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Shift4 Payments, Inc.

2020 Q2 Form 10-Q Financial Statement

#000156459020039460 Filed on August 12, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2020 Q1 2019 Q2
Revenue $141.8M $199.4M $180.5M
YoY Change -21.44% 28.65%
Cost Of Revenue $110.2M $156.0M $138.3M
YoY Change -20.32% 32.54%
Gross Profit $31.60M $43.40M $42.20M
YoY Change -25.12% 16.35%
Gross Profit Margin 22.28% 21.77% 23.38%
Selling, General & Admin $83.00M $31.20M
YoY Change 22.35%
% of Gross Profit 262.66% 71.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.300M $17.60M $700.0K
YoY Change 85.71% 18.12%
% of Gross Profit 4.11% 40.55% 1.66%
Operating Expenses $88.40M $34.80M $37.80M
YoY Change 133.86% -6.95%
Operating Profit -$56.80M $8.600M $4.400M
YoY Change -1390.91% -8700.0%
Interest Expense $11.70M $13.30M $12.70M
YoY Change -7.87% 6.4%
% of Operating Profit 154.65% 288.64%
Other Income/Expense, Net $200.0K -$100.0K $700.0K
YoY Change -71.43% -150.0%
Pretax Income -$75.40M -$4.800M -$7.600M
YoY Change 892.11% -61.29%
Income Tax -$600.0K $300.0K $400.0K
% Of Pretax Income
Net Earnings -$1.000M -$5.200M -$8.200M
YoY Change -87.8% -61.48%
Net Earnings / Revenue -0.71% -2.61% -4.54%
Basic Earnings Per Share
Diluted Earnings Per Share -$920.4K $0.00
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2020 Q1 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $244.0M $70.20M
YoY Change
Cash & Equivalents $244.0M $70.20M $5.200M
Short-Term Investments
Other Short-Term Assets $100.0K $12.10M
YoY Change
Inventory $8.400M $8.800M
Prepaid Expenses
Receivables $68.60M $74.30M
Other Receivables $700.0K $600.0K
Total Short-Term Assets $332.0M $166.0M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $37.50M $15.40M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.300M $2.500M
YoY Change
Total Long-Term Assets $682.3M $674.8M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $332.0M $166.0M
Total Long-Term Assets $682.3M $674.8M
Total Assets $1.014B $840.8M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $64.80M $55.40M
YoY Change
Accrued Expenses $4.200M $15.30M
YoY Change
Deferred Revenue $8.200M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.600M $5.200M
YoY Change
Total Short-Term Liabilities $100.0M $121.8M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $437.4M $703.4M
YoY Change
Other Long-Term Liabilities $2.600M $4.600M
YoY Change
Total Long-Term Liabilities $440.0M $708.0M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $100.0M $121.8M
Total Long-Term Liabilities $440.0M $708.0M
Total Liabilities $754.2M $833.2M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$261.3M -$187.5M
YoY Change
Common Stock $517.7M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $466.9M -$39.30M
YoY Change
Total Liabilities & Shareholders Equity $1.014B $840.8M
YoY Change

Cashflow Statement

Concept 2020 Q2 2020 Q1 2019 Q2
OPERATING ACTIVITIES
Net Income -$1.000M -$5.200M -$8.200M
YoY Change -87.8% -61.48%
Depreciation, Depletion And Amortization $1.300M $17.60M $700.0K
YoY Change 85.71% 18.12%
Cash From Operating Activities -$3.000M $9.700M $12.50M
YoY Change -124.0% -6.73%
INVESTING ACTIVITIES
Capital Expenditures -$7.100M $1.400M -$10.50M
YoY Change -32.38% -120.9%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$400.0K -$300.0K
YoY Change -100.0% 0.0%
Cash From Investing Activities -$7.100M -$9.600M -$10.80M
YoY Change -34.26% 35.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 183.9M 66.40M -2.400M
YoY Change -7762.5% -3118.18%
NET CHANGE
Cash From Operating Activities -3.000M 9.700M 12.50M
Cash From Investing Activities -7.100M -9.600M -10.80M
Cash From Financing Activities 183.9M 66.40M -2.400M
Net Change In Cash 173.8M 66.50M -700.0K
YoY Change -24928.57% 5945.45%
FREE CASH FLOW
Cash From Operating Activities -$3.000M $9.700M $12.50M
Capital Expenditures -$7.100M $1.400M -$10.50M
Free Cash Flow $4.100M $8.300M $23.00M
YoY Change -82.17% -51.46%

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<p style="margin-bottom:0pt;margin-top:18pt;margin-left:4.25%;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;margin-left:4.24%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. Significant estimates inherent in the preparation of the accompanying unaudited condensed consolidated financial statements include estimates of fair value of acquired assets and liabilities through business combinations, fair value of contingent liabilities related to earnout payments and change of control, allowance for doubtful accounts and noncontrolling interests. Estimates are based on past experience and other considerations reasonable under the circumstances. Actual results may differ from these estimates. </p> <p style="margin-bottom:0pt;margin-top:6pt;margin-left:4.24%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Additionally, the full impact of the COVID-19 pandemic is unknown and cannot be reasonably estimated. However, the Company has made accounting estimates based on the facts and circumstances available as of the reporting date. To the extent there are differences between these estimates and actual results, the consolidated financial statements may be materially affected. </p>
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19400000
us-gaap Revenue Practical Expedient Initial Application And Transition Qualitative Assessment
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The Company has elected to apply a practical expedient for contracts that have a term of one year or less and has not disclosed either the remaining performance obligation as of the end of the reporting period or when the Company expects to recognize the revenue.
us-gaap Revenue Practical Expedient Initial Application And Transition Nondisclosure Of Transaction Price Allocation To Remaining Performance Obligation
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300000
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3600000
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RestructuringReserveAccretionOfInterest
100000
four Restructuring Reserve Accretion Of Interest
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300000
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1000000
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1600000
CY2020Q2 four Restructuring Accrual Outstanding Expected To Be Paid Year Three
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1600000
CY2020Q2 four Accretion Of Interest
AccretionOfInterest
600000
us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
700000
CY2020Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
377200000
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FiniteLivedIntangibleAssetsAccumulatedAmortization
185000000
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372100000
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FiniteLivedIntangibleAssetsAccumulatedAmortization
158900000
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FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
26000000
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47300000
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30300000
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19500000
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18400000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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50700000
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13100000
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12100000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
26100000
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24200000
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47900000
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39200000
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CapitalizedContractCostAccumulatedAmortization
18600000
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CapitalizedContractCostAccumulatedAmortization
12800000
CY2020Q2 us-gaap Capitalized Contract Cost Amortization Period
CapitalizedContractCostAmortizationPeriod
P4Y
CY2019Q4 us-gaap Capitalized Contract Cost Amortization Period
CapitalizedContractCostAmortizationPeriod
P4Y
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7700000
CY2020Q2 four Amortization Expense For Capitalized Acquisition Costs Year Two
AmortizationExpenseForCapitalizedAcquisitionCostsYearTwo
12600000
CY2020Q2 four Amortization Expense For Capitalized Acquisition Costs Year Three
AmortizationExpenseForCapitalizedAcquisitionCostsYearThree
7700000
CY2020Q2 four Amortization Expense For Capitalized Acquisition Costs Year Four
AmortizationExpenseForCapitalizedAcquisitionCostsYearFour
1300000
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29300000
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CY2019Q4 us-gaap Long Term Debt
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CY2020Q2 us-gaap Deferred Finance Costs Net
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12600000
CY2020Q2 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
400000
CY2019Q2 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
300000
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CostOfGoodsAndServicesSoldDepreciation
800000
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CostOfGoodsAndServicesSoldDepreciation
600000
CY2020Q2 us-gaap Depreciation
Depreciation
1300000
CY2019Q2 us-gaap Depreciation
Depreciation
700000
us-gaap Depreciation
Depreciation
2700000
us-gaap Depreciation
Depreciation
1400000
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21700000
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560000000
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-7100000
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AmortizationOfFinancingCosts
1000000
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AmortizationOfFinancingCosts
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3800000
CY2019Q4 us-gaap Prepaid Insurance
PrepaidInsurance
900000
CY2020Q2 us-gaap Other Prepaid Expense Current
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6400000
CY2019Q4 us-gaap Other Prepaid Expense Current
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5200000
CY2020Q2 four Agent And Employee Loan Receivables
AgentAndEmployeeLoanReceivables
700000
CY2019Q4 four Agent And Employee Loan Receivables
AgentAndEmployeeLoanReceivables
500000
CY2019Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
2000000
CY2020Q2 us-gaap Other Assets Current
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100000
CY2019Q4 us-gaap Other Assets Current
OtherAssetsCurrent
200000
CY2020Q2 four Contingent Liabilities Related To Earnout Payments And Change Of Control
ContingentLiabilitiesRelatedToEarnoutPaymentsAndChangeOfControl
600000
CY2019Q4 four Contingent Liabilities Related To Earnout Payments And Change Of Control
ContingentLiabilitiesRelatedToEarnoutPaymentsAndChangeOfControl
32300000
CY2020Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4200000
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
9200000
CY2020Q2 four Residuals Payable
ResidualsPayable
6200000
CY2019Q4 four Residuals Payable
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5500000
CY2020Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
3400000
CY2019Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
1000000
CY2020Q2 four Deferred Tenant Reimbursement Allowance
DeferredTenantReimbursementAllowance
3400000
CY2019Q4 four Deferred Tenant Reimbursement Allowance
DeferredTenantReimbursementAllowance
3600000
CY2020Q2 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
1400000
CY2019Q4 us-gaap Restructuring Reserve Current
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2900000
CY2020Q2 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
1400000
CY2019Q4 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
2300000
CY2020Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
3800000
CY2019Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
4100000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
0
four Net Operating Loss Resulted In Income Tax Benefit Caresact
NetOperatingLossResultedInIncomeTaxBenefitCARESACT
600000
CY2020Q2 four Net Operating Loss Resulted In Income Tax Benefit Caresact
NetOperatingLossResultedInIncomeTaxBenefitCARESACT
600000
CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.008
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.051
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.004
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.024
CY2020Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2019Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2019Q2 four Subscription And Other Revenues
SubscriptionAndOtherRevenues
21000000
four Subscription And Other Revenues
SubscriptionAndOtherRevenues
43600000
four Subscription And Other Revenues
SubscriptionAndOtherRevenues
42000000
CY2020Q2 four Network Fees
NetworkFees
74400000
CY2019Q2 four Network Fees
NetworkFees
105200000
four Network Fees
NetworkFees
194700000
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
four Tax Receivable Agreement Realized Tax Benefit Percentage
TaxReceivableAgreementRealizedTaxBenefitPercentage
0.85
four Tax Receivable Agreement Expected Remaining Tax Benefit Percentage
TaxReceivableAgreementExpectedRemainingTaxBenefitPercentage
0.15
four Noncancellable Lease Agreements Expiration Date
NoncancellableLeaseAgreementsExpirationDate
2028-11-30
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LeaseAndRentalExpense
1700000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
3400000
CY2019Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
900000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1400000
CY2020Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
2700000
CY2020Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
4800000
CY2020Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
4200000
CY2020Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
2700000
CY2020Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
2300000
CY2020Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
6200000
CY2020Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
22900000
CY2020Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
11300000
CY2020Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2020Q2 us-gaap Share Price
SharePrice
23.00
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
50000000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
50000000
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NetIncomeLoss
-2100000
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NetIncomeLossAttributableToNoncontrollingInterest
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1
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0
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NumberOfMajorCustomer
0
CY2019Q2 four Number Of Major Customer
NumberOfMajorCustomer
0
CY2020Q2 four Number Of Major Customer
NumberOfMajorCustomer
0
CY2020Q2 four Payments Based Revenue
PaymentsBasedRevenue
121200000
CY2019Q2 four Payments Based Revenue
PaymentsBasedRevenue
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four Payments Based Revenue
PaymentsBasedRevenue
297600000
four Payments Based Revenue
PaymentsBasedRevenue
293500000
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20600000
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193900000
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35100000
CY2019Q2 four Other Costs Of Sales
OtherCostsOfSales
31700000
four Other Costs Of Sales
OtherCostsOfSales
69700000
four Other Costs Of Sales
OtherCostsOfSales
59400000

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