2023 Q2 Form 10-Q Financial Statement

#000149028123000053 Filed on May 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $129.1M $121.6M
YoY Change -15.73% -20.68%
Cost Of Revenue $16.14M $16.90M
YoY Change -16.11% -12.52%
Gross Profit $113.0M $104.7M
YoY Change -15.68% -21.86%
Gross Profit Margin 87.5% 86.1%
Selling, General & Admin $96.26M $101.6M
YoY Change -22.33% -19.61%
% of Gross Profit 85.21% 97.06%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.24M $12.39M
YoY Change -19.71% -18.51%
% of Gross Profit 11.72% 11.83%
Operating Expenses $117.8M $135.3M
YoY Change -41.22% -18.58%
Operating Profit -$4.876M -$30.57M
YoY Change -92.67% -4.92%
Interest Expense $5.494M $5.621M
YoY Change 71.37% 94.97%
% of Operating Profit
Other Income/Expense, Net -$4.805M $3.070M
YoY Change -77.48% -162.91%
Pretax Income -$9.681M -$27.50M
YoY Change -88.98% -25.74%
Income Tax $2.323M $1.118M
% Of Pretax Income
Net Earnings -$12.61M -$29.15M
YoY Change -86.18% -16.37%
Net Earnings / Revenue -9.76% -23.97%
Basic Earnings Per Share -$0.41 -$0.95
Diluted Earnings Per Share -$0.41 -$0.95
COMMON SHARES
Basic Shares Outstanding 30.79M shares 30.71M shares
Diluted Shares Outstanding 31.02M shares 30.68M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $118.1M $163.8M
YoY Change -62.56% -59.37%
Cash & Equivalents $118.1M $163.8M
Short-Term Investments
Other Short-Term Assets $9.482M $12.38M
YoY Change 3.39% 31.56%
Inventory
Prepaid Expenses $11.77M $10.47M
Receivables $35.21M $37.26M
Other Receivables $6.990M $7.045M
Total Short-Term Assets $192.3M $241.7M
YoY Change -53.15% -52.52%
LONG-TERM ASSETS
Property, Plant & Equipment $49.50M $57.53M
YoY Change -48.64% -49.36%
Goodwill $178.7M $178.7M
YoY Change 0.0% -17.18%
Intangibles $14.57M $16.24M
YoY Change -29.8% -28.79%
Long-Term Investments $119.5M $119.5M
YoY Change 0.0% 0.0%
Other Assets $18.77M $23.16M
YoY Change -36.68% -9.54%
Total Long-Term Assets $394.9M $408.9M
YoY Change -21.94% -26.98%
TOTAL ASSETS
Total Short-Term Assets $192.3M $241.7M
Total Long-Term Assets $394.9M $408.9M
Total Assets $587.2M $650.6M
YoY Change -35.92% -39.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.12M $27.54M
YoY Change -27.91% -5.55%
Accrued Expenses $223.3M $254.6M
YoY Change 13.02% 16.85%
Deferred Revenue
YoY Change
Short-Term Debt $46.70M $47.70M
YoY Change -22.17% -52.3%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $364.2M $425.8M
YoY Change -26.27% -26.49%
LONG-TERM LIABILITIES
Long-Term Debt $225.7M $225.3M
YoY Change 0.68% 0.68%
Other Long-Term Liabilities $17.00M $17.48M
YoY Change -46.09% -42.84%
Total Long-Term Liabilities $17.00M $17.48M
YoY Change -46.09% -42.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $364.2M $425.8M
Total Long-Term Liabilities $17.00M $17.48M
Total Liabilities $612.1M $675.1M
YoY Change -22.95% -23.66%
SHAREHOLDERS EQUITY
Retained Earnings -$1.436B -$1.424B
YoY Change 11.95% 19.46%
Common Stock $4.000K $4.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$25.02M -$24.76M
YoY Change
Total Liabilities & Shareholders Equity $587.2M $650.6M
YoY Change -35.92% -39.14%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$12.61M -$29.15M
YoY Change -86.18% -16.37%
Depreciation, Depletion And Amortization $13.24M $12.39M
YoY Change -19.71% -18.51%
Cash From Operating Activities -$42.31M -$76.30M
YoY Change 40.14% -2.38%
INVESTING ACTIVITIES
Capital Expenditures $2.870M $9.544M
YoY Change -129.35% -26.59%
Acquisitions
YoY Change
Other Investing Activities $387.0K $557.0K
YoY Change -39.13%
Cash From Investing Activities -$2.483M -$9.013M
YoY Change -74.61% -35.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.939M -$29.20M
YoY Change -93.22% 885.05%
NET CHANGE
Cash From Operating Activities -42.31M -$76.30M
Cash From Investing Activities -2.483M -$9.013M
Cash From Financing Activities -2.939M -$29.20M
Net Change In Cash -47.73M -$114.7M
YoY Change -42.71% 19.69%
FREE CASH FLOW
Cash From Operating Activities -$42.31M -$76.30M
Capital Expenditures $2.870M $9.544M
Free Cash Flow -$45.18M -$85.84M
YoY Change 121.33% -5.84%

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IncreaseDecreaseInLiabilitiesRelatedToPurchasesOfPropertyAndEquipmentAndCapitalizedSoftware
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CY2022Q1 grpn Increase Decrease In Liabilities Related To Purchases Of Property And Equipment And Capitalized Software
IncreaseDecreaseInLiabilitiesRelatedToPurchasesOfPropertyAndEquipmentAndCapitalizedSoftware
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18145000 usd
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CashPaidForAmountsIncludedInMeasurementOfOperatingLeaseLiabilities
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CashAndCashEquivalentsAtCarryingValue
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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NetCashProvidedByUsedInOperatingActivities
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CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2023Q1 us-gaap Use Of Estimates
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<div style="margin-bottom:12pt;padding-left:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Estimates in our financial statements include, but are not limited to, the following: variable consideration from unredeemed vouchers; income taxes; leases; initial valuation and subsequent impairment testing of goodwill, other intangible assets and long-lived assets; investments; receivables; customer refunds and other reserves; contingent liabilities; and the useful lives of property, equipment and software and intangible assets. Actual results could differ materially from those estimates.</span></div>
CY2023Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-bottom:12pt;padding-left:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain reclassifications have been made to the Condensed Consolidated Financial Statements of prior periods to conform to the current period presentation.</span></div>
CY2022Q1 us-gaap Impairment Of Long Lived Assets Held For Use
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CY2022Q1 us-gaap Goodwill Impairment Loss
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CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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FiniteLivedIntangibleAssetsGross
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FiniteLivedIntangibleAssetsAccumulatedAmortization
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FiniteLivedIntangibleAssetsAccumulatedAmortization
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FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
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CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
1867000 usd
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FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
1191000 usd
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FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
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InterestIncomeOther
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InterestExpense
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CY2022Q1 us-gaap Interest Expense
InterestExpense
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ForeignCurrencyGainsLossesNetAndOther
4220000 usd
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ForeignCurrencyGainsLossesNetAndOther
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OtherNonoperatingIncomeExpense
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CY2023Q1 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
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IncomeTaxesReceivable
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DeferredContractAcquisitionCosts
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CY2022Q4 grpn Accrued Payroll Taxes Current Cares Act
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CY2023Q1 us-gaap Deferred Income Taxes And Other Tax Liabilities Noncurrent
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CY2023Q1 grpn Other Non Current Liabilities
OtherNonCurrentLiabilities
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OtherLiabilitiesNoncurrent
17482000 usd
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OtherLiabilitiesNoncurrent
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CY2022Q1 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
2900000 usd
CY2023Q1 grpn Indemnification Liabilities
IndemnificationLiabilities
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CY2023Q1 grpn Indemnification Liability Maximum Exposure
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CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-27495000 usd
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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CY2022Q4 grpn Customer Credits Current
CustomerCreditsCurrent
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CY2023Q1 grpn Customer Credits Credits Issued
CustomerCreditsCreditsIssued
26921000 usd
CY2023Q1 grpn Customer Credits Credits Redeemed
CustomerCreditsCreditsRedeemed
25856000 usd
CY2023Q1 grpn Customer Credits Breakage Revenue Recognized
CustomerCreditsBreakageRevenueRecognized
2995000 usd
CY2023Q1 grpn Customer Credits Foreign Currency Translation Gain Loss
CustomerCreditsForeignCurrencyTranslationGainLoss
80000 usd
CY2023Q1 grpn Customer Credits Current
CustomerCreditsCurrent
34370000 usd
CY2023Q1 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
5300000 usd
CY2022Q4 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
5900000 usd
CY2023Q1 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
2300000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
4538000 usd
CY2023Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
115000 usd
CY2023Q1 grpn Accounts Receivable Allowance For Credit Losses Foreign Currency Translation
AccountsReceivableAllowanceForCreditLossesForeignCurrencyTranslation
-34000 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
3818000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1118000 usd
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2675000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-28613000 usd
CY2022Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-34352000 usd
CY2023Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
534000 usd
CY2022Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
500000 usd
CY2023Q1 us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Basic
NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic
-29147000 usd
CY2022Q1 us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Basic
NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic
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CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30676145 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30676145 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29862879 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29862879 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.95
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.95
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.17
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.17
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8854765 shares
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
121611000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
153320000 usd
CY2023Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
16900000 usd
CY2022Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
19319000 usd
CY2023Q1 us-gaap Marketing Expense
MarketingExpense
24848000 usd
CY2022Q1 us-gaap Marketing Expense
MarketingExpense
39416000 usd
CY2023Q1 grpn Contribution Profit
ContributionProfit
79863000 usd
CY2022Q1 grpn Contribution Profit
ContributionProfit
94585000 usd
CY2023Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
101634000 usd
CY2022Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
126420000 usd
CY2023Q1 us-gaap Restructuring Charges
RestructuringCharges
8794000 usd
CY2022Q1 us-gaap Restructuring Charges
RestructuringCharges
312000 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-30565000 usd
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-32147000 usd
CY2023Q1 us-gaap Assets
Assets
650643000 usd
CY2022Q4 us-gaap Assets
Assets
793117000 usd

Files In Submission

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FilingSummary.xml Edgar Link unprocessable
grpn-20230331_pre.xml Edgar Link unprocessable
0001490281-23-000053-index-headers.html Edgar Link pending
0001490281-23-000053-index.html Edgar Link pending
0001490281-23-000053.txt Edgar Link pending
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a2023q110-qxexhibit311.htm Edgar Link pending
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