$ATEC
Alphatec Holdings, Inc.

2022 Q1 Form 10-Q Financial Statement

#000156459022018310 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $70.93M $44.12M
YoY Change 60.77% 46.51%
Cost Of Revenue $21.72M $12.26M
YoY Change 77.09% 35.0%
Gross Profit $49.22M $31.86M
YoY Change 54.49% 51.48%
Gross Profit Margin 69.38% 72.21%
Selling, General & Admin $69.47M $40.43M
YoY Change 71.85% 44.36%
% of Gross Profit 141.16% 126.89%
Research & Development $9.722M $5.801M
YoY Change 67.59% 54.73%
% of Gross Profit 19.75% 18.21%
Depreciation & Amortization $9.315M $3.850M
YoY Change 141.95% 56.89%
% of Gross Profit 18.93% 12.08%
Operating Expenses $79.19M $50.90M
YoY Change 55.57% 31.06%
Operating Profit -$41.23M -$19.05M
YoY Change 116.47% 6.95%
Interest Expense $1.456M $1.938M
YoY Change -24.87% -32.57%
% of Operating Profit
Other Income/Expense, Net -$30.00K -$1.889M
YoY Change -98.41% -34.27%
Pretax Income -$42.72M -$22.87M
YoY Change 86.77% 10.59%
Income Tax $129.0K $30.00K
% Of Pretax Income
Net Earnings -$42.84M -$22.90M
YoY Change 87.07% 10.53%
Net Earnings / Revenue -60.4% -51.91%
Basic Earnings Per Share -$0.43
Diluted Earnings Per Share -$428.5K -$262.6K
COMMON SHARES
Basic Shares Outstanding 99.98M
Diluted Shares Outstanding 99.98M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $151.8M $191.1M
YoY Change -20.56% 594.91%
Cash & Equivalents $151.8M $191.1M
Short-Term Investments
Other Short-Term Assets $12.09M $3.700M
YoY Change 226.62% -66.36%
Inventory $99.04M $57.38M
Prepaid Expenses
Receivables $40.44M $25.75M
Other Receivables $0.00 $1.000M
Total Short-Term Assets $303.4M $279.1M
YoY Change 8.7% 204.32%
LONG-TERM ASSETS
Property, Plant & Equipment $96.19M $56.12M
YoY Change 71.38% 168.29%
Goodwill $40.83M
YoY Change
Intangibles $82.09M $24.13M
YoY Change 240.21% -4.12%
Long-Term Investments $8.900M
YoY Change
Other Assets $1.544M $600.0K
YoY Change 157.33% 21.7%
Total Long-Term Assets $245.3M $125.4M
YoY Change 95.62% 101.84%
TOTAL ASSETS
Total Short-Term Assets $303.4M $279.1M
Total Long-Term Assets $245.3M $125.4M
Total Assets $548.7M $404.5M
YoY Change 35.65% 162.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $34.04M $26.40M
YoY Change 28.92% 123.73%
Accrued Expenses $65.19M $36.73M
YoY Change 77.47% 54.51%
Deferred Revenue $14.89M
YoY Change
Short-Term Debt $1.789M $0.00
YoY Change -100.0%
Long-Term Debt Due $1.789M $5.400M
YoY Change -66.87% 489.52%
Total Short-Term Liabilities $115.9M $70.10M
YoY Change 65.34% 83.51%
LONG-TERM LIABILITIES
Long-Term Debt $326.6M $38.60M
YoY Change 746.22% -27.17%
Other Long-Term Liabilities $16.63M $11.29M
YoY Change 47.27% -1.83%
Total Long-Term Liabilities $343.3M $11.29M
YoY Change 2940.69% -82.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $115.9M $70.10M
Total Long-Term Liabilities $343.3M $11.29M
Total Liabilities $459.2M $140.8M
YoY Change 226.11% 36.96%
SHAREHOLDERS EQUITY
Retained Earnings -$823.6M
YoY Change
Common Stock $10.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $25.10M
YoY Change
Treasury Stock Shares $1.808M
Shareholders Equity $41.98M $108.3M
YoY Change
Total Liabilities & Shareholders Equity $548.7M $404.5M
YoY Change 35.65% 163.0%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$42.84M -$22.90M
YoY Change 87.07% 10.53%
Depreciation, Depletion And Amortization $9.315M $3.850M
YoY Change 141.95% 56.89%
Cash From Operating Activities -$24.71M -$18.60M
YoY Change 32.83% 9.13%
INVESTING ACTIVITIES
Capital Expenditures $13.26M $15.20M
YoY Change -12.79% 478.24%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$10.79M
YoY Change -100.0%
Cash From Investing Activities -$13.41M -$25.99M
YoY Change -48.42% 888.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $131.8M
YoY Change 15726.89%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.697M 130.8M
YoY Change -97.94% -335423.08%
NET CHANGE
Cash From Operating Activities -24.71M -18.60M
Cash From Investing Activities -13.41M -25.99M
Cash From Financing Activities 2.697M 130.8M
Net Change In Cash -35.44M 83.37M
YoY Change -142.5% -524.35%
FREE CASH FLOW
Cash From Operating Activities -$24.71M -$18.60M
Capital Expenditures $13.26M $15.20M
Free Cash Flow -$37.97M -$33.81M
YoY Change 12.31% 71.8%

Facts In Submission

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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:3.34%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the useful lives of property and equipment, goodwill, intangible assets, allowances for doubtful accounts, the valuation of share-based liabilities, deferred tax assets, inventory, stock-based compensation, revenues, restructuring liabilities, income tax uncertainties, and other contingencies.</p>
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5712000
CY2022Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
77031000
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
71320000
CY2022Q1 us-gaap Inventory Net
InventoryNet
99043000
CY2021Q4 us-gaap Inventory Net
InventoryNet
91703000
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
175207000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
160125000
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
79022000
CY2021Q1 us-gaap Depreciation
Depreciation
3400000
CY2022Q1 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
1628000
CY2022Q1 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-486000
CY2022Q1 us-gaap Goodwill
Goodwill
40831000
CY2022Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
97577000
CY2022Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
15487000
CY2022Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
82090000
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
98623000
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
13349000
CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
85274000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
6734000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
8957000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
8854000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
8269000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
8269000
CY2022Q1 atec Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
41007000
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
82090000
CY2022Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
17427000
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
18151000
CY2022Q1 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
2534000
CY2021Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
2896000
CY2022Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
14893000
CY2021Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
15255000
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
4300000
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
18151000
CY2022Q1 atec Contract With Customer Liability Payments Received
ContractWithCustomerLiabilityPaymentsReceived
3592000
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
4316000
CY2022Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
17427000
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
1781000
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
14585000
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
1331000
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
1314000
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
317564000
CY2022Q1 atec Long Term Debt Maturities Repayments Of Principal After Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
629000
CY2022Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
337204000
CY2022Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
8776000
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
328428000
CY2022Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
1789000
CY2022Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
326639000
CY2022Q1 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
Company recognizes right-of-use assets (“ROU assets”) and lease liabilities for office buildings and certain equipment with lease terms of 1 year to 10 years, some of which include options to extend and/or terminate the leases. Any short-term leases defined as twelve months or less or month-to-month leases were excluded and continue to be expensed each month. Total costs associated with these short-term leases is immaterial to all periods presented.
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3245000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4471000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4547000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4580000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4684000
CY2022Q1 atec Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
17830000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
39357000
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
11389000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
27968000
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4034000
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
23934000
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.085
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.085
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
1156000
CY2021Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
1083000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1022000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
380000
CY2022Q1 us-gaap Litigation Reserve Current
LitigationReserveCurrent
4400000
CY2021Q4 us-gaap Litigation Reserve Current
LitigationReserveCurrent
4400000
CY2022Q1 us-gaap Litigation Reserve Noncurrent
LitigationReserveNoncurrent
2965000
CY2021Q4 us-gaap Litigation Reserve Noncurrent
LitigationReserveNoncurrent
3587000
CY2022Q1 us-gaap Litigation Reserve
LitigationReserve
7365000
CY2021Q4 us-gaap Litigation Reserve
LitigationReserve
7987000
CY2022Q1 atec Litigation Settlement Obligation Future Imputed Interest Amount
LitigationSettlementObligationFutureImputedInterestAmount
358000
CY2021Q4 atec Litigation Settlement Obligation Future Imputed Interest Amount
LitigationSettlementObligationFutureImputedInterestAmount
478000
CY2022Q1 atec Litigation Settlement Obligation Net
LitigationSettlementObligationNet
7723000
CY2021Q4 atec Litigation Settlement Obligation Net
LitigationSettlementObligationNet
8465000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10184000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4474000
CY2022Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
19654000
CY2022Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
70933000
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
44121000
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
96185000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
87401000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-42844000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-22903000
CY2022Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
99978000
CY2021Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
87223000
CY2022Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.43
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.26
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
50145000
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
34387000
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0030
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0022
CY2021Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21

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