$BFLY
Butterfly Network, Inc.

2022 Q2 Form 10-Q Financial Statement

#000155837022011955 Filed on August 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $19.22M $15.57M $18.99M
YoY Change 16.36% 25.16%
Cost Of Revenue $8.643M $7.232M $11.45M
YoY Change 4.22% 19.99%
Gross Profit $10.57M $8.342M $7.540M
YoY Change 28.61% 30.02%
Gross Profit Margin 55.02% 53.56% 39.71%
Selling, General & Admin $35.81M $34.25M $32.84M
YoY Change 28.71% -22.94%
% of Gross Profit 338.7% 410.6% 435.58%
Research & Development $23.22M $23.62M $20.00M
YoY Change 35.88% 50.31%
% of Gross Profit 219.64% 283.18% 265.28%
Depreciation & Amortization $1.351M $839.0K $670.0K
YoY Change 196.92% 83.19%
% of Gross Profit 12.78% 10.06% 8.89%
Operating Expenses $59.03M $57.88M $52.85M
YoY Change 31.44% -3.8% 1556.58%
Operating Profit -$48.46M -$49.53M -$45.31M
YoY Change 32.08% -7.84%
Interest Expense $13.07M $5.173M $31.40M
YoY Change 186542.86% 710.82% -124.46%
% of Operating Profit
Other Income/Expense, Net -$388.0K -$100.0K -$1.257M
YoY Change 48.09% -84.15% -99.02%
Pretax Income -$35.78M -$44.46M -$15.17M
YoY Change 1137.56% 6575.68% -88.49%
Income Tax $23.00K $17.00K $49.00K
% Of Pretax Income
Net Earnings -$35.80M -$44.48M -$15.22M
YoY Change 1116.89% 6345.94% -88.46%
Net Earnings / Revenue -186.32% -285.58% -80.14%
Basic Earnings Per Share -$0.18 -$0.22
Diluted Earnings Per Share -$0.18 -$0.22 -$76.74K
COMMON SHARES
Basic Shares Outstanding 199.4M 199.0M
Diluted Shares Outstanding 199.4M 199.0M

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $310.8M $359.9M $422.8M
YoY Change -39.0% -34.0% 211320.5%
Cash & Equivalents $310.8M $359.9M $422.8M
Short-Term Investments
Other Short-Term Assets $36.43M $52.98M $40.88M
YoY Change 37.95% 184.84% 20342.0%
Inventory $65.59M $48.35M $36.24M
Prepaid Expenses
Receivables $12.69M $13.07M $11.94M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $425.5M $474.3M $511.9M
YoY Change -27.96% -21.63% 425.94%
LONG-TERM ASSETS
Property, Plant & Equipment $28.58M $22.77M $14.70M
YoY Change 284.31% 213.85% 114.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.883M
YoY Change -99.55%
Other Assets $7.400M $7.371M $8.493M
YoY Change 8.79% 194.25% 51.69%
Total Long-Term Assets $71.13M $61.11M $60.06M
YoY Change 75.17% 44.5% 20.46%
TOTAL ASSETS
Total Short-Term Assets $425.5M $474.3M $511.9M
Total Long-Term Assets $71.13M $61.11M $60.06M
Total Assets $496.6M $535.4M $572.0M
YoY Change -21.33% -17.31% 288.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.518M $2.683M $5.798M
YoY Change -33.17% -49.07% -64.65%
Accrued Expenses $40.19M $31.95M $26.63M
YoY Change -2.1% -15.03%
Deferred Revenue $15.57M $13.36M $13.07M
YoY Change 42.94% 39.91% 54.81%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $62.21M $50.71M $49.83M
YoY Change 6.56% -3.18% -28.5%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $694.0K $828.0K $850.0K
YoY Change -69.59% -59.71% -60.39%
Total Long-Term Liabilities $694.0K $828.0K $850.0K
YoY Change -69.59% -59.71% -60.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $62.21M $50.71M $49.83M
Total Long-Term Liabilities $694.0K $828.0K $850.0K
Total Liabilities $109.9M $122.8M $124.3M
YoY Change -40.54% -41.91% -16.14%
SHAREHOLDERS EQUITY
Retained Earnings -$507.5M -$471.7M -$427.2M
YoY Change 27.37% 19.27% 8.21%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $386.7M $412.7M $447.7M
YoY Change
Total Liabilities & Shareholders Equity $496.6M $535.4M $572.0M
YoY Change -21.33% -17.31% 288.59%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income -$35.80M -$44.48M -$15.22M
YoY Change 1116.89% 6345.94% -88.46%
Depreciation, Depletion And Amortization $1.351M $839.0K $670.0K
YoY Change 196.92% 83.19%
Cash From Operating Activities -$44.00M -$54.23M -$42.78M
YoY Change 20.54% -14.49% 6690.0%
INVESTING ACTIVITIES
Capital Expenditures -$7.072M $4.506M -$4.051M
YoY Change 1212.06% 249.57%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $314.0M
YoY Change -100.0% -100.0% 1569650.0%
Cash From Investing Activities -$7.072M -$4.506M $309.9M
YoY Change -119.72% -99.15% 1549395.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities 159.0K 550.0K 2.393M
YoY Change -97.06% -99.9%
NET CHANGE
Cash From Operating Activities -44.00M -54.23M -42.78M
Cash From Investing Activities -7.072M -4.506M 309.9M
Cash From Financing Activities 159.0K 550.0K 2.393M
Net Change In Cash -50.91M -58.19M 269.5M
YoY Change -1169.72% 40.71% -44282.79%
FREE CASH FLOW
Cash From Operating Activities -$44.00M -$54.23M -$42.78M
Capital Expenditures -$7.072M $4.506M -$4.051M
Free Cash Flow -$36.92M -$58.74M -$38.73M
YoY Change 2.68% -9.23%

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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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IncreaseDecreaseInDeferredRevenue
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us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
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NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
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ProceedsFromPaymentsForOtherFinancingActivities
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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 10pt 0pt;">Concentration of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 10pt 0pt;">Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash and cash equivalents, and accounts receivable. At June 30, 2022, substantially all of the Company’s cash and cash equivalents were invested in money market accounts at one financial institution. The Company also maintains balances in various operating accounts above federally insured limits. The Company has not experienced any significant losses on such accounts and does not believe it is exposed to any significant credit risk on cash and cash equivalents.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 10pt 0pt;">One customer accounted for 14% and 15% of the Company’s accounts receivable as of June 30, 2022 and December 31, 2021, respectively. For the three and six months ended June 30, 2022 and 2021, no customer accounts for more than 10% of the total revenues.</p>
us-gaap Number Of Operating Segments
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1
us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 10pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 10pt 0pt;">The Company makes estimates and assumptions about future events that affect the amounts reported in its condensed consolidated financial statements and accompanying notes. Future events and their effects cannot be determined with certainty. On an ongoing basis, management evaluates these estimates, judgments and assumptions.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt;">The Company bases its estimates on historical and anticipated results and trends and on various other assumptions that the Company believes are reasonable under the circumstances, including assumptions as to future events. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates, and any such differences may be material to the Company’s condensed consolidated financial statements. There have been no material changes to the Company’s use of estimates as described in the audited consolidated financial statements as of December 31, 2021.</p>
CY2021Q1 bfly Business Combination Increase In Cash
BusinessCombinationIncreaseInCash
589500000
CY2021Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
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CY2021Q1 us-gaap Business Combination Consideration Transferred Liabilities Incurred
BusinessCombinationConsiderationTransferredLiabilitiesIncurred
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CY2021Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities
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CY2021Q1 bfly Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Warrant Liability
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CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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16513000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
3600000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
8400000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
5600000
CY2022Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
26200000
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0.68
CY2022Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2022Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.32
CY2022Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
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CY2021Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
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InventoryWorkInProcess
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CY2021Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
1122000
CY2022Q2 us-gaap Inventory Finished Goods
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CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
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InventoryNet
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CY2021Q4 us-gaap Inventory Net
InventoryNet
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CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
20079000
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7514000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5376000
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
28577000
CY2021Q4 us-gaap Property Plant And Equipment Net
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CY2022Q2 bfly Accrued Property And Equipment
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CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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CY2021Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 bfly Proceeds From Agreement
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CY2022Q2 bfly Funds Released From Restricted Cash
FundsReleasedFromRestrictedCash
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CY2022Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
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CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
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CY2022Q2 us-gaap Deposit Liability Current
DepositLiabilityCurrent
1375000
CY2021Q4 us-gaap Deposit Liability Current
DepositLiabilityCurrent
1850000
CY2022Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
283000
CY2021Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
266000
CY2022Q2 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
1551000
CY2021Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
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CY2022Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
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CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
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CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1745000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
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CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
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CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
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CY2022Q2 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
24998000
CY2021Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
25631000
CY2022Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1094000
CY2021Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1186000
CY2021Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
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CY2020Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
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CY2022Q2 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
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CY2021Q2 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
167000
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
165000
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
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CY2022Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
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CY2021Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
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us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
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us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
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CY2022Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
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CY2021Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
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CY2022Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
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CY2021Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1161000
CY2022Q1 bfly Percentage Of Increment In Of Shares Outstanding
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0.04
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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199399356
CY2022Q2 us-gaap Earnings Per Share Basic
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CY2021Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
2942000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9285000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7738000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
18015000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
28035000
CY2022Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
35801000
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-35801000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
199399356
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2942000
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
192180141
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
192180141
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.02
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
80278000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-80278000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
199200909
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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199200909
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.40
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
3632000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3632000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
149286700
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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149286700
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.02
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
48851417
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
41343105
CY2022Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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300000
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
800000
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
1100000
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
600000
us-gaap Operating Lease Cost
OperatingLeaseCost
2300000
us-gaap Operating Lease Cost
OperatingLeaseCost
1100000

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