2021 Q4 Form 10-K Financial Statement

#000180116922000027 Filed on February 24, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $3.822B $8.021B $248.9M
YoY Change 1435.64% 210.53% -80.18%
Cost Of Revenue $3.550B $7.291B $210.5M
YoY Change 1586.64% 208.55% -82.19%
Gross Profit $271.6M $730.0M $38.37M
YoY Change 607.96% 231.82% -48.13%
Gross Profit Margin 7.11% 9.1% 15.41%
Selling, General & Admin $342.1M $1.164B $92.10M
YoY Change 271.46% 234.48% -26.73%
% of Gross Profit 125.96% 159.45% 240.06%
Research & Development $31.84M $134.0M $12.40M
YoY Change 156.77% 131.03% -11.43%
% of Gross Profit 11.72% 18.36% 32.32%
Depreciation & Amortization $20.45M $27.00M $7.500M
YoY Change 172.65% 22.73% -15.73%
% of Gross Profit 7.53% 3.7% 19.55%
Operating Expenses $374.0M $1.298B $104.5M
YoY Change 257.85% 219.7% -25.2%
Operating Profit -$102.3M -$568.0M -$66.13M
YoY Change 54.75% 205.38% 0.6%
Interest Expense -$72.80M $143.0M -$11.10M
YoY Change 555.89% 110.29% -61.72%
% of Operating Profit
Other Income/Expense, Net -$15.60M $38.00M $700.0K
YoY Change -2328.71% 850.0% -76.67%
Pretax Income -$190.6M -$661.0M -$88.00M
YoY Change 116.53% 161.26% -4.14%
Income Tax $390.0K $1.000M -$200.0K
% Of Pretax Income
Net Earnings -$190.9M -$662.0M -$87.79M
YoY Change 117.49% 161.66% -4.28%
Net Earnings / Revenue -5.0% -8.25% -35.27%
Basic Earnings Per Share -$1.12 -$0.49
Diluted Earnings Per Share -$311.6K -$1.12 -$0.49
COMMON SHARES
Basic Shares Outstanding 612.6M shares 592.6M shares
Diluted Shares Outstanding 592.6M shares

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.215B $2.215B $1.461B
YoY Change 51.65% 51.68% 225.62%
Cash & Equivalents $1.731B $1.731B $1.413B
Short-Term Investments $484.0M $484.0M $47.64M
Other Short-Term Assets $91.00M $945.0M $24.00M
YoY Change 279.17% 701.53% -22.28%
Inventory $6.096B $6.096B $465.9M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $9.340B $9.340B $2.053B
YoY Change 354.94% 354.92% -1.66%
LONG-TERM ASSETS
Property, Plant & Equipment $45.00M $87.00M $29.00M
YoY Change 55.17% 10.55% -16.2%
Goodwill $60.00M $31.00M
YoY Change 93.55% 0.18%
Intangibles $12.00M $9.000M
YoY Change 33.33% -27.5%
Long-Term Investments
YoY Change
Other Assets $7.000M $7.000M $4.000M
YoY Change 75.0% 70.73% -25.84%
Total Long-Term Assets $166.0M $166.0M $123.0M
YoY Change 34.96% 35.51% -14.61%
TOTAL ASSETS
Total Short-Term Assets $9.340B $9.340B $2.053B
Total Long-Term Assets $166.0M $166.0M $123.0M
Total Assets $9.506B $9.506B $2.176B
YoY Change 336.86% 336.94% -2.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.000M $3.000M $2.800M
YoY Change 7.14% 7.14%
Accrued Expenses $66.00M $141.0M $11.00M
YoY Change 500.0% 258.78% -32.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.247B $4.247B $346.3M
YoY Change 1126.32% 1126.39% -67.76%
Total Short-Term Liabilities $4.400B $4.400B $393.0M
YoY Change 1019.59% 1018.45% -65.11%
LONG-TERM LIABILITIES
Long-Term Debt $2.816B $2.816B $135.5M
YoY Change 1978.23% 1978.23%
Other Long-Term Liabilities $42.00M $42.00M $94.00K
YoY Change 44580.85% -10.06% -54.81%
Total Long-Term Liabilities $2.858B $2.858B $94.00K
YoY Change 3040325.53% 1468.61% -54.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.400B $4.400B $393.0M
Total Long-Term Liabilities $2.858B $2.858B $94.00K
Total Liabilities $7.258B $7.258B $623.0M
YoY Change 1065.01% 1160.95% -60.65%
SHAREHOLDERS EQUITY
Retained Earnings -$1.705B -$1.043B
YoY Change 63.47% 31.94%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.248B $2.248B $1.600B
YoY Change
Total Liabilities & Shareholders Equity $9.506B $9.506B $2.176B
YoY Change 336.86% 336.94% -2.5%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$190.9M -$662.0M -$87.79M
YoY Change 117.49% 161.66% -4.28%
Depreciation, Depletion And Amortization $20.45M $27.00M $7.500M
YoY Change 172.65% 22.73% -15.73%
Cash From Operating Activities $109.6M -$5.794B -$355.5M
YoY Change -130.82% -949.56% -973.46%
INVESTING ACTIVITIES
Capital Expenditures -$10.33M $33.00M -$5.200M
YoY Change 98.69% 94.12% -16.13%
Acquisitions $33.00M
YoY Change
Other Investing Activities -$33.84M -$442.0M $34.30M
YoY Change -198.67% 9722.22% -468.82%
Cash From Investing Activities -$44.18M -$476.0M $28.90M
YoY Change -252.85% 2063.64% -286.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$886.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 668.9M $7.342B 1.189B
YoY Change -43.72% 4460.25% 31176.32%
NET CHANGE
Cash From Operating Activities 109.6M -$5.794B -355.5M
Cash From Investing Activities -44.18M -$476.0M 28.90M
Cash From Financing Activities 668.9M $7.342B 1.189B
Net Change In Cash 734.3M $1.072B 861.9M
YoY Change -14.81% 30.57% 2872.07%
FREE CASH FLOW
Cash From Operating Activities $109.6M -$5.794B -$355.5M
Capital Expenditures -$10.33M $33.00M -$5.200M
Free Cash Flow $119.9M -$5.827B -$350.3M
YoY Change -134.22% -976.24% -846.91%

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CY2020 us-gaap Profit Loss
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CY2021 us-gaap Use Of Estimates
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<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:12pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ materially from such estimates. Significant estimates, assumptions and judgments made by management include, among others, </span></div>the determination of the fair value of common stock, share-based awards, warrants, derivatives, and inventory valuation adjustment. Management believes that the estimates and judgments upon which they rely are reasonable based upon information available to them at the time that these estimates and judgments are made. To the extent that there are material differences between these estimates and actual results, the Company’s financial statements will be affected. The COVID-19 pandemic introduced significant additional uncertainties with respect to estimates, judgments and assumptions, which may materially impact these estimates.
CY2021 us-gaap Concentration Risk Credit Risk
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<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentrations of Credit Risk</span></div><div style="margin-top:12pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments, which potentially subject the Company to concentrations of credit risk, consist primarily of cash and cash equivalents, investments in marketable securities, and mortgage loans held for sale pledged under agreements to repurchase (“MLHFS”). The Company places cash and cash equivalents and investments with major financial institutions, which management assesses to be of high credit quality, in order to limit exposure of the Company’s investments.</span></div><div style="margin-top:12pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Similarly, the Company’s credit risk on mortgage loans held for sale is mitigated due to having a large number of customers. Further, the Company’s credit risk on mortgage loans held for sale is mitigated by the fact that the Company typically sells mortgages on the secondary market within a relatively short period of time after which the Company’s exposure is limited to borrower defaults within the initial few months of the mortgage.</span></div>
CY2020 us-gaap Impairment Of Investments
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0 USD
CY2019 us-gaap Impairment Of Investments
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CY2021 us-gaap Impairment Of Long Lived Assets Held For Use
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CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2021Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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CY2020Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
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CY2020Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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CY2021Q4 us-gaap Available For Sale Securities Debt Securities
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CY2021Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
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CY2020Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
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CY2020Q4 us-gaap Property Plant And Equipment Gross
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CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2019 us-gaap Depreciation Depletion And Amortization
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CY2021 us-gaap Depreciation Depletion And Amortization
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CY2020 us-gaap Operating Lease Cost
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CY2019 us-gaap Operating Lease Cost
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CY2021 us-gaap Variable Lease Cost
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CY2019 us-gaap Variable Lease Cost
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CY2020 us-gaap Short Term Lease Cost
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CY2019 us-gaap Short Term Lease Cost
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CY2021 us-gaap Lease Cost
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CY2020 us-gaap Lease Cost
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CY2019 us-gaap Lease Cost
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CY2021 us-gaap Operating Lease Payments
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CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2019 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2020 open Reduction In Right Of Use Assets And Liabilities Due To Termination Of Operating Leases
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2021Q4 us-gaap Operating Lease Liability
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CY2019 us-gaap Goodwill Impairment Loss
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CY2021 us-gaap Goodwill Impairment Loss
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CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
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CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Current
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CY2020 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
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P5Y4M24D
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164000000 USD
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CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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1.50
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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0
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CY2021 us-gaap Allocated Share Based Compensation Expense
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38000000 USD
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13000000 USD
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P7Y
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0
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0
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19933333 shares
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CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2021 us-gaap Current State And Local Tax Expense Benefit
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CY2021 us-gaap Current Federal State And Local Tax Expense Benefit
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CY2021 us-gaap Income Tax Expense Benefit
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CY2020 us-gaap Income Tax Expense Benefit
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CY2019 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2019 us-gaap Deferred Federal Income Tax Expense Benefit
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