2022 Q2 Form 10-Q Financial Statement

#000177562522000074 Filed on August 08, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2021 Q4 2021 Q2
Revenue $125.8M $126.3M $174.2M
YoY Change -27.78% -31.57% 62.67%
Cost Of Revenue $34.08M $44.36M $45.86M
YoY Change -25.7% -8.53% -5.98%
Gross Profit $91.72M $81.92M $128.3M
YoY Change -28.52% -39.77% 120.12%
Gross Profit Margin 72.91% 64.87% 73.67%
Selling, General & Admin $143.5M $161.4M $181.0M
YoY Change -20.71% 9.13% 75.36%
% of Gross Profit 156.46% 197.02% 141.04%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $19.58M $18.46M $16.71M
YoY Change 17.18% -67.27% 20.07%
% of Gross Profit 21.35% 22.53% 13.02%
Operating Expenses $143.5M $173.0M $181.0M
YoY Change -20.71% 9.77% 75.36%
Operating Profit -$54.96M -$93.22M -$53.20M
YoY Change 3.3% 385.52% -28.13%
Interest Expense -$4.454M -$1.877M -$1.939M
YoY Change 129.71% -87.81% -80.8%
% of Operating Profit
Other Income/Expense, Net -$5.818M -$576.0K -$130.0K
YoY Change 4375.38% -119.2% -107.37%
Pretax Income -$65.23M -$95.67M -$55.27M
YoY Change 18.02% 202.76% -42.49%
Income Tax $256.0K -$308.0K -$12.00K
% Of Pretax Income
Net Earnings -$20.31M -$29.26M -$16.88M
YoY Change 20.29% 200.82% -37.01%
Net Earnings / Revenue -16.14% -23.17% -9.69%
Basic Earnings Per Share -$0.17 -$0.14
Diluted Earnings Per Share -$0.17 -$245.5K -$0.14
COMMON SHARES
Basic Shares Outstanding 120.8M shares 119.2M shares 118.3M shares
Diluted Shares Outstanding 389.7M shares 388.4M shares 387.6M shares

Balance Sheet

Concept 2022 Q2 2021 Q4 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $158.3M $224.9M $376.6M
YoY Change -57.98% -29.0% -3.18%
Cash & Equivalents $158.3M $224.9M $376.6M
Short-Term Investments
Other Short-Term Assets $6.917M $580.0K $816.0K
YoY Change 747.67% -58.75% -57.92%
Inventory $43.11M $40.80M $32.95M
Prepaid Expenses $12.25M $11.50M $14.91M
Receivables $166.5M $184.6M $214.3M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $391.7M $467.7M $642.0M
YoY Change -38.99% -19.46% -3.72%
LONG-TERM ASSETS
Property, Plant & Equipment $234.4M $252.1M $230.3M
YoY Change 1.77% 13.98% 31.69%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $6.855M $2.989M $1.010M
YoY Change 578.71%
Other Assets $19.35M $15.48M $12.77M
YoY Change 51.5% 34.76% 13.12%
Total Long-Term Assets $308.8M $326.8M $318.4M
YoY Change -3.0% 7.5% 6.55%
TOTAL ASSETS
Total Short-Term Assets $391.7M $467.7M $642.0M
Total Long-Term Assets $308.8M $326.8M $318.4M
Total Assets $700.6M $794.6M $960.4M
YoY Change -27.05% -10.2% -0.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $33.78M $19.92M $22.64M
YoY Change 49.22% -45.93% -34.36%
Accrued Expenses $91.06M $122.1M $98.79M
YoY Change -7.82% 21.35% 15.34%
Deferred Revenue $17.35M $20.26M $24.58M
YoY Change -29.39% -23.9% -40.81%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.189M $11.00M $10.68M
YoY Change -42.06% -29.96% -65.32%
Total Short-Term Liabilities $154.3M $178.2M $163.5M
YoY Change -5.62% -4.45% -18.27%
LONG-TERM LIABILITIES
Long-Term Debt $786.0M $730.0M $733.4M
YoY Change 7.16% 85.77% 88.29%
Other Long-Term Liabilities $349.0K $347.0K $2.814M
YoY Change -87.6% -99.2% -93.57%
Total Long-Term Liabilities $786.3M $730.3M $736.2M
YoY Change 6.8% 67.37% 69.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $154.3M $178.2M $163.5M
Total Long-Term Liabilities $786.3M $730.3M $736.2M
Total Liabilities $959.1M $928.9M $926.3M
YoY Change 3.54% 42.77% 38.74%
SHAREHOLDERS EQUITY
Retained Earnings -$338.2M -$295.3M -$238.7M
YoY Change 41.71% 53.11% 39.93%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $141.2M $171.5M $212.8M
YoY Change
Total Liabilities & Shareholders Equity $700.6M $794.6M $960.4M
YoY Change -27.05% -10.2% -0.54%

Cashflow Statement

Concept 2022 Q2 2021 Q4 2021 Q2
OPERATING ACTIVITIES
Net Income -$20.31M -$29.26M -$16.88M
YoY Change 20.29% 200.82% -37.01%
Depreciation, Depletion And Amortization $19.58M $18.46M $16.71M
YoY Change 17.18% -67.27% 20.07%
Cash From Operating Activities -$17.84M -$43.45M -$31.01M
YoY Change -42.47% 191.43% 100.85%
INVESTING ACTIVITIES
Capital Expenditures -$17.75M -$36.28M -$22.32M
YoY Change -20.47% 27.89% 13.09%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$17.75M -$36.28M -$22.32M
YoY Change -20.47% 27.89% 13.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 49.02M -3.094M -5.067M
YoY Change -1067.38% -76.25% -102.54%
NET CHANGE
Cash From Operating Activities -17.84M -43.45M -31.01M
Cash From Investing Activities -17.75M -36.28M -22.32M
Cash From Financing Activities 49.02M -3.094M -5.067M
Net Change In Cash 13.42M -82.83M -58.40M
YoY Change -122.98% 47.09% -135.49%
FREE CASH FLOW
Cash From Operating Activities -$17.84M -$43.45M -$31.01M
Capital Expenditures -$17.75M -$36.28M -$22.32M
Free Cash Flow -$86.00K -$7.169M -$8.688M
YoY Change -99.01% -153.26% -302.05%

Facts In Submission

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us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Net Cash Provided By Used In Investing Activities
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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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us-gaap Distribution Made To Limited Partner Cash Distributions Paid
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us-gaap Finance Lease Principal Payments
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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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 at the time of issuance within equity on the interim condensed consolidated balance sheet 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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us-gaap Selling And Marketing Expense
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us-gaap Selling And Marketing Expense
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us-gaap Depreciation Depletion And Amortization
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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 Impairment Of Intangible Assets Excluding Goodwill
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sdc Incentive Retention Payments Vesting Period
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185430000 usd
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150622000 usd
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210574000 usd
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CY2022Q2 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
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FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization
10163000 usd
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FinanceLeaseRightOfUseAssetAccumulatedAmortization
18968000 usd
CY2021Q4 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
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18013000 usd
CY2022Q2 us-gaap Accrued Marketing Costs Current
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27412000 usd
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37883000 usd
CY2022Q2 us-gaap Accrued Salaries Current
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AccruedLiabilitiesCurrent
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CY2022Q2 us-gaap Income Tax Expense Benefit
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IncomeTaxExpenseBenefit
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CY2021Q2 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2022Q2 us-gaap Finance Lease Liability
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CY2021Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
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CY2021Q1 us-gaap Share Price
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CY2022Q2 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
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CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
740970000 usd
CY2022Q2 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
6189000 usd
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
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CY2022Q2 us-gaap Long Term Debt Noncurrent
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CY2021Q4 us-gaap Long Term Debt Noncurrent
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CY2021Q1 sdc Payments To Fund Equity Transactions
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CY2022Q2 sdc Debt Issuance Costs Remaining For Amortization
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CY2022Q2 us-gaap Debt Instrument Collateral Amount
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CY2020Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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CY2019Q3 sdc Members Units Required Redemption Shares
MembersUnitsRequiredRedemptionShares
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CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
0 usd
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
0 usd
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
0 usd
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
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CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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CY2022Q2 us-gaap Debt Instrument Carrying Amount
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CY2022Q2 sdc Share Based Compensation Arrangement By Share Based Payment Award Number Of Award Types
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAwardTypes
2 award_type
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8560000 usd
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12008000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2022Q2 us-gaap Profit Loss
ProfitLoss
-65486000 usd
CY2021Q2 us-gaap Profit Loss
ProfitLoss
-55257000 usd
us-gaap Profit Loss
ProfitLoss
-138690000 usd
us-gaap Profit Loss
ProfitLoss
-150902000 usd
CY2022Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-45181000 usd
CY2021Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-38377000 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-95804000 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-105113000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-20305000 usd
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-16880000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2022Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
45181000 usd
CY2021Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
38377000 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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95804000 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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105113000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
120818400 shares
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
118344050 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
120507211 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2022Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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CY2021Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
269265627 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
389483239 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.36
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.39
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.17
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.14
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.36
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.39
CY2022Q2 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
719000 usd
CY2021Q2 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
780000 usd
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
1554000 usd
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
1600000 usd
CY2022Q2 us-gaap Revenues
Revenues
125796000 usd
CY2022Q2 us-gaap Income Loss Including Portion Attributable To Noncontrolling Interest
IncomeLossIncludingPortionAttributableToNoncontrollingInterest
-65230000 usd
CY2022Q2 sdc Adjusted Earnings Before Interest Expense Net Provision Benefit For Income Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestExpenseNetProvisionBenefitForIncomeTaxesDepreciationAndAmortization
-23162000 usd
us-gaap Revenues
Revenues
277442000 usd
us-gaap Income Loss Including Portion Attributable To Noncontrolling Interest
IncomeLossIncludingPortionAttributableToNoncontrollingInterest
-139897000 usd
sdc Adjusted Earnings Before Interest Expense Net Provision Benefit For Income Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestExpenseNetProvisionBenefitForIncomeTaxesDepreciationAndAmortization
-57603000 usd
CY2021Q2 us-gaap Revenues
Revenues
174181000 usd
CY2021Q2 us-gaap Income Loss Including Portion Attributable To Noncontrolling Interest
IncomeLossIncludingPortionAttributableToNoncontrollingInterest
-55269000 usd
CY2021Q2 sdc Adjusted Earnings Before Interest Expense Net Provision Benefit For Income Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestExpenseNetProvisionBenefitForIncomeTaxesDepreciationAndAmortization
-22476000 usd
us-gaap Revenues
Revenues
373642000 usd
us-gaap Income Loss Including Portion Attributable To Noncontrolling Interest
IncomeLossIncludingPortionAttributableToNoncontrollingInterest
-149207000 usd
sdc Adjusted Earnings Before Interest Expense Net Provision Benefit For Income Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestExpenseNetProvisionBenefitForIncomeTaxesDepreciationAndAmortization
-17558000 usd

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