$KLDI
KLDiscovery Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023021182 Filed on May 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $90.01M $90.66M $81.90M
YoY Change 19.7% 10.7% 8.55%
Cost Of Revenue $45.00M $43.59M $43.27M
YoY Change 13.55% 0.73% 15.63%
Gross Profit $45.01M $47.07M $38.63M
YoY Change 26.56% 21.87% 1.57%
Gross Profit Margin 50.01% 51.92% 47.16%
Selling, General & Admin $25.46M $27.69M $27.37M
YoY Change -1.03% 1.18% 9.93%
% of Gross Profit 56.55% 58.83% 70.86%
Research & Development $3.257M $3.200M $3.068M
YoY Change -10.47% 4.3% 41.32%
% of Gross Profit 7.24% 6.8% 7.94%
Depreciation & Amortization $2.400M $6.610M $7.850M
YoY Change 0.0% -15.8% -20.03%
% of Gross Profit 5.33% 14.04% 20.32%
Operating Expenses $33.64M $35.71M $35.35M
YoY Change -1.78% 1.0% 1.85%
Operating Profit $11.37M $11.37M $3.275M
YoY Change 763.63% 247.08% -1.33%
Interest Expense $16.19M $15.77M -$12.50M
YoY Change 25.75% -226.17% -201.98%
% of Operating Profit 142.36% 138.74% -381.68%
Other Income/Expense, Net -$3.000K $0.00
YoY Change -121.43% -100.0%
Pretax Income -$4.498M -$4.213M -$9.225M
YoY Change -59.29% -54.33% -35.22%
Income Tax $200.0K $300.0K $400.0K
% Of Pretax Income
Net Earnings -$4.680M -$4.508M -$9.580M
YoY Change -58.26% -52.94% -35.51%
Net Earnings / Revenue -5.2% -4.97% -11.7%
Basic Earnings Per Share -$0.11 -$0.11 -$0.22
Diluted Earnings Per Share -$0.11 -$0.11 -$224.4K
COMMON SHARES
Basic Shares Outstanding 42.94M 42.92M 42.69M
Diluted Shares Outstanding 42.96M 42.92M 42.69M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.90M $26.35M $38.40M
YoY Change -44.33% -31.4% -19.67%
Cash & Equivalents $20.90M $26.35M $38.40M
Short-Term Investments
Other Short-Term Assets $1.345M $1.271M $16.75M
YoY Change 16.45% -92.41% 31.05%
Inventory
Prepaid Expenses $15.29M $16.91M
Receivables $107.8M $102.3M $98.95M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $145.3M $146.8M $154.1M
YoY Change 1.52% -4.73% 6.86%
LONG-TERM ASSETS
Property, Plant & Equipment $18.78M $20.39M $20.04M
YoY Change -4.37% 1.76% -14.18%
Goodwill $391.1M $391.5M
YoY Change 0.19%
Intangibles $43.49M $45.12M
YoY Change -17.72%
Long-Term Investments
YoY Change
Other Assets $8.931M $8.963M $8.395M
YoY Change 7.4% 6.77% 175.16%
Total Long-Term Assets $473.8M $476.7M $478.9M
YoY Change 0.56% -0.47% -9.32%
TOTAL ASSETS
Total Short-Term Assets $145.3M $146.8M $154.1M
Total Long-Term Assets $473.8M $476.7M $478.9M
Total Assets $619.2M $623.5M $633.0M
YoY Change 0.79% -1.5% -5.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $29.79M $32.33M $32.83M
YoY Change 3.57% -1.51% 2.24%
Accrued Expenses $6.966M $6.730M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $289.5M $3.000M $3.000M
YoY Change 9549.7% 0.0% 0.0%
Total Short-Term Liabilities $329.3M $45.64M $39.98M
YoY Change 833.6% 14.16% 4.33%
LONG-TERM LIABILITIES
Long-Term Debt $243.9M $527.4M $510.3M
YoY Change -52.45% 3.36% 3.23%
Other Long-Term Liabilities $1.737M $2.655M $8.533M
YoY Change -76.19% -68.89% -13.71%
Total Long-Term Liabilities $245.7M $530.1M $510.3M
YoY Change -52.78% 3.88% 1.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $329.3M $45.64M $39.98M
Total Long-Term Liabilities $245.7M $530.1M $510.3M
Total Liabilities $592.2M $592.6M $565.8M
YoY Change 5.26% 4.74% 2.83%
SHAREHOLDERS EQUITY
Retained Earnings -$368.3M -$363.6M
YoY Change 9.37%
Common Stock $393.8M $392.9M
YoY Change 1.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $26.92M $30.89M $67.23M
YoY Change
Total Liabilities & Shareholders Equity $619.2M $623.5M $633.0M
YoY Change 0.79% -1.5% -5.85%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$4.680M -$4.508M -$9.580M
YoY Change -58.26% -52.94% -35.51%
Depreciation, Depletion And Amortization $2.400M $6.610M $7.850M
YoY Change 0.0% -15.8% -20.03%
Cash From Operating Activities $20.00K -$3.046M -$3.646M
YoY Change -99.64% -16.46% 29.52%
INVESTING ACTIVITIES
Capital Expenditures $4.034M $2.072M $2.968M
YoY Change -190.43% -30.19% -3.89%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$4.034M -$2.072M -$2.968M
YoY Change -9.57% -30.19% -3.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.489M -1.283M -1.281M
YoY Change 9.65% 0.16% -147.13%
NET CHANGE
Cash From Operating Activities 20.00K -3.046M -3.646M
Cash From Investing Activities -4.034M -2.072M -2.968M
Cash From Financing Activities -1.489M -1.283M -1.281M
Net Change In Cash -5.503M -6.284M -8.065M
YoY Change 1759.12% -22.08% 137.7%
FREE CASH FLOW
Cash From Operating Activities $20.00K -$3.046M -$3.646M
Capital Expenditures $4.034M $2.072M $2.968M
Free Cash Flow -$4.014M -$5.118M -$6.614M
YoY Change -140.2% -22.62% 12.04%

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CY2023Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-975000
CY2022Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-1287000
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3046000
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3646000
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2072000
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2968000
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2072000
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2968000
CY2023Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
533000
CY2022Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
531000
CY2023Q1 us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
750000
CY2022Q1 us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
750000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1283000
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1281000
CY2023Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
117000
CY2022Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-170000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-8065000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
32629000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
46468000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
26345000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
38403000
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
10842000
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
7876000
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
263000
CY2022Q4 us-gaap Debt Current
DebtCurrent
3000000
CY2022Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
60000
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
751000
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1000
CY2023Q1 us-gaap Number Of Countries In Which Entity Operates
NumberOfCountriesInWhichEntityOperates
16
CY2023Q1 kld Number Of Data Centers
NumberOfDataCenters
9
CY2023Q1 kld Number Of Data Recovery Labs
NumberOfDataRecoveryLabs
13
CY2023Q1 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2018-08-02
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Use of estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the condensed consolidated financial statements. Although actual results could differ from those estimates, management does not believe that such differences would be material.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Significant estimates include, but are not limited to, the allowance for doubtful accounts, determining the fair values of assets acquired and liabilities assumed, including the recoverability and useful lives of property and equipment, intangible assets, and other long-lived assets, the evaluation of goodwill for impairment, the valuation and realization of deferred income taxes, the fair value of the Company’s common stock, and stock option awards.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2023Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
3000000
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
3000000
CY2023Q1 us-gaap Depreciation
Depreciation
2300000
CY2022Q1 us-gaap Depreciation
Depreciation
2400000
CY2023Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
1160000
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3900000
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
5000000.0
CY2021Q4 us-gaap Number Of Reporting Units
NumberOfReportingUnits
1
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
90659000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
81898000
CY2022Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
1278000
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
530447000
CY2023Q1 us-gaap Contingent Consideration Classified As Equity Fair Value Disclosure
ContingentConsiderationClassifiedAsEquityFairValueDisclosure
0
CY2022 kld Settled Earnout And Issued Of Common Shares
SettledEarnoutAndIssuedOfCommonShares
128596
CY2023Q1 kld Fair Value Of Warrants
FairValueOfWarrants
400000
CY2022Q4 kld Fair Value Of Warrants
FairValueOfWarrants
600000
CY2023Q1 kld Operating And Capital Lease Agreements Lease Expiring Year
OperatingAndCapitalLeaseAgreementsLeaseExpiringYear
2029
CY2023Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
1686000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
5877000
CY2023Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
164000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
6149000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3170000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1508000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
361000
CY2023Q1 kld Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
293000
CY2023Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
1850000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
17357000
CY2023Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
57000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1681000
CY2023Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
1793000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
15676000
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
541283000
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
539558000
CY2023Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
9676000
CY2022Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
10751000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
527529000
CY2023Q1 us-gaap Debt Current
DebtCurrent
3000000
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
527447000
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
524529000
CY2023Q1 us-gaap Debt Instrument Maturity Date Description
DebtInstrumentMaturityDateDescription
The Amended 2021 Credit Agreement matures on February 8, 2026, unless the Debentures are outstanding six months prior to the December 19, 2024 maturity date thereof, in which case the Amended 2021 Credit Agreement matures on June 19, 2024.
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4290
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0162
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
833000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1062000
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
one vote for each share
CY2023Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
0
CY2022Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
0
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
300000
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
400000
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
-0.071
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
-0.043
CY2023Q1 kld Number Of Letters Of Credit
NumberOfLettersOfCredit
2
CY2023Q1 kld Letters Of Credit As Additional Security For Lease Guarantees
LettersOfCreditAsAdditionalSecurityForLeaseGuarantees
600000

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