2020 Q2 Form 10-Q Financial Statement

#000156459020038953 Filed on August 10, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019 Q1
Revenue $36.50M $21.69M $23.02M
YoY Change 68.32%
Cost Of Revenue $8.727M $6.890M $5.119M
YoY Change 26.66%
Gross Profit $27.77M $45.57M $17.90M
YoY Change -39.05%
Gross Profit Margin 76.09% 210.14% 77.77%
Selling, General & Admin $19.02M $8.460M $8.677M
YoY Change 124.8%
% of Gross Profit 68.48% 18.56% 48.46%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $300.0K $200.0K $100.0K
YoY Change 50.0%
% of Gross Profit 1.08% 0.44% 0.56%
Operating Expenses $19.02M $46.83M $8.677M
YoY Change -59.39% 116975.0%
Operating Profit -$6.690M $5.626M $6.313M
YoY Change -218.91% -6.16% 274.9%
Interest Expense -$3.704M -$1.470M -$1.449M
YoY Change 152.04%
% of Operating Profit -26.12% -22.95%
Other Income/Expense, Net -$80.41M -$1.470M -$1.449M
YoY Change 5370.91%
Pretax Income -$87.10M $4.156M $4.864M
YoY Change -2195.64%
Income Tax -$3.900M $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings -$79.30M $4.156M $4.864M
YoY Change -2007.97% -7.31% 2587.51%
Net Earnings / Revenue -217.25% 19.17% 21.13%
Basic Earnings Per Share
Diluted Earnings Per Share -$302.3K $132.5K $129.2K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $165.9M $0.00 $200.0K
YoY Change -100.0%
Cash & Equivalents $179.7M $18.31M $19.50M
Short-Term Investments
Other Short-Term Assets $4.600M $100.0K $100.0K
YoY Change 4500.0% 0.0%
Inventory
Prepaid Expenses
Receivables $14.20M
Other Receivables $0.00
Total Short-Term Assets $184.8M $100.0K $200.0K
YoY Change 184700.0% -92.31%
LONG-TERM ASSETS
Property, Plant & Equipment $1.789M
YoY Change
Goodwill $412.2M $119.5M $119.5M
YoY Change 244.83%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $39.60M $266.4M $264.8M
YoY Change -85.14% 2.23% 132300.0%
Total Long-Term Assets $795.3M $266.4M $264.8M
YoY Change 198.54% 2.23% 132300.0%
TOTAL ASSETS
Total Short-Term Assets $184.8M $100.0K $200.0K
Total Long-Term Assets $795.3M $266.4M $264.8M
Total Assets $980.1M $266.5M $265.0M
YoY Change 267.77% 1.76% 132400.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.20M $1.700M $1.000M
YoY Change 500.0% 466.67%
Accrued Expenses $15.90M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $600.0K $300.0K
YoY Change -100.0% 50.0%
Long-Term Debt Due $7.176M
YoY Change
Total Short-Term Liabilities $59.30M $2.200M $1.300M
YoY Change 2595.45% 633.33% 550.0%
LONG-TERM LIABILITIES
Long-Term Debt $252.5M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $10.90M $9.700M $9.700M
YoY Change 12.37% 0.0%
Total Long-Term Liabilities $401.2M $9.700M $9.700M
YoY Change 4036.32% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $59.30M $2.200M $1.300M
Total Long-Term Liabilities $401.2M $9.700M $9.700M
Total Liabilities $460.6M $11.90M $11.00M
YoY Change 3770.21% 19.0% 5400.0%
SHAREHOLDERS EQUITY
Retained Earnings -$160.0M
YoY Change
Common Stock $526.6M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $359.7M $254.6M $254.0M
YoY Change
Total Liabilities & Shareholders Equity $980.1M $266.5M $265.0M
YoY Change 267.77% 1.76% 132400.0%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income -$79.30M $4.156M $4.864M
YoY Change -2007.97% -7.31% 2587.51%
Depreciation, Depletion And Amortization $300.0K $200.0K $100.0K
YoY Change 50.0%
Cash From Operating Activities $850.0K -$330.0K -$343.0K
YoY Change -357.58%
INVESTING ACTIVITIES
Capital Expenditures -$4.960M $102.5K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$470.0K $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$5.430M $2.040M -$2.041M
YoY Change -366.18% -100.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.225M
YoY Change
Cash From Financing Activities 139.9M 1.940M -1.377M
YoY Change 7111.34% -99.26% 6783.82%
NET CHANGE
Cash From Operating Activities 850.0K -330.0K -343.0K
Cash From Investing Activities -5.430M 2.040M -2.041M
Cash From Financing Activities 139.9M 1.940M -1.377M
Net Change In Cash 135.3M 3.650M -3.761M
YoY Change 3607.4% 211.97% 18704.99%
FREE CASH FLOW
Cash From Operating Activities $850.0K -$330.0K -$343.0K
Capital Expenditures -$4.960M $102.5K
Free Cash Flow $5.810M -$445.5K
YoY Change

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<p style="margin-top:10pt;text-align:justify;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:bold;"> </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.41%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with GAAP requires 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 financial statements and the reported consolidated statements of operations during the reporting period. Actual results could differ materially from those estimates.</p>
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2020Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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CY2019Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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CY2019Q4 us-gaap Assets Fair Value Disclosure
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CY2019Q4 us-gaap Contingent Consideration Classified As Equity Fair Value Disclosure
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CY2019Q4 rpay Tax Receivable Agreement Fair Value Disclosure
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CY2019Q4 us-gaap Financial Liabilities Fair Value Disclosure
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us-gaap Depreciation
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us-gaap Depreciation
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rpay Number Of Trade Names
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CY2020Q2 us-gaap Finite Lived Intangible Assets Net
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us-gaap Amortization Of Intangible Assets
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us-gaap Goodwill Acquired During Period
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us-gaap Goodwill Written Off Related To Sale Of Business Unit
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us-gaap Goodwill Impairment Loss
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CY2020Q2 us-gaap Deferred Finance Costs Net
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rpay Percentage Of Initial Principal Amount Of The Term Loans
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CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
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CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
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CY2020Q2 us-gaap Debt Instrument Carrying Amount
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CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
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CY2020Q2 us-gaap Due To Related Parties Current
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CY2019Q4 us-gaap Due To Related Parties Current
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CY2020Q2 us-gaap Business Combination Integration Related Costs
BusinessCombinationIntegrationRelatedCosts
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us-gaap Business Combination Integration Related Costs
BusinessCombinationIntegrationRelatedCosts
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CY2019Q2 us-gaap Business Combination Integration Related Costs
BusinessCombinationIntegrationRelatedCosts
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us-gaap Business Combination Integration Related Costs
BusinessCombinationIntegrationRelatedCosts
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CY2020Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
29100000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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CY2020Q2 us-gaap Allocated Share Based Compensation Expense
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CY2018Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
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CY2018Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
289
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
245.02
CY2019Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
9171
CY2019Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
180.87
CY2019Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
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CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2020Q2 rpay Effective Income Tax Rate Reconciliation At Federal And State Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalAndStateStatutoryIncomeTaxRate
0.24
rpay Effective Income Tax Rate Reconciliation At Federal And State Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalAndStateStatutoryIncomeTaxRate
0.24
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2020Q2 us-gaap Deferred Income Tax Assets Net
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25800000
rpay Additional Deferred Tax Asset And Offsetting Deferred Tax Liability Amount
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8300000
CY2020Q2 rpay Percentage Of Valuation Allowance Recognized
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1
CY2020Q2 us-gaap Liability For Uncertain Tax Positions Current
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0
CY2019Q3 rpay Percentage Of Tax Benefits Payable Under Tax Receivable Agreement
PercentageOfTaxBenefitsPayableUnderTaxReceivableAgreement
1
CY2020Q2 rpay Tax Receivable Agreement Liability
TaxReceivableAgreementLiability
107600000
CY2020Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
11100000

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