2021 Q4 Form 10-K Financial Statement

#000162828022004366 Filed on March 01, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $12.34M $31.94M $2.430M
YoY Change 407.98% 128.97% -58.1%
Cost Of Revenue $19.84M $46.09M $6.740M
YoY Change 194.33% 84.72% -7.8%
Gross Profit -$7.494M -$14.15M -$4.310M
YoY Change 73.87% 28.61% 185.43%
Gross Profit Margin -60.71% -44.29% -177.37%
Selling, General & Admin $34.42M $111.5M $15.70M
YoY Change 119.24% 199.66% 140.06%
% of Gross Profit
Research & Development $29.05M $88.86M $10.38M
YoY Change 179.85% 129.91% 8.13%
% of Gross Profit
Depreciation & Amortization $1.922M $4.162M $590.0K
YoY Change 225.76% 65.36% -3.28%
% of Gross Profit
Operating Expenses $63.47M $200.4M $26.09M
YoY Change 143.27% 164.13% 61.65%
Operating Profit -$70.96M -$214.6M -$30.40M
YoY Change 133.43% 146.97% 72.24%
Interest Expense $546.0K $2.028M -$1.230M
YoY Change -144.39% -29.71% 434.78%
% of Operating Profit
Other Income/Expense, Net -$3.477M -$24.70M -$255.3M
YoY Change -98.64% -91.03% 425433.33%
Pretax Income -$73.89M -$239.2M -$290.1M
YoY Change -74.53% -33.96% 1516.89%
Income Tax $0.00 -$1.262M
% Of Pretax Income
Net Earnings -$73.89M -$238.0M -$290.1M
YoY Change -74.53% -34.31% 1516.89%
Net Earnings / Revenue -598.61% -745.01% -11937.04%
Basic Earnings Per Share -$0.69
Diluted Earnings Per Share -$205.5K -$0.69 -$1.999M
COMMON SHARES
Basic Shares Outstanding 346.3M shares
Diluted Shares Outstanding 346.3M shares

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $792.1M $792.1M $485.7M
YoY Change 63.1% 63.09% 1339.44%
Cash & Equivalents $330.0M $330.0M $208.9M
Short-Term Investments $462.1M $462.1M $276.7M
Other Short-Term Assets $15.38M $15.38M $5.600M
YoY Change 174.57% 540.67%
Inventory $10.34M $10.34M $3.613M
Prepaid Expenses
Receivables $13.01M $22.92M $5.971M
Other Receivables $2.827M $4.637M $2.260M
Total Short-Term Assets $845.4M $845.4M $500.8M
YoY Change 68.81% 68.81% 1107.73%
LONG-TERM ASSETS
Property, Plant & Equipment $11.01M $20.15M $7.689M
YoY Change 43.18% 161.74% -2.26%
Goodwill $3.110M $701.0K
YoY Change 343.65% 0.0%
Intangibles $2.424M $0.00
YoY Change
Long-Term Investments $10.00M
YoY Change
Other Assets $12.46M $2.453M $1.151M
YoY Change 982.1% 104.42% -37.07%
Total Long-Term Assets $38.14M $38.14M $9.541M
YoY Change 299.78% 297.32% -8.23%
TOTAL ASSETS
Total Short-Term Assets $845.4M $845.4M $500.8M
Total Long-Term Assets $38.14M $38.14M $9.541M
Total Assets $883.5M $883.5M $510.4M
YoY Change 73.12% 73.11% 884.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.42M $14.42M $6.039M
YoY Change 138.76% 140.32% 74.74%
Accrued Expenses $19.84M $21.68M $10.45M
YoY Change 89.86% 205.31% 196.43%
Deferred Revenue $898.0K $2.284M
YoY Change -60.68% 915.11%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $91.00K $99.00K
YoY Change -100.0% -77.25% -98.73%
Total Short-Term Liabilities $39.00M $39.00M $16.59M
YoY Change 135.07% 134.93% 12.3%
LONG-TERM LIABILITIES
Long-Term Debt $609.0M $609.0M $302.0K
YoY Change 201541.39% 76019.63% -80.58%
Other Long-Term Liabilities $598.0K $37.60M $1.318M
YoY Change -54.63% -89.08% -5.92%
Total Long-Term Liabilities $598.0K $646.6M $1.620M
YoY Change -63.09% 87.41% -45.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $39.00M $39.00M $16.59M
Total Long-Term Liabilities $598.0K $646.6M $1.620M
Total Liabilities $685.6M $685.6M $361.6M
YoY Change 89.58% 89.59% 1818.25%
SHAREHOLDERS EQUITY
Retained Earnings -$822.5M -$584.5M
YoY Change 40.72% 163.05%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $235.9M $0.00
YoY Change
Treasury Stock Shares 15.26M shares 0.000 shares
Shareholders Equity $198.0M $198.0M $148.7M
YoY Change
Total Liabilities & Shareholders Equity $883.5M $883.5M $510.4M
YoY Change 73.12% 73.11% 884.02%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$73.89M -$238.0M -$290.1M
YoY Change -74.53% -34.31% 1516.89%
Depreciation, Depletion And Amortization $1.922M $4.162M $590.0K
YoY Change 225.76% 65.36% -3.28%
Cash From Operating Activities -$54.16M -$148.4M -$27.91M
YoY Change 94.07% 96.22% 88.58%
INVESTING ACTIVITIES
Capital Expenditures -$2.278M $6.433M -$220.0K
YoY Change 935.45% 192.14% -40.54%
Acquisitions
YoY Change
Other Investing Activities -$48.33M -$187.8M -$159.1M
YoY Change -69.62% -30.36% 2289.19%
Cash From Investing Activities -$50.61M -$194.2M -$159.3M
YoY Change -68.24% -28.55% 2166.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $231.6M
YoY Change 2315900.0%
Debt Paid & Issued, Net $112.0K
YoY Change -99.73%
Cash From Financing Activities 305.4M $463.6M 346.1M
YoY Change -11.74% -12.51% -13257.79%
NET CHANGE
Cash From Operating Activities -54.16M -$148.4M -27.91M
Cash From Investing Activities -50.61M -$194.2M -159.3M
Cash From Financing Activities 305.4M $463.6M 346.1M
Net Change In Cash 200.7M $121.0M 158.8M
YoY Change 26.36% -33.68% -749.22%
FREE CASH FLOW
Cash From Operating Activities -$54.16M -$148.4M -$27.91M
Capital Expenditures -$2.278M $6.433M -$220.0K
Free Cash Flow -$51.89M -$154.9M -$27.69M
YoY Change 87.39% 98.93% 91.89%

Facts In Submission

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CY2019 us-gaap Payments To Acquire Available For Sale Securities Debt
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PaymentsForSettlementOfFinancialInstrumentsSubjectToMandatoryRedemption
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ProceedsFromIssuanceOfFinancialInstrumentsSubjectToMandatoryRedemption
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InterestPaidNet
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CY2019 us-gaap Interest Paid Net
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2018000 USD
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0 USD
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0 USD
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7719000 USD
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0 USD
CY2020 lazr Financial Instruments Subject To Mandatory Redemption Converted To Common Stock
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0 USD
CY2019 lazr Financial Instruments Subject To Mandatory Redemption Converted To Common Stock
FinancialInstrumentsSubjectToMandatoryRedemptionConvertedToCommonStock
4925000 USD
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422813000 USD
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0 USD
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6527000 USD
CY2021 lazr Financial Instruments Subject To Mandatory Redemption Converted To Preferred Stock
FinancialInstrumentsSubjectToMandatoryRedemptionConvertedToPreferredStock
0 USD
CY2020 lazr Financial Instruments Subject To Mandatory Redemption Converted To Preferred Stock
FinancialInstrumentsSubjectToMandatoryRedemptionConvertedToPreferredStock
0 USD
CY2019 lazr Financial Instruments Subject To Mandatory Redemption Converted To Preferred Stock
FinancialInstrumentsSubjectToMandatoryRedemptionConvertedToPreferredStock
173726000 USD
CY2021 lazr Conversion Of Warrants Amount Issued
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338293000 USD
CY2020 lazr Conversion Of Warrants Amount Issued
ConversionOfWarrantsAmountIssued
30112000 USD
CY2019 lazr Conversion Of Warrants Amount Issued
ConversionOfWarrantsAmountIssued
0 USD
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0 USD
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ConversionOfTemporaryEquityAmountIssued
0 USD
CY2021 us-gaap Asset Acquisition Consideration Transferred Equity Interest Issued And Issuable
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10002000 USD
CY2020 us-gaap Asset Acquisition Consideration Transferred Equity Interest Issued And Issuable
AssetAcquisitionConsiderationTransferredEquityInterestIssuedAndIssuable
0 USD
CY2020 us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable
0 USD
CY2019 us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable
0 USD
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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2876000 USD
CY2019 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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0 USD
CY2021 lazr Assets Acquired On Capital Leases
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0 USD
CY2020 lazr Assets Acquired On Capital Leases
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CY2021 us-gaap Nature Of Operations
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Organization and Description of Business<div style="margin-bottom:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Luminar Technologies, Inc. and its wholly-owned subsidiaries (the “Company” or “Luminar”) was originally incorporated in Delaware on August 28, 2018 under the name Gores Metropoulos, Inc. (“Gores”). The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. On December 2, 2020 (the “Closing Date”), the Company (at such time named Gores Metropoulos, Inc.) consummated the business combination (the “Business Combination”) pursuant to the Agreement and Plan of Merger (the “Merger Agreement”), dated August 24, 2020 with the pre-Business Combination Luminar Technologies, Inc. (“Legacy Luminar”). Legacy Luminar was incorporated in Delaware on March 31, 2015. In connection with the consummation of the Business Combination, the Company changed its name from Gores Metropoulos, Inc. to Luminar Technologies, Inc. The Company’s common stock is listed on the NASDAQ under the symbol “LAZR.” The Company’s public warrants to purchase shares of Class A common stock were listed on the NASDAQ under the symbol “LAZRW,” until they were delisted on March 5, 2021 upon exercise and redemption.</span></div><div style="margin-bottom:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Unless the context otherwise requires, the “Company” refers to the combined company and its subsidiaries following the Business Combination, “Gores” refers to the Company prior to the Business Combination and “Legacy Luminar” refers to Luminar Technologies, Inc. prior to the Business Combination. Refer to Note 3 for further discussion of the Business Combination.</span></div><div style="margin-bottom:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is a developer of advanced sensor technologies and software for the autonomous vehicle industry, encompassing Laser Imaging, Detection and Ranging (lidar) technology. The Company manufactures and distributes commercial lidar sensors and certain components for autonomous vehicle industry. </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is headquartered in Orlando, Florida and has facilities in the United States in Palo Alto, California, Boston, Massachusetts, Colorado Springs, Colorado and internationally in Munich, Germany.</span></div>
CY2021 us-gaap Use Of Estimates
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<div style="margin-bottom:6pt"><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-bottom:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenues and expenses, and related disclosures. The significant estimates made by management include inventory reserves, valuation allowance for deferred tax assets, valuation of warrants, forecasted costs associated with non-recurring engineering (“NRE”) services, product warranty reserves, stock-based compensation expense and other loss contingencies. Management periodically evaluates such estimates and they are adjusted prospectively based upon such periodic evaluation. Actual results could differ from those estimates.</span></div>
CY2021 us-gaap Concentration Risk Credit Risk
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<div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="margin-bottom:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to significant concentrations of credit risk, consist primarily of cash and cash equivalents, marketable investments and accounts receivable. A significant portion of the Company’s cash and cash equivalents is held at high-quality domestic financial institutions. </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Deposits held with the financial institutions may, at </span></div>times, exceed the amount of insurance provided on such deposits. The Company’s revenue is derived from customers located in the United States and international markets.
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