2021 Q2 Form 10-Q Financial Statement

#000144181621000095 Filed on June 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $181.6M $130.3M
YoY Change 39.38% 45.8%
Cost Of Revenue $54.53M $37.68M
YoY Change 44.72% 33.74%
Gross Profit $127.1M $92.65M
YoY Change 37.2% 51.35%
Gross Profit Margin 69.98% 71.09%
Selling, General & Admin $123.8M $89.06M
YoY Change 39.02% 46.18%
% of Gross Profit 97.4% 96.12%
Research & Development $64.75M $45.63M
YoY Change 41.9% 47.83%
% of Gross Profit 50.94% 49.25%
Depreciation & Amortization $3.251M $2.864M
YoY Change 13.51% 24.63%
% of Gross Profit 2.56% 3.09%
Operating Expenses $188.6M $134.7M
YoY Change 40.0% 46.73%
Operating Profit -$61.45M -$42.04M
YoY Change 46.16% 37.49%
Interest Expense $3.658M $13.80M
YoY Change -73.48% 194.2%
% of Operating Profit
Other Income/Expense, Net -$437.0K -$625.0K
YoY Change -30.08% 50.6%
Pretax Income -$65.37M -$53.73M
YoY Change 21.65% 60.98%
Income Tax -$1.400M $200.0K
% Of Pretax Income
Net Earnings -$63.99M -$53.97M
YoY Change 18.58% 62.36%
Net Earnings / Revenue -35.23% -41.41%
Basic Earnings Per Share -$1.04
Diluted Earnings Per Share -$1.043M -$937.5K
COMMON SHARES
Basic Shares Outstanding 61.36M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $935.0M $977.0M
YoY Change -4.3% 105.08%
Cash & Equivalents $407.1M $700.6M
Short-Term Investments $528.0M $276.4M
Other Short-Term Assets $60.33M $42.60M
YoY Change 41.63% 45.89%
Inventory
Prepaid Expenses
Receivables $100.6M $80.76M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.096B $1.100B
YoY Change -0.4% 94.01%
LONG-TERM ASSETS
Property, Plant & Equipment $60.91M $57.91M
YoY Change 5.17% -3.97%
Goodwill $57.78M $55.83M
YoY Change 3.48% 33.32%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $89.41M $56.40M
YoY Change 58.53% 54.47%
Total Long-Term Assets $281.6M $236.4M
YoY Change 19.1% 41.53%
TOTAL ASSETS
Total Short-Term Assets $1.096B $1.100B
Total Long-Term Assets $281.6M $236.4M
Total Assets $1.378B $1.337B
YoY Change 3.05% 82.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.358M $3.184M
YoY Change 36.87% 53.08%
Accrued Expenses $27.37M $27.11M
YoY Change 0.95% 34.63%
Deferred Revenue $231.0M $173.1M
YoY Change 33.5% 34.94%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.297M $4.700M
YoY Change -8.57% 123.81%
Total Short-Term Liabilities $328.7M $241.0M
YoY Change 36.37% 35.28%
LONG-TERM LIABILITIES
Long-Term Debt $1.246B $981.2M
YoY Change 26.94% 246.96%
Other Long-Term Liabilities $61.65M $59.29M
YoY Change 3.99% -5.52%
Total Long-Term Liabilities $61.65M $59.29M
YoY Change 3.99% -5.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $328.7M $241.0M
Total Long-Term Liabilities $61.65M $59.29M
Total Liabilities $1.646B $1.274B
YoY Change 29.22% 161.9%
SHAREHOLDERS EQUITY
Retained Earnings -$946.8M -$722.4M
YoY Change 31.05% 37.36%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.319M $1.319M
YoY Change 0.0% 0.0%
Treasury Stock Shares 99.37K shares 99.37K shares
Shareholders Equity -$268.4M $63.04M
YoY Change
Total Liabilities & Shareholders Equity $1.378B $1.337B
YoY Change 3.05% 82.07%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$63.99M -$53.97M
YoY Change 18.58% 62.36%
Depreciation, Depletion And Amortization $3.251M $2.864M
YoY Change 13.51% 24.63%
Cash From Operating Activities $10.22M -$5.878M
YoY Change -273.82% -282.89%
INVESTING ACTIVITIES
Capital Expenditures $627.0K $1.505M
YoY Change -58.34% 286.89%
Acquisitions $4.469M $0.00
YoY Change
Other Investing Activities -$6.884M $4.720M
YoY Change -245.85% 381.63%
Cash From Investing Activities -$7.511M $3.212M
YoY Change -333.84% 447.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $1.000K
YoY Change -100.0% -96.67%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$25.25M -$2.290M
YoY Change 1002.79% -135.74%
NET CHANGE
Cash From Operating Activities $10.22M -$5.878M
Cash From Investing Activities -$7.511M $3.212M
Cash From Financing Activities -$25.25M -$2.290M
Net Change In Cash -$22.64M -$5.549M
YoY Change 308.04% -154.26%
FREE CASH FLOW
Cash From Operating Activities $10.22M -$5.878M
Capital Expenditures $627.0K $1.505M
Free Cash Flow $9.590M -$7.383M
YoY Change -229.89% -361.35%

Facts In Submission

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9027000 USD
CY2020Q2 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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5882000 USD
CY2020Q2 us-gaap Increase Decrease In Deferred Charges
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3063000 USD
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219000 USD
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-1027000 USD
CY2020Q2 us-gaap Increase Decrease In Operating Lease Liability
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-1126000 USD
CY2021Q2 us-gaap Increase Decrease In Contract With Customer Liability
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9749000 USD
CY2020Q2 us-gaap Increase Decrease In Contract With Customer Liability
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3349000 USD
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3791000 USD
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451000 USD
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10217000 USD
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627000 USD
CY2020Q2 us-gaap Payments To Acquire Property Plant And Equipment
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1505000 USD
CY2021Q2 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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4469000 USD
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0 USD
CY2021Q2 mdb Payments To Acquire Non Marketable Securities
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0 USD
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165000000 USD
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101479000 USD
CY2020Q2 us-gaap Payments To Acquire Marketable Securities
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160283000 USD
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CY2020Q2 us-gaap Net Cash Provided By Used In Investing Activities
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3212000 USD
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0 USD
CY2020Q2 us-gaap Payments Of Debt Issuance Costs
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4154000 USD
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3539000 USD
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3000000 USD
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0 USD
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1199000 USD
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1135000 USD
CY2021Q2 us-gaap Repayments Of Convertible Debt
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27594000 USD
CY2020Q2 us-gaap Repayments Of Convertible Debt
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0 USD
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CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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430222000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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706706000 USD
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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407580000 USD
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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701157000 USD
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995000 USD
CY2020Q2 us-gaap Income Taxes Paid Net
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553000 USD
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819000 USD
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884000 USD
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525000 USD
CY2020Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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512000 USD
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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407580000 USD
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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701157000 USD
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CY2021Q2 us-gaap Use Of Estimates
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<div style="margin-bottom:9pt;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 the interim unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Such estimates include, but are not limited to, revenue recognition, allowances for doubtful accounts, the incremental borrowing rate related to the Company’s lease liabilities, stock-based compensation, fair value of common stock prior to the initial public offering, legal contingencies, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, fair value of non-marketable securities and accounting for income taxes. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events.</span></div><div style="margin-bottom:9pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The ongoing COVID-19 pandemic has resulted in a global slowdown of economic activity that is likely to continue to decrease demand for a broad variety of goods and services, including from the Company’s customers, while also disrupting sales channels and marketing activities for an unknown period of time. The Company currently expects its revenue to continue to be negatively impacted by the slowdown in activity and other challenges associated with the ongoing COVID-19 pandemic in the near-term.</span></div>Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or adjust the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained and are recognized in the consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s financial statements.
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CY2021Q2 us-gaap Related Party Transaction Amounts Of Transaction
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25807000 USD
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23625000 USD
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26275000 USD
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2200000 USD
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6885000 USD
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P8Y8M12D
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7729000 USD
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57384000 USD
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130329000 USD
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181648000 USD
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130329000 USD
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238000000.0 USD
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P12M
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5700000 USD
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1646000 USD
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4404000 USD
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124500000 USD
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9700000 USD
CY2020Q2 us-gaap Capitalized Contract Cost Amortization
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6500000 USD
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0 USD
CY2020Q2 us-gaap Capitalized Contract Cost Impairment Loss
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CY2021Q2 us-gaap Capitalized Contract Cost Impairment Loss
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CY2021Q2 us-gaap Capitalized Contract Cost Impairment Loss
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P4Y9M18D
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P4Y7M6D
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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982426000 USD
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3566091 shares
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7.22
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
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1292303000 USD
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3303706 shares
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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7.32
CY2021Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P4Y6M
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
958531000 USD
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
50914000 USD
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
30567000 USD
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-63992000 USD
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-53967000 USD
CY2021Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
61361670 shares
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
57649524 shares
CY2021Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.04
CY2020Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.94
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1400000 USD
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
200000 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
17500000 USD

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