$SDCCQ
SmileDirectClub, Inc.

2023 Q2 Form 10-Q Financial Statement

#000177562523000099 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q2
Revenue $101.8M
YoY Change -19.08%
Cost Of Revenue $28.88M
YoY Change -15.23%
Gross Profit $72.91M
YoY Change -20.5%
Gross Profit Margin 71.63%
Selling, General & Admin $109.4M
YoY Change -23.77%
% of Gross Profit 150.03%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.52M
YoY Change -20.75%
% of Gross Profit 21.28%
Operating Expenses $109.4M
YoY Change -23.77%
Operating Profit -$45.00M
YoY Change -18.12%
Interest Expense -$8.527M
YoY Change 91.45%
% of Operating Profit
Other Income/Expense, Net $223.0K
YoY Change -103.83%
Pretax Income -$53.30M
YoY Change -18.28%
Income Tax $492.0K
% Of Pretax Income
Net Earnings -$17.77M
YoY Change -12.46%
Net Earnings / Revenue -17.46%
Basic Earnings Per Share -$0.13
Diluted Earnings Per Share -$0.13
COMMON SHARES
Basic Shares Outstanding 132.4M shares
Diluted Shares Outstanding 401.0M shares

Balance Sheet

Concept 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.93M
YoY Change -81.72%
Cash & Equivalents $57.99M
Short-Term Investments
Other Short-Term Assets $1.482M
YoY Change -78.57%
Inventory $35.56M
Prepaid Expenses $11.16M
Receivables $130.1M
Other Receivables $0.00
Total Short-Term Assets $212.5M
YoY Change -45.75%
LONG-TERM ASSETS
Property, Plant & Equipment $188.4M
YoY Change -19.63%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $6.636M
YoY Change -3.19%
Other Assets $20.13M
YoY Change 4.02%
Total Long-Term Assets $286.2M
YoY Change -7.33%
TOTAL ASSETS
Total Short-Term Assets $212.5M
Total Long-Term Assets $286.2M
Total Assets $498.7M
YoY Change -28.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $35.69M
YoY Change 5.64%
Accrued Expenses $54.52M
YoY Change -40.12%
Deferred Revenue $14.91M
YoY Change -14.08%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $111.7M
YoY Change -27.59%
LONG-TERM LIABILITIES
Long-Term Debt $863.4M
YoY Change 9.85%
Other Long-Term Liabilities $419.0K
YoY Change 20.06%
Total Long-Term Liabilities $863.8M
YoY Change 9.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $111.7M
Total Long-Term Liabilities $863.8M
Total Liabilities $988.8M
YoY Change 3.1%
SHAREHOLDERS EQUITY
Retained Earnings -$420.9M
YoY Change 24.46%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $86.53M
YoY Change
Total Liabilities & Shareholders Equity $498.7M
YoY Change -28.81%

Cashflow Statement

Concept 2023 Q2
OPERATING ACTIVITIES
Net Income -$17.77M
YoY Change -12.46%
Depreciation, Depletion And Amortization $15.52M
YoY Change -20.75%
Cash From Operating Activities -$17.84M
YoY Change 0.01%
INVESTING ACTIVITIES
Capital Expenditures $10.24M
YoY Change -157.7%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$10.24M
YoY Change -42.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -47.00K
YoY Change -100.1%
NET CHANGE
Cash From Operating Activities -17.84M
Cash From Investing Activities -10.24M
Cash From Financing Activities -47.00K
Net Change In Cash -28.13M
YoY Change -309.58%
FREE CASH FLOW
Cash From Operating Activities -$17.84M
Capital Expenditures $10.24M
Free Cash Flow -$28.09M
YoY Change 32556.98%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Central Index Key
EntityCentralIndexKey
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dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
dei Document Fiscal Period Focus
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Q2
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2023-06-30
dei Document Transition Report
DocumentTransitionReport
false
dei Entity Registrant Name
EntityRegistrantName
SMILEDIRECTCLUB, INC.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
83-4505317
dei Entity Address Address Line1
EntityAddressAddressLine1
414 Union Street
dei Entity Address City Or Town
EntityAddressCityOrTown
Nashville,
dei Entity Address State Or Province
EntityAddressStateOrProvince
TN
dei City Area Code
CityAreaCode
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dei Local Phone Number
LocalPhoneNumber
342-0462
dei Security12b Title
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Class A common stock, par value $0.0001 per share
dei Trading Symbol
TradingSymbol
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dei Security Exchange Name
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dei Entity Current Reporting Status
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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 2020 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 Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-42886000 usd
CY2023Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
36022000 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
80330000 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
95804000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-53796000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-65486000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-119523000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-138690000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
132422182 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
120818400 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
131103171 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
268623501 shares
CY2022Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
268847523 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
268720739 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
268976028 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
401045683 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
389665923 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
399823910 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
389483239 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.13
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.30
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.36
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.13
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.17
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.30
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.36
CY2023Q2 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
492000 usd
CY2022Q2 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
719000 usd
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
1072000 usd
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
1554000 usd
CY2023Q2 us-gaap Revenues
Revenues
101798000 usd
CY2023Q2 us-gaap Income Loss Including Portion Attributable To Noncontrolling Interest
IncomeLossIncludingPortionAttributableToNoncontrollingInterest
-53304000 usd
CY2023Q2 sdc Adjusted Earnings Before Interest Expense Net Provision Benefit For Income Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestExpenseNetProvisionBenefitForIncomeTaxesDepreciationAndAmortization
-13581000 usd
us-gaap Revenues
Revenues
221575000 usd
us-gaap Income Loss Including Portion Attributable To Noncontrolling Interest
IncomeLossIncludingPortionAttributableToNoncontrollingInterest
-118710000 usd
sdc Adjusted Earnings Before Interest Expense Net Provision Benefit For Income Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestExpenseNetProvisionBenefitForIncomeTaxesDepreciationAndAmortization
-40052000 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
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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