$ME
23andMe Holding Co.

2021 Q1 Form 10-Q Financial Statement

#000119312521181058 Filed on June 03, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q4 2020 Q1
Revenue $88.58M $55.48M
YoY Change
Cost Of Revenue $44.05M $30.09M
YoY Change
Gross Profit $44.53M $25.39M
YoY Change
Gross Profit Margin 50.27% 45.76%
Selling, General & Admin $66.01M $28.85M
YoY Change
% of Gross Profit 148.24% 113.62%
Research & Development $45.60M $41.68M
YoY Change
% of Gross Profit 102.4% 164.19%
Depreciation & Amortization $20.25M $4.300M
YoY Change
% of Gross Profit 45.47% 16.94%
Operating Expenses $111.6M $70.53M
YoY Change
Operating Profit -$2.674M -$45.14M -$10.03K
YoY Change 26552.65%
Interest Expense $1.382M $53.00K
YoY Change
% of Operating Profit
Other Income/Expense, Net $25.97M $445.0K
YoY Change
Pretax Income -$67.01M -$44.65M
YoY Change
Income Tax $0.00
% Of Pretax Income
Net Earnings $23.30M -$44.65M -$10.03K
YoY Change -232339.75%
Net Earnings / Revenue 26.3% -80.47%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.542M -$460.4K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q4 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $80.00K $787.7K
YoY Change
Cash & Equivalents $282.5M $787.7K $25.00K
Short-Term Investments
Other Short-Term Assets $380.0K $448.9K
YoY Change
Inventory $6.239M
Prepaid Expenses $377.3K $448.9K
Receivables $2.481M
Other Receivables
Total Short-Term Assets $313.6M $1.237M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $60.88M
YoY Change
Goodwill $0.00
YoY Change
Intangibles
YoY Change
Long-Term Investments $508.7M $508.6M
YoY Change
Other Assets $654.0K
YoY Change
Total Long-Term Assets $138.5M $508.6M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $313.6M $1.237M
Total Long-Term Assets $138.5M $508.6M
Total Assets $452.1M $509.9M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.27M
YoY Change
Accrued Expenses $31.95M $31.75K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $121.6M $88.12M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $1.165M
YoY Change
Total Long-Term Liabilities $1.165M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $121.6M $88.12M
Total Long-Term Liabilities $1.165M $0.00
Total Liabilities $210.4M $88.12M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$977.2M -$48.60M
YoY Change
Common Stock $381.6M $918.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$595.6M -$681.4M -$620.9M
YoY Change
Total Liabilities & Shareholders Equity $452.1M $509.9M
YoY Change

Cashflow Statement

Concept 2021 Q1 2020 Q4 2020 Q1
OPERATING ACTIVITIES
Net Income $23.30M -$44.65M -$10.03K
YoY Change -232339.75%
Depreciation, Depletion And Amortization $20.25M $4.300M
YoY Change
Cash From Operating Activities -$1.007M -$33.99M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures -$7.374M -$6.585M
YoY Change
Acquisitions
YoY Change
Other Investing Activities $838.0K $838.0K
YoY Change
Cash From Investing Activities -$6.536M -$5.747M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $25.00K
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 300.0K 120.5M 25.00K
YoY Change 1100.0%
NET CHANGE
Cash From Operating Activities -1.007M -33.99M
Cash From Investing Activities -6.536M -5.747M
Cash From Financing Activities 300.0K 120.5M 25.00K
Net Change In Cash -706.8K 80.72M 25.00K
YoY Change -2927.3%
FREE CASH FLOW
Cash From Operating Activities -$1.007M -$33.99M
Capital Expenditures -$7.374M -$6.585M
Free Cash Flow $6.367M -$27.40M
YoY Change

Facts In Submission

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CY2021Q1 dei Entity Registrant Name
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VG Acquisition Corp.
CY2021Q1 dei Document Type
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CY2021Q1 dei Current Fiscal Year End Date
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CY2021Q1 dei Amendment Flag
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CY2021Q1 dei Entity Central Index Key
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CY2021Q1 dei Entity Filer Category
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CY2021Q1 dei Document Period End Date
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CY2021Q1 dei Entity Incorporation State Country Code
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CY2021Q1 dei Entity Address State Or Province
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CY2021Q1 dei Entity Interactive Data Current
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CY2021Q1 us-gaap Business Combination Acquired Receivables Description
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Following the closing of the Initial Public Offering on October 6, 2020, and the partial exercise of the over-allotment option on October 16, 2020, an amount of $508,550,000 from the proceeds of the sale of the Units in the Initial Public Offering and exercise of the over-allotment option, net of underwriting fees, and the sale of the Private Placement Warrants, net of the amount reserved for payment of offering costs and working capital purposes, was placed in a trust account (the “Trust Account”) located in the United States and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting certain conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of (i) the completion of a Business Combination and (ii) the distribution of the funds held in the Trust Account, as described below.
us-gaap Business Combination Indemnification Assets Description
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If the Company has not completed a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible, but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations (less up to $100,000 of interest income to pay dissolution expenses and which interest shall be net of taxes payable), divided by the number of then issued and outstanding Public Shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.
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(i) $10.00 per Public Share or (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per Public Share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims.
CY2021Q1 us-gaap Use Of Estimates
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<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Use of Estimates </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;">&#160;</div> <div style="text-indent: 9%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The preparation of unaudited condensed </div></div><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">consolidated</div> </div> <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">financial statements in conformity with GAAP requires the Company&#8217;s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed </div></div><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">consolidated</div> </div> <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">financial statements and the reported amounts of revenues and expenses during the reporting period. </div></div></div> <div style="text-indent: 9%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. </div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Concentration of Credit Risk </div></div></div></div> <div style="text-indent: 9%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the<div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div><div style="font-size: 10pt; letter-spacing: 0px; text-indent: 4%; top: 0px;;display:inline;">Federal Depository Insurance Coverage of $</div>250,000<div style="font-size: 10pt; letter-spacing: 0px; text-indent: 4%; top: 0px;;display:inline;">. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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DueToOtherRelatedPartiesNoncurrent
300000
CY2020Q1 vgac Offering Costs Included In Accrued Offering Costs
OfferingCostsIncludedInAccruedOfferingCosts
194294
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
0
CY2021Q1 vgac Operating Bank Account
OperatingBankAccount
100000
CY2021Q1 vgac Working Capital
WorkingCapital
1800000
CY2021Q1 vgac Payments Of Liquidity And Capital Resources
PaymentsOfLiquidityAndCapitalResources
25000

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0001193125-21-181058-index-headers.html Edgar Link pending
0001193125-21-181058-index.html Edgar Link pending
0001193125-21-181058.txt Edgar Link pending
0001193125-21-181058-xbrl.zip Edgar Link pending
d324683d10q.htm Edgar Link pending
d324683dex311.htm Edgar Link pending
d324683dex312.htm Edgar Link pending
d324683dex321.htm Edgar Link pending
d324683dex322.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending
vgac-20210331.xml Edgar Link completed
vgac-20210331.xsd Edgar Link pending
vgac-20210331_cal.xml Edgar Link unprocessable
vgac-20210331_def.xml Edgar Link unprocessable
vgac-20210331_lab.xml Edgar Link unprocessable
vgac-20210331_pre.xml Edgar Link unprocessable