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Shift4 Payments, Inc.

2021 Q1 Form 10-Q Financial Statement

#000156459021025276 Filed on May 07, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $239.3M $199.4M
YoY Change 20.01% 28.65%
Cost Of Revenue $187.5M $156.0M
YoY Change 20.19% 32.54%
Gross Profit $51.80M $43.40M
YoY Change 19.35% 16.35%
Gross Profit Margin 21.65% 21.77%
Selling, General & Admin $54.00M $31.20M
YoY Change 73.08% 22.35%
% of Gross Profit 104.25% 71.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.30M $17.60M
YoY Change 43.75% 18.12%
% of Gross Profit 48.84% 40.55%
Operating Expenses $95.30M $34.80M
YoY Change 173.85% -6.95%
Operating Profit -$43.50M $8.600M
YoY Change -605.81% -8700.0%
Interest Expense $6.500M $13.30M
YoY Change -51.13% 6.4%
% of Operating Profit 154.65%
Other Income/Expense, Net $0.00 -$100.0K
YoY Change -100.0% -150.0%
Pretax Income -$50.20M -$4.800M
YoY Change 945.83% -61.29%
Income Tax $800.0K $300.0K
% Of Pretax Income
Net Earnings -$32.80M -$5.200M
YoY Change 530.77% -61.48%
Net Earnings / Revenue -13.71% -2.61%
Basic Earnings Per Share
Diluted Earnings Per Share -$405.4K $0.00
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $844.9M $70.20M
YoY Change 1103.56%
Cash & Equivalents $844.9M $70.20M
Short-Term Investments
Other Short-Term Assets $300.0K $12.10M
YoY Change -97.52%
Inventory $1.600M $8.800M
Prepaid Expenses
Receivables $127.9M $74.30M
Other Receivables $1.500M $600.0K
Total Short-Term Assets $986.2M $166.0M
YoY Change 494.1%
LONG-TERM ASSETS
Property, Plant & Equipment $55.50M $15.40M
YoY Change 260.39%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $16.00M
YoY Change
Other Assets $600.0K $2.500M
YoY Change -76.0%
Total Long-Term Assets $822.4M $674.8M
YoY Change 21.87%
TOTAL ASSETS
Total Short-Term Assets $986.2M $166.0M
Total Long-Term Assets $822.4M $674.8M
Total Assets $1.809B $840.8M
YoY Change 115.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $87.50M $55.40M
YoY Change 57.94%
Accrued Expenses $8.800M $15.30M
YoY Change -42.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $5.200M
YoY Change -100.0%
Total Short-Term Liabilities $139.0M $121.8M
YoY Change 14.12%
LONG-TERM LIABILITIES
Long-Term Debt $1.116B $703.4M
YoY Change 58.71%
Other Long-Term Liabilities $1.400M $4.600M
YoY Change -69.57%
Total Long-Term Liabilities $1.118B $708.0M
YoY Change 57.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $139.0M $121.8M
Total Long-Term Liabilities $1.118B $708.0M
Total Liabilities $1.458B $833.2M
YoY Change 74.99%
SHAREHOLDERS EQUITY
Retained Earnings -$187.5M
YoY Change
Common Stock $2.100M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $350.6M -$39.30M
YoY Change
Total Liabilities & Shareholders Equity $1.809B $840.8M
YoY Change 115.1%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$32.80M -$5.200M
YoY Change 530.77% -61.48%
Depreciation, Depletion And Amortization $25.30M $17.60M
YoY Change 43.75% 18.12%
Cash From Operating Activities -$1.700M $9.700M
YoY Change -117.53% -6.73%
INVESTING ACTIVITIES
Capital Expenditures $700.0K $1.400M
YoY Change -50.0% -120.9%
Acquisitions $40.60M
YoY Change
Other Investing Activities -$57.40M -$400.0K
YoY Change 14250.0% 0.0%
Cash From Investing Activities -$77.50M -$9.600M
YoY Change 707.29% 35.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$3.700M 66.40M
YoY Change -105.57% -3118.18%
NET CHANGE
Cash From Operating Activities -$1.700M 9.700M
Cash From Investing Activities -$77.50M -9.600M
Cash From Financing Activities -$3.700M 66.40M
Net Change In Cash -$82.90M 66.50M
YoY Change -224.66% 5945.45%
FREE CASH FLOW
Cash From Operating Activities -$1.700M $9.700M
Capital Expenditures $700.0K $1.400M
Free Cash Flow -$2.400M $8.300M
YoY Change -128.92% -51.46%

Facts In Submission

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NoncontrollingInterestOwnershipPercentageTotal
1.000
CY2021Q1 four Noncontrolling Interest Ownership Percentage Total
NoncontrollingInterestOwnershipPercentageTotal
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CY2021Q1 us-gaap Allocated Share Based Compensation Expense
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CY2021Q1 four Adjustments To Net Loss Attributable To Company
AdjustmentsToNetLossAttributableToCompany
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CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2020Q1 us-gaap Interest Paid Net
InterestPaidNet
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CY2020Q1 four Prepaid Information Technology Costs
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CY2020Q1 four Deferred Ipo Related Costs
DeferredIPORelatedCosts
400000
CY2021Q1 four Shares And Equity Based Compensation Issued In Connection With Acquisition
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26300000
CY2021Q1 us-gaap Payments To Acquire Software
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CY2021Q1 four Right Associated With Inspiration Four Seat
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2100000
CY2020Q1 four Accrued Preferred Return On Redeemable Preferred Units
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2300000
CY2021Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2021Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2021Q1 four Number Of Major Customer
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0
CY2020Q1 four Number Of Major Customer
NumberOfMajorCustomer
0
CY2021Q1 four Payments Based Revenue
PaymentsBasedRevenue
215900000
CY2020Q1 four Payments Based Revenue
PaymentsBasedRevenue
176400000
CY2021Q1 four Subscription And Other Revenues
SubscriptionAndOtherRevenues
23400000
CY2020Q1 four Subscription And Other Revenues
SubscriptionAndOtherRevenues
23000000
CY2021Q1 four Network Fees
NetworkFees
141800000
CY2020Q1 four Other Costs Of Sales
OtherCostsOfSales
35700000
CY2021Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-300000
CY2021Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
40700000
CY2020Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-9600000
CY2020Q1 us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
300000
CY2021Q1 us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
-1100000
CY2020Q1 us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
3200000
CY2021Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-100000
CY2020Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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-39300000
CY2021Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
25300000
CY2021Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
200000
CY2020Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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CY2021Q1 us-gaap Share Based Compensation
ShareBasedCompensation
14000000
CY2020Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
300000
CY2021Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
28000000
CY2020Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-align:justify;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="text-align:justify;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 debt instruments, allowance for doubtful accounts, income taxes, investments in securities, noncontrolling interests and the February 2021 transfer of the right to select a participant for one seat on board Inspiration4, the first all-civilian mission to space, from Jared Isaacman, the Company&#8217;s Chief Executive Officer and founder, or the Founder. Estimates are based on past experience and other considerations reasonable under the circumstances. Actual results may differ from these estimates.</p> <p style="text-align:justify;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 unaudited condensed consolidated financial statements may be materially affected. </p>
CY2021Q1 four Amortization Expense For Capitalized Acquisition Costs Year Three
AmortizationExpenseForCapitalizedAcquisitionCostsYearThree
200000
CY2021Q1 four Amortization Expense For Capitalized Acquisition Costs
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31300000
CY2021Q1 us-gaap Cash
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684400000
CY2020Q4 us-gaap Cash
Cash
684500000
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2021Q1 us-gaap Change In Accounting Principle Accounting Standards Update Adopted
ChangeInAccountingPrincipleAccountingStandardsUpdateAdopted
true
CY2021Q1 us-gaap Change In Accounting Principle Accounting Standards Update Adoption Date
ChangeInAccountingPrincipleAccountingStandardsUpdateAdoptionDate
2021-01-01
CY2021Q1 us-gaap Change In Accounting Principle Accounting Standards Update Immaterial Effect
ChangeInAccountingPrincipleAccountingStandardsUpdateImmaterialEffect
true
CY2021Q1 us-gaap Change In Accounting Principle Accounting Standards Update Transition Option Elected Extensible List
ChangeInAccountingPrincipleAccountingStandardsUpdateTransitionOptionElectedExtensibleList
us-gaap:AccountingStandardsUpdate201815ProspectiveMember
CY2021Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
14800000
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
8100000
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
5700000
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
2500000
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
6700000
CY2020 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
7600000
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
300000
CY2020 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
4400000
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
12100000
CY2020Q4 us-gaap Restructuring Reserve
RestructuringReserve
2900000
CY2021Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
500000
CY2021Q1 four Restructuring Reserve Accretion Of Interest
RestructuringReserveAccretionOfInterest
100000
CY2021Q1 four Equipment For Lease Gross
EquipmentForLeaseGross
51300000
CY2021Q1 four Accumulated Depreciation Equipment For Lease
AccumulatedDepreciationEquipmentForLease
10300000
CY2021Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
14600000
CY2021Q1 four Equipment For Lease Net
EquipmentForLeaseNet
41000000
CY2020Q4 four Equipment For Lease Gross
EquipmentForLeaseGross
43500000
CY2020Q4 four Accumulated Depreciation Equipment For Lease
AccumulatedDepreciationEquipmentForLease
6900000
CY2020Q4 four Equipment For Lease Net
EquipmentForLeaseNet
36600000
CY2020Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
1400000
CY2021Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
3100000
CY2020Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
4200000
CY2020Q1 four Network Fees
NetworkFees
120300000
CY2021Q1 four Other Costs Of Sales
OtherCostsOfSales
45700000

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