$ACCD
Accolade, Inc.

2023 Q2 Form 10-Q Financial Statement

#000155837023011609 Filed on June 29, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2022 Q2
Revenue $93.23M $85.53M
YoY Change 9.0% 43.68%
Cost Of Revenue $54.20M $47.62M
YoY Change 13.84% 32.5%
Gross Profit $39.02M $37.91M
YoY Change 2.93% 60.71%
Gross Profit Margin 41.86% 44.33%
Selling, General & Admin $67.01M $45.85M
YoY Change 46.15% 25.58%
% of Gross Profit 171.72% 120.94%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.64M $11.58M
YoY Change 0.55% 33.12%
% of Gross Profit 29.83% 30.53%
Operating Expenses $78.65M $384.0M
YoY Change -79.52% 436.2%
Operating Profit -$39.63M -$346.0M
YoY Change -88.55% 620.69%
Interest Expense $921.0K -$634.0K
YoY Change -245.27% 2.59%
% of Operating Profit
Other Income/Expense, Net $390.0K -$50.00K
YoY Change -880.0% -9.09%
Pretax Income -$38.32M -$346.7M
YoY Change -88.95% 612.13%
Income Tax $91.00K -$3.899M
% Of Pretax Income
Net Earnings -$38.41M -$342.8M
YoY Change -88.8% 603.85%
Net Earnings / Revenue -41.2% -400.83%
Basic Earnings Per Share -$0.52 -$4.92
Diluted Earnings Per Share -$0.52 -$4.92
COMMON SHARES
Basic Shares Outstanding 73.63M 69.74M
Diluted Shares Outstanding 73.18M 69.74M

Balance Sheet

Concept 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $302.9M $335.6M
YoY Change -9.76% -21.12%
Cash & Equivalents $302.9M $335.6M
Short-Term Investments
Other Short-Term Assets $19.31M $13.46M
YoY Change 43.41% 35.57%
Inventory
Prepaid Expenses
Receivables $26.30M $21.74M
Other Receivables $0.00 $0.00
Total Short-Term Assets $348.5M $377.6M
YoY Change -7.71% -16.74%
LONG-TERM ASSETS
Property, Plant & Equipment $44.69M $11.87M
YoY Change 276.64% -2.4%
Goodwill $278.2M $278.2M
YoY Change 0.0% 29.89%
Intangibles $192.8M $234.3M
YoY Change -17.71% 15.15%
Long-Term Investments
YoY Change
Other Assets $11.53M $1.575M
YoY Change 631.75% -10.1%
Total Long-Term Assets $527.2M $566.9M
YoY Change -7.0% 29.42%
TOTAL ASSETS
Total Short-Term Assets $348.5M $377.6M
Total Long-Term Assets $527.2M $566.9M
Total Assets $875.7M $944.5M
YoY Change -7.28% 5.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.461M $7.777M
YoY Change -29.78% 9.71%
Accrued Expenses $48.33M $39.72M
YoY Change 21.68% 429.67%
Deferred Revenue $44.19M $36.88M
YoY Change 19.81% 12.08%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $112.7M $95.48M
YoY Change 18.07% -42.99%
LONG-TERM LIABILITIES
Long-Term Debt $282.7M $281.1M
YoY Change 0.59% 0.59%
Other Long-Term Liabilities $26.05M $563.0K
YoY Change 4527.18% -92.46%
Total Long-Term Liabilities $308.8M $563.0K
YoY Change 54747.78% -99.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $112.7M $95.48M
Total Long-Term Liabilities $308.8M $563.0K
Total Liabilities $421.5M $409.9M
YoY Change 2.83% -9.78%
SHAREHOLDERS EQUITY
Retained Earnings -$992.7M -$837.5M
YoY Change 18.54% 99.29%
Common Stock $8.000K $7.000K
YoY Change 14.29% 16.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $454.2M $534.5M
YoY Change
Total Liabilities & Shareholders Equity $875.7M $944.5M
YoY Change -7.28% 5.94%

Cashflow Statement

Concept 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$38.41M -$342.8M
YoY Change -88.8% 603.85%
Depreciation, Depletion And Amortization $11.64M $11.58M
YoY Change 0.55% 33.12%
Cash From Operating Activities -$19.29M -$30.46M
YoY Change -36.68% 10.31%
INVESTING ACTIVITIES
Capital Expenditures $3.377M $506.0K
YoY Change 567.39% -27.82%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$3.377M -$1.272M
YoY Change 165.49% -99.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.451M 1.508M
YoY Change 195.16% -99.39%
NET CHANGE
Cash From Operating Activities -19.29M -30.46M
Cash From Investing Activities -3.377M -1.272M
Cash From Financing Activities 4.451M 1.508M
Net Change In Cash -18.21M -30.23M
YoY Change -39.74% -72.11%
FREE CASH FLOW
Cash From Operating Activities -$19.29M -$30.46M
Capital Expenditures $3.377M $506.0K
Free Cash Flow -$22.66M -$30.97M
YoY Change -26.81% 9.37%

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ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
1150000
CY2023Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4451000
CY2022Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1508000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-18213000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-30225000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
321083000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
365853000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
302870000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
335628000
CY2023Q2 us-gaap Interest Paid Net
InterestPaidNet
769000
CY2022Q2 us-gaap Interest Paid Net
InterestPaidNet
769000
CY2023Q2 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
506000
CY2022Q2 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
228000
CY2023Q2 accd Other Receivable Related To Stock Option Exercises
OtherReceivableRelatedToStockOptionExercises
84000
CY2022Q2 accd Other Receivable Related To Stock Option Exercises
OtherReceivableRelatedToStockOptionExercises
5000
CY2023Q2 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
53000
CY2022Q2 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
22000
CY2022Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2023Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2023Q2 us-gaap Goodwill
Goodwill
278191000
CY2023Q1 us-gaap Goodwill
Goodwill
278191000
CY2022Q2 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
299705000
CY2023Q2 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 18pt;"><span style="font-style:italic;">(</span><span style="font-style:italic;">h</span><span style="font-style:italic;">)  Concentration of Credit Risk</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">Financial instruments that potentially subject the Company to credit risk consist principally of cash and cash equivalents. The Company maintains its cash primarily with domestic financial institutions of high credit quality, which may exceed federal deposit insurance corporation limits. The Company invests its cash equivalents in highly rated money </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">market funds and U.S. treasury bills with original maturities of three months or less. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents and performs periodic evaluations of the credit standing of such institutions. </p>
CY2023Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
93226000
CY2022Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
85528000
CY2023Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
127482000
CY2023Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
73792000
CY2023Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
21510000
CY2023Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
2126000
CY2023Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
29000
CY2023Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
224939000
CY2023Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
24746000
CY2022Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
24447000
CY2023Q2 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
1433000
CY2022Q2 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
1829000
CY2023Q2 us-gaap Capitalized Contract Cost Amortization Period
CapitalizedContractCostAmortizationPeriod
P5Y
CY2022Q2 us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
CY2023Q2 us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
CY2023Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
283576000
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
90747000
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
192829000
CY2022Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
10372000
CY2023Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
10372000
CY2023Q2 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
233795000
CY2023Q2 us-gaap Line Of Credit
LineOfCredit
1311000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
14278000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
19389000
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
91000
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-3899000
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.002
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.011
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-38409000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-342822000
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
73179994
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
69738638
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.52
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-4.92
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17142867
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17679041
CY2023Q2 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
3500000
CY2023Q2 us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
1244000
CY2023Q2 us-gaap Purchase Obligation
PurchaseObligation
40323000
CY2023Q2 accd Purchase Obligation Remaining Future Purchase Commitments
PurchaseObligationRemainingFuturePurchaseCommitments
30232000
CY2023Q2 us-gaap Severance Costs1
SeveranceCosts1
1102000
CY2023Q1 us-gaap Restructuring Reserve
RestructuringReserve
3996000
CY2023Q2 us-gaap Severance Costs1
SeveranceCosts1
1102000
CY2023Q2 us-gaap Payments For Restructuring
PaymentsForRestructuring
2674000
CY2023Q2 us-gaap Restructuring Reserve
RestructuringReserve
2424000

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