2021 Q3 Form 10-Q Financial Statement

#000179466921000007 Filed on November 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q4 2020 Q3
Revenue $377.8M $210.9M $214.8M
YoY Change 75.88% 4.35% 10.84%
Cost Of Revenue $313.4M $159.6M $163.3M
YoY Change 91.92% 3.97% 9.97%
Gross Profit $64.40M $51.30M $51.50M
YoY Change 25.05% 5.56% 13.69%
Gross Profit Margin 17.05% 24.32% 23.98%
Selling, General & Admin $50.30M $31.70M $40.70M
YoY Change 23.59%
% of Gross Profit 78.11% 61.79% 79.03%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.500M $24.10M $1.200M
YoY Change 25.0% -26.97% 9.09%
% of Gross Profit 2.33% 46.98% 2.33%
Operating Expenses $70.00M $56.80M $55.40M
YoY Change 26.35% 18.09% 1.65%
Operating Profit -$5.600M -$5.500M -$3.900M
YoY Change 43.59% -1200.0% -57.61%
Interest Expense $7.400M $8.100M $7.100M
YoY Change 4.23% -39.55% -44.96%
% of Operating Profit
Other Income/Expense, Net $200.0K $0.00 $500.0K
YoY Change -60.0% 400.0%
Pretax Income -$12.80M -$23.10M -$10.50M
YoY Change 21.9% 79.07% -52.27%
Income Tax $1.000M -$1.400M -$700.0K
% Of Pretax Income
Net Earnings -$9.200M -$12.40M -$5.000M
YoY Change 84.0% -7.46% -77.78%
Net Earnings / Revenue -2.44% -5.88% -2.33%
Basic Earnings Per Share
Diluted Earnings Per Share -$164.8K $816.4K -$62.19K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q3 2020 Q4 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.288B $927.8M $328.9M
YoY Change 291.64%
Cash & Equivalents $1.288B $927.8M $328.9M
Short-Term Investments
Other Short-Term Assets $200.0K $1.000M $300.0K
YoY Change -33.33% 400.0%
Inventory $2.000M $1.500M $1.200M
Prepaid Expenses
Receivables $184.4M $92.70M $91.30M
Other Receivables $1.300M $1.500M $2.400M
Total Short-Term Assets $1.488B $1.034B $433.7M
YoY Change 243.03% 871.33%
LONG-TERM ASSETS
Property, Plant & Equipment $17.80M $15.10M $46.70M
YoY Change -61.88% -1.95%
Goodwill $537.6M $477.0M
YoY Change 13.22%
Intangibles
YoY Change
Long-Term Investments $29.50M $0.00
YoY Change
Other Assets $2.100M $600.0K $500.0K
YoY Change 320.0% -57.14%
Total Long-Term Assets $867.4M $745.8M $681.9M
YoY Change 27.2% 10.06%
TOTAL ASSETS
Total Short-Term Assets $1.488B $1.034B $433.7M
Total Long-Term Assets $867.4M $745.8M $681.9M
Total Assets $2.355B $1.779B $1.116B
YoY Change 111.11% 126.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $125.8M $60.60M $76.70M
YoY Change 64.02% 4.3%
Accrued Expenses $9.200M $3.600M $4.200M
YoY Change 119.05% -60.87%
Deferred Revenue $16.80M $7.800M
YoY Change 39.29%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $900.0K $1.800M
YoY Change -100.0% -83.02%
Total Short-Term Liabilities $180.0M $99.40M $113.1M
YoY Change 59.15% -23.48%
LONG-TERM LIABILITIES
Long-Term Debt $1.737B $1.005B $437.7M
YoY Change 296.8% 58.31%
Other Long-Term Liabilities $2.900M $1.700M $2.100M
YoY Change 38.1% -64.58%
Total Long-Term Liabilities $1.740B $1.010B $439.8M
YoY Change 295.57% 56.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $180.0M $99.40M $113.1M
Total Long-Term Liabilities $1.740B $1.010B $439.8M
Total Liabilities $1.920B $1.109B $805.6M
YoY Change 138.29% 43.34%
SHAREHOLDERS EQUITY
Retained Earnings -$315.9M -$278.7M -$266.3M
YoY Change 18.63% 52.8%
Common Stock $614.3M $738.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change
Treasury Stock Shares 0.000 shares
Shareholders Equity $298.4M $459.6M $553.9M
YoY Change
Total Liabilities & Shareholders Equity $2.355B $1.779B $1.116B
YoY Change 111.11% 126.95%

Cashflow Statement

Concept 2021 Q3 2020 Q4 2020 Q3
OPERATING ACTIVITIES
Net Income -$9.200M -$12.40M -$5.000M
YoY Change 84.0% -7.46% -77.78%
Depreciation, Depletion And Amortization $1.500M $24.10M $1.200M
YoY Change 25.0% -26.97% 9.09%
Cash From Operating Activities $20.60M $6.400M $10.30M
YoY Change 100.0% 68.42%
INVESTING ACTIVITIES
Capital Expenditures -$29.00M -$18.60M -$13.50M
YoY Change 114.81% 2.76%
Acquisitions
YoY Change
Other Investing Activities -$17.50M -$51.60M -$1.700M
YoY Change 929.41% -17.83%
Cash From Investing Activities -$46.50M -$70.20M -$15.20M
YoY Change 205.92% -13.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 614.3M 662.7M 89.80M
YoY Change 584.08% 776.59%
NET CHANGE
Cash From Operating Activities 20.60M 6.400M 10.30M
Cash From Investing Activities -46.50M -70.20M -15.20M
Cash From Financing Activities 614.3M 662.7M 89.80M
Net Change In Cash 588.4M 598.9M 84.90M
YoY Change 593.05% -40026.67%
FREE CASH FLOW
Cash From Operating Activities $20.60M $6.400M $10.30M
Capital Expenditures -$29.00M -$18.60M -$13.50M
Free Cash Flow $49.60M $25.00M $23.80M
YoY Change 108.4% 14.16%

Facts In Submission

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<div style="margin-top:18pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates </span></div><div style="margin-top:6pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>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.
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5700000 USD
four Depreciation And Amortization Expenses Of Equipment
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5700000 USD
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1500000 USD
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30700000 USD
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39600000 USD
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12900000 USD
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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24500000 USD
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17800000 USD
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15100000 USD
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500000 USD
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400000 USD
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CostOfGoodsAndServicesSoldDepreciation
1300000 USD
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1200000 USD
us-gaap Depreciation
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4100000 USD
us-gaap Depreciation
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3900000 USD
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900000 USD
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1772500000 USD
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1027500000 USD
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35700000 USD
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22100000 USD
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1736800000 USD
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us-gaap Gains Losses On Extinguishment Of Debt
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4500000 USD
CY2020Q4 us-gaap Prepaid Insurance
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2500000 USD
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1400000 USD
CY2020Q4 four Prepaid Merchant Signing Bonuses
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0 USD
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5800000 USD
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6500000 USD
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1100000 USD
CY2020Q4 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
1200000 USD
CY2021Q3 four Agent And Employee Loan Receivables
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200000 USD
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AgentAndEmployeeLoanReceivables
300000 USD
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200000 USD
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1000000.0 USD
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13200000 USD
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11500000 USD
CY2021Q3 four Residuals Payable
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12100000 USD
CY2020Q4 four Residuals Payable
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6800000 USD
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9200000 USD
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3600000 USD
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DeferredEmployerSocialSecurityTaxPursuantToCARESAct
3000000.0 USD
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DeferredEmployerSocialSecurityTaxPursuantToCARESAct
3000000.0 USD
CY2021Q3 four Deferred Tenant Reimbursement Allowance
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2800000 USD
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3100000 USD
CY2021Q3 us-gaap Accrued Payroll Taxes Current
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2300000 USD
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2800000 USD
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0 USD
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2300000 USD
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1500000 USD
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1500000 USD
CY2021Q3 us-gaap Taxes Payable Current
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1300000 USD
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1400000 USD
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1500000 USD
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RestructuringReserveCurrent
1400000 USD
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3700000 USD
CY2020Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
4200000 USD
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AccruedExpensesAndOtherCurrentLiabilities
37400000 USD
CY2020Q4 four Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
30100000 USD
CY2019Q4 us-gaap Liabilities Fair Value Disclosure
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1900000 USD
CY2020Q3 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
1700000 USD
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.078
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.067
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EffectiveIncomeTaxRateContinuingOperations
-0.064
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EffectiveIncomeTaxRateContinuingOperations
-0.011
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EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
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EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
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0.21
four Tax Benefit Of Net Operating Loss Carryback Allowed Due To Cares Act
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600000 USD
four Tax Receivable Agreement Realized Tax Benefit Percentage
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0.85
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0.15
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1500000 USD
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
4400000 USD
CY2020Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1300000 USD
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
4700000 USD
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1600000 USD
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4900000 USD
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4000000.0 USD
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3900000 USD
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OperatingLeasesFutureMinimumPaymentsDueInFiveYears
3400000 USD
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6900000 USD
CY2021Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
24700000 USD
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ManagementFeeExpense
800000 USD
CY2021Q1 us-gaap Accounts Payable Related Parties Current
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2200000 USD
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AdditionalPaidInCapitalCommonStock
2100000 USD
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RelatedPartyTransactionReimbursableExpenses
800000 USD
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RelatedPartyTransactionReimbursableExpenses
400000 USD
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80552659 shares
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1.000
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NoncontrollingInterestOwnershipPercentageIssuanceOfUnits
0
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0 shares
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NoncontrollingInterestOwnershipPercentageRedemptionOfUnits
0
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CommonStockSharesOutstanding
82921152 shares
CY2021Q3 four Noncontrolling Interest Ownership Percentage Total
NoncontrollingInterestOwnershipPercentageTotal
1.000
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6300000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
26900000 USD
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6200000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
56200000 USD
CY2021Q3 us-gaap Profit Loss
ProfitLoss
-13800000 USD
CY2020Q3 us-gaap Profit Loss
ProfitLoss
-9800000 USD
us-gaap Profit Loss
ProfitLoss
-60300000 USD
us-gaap Profit Loss
ProfitLoss
-11800000 USD
CY2021Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-4600000 USD
CY2020Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-4800000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-21500000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-5800000 USD
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-9200000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-5000000.0 USD
us-gaap Net Income Loss
NetIncomeLoss
-38800000 USD
us-gaap Net Income Loss
NetIncomeLoss
-6000000.0 USD
CY2021Q3 four Adjustments To Net Loss Attributable To Company
AdjustmentsToNetLossAttributableToCompany
100000 USD
CY2020Q3 four Adjustments To Net Loss Attributable To Company
AdjustmentsToNetLossAttributableToCompany
100000 USD
four Adjustments To Net Loss Attributable To Company
AdjustmentsToNetLossAttributableToCompany
600000 USD
four Adjustments To Net Loss Attributable To Company
AdjustmentsToNetLossAttributableToCompany
200000 USD
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-9300000 USD
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-5100000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-39400000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6200000 USD
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-9300000 USD
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-9300000 USD
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-5100000 USD
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-5100000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-39400000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-39400000 USD
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NetIncomeLossAvailableToCommonStockholdersDiluted
-6200000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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28887837 shares
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
37785318 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
30581712 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
37785318 shares
us-gaap Interest Paid Net
InterestPaidNet
10500000 USD
us-gaap Interest Paid Net
InterestPaidNet
33000000.0 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
400000 USD
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IncomeTaxesPaidNet
800000 USD
four Deferred Compensation Settled With Restricted Stock Units
DeferredCompensationSettledWithRestrictedStockUnits
0 USD
four Deferred Compensation Settled With Restricted Stock Units
DeferredCompensationSettledWithRestrictedStockUnits
2100000 USD
four Shares And Equity Based Compensation Issued In Connection With Acquisition
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26300000 USD
four Shares And Equity Based Compensation Issued In Connection With Acquisition
SharesAndEquityBasedCompensationIssuedInConnectionWithAcquisition
0 USD
us-gaap Capital Lease Obligations Incurred
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4600000 USD
us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
0 USD
us-gaap Payments To Develop Software
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1600000 USD
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
0 USD
us-gaap Acquisition Costs
AcquisitionCosts
400000 USD
us-gaap Acquisition Costs
AcquisitionCosts
0 USD
us-gaap Payments For Repurchase Of Common Stock
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0 USD
us-gaap Payments For Repurchase Of Common Stock
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21100000 USD
four Right Associated With Inspiration Four Seat
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2100000 USD
four Right Associated With Inspiration Four Seat
RightAssociatedWithInspirationFourSeat
0 USD
four Short Term Financing For Directors And Officers Insurance
ShortTermFinancingForDirectorsAndOfficersInsurance
0 USD
four Short Term Financing For Directors And Officers Insurance
ShortTermFinancingForDirectorsAndOfficersInsurance
3400000 USD
four Preferred Return On Preferred Stock Settled With Llc Interests
PreferredReturnOnPreferredStockSettledWithLLCInterests
0 USD
four Preferred Return On Preferred Stock Settled With Llc Interests
PreferredReturnOnPreferredStockSettledWithLLCInterests
2300000 USD
four Offering Costs Incurred But Not Yet Paid
OfferingCostsIncurredButNotYetPaid
0 USD
four Offering Costs Incurred But Not Yet Paid
OfferingCostsIncurredButNotYetPaid
800000 USD
us-gaap Number Of Operating Segments
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1 segment
us-gaap Number Of Reportable Segments
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1 segment
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
377800000 USD
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RevenueFromContractWithCustomerExcludingAssessedTax
214800000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
968100000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
556000000.0 USD
CY2021Q3 four Network Fees
NetworkFees
251900000 USD
CY2020Q3 four Network Fees
NetworkFees
127100000 USD
four Network Fees
NetworkFees
608400000 USD
four Network Fees
NetworkFees
321800000 USD
CY2021Q3 four Other Costs Of Sales
OtherCostsOfSales
61500000 USD
CY2020Q3 four Other Costs Of Sales
OtherCostsOfSales
36200000 USD
four Other Costs Of Sales
OtherCostsOfSales
165400000 USD
four Other Costs Of Sales
OtherCostsOfSales
107700000 USD
CY2021Q3 us-gaap Gross Profit
GrossProfit
64400000 USD
CY2020Q3 us-gaap Gross Profit
GrossProfit
51500000 USD
us-gaap Gross Profit
GrossProfit
194300000 USD
us-gaap Gross Profit
GrossProfit
126500000 USD

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