2021 Q2 Form 10-Q Financial Statement

#000177562521000068 Filed on August 09, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $174.2M $107.1M
YoY Change 62.67% -45.31%
Cost Of Revenue $45.86M $48.78M
YoY Change -5.98% 40.71%
Gross Profit $128.3M $58.30M
YoY Change 120.12% -63.82%
Gross Profit Margin 73.67% 54.45%
Selling, General & Admin $181.0M $103.2M
YoY Change 75.36% -35.67%
% of Gross Profit 141.04% 177.04%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.71M $13.92M
YoY Change 20.07% 174.59%
% of Gross Profit 13.02% 23.87%
Operating Expenses $181.0M $103.2M
YoY Change 75.36% -35.67%
Operating Profit -$53.20M -$74.02M
YoY Change -28.13% -10905.69%
Interest Expense -$1.939M -$10.10M
YoY Change -80.8% 197.06%
% of Operating Profit
Other Income/Expense, Net -$130.0K $1.765M
YoY Change -107.37% 4670.27%
Pretax Income -$55.27M -$96.10M
YoY Change -42.49% 197.52%
Income Tax -$12.00K -$1.419M
% Of Pretax Income
Net Earnings -$16.88M -$26.80M
YoY Change -37.01% -17.38%
Net Earnings / Revenue -9.69% -25.03%
Basic Earnings Per Share -$0.14 -$0.25
Diluted Earnings Per Share -$0.14 -$0.25
COMMON SHARES
Basic Shares Outstanding 118.3M shares 109.0M shares
Diluted Shares Outstanding 387.6M shares 385.1M shares

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $376.6M $389.0M
YoY Change -3.18% 160.9%
Cash & Equivalents $376.6M $389.0M
Short-Term Investments
Other Short-Term Assets $816.0K $1.939M
YoY Change -57.92% -83.28%
Inventory $32.95M $28.57M
Prepaid Expenses $14.91M $12.77M
Receivables $214.3M $232.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $642.0M $666.8M
YoY Change -3.72% 87.19%
LONG-TERM ASSETS
Property, Plant & Equipment $230.3M $174.9M
YoY Change 31.69% 101.49%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.010M
YoY Change
Other Assets $12.77M $11.29M
YoY Change 13.12%
Total Long-Term Assets $318.4M $298.8M
YoY Change 6.55% 60.39%
TOTAL ASSETS
Total Short-Term Assets $642.0M $666.8M
Total Long-Term Assets $318.4M $298.8M
Total Assets $960.4M $965.6M
YoY Change -0.54% 77.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.64M $34.49M
YoY Change -34.36% -30.75%
Accrued Expenses $98.79M $85.65M
YoY Change 15.34% 34.46%
Deferred Revenue $24.58M $41.52M
YoY Change -40.81%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $10.68M $30.80M
YoY Change -65.32% -8.06%
Total Short-Term Liabilities $163.5M $200.0M
YoY Change -18.27% 16.78%
LONG-TERM LIABILITIES
Long-Term Debt $733.4M $389.5M
YoY Change 88.29% 127.12%
Other Long-Term Liabilities $2.814M $43.77M
YoY Change -93.57% 7194.67%
Total Long-Term Liabilities $736.2M $433.3M
YoY Change 69.92% 151.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $163.5M $200.0M
Total Long-Term Liabilities $736.2M $433.3M
Total Liabilities $926.3M $667.7M
YoY Change 38.74% 94.48%
SHAREHOLDERS EQUITY
Retained Earnings -$238.7M -$170.6M
YoY Change 39.93%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $212.8M $318.0M
YoY Change
Total Liabilities & Shareholders Equity $960.4M $965.6M
YoY Change -0.54% 77.99%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$16.88M -$26.80M
YoY Change -37.01% -17.38%
Depreciation, Depletion And Amortization $16.71M $13.92M
YoY Change 20.07% 174.59%
Cash From Operating Activities -$31.01M -$15.44M
YoY Change 100.85% -73.88%
INVESTING ACTIVITIES
Capital Expenditures -$22.32M -$19.74M
YoY Change 13.09% 12.48%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$22.32M -$19.74M
YoY Change 13.09% 12.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.067M 199.7M
YoY Change -102.54% -1393.52%
NET CHANGE
Cash From Operating Activities -31.01M -15.44M
Cash From Investing Activities -22.32M -19.74M
Cash From Financing Activities -5.067M 199.7M
Net Change In Cash -58.40M 164.5M
YoY Change -135.49% -278.65%
FREE CASH FLOW
Cash From Operating Activities -$31.01M -$15.44M
Capital Expenditures -$22.32M -$19.74M
Free Cash Flow -$8.688M $4.300M
YoY Change -302.05% -110.35%

Facts In Submission

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17620000 USD
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27217000 USD
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4529000 USD
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sdc Adjustments To Additional Paid In Capital Capped Call Instruments
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us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
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us-gaap Profit Loss
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us-gaap Profit Loss
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sdc Depreciation And Amortization Excluding Amortization Of Debt Issuance Costs
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us-gaap Amortization Of Financing Costs
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us-gaap Amortization Of Financing Costs
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us-gaap Share Based Compensation
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sdc Gain Loss On Extinguishment Of Debt Cash
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us-gaap Paid In Kind Interest
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us-gaap Paid In Kind Interest
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0 USD
sdc Lease Abandonment And Impairment Of Long Lived Assets Non Cash
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25915000 USD
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798000 USD
sdc Finance Lease Right Of Use Asset Amortization And Other Changes
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4070000 USD
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Payments Of Stock Issuance Costs
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1155000 USD
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536000 USD
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0 USD
us-gaap Proceeds From Warrant Exercises
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29109000 USD
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632000 USD
us-gaap Proceeds From Stock Plans
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sdc Payments For Canceled Awards
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396497000 USD
sdc Payments For Canceled Awards
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us-gaap Payments Of Debt Extinguishment Costs
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sdc Proceeds From Lines Of Credit And Warrants
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388000000 USD
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sdc Payment For Capped Call Transactions
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us-gaap Distribution Made To Limited Partner Cash Distributions Paid
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193066000 USD
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1263000 USD
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318458000 USD
us-gaap Distribution Made To Limited Partner Cash Distributions Paid
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0 USD
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4609000 USD
us-gaap Repayments Of Other Long Term Debt
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5182000 USD
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4997000 USD
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204213000 USD
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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0 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
59924000 USD
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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388971000 USD
us-gaap Restructuring Costs And Asset Impairment Charges
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29109000 USD
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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Management Use of Estimates</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><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 condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that impact the reported amounts. On an ongoing basis, the Company evaluates its estimates, including those related to the fair values of financial instruments, useful lives of property, plant and equipment, revenue recognition, equity-based compensation, long-lived assets, and contingent liabilities, among others. In connection with its credit facility with HPS Investment Partners, the Company issued warrants to certain affiliates of HPS Investment Partners. The warrants were recorded at fair value within equity on the interim condensed consolidated balance sheets using the Black-Scholes option pricing model (see Note 9). Each of these estimates varies in regard to the level of judgment involved and its potential impact on the Company’s financial results. Estimates are considered critical either when a different estimate could have reasonably been used, or where changes in the estimate are reasonably likely to occur from period to period, and such use or change would materially impact the Company’s financial condition, results of operations, or cash flows. Actual results could differ from those estimates.</span></div>
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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RevenueFromContractWithCustomerImplicitPriceConcessions
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sdc Revenue From Contract With Customer Implicit Price Concessions
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CY2020Q2 us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
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33169000 USD
us-gaap Depreciation Depletion And Amortization
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us-gaap Capitalized Computer Software Additions
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us-gaap Capitalized Computer Software Additions
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us-gaap Capitalized Computer Software Amortization1
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6747000 USD
us-gaap Capitalized Computer Software Amortization1
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3282000 USD
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us-gaap Impairment Of Intangible Assets Excluding Goodwill
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us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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0 USD
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16747000 USD
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7886000 USD
us-gaap Operating Lease Impairment Loss
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us-gaap Operating Lease Impairment Loss
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7886000 USD
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24633000 USD
us-gaap Asset Impairment Charges
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us-gaap Asset Impairment Charges
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24633000 USD
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3823000 USD
us-gaap Business Exit Costs1
BusinessExitCosts1
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us-gaap Business Exit Costs1
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3823000 USD
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us-gaap Other Restructuring Costs
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CY2020Q2 us-gaap Restructuring Charges
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4476000 USD
us-gaap Restructuring Charges
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us-gaap Restructuring Charges
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4476000 USD
CY2021Q2 us-gaap Restructuring Reserve
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285345000 USD
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95350000 USD
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199944000 USD
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189995000 USD
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15667000 USD
CY2021Q2 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
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20261000 USD
CY2021Q2 us-gaap Accrued Marketing Costs Current
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32113000 USD
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19236000 USD
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27912000 USD
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7349000 USD
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14877000 USD
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100589000 USD
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CY2020Q2 us-gaap Current Federal Tax Expense Benefit
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us-gaap Current Federal Tax Expense Benefit
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us-gaap Current Federal Tax Expense Benefit
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CY2021Q2 us-gaap Current State And Local Tax Expense Benefit
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us-gaap Current Foreign Tax Expense Benefit
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us-gaap Deferred Income Tax Expense Benefit
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CY2021Q2 sdc Share Based Compensation Arrangement By Share Based Payment Award Number Of Award Types
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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1600000 USD
us-gaap Defined Contribution Plan Cost Recognized
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1661000 USD
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