Number |
905-0988
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Entity Current Reporting Status |
Yes
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Entity Interactive Data Current |
Yes
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Entity Filer Category |
Accelerated Filer
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Entity Small Business |
false
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Entity Emerging Growth Company |
false
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Entity Shell Company |
false
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v3.24.2.u1
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
CURRENT ASSETS: |
|
|
Cash |
$ 13,968
|
$ 15,232
|
Inventories |
119,232
|
105,618
|
Prepaid expenses and other current assets |
8,996
|
10,145
|
TOTAL CURRENT ASSETS |
193,611
|
178,827
|
Property and equipment, net |
143,538
|
133,136
|
Operating lease right-of-use assets |
16,006
|
12,714
|
Long-term investments |
2,390
|
2,388
|
Customer relationships, net |
141,898
|
147,181
|
Trademarks, trade names and other intangibles, net |
27,768
|
30,625
|
Goodwill |
85,118
|
85,118
|
Other long-term assets |
6,538
|
6,531
|
TOTAL ASSETS |
616,867
|
596,520
|
CURRENT LIABILITIES: |
|
|
Checks issued not presented for payment |
6,452
|
4,494
|
Line of credit |
66,350
|
58,564
|
Current portion of long-term debt, net |
5,414
|
5,450
|
Current portion of obligations under finance leases |
3,025
|
1,749
|
Current portion of obligations under operating leases |
4,116
|
3,706
|
Accrued expenses and other liabilities |
15,554
|
17,287
|
TOTAL CURRENT LIABILITIES |
164,059
|
143,264
|
Long-term debt, net of current portion |
106,000
|
108,711
|
Obligations under finance leases, non-current |
17,434
|
11,229
|
Obligations under operating leases, non-current |
12,219
|
9,414
|
Deferred tax liabilities |
28,204
|
29,028
|
Other long-term liabilities |
160
|
6,891
|
TOTAL LIABILITIES |
328,076
|
308,537
|
COMMITMENTS AND CONTINGENCIES (Note 13) |
|
|
SHAREHOLDERS’ EQUITY: |
|
|
Preferred Stock, $0.001 par value; 1,000,000 shares authorized; no shares issued and outstanding |
0
|
0
|
Common Stock, $0.0001 par value; 100,000,000 shares authorized; 54,668,169 and 54,153,391 shares issued and 52,670,746 and 52,155,968 shares outstanding as of June 30, 2024 and December 31, 2023, respectively |
5
|
5
|
Treasury Stock, Common, Value |
(7,750)
|
(7,750)
|
Additional paid-in capital |
603,454
|
603,094
|
Accumulated deficit |
(309,365)
|
(308,688)
|
TOTAL SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO HF FOODS GROUP INC. |
286,344
|
286,661
|
Noncontrolling interests |
2,447
|
1,322
|
TOTAL SHAREHOLDERS’ EQUITY |
288,791
|
287,983
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
616,867
|
596,520
|
Series A Preferred Stock |
|
|
SHAREHOLDERS’ EQUITY: |
|
|
Preferred Stock, $0.001 par value; 1,000,000 shares authorized; no shares issued and outstanding |
0
|
0
|
Nonrelated Party |
|
|
CURRENT ASSETS: |
|
|
Accounts receivable, net of allowances of $2,077 and $2,119 |
50,867
|
47,524
|
CURRENT LIABILITIES: |
|
|
Accounts payable |
62,497
|
51,617
|
Related Party |
|
|
CURRENT ASSETS: |
|
|
Accounts receivable, net of allowances of $2,077 and $2,119 |
548
|
308
|
CURRENT LIABILITIES: |
|
|
Accounts payable |
$ 651
|
$ 397
|
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v3.24.2.u1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Allowance for credit loss, current |
$ 2,077
|
$ 2,119
|
Preferred stock. par value (in dollars per share) |
$ 0.001
|
$ 0.001
|
Preferred stock, authorized (in shares) |
1,000,000
|
1,000,000
|
Preferred stock, issued (in shares) |
0
|
0
|
Preferred stock, outstanding (in shares) |
0
|
0
|
Common stock, par value (in dollars per share) |
$ 0.0001
|
$ 0.0001
|
Common stock, authorized (in shares) |
100,000,000
|
100,000,000
|
Common stock, issued (in shares) |
54,668,169
|
54,153,391
|
Common stock, outstanding (in shares) |
52,670,746
|
52,155,968
|
Series A Preferred Stock |
|
|
Preferred stock. par value (in dollars per share) |
$ 0.001
|
$ 0.001
|
Preferred stock, authorized (in shares) |
100,000
|
100,000
|
Preferred stock, issued (in shares) |
0
|
0
|
Preferred stock, outstanding (in shares) |
0
|
0
|
X |
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v3.24.2.u1
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
TOTAL NET REVENUE |
$ 302,342
|
$ 292,312
|
$ 597,996
|
$ 586,167
|
TOTAL COST OF REVENUE |
249,877
|
241,646
|
495,120
|
485,329
|
GROSS PROFIT |
52,465
|
50,666
|
102,876
|
100,838
|
Distribution, selling and administrative expenses |
49,840
|
52,243
|
100,336
|
105,172
|
INCOME (LOSS) FROM OPERATIONS |
2,625
|
(1,577)
|
2,540
|
(4,334)
|
Other expenses (income): |
|
|
|
|
Interest expense |
3,119
|
2,847
|
5,953
|
5,715
|
Other expense (income), net |
3,466
|
(127)
|
3,372
|
(355)
|
Change in fair value of interest rate swap contracts |
(361)
|
(2,856)
|
(2,331)
|
(110)
|
Lease guarantee income |
(5,433)
|
(90)
|
(5,548)
|
(210)
|
INCOME (LOSS) BEFORE INCOME TAXES |
1,834
|
(1,351)
|
1,094
|
(9,374)
|
Income tax expense (benefit) |
1,599
|
209
|
1,418
|
(2,017)
|
NET INCOME (LOSS) AND COMPREHENSIVE LOSS |
235
|
(1,560)
|
(324)
|
(7,357)
|
Less: net income (loss) attributable to noncontrolling interests |
218
|
(710)
|
353
|
(574)
|
NET INCOME (LOSS) AND COMPREHENSIVE LOSS ATTRIBUTABLE TO HF FOODS GROUP INC. |
$ 17
|
$ (850)
|
$ (677)
|
$ (6,783)
|
(LOSS) EARNINGS PER COMMON SHARE - BASIC (in USD per share) |
$ 0.00
|
$ (0.02)
|
$ (0.01)
|
$ (0.13)
|
(LOSS) EARNINGS PER COMMON SHARE - DILUTED (in USD per share) |
$ 0.00
|
$ (0.02)
|
$ (0.01)
|
$ (0.13)
|
WEIGHTED AVERAGE SHARES - BASIC (in shares) |
52,585,715
|
54,046,328
|
52,370,842
|
53,935,178
|
WEIGHTED AVERAGE SHARES - DILUTED (in shares) |
52,661,119
|
54,046,328
|
52,370,842
|
53,935,178
|
Third Party |
|
|
|
|
TOTAL NET REVENUE |
$ 301,331
|
$ 290,364
|
$ 596,167
|
$ 581,926
|
TOTAL COST OF REVENUE |
248,957
|
239,724
|
493,441
|
481,181
|
Related Party |
|
|
|
|
TOTAL NET REVENUE |
1,011
|
1,948
|
1,829
|
4,241
|
TOTAL COST OF REVENUE |
$ 920
|
$ 1,922
|
$ 1,679
|
$ 4,148
|
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v3.24.2.u1
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Cash flows from operating activities: |
|
|
Net loss |
$ (324)
|
$ (7,357)
|
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: |
|
|
Depreciation and amortization expense |
13,266
|
13,129
|
Asset impairment charges |
0
|
1,200
|
Provision for credit losses |
(40)
|
56
|
Deferred tax benefit |
(824)
|
(1,324)
|
Change in fair value of interest rate swap contracts |
(2,331)
|
(110)
|
Stock-based compensation |
1,260
|
1,848
|
Non-cash lease expense |
1,930
|
1,916
|
Lease guarantee income |
(5,548)
|
(210)
|
Other non-cash expense |
485
|
389
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
(3,303)
|
(1,456)
|
Accounts receivable - related parties |
(240)
|
(394)
|
Inventories |
(13,614)
|
9,225
|
Prepaid expenses and other current assets |
1,149
|
(3,545)
|
Other long-term assets |
723
|
(1,519)
|
Accounts payable |
10,880
|
(667)
|
Accounts payable - related parties |
254
|
(659)
|
Operating lease liabilities |
(2,007)
|
(1,765)
|
Accrued expenses and other liabilities |
(1,733)
|
(25)
|
Net cash (used in) provided by operating activities |
(17)
|
8,732
|
Cash flows from investing activities: |
|
|
Purchase of property and equipment |
(6,331)
|
(1,522)
|
Net cash used in investing activities |
(6,331)
|
(1,522)
|
Cash flows from financing activities: |
|
|
Payments for tax withholding related to vested stock awards |
(128)
|
0
|
Checks issued not presented for payment |
1,958
|
(1,072)
|
Proceeds from line of credit |
735,717
|
594,916
|
Repayment of line of credit |
(727,958)
|
(605,826)
|
Repayment of long-term debt |
(2,768)
|
(3,172)
|
Repayment of obligations under finance leases |
(1,737)
|
(1,399)
|
Net cash provided by (used in) financing activities |
5,084
|
(16,553)
|
Net decrease in cash |
(1,264)
|
(9,343)
|
Cash at beginning of the period |
15,232
|
24,289
|
Cash at end of the period |
13,968
|
14,946
|
Supplemental disclosure of non-cash investing and financing activities: |
|
|
Right-of-use assets obtained in exchange for operating lease liabilities |
5,222
|
88
|
Property acquired in exchange for finance leases |
9,218
|
1,059
|
Dissolution of noncontrolling interests |
$ 772
|
$ 0
|
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v3.24.2.u1
Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands |
Total |
Total Shareholders’ Equity Attributable to HF Foods Group Inc. |
Common Stock |
Treasury Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Noncontrolling Interests |
Beginning balance (in shares) at Dec. 31, 2022 |
|
|
53,813,777
|
|
|
|
|
Beginning balance at Dec. 31, 2022 |
$ 296,249
|
$ 291,813
|
$ 5
|
$ 0
|
$ 598,322
|
$ (306,514)
|
$ 4,436
|
Beginning balance, Treasury Stock (in shares) at Dec. 31, 2022 |
|
|
|
0
|
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
Net (loss) income |
(5,797)
|
(5,933)
|
|
|
|
(5,933)
|
136
|
Issuance of common stock pursuant to equity compensation plan (in shares) |
|
|
37,847
|
|
|
|
|
Shares withheld for tax withholdings on vested awards (in shares) |
|
|
(7,132)
|
|
|
|
|
Shares withheld for tax withholdings on vested awards |
(34)
|
(34)
|
|
|
(34)
|
|
|
Stock-based compensation |
1,096
|
1,096
|
|
|
1,096
|
|
|
Ending balance (in shares) at Mar. 31, 2023 |
|
|
53,844,492
|
|
|
|
|
Ending balance at Mar. 31, 2023 |
291,514
|
286,942
|
$ 5
|
$ 0
|
599,384
|
(312,447)
|
4,572
|
Ending balance, Treasury Stock (in shares) at Mar. 31, 2023 |
|
|
|
0
|
|
|
|
Beginning balance (in shares) at Dec. 31, 2022 |
|
|
53,813,777
|
|
|
|
|
Beginning balance at Dec. 31, 2022 |
296,249
|
291,813
|
$ 5
|
$ 0
|
598,322
|
(306,514)
|
4,436
|
Beginning balance, Treasury Stock (in shares) at Dec. 31, 2022 |
|
|
|
0
|
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
Net (loss) income |
(7,357)
|
|
|
|
|
|
|
Ending balance (in shares) at Jun. 30, 2023 |
|
|
54,086,164
|
|
|
|
|
Ending balance at Jun. 30, 2023 |
290,600
|
286,738
|
$ 5
|
$ 0
|
600,030
|
(313,297)
|
3,862
|
Ending balance, Treasury Stock (in shares) at Jun. 30, 2023 |
|
|
|
0
|
|
|
|
Beginning balance (in shares) at Mar. 31, 2023 |
|
|
53,844,492
|
|
|
|
|
Beginning balance at Mar. 31, 2023 |
291,514
|
286,942
|
$ 5
|
$ 0
|
599,384
|
(312,447)
|
4,572
|
Beginning balance, Treasury Stock (in shares) at Mar. 31, 2023 |
|
|
|
0
|
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
Net (loss) income |
(1,560)
|
(850)
|
|
|
|
(850)
|
(710)
|
Issuance of common stock pursuant to equity compensation plan (in shares) |
|
|
269,113
|
|
|
|
|
Shares withheld for tax withholdings on vested awards (in shares) |
|
|
(27,441)
|
|
|
|
|
Shares withheld for tax withholdings on vested awards |
(106)
|
(106)
|
|
|
(106)
|
|
|
Stock-based compensation |
752
|
752
|
|
|
752
|
|
|
Ending balance (in shares) at Jun. 30, 2023 |
|
|
54,086,164
|
|
|
|
|
Ending balance at Jun. 30, 2023 |
290,600
|
286,738
|
$ 5
|
$ 0
|
600,030
|
(313,297)
|
3,862
|
Ending balance, Treasury Stock (in shares) at Jun. 30, 2023 |
|
|
|
0
|
|
|
|
Beginning balance (in shares) at Dec. 31, 2023 |
|
|
54,153,391
|
|
|
|
|
Beginning balance at Dec. 31, 2023 |
$ 287,983
|
286,661
|
$ 5
|
$ (7,750)
|
603,094
|
(308,688)
|
1,322
|
Beginning balance, Treasury Stock (in shares) at Dec. 31, 2023 |
(1,997,423)
|
|
|
1,997,423
|
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
Net (loss) income |
$ (559)
|
(694)
|
|
|
|
(694)
|
135
|
Stock-based compensation |
738
|
738
|
|
|
738
|
|
|
Ending balance (in shares) at Mar. 31, 2024 |
|
|
54,153,391
|
|
|
|
|
Ending balance at Mar. 31, 2024 |
288,162
|
286,705
|
$ 5
|
$ (7,750)
|
603,832
|
(309,382)
|
1,457
|
Ending balance, Treasury Stock (in shares) at Mar. 31, 2024 |
|
|
|
1,997,423
|
|
|
|
Beginning balance (in shares) at Dec. 31, 2023 |
|
|
54,153,391
|
|
|
|
|
Beginning balance at Dec. 31, 2023 |
$ 287,983
|
286,661
|
$ 5
|
$ (7,750)
|
603,094
|
(308,688)
|
1,322
|
Beginning balance, Treasury Stock (in shares) at Dec. 31, 2023 |
(1,997,423)
|
|
|
1,997,423
|
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
Net (loss) income |
$ (324)
|
|
|
|
|
|
|
Ending balance (in shares) at Jun. 30, 2024 |
|
|
54,668,169
|
|
|
|
|
Ending balance at Jun. 30, 2024 |
$ 288,791
|
286,344
|
$ 5
|
$ (7,750)
|
603,454
|
(309,365)
|
2,447
|
Ending balance, Treasury Stock (in shares) at Jun. 30, 2024 |
(1,997,423)
|
|
|
1,997,423
|
|
|
|
Beginning balance (in shares) at Mar. 31, 2024 |
|
|
54,153,391
|
|
|
|
|
Beginning balance at Mar. 31, 2024 |
$ 288,162
|
286,705
|
$ 5
|
$ (7,750)
|
603,832
|
(309,382)
|
1,457
|
Beginning balance, Treasury Stock (in shares) at Mar. 31, 2024 |
|
|
|
1,997,423
|
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
Net (loss) income |
235
|
17
|
|
|
|
17
|
218
|
Issuance of common stock pursuant to equity compensation plan (in shares) |
|
|
555,181
|
|
|
|
|
Shares withheld for tax withholdings on vested awards (in shares) |
|
|
(40,403)
|
|
|
|
|
Shares withheld for tax withholdings on vested awards |
(128)
|
(128)
|
|
|
(128)
|
|
|
Dissolution of noncontrolling interests |
0
|
(772)
|
|
|
(772)
|
|
772
|
Stock-based compensation |
522
|
522
|
|
|
522
|
|
|
Ending balance (in shares) at Jun. 30, 2024 |
|
|
54,668,169
|
|
|
|
|
Ending balance at Jun. 30, 2024 |
$ 288,791
|
$ 286,344
|
$ 5
|
$ (7,750)
|
$ 603,454
|
$ (309,365)
|
$ 2,447
|
Ending balance, Treasury Stock (in shares) at Jun. 30, 2024 |
(1,997,423)
|
|
|
1,997,423
|
|
|
|
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v3.24.2.u1
Organization and Description of Business
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Organization and Description of Business |
Note 1 - Organization and Description of Business
Organization and General HF Foods Group Inc. and subsidiaries (collectively “HF Foods” or the “Company”) is an Asian foodservice distributor that markets and distributes fresh produce, seafood, frozen and dry food, and non-food products to primarily Asian restaurants and other foodservice customers throughout the United States. The Company's business consists of one operating segment, which is also its one reportable segment: HF Foods, which operates solely in the United States. The Company's customer base consists primarily of Asian restaurants, and it provides sales and service support to customers who mainly converse in Mandarin or Chinese dialects.
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v3.24.2.u1
Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
Note 2 - Summary of Significant Accounting Policies
Basis of Presentation and Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. All adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.
The condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto that are included in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 26, 2024 (the “2023 Annual Report”). There have been no material changes to the Company’s significant accounting policies as compared to the significant accounting policies described in the 2023 Annual Report.
All significant intercompany balances and transactions have been eliminated in consolidation. For consolidated entities where we own or are exposed to less than 100% of the economics, the Company records net income (loss) attributable to noncontrolling interest in its condensed consolidated statements of operations and comprehensive loss equal to the percentage of the economic or ownership interest retained in such entity by the respective noncontrolling party.
Variable Interest Entities
GAAP provides guidance on the identification of a variable interest entity (“VIE”) and financial reporting for an entity over which control is achieved through means other than voting interests. The Company evaluates each of its interests in an entity to determine whether or not the investee is a VIE and, if so, whether the Company is the primary beneficiary of such VIE. In determining whether the Company is the primary beneficiary, the Company considers if the Company (1) has power to direct the activities that most significantly affect the economic performance of the VIE, and (2) has the obligation to absorb losses or the right to receive the economic benefits of the VIE that could be potentially significant to the VIE. If deemed the primary beneficiary, the Company consolidates the VIE.
The Company previously disclosed one VIE, AnHeart, Inc. (“AnHeart”), for which the Company was not the primary beneficiary and therefore did not consolidate. During the three months ended June 30, 2024, the Company assumed the lease for which AnHeart was a lessee and the Company was a guarantor, and as such, it no longer recognizes AnHeart as a VIE as of June 30, 2024. See Note 13 - Commitments and Contingencies for additional information on AnHeart.
Noncontrolling Interests
GAAP requires that noncontrolling interests in subsidiaries and affiliates be reported in the equity section of the Company’s condensed consolidated balance sheets. In addition, the amounts attributable to the net income (loss) of those noncontrolling interests are reported separately in the condensed consolidated statements of operations and comprehensive loss. As of June 30, 2024 and December 31, 2023, noncontrolling interest equity consisted of the following: | | | | | | | | | | | | | | | | | | | | | ($ in thousands) | | Ownership of noncontrolling interest at June 30, 2024 | | June 30, 2024 | | December 31, 2023 | HF Foods Industrial, LLC ("HFFI")(a) | | —% | | $ | — | | | $ | (759) | | Min Food, Inc. | | 39.75% | | 2,078 | | | 1,715 | | Monterey Food Service, LLC | | 35.00% | | 369 | | | 366 | | Total | | | | $ | 2,447 | | | $ | 1,322 | |
_______________ (a)During the quarter ended June 30, 2024, upon dissolution of HFFI, the Company assumed HFFI’s remaining assets and liabilities. In accordance with ASC Topic 810 (“ASC 810”), Consolidation, changes in a parent’s ownership interest while the parent retains its controlling financial interest in its subsidiary shall be accounted for as equity transactions. No gain or loss was recognized. As a result of this transaction, noncontrolling interest of $0.8 million was reclassified to additional paid-in capital on the condensed consolidated balance sheets.
Uses of Estimates
The preparation of condensed consolidated financial statements in conformity with 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 condensed consolidated financial statements and the reported amounts of revenue and expenses during each reporting period. Actual results could differ from those estimates. Significant accounting estimates reflected in the Company’s condensed consolidated financial statements include, but are not limited to, inventory reserves, impairment of long-lived assets, impairment of goodwill, and the purchase price allocation and fair value of assets and liabilities acquired with respect to business combinations.
Recent Accounting Pronouncements
In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires enhanced disclosures about segment expenses on an annual and interim basis. This standard is effective for the Company’s consolidated financial statements for the year ending December 31, 2024 and for interim periods beginning in 2025. The impact of the adoption of this ASU is not expected to have a material effect on the Company’s financial position, or operations, however, the Company is currently evaluating the impact of this standard on its disclosures to the consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (“Topic 740”): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities to disclose specific categories in its annual effective tax rate reconciliation and disaggregated information about significant reconciling items by jurisdiction and by nature. ASU 2023-09 also requires entities to disclose their income tax payments (net of refunds) to international, federal, and state and local jurisdictions. This guidance is effective for fiscal years beginning after December 15, 2024, and requires prospective application with the option to apply it retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on the consolidated financial statements and disclosures.
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v3.24.2.u1
Revenue
|
6 Months Ended |
Jun. 30, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Revenue |
Note 3 - Revenue
The following table presents the Company's net revenue disaggregated by principal product categories: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | ($ in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | | | Seafood | | $ | 99,530 | | | 33 | % | | $ | 91,382 | | | 31 | % | | $ | 193,925 | | | 32 | % | | $ | 184,272 | | | 32 | % | | | | | Asian Specialty | | 77,493 | | | 26 | % | | 76,337 | | | 26 | % | | 157,702 | | | 26 | % | | 154,161 | | | 26 | % | | | | | Meat and Poultry | | 63,792 | | | 20 | % | | 56,012 | | | 19 | % | | 121,542 | | | 20 | % | | 108,061 | | | 18 | % | | | | | Produce | | 32,171 | | | 11 | % | | 31,636 | | | 11 | % | | 64,254 | | | 11 | % | | 63,847 | | | 11 | % | | | | | Packaging and Other | | 15,645 | | | 5 | % | | 18,037 | | | 6 | % | | 32,019 | | | 6 | % | | 37,433 | | | 6 | % | | | | | Commodity | | 13,711 | | | 5 | % | | 18,908 | | | 7 | % | | 28,554 | | | 5 | % | | 38,393 | | | 7 | % | | | | | Total | | $ | 302,342 | | | 100 | % | | $ | 292,312 | | | 100 | % | | $ | 597,996 | | | 100 | % | | $ | 586,167 | | | 100 | % | | | | |
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v3.24.2.u1
Balance Sheet Components
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Balance Sheet Components |
Note 4 - Balance Sheet Components
Accounts receivable, net consisted of the following:
| | | | | | | | | | | | (In thousands) | June 30, 2024 | | December 31, 2023 | Accounts receivable | $ | 52,944 | | | $ | 49,643 | | Less: allowance for expected credit losses | (2,077) | | | (2,119) | | Accounts receivable, net | $ | 50,867 | | | $ | 47,524 | |
Movement of allowance for expected credit losses was as follows:
| | | | | | | | | | | | | | | | | Six Months Ended June 30, | (In thousands) | 2024 | | 2023 | | | | | Beginning balance | $ | 2,119 | | | $ | 1,442 | | | | | | | | | | | | | | (Decrease) increase in provision for expected credit losses | (40) | | | 56 | | | | | | Bad debt write-offs | (2) | | | (24) | | | | | | Ending balance | $ | 2,077 | | | $ | 1,474 | | | | | |
Prepaid expenses and other current assets consisted of the following:
| | | | | | | | | | | | (In thousands) | June 30, 2024 | | December 31, 2023 | Prepaid expenses | $ | 2,093 | | | $ | 4,591 | | Advances to suppliers | 6,112 | | | 3,340 | | Other current assets | 791 | | | 2,214 | | Prepaid expenses and other current assets | $ | 8,996 | | | $ | 10,145 | |
Property and equipment, net consisted of the following:
| | | | | | | | | | | | (In thousands) | June 30, 2024 | | December 31, 2023 | Automobiles(1) | $ | 47,312 | | | $ | 37,256 | | Buildings | 63,045 | | | 63,045 | | Building improvements | 22,278 | | | 22,014 | | Furniture and fixtures | 419 | | | 474 | | Land | 49,929 | | | 49,929 | | Machinery and equipment | 11,970 | | | 11,532 | | Construction in progress | 5,172 | | | 1,391 | | Subtotal | 200,125 | | | 185,641 | | Less: accumulated depreciation | (56,587) | | | (52,505) | | Property and equipment, net | $ | 143,538 | | | $ | 133,136 | |
_________________ (1) The cost and accumulated depreciation of property and equipment related to finance leases was $31.0 million and $12.3 million at June 30, 2024 and $22.2 million and $10.3 million at December 31, 2023, which primarily relates to Automobiles. During the six months ended June 30, 2024, the Company entered into finance leases for automobiles which mature in 4 to 6 years and have a weighted average discount rate of 6.6%. The total future minimum lease payments under finance leases as of June 30, 2024 is $30.1 million. As of June 30, 2024, the Company had additional leases that had not yet commenced which totaled $16.9 million in future minimum lease payments.
Depreciation expense was $2.5 million and $2.4 million for the three months ended June 30, 2024 and 2023, respectively. Depreciation expense was $5.1 million and $5.0 million for the six months ended June 30, 2024 and 2023, respectively. During the three months ended June 30, 2023, the Company impaired machinery and recognized impairment expense of $1.2 million in distribution, selling and administrative expense in the condensed consolidated statements of operations and comprehensive income. Long-term investments consisted of the following:
| | | | | | | | | | | | | | | | | | (In thousands) | Ownership as of June 30, 2024 | | June 30, 2024 | | December 31, 2023 | Asahi Food, Inc. ("Asahi") | 49% | | $ | 590 | | | $ | 588 | | Pt. Tamron Akuatik Produk Industri ("Tamron") | 12% | | 1,800 | | | 1,800 | | Total long-term investments | | | $ | 2,390 | | | $ | 2,388 | |
The investment in Tamron is accounted for using the measurement alternative under Accounting Standards Codification (“ASC”) Topic 321 Investments—Equity Securities, which is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments, if any. The investment in Asahi is accounted for under the equity method due to the fact that the Company has significant influence but does not exercise control over this investee. The Company determined there was no impairment as of June 30, 2024 for these investments.
Accrued expenses and other liabilities consisted of the following:
| | | | | | | | | | | | | | | (In thousands) | | June 30, 2024 | | December 31, 2023 | Accrued compensation | | $ | 5,617 | | | $ | 7,941 | | Accrued professional fees | | 663 | | | 1,353 | | | | | | | Accrued interest and fees | | 1,056 | | | 1,276 | | Self-insurance liability | | 2,439 | | | 1,723 | | Other | | 5,779 | | | 4,994 | | Total accrued expenses and other liabilities | | $ | 15,554 | | | $ | 17,287 | |
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v3.24.2.u1
Fair Value Measurements
|
6 Months Ended |
Jun. 30, 2024 |
Fair Value Disclosures [Abstract] |
|
Fair Value Measurements |
Note 5 - Fair Value Measurements
The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of the dates indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | Level 1 | | Level 2 | | Level 3 | | Total | | Level 1 | | Level 2 | | Level 3 | | Total | | Quoted Prices in Active Markets for Identical Assets | | Significant Other Observable Inputs | | Significant Unobservable Inputs | | | | Quoted Prices in Active Markets for Identical Assets | | Significant Other Observable Inputs | | Significant Unobservable Inputs | | | | (In thousands) | Assets: | | | | | | | | | | | | | | | | Interest rate swaps | $ | — | | | $ | 1,142 | | | $ | — | | | $ | 1,142 | | | $ | — | | | $ | 412 | | | $ | — | | | $ | 412 | | | | | | | | | | | | | | | | | | Liabilities: | | | | | | | | | | | | | | | | Interest rate swaps | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (1,601) | | | $ | — | | | $ | (1,601) | | | | | | | | | | | | | | | | | |
The Company follows the provisions of ASC Topic 820 Fair Value Measurement which clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:
•Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.
•Level 2 - Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.
•Level 3 - Inputs are unobservable inputs which reflect the reporting entity’s own assumptions about what assumptions market participants would use in pricing the asset or liability based on the best available information. Any transfers of assets or liabilities between Level 1, Level 2, and Level 3 of the fair value hierarchy will be recognized at the end of the reporting period in which the transfer occurs. There were no transfers between fair value levels in any of the periods presented herein.
The carrying amounts reported in the condensed consolidated balance sheets for cash, accounts receivable, other current assets, accounts payable, checks issued not presented for payment and accrued expenses and other liabilities approximate their fair value based on the short-term maturity of these instruments.
See Note 7 - Derivative Financial Instruments for additional information regarding the Company’s interest rate swaps.
Carrying Value and Estimated Fair Value of Outstanding Debt - The following table presents the carrying value and estimated fair value of the Company’s outstanding debt as described in Note 8 - Debt, including the current portion, as of the dates indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements | | | | (In thousands) | | Level 1 | | Level 2 | | Level 3 | | Carrying Value | | June 30, 2024 | | | Fixed rate debt: | | | | | | | | | | | | | | | | | | | | Bank of America | | $ | — | | | $ | — | | | $ | 126 | | | $ | 141 | | | | | | | | | | | | | | | | | | | | | | | Other finance institutions | | — | | | — | | | 4 | | | 4 | | | Variable rate debt: | | | | | | | | | | JPMorgan Chase | | $ | — | | | $ | 103,549 | | | $ | — | | | $ | 103,549 | | | Bank of America | | — | | | 2,123 | | | — | | | 2,123 | | | East West Bank | | — | | | 5,597 | | | — | | | 5,597 | | | | | | | | | | | | | December 31, 2023 | | | | | | | | | | Fixed rate debt: | | | | | | | | | | | | | | | | | | | | Bank of America | | $ | — | | | $ | — | | | $ | 151 | | | $ | 169 | | | | | | | | | | | | | | | | | | | | | | | Other finance institutions | | — | | | — | | | 43 | | | 45 | | | Variable rate debt: | | | | | | | | | | JPMorgan Chase | | $ | — | | | $ | 106,079 | | | $ | — | | | $ | 106,079 | | | Bank of America | | — | | | 2,193 | | | — | | | 2,193 | | | East West Bank | | — | | | 5,675 | | | — | | | 5,675 | | |
The carrying value of the variable rate debt approximates its fair value because of the variability of interest rates associated with these instruments. For the Company's fixed rate debt, the fair values were estimated using discounted cash flow analyses, based on the current incremental borrowing rates for similar types of borrowing arrangements.
See Note 8 - Debt for additional information regarding the Company's debt.
Nonrecurring Fair Values
The Company measures fair value of certain assets on a nonrecurring basis when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. No adjustments to fair value from the write-down of asset values due to impairment were made during the three and six months ended June 30, 2024 and 2023.
There were no assets carried at nonrecurring fair value at June 30, 2024 and December 31, 2023.
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- DefinitionThe 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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v3.24.2.u1
Goodwill and Acquired Intangible Assets
|
6 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Goodwill and Acquired Intangible Assets |
Note 6 - Goodwill and Acquired Intangible Assets
Goodwill The Company performed a quantitative goodwill impairment assessment as of December 31, 2023, as a result of the Company’s results of operations compared to previous forecasts, combined with the level of the Company’s stock price. The fair value was determined using an average of the income approach, comparable public company analysis, and comparable acquisitions analysis. The fair value of the reporting unit exceeded the carrying value, and therefore the Company concluded no impairment was required to be recorded during the year ended December 31, 2023.
The annual goodwill impairment test in 2023 resulted in an estimated fair value that exceeded carrying value by approximately 10% at December 31, 2023. The most critical assumptions in determining fair value using the income approach were projections of future cash flows such as forecasted revenue growth rates, gross profit margins, and the discount rate. The market approaches were primarily impacted by an enterprise value multiple of EBITDA. A significant change in these assumptions or a sustained decline in the Company’s stock price could result in an interim impairment test and/or potential goodwill impairment in the future.
The Company determined that there were no events or circumstances during the six months ended June 30, 2024 that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Goodwill was $85.1 million as of June 30, 2024 and December 31, 2023.
Acquired Intangible Assets
The components of the intangible assets are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | (In thousands) | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | Non-competition agreement | | $ | 3,892 | | | $ | (3,076) | | | $ | 816 | | | $ | 3,892 | | | $ | (2,429) | | | $ | 1,463 | | Trademarks and trade names | | 44,207 | | | (17,255) | | | 26,952 | | | 44,207 | | | (15,045) | | | 29,162 | | Customer relationships | | 185,266 | | | (43,368) | | | 141,898 | | | 185,266 | | | (38,085) | | | 147,181 | | Total | | $ | 233,365 | | | $ | (63,699) | | | $ | 169,666 | | | $ | 233,365 | | | $ | (55,559) | | | $ | 177,806 | |
Amortization expense for acquired intangible assets was $4.1 million for the three months ended June 30, 2024 and 2023. Amortization expense for acquired intangible assets was $8.1 million for the six months ended June 30, 2024 and 2023.
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v3.24.2.u1
Derivative Financial Instruments
|
6 Months Ended |
Jun. 30, 2024 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
Derivative Financial Instruments |
Note 7 - Derivative Financial Instruments
Derivative Instruments
The Company utilizes interest rate swaps ("IRS") for the sole purpose of mitigating interest rate fluctuation risk associated with floating rate debt instruments (as defined in Note 8 - Debt). The Company does not use any other derivative financial instruments for trading or speculative purposes.
On August 20, 2019, HF Foods entered into two IRS contracts with East West Bank (the "EWB IRS") for initial notional amounts of $1.1 million and $2.6 million, respectively. On April 20, 2023, the Company amended the corresponding mortgage term loans, which pegged the two mortgage term loans to 1-month Term SOFR (Secured Overnight Financing Rate) + 2.29% per annum for the remaining duration of the term loans. The amended EWB IRS contracts fixed the two term loans at 4.23% per annum until maturity in September 2029.
On December 19, 2019, HF Foods entered into an IRS contract with Bank of America (the "BOA IRS") for an initial notional amount of $2.7 million in conjunction with a newly contracted mortgage term loan of corresponding amount. On December 19, 2021, the Company entered into the Second Amendment to Loan Agreement, which pegged the mortgage term loan to Term SOFR + 2.5%. The BOA IRS was modified accordingly to fix the SOFR based loan to approximately 4.50%. The term loan and corresponding BOA IRS contract mature in December 2029. On March 15, 2023, the Company entered into an amortizing IRS contract with JPMorgan Chase for an initial notional amount of $120.0 million, effective from March 1, 2023 and expiring in March 2028, as a means to partially hedge its existing floating rate loans exposure. Pursuant to the agreement, the Company will pay the swap counterparty a fixed rate of 4.11% in exchange for floating payments based on Term SOFR.
The Company evaluated the aforementioned IRS contracts currently in place and did not designate those as cash flow hedges. Hence, the fair value changes of these IRS contracts are accounted for and recognized as a change in fair value of interest rate swap contracts in the condensed consolidated statements of operations and comprehensive income (loss).
As of June 30, 2024, the Company determined that the fair values of the IRS contracts were $1.1 million in an asset position. As of December 31, 2023, the fair values of the IRS contracts were $0.4 million in an asset position and $1.6 million in a liability position. The Company includes these in other long-term assets and other long-term liabilities, respectively, on the consolidated balance sheets. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in its assessment of fair value. The inputs used to determine the fair value of the IRS are classified as Level 2 on the fair value hierarchy.
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v3.24.2.u1
Debt
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Debt |
Note 8 - Debt
Long-term debt at June 30, 2024 and December 31, 2023 is summarized as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | ($ in thousands) | | | | | | | Bank Name | | Maturity | | Interest Rate at June 30, 2024 | | June 30, 2024 | | December 31, 2023 | Bank of America (a) | | October 2026 - December 2029 | | 4.34% - 7.93% | | $ | 2,264 | | | $ | 2,362 | | East West Bank (b) | | August 2027 - September 2029 | | 7.62% - 9.00% | | 5,597 | | | 5,675 | | | | | | | | | | | JPMorgan Chase (c) | | January 2030 | | 7.30% | | 103,786 | | | 106,337 | | Other finance institutions (d) | | July 2024 | | N/A | | 4 | | | 45 | | Total debt, principal amount | | | | | | 111,651 | | | 114,419 | | Less: debt issuance costs | | | | | | (237) | | | (258) | | Total debt, carrying value | | | | | | 111,414 | | | 114,161 | | Less: current portion | | | | | | (5,414) | | | (5,450) | | Long-term debt | | | | | | $ | 106,000 | | | $ | 108,711 | |
_______________ (a)Loan balance consists of real estate term loan and equipment term loan, collateralized by one real property and specific equipment. The real estate term loan is pegged to TERM SOFR + 2.5%. (b)Real estate term loans with East West Bank are collateralized by three real properties. Balloon payments of $1.9 million and $3.0 million are due at maturity in 2027 and 2029, respectively. (c)Real estate term loan with a principal balance of $103.8 million as of June 30, 2024 and $106.3 million as of December 31, 2023 is secured by assets held by the Company and has a maturity date of January 2030. (d)Secured by vehicles.
The terms of the various loan agreements related to long-term bank borrowings require the Company to comply with certain financial covenants, including, but not limited to, a fixed charge coverage ratio and effective tangible net worth. As of June 30, 2024, the Company was in compliance with its covenants.
Credit Facility
The outstanding principal balance on the line of credit as of June 30, 2024 was $66.4 million and outstanding letters of credit amounted to $3.8 million leaving access to approximately $29.9 million in additional funds through our $100.0 million line of credit, subject to a borrowing base calculation. On March 31, 2022, the Company amended the $100.0 million asset-secured revolving credit facility agreement, extending for five years, with a maturity date of November 4, 2027. On February 6, 2024, the Company amended the agreement to (i) remove a cap on permitted indebtedness in respect of capital lease obligations, subject to certain enumerated conditions; (ii) create a reserve on the borrowing base, which will be reduced on a dollar-for-dollar basis once the Company has made expenditures in excess of such amount relating to the development and construction of certain real property, and which amounts shall be excluded from certain financial covenants under the JPM Credit Agreement and; (iii) remove certain sublease income from various financial covenants.
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- DefinitionThe 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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v3.24.2.u1
Earnings (Loss) Per Share
|
6 Months Ended |
Jun. 30, 2024 |
Earnings Per Share [Abstract] |
|
Earnings (Loss) Per Share |
Note 9 - Earnings (Loss) Per Share
The Company computes earnings per share (“EPS”) in accordance with ASC Topic 260 (“ASC 260”), Earnings per Share. ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS, but presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options, warrants and restricted stock) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. There were 37,084 and 967,779 potential common shares related to performance-based restricted stock units and restricted stock units that were excluded from the calculation of diluted EPS for the three months ended June 30, 2024 and 2023, respectively, because their effect could have been anti-dilutive. There were 1,354,908 and 620,402 potential common shares related to performance-based restricted stock units and restricted stock units that were excluded from the calculation of diluted EPS for the six months ended June 30, 2024 and 2023, respectively, because their effect could have been anti-dilutive.
The following table sets forth the computation of basic and diluted EPS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | ($ in thousands, except share and per share data) | | 2024 | | 2023 | | 2024 | | 2023 | | | Numerator: | | | | | | | | | | | Net income (loss) attributable to HF Foods Group Inc. | | $ | 17 | | | $ | (850) | | | $ | (677) | | | $ | (6,783) | | | | Denominator: | | | | | | | | | | | Weighted-average common shares outstanding | | 52,585,715 | | | 54,046,328 | | | 52,370,842 | | | 53,935,178 | | | | Effect of dilutive securities | | 75,404 | | | — | | | — | | | — | | | | Weighted-average dilutive shares outstanding | | 52,661,119 | | | 54,046,328 | | | 52,370,842 | | | 53,935,178 | | | | Earnings (loss) per common share: | | | | | | | | | | | Basic | | $ | 0.00 | | | $ | (0.02) | | | $ | (0.01) | | | $ | (0.13) | | | | Diluted | | $ | 0.00 | | | $ | (0.02) | | | $ | (0.01) | | | $ | (0.13) | | | |
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v3.24.2.u1
Income Taxes
|
6 Months Ended |
Jun. 30, 2024 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Note 10 - Income Taxes The determination of the Company’s overall effective income tax rate requires the use of estimates. The effective income tax rate reflects the income earned and taxed in U.S. federal and various state jurisdictions based on enacted tax law, permanent differences between book and tax items, tax credits and the Company’s change in relative income in each jurisdiction. Changes in tax laws and rates may affect recorded deferred tax assets and liabilities and the Company’s effective income tax rate in the future. As of June 30, 2024, the Company had no subsidiaries outside the U.S., as such, no foreign income tax was recorded. For the three and six months ended June 30, 2024, the Company's effective income tax rate of 87.2% and 129.6%, respectively, differed from the federal statutory tax rate primarily as a result of discrete tax items, permanent differences and state income taxes. The Company’s tax provision for the three and six months ended June 30, 2024 includes a discrete tax expense of $1.0 million related to the Company’s SEC settlement and $0.1 million tax expense related to stock-based compensation shortfalls. Absent the discrete items, the estimated annual effective income tax rate from continuing operations for the three and six months ended June 30, 2024 was 25.5% and 25.1%, respectively. For the three and six months ended June 30, 2023, the Company's effective income tax rate of (15.5)% and 21.5%, respectively, differed from the federal statutory tax rate primarily as a result of permanent differences and state income taxes. During the three months ended June 30, 2024, the Company dissolved one of its subsidiaries, HFFI. The Company is in the process of determining the tax impact of the dissolution. However, the Company does not expect the dissolution of HFFI to have a significant impact on the income tax provision as HFFI’s deferred tax assets were subject to a full valuation allowance.
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v3.24.2.u1
Related Party Transactions
|
6 Months Ended |
Jun. 30, 2024 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
Note 11 - Related Party Transactions
The Company makes regular purchases from and sales to various related parties. Related party affiliations were attributed to transactions conducted between the Company and those business entities partially or wholly owned by the Company, the Company's officers and/or shareholders who owned no less than 10% shareholdings of the Company.
Mr. Xiao Mou Zhang (“Mr. Zhang”), the Chief Executive Officer of the Company, and certain of his immediate family members (collectively greater than 10% shareholders) have ownership interests in various related parties involved in (i) the distribution of food and related products to restaurants and other retailers and (ii) the supply of fresh food, frozen food, and packaging supplies to distributors. Mr. Zhang does not have any involvement in negotiations with any of the above-mentioned related parties.
The Company believes that Mr. Zhou Min Ni (“Mr. Ni”), the Company’s former Co-Chief Executive Officer, together with various trusts for the benefit of Mr. Ni's four children, are collectively beneficial owners of more than 10% of the outstanding shares of the Company’s common stock, and he and certain of his immediate family members have ownership interests in related parties involved in (i) the distribution of food and related products to restaurants and other retailers and (ii) the supply of fresh food, frozen food, and packaging supplies to distributors.
The related party transactions as of June 30, 2024 and December 31, 2023 and for the three and six months ended June 30, 2024 and 2023 are identified as follows:
Related Party Sales, Purchases, and Lease Agreements
Purchases
Below is a summary of purchases of goods and services from related parties recorded for the three and six months ended June 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | (In thousands) | | Nature | | 2024 | | 2023 | | 2024 | | 2023 | | | (a) | Asahi Food, Inc. | | Trade | | $ | 29 | | | $ | 17 | | | $ | 56 | | | $ | 39 | | | | (b) | Conexus Food Solutions LLC (formerly known as Best Food Services, LLC) | | Trade | | 1,763 | | | 2,729 | | | 2,913 | | | 4,813 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (c) | Enson Seafood GA, Inc. (formerly “GA-GW Seafood, Inc.”) | | Trade | | — | | | — | | | — | | | 37 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (c) | Ocean Pacific Seafood Group, Inc. | | Trade | | 60 | | | 74 | | | 140 | | | 242 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (c) | Rainfield Ranches, LP | | Trade | | 38 | | | 6 | | | 95 | | | 36 | | | | | Total | | | | $ | 1,890 | | | $ | 2,826 | | | $ | 3,204 | | | $ | 5,167 | | | |
_______________ (a)The Company, through its subsidiary Mountain Food, LLC, owns an equity interest in this entity. (b)An equity interest is held by three Irrevocable Trusts for the benefit of Mr. Zhang's children. (c)Mr. Zhou Min Ni owns an equity interest in this entity. Sales
Below is a summary of sales to related parties recorded for the three and six months ended June 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | (In thousands) | | 2024 | | 2023 | | 2024 | | 2023 | | | (a) | ABC Food Trading, LLC | | $ | 431 | | | $ | 722 | | | $ | 834 | | | $ | 1,315 | | | | (b) | Asahi Food, Inc. | | 148 | | | 191 | | | 287 | | | 386 | | | | (a) | Conexus Food Solutions LLC (formerly known as Best Food Services, LLC) | | 335 | | | 93 | | | 588 | | | 526 | | | | (c) | Eagle Food Service, LLC | | — | | | 922 | | | — | | | 1,942 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (d) | First Choice Seafood, Inc. | | 6 | | | 8 | | | 13 | | | 16 | | | | (d) | Fortune One Foods, Inc. | | 91 | | | 4 | | | 107 | | | 23 | | | | | | | | | | | | | | | | (e) | N&F Logistics, Inc. | | — | | | — | | | — | | | 6 | | | | (f) | Union Food LLC | | — | | | 8 | | | — | | | 27 | | | | | | | | | | | | | | | | | Total | | $ | 1,011 | | | $ | 1,948 | | | $ | 1,829 | | | $ | 4,241 | | | |
_______________ (a)An equity interest is held by three Irrevocable Trusts for the benefit of Mr. Zhang's children. (b)The Company, through its subsidiary Mountain Food, LLC, owns an equity interest in this entity. (c)Tina Ni, one of Mr. Zhou Min Ni’s family members, owns an equity interest in this entity indirectly through its parent company. (d)Mr. Zhou Min Ni owns an equity interest in this entity indirectly through its parent company. (e)Mr. Zhou Min Ni owns an equity interest in this entity. (f)Tina Ni, one of Mr. Zhou Min Ni’s family members, owns an equity interest in this entity.
Lease Agreements
The Company leases various facilities to related parties.
In 2020, the Company renewed a warehouse lease from Yoan Chang Trading Inc. under an operating lease agreement which expired on December 31, 2020. In February 2021, the Company executed a new five-year operating lease agreement with Yoan Chang Trading Inc., effective January 1, 2021 and expiring on December 31, 2025. Rent expense, which is included in distribution, selling and administrative expenses in the condensed consolidated statements of operations and comprehensive income (loss), was $0.1 million and $0.1 million for the three months ended June 30, 2024 and 2023, respectively and $0.1 million and $0.2 million for the six months ended June 30, 2024 and 2023, respectively.
Beginning 2014, the Company leased a warehouse to Asahi Food, Inc. under a commercial lease agreement which was rescinded March 1, 2020. A new commercial lease agreement for a period of one year was entered into, expiring February 28, 2021, with a total of four renewal periods with each term being one year. Rental income was $36 thousand and $36 thousand for the three months ended June 30, 2024 and 2023, respectively and $72 thousand and $72 thousand for the six months ended June 30, 2024 and 2023, respectively. Rental income is included in other income in the condensed consolidated statements of operations and comprehensive income (loss). Related Party Balances
Accounts Receivable - Related Parties, Net
Below is a summary of accounts receivable with related parties recorded as of June 30, 2024 and December 31, 2023, respectively:
| | | | | | | | | | | | | | | | | | | (In thousands) | | June 30, 2024 | | December 31, 2023 | (a) | ABC Food Trading, LLC | | $ | 194 | | | $ | 94 | | (b) | Asahi Food, Inc. | | 80 | | | 69 | | (a) | Conexus Food Solutions LLC (formerly known as Best Food Services, LLC) | | 168 | | | 84 | | | | | | | | (c) | Enson Seafood GA, Inc. (formerly known as GA-GW Seafood, Inc.) | | 59 | | | 59 | | (d) | Fortune One Foods, Inc. | | 47 | | | — | | (e) | Union Food LLC | | — | | | 2 | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | | $ | 548 | | | $ | 308 | |
_______________ (a)An equity interest is held by three Irrevocable Trusts for the benefit of Mr. Zhang's children. (b)The Company, through its subsidiary Mountain Food, LLC, owns an equity interest in this entity. (c)Mr. Zhou Min Ni owns an equity interest in this entity. (d)Mr. Zhou Min Ni owns an equity interest in this entity indirectly through its parent company. (e)Tina Ni, one of Mr. Zhou Min Ni’s family members, owns an equity interest in this entity.
The Company has reserved for 100% of the accounts receivable for Enson Seafood GA, Inc. as of June 30, 2024 and December 31, 2023. All other accounts receivable from these related parties are current and considered fully collectible. No additional allowance is deemed necessary as of June 30, 2024 and December 31, 2023.
Accounts Payable - Related Parties
All the accounts payable to related parties are payable upon demand without interest. Below is a summary of accounts payable with related parties recorded as of June 30, 2024 and December 31, 2023, respectively:
| | | | | | | | | | | | | | | | | | | (In thousands) | | June 30, 2024 | | December 31, 2023 | (a) | Conexus Food Solutions LLC (formerly known as Best Food Services, LLC) | | $ | 627 | | | $ | 379 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Others | | 24 | | | 18 | | | Total | | $ | 651 | | | $ | 397 | |
_______________ (a)An equity interest is held by three Irrevocable Trusts for the benefit of Mr. Zhang's children.
|
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- DefinitionThe 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.
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v3.24.2.u1
Stock-Based Compensation
|
6 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Stock-Based Compensation |
Note 12 - Stock-Based Compensation In 2021, the Company began issuing awards under the HF Foods Group Inc. 2018 Omnibus Equity Incentive Plan (the “2018 Incentive Plan”), which reserves up to 3,000,000 shares of the Company's common stock for issuance of awards to employees and non-employee directors. On June 3, 2024, the Company’s shareholders approved an amendment to the 2018 Incentive Plan which increased the number of shares of the Company's common stock available for issuance under the 2018 Incentive Plan to 7,000,000, an increase of 4,000,000 shares. As of June 30, 2024, the Company had 1,065,174 time-based vesting restricted stock units unvested, 981,894 performance-based restricted stock units unvested, 1,086,403 shares of common stock vested and 3,866,529 shares remaining available for future awards under the 2018 Incentive Plan.
Stock-based compensation expense was $0.5 million and $0.8 million for the three months ended June 30, 2024 and 2023, respectively. Stock-based compensation expense was $1.3 million and $1.8 million for the six months ended June 30, 2024 and 2023, respectively. Stock-based compensation expense was included in distribution, selling and administrative expenses in the Company's condensed consolidated statements of operations and comprehensive income (loss).
As of June 30, 2024, there was $6.8 million of total unrecognized compensation cost related to all non-vested outstanding RSUs and PSUs outstanding under the 2018 Incentive Plan, with a weighted average remaining service period of 2.32 years.
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- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.24.2.u1
Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note 13 - Commitments and Contingencies
From time to time, the Company is a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. When the Company becomes aware of a claim or potential claim, it assesses the likelihood of any loss or exposure. In accordance with authoritative guidance, the Company records loss contingencies in its financial statements only for matters in which losses are probable and can be reasonably estimated. Where a range of loss can be reasonably estimated with no best estimate in the range, the Company records the minimum estimated liability. If the loss is not probable or the amount of the loss cannot be reasonably estimated, the Company discloses the nature of the specific claim if the likelihood of a potential loss is reasonably possible and the amount involved is material. The Company continuously assesses the potential liability related to its pending litigation and revises its estimates when additional information becomes available. Adverse outcomes in some or all of these matters may result in significant monetary damages or injunctive relief against the Company that could adversely affect its ability to conduct business. There also exists the possibility of a material adverse effect on the Company’s financial statements for the period in which the effect of an unfavorable outcome becomes probable and reasonably estimable. Legal costs associated with loss contingencies are expensed as incurred.
On June 6, 2024, the SEC announced that it had accepted an Offer of Settlement submitted by the Company in order to resolve the previously disclosed formal, non-public SEC investigation of allegations that the Company and certain of its current and former directors and officers violated the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by making allegedly false and misleading statements. Under the settlement, without admitting or denying the SEC’s findings in this matter, the Company consented to the entry of an administrative civil cease-and-desist order by the SEC (the “Order”) with respect to violations of Sections 17(a) of the Securities Act, and of Sections 10(b), 13(a), 13(b)(2)(A), 13(b)(2)(B), and 14(a) of the Securities Exchange Act of 1934, as amended, and Rules 10b-5, 12b-20, 13a-1, 13a-11, 13a-13, 13a-15(a), and 14a-9 thereunder, resulting from the materially false and misleading disclosures and other fraudulent conduct implemented by its former Chairman and CEO Zhou Min Ni and former CFO Jian Ming “Jonathan” Ni. The Company agreed to payment of a civil monetary penalty of $3.9 million, paid during the three months ended June 30, 2024, which was recorded in other income (expense), net in the Company’s condensed consolidated statements of operations and comprehensive income (loss).
The Order states that, in determining to accept the Company’s Offer of Settlement, the SEC considered the numerous remedial actions promptly undertaken by the Company and its cooperation during the investigation. The Company’s resolution follows charges brought by the SEC against the two former executives in a District Court action filed on June 3, 2024. As a result of the SEC’s district court complaint against them, the two former executives agreed to pay civil fines and disgorgement, and agreed to be subject to officer and director bars. Zhou Min Ni also agreed to a conduct-based injunction which enjoins him from directly or indirectly participating in the management of, or otherwise exercising any control of influence over the Company. The Special Litigation Committee of the Board of Directors previously obtained a monetary settlement from the former executives that was ratified by the Delaware Chancery Court.
AnHeart Lease Guarantee
The Company provided a guarantee for two separate leases for two properties located in Manhattan, New York, at 273 Fifth Avenue and 275 Fifth Avenue, for 30 years and 15 years, respectively. The Company previously determined that AnHeart was a VIE as a result of the guarantee. However, the Company concluded it was not the primary beneficiary of AnHeart and therefore did not consolidate, because it did not have the power to direct the activities of AnHeart that most significantly impact AnHeart's economic performance. During the three months ended June 30, 2024, the Company assumed the lease for 275 Fifth Avenue and no longer recognized AnHeart as a VIE. As a result of the lease assumption, the lease guarantee liability of $5.4 million was reversed and an operating lease right-of-use asset and liability of $4.9 million was recorded on the condensed consolidated balance sheets. As a result of the reversal, a gain of $5.4 million was recorded to other expense (income), net on the condensed consolidated statements of operations and comprehensive income (loss). On February 10, 2021, the Company entered into an Assignment and Assumption of Lease Agreement (“Assignment”), dated effective as of January 21, 2021, with AnHeart and Premier 273 Fifth, LLC, pursuant to which it assumed the lease of the premises at 273 Fifth Avenue (the “273 Lease Agreement”). At the same time, the closing documents were delivered to effectuate the amendment of the 273 Lease Agreement pursuant to an Amendment to Lease (the “Lease Amendment”). The Assignment and the Lease Amendment were negotiated in light of the Company’s guarantee obligations as guarantor under the Lease Agreement. The Company agreed to observe all the covenants and conditions of the Lease Agreement, as amended, including the payment of all rents due. Under the terms of the Lease Agreement and the Assignment, the Company has undertaken to construct, at its own expense, a building on the premises at a minimum cost of $2.5 million. The Lease Amendment permits subletting of the premises, and the Company intends to sublease the newly constructed premises to defray the rental expense undertaken pursuant to its guaranty obligations. In March 2024, the Company began construction of a multi-use facility on 273 Fifth Avenue and committed $7.0 million for the completion of the construction project. The Company incurred $2.2 million in construction costs which was recorded in construction in progress within property and equipment, net in the Company’s condensed consolidated balance sheet as of June 30, 2024. The Company expects to complete construction in June 2025.
On January 17, 2022, the Company received notice that AnHeart had defaulted on its obligations as tenant under the lease for 275 Fifth Avenue. On February 7, 2022, the Company undertook its guaranty obligations by assuming responsibility for payment of monthly rent and other tenant obligations, including past due rent as well as property tax obligations beginning with the January 2022 rent due. On February 25, 2022, the Company instituted a legal action to pursue legal remedies against AnHeart and Minsheng. In March 2022, the Company agreed to stay that litigation against AnHeart in exchange for AnHeart’s payment of certain back rent from January to April 2022 and its continued partial payment of monthly rent. AnHeart subsequently defaulted on these obligations. On October 25, 2023, the Company commenced a new legal action by filing a complaint in New York County Supreme Court to pursue legal remedies against AnHeart and Minsheng (the “2023 Action”). As of the filing of the new summons and complaint, AnHeart and Minsheng are indebted to the Company in the amount of $474,000. AnHeart and the Company have since reached a settlement agreement (the “Settlement Agreement”) for AnHeart to pay the Company $40,000 a month in rent through December 2024 and commence regular monthly rental payments in accordance with the lease for 275 Fifth Avenue. The Settlement Agreement also provides that AnHeart will pay twenty-four monthly installments of $11,250 from January 2025 through December 2026 as payment for all back rent due.
Effective April 30, 2024, the Company through its subsidiary assumed the lease of a building located on the premises of 275 Fifth Avenue, New York, New York. The Company was the guarantor of this lease under a lease guarantee agreement dated July 2018, and in February 2022, upon receiving notice of default, the Company undertook its lease guarantee obligations. The assumption of the lease had no impact on the Company’s obligations as guarantor.
The lease covers certain portions of the ground floor, lower lever, and second floor of the building. The lease term ends on April 30, 2034 and is renewable at the option of the Company for up to two additional five-year terms. The Company shall pay rent of approximately $45,000 per month with provisions for yearly increases.
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Subsequent Events
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6 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
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Subsequent Events |
Note 14 - Subsequent Events
Other than as disclosed elsewhere, no subsequent events have occurred that would require recognition in the condensed consolidated financial statements or disclosure in the accompanying notes.
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v3.24.2.u1
Summary of Significant Accounting Policies (Policies)
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6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation and Principles of Consolidation |
Basis of Presentation and Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. All adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.
The condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto that are included in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 26, 2024 (the “2023 Annual Report”). There have been no material changes to the Company’s significant accounting policies as compared to the significant accounting policies described in the 2023 Annual Report.
All significant intercompany balances and transactions have been eliminated in consolidation. For consolidated entities where we own or are exposed to less than 100% of the economics, the Company records net income (loss) attributable to noncontrolling interest in its condensed consolidated statements of operations and comprehensive loss equal to the percentage of the economic or ownership interest retained in such entity by the respective noncontrolling party.
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Noncontrolling Interests |
Noncontrolling Interests
GAAP requires that noncontrolling interests in subsidiaries and affiliates be reported in the equity section of the Company’s condensed consolidated balance sheets. In addition, the amounts attributable to the net income (loss) of those noncontrolling interests are reported separately in the condensed consolidated statements of operations and comprehensive loss.
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Use of Estimates |
Uses of Estimates
The preparation of condensed consolidated financial statements in conformity with 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 condensed consolidated financial statements and the reported amounts of revenue and expenses during each reporting period. Actual results could differ from those estimates. Significant accounting estimates reflected in the Company’s condensed consolidated financial statements include, but are not limited to, inventory reserves, impairment of long-lived assets, impairment of goodwill, and the purchase price allocation and fair value of assets and liabilities acquired with respect to business combinations.
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Recent Accounting Pronouncements |
Recent Accounting Pronouncements
In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires enhanced disclosures about segment expenses on an annual and interim basis. This standard is effective for the Company’s consolidated financial statements for the year ending December 31, 2024 and for interim periods beginning in 2025. The impact of the adoption of this ASU is not expected to have a material effect on the Company’s financial position, or operations, however, the Company is currently evaluating the impact of this standard on its disclosures to the consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (“Topic 740”): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities to disclose specific categories in its annual effective tax rate reconciliation and disaggregated information about significant reconciling items by jurisdiction and by nature. ASU 2023-09 also requires entities to disclose their income tax payments (net of refunds) to international, federal, and state and local jurisdictions. This guidance is effective for fiscal years beginning after December 15, 2024, and requires prospective application with the option to apply it retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on the consolidated financial statements and disclosures.
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- DefinitionDisclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.
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v3.24.2.u1
Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Schedule of Noncontrolling Interest |
As of June 30, 2024 and December 31, 2023, noncontrolling interest equity consisted of the following: | | | | | | | | | | | | | | | | | | | | | ($ in thousands) | | Ownership of noncontrolling interest at June 30, 2024 | | June 30, 2024 | | December 31, 2023 | HF Foods Industrial, LLC ("HFFI")(a) | | —% | | $ | — | | | $ | (759) | | Min Food, Inc. | | 39.75% | | 2,078 | | | 1,715 | | Monterey Food Service, LLC | | 35.00% | | 369 | | | 366 | | Total | | | | $ | 2,447 | | | $ | 1,322 | |
_______________ (a)During the quarter ended June 30, 2024, upon dissolution of HFFI, the Company assumed HFFI’s remaining assets and liabilities. In accordance with ASC Topic 810 (“ASC 810”), Consolidation, changes in a parent’s ownership interest while the parent retains its controlling financial interest in its subsidiary shall be accounted for as equity transactions. No gain or loss was recognized. As a result of this transaction, noncontrolling interest of $0.8 million was reclassified to additional paid-in capital on the condensed consolidated balance sheets.
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- DefinitionTabular disclosure of redeemable noncontrolling interest (as defined) included in the statement of financial position as either a liability or temporary equity. As of the date of the statement of financial position, such redeemable noncontrolling interest is currently redeemable, as defined, for cash or other assets of the entity at (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the entity.
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v3.24.2.u1
Revenue (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Schedule of Disaggregation of Revenue |
The following table presents the Company's net revenue disaggregated by principal product categories: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | ($ in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | | | Seafood | | $ | 99,530 | | | 33 | % | | $ | 91,382 | | | 31 | % | | $ | 193,925 | | | 32 | % | | $ | 184,272 | | | 32 | % | | | | | Asian Specialty | | 77,493 | | | 26 | % | | 76,337 | | | 26 | % | | 157,702 | | | 26 | % | | 154,161 | | | 26 | % | | | | | Meat and Poultry | | 63,792 | | | 20 | % | | 56,012 | | | 19 | % | | 121,542 | | | 20 | % | | 108,061 | | | 18 | % | | | | | Produce | | 32,171 | | | 11 | % | | 31,636 | | | 11 | % | | 64,254 | | | 11 | % | | 63,847 | | | 11 | % | | | | | Packaging and Other | | 15,645 | | | 5 | % | | 18,037 | | | 6 | % | | 32,019 | | | 6 | % | | 37,433 | | | 6 | % | | | | | Commodity | | 13,711 | | | 5 | % | | 18,908 | | | 7 | % | | 28,554 | | | 5 | % | | 38,393 | | | 7 | % | | | | | Total | | $ | 302,342 | | | 100 | % | | $ | 292,312 | | | 100 | % | | $ | 597,996 | | | 100 | % | | $ | 586,167 | | | 100 | % | | | | |
|
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- DefinitionTabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.
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v3.24.2.u1
Balance Sheet Components (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Schedule of Accounts, Notes, Loans and Financing Receivable |
Accounts receivable, net consisted of the following:
| | | | | | | | | | | | (In thousands) | June 30, 2024 | | December 31, 2023 | Accounts receivable | $ | 52,944 | | | $ | 49,643 | | Less: allowance for expected credit losses | (2,077) | | | (2,119) | | Accounts receivable, net | $ | 50,867 | | | $ | 47,524 | |
|
Schedule of Financing Receivable, Allowance for Credit Loss |
Movement of allowance for expected credit losses was as follows:
| | | | | | | | | | | | | | | | | Six Months Ended June 30, | (In thousands) | 2024 | | 2023 | | | | | Beginning balance | $ | 2,119 | | | $ | 1,442 | | | | | | | | | | | | | | (Decrease) increase in provision for expected credit losses | (40) | | | 56 | | | | | | Bad debt write-offs | (2) | | | (24) | | | | | | Ending balance | $ | 2,077 | | | $ | 1,474 | | | | | |
|
Schedule of Prepaid Expenses and Other Current Assets |
Prepaid expenses and other current assets consisted of the following:
| | | | | | | | | | | | (In thousands) | June 30, 2024 | | December 31, 2023 | Prepaid expenses | $ | 2,093 | | | $ | 4,591 | | Advances to suppliers | 6,112 | | | 3,340 | | Other current assets | 791 | | | 2,214 | | Prepaid expenses and other current assets | $ | 8,996 | | | $ | 10,145 | |
|
Schedule of Property and Equipment |
Property and equipment, net consisted of the following:
| | | | | | | | | | | | (In thousands) | June 30, 2024 | | December 31, 2023 | Automobiles(1) | $ | 47,312 | | | $ | 37,256 | | Buildings | 63,045 | | | 63,045 | | Building improvements | 22,278 | | | 22,014 | | Furniture and fixtures | 419 | | | 474 | | Land | 49,929 | | | 49,929 | | Machinery and equipment | 11,970 | | | 11,532 | | Construction in progress | 5,172 | | | 1,391 | | Subtotal | 200,125 | | | 185,641 | | Less: accumulated depreciation | (56,587) | | | (52,505) | | Property and equipment, net | $ | 143,538 | | | $ | 133,136 | |
_________________ (1) The cost and accumulated depreciation of property and equipment related to finance leases was $31.0 million and $12.3 million at June 30, 2024 and $22.2 million and $10.3 million at December 31, 2023, which primarily relates to Automobiles. During the six months ended June 30, 2024, the Company entered into finance leases for automobiles which mature in 4 to 6 years and have a weighted average discount rate of 6.6%. The total future minimum lease payments under finance leases as of June 30, 2024 is $30.1 million. As of June 30, 2024, the Company had additional leases that had not yet commenced which totaled $16.9 million in future minimum lease payments.
|
Schedule of Long-Term Investments |
Long-term investments consisted of the following:
| | | | | | | | | | | | | | | | | | (In thousands) | Ownership as of June 30, 2024 | | June 30, 2024 | | December 31, 2023 | Asahi Food, Inc. ("Asahi") | 49% | | $ | 590 | | | $ | 588 | | Pt. Tamron Akuatik Produk Industri ("Tamron") | 12% | | 1,800 | | | 1,800 | | Total long-term investments | | | $ | 2,390 | | | $ | 2,388 | |
|
Schedule of Accrued Expenses and Other Liabilities |
Accrued expenses and other liabilities consisted of the following:
| | | | | | | | | | | | | | | (In thousands) | | June 30, 2024 | | December 31, 2023 | Accrued compensation | | $ | 5,617 | | | $ | 7,941 | | Accrued professional fees | | 663 | | | 1,353 | | | | | | | Accrued interest and fees | | 1,056 | | | 1,276 | | Self-insurance liability | | 2,439 | | | 1,723 | | Other | | 5,779 | | | 4,994 | | Total accrued expenses and other liabilities | | $ | 15,554 | | | $ | 17,287 | |
|
X |
- DefinitionTabular disclosure of allowance for credit loss on financing receivable.
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v3.24.2.u1
Fair Value Measurements (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Fair Value Disclosures [Abstract] |
|
Schedule of Fair Value Measurements, Assets and Liabilities |
The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of the dates indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | Level 1 | | Level 2 | | Level 3 | | Total | | Level 1 | | Level 2 | | Level 3 | | Total | | Quoted Prices in Active Markets for Identical Assets | | Significant Other Observable Inputs | | Significant Unobservable Inputs | | | | Quoted Prices in Active Markets for Identical Assets | | Significant Other Observable Inputs | | Significant Unobservable Inputs | | | | (In thousands) | Assets: | | | | | | | | | | | | | | | | Interest rate swaps | $ | — | | | $ | 1,142 | | | $ | — | | | $ | 1,142 | | | $ | — | | | $ | 412 | | | $ | — | | | $ | 412 | | | | | | | | | | | | | | | | | | Liabilities: | | | | | | | | | | | | | | | | Interest rate swaps | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (1,601) | | | $ | — | | | $ | (1,601) | | | | | | | | | | | | | | | | | |
|
Schedule of Debt Securities, Carrying Value and Fair Value |
The following table presents the carrying value and estimated fair value of the Company’s outstanding debt as described in Note 8 - Debt, including the current portion, as of the dates indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements | | | | (In thousands) | | Level 1 | | Level 2 | | Level 3 | | Carrying Value | | June 30, 2024 | | | Fixed rate debt: | | | | | | | | | | | | | | | | | | | | Bank of America | | $ | — | | | $ | — | | | $ | 126 | | | $ | 141 | | | | | | | | | | | | | | | | | | | | | | | Other finance institutions | | — | | | — | | | 4 | | | 4 | | | Variable rate debt: | | | | | | | | | | JPMorgan Chase | | $ | — | | | $ | 103,549 | | | $ | — | | | $ | 103,549 | | | Bank of America | | — | | | 2,123 | | | — | | | 2,123 | | | East West Bank | | — | | | 5,597 | | | — | | | 5,597 | | | | | | | | | | | | | December 31, 2023 | | | | | | | | | | Fixed rate debt: | | | | | | | | | | | | | | | | | | | | Bank of America | | $ | — | | | $ | — | | | $ | 151 | | | $ | 169 | | | | | | | | | | | | | | | | | | | | | | | Other finance institutions | | — | | | — | | | 43 | | | 45 | | | Variable rate debt: | | | | | | | | | | JPMorgan Chase | | $ | — | | | $ | 106,079 | | | $ | — | | | $ | 106,079 | | | Bank of America | | — | | | 2,193 | | | — | | | 2,193 | | | East West Bank | | — | | | 5,675 | | | — | | | 5,675 | | |
The carrying value of the variable rate debt approximates its fair value because of the variability of interest rates associated with these instruments. For the Company's fixed rate debt, the fair values were estimated using discounted cash flow analyses, based on the current incremental borrowing rates for similar types of borrowing arrangements.
See Note 8 - Debt for additional information regarding the Company's debt.
Nonrecurring Fair Values
The Company measures fair value of certain assets on a nonrecurring basis when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. No adjustments to fair value from the write-down of asset values due to impairment were made during the three and six months ended June 30, 2024 and 2023.
There were no assets carried at nonrecurring fair value at June 30, 2024 and December 31, 2023.
|
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v3.24.2.u1
Goodwill and Acquired Intangible Assets (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Finite-Lived Intangible Assets |
The components of the intangible assets are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | (In thousands) | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | Non-competition agreement | | $ | 3,892 | | | $ | (3,076) | | | $ | 816 | | | $ | 3,892 | | | $ | (2,429) | | | $ | 1,463 | | Trademarks and trade names | | 44,207 | | | (17,255) | | | 26,952 | | | 44,207 | | | (15,045) | | | 29,162 | | Customer relationships | | 185,266 | | | (43,368) | | | 141,898 | | | 185,266 | | | (38,085) | | | 147,181 | | Total | | $ | 233,365 | | | $ | (63,699) | | | $ | 169,666 | | | $ | 233,365 | | | $ | (55,559) | | | $ | 177,806 | |
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v3.24.2.u1
Debt (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of Long-term Debt Instruments |
Long-term debt at June 30, 2024 and December 31, 2023 is summarized as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | ($ in thousands) | | | | | | | Bank Name | | Maturity | | Interest Rate at June 30, 2024 | | June 30, 2024 | | December 31, 2023 | Bank of America (a) | | October 2026 - December 2029 | | 4.34% - 7.93% | | $ | 2,264 | | | $ | 2,362 | | East West Bank (b) | | August 2027 - September 2029 | | 7.62% - 9.00% | | 5,597 | | | 5,675 | | | | | | | | | | | JPMorgan Chase (c) | | January 2030 | | 7.30% | | 103,786 | | | 106,337 | | Other finance institutions (d) | | July 2024 | | N/A | | 4 | | | 45 | | Total debt, principal amount | | | | | | 111,651 | | | 114,419 | | Less: debt issuance costs | | | | | | (237) | | | (258) | | Total debt, carrying value | | | | | | 111,414 | | | 114,161 | | Less: current portion | | | | | | (5,414) | | | (5,450) | | Long-term debt | | | | | | $ | 106,000 | | | $ | 108,711 | |
_______________ (a)Loan balance consists of real estate term loan and equipment term loan, collateralized by one real property and specific equipment. The real estate term loan is pegged to TERM SOFR + 2.5%. (b)Real estate term loans with East West Bank are collateralized by three real properties. Balloon payments of $1.9 million and $3.0 million are due at maturity in 2027 and 2029, respectively. (c)Real estate term loan with a principal balance of $103.8 million as of June 30, 2024 and $106.3 million as of December 31, 2023 is secured by assets held by the Company and has a maturity date of January 2030. (d)Secured by vehicles.
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v3.24.2.u1
Earnings (Loss) Per Share (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Earnings Per Share [Abstract] |
|
Schedule of Earnings Per Share Basic and Diluted |
The following table sets forth the computation of basic and diluted EPS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | ($ in thousands, except share and per share data) | | 2024 | | 2023 | | 2024 | | 2023 | | | Numerator: | | | | | | | | | | | Net income (loss) attributable to HF Foods Group Inc. | | $ | 17 | | | $ | (850) | | | $ | (677) | | | $ | (6,783) | | | | Denominator: | | | | | | | | | | | Weighted-average common shares outstanding | | 52,585,715 | | | 54,046,328 | | | 52,370,842 | | | 53,935,178 | | | | Effect of dilutive securities | | 75,404 | | | — | | | — | | | — | | | | Weighted-average dilutive shares outstanding | | 52,661,119 | | | 54,046,328 | | | 52,370,842 | | | 53,935,178 | | | | Earnings (loss) per common share: | | | | | | | | | | | Basic | | $ | 0.00 | | | $ | (0.02) | | | $ | (0.01) | | | $ | (0.13) | | | | Diluted | | $ | 0.00 | | | $ | (0.02) | | | $ | (0.01) | | | $ | (0.13) | | | |
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v3.24.2.u1
Related Party Transactions (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Related Party Transactions [Abstract] |
|
Schedule of Purchases With Related Parties |
Below is a summary of purchases of goods and services from related parties recorded for the three and six months ended June 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | (In thousands) | | Nature | | 2024 | | 2023 | | 2024 | | 2023 | | | (a) | Asahi Food, Inc. | | Trade | | $ | 29 | | | $ | 17 | | | $ | 56 | | | $ | 39 | | | | (b) | Conexus Food Solutions LLC (formerly known as Best Food Services, LLC) | | Trade | | 1,763 | | | 2,729 | | | 2,913 | | | 4,813 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (c) | Enson Seafood GA, Inc. (formerly “GA-GW Seafood, Inc.”) | | Trade | | — | | | — | | | — | | | 37 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (c) | Ocean Pacific Seafood Group, Inc. | | Trade | | 60 | | | 74 | | | 140 | | | 242 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (c) | Rainfield Ranches, LP | | Trade | | 38 | | | 6 | | | 95 | | | 36 | | | | | Total | | | | $ | 1,890 | | | $ | 2,826 | | | $ | 3,204 | | | $ | 5,167 | | | |
_______________ (a)The Company, through its subsidiary Mountain Food, LLC, owns an equity interest in this entity. (b)An equity interest is held by three Irrevocable Trusts for the benefit of Mr. Zhang's children. (c)Mr. Zhou Min Ni owns an equity interest in this entity.
|
Schedule of Revenue With Related Parties |
Below is a summary of sales to related parties recorded for the three and six months ended June 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | (In thousands) | | 2024 | | 2023 | | 2024 | | 2023 | | | (a) | ABC Food Trading, LLC | | $ | 431 | | | $ | 722 | | | $ | 834 | | | $ | 1,315 | | | | (b) | Asahi Food, Inc. | | 148 | | | 191 | | | 287 | | | 386 | | | | (a) | Conexus Food Solutions LLC (formerly known as Best Food Services, LLC) | | 335 | | | 93 | | | 588 | | | 526 | | | | (c) | Eagle Food Service, LLC | | — | | | 922 | | | — | | | 1,942 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (d) | First Choice Seafood, Inc. | | 6 | | | 8 | | | 13 | | | 16 | | | | (d) | Fortune One Foods, Inc. | | 91 | | | 4 | | | 107 | | | 23 | | | | | | | | | | | | | | | | (e) | N&F Logistics, Inc. | | — | | | — | | | — | | | 6 | | | | (f) | Union Food LLC | | — | | | 8 | | | — | | | 27 | | | | | | | | | | | | | | | | | Total | | $ | 1,011 | | | $ | 1,948 | | | $ | 1,829 | | | $ | 4,241 | | | |
_______________ (a)An equity interest is held by three Irrevocable Trusts for the benefit of Mr. Zhang's children. (b)The Company, through its subsidiary Mountain Food, LLC, owns an equity interest in this entity. (c)Tina Ni, one of Mr. Zhou Min Ni’s family members, owns an equity interest in this entity indirectly through its parent company. (d)Mr. Zhou Min Ni owns an equity interest in this entity indirectly through its parent company. (e)Mr. Zhou Min Ni owns an equity interest in this entity. (f)Tina Ni, one of Mr. Zhou Min Ni’s family members, owns an equity interest in this entity.
|
Schedule of Accounts Receivable With Related Parties |
Below is a summary of accounts receivable with related parties recorded as of June 30, 2024 and December 31, 2023, respectively:
| | | | | | | | | | | | | | | | | | | (In thousands) | | June 30, 2024 | | December 31, 2023 | (a) | ABC Food Trading, LLC | | $ | 194 | | | $ | 94 | | (b) | Asahi Food, Inc. | | 80 | | | 69 | | (a) | Conexus Food Solutions LLC (formerly known as Best Food Services, LLC) | | 168 | | | 84 | | | | | | | | (c) | Enson Seafood GA, Inc. (formerly known as GA-GW Seafood, Inc.) | | 59 | | | 59 | | (d) | Fortune One Foods, Inc. | | 47 | | | — | | (e) | Union Food LLC | | — | | | 2 | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | | $ | 548 | | | $ | 308 | |
_______________ (a)An equity interest is held by three Irrevocable Trusts for the benefit of Mr. Zhang's children. (b)The Company, through its subsidiary Mountain Food, LLC, owns an equity interest in this entity. (c)Mr. Zhou Min Ni owns an equity interest in this entity. (d)Mr. Zhou Min Ni owns an equity interest in this entity indirectly through its parent company. (e)Tina Ni, one of Mr. Zhou Min Ni’s family members, owns an equity interest in this entity.
|
Schedule of Accounts Payable With Related Parties |
All the accounts payable to related parties are payable upon demand without interest. Below is a summary of accounts payable with related parties recorded as of June 30, 2024 and December 31, 2023, respectively:
| | | | | | | | | | | | | | | | | | | (In thousands) | | June 30, 2024 | | December 31, 2023 | (a) | Conexus Food Solutions LLC (formerly known as Best Food Services, LLC) | | $ | 627 | | | $ | 379 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Others | | 24 | | | 18 | | | Total | | $ | 651 | | | $ | 397 | |
_______________ (a)An equity interest is held by three Irrevocable Trusts for the benefit of Mr. Zhang's children.
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- DefinitionNumber of operating segments. An operating segment is a component of an enterprise: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same enterprise), (b) whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is available. An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations may be operating segments before earning revenues.
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v3.24.2.u1
Summary of Significant Accounting Policies (Details) $ in Thousands |
3 Months Ended |
|
Jun. 30, 2024
USD ($)
variableInterestEntity
|
Mar. 31, 2024
variableInterestEntity
|
Dec. 31, 2023
USD ($)
|
Noncontrolling Interest [Line Items] |
|
|
|
Number of VIEs | variableInterestEntity |
0
|
1
|
|
Noncontrolling interests |
$ 2,447
|
|
$ 1,322
|
Acquisition of noncontrolling interest |
0
|
|
|
Noncontrolling Interests |
|
|
|
Noncontrolling Interest [Line Items] |
|
|
|
Acquisition of noncontrolling interest |
$ (772)
|
|
|
HF Foods Industrial, LLC ("HFFI")(a) |
|
|
|
Noncontrolling Interest [Line Items] |
|
|
|
Ownership of noncontrolling interest at June 30, 2024 |
0.00%
|
|
|
Noncontrolling interests |
$ 0
|
|
(759)
|
Min Food, Inc. |
|
|
|
Noncontrolling Interest [Line Items] |
|
|
|
Ownership of noncontrolling interest at June 30, 2024 |
39.75%
|
|
|
Noncontrolling interests |
$ 2,078
|
|
1,715
|
Monterey Food Service, LLC |
|
|
|
Noncontrolling Interest [Line Items] |
|
|
|
Ownership of noncontrolling interest at June 30, 2024 |
35.00%
|
|
|
Noncontrolling interests |
$ 369
|
|
$ 366
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v3.24.2.u1
Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
TOTAL NET REVENUE |
$ 302,342
|
$ 292,312
|
$ 597,996
|
$ 586,167
|
Revenue Benchmark | Product Concentration Risk |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Operating concentration risk (percentage) |
100.00%
|
100.00%
|
100.00%
|
100.00%
|
Seafood |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
TOTAL NET REVENUE |
$ 99,530
|
$ 91,382
|
$ 193,925
|
$ 184,272
|
Seafood | Revenue Benchmark | Product Concentration Risk |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Operating concentration risk (percentage) |
33.00%
|
31.00%
|
32.00%
|
32.00%
|
Asian Specialty |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
TOTAL NET REVENUE |
$ 77,493
|
$ 76,337
|
$ 157,702
|
$ 154,161
|
Asian Specialty | Revenue Benchmark | Product Concentration Risk |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Operating concentration risk (percentage) |
26.00%
|
26.00%
|
26.00%
|
26.00%
|
Meat and Poultry |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
TOTAL NET REVENUE |
$ 63,792
|
$ 56,012
|
$ 121,542
|
$ 108,061
|
Meat and Poultry | Revenue Benchmark | Product Concentration Risk |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Operating concentration risk (percentage) |
20.00%
|
19.00%
|
20.00%
|
18.00%
|
Produce |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
TOTAL NET REVENUE |
$ 32,171
|
$ 31,636
|
$ 64,254
|
$ 63,847
|
Produce | Revenue Benchmark | Product Concentration Risk |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Operating concentration risk (percentage) |
11.00%
|
11.00%
|
11.00%
|
11.00%
|
Packaging and Other |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
TOTAL NET REVENUE |
$ 15,645
|
$ 18,037
|
$ 32,019
|
$ 37,433
|
Packaging and Other | Revenue Benchmark | Product Concentration Risk |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Operating concentration risk (percentage) |
5.00%
|
6.00%
|
6.00%
|
6.00%
|
Commodity |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
TOTAL NET REVENUE |
$ 13,711
|
$ 18,908
|
$ 28,554
|
$ 38,393
|
Commodity | Revenue Benchmark | Product Concentration Risk |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Operating concentration risk (percentage) |
5.00%
|
7.00%
|
5.00%
|
7.00%
|
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v3.24.2.u1
Balance Sheet Components - Accounts Receivable (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
Less: allowance for expected credit losses |
$ (2,077)
|
$ (2,119)
|
$ (1,474)
|
$ (1,442)
|
Nonrelated Party |
|
|
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
Accounts receivable |
52,944
|
49,643
|
|
|
Less: allowance for expected credit losses |
(2,077)
|
(2,119)
|
|
|
Accounts receivable, net |
$ 50,867
|
$ 47,524
|
|
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Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
Prepaid expenses |
$ 2,093
|
$ 4,591
|
Advances to suppliers |
6,112
|
3,340
|
Other current assets |
791
|
2,214
|
Prepaid expenses and other current assets |
$ 8,996
|
$ 10,145
|
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v3.24.2.u1
Balance Sheet Components - Property and Equipment (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, at cost |
$ 200,125
|
$ 185,641
|
Less: accumulated depreciation |
(56,587)
|
(52,505)
|
Property and equipment, net |
143,538
|
133,136
|
Property and equipment, at cost |
31,000
|
22,200
|
Finance lease, accumulated depreciation |
$ 12,300
|
10,300
|
Weighted average discount rate |
6.60%
|
|
Total future minimum lease payments under finance leases |
$ 30,100
|
|
Future minimum lease payments. |
$ 16,900
|
|
Minimum |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Lease maturity |
4 years
|
|
Maximum |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Lease maturity |
6 years
|
|
Automobiles(1) |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, at cost |
$ 47,312
|
37,256
|
Buildings |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, at cost |
63,045
|
63,045
|
Building improvements |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, at cost |
22,278
|
22,014
|
Furniture and fixtures |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, at cost |
419
|
474
|
Land |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, at cost |
49,929
|
49,929
|
Machinery and equipment |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, at cost |
11,970
|
11,532
|
Construction in progress |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, at cost |
$ 5,172
|
$ 1,391
|
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- DefinitionAmount of lessee's undiscounted obligation for lease payments for finance lease.
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v3.24.2.u1
Balance Sheet Components - Narrative (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
|
Depreciation |
$ 2,500,000
|
|
$ 2,400,000
|
$ 5,100,000
|
$ 5,000,000.0
|
Other than temporary impairment |
|
$ 0
|
|
0
|
|
Asset impairment charges |
|
|
$ 1,200,000
|
$ 0
|
$ 1,200,000
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Balance Sheet Components - Schedule of Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
Accrued compensation |
$ 5,617
|
$ 7,941
|
Accrued professional fees |
663
|
1,353
|
Accrued interest and fees |
1,056
|
1,276
|
Self-insurance liability |
2,439
|
1,723
|
Other |
5,779
|
4,994
|
Total accrued expenses and other liabilities |
$ 15,554
|
$ 17,287
|
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v3.24.2.u1
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6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Dec. 31, 2023 |
Assets |
|
|
Derivative Asset, Statement Of Financial Position, Extensible Enumeration Not Disclosed Flag |
Interest rate swaps
|
Interest rate swaps
|
Liabilities |
|
|
Derivative Liability, Statement Of Financial Position, Extensible Enumeration Not Disclosed Flag |
Interest rate swaps
|
Interest rate swaps
|
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|
|
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|
|
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$ 1,142
|
$ 412
|
Liabilities |
|
|
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0
|
(1,601)
|
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|
|
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|
|
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0
|
0
|
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|
|
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0
|
0
|
Recurring | Level 2 |
|
|
Assets |
|
|
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1,142
|
412
|
Liabilities |
|
|
Liabilities: |
0
|
(1,601)
|
Recurring | Level 3 |
|
|
Assets |
|
|
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0
|
0
|
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$ 0
|
$ 0
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v3.24.2.u1
Fair Value Measurements - Schedule of Debt Securities, Carrying Value and Fair Value (Details) - Reported Value Measurement - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Bank of America | Fixed Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
$ 141
|
$ 169
|
Bank of America | Variable Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
2,123
|
2,193
|
Bank of America | Level 1 | Fixed Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
0
|
0
|
Bank of America | Level 1 | Variable Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
0
|
0
|
Bank of America | Level 2 | Fixed Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
0
|
0
|
Bank of America | Level 2 | Variable Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
2,123
|
2,193
|
Bank of America | Level 3 | Fixed Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
126
|
151
|
Bank of America | Level 3 | Variable Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
0
|
0
|
East West Bank | Variable Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
5,597
|
5,675
|
East West Bank | Level 1 | Variable Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
0
|
0
|
East West Bank | Level 2 | Variable Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
5,597
|
5,675
|
East West Bank | Level 3 | Variable Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
0
|
0
|
Other Finance Institutions | Fixed Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
4
|
45
|
Other Finance Institutions | Level 1 | Fixed Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
0
|
0
|
Other Finance Institutions | Level 2 | Fixed Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
0
|
0
|
Other Finance Institutions | Level 3 | Fixed Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
4
|
43
|
JP Morgan | Variable Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
103,549
|
106,079
|
JP Morgan | Level 1 | Variable Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
0
|
0
|
JP Morgan | Level 2 | Variable Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
103,549
|
106,079
|
JP Morgan | Level 3 | Variable Rate Debt |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Debt instrument, fair value disclosure |
$ 0
|
$ 0
|
X |
- DefinitionFair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.
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v3.24.2.u1
Goodwill and Acquired Intangible Assets - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
|
|
|
Goodwill |
$ 85,118
|
|
$ 85,118
|
|
$ 85,118
|
Amortization expense |
$ 4,100
|
$ 4,100
|
$ 8,100
|
$ 8,100
|
|
X |
- DefinitionThe aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.
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Goodwill and Acquired Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
Gross Carrying Amount |
$ 233,365
|
|
$ 233,365
|
|
$ 233,365
|
Accumulated Amortization |
(63,699)
|
|
(63,699)
|
|
(55,559)
|
Net Carrying Amount |
169,666
|
|
169,666
|
|
177,806
|
Amortization expense |
4,100
|
$ 4,100
|
8,100
|
$ 8,100
|
|
Non-competition agreement |
|
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
Gross Carrying Amount |
3,892
|
|
3,892
|
|
3,892
|
Accumulated Amortization |
(3,076)
|
|
(3,076)
|
|
(2,429)
|
Net Carrying Amount |
816
|
|
816
|
|
1,463
|
Tradenames |
|
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
Gross Carrying Amount |
44,207
|
|
44,207
|
|
44,207
|
Accumulated Amortization |
(17,255)
|
|
(17,255)
|
|
(15,045)
|
Net Carrying Amount |
26,952
|
|
26,952
|
|
29,162
|
Customer relationships |
|
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
Gross Carrying Amount |
185,266
|
|
185,266
|
|
185,266
|
Accumulated Amortization |
(43,368)
|
|
(43,368)
|
|
(38,085)
|
Net Carrying Amount |
$ 141,898
|
|
$ 141,898
|
|
$ 147,181
|
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v3.24.2.u1
Derivative Financial Instruments (Details) $ in Millions |
|
|
6 Months Ended |
|
|
|
Dec. 19, 2021 |
Aug. 20, 2019
USD ($)
termLoan
derivative
|
Jun. 30, 2024 |
Dec. 31, 2023
USD ($)
|
Mar. 15, 2023
USD ($)
|
Dec. 19, 2019
USD ($)
|
Derivative [Line Items] |
|
|
|
|
|
|
Number of mortgage term loans | termLoan |
|
2
|
|
|
|
|
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] |
|
|
Other long-term assets
|
|
|
|
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] |
|
|
Other long-term liabilities
|
|
|
|
Derivative asset |
|
|
|
$ 0.4
|
|
|
Derivative liability |
|
|
|
$ 1.6
|
|
|
Mortgage-Secured Term Loans |
|
|
|
|
|
|
Derivative [Line Items] |
|
|
|
|
|
|
Derivative, fixed interest rate |
|
|
|
|
4.11%
|
|
Mortgage-Secured Term Loans | East West Bank |
|
|
|
|
|
|
Derivative [Line Items] |
|
|
|
|
|
|
Basis spread on variable rate |
|
2.29%
|
|
|
|
|
Derivative, fixed interest rate |
|
4.23%
|
|
|
|
|
Mortgage-Secured Term Loans | Bank of America |
|
|
|
|
|
|
Derivative [Line Items] |
|
|
|
|
|
|
Basis spread on variable rate |
2.50%
|
|
2.50%
|
|
|
|
Derivative, fixed interest rate |
|
|
|
|
|
4.50%
|
Interest Rate Swap |
|
|
|
|
|
|
Derivative [Line Items] |
|
|
|
|
|
|
Number of derivatives | derivative |
|
2
|
|
|
|
|
Interest Rate Swap | Not Designated as Hedging Instrument |
|
|
|
|
|
|
Derivative [Line Items] |
|
|
|
|
|
|
Derivative liability, notional amount |
|
$ 1.1
|
|
|
$ 120.0
|
$ 2.7
|
Interest Rate Swap Two | Not Designated as Hedging Instrument |
|
|
|
|
|
|
Derivative [Line Items] |
|
|
|
|
|
|
Derivative liability, notional amount |
|
$ 2.6
|
|
|
|
|
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v3.24.2.u1
Debt - Long-term Debt (Details) $ in Thousands |
|
|
6 Months Ended |
|
Dec. 19, 2021 |
Aug. 20, 2019 |
Jun. 30, 2024
USD ($)
property
|
Dec. 31, 2023
USD ($)
|
Debt Instrument [Line Items] |
|
|
|
|
Total debt, principal amount |
|
|
$ 111,651
|
$ 114,419
|
Less: debt issuance costs |
|
|
(237)
|
(258)
|
Total |
|
|
111,414
|
114,161
|
Less: current portion |
|
|
(5,414)
|
(5,450)
|
Long-term debt |
|
|
106,000
|
108,711
|
Bank of America |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Total debt, principal amount |
|
|
$ 2,264
|
2,362
|
Number of real properties secured | property |
|
|
1
|
|
Bank of America | Mortgage-Secured Term Loans |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Basis spread on variable rate |
2.50%
|
|
2.50%
|
|
Bank of America | Minimum |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Interest rate, stated percentage |
|
|
4.34%
|
|
Bank of America | Maximum |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Interest rate, stated percentage |
|
|
7.93%
|
|
East West Bank |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Total debt, principal amount |
|
|
$ 5,597
|
5,675
|
Number of real properties secured | property |
|
|
3
|
|
East West Bank | Mortgage-Secured Term Loans |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Basis spread on variable rate |
|
2.29%
|
|
|
East West Bank | Minimum |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Interest rate, stated percentage |
|
|
7.62%
|
|
Collateral amount |
|
|
$ 1,900
|
|
East West Bank | Maximum |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Interest rate, stated percentage |
|
|
9.00%
|
|
Collateral amount |
|
|
$ 3,000
|
|
JP Morgan Chase |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Total debt, principal amount |
|
|
103,786
|
106,337
|
JP Morgan Chase | Assets Held by Subsidiaries |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Collateral amount |
|
|
$ 103,800
|
106,300
|
JP Morgan Chase | Maximum |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Interest rate, stated percentage |
|
|
7.30%
|
|
Other finance institutions |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Total debt, principal amount |
|
|
$ 4
|
$ 45
|
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Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Numerator: |
|
|
|
|
Net income (loss) attributable to HF Foods Group Inc. |
$ 17
|
$ (850)
|
$ (677)
|
$ (6,783)
|
Denominator: |
|
|
|
|
Weighted-average common shares outstanding (in shares) |
52,585,715
|
54,046,328
|
52,370,842
|
53,935,178
|
Effect of dilutive securities (in shares) |
75,404
|
0
|
0
|
0
|
Weighted-average dilutive shares outstanding (in shares) |
52,661,119
|
54,046,328
|
52,370,842
|
53,935,178
|
Earnings (loss) per common share: |
|
|
|
|
Basic (in dollars per share) |
$ 0.00
|
$ (0.02)
|
$ (0.01)
|
$ (0.13)
|
Diluted (in dollars per share) |
$ 0.00
|
$ (0.02)
|
$ (0.01)
|
$ (0.13)
|
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v3.24.2.u1
v3.24.2.u1
Related Party Transactions - Narrative (Details) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Feb. 28, 2021
renewalPeriod
|
Kirnland | Buildings |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Operating lease, term of contract (in years) |
|
|
|
|
5 years
|
Rental income |
$ 100
|
$ 100
|
$ 100
|
$ 200
|
|
Asahi Food, Inc. | Buildings |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Rental income |
$ 36
|
$ 36
|
$ 72
|
$ 72
|
|
Term of contract |
|
|
|
|
1 year
|
Number of renewal periods | renewalPeriod |
|
|
|
|
4
|
Length of renewal term option |
|
|
|
|
1 year
|
Enson Seafood GA, Inc. (formerly known as GA-GW Seafood, Inc.) |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Accounts receivables reserved percentage |
1
|
|
1
|
|
|
HF Foods | Shareholder |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Ownership of noncontrolling interest at June 30, 2024 |
10.00%
|
|
10.00%
|
|
|
HF Foods | Mr. Zhou Min Ni (“Mr. Ni”), Former Co-Chief Executive Officer and various trusts |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Ownership of noncontrolling interest at June 30, 2024 |
1000.00%
|
|
1000.00%
|
|
|
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v3.24.2.u1
Related Party Transactions - Summary of Purchases with Related Parties (Details) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024
USD ($)
trust
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2024
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|
Jun. 30, 2023
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|
Dec. 31, 2023
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|
Conexus Food Solutions LLC (formerly known as Best Food Services, LLC) |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Number of irrecoverable trusts | trust |
3
|
|
3
|
|
3
|
Related Party |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Related Party Transaction, Purchases from Related Party |
$ 1,890
|
$ 2,826
|
$ 3,204
|
$ 5,167
|
|
Related Party | Asahi Food, Inc. |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Related Party Transaction, Purchases from Related Party |
29
|
17
|
56
|
39
|
|
Related Party | Conexus Food Solutions LLC (formerly known as Best Food Services, LLC) |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Related Party Transaction, Purchases from Related Party |
1,763
|
2,729
|
2,913
|
4,813
|
|
Related Party | Enson Seafood GA, Inc. (formerly “GA-GW Seafood, Inc.”) |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Related Party Transaction, Purchases from Related Party |
0
|
0
|
0
|
37
|
|
Related Party | Ocean Pacific Seafood Group, Inc. |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Related Party Transaction, Purchases from Related Party |
60
|
74
|
140
|
242
|
|
Related Party | Rainfield Ranches, LP |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Related Party Transaction, Purchases from Related Party |
$ 38
|
$ 6
|
$ 95
|
$ 36
|
|
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v3.24.2.u1
Related Party Transactions - Summary of Sales to Related Parties (Details) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024
USD ($)
trust
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
trust
|
Jun. 30, 2023
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|
Dec. 31, 2023
trust
|
Sales |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Sales - related party |
$ 1,011
|
$ 1,948
|
$ 1,829
|
$ 4,241
|
|
ABC Food Trading, LLC | Sales |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Sales - related party |
431
|
722
|
834
|
1,315
|
|
Asahi Food, Inc. | Sales |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Sales - related party |
$ 148
|
191
|
$ 287
|
386
|
|
Conexus Food Solutions LLC (formerly known as Best Food Services, LLC) |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Number of irrecoverable trusts | trust |
3
|
|
3
|
|
3
|
Conexus Food Solutions LLC (formerly known as Best Food Services, LLC) | Sales |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Sales - related party |
$ 335
|
93
|
$ 588
|
526
|
|
Eagle Food Services, LLC | Sales |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Sales - related party |
0
|
922
|
0
|
1,942
|
|
First Choice Seafood, Inc. | Sales |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Sales - related party |
6
|
8
|
13
|
16
|
|
Fortune One Foods, Inc. | Sales |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Sales - related party |
91
|
4
|
107
|
23
|
|
N&F Logistics, Inc. | Sales |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Sales - related party |
0
|
0
|
0
|
6
|
|
Union Food LLC | Sales |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Sales - related party |
$ 0
|
$ 8
|
$ 0
|
$ 27
|
|
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v3.24.2.u1
Related Party Transactions - Summary of Accounts Receivable With Related Parties (Details) $ in Thousands |
Jun. 30, 2024
USD ($)
trust
|
Dec. 31, 2023
USD ($)
trust
|
Conexus Food Solutions LLC (formerly known as Best Food Services, LLC) |
|
|
Related Party Transaction [Line Items] |
|
|
Number of irrecoverable trusts | trust |
3
|
3
|
Related Party |
|
|
Related Party Transaction [Line Items] |
|
|
Accounts receivable, net of allowances of $2,077 and $2,119 |
$ 548
|
$ 308
|
Related Party | ABC Trading, LLC |
|
|
Related Party Transaction [Line Items] |
|
|
Accounts receivable, net of allowances of $2,077 and $2,119 |
194
|
94
|
Related Party | Asahi Food, Inc. |
|
|
Related Party Transaction [Line Items] |
|
|
Accounts receivable, net of allowances of $2,077 and $2,119 |
80
|
69
|
Related Party | Conexus Food Solutions LLC (formerly known as Best Food Services, LLC) |
|
|
Related Party Transaction [Line Items] |
|
|
Accounts receivable, net of allowances of $2,077 and $2,119 |
168
|
84
|
Related Party | Enson Seafood GA, Inc. (formerly known as GA-GW Seafood, Inc.) |
|
|
Related Party Transaction [Line Items] |
|
|
Accounts receivable, net of allowances of $2,077 and $2,119 |
59
|
59
|
Related Party | Fortune One Foods, Inc. |
|
|
Related Party Transaction [Line Items] |
|
|
Accounts receivable, net of allowances of $2,077 and $2,119 |
47
|
0
|
Related Party | Union Food LLC |
|
|
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|
|
Accounts receivable, net of allowances of $2,077 and $2,119 |
$ 0
|
$ 2
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v3.24.2.u1
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Mar. 31, 2024 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
|
Number of shares authorized under plan (in shares) |
7,000,000
|
|
7,000,000
|
|
3,000,000
|
Shares remaining available for future unvested awards (in shares) |
1,086,403
|
|
1,086,403
|
|
|
Shares remaining available for future awards (in shares) |
3,866,529
|
|
3,866,529
|
|
|
Total stock-based compensation expense |
$ 0.5
|
$ 0.8
|
$ 1.3
|
$ 1.8
|
|
Unrecognized compensation cost |
$ 6.8
|
|
$ 6.8
|
|
|
Unrecognized compensation cost, period for recognition |
|
|
2 years 3 months 25 days
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized |
4,000,000
|
|
|
|
|
RSUs |
|
|
|
|
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
|
Equity instruments outstanding (in shares) |
1,065,174
|
|
1,065,174
|
|
|
PSUs |
|
|
|
|
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
|
Equity instruments outstanding (in shares) |
981,894
|
|
981,894
|
|
|
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v3.24.2.u1
Commitments and Contingencies - Narrative (Details)
|
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
|
Apr. 30, 2024
USD ($)
extension
|
Feb. 10, 2021
USD ($)
|
Mar. 31, 2024
USD ($)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2024
USD ($)
property
lease
installment
|
Dec. 31, 2023
USD ($)
|
Oct. 25, 2023
USD ($)
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
Payment of a civil monetary penalty |
|
|
|
$ 3,900,000
|
|
|
|
Operating lease right-of-use assets |
|
|
|
16,006,000
|
$ 16,006,000
|
$ 12,714,000
|
|
Amount committed for construction project |
|
|
$ 7,000,000
|
|
|
|
|
AnHeart construction |
|
|
$ 2,200,000
|
|
|
|
|
Number of extensions | extension |
2
|
|
|
|
|
|
|
Extension term |
5 years
|
|
|
|
|
|
|
Monthly rent |
$ 45,000
|
|
|
|
|
|
|
Minimum |
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
Payment to construct building |
|
$ 2,500,000
|
|
|
|
|
|
AnHeart and Minsheng Case |
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
Amount receivable |
|
|
|
|
|
|
$ 474,000
|
Monthly Sublease Income |
|
|
|
|
40,000
|
|
|
Monthly installments |
|
|
|
|
$ 11,250
|
|
|
Monthly installment period | installment |
|
|
|
|
24
|
|
|
Lease Fifth Avenue, Manhattan, New York |
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
Number of leases | lease |
|
|
|
|
2
|
|
|
Number of properties | property |
|
|
|
|
2
|
|
|
Lease guarantee liability activity |
|
|
|
5,400,000
|
|
|
|
Operating lease right-of-use assets |
|
|
|
4,900,000
|
$ 4,900,000
|
|
|
Gain on lease assumption |
|
|
|
$ 5,400,000
|
|
|
|
Lease for 273 Fifth Avenue, Manhattan,New York |
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
Operating lease, term of contract (in years) |
|
|
|
30 years
|
30 years
|
|
|
Lease for 275 Fifth Avenue, Manhattan,New York |
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
Operating lease, term of contract (in years) |
|
|
|
15 years
|
15 years
|
|
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HF Foods (NASDAQ:HFFG)
Historical Stock Chart
From Oct 2024 to Nov 2024
HF Foods (NASDAQ:HFFG)
Historical Stock Chart
From Nov 2023 to Nov 2024