$FOUR
Shift4 Payments, Inc.

2021 Q2 Form 10-Q Financial Statement

#000156459021042139 Filed on August 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $351.0M $141.8M
YoY Change 147.53% -21.44%
Cost Of Revenue $272.9M $110.2M
YoY Change 147.64% -20.32%
Gross Profit $78.10M $31.60M
YoY Change 147.15% -25.12%
Gross Profit Margin 22.25% 22.28%
Selling, General & Admin $52.70M $83.00M
YoY Change -36.51%
% of Gross Profit 67.48% 262.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.400M $1.300M
YoY Change 7.69% 85.71%
% of Gross Profit 1.79% 4.11%
Operating Expenses $73.20M $88.40M
YoY Change -17.19% 133.86%
Operating Profit $4.900M -$56.80M
YoY Change -108.63% -1390.91%
Interest Expense $6.300M $11.70M
YoY Change -46.15% -7.87%
% of Operating Profit 128.57%
Other Income/Expense, Net $0.00 $200.0K
YoY Change -100.0% -71.43%
Pretax Income -$1.400M -$75.40M
YoY Change -98.14% 892.11%
Income Tax -$5.900M -$600.0K
% Of Pretax Income
Net Earnings $3.200M -$1.000M
YoY Change -420.0% -87.8%
Net Earnings / Revenue 0.91% -0.71%
Basic Earnings Per Share
Diluted Earnings Per Share $38.60K -$920.4K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $699.7M $244.0M
YoY Change 186.76%
Cash & Equivalents $699.7M $244.0M
Short-Term Investments
Other Short-Term Assets $300.0K $100.0K
YoY Change 200.0%
Inventory $1.600M $8.400M
Prepaid Expenses
Receivables $68.60M $68.60M
Other Receivables $4.300M $700.0K
Total Short-Term Assets $893.3M $332.0M
YoY Change 169.07%
LONG-TERM ASSETS
Property, Plant & Equipment $17.50M $37.50M
YoY Change -53.33%
Goodwill $525.2M
YoY Change
Intangibles
YoY Change
Long-Term Investments $29.50M
YoY Change
Other Assets $500.0K $1.300M
YoY Change -61.54%
Total Long-Term Assets $837.8M $682.3M
YoY Change 22.79%
TOTAL ASSETS
Total Short-Term Assets $893.3M $332.0M
Total Long-Term Assets $837.8M $682.3M
Total Assets $1.731B $1.014B
YoY Change 70.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $116.4M $64.80M
YoY Change 79.63%
Accrued Expenses $3.500M $4.200M
YoY Change -16.67%
Deferred Revenue $8.200M $8.200M
YoY Change 0.0%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $2.600M
YoY Change -100.0%
Total Short-Term Liabilities $164.6M $100.0M
YoY Change 64.6%
LONG-TERM LIABILITIES
Long-Term Debt $1.118B $437.4M
YoY Change 155.51%
Other Long-Term Liabilities $2.100M $2.600M
YoY Change -19.23%
Total Long-Term Liabilities $1.120B $440.0M
YoY Change 154.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $164.6M $100.0M
Total Long-Term Liabilities $1.120B $440.0M
Total Liabilities $1.285B $754.2M
YoY Change 70.37%
SHAREHOLDERS EQUITY
Retained Earnings -$306.7M -$261.3M
YoY Change 17.37%
Common Stock $601.3M $517.7M
YoY Change 16.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $294.6M $466.9M
YoY Change
Total Liabilities & Shareholders Equity $1.731B $1.014B
YoY Change 70.67%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $3.200M -$1.000M
YoY Change -420.0% -87.8%
Depreciation, Depletion And Amortization $1.400M $1.300M
YoY Change 7.69% 85.71%
Cash From Operating Activities $6.700M -$3.000M
YoY Change -323.33% -124.0%
INVESTING ACTIVITIES
Capital Expenditures -$24.80M -$7.100M
YoY Change 249.3% -32.38%
Acquisitions
YoY Change
Other Investing Activities -$13.20M $0.00
YoY Change -100.0%
Cash From Investing Activities -$38.00M -$7.100M
YoY Change 435.21% -34.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -113.9M 183.9M
YoY Change -161.94% -7762.5%
NET CHANGE
Cash From Operating Activities 6.700M -3.000M
Cash From Investing Activities -38.00M -7.100M
Cash From Financing Activities -113.9M 183.9M
Net Change In Cash -145.2M 173.8M
YoY Change -183.54% -24928.57%
FREE CASH FLOW
Cash From Operating Activities $6.700M -$3.000M
Capital Expenditures -$24.80M -$7.100M
Free Cash Flow $31.50M $4.100M
YoY Change 668.29% -82.17%

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<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 contingent liabilities related to earnout payments and change of control, 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’s Chief Executive Officer and founder (“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>
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CY2020Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1700000
four Noncancellable Lease Agreements Expiration Date
NoncancellableLeaseAgreementsExpirationDate
2030-11-30
CY2021Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
2900000
CY2021Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
4500000
CY2021Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
3600000
CY2021Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
3600000
CY2021Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
3100000
CY2021Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
6800000
CY2021Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
24500000
CY2021Q1 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
2200000
CY2021Q1 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
2100000
CY2021Q2 us-gaap Related Party Transaction Due From To Related Party
RelatedPartyTransactionDueFromToRelatedParty
800000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
100000
CY2020Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
80552659
CY2020Q4 four Noncontrolling Interest Ownership Percentage Total
NoncontrollingInterestOwnershipPercentageTotal
1.000
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
2325489
CY2021Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
82878148
CY2021Q2 four Noncontrolling Interest Ownership Percentage Total
NoncontrollingInterestOwnershipPercentageTotal
1.000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6600000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
20600000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
50000000.0
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
50000000.0
CY2021Q2 us-gaap Profit Loss
ProfitLoss
4500000
us-gaap Profit Loss
ProfitLoss
-46500000
CY2020Q2 us-gaap Profit Loss
ProfitLoss
-2100000
CY2021Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1300000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-16900000
CY2020Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-1100000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
3200000
us-gaap Net Income Loss
NetIncomeLoss
-29600000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-1000000.0
four Adjustments To Net Loss Attributable To Company
AdjustmentsToNetLossAttributableToCompany
300000
CY2020Q2 four Adjustments To Net Loss Attributable To Company
AdjustmentsToNetLossAttributableToCompany
100000
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3200000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-29900000
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1100000
CY2020Q2 us-gaap Gross Profit
GrossProfit
31600000
us-gaap Gross Profit
GrossProfit
129900000
us-gaap Gross Profit
GrossProfit
75000000.0
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
300000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
30044160
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
41435277
us-gaap Interest Paid Net
InterestPaidNet
10500000
us-gaap Interest Paid Net
InterestPaidNet
26600000
four Deferred Compensation Settled With Restricted Stock Units
DeferredCompensationSettledWithRestrictedStockUnits
2100000
four Shares And Equity Based Compensation Issued In Connection With Acquisition
SharesAndEquityBasedCompensationIssuedInConnectionWithAcquisition
26300000
us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
5800000
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
500000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
21100000
four Right Associated With Inspiration Four Seat
RightAssociatedWithInspirationFourSeat
2100000
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 Number Of Operating Segments
NumberOfOperatingSegments
1
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2021Q2 four Payments Based Revenue
PaymentsBasedRevenue
324800000
CY2020Q2 four Payments Based Revenue
PaymentsBasedRevenue
121200000
four Payments Based Revenue
PaymentsBasedRevenue
540700000
four Payments Based Revenue
PaymentsBasedRevenue
297600000
CY2021Q2 four Subscription And Other Revenues
SubscriptionAndOtherRevenues
26200000
CY2020Q2 four Subscription And Other Revenues
SubscriptionAndOtherRevenues
20600000
four Subscription And Other Revenues
SubscriptionAndOtherRevenues
49600000
four Subscription And Other Revenues
SubscriptionAndOtherRevenues
43600000
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
351000000.0
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
141800000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
590300000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
341200000
CY2021Q2 four Network Fees
NetworkFees
214700000
CY2020Q2 four Network Fees
NetworkFees
74400000
four Network Fees
NetworkFees
356500000
four Network Fees
NetworkFees
194700000
CY2021Q2 four Other Costs Of Sales
OtherCostsOfSales
58200000
CY2020Q2 four Other Costs Of Sales
OtherCostsOfSales
35800000
four Other Costs Of Sales
OtherCostsOfSales
103900000
four Other Costs Of Sales
OtherCostsOfSales
71500000
CY2021Q2 us-gaap Gross Profit
GrossProfit
78100000

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