$KLDI
KLDiscovery Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024056878 Filed on May 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $78.97M $80.17M
YoY Change -12.26% -11.57%
Cost Of Revenue $40.32M $42.07M
YoY Change -10.4% -3.48%
Gross Profit $38.65M $38.10M
YoY Change -14.13% -19.05%
Gross Profit Margin 48.95% 47.53%
Selling, General & Admin $37.84M $29.42M
YoY Change 48.66% 6.22%
% of Gross Profit 97.9% 77.2%
Research & Development $3.418M $3.356M
YoY Change 4.94% 4.88%
% of Gross Profit 8.84% 8.81%
Depreciation & Amortization $2.700M $6.454M
YoY Change 12.5% -2.36%
% of Gross Profit 6.99% 16.94%
Operating Expenses $45.67M $37.15M
YoY Change 35.77% 4.04%
Operating Profit -$7.017M $957.0K
YoY Change -161.69% -91.58%
Interest Expense $17.75M $17.51M
YoY Change 9.62% 11.01%
% of Operating Profit 1829.47%
Other Income/Expense, Net
YoY Change
Pretax Income -$24.74M -$16.58M
YoY Change 450.02% 293.62%
Income Tax $600.0K $300.0K
% Of Pretax Income
Net Earnings -$25.30M -$16.88M
YoY Change 440.6% 274.42%
Net Earnings / Revenue -32.04% -21.05%
Basic Earnings Per Share -$0.58 -$0.39
Diluted Earnings Per Share -$0.58 -$0.39
COMMON SHARES
Basic Shares Outstanding 43.09M 43.09M
Diluted Shares Outstanding 43.27M 43.09M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $33.80M $18.36M
YoY Change 61.78% -30.31%
Cash & Equivalents $33.80M $18.36M
Short-Term Investments
Other Short-Term Assets $1.478M $1.806M
YoY Change 9.89% 42.09%
Inventory
Prepaid Expenses $19.35M $18.87M
Receivables $92.72M $106.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $147.3M $145.3M
YoY Change 1.38% -1.02%
LONG-TERM ASSETS
Property, Plant & Equipment $13.82M $15.30M
YoY Change -26.45% -24.96%
Goodwill $393.9M $394.6M
YoY Change 0.72% 0.77%
Intangibles $38.09M $39.15M
YoY Change -12.41% -13.23%
Long-Term Investments
YoY Change
Other Assets $7.213M $7.539M
YoY Change -19.24% -15.89%
Total Long-Term Assets $461.4M $465.6M
YoY Change -2.61% -2.32%
TOTAL ASSETS
Total Short-Term Assets $147.3M $145.3M
Total Long-Term Assets $461.4M $465.6M
Total Assets $608.8M $610.9M
YoY Change -1.68% -2.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.90M $31.94M
YoY Change -2.99% -1.2%
Accrued Expenses $4.708M $5.416M
YoY Change -32.41% -19.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $592.4M $565.7M
YoY Change 104.64% 18756.37%
Total Short-Term Liabilities $630.6M $606.8M
YoY Change 91.5% 1229.52%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $1.918M $2.123M
YoY Change 10.42% -20.04%
Total Long-Term Liabilities $1.918M $2.123M
YoY Change -99.22% -99.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $630.6M $606.8M
Total Long-Term Liabilities $1.918M $2.123M
Total Liabilities $648.2M $624.8M
YoY Change 9.44% 5.44%
SHAREHOLDERS EQUITY
Retained Earnings -$436.1M -$410.8M
YoY Change 18.41% 12.98%
Common Stock $397.0M $396.2M
YoY Change 0.84% 0.86%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$39.38M -$13.94M
YoY Change
Total Liabilities & Shareholders Equity $608.8M $610.9M
YoY Change -1.68% -2.02%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$25.30M -$16.88M
YoY Change 440.6% 274.42%
Depreciation, Depletion And Amortization $2.700M $6.454M
YoY Change 12.5% -2.36%
Cash From Operating Activities -$3.058M -$7.901M
YoY Change -15390.0% 159.39%
INVESTING ACTIVITIES
Capital Expenditures $3.640M $3.011M
YoY Change -9.77% 45.32%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$3.640M -$3.011M
YoY Change -9.77% 45.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 22.25M 14.25M
YoY Change -1594.29% -1210.68%
NET CHANGE
Cash From Operating Activities -3.058M -7.901M
Cash From Investing Activities -3.640M -3.011M
Cash From Financing Activities 22.25M 14.25M
Net Change In Cash 15.55M 3.010M
YoY Change -382.61% -147.9%
FREE CASH FLOW
Cash From Operating Activities -$3.058M -$7.901M
Capital Expenditures $3.640M $3.011M
Free Cash Flow -$6.698M -$10.91M
YoY Change 66.87% 113.21%

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CY2023Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
117000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
3010000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-6284000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
15351000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
32629000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
18361000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
26345000
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
11352000
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
10842000
CY2024Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
690000
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
263000
CY2024Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
276000
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
751000
CY2024Q1 us-gaap Number Of Countries In Which Entity Operates
NumberOfCountriesInWhichEntityOperates
17
CY2024Q1 kldi Number Of Data Centers
NumberOfDataCenters
9
CY2024Q1 kldi Number Of Data Recovery Labs
NumberOfDataRecoveryLabs
13
CY2024Q1 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2018-08-02
CY2024Q1 us-gaap Cash
Cash
18400000
CY2024Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
569600000
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Use of estimates</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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 fair value of Private Warrants (as defined in Note 2), the determination of the incremental borrowing rate used to measure right-of-use assets and liabilities, 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, stock based compensation equity awards and acquisition related contingent consideration.</span></p>
CY2024Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
3642000
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
5403000
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
1110000
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
797000
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
1721000
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
1953000
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
3031000
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
4247000
CY2024Q1 us-gaap Depreciation
Depreciation
2700000
CY2023Q1 us-gaap Depreciation
Depreciation
2300000
CY2023Q1 kldi Amortization Of Capitalized Implementation Costs
AmortizationOfCapitalizedImplementationCosts
500000
CY2024Q1 kldi Amortization Of Capitalized Implementation Costs
AmortizationOfCapitalizedImplementationCosts
500000
CY2024Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3300000
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3900000
CY2021Q4 us-gaap Number Of Reporting Units
NumberOfReportingUnits
1
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
80172000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
90659000
CY2024Q1 us-gaap Contingent Consideration Classified As Equity Fair Value Disclosure
ContingentConsiderationClassifiedAsEquityFairValueDisclosure
1300000
CY2023Q4 us-gaap Contingent Consideration Classified As Equity Fair Value Disclosure
ContingentConsiderationClassifiedAsEquityFairValueDisclosure
1300000
CY2024Q1 kldi Fair Value Of Warrants
FairValueOfWarrants
100000
CY2023Q4 kldi Fair Value Of Warrants
FairValueOfWarrants
100000
CY2024Q1 kldi Operating And Capital Lease Agreements Lease Expiring Year
OperatingAndCapitalLeaseAgreementsLeaseExpiringYear
2029
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
5179000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4107000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2453000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
802000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
702000
CY2024Q1 kldi Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
269000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
13512000
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1383000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
12129000
CY2024Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
569564000
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
552676000
CY2024Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
3530000
CY2023Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
5254000
CY2024Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
343000
CY2023Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
577000
CY2024Q1 us-gaap Long Term Debt
LongTermDebt
565691000
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
546845000
CY2024Q1 us-gaap Debt Current
DebtCurrent
565691000
CY2023Q4 us-gaap Debt Current
DebtCurrent
546845000
CY2024Q1 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. As of March 31, 2024, the Company does not anticipate repaying the Convertible Debentures by June 19, 2024 and as such, the Term Loan debt of $291.0 million, the Convertible Debentures debt of $263.6 million and the Revolving Credit Loans debt of $15.0 million are included in the current portion of long-term debt.
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
747000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
833000
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2024Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2024Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2024Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
one vote for each share
CY2024Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
0
CY2023Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
0
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
300000
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
300000
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
-0.018
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
-0.071
CY2024Q1 kldi Number Of Letters Of Credit
NumberOfLettersOfCredit
2
CY2024Q1 kldi Letters Of Credit As Additional Security For Lease Guarantees
LettersOfCreditAsAdditionalSecurityForLeaseGuarantees
600000

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