2024 Q1 Form 10-K Financial Statement

#000182235924000016 Filed on February 28, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $192.1M $199.2M $624.3M
YoY Change 69.98% 83.16% 41.72%
Cost Of Revenue $124.8M $132.6M $428.9M
YoY Change 53.66% 99.71% -18.14%
Gross Profit $67.28M $66.69M $195.4M
YoY Change 111.73% 57.24% -334.18%
Gross Profit Margin 35.02% 33.47% 31.3%
Selling, General & Admin $40.52M $43.72M $140.0M
YoY Change 37.22% 24.46% 29.4%
% of Gross Profit 60.22% 65.56% 71.63%
Research & Development $2.389M $3.185M $10.86M
YoY Change 28.19% 85.03% 101.65%
% of Gross Profit 3.55% 4.78% 5.56%
Depreciation & Amortization $1.431M $4.615M $4.830M
YoY Change -3.46% 39.35% 17.39%
% of Gross Profit 2.13% 6.92% 2.47%
Operating Expenses $176.2M $51.52M $609.2M
YoY Change 46.96% 28.29% 45.51%
Operating Profit $15.88M $15.17M $15.05M
YoY Change -329.99% 573.96% -31.04%
Interest Expense -$450.4K $1.237M $2.778M
YoY Change -149.56% 238.69% -15.5%
% of Operating Profit -2.84% 8.15% 18.45%
Other Income/Expense, Net $244.6K -$25.04K -$686.9K
YoY Change 13.83% -97.57% -30.44%
Pretax Income $15.72M $12.20M $16.29M
YoY Change -359.93% -717.02% -28.48%
Income Tax $5.119M $4.203M $6.356M
% Of Pretax Income 32.56% 34.46% 39.01%
Net Earnings $10.60M $7.570M $10.05M
YoY Change -405.95% -6.13% -70.95%
Net Earnings / Revenue 5.52% 3.8% 1.61%
Basic Earnings Per Share $0.11 $0.07
Diluted Earnings Per Share $0.10 $0.07 $0.06
COMMON SHARES
Basic Shares Outstanding 104.2M shares 103.9M shares 103.5M shares
Diluted Shares Outstanding 108.5M shares 105.6M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $41.24M $59.29M $59.29M
YoY Change -65.65% -62.32% -62.32%
Cash & Equivalents $41.24M $59.29M $59.29M
Short-Term Investments
Other Short-Term Assets $10.76M $17.50M $17.50M
YoY Change 59.7% 62.79% 62.79%
Inventory
Prepaid Expenses
Receivables $283.1M $262.1M $262.1M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $335.1M $338.9M $338.9M
YoY Change 29.7% 25.01% 25.01%
LONG-TERM ASSETS
Property, Plant & Equipment $16.32M $16.84M $38.42M
YoY Change -24.91% -20.8% -2.42%
Goodwill $47.49M $47.54M
YoY Change -0.38% 22.21%
Intangibles $36.76M $37.68M
YoY Change -5.59% 64.06%
Long-Term Investments $470.4K $553.6K $553.6K
YoY Change -2.55% -7.43% -7.43%
Other Assets $2.408M $2.566M $27.39M
YoY Change -28.14% -29.23% 34.53%
Total Long-Term Assets $155.6M $151.6M $151.6M
YoY Change 4.29% 24.05% 24.05%
TOTAL ASSETS
Total Short-Term Assets $335.1M $338.9M $338.9M
Total Long-Term Assets $155.6M $151.6M $151.6M
Total Assets $490.7M $490.5M $490.5M
YoY Change 20.4% 24.71% 24.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.63M $19.83M $19.83M
YoY Change 34.69% -8.13% -8.13%
Accrued Expenses $70.18M $91.34M $91.76M
YoY Change 129.76% 189.3% 176.47%
Deferred Revenue
YoY Change
Short-Term Debt $30.00M $25.00M $25.00M
YoY Change
Long-Term Debt Due $26.37K $28.13K $3.562M
YoY Change -95.94% -95.77% 4.85%
Total Short-Term Liabilities $160.1M $170.1M $170.1M
YoY Change 46.95% 69.85% 69.85%
LONG-TERM LIABILITIES
Long-Term Debt $33.73K $41.59K $7.938M
YoY Change -99.54% -99.42% 11.01%
Other Long-Term Liabilities $6.721M $7.224M $7.224M
YoY Change -8.13% 2.6% 2.6%
Total Long-Term Liabilities $33.73K $41.59K $15.16M
YoY Change -99.77% -99.71% 6.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $160.1M $170.1M $170.1M
Total Long-Term Liabilities $33.73K $41.59K $15.16M
Total Liabilities $175.6M $185.3M $189.7M
YoY Change 42.05% 62.03% 57.99%
SHAREHOLDERS EQUITY
Retained Earnings -$10.17M -$21.39M
YoY Change -68.59% -26.16%
Common Stock $10.30K $10.41K
YoY Change 0.04% 1.61%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $311.3M $300.8M $300.8M
YoY Change
Total Liabilities & Shareholders Equity $490.7M $490.5M $490.5M
YoY Change 20.4% 24.71% 24.71%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $10.60M $7.570M $10.05M
YoY Change -405.95% -6.13% -70.95%
Depreciation, Depletion And Amortization $1.431M $4.615M $4.830M
YoY Change -3.46% 39.35% 17.39%
Cash From Operating Activities -$10.64M -$5.919M -$64.22M
YoY Change -53.98% -32.26% -322.45%
INVESTING ACTIVITIES
Capital Expenditures $951.7K $3.287M $7.585M
YoY Change -51.84% 112.42% 137.15%
Acquisitions $0.00 $20.20M
YoY Change -100.0% -38.69%
Other Investing Activities $25.00K $324.4K -$19.76M
YoY Change -98.52% -63.68% -40.04%
Cash From Investing Activities -$1.700M -$2.962M -$29.88M
YoY Change 0.61% 352.93% -22.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$881.6K 12.98M $1.119M
YoY Change -92.62% -289.02% -118.1%
NET CHANGE
Cash From Operating Activities -$10.64M -5.919M -$64.22M
Cash From Investing Activities -$1.700M -2.962M -$29.88M
Cash From Financing Activities -$881.6K 12.98M $1.119M
Net Change In Cash -$13.32M 4.096M -$91.89M
YoY Change -63.59% -125.2% 512.74%
FREE CASH FLOW
Cash From Operating Activities -$10.64M -$5.919M -$64.22M
Capital Expenditures $951.7K $3.287M $7.585M
Free Cash Flow -$11.59M -$9.205M -$71.81M
YoY Change -53.81% -10.5% -379.71%

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<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in its financial statements and the reported amounts of expenses during the reporting period. The most significant estimates in the Company’s financial statements relate to revenue recognition related to the allowance for doubtful accounts, stock-based compensation, calculations related to the incremental borrowing rate for the Company’s lease agreements, estimates related to ongoing lease terms, software development costs, impairment of long-lived assets, goodwill and indefinite-lived intangible assets, business combinations, reserve for losses within the Company’s insurance deductibles, income taxes, and deferred income tax. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations could be adversely affected.</span></div>
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CY2023 us-gaap Concentration Risk Credit Risk
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<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk and Off-Balance Sheet Risk</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is potentially subject to concentration of credit risk with respect to its cash, cash equivalents and restricted cash, which the Company attempts to minimize by maintaining cash, cash equivalents and restricted cash with institutions of sound financial quality. At times, cash balances may exceed limits federally insured by the Federal Deposit Insurance Corporation (“FDIC”). The Company believes it is not exposed to significant credit risk due to the financial strength of the depository institutions in which the funds are held. The Company has no financial instruments with off-balance sheet risk of loss.</span></div>
CY2023 us-gaap Prior Period Reclassification Adjustment Description
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<div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain reclassifications of amounts previously reported have been made to the accompanying Consolidated Financial Statements to maintain consistency between periods presented. The reclassifications had no impact on previously reported net income or retained earnings.</span></div>
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CY2023 dcgo Lessee Lease Term
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CY2023Q4 us-gaap Long Term Debt
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5200000 usd
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1100000 usd
CY2022 dcgo Warrants Exercise
WarrantsExercise
1406371 shares
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RedemptionOfWarrant
68514 shares
CY2022 us-gaap Warrant Exercise Price Increase
WarrantExercisePriceIncrease
0.10
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CY2022Q4 us-gaap Warrants And Rights Outstanding
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3 segment
CY2022 us-gaap Number Of Operating Segments
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15054980 usd
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CY2022 us-gaap Revenues
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OperatingIncomeLoss
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536839 shares
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3731712 usd
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionVestedAndExpectedToVestExercisableNumber
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0
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CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
3199037 usd
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CY2022Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
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CY2021Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
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3418134 usd
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
2294636 usd
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OperatingLeaseCost
1993984 usd
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ShortTermLeaseCost
1678487 usd
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ShortTermLeaseCost
1201622 usd
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ShortTermLeaseCost
1012260 usd
CY2023 us-gaap Lease Cost
LeaseCost
5096621 usd
CY2022 us-gaap Lease Cost
LeaseCost
3496258 usd
CY2021 us-gaap Lease Cost
LeaseCost
3006244 usd
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CY2022Q4 us-gaap Operating Lease Right Of Use Asset
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OperatingLeaseAssets
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CY2022Q4 dcgo Operating Lease Assets
OperatingLeaseAssets
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CY2022Q4 us-gaap Operating Lease Liability Current
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CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2022Q4 us-gaap Operating Lease Liability
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OperatingLeaseWeightedAverageDiscountRatePercent
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q4 us-gaap Operating Lease Liability
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3418134 usd
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2022 us-gaap Operating Lease Payments
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FinanceLeasePrincipalPaymentsIncludingCashPaidForInterest
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FinanceLeaseLiability
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FinanceLeaseLiability
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CY2021Q4 us-gaap Finance Lease Liability
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CY2022Q4 dcgo Accumulated Depreciation
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CY2021Q4 dcgo Accumulated Depreciation
AccumulatedDepreciation
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CY2023 dcgo Depreciation Expenses
DepreciationExpenses
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DepreciationExpenses
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CY2021 dcgo Depreciation Expenses
DepreciationExpenses
2913925 usd
CY2022Q2 dcgo Gain Loss Remeasurement Of Operating And Finance Leases
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1400000 usd
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FinanceLeasePrincipalPaymentsIncludingCashPaidForInterest
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CY2021 dcgo Finance Lease Principal Payments Including Cash Paid For Interest
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CY2023 us-gaap Short Term Lease Payments
ShortTermLeasePayments
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CY2022 us-gaap Short Term Lease Payments
ShortTermLeasePayments
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CY2022 dcgo Lease Payments
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CY2022Q4 us-gaap Finance Lease Right Of Use Asset
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FinanceLeaseAssets
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CY2022Q4 dcgo Finance Lease Assets
FinanceLeaseAssets
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CY2022Q4 us-gaap Finance Lease Liability Current
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CY2022Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
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CY2023Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Two
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CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Three
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CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Five
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CY2023Q4 us-gaap Finance Lease Liability Payments Due After Year Five
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CY2023Q4 us-gaap Finance Lease Liability Payments Due
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CY2023Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
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CY2021 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
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CY2023 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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CY2021 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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CY2023 us-gaap Income Loss From Equity Method Investments
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CY2021 us-gaap Income Loss From Equity Method Investments
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CY2022 dcgo Gain Loss Remeasurement Of Operating And Finance Leases
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CY2021 dcgo Gain Loss Remeasurement Of Operating And Finance Leases
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CY2022 us-gaap Business Combination Bargain Purchase Gain Recognized Amount
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1593612 usd
CY2021 us-gaap Business Combination Bargain Purchase Gain Recognized Amount
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CY2023 us-gaap Gains Losses On Extinguishment Of Debt
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CY2021 us-gaap Gains Losses On Extinguishment Of Debt
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CY2022 us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2021 us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2023 us-gaap Goodwill Impairment Loss
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CY2022 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
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