2022 Q1 Form 10-Q Financial Statement

#000187060022000025 Filed on May 13, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $82.20M $69.07M
YoY Change 19.01%
Cost Of Revenue $33.35M
YoY Change
Gross Profit $48.85M $46.46M
YoY Change 5.14%
Gross Profit Margin 59.43% 67.27%
Selling, General & Admin $45.64M $18.73M
YoY Change 143.64%
% of Gross Profit 93.43% 40.32%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.935M $3.593M
YoY Change 65.18%
% of Gross Profit 12.15% 7.73%
Operating Expenses $52.08M $22.45M
YoY Change 131.99%
Operating Profit -$3.226M $24.02M
YoY Change -113.43%
Interest Expense -$796.0K -$1.730M
YoY Change -53.99%
% of Operating Profit -7.2%
Other Income/Expense, Net -$887.0K -$1.737M
YoY Change -48.93%
Pretax Income -$4.113M $22.28M
YoY Change -118.46%
Income Tax -$878.0K $44.00K
% Of Pretax Income 0.2%
Net Earnings -$2.035M $22.23M
YoY Change -109.15% 1439.75%
Net Earnings / Revenue -2.48% 32.19%
Basic Earnings Per Share -$0.03
Diluted Earnings Per Share -$0.03
COMMON SHARES
Basic Shares Outstanding 63.40M shares
Diluted Shares Outstanding 63.40M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.86M
YoY Change
Cash & Equivalents $15.86M $26.15M
Short-Term Investments
Other Short-Term Assets $12.18M
YoY Change
Inventory $126.5M
Prepaid Expenses
Receivables $25.87M
Other Receivables $0.00
Total Short-Term Assets $180.4M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $11.33M
YoY Change
Goodwill $410.6M $289.1M
YoY Change 42.01%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $27.58M
YoY Change
Total Long-Term Assets $701.8M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $180.4M
Total Long-Term Assets $701.8M
Total Assets $882.2M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.29M
YoY Change
Accrued Expenses $15.00M
YoY Change
Deferred Revenue $3.716M
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $3.750M
YoY Change
Total Short-Term Liabilities $52.53M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $144.0M
YoY Change
Other Long-Term Liabilities $23.35M
YoY Change
Total Long-Term Liabilities $258.6M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $52.53M
Total Long-Term Liabilities $258.6M
Total Liabilities $311.1M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings $8.656M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $361.8M
YoY Change
Total Liabilities & Shareholders Equity $882.2M
YoY Change

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$2.035M $22.23M
YoY Change -109.15% 1439.75%
Depreciation, Depletion And Amortization $5.935M $3.593M
YoY Change 65.18%
Cash From Operating Activities -$25.51M -$5.806M
YoY Change 339.39%
INVESTING ACTIVITIES
Capital Expenditures $1.696M $684.0K
YoY Change 147.95%
Acquisitions $774.0K $0.00
YoY Change
Other Investing Activities -$774.0K
YoY Change
Cash From Investing Activities -$2.470M -$684.0K
YoY Change 261.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $625.0K $113.0K
YoY Change 453.1%
Cash From Financing Activities $18.75M -$113.0K
YoY Change -16690.27%
NET CHANGE
Cash From Operating Activities -$25.51M -$5.806M
Cash From Investing Activities -$2.470M -$684.0K
Cash From Financing Activities $18.75M -$113.0K
Net Change In Cash -$9.238M -$6.603M
YoY Change 39.91%
FREE CASH FLOW
Cash From Operating Activities -$25.51M -$5.806M
Capital Expenditures $1.696M $684.0K
Free Cash Flow -$27.21M -$6.490M
YoY Change 319.21%

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574171000 USD
CY2022Q1 us-gaap Profit Loss
ProfitLoss
-3235000 USD
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4437000 USD
CY2022Q1 dtc Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax Including Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-24000 USD
CY2022Q1 dtc Inventory Purchased Goods Net Of Reserves
InventoryPurchasedGoodsNetOfReserves
93893000 USD
CY2022Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
4290000 USD
CY2022Q1 dtc Vested Incentive Units Amount
VestedIncentiveUnitsAmount
0 USD
CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
571107000 USD
CY2020Q4 us-gaap Limited Liability Company Llc Members Equity Including Portion Attributable To Noncontrolling Interest
LimitedLiabilityCompanyLlcMembersEquityIncludingPortionAttributableToNoncontrollingInterest
332100000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
22234000 USD
CY2021Q1 us-gaap Limited Liability Company Llc Members Equity Unit Based Compensation
LimitedLiabilityCompanyLLCMembersEquityUnitBasedCompensation
229000 USD
CY2021Q1 us-gaap Limited Liability Company Llc Members Equity Including Portion Attributable To Noncontrolling Interest
LimitedLiabilityCompanyLlcMembersEquityIncludingPortionAttributableToNoncontrollingInterest
354563000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
69071000 USD
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses during the reporting period and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Estimates and assumptions about future events and their effects cannot be made with certainty. Estimates may change as new events occur when additional information becomes available and if our operating environment changes. Actual results could differ from our estimates.
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
82203000 USD
CY2021Q4 dtc Inventory Purchased Goods Net Of Reserves
InventoryPurchasedGoodsNetOfReserves
64310000 USD
CY2022Q1 dtc Inventory In Transit Net Of Reserves
InventoryInTransitNetOfReserves
26761000 USD
CY2021Q4 dtc Inventory In Transit Net Of Reserves
InventoryInTransitNetOfReserves
28064000 USD
CY2022Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
4156000 USD
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
2148000 USD
CY2022Q1 dtc Inventory Fair Value Write Up Net Of Reserves
InventoryFairValueWriteUpNetOfReserves
1708000 USD
CY2021Q4 dtc Inventory Fair Value Write Up Net Of Reserves
InventoryFairValueWriteUpNetOfReserves
7813000 USD
CY2022Q1 us-gaap Inventory Net
InventoryNet
126518000 USD
CY2021Q4 us-gaap Inventory Net
InventoryNet
102335000 USD
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
12738000 USD
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
11353000 USD
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1411000 USD
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
750000 USD
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11327000 USD
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10603000 USD
CY2022Q1 us-gaap Depreciation
Depreciation
700000 USD
CY2021Q1 us-gaap Depreciation
Depreciation
100000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
278293000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
277935000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
25959000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
20701000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
252334000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
257234000 USD
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
5300000 USD
CY2021Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3500000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
15668000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
20898000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
20898000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
20898000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
20639000 USD
CY2022Q1 dtc Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
153333000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
252334000 USD
CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
3125000 USD
CY2022Q1 dtc Accrued Inventory Current
AccruedInventoryCurrent
8013000 USD
CY2021Q4 dtc Accrued Inventory Current
AccruedInventoryCurrent
3852000 USD
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4839000 USD
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
0 USD
CY2022Q1 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
4309000 USD
CY2021Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
5072000 USD
CY2022Q1 us-gaap Dividends Payable Current
DividendsPayableCurrent
4106000 USD
CY2021Q4 us-gaap Dividends Payable Current
DividendsPayableCurrent
445000 USD
CY2022Q1 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
2529000 USD
CY2021Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
4631000 USD
CY2022Q1 dtc Accrued Shipping Costs Current
AccruedShippingCostsCurrent
1993000 USD
CY2021Q4 dtc Accrued Shipping Costs Current
AccruedShippingCostsCurrent
1936000 USD
CY2022Q1 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
1529000 USD
CY2021Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
6972000 USD
CY2022Q1 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
1044000 USD
CY2021Q4 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
1462000 USD
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3416000 USD
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3780000 USD
CY2022Q1 dtc Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
31778000 USD
CY2021Q4 dtc Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
28150000 USD
CY2022Q1 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
3512000 USD
CY2021Q4 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
3727000 USD
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
147738000 USD
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
128148000 USD
CY2022Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
3750000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
6250000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
10625000 USD
CY2022Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
143988000 USD
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
125023000 USD
CY2022Q1 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
800000 USD
CY2021Q1 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
1700000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
2500000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
5000000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
126875000 USD
CY2022Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
151250000 USD
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
26768000 USD
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
26768000 USD
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4839000 USD
CY2022Q1 us-gaap Lease Cost
LeaseCost
1802000 USD
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y7M6D
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
23222000 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
28061000 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
28061000 USD
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1321000 USD
CY2022Q1 dtc Variable And Short Term Lease Expense
VariableAndShortTermLeaseExpense
481000 USD
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0258
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
573000 USD
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2994000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
4121000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
5595000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5517000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5234000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3916000 USD
CY2022Q1 dtc Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
5943000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
30326000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2265000 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
28061000 USD
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Per Share Weighted Average Price Of Shares Purchased
ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased
0.000001
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-2035000 USD
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.213
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.002
CY2022Q1 us-gaap Deferred Tax Liabilities Investments
DeferredTaxLiabilitiesInvestments
49800000 USD
CY2022Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
26200000 USD
CY2022Q1 us-gaap Purchase Obligation
PurchaseObligation
13400000 USD
CY2021Q4 us-gaap Purchase Obligation
PurchaseObligation
14800000 USD
CY2022Q1 us-gaap Profit Loss
ProfitLoss
-3235000 USD
CY2022Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-1200000 USD
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-2035000 USD
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2035000 USD
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
63401000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
63401000 shares
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.03
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.03

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