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Shift4 Payments, Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020051648 Filed on November 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3
Revenue $214.8M $193.8M
YoY Change 10.84%
Cost Of Revenue $163.3M $148.5M
YoY Change 9.97%
Gross Profit $51.50M $45.30M
YoY Change 13.69%
Gross Profit Margin 23.98% 23.37%
Selling, General & Admin $40.70M
YoY Change
% of Gross Profit 79.03%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.200M $1.100M
YoY Change 9.09%
% of Gross Profit 2.33% 2.43%
Operating Expenses $55.40M $54.50M
YoY Change 1.65%
Operating Profit -$3.900M -$9.200M
YoY Change -57.61%
Interest Expense $7.100M $12.90M
YoY Change -44.96%
% of Operating Profit
Other Income/Expense, Net $500.0K $100.0K
YoY Change 400.0%
Pretax Income -$10.50M -$22.00M
YoY Change -52.27%
Income Tax -$700.0K $500.0K
% Of Pretax Income
Net Earnings -$5.000M -$22.50M
YoY Change -77.78%
Net Earnings / Revenue -2.33% -11.61%
Basic Earnings Per Share
Diluted Earnings Per Share -$62.19K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $328.9M
YoY Change
Cash & Equivalents $328.9M $11.70M
Short-Term Investments
Other Short-Term Assets $300.0K
YoY Change
Inventory $1.200M
Prepaid Expenses
Receivables $91.30M
Other Receivables $2.400M
Total Short-Term Assets $433.7M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $46.70M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $500.0K
YoY Change
Total Long-Term Assets $681.9M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $433.7M
Total Long-Term Assets $681.9M
Total Assets $1.116B
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $76.70M
YoY Change
Accrued Expenses $4.200M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $1.800M
YoY Change
Total Short-Term Liabilities $113.1M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $437.7M
YoY Change
Other Long-Term Liabilities $2.100M
YoY Change
Total Long-Term Liabilities $439.8M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $113.1M
Total Long-Term Liabilities $439.8M
Total Liabilities $805.6M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$266.3M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $553.9M
YoY Change
Total Liabilities & Shareholders Equity $1.116B
YoY Change

Cashflow Statement

Concept 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income -$5.000M -$22.50M
YoY Change -77.78%
Depreciation, Depletion And Amortization $1.200M $1.100M
YoY Change 9.09%
Cash From Operating Activities $10.30M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures -$13.50M
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$1.700M
YoY Change
Cash From Investing Activities -$15.20M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 89.80M
YoY Change
NET CHANGE
Cash From Operating Activities 10.30M
Cash From Investing Activities -15.20M
Cash From Financing Activities 89.80M
Net Change In Cash 84.90M
YoY Change
FREE CASH FLOW
Cash From Operating Activities $10.30M
Capital Expenditures -$13.50M
Free Cash Flow $23.80M
YoY Change

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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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3900000
us-gaap Depreciation
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662100000
CY2020Q3 us-gaap Long Term Debt
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450000000
CY2019Q4 us-gaap Long Term Debt
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DeferredFinanceCostsNet
21700000
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AmortizationOfFinancingCosts
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AmortizationOfFinancingCosts
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PrepaidInsurance
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AgentAndEmployeeLoanReceivables
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OtherAssetsCurrent
200000
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ContingentLiabilitiesRelatedToEarnoutPaymentsAndChangeOfControl
900000
CY2019Q4 four Contingent Liabilities Related To Earnout Payments And Change Of Control
ContingentLiabilitiesRelatedToEarnoutPaymentsAndChangeOfControl
32300000
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9200000
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ResidualsPayable
7200000
CY2019Q4 four Residuals Payable
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800000
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TaxesPayableCurrent
1000000
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DeferredTenantReimbursementAllowance
3200000
CY2019Q4 four Deferred Tenant Reimbursement Allowance
DeferredTenantReimbursementAllowance
3600000
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
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.066
CY2019Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.023
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.011
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.023
CY2020Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2019Q3 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
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2020Q3 four Net Operating Loss Resulted In Income Tax Benefit Caresact
NetOperatingLossResultedInIncomeTaxBenefitCARESACT
600000
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
CY2020Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1300000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
4700000
CY2019Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1200000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
2600000
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
1500000
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
5600000
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
4200000
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
2700000
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
2300000
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
6200000
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
22500000
CY2020Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
11200000
CY2020Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2020Q3 us-gaap Share Price
SharePrice
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CY2020Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
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CY2020Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
80037805
CY2020Q2 four Noncontrolling Interest Ownership Percentage Total
NoncontrollingInterestOwnershipPercentageTotal
1.000
CY2020Q3 four Noncontrolling Interest Ownership Percentage Total
NoncontrollingInterestOwnershipPercentageTotal
1.000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6200000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
56200000
us-gaap Profit Loss
ProfitLoss
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NetIncomeLossAttributableToNoncontrollingInterestBasic
-4700000
four Net Income Loss Attributable To Noncontrolling Interest Basic
NetIncomeLossAttributableToNoncontrollingInterestBasic
-5700000
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-5200000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6300000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
800000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
200000
us-gaap Interest Paid Net
InterestPaidNet
33000000
us-gaap Interest Paid Net
InterestPaidNet
35300000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
21100000
four Short Term Financing For Directors And Officers Insurance
ShortTermFinancingForDirectorsAndOfficersInsurance
3400000
four Preferred Return On Preferred Stock Settled With Llc Interests
PreferredReturnOnPreferredStockSettledWithLLCInterests
2300000
us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
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800000
four Accrued Preferred Return On Redeemable Preferred Units
AccruedPreferredReturnOnRedeemablePreferredUnits
3900000
four Deferred Compensation Settled With Restricted Stock Units
DeferredCompensationSettledWithRestrictedStockUnits
2100000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2020Q3 four Number Of Major Customer
NumberOfMajorCustomer
0
CY2019Q3 four Number Of Major Customer
NumberOfMajorCustomer
0
four Number Of Major Customer
NumberOfMajorCustomer
0
four Number Of Major Customer
NumberOfMajorCustomer
0
CY2020Q3 four Payments Based Revenue
PaymentsBasedRevenue
196800000
CY2019Q3 four Payments Based Revenue
PaymentsBasedRevenue
171900000
four Payments Based Revenue
PaymentsBasedRevenue
494400000
four Payments Based Revenue
PaymentsBasedRevenue
465400000
CY2020Q3 four Subscription And Other Revenues
SubscriptionAndOtherRevenues
18000000
CY2019Q3 four Subscription And Other Revenues
SubscriptionAndOtherRevenues
21900000
four Subscription And Other Revenues
SubscriptionAndOtherRevenues
61600000
four Subscription And Other Revenues
SubscriptionAndOtherRevenues
63900000
CY2020Q3 four Network Fees
NetworkFees
127100000
CY2019Q3 four Network Fees
NetworkFees
114100000
four Network Fees
NetworkFees
321800000
four Network Fees
NetworkFees
308000000
CY2020Q3 four Other Costs Of Sales
OtherCostsOfSales
36200000
CY2019Q3 four Other Costs Of Sales
OtherCostsOfSales
33100000
four Other Costs Of Sales
OtherCostsOfSales
105900000
four Other Costs Of Sales
OtherCostsOfSales
92500000

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