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  "documentTitle": "Freshpet | Results Presentation Deck | 37 slides",
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  "authorName": "Freshpet",
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  "presentationDate": "2025-02-01 00:00:00",
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      "text": "We have run convertible dilution calculations once using the most dilutive physical settlement method (i.e. Freshpet delivers all underlying shares upon conversion if the convertible is in-the-money) and again using net share settlement method (i.e. Freshpet delivers the $402.5mm principal amount in cash and any remaining in-the-money amount in shares under Treasury Stock method)",
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      "text": "Freshpet has structured the convertible with Flexible Settlement, so we have the option to settle the convertible in shares, cash, or a combination at its option",
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      "kind": "list",
      "text": "We have run share dilution calculations to compare outcomes for the 2028 convertible notes",
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      "text": "Note: Based on Freshpet's $402.5mm convertible offering, a $54.65 stock price at issue, a 27.5% conversion premium, and an up 120% capped call.",
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      "text": "(2) At stock prices below the conversion price, the convertible is redeemed for cash without any equity dilution.",
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      "text": "Source: Internal Data",
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      "text": "(1) If the convertible is in-the-money, Freshpet can deliver full underlying shares at its option since it has chosen a Flexible Settlement Structure.",
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      "text": "Physical Settlement (mm shares) (1,2)\nNet Share Settlement (mm shares)\nStock Price at Maturity\nConvert\nConvert + Capped Call\nConvert\nConvert + Capped Call\n$100.00 5.8 4.0 1.8 0.0\n$110.00 5.8 3.7 2.1 0.0\n$120.00 5.8 3.4 2.4 0.0\n$130.00 5.8 3.5 2.7 0.4\n$140.00 5.8 3.7 2.9 0.8\n$150.00 5.8 3.8 3.1 1.1\n$160.00 5.8 4.0 3.3 1.4\n$170.00 5.8 4.1 3.4 1.7\n$180.00 5.8 4.2 3.5 1.9\n$190.00 5.8 4.2 3.7 2.1\n$200.00 5.8 4.3 3.8 2.3",
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      "kind": "title",
      "text": "Convertible Share Dilution Calculations at Maturity",
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