Goodwill and Intangible Asset Disclosure
Adjustments to Financial Statements: Removal of Goodwill
Adjusted Financial Ratios: Removal of Goodwill (Summary)
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Monster Beverage Corp., balance sheet: goodwill and intangible assets

US$ in thousands

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Goodwill	1,417,941)	1,417,941)	1,331,643)	1,331,643)	1,331,643)
Amortizing intangibles, gross	144,582)	121,378)	66,872)	66,875)	66,949)
Accumulated amortization	(74,699)	(68,790)	(61,227)	(56,801)	(49,128)
Amortizing intangibles, net	69,883)	52,588)	5,645)	10,074)	17,821)
Non-amortizing intangibles	1,357,256)	1,167,822)	1,066,741)	1,048,972)	1,034,284)
Intangible assets	1,427,139)	1,220,410)	1,072,386)	1,059,046)	1,052,105)
Goodwill and other intangible assets	2,845,080)	2,638,351)	2,404,029)	2,390,689)	2,383,748)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Download chart

Item	Description	The company
Goodwill	Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.
Intangible assets	Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Monster Beverage Corp. intangible assets increased from 2021 to 2022 and from 2022 to 2023.
Goodwill and other intangible assets	Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Monster Beverage Corp. goodwill and other intangible assets increased from 2021 to 2022 and from 2022 to 2023.

Monster Beverage Corp., adjustments to financial statements

US$ in thousands

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Adjustment to Total Assets
Total assets (as reported)	9,686,522)	8,293,105)	7,804,784)	6,202,716)	5,150,352)
Less: Goodwill	1,417,941)	1,417,941)	1,331,643)	1,331,643)	1,331,643)
Total assets (adjusted)	8,268,581)	6,875,164)	6,473,141)	4,871,073)	3,818,709)
Adjustment to Stockholders’ Equity
Stockholders’ equity (as reported)	8,228,744)	7,025,041)	6,566,951)	5,160,860)	4,171,281)
Less: Goodwill	1,417,941)	1,417,941)	1,331,643)	1,331,643)	1,331,643)
Stockholders’ equity (adjusted)	6,810,803)	5,607,100)	5,235,308)	3,829,217)	2,839,638)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Monster Beverage Corp., Financial Data: Reported vs. Adjusted

Download chart

Monster Beverage Corp., adjusted financial ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Total Asset Turnover
Reported total asset turnover	0.74	0.76	0.71	0.74	0.82
Adjusted total asset turnover	0.86	0.92	0.86	0.94	1.10
Financial Leverage
Reported financial leverage	1.18	1.18	1.19	1.20	1.23
Adjusted financial leverage	1.21	1.23	1.24	1.27	1.34
Return on Equity (ROE)
Reported ROE	19.82%	16.96%	20.98%	27.31%	26.56%
Adjusted ROE	23.95%	21.25%	26.31%	36.81%	39.01%
Return on Assets (ROA)
Reported ROA	16.84%	14.37%	17.65%	22.73%	21.51%
Adjusted ROA	19.73%	17.33%	21.28%	28.94%	29.01%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Monster Beverage Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Monster Beverage Corp. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	Monster Beverage Corp. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Monster Beverage Corp. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Monster Beverage Corp., Financial Ratios: Reported vs. Adjusted

Download chart

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net sales	7,140,027)	6,311,050)	5,541,352)	4,598,638)	4,200,819)
Total assets	9,686,522)	8,293,105)	7,804,784)	6,202,716)	5,150,352)
Activity Ratio
Total asset turnover¹	0.74	0.76	0.71	0.74	0.82
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Net sales	7,140,027)	6,311,050)	5,541,352)	4,598,638)	4,200,819)
Adjusted total assets	8,268,581)	6,875,164)	6,473,141)	4,871,073)	3,818,709)
Activity Ratio
Adjusted total asset turnover²	0.86	0.92	0.86	0.94	1.10

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Total asset turnover = Net sales ÷ Total assets
= 7,140,027 ÷ 9,686,522 = 0.74

² Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 7,140,027 ÷ 8,268,581 = 0.86

Download chart

Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Monster Beverage Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in thousands)
Total assets	9,686,522)	8,293,105)	7,804,784)	6,202,716)	5,150,352)
Stockholders’ equity	8,228,744)	7,025,041)	6,566,951)	5,160,860)	4,171,281)
Solvency Ratio
Financial leverage¹	1.18	1.18	1.19	1.20	1.23
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Adjusted total assets	8,268,581)	6,875,164)	6,473,141)	4,871,073)	3,818,709)
Adjusted stockholders’ equity	6,810,803)	5,607,100)	5,235,308)	3,829,217)	2,839,638)
Solvency Ratio
Adjusted financial leverage²	1.21	1.23	1.24	1.27	1.34

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Financial leverage = Total assets ÷ Stockholders’ equity
= 9,686,522 ÷ 8,228,744 = 1.18

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 8,268,581 ÷ 6,810,803 = 1.21

Download chart

Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Monster Beverage Corp. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net income	1,630,988)	1,191,624)	1,377,475)	1,409,594)	1,107,835)
Stockholders’ equity	8,228,744)	7,025,041)	6,566,951)	5,160,860)	4,171,281)
Profitability Ratio
ROE¹	19.82%	16.96%	20.98%	27.31%	26.56%
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Net income	1,630,988)	1,191,624)	1,377,475)	1,409,594)	1,107,835)
Adjusted stockholders’ equity	6,810,803)	5,607,100)	5,235,308)	3,829,217)	2,839,638)
Profitability Ratio
Adjusted ROE²	23.95%	21.25%	26.31%	36.81%	39.01%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ ROE = 100 × Net income ÷ Stockholders’ equity
= 100 × 1,630,988 ÷ 8,228,744 = 19.82%

² Adjusted ROE = 100 × Net income ÷ Adjusted stockholders’ equity
= 100 × 1,630,988 ÷ 6,810,803 = 23.95%

Download chart

Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	Monster Beverage Corp. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net income	1,630,988)	1,191,624)	1,377,475)	1,409,594)	1,107,835)
Total assets	9,686,522)	8,293,105)	7,804,784)	6,202,716)	5,150,352)
Profitability Ratio
ROA¹	16.84%	14.37%	17.65%	22.73%	21.51%
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Net income	1,630,988)	1,191,624)	1,377,475)	1,409,594)	1,107,835)
Adjusted total assets	8,268,581)	6,875,164)	6,473,141)	4,871,073)	3,818,709)
Profitability Ratio
Adjusted ROA²	19.73%	17.33%	21.28%	28.94%	29.01%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ ROA = 100 × Net income ÷ Total assets
= 100 × 1,630,988 ÷ 9,686,522 = 16.84%

² Adjusted ROA = 100 × Net income ÷ Adjusted total assets
= 100 × 1,630,988 ÷ 8,268,581 = 19.73%

Download chart

Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Monster Beverage Corp. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Monster Beverage Corp. (NASDAQ:MNST)

Analysis of Goodwill and Intangible Assets

Goodwill and Intangible Asset Disclosure

Adjustments to Financial Statements: Removal of Goodwill

Monster Beverage Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Monster Beverage Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)