2023 Q4 Form 10-Q Financial Statement

#000178217023000199 Filed on November 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $264.8M $241.6M
YoY Change 38.59% 42.76%
Cost Of Revenue $89.12M $85.70M
YoY Change 24.01% 22.65%
Gross Profit $175.6M $155.9M
YoY Change 47.39% 56.86%
Gross Profit Margin 66.34% 64.52%
Selling, General & Admin $143.9M $132.4M
YoY Change 47.92% 36.52%
% of Gross Profit 81.94% 84.93%
Research & Development $59.24M $57.01M
YoY Change 38.14% 57.59%
% of Gross Profit 33.73% 36.57%
Depreciation & Amortization $3.488M $3.418M
YoY Change 88.13% 85.46%
% of Gross Profit 1.99% 2.19%
Operating Expenses $206.6M $57.01M
YoY Change 45.49% -57.77%
Operating Profit -$31.00M -$36.90M
YoY Change 35.56% 3.61%
Interest Expense $1.461M $585.0K
YoY Change -24.96% -45.33%
% of Operating Profit
Other Income/Expense, Net -$64.00K $283.0K
YoY Change -105.86% -83.97%
Pretax Income -$29.60M -$35.40M
YoY Change 49.3% 7.98%
Income Tax $5.417M $258.0K
% Of Pretax Income
Net Earnings -$35.02M -$35.66M
YoY Change 80.57% 7.82%
Net Earnings / Revenue -13.23% -14.76%
Basic Earnings Per Share -$0.20
Diluted Earnings Per Share -$0.19 -$0.20
COMMON SHARES
Basic Shares Outstanding 185.2M shares 181.2M shares
Diluted Shares Outstanding 182.6M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $519.6M $439.5M
YoY Change 13.27% -17.39%
Cash & Equivalents $323.7M $223.3M
Short-Term Investments
Other Short-Term Assets $1.317M $30.00M
YoY Change -93.19% 49.11%
Inventory
Prepaid Expenses $11.12M
Receivables
Other Receivables $0.00
Total Short-Term Assets $932.1M $728.8M
YoY Change 39.24% 9.41%
LONG-TERM ASSETS
Property, Plant & Equipment $16.01M $14.71M
YoY Change 38.66% -25.28%
Goodwill $54.94M $54.94M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.071M $6.106M
YoY Change 13.79% 35.33%
Total Long-Term Assets $104.2M $103.9M
YoY Change 292.66% 329.36%
TOTAL ASSETS
Total Short-Term Assets $932.1M $728.8M
Total Long-Term Assets $104.2M $103.9M
Total Assets $1.036B $832.8M
YoY Change 48.9% 20.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $35.05M $17.86M
YoY Change 415.91% 118.35%
Accrued Expenses $145.8M $131.7M
YoY Change 66.15% 28.16%
Deferred Revenue
YoY Change
Short-Term Debt $2.481M $2.354M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $366.8M $300.4M
YoY Change 75.4% 39.21%
LONG-TERM LIABILITIES
Long-Term Debt $130.0M $0.00
YoY Change
Other Long-Term Liabilities $5.653M $812.0K
YoY Change 438.38% -89.93%
Total Long-Term Liabilities $135.7M $812.0K
YoY Change 12819.33% -89.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $366.8M $300.4M
Total Long-Term Liabilities $135.7M $812.0K
Total Liabilities $507.0M $307.0M
YoY Change 134.85% 37.13%
SHAREHOLDERS EQUITY
Retained Earnings -$491.3M -$456.3M
YoY Change 31.55% 28.87%
Common Stock $19.00K $19.00K
YoY Change 11.76% 11.76%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $529.3M $525.8M
YoY Change
Total Liabilities & Shareholders Equity $1.036B $832.8M
YoY Change 48.9% 20.63%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$35.02M -$35.66M
YoY Change 80.57% 7.82%
Depreciation, Depletion And Amortization $3.488M $3.418M
YoY Change 88.13% 85.46%
Cash From Operating Activities -$34.47M $32.35M
YoY Change -55.44% -160.11%
INVESTING ACTIVITIES
Capital Expenditures $2.584M $2.610M
YoY Change 6.78% -278.64%
Acquisitions
YoY Change
Other Investing Activities -$3.000K $0.00
YoY Change -102.36% -100.0%
Cash From Investing Activities -$2.587M -$2.610M
YoY Change 12.82% 42.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 136.2M -32.67M
YoY Change 4626.48% -970.5%
NET CHANGE
Cash From Operating Activities -34.47M 32.35M
Cash From Investing Activities -2.587M -2.610M
Cash From Financing Activities 136.2M -32.67M
Net Change In Cash 99.11M -2.930M
YoY Change -229.12% -94.35%
FREE CASH FLOW
Cash From Operating Activities -$34.47M $32.35M
Capital Expenditures $2.584M $2.610M
Free Cash Flow -$37.05M $29.74M
YoY Change -53.55% -156.8%

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CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
224042000 usd
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
376532000 usd
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170 country
us-gaap Use Of Estimates
UseOfEstimates
Use of Estimates The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed within the condensed consolidated financial statements and accompanying notes. These estimates and assumptions include, but are not limited to, revenue recognition including the treatment of sales incentive programs, reserves for transaction losses, stock-based compensation expense, the carrying value of operating lease right-of-use assets, the recoverability of deferred tax assets, capitalization of software development costs, goodwill, and the recoverability of intangible assets. The key assumptions applied for value of the intangible assets include forecasted revenue and growth rates for a hypothetical market participant, selected discount rates, as well as migration curves for developed technology. The Company bases its estimates on historical experience and on assumptions that management considers reasonable. Actual results could differ from these estimates and assumptions, and these differences could be material to the condensed consolidated financial statements.
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Concentration of Credit Risk </span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, disbursement prefunding, restricted cash, and customer funds receivable. The Company maintains cash and cash equivalents and restricted cash balances that may exceed the insured limits by the Federal Deposit Insurance Corporation. In addition, the Company funds its international operations using accounts with institutions in the major countries where its subsidiaries operate. The Company also prefunds amounts which are held by its disbursement partners, which are typically located in India, Mexico, and the Philippines. The Company has not experienced any significant losses on its deposits of cash and cash equivalents, disbursement prefunding, restricted cash, or customer funds receivable in the three and nine months ended September 30, 2023 and 2022.</span></div>
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34600000 usd
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AdvertisingExpense
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us-gaap Advertising Expense
AdvertisingExpense
105200000 usd
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626000 usd
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ContractWithCustomerLiability
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ContractWithCustomerLiability
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ContractWithCustomerLiability
889000 usd
CY2022Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1122000 usd
CY2023Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
889000 usd
CY2022Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1122000 usd
CY2023Q3 us-gaap Contract With Customer Liability Revenue Recognized
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296000 usd
CY2022Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
449000 usd
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602000 usd
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RevenueFromContractWithCustomerSalesIncentive
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RevenueFromContractWithCustomerSalesIncentive
37415000 usd
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31328000 usd
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462528000 usd
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38919000 usd
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30063000 usd
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4900000 usd
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HostingArrangementServiceContractImplementationCostCapitalizedAdditions
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HostingArrangementServiceContractImplementationCostCapitalizedAdditions
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HostingArrangementServiceContractImplementationCostCapitalizedAdditions
1097000 usd
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475000 usd
CY2022Q3 us-gaap Hosting Arrangement Service Contract Implementation Cost Expense Amortization
HostingArrangementServiceContractImplementationCostExpenseAmortization
170000 usd
us-gaap Hosting Arrangement Service Contract Implementation Cost Expense Amortization
HostingArrangementServiceContractImplementationCostExpenseAmortization
1235000 usd
us-gaap Hosting Arrangement Service Contract Implementation Cost Expense Amortization
HostingArrangementServiceContractImplementationCostExpenseAmortization
432000 usd
CY2023Q3 us-gaap Hosting Arrangement Service Contract Implementation Cost Capitalized After Accumulated Amortization
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3972000 usd
CY2022Q4 us-gaap Hosting Arrangement Service Contract Implementation Cost Capitalized After Accumulated Amortization
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CY2023Q3 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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1900000 usd
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13800000 usd
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CY2023Q3 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
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BusinessCombinationAcquisitionRelatedCosts
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BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
900000 usd
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CY2022Q3 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
1800000 usd
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
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BusinessCombinationAcquisitionRelatedCosts
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BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual
3200000 usd
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10100000 usd
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21500000 usd
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FiniteLivedIntangibleAssetsAccumulatedAmortization
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CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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2400000 usd
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CY2023Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
47500000 usd
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LettersOfCreditOutstandingAmount
22300000 usd
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NetIncomeLoss
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CommonStockVotingRightsVotes
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us-gaap Dividends Common Stock
DividendsCommonStock
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DividendsCommonStock
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CY2023Q3 us-gaap Noncash Contribution Expense
NoncashContributionExpense
4600000 usd
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NoncashContributionExpense
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P6Y9M14D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
119467000 usd
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P6Y1M17D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
238255000 usd
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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186326000 usd
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
237534000 usd
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0 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.78
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
7068000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
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9561000 usd
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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59845000 usd
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
30850000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
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36573000 usd
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25745000 usd
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AllocatedShareBasedCompensationExpense
101007000 usd
us-gaap Allocated Share Based Compensation Expense
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67880000 usd
us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
1400000 usd
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1400000 usd
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1355000 usd
us-gaap Restructuring Charges
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1355000 usd
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685000 usd
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0.007
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0.006
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CY2023Q3 rely Trade Settlement Liability
TradeSettlementLiability
42612000 usd
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TradeSettlementLiability
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16936000 usd
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11394000 usd
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4026000 usd
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13764000 usd
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BusinessCombinationContingentConsiderationLiabilityCurrent
0 usd
CY2023Q3 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
5990000 usd
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TaxesPayableCurrentAndNoncurrent
8288000 usd
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LossContingencyAccrualCarryingValueCurrent
2883000 usd
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3762000 usd
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13965000 usd
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CY2022Q4 us-gaap Accrued Liabilities Current
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CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
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CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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