$SOND
Sonder Holdings Inc.

2023 Q4 Form 10-Q Financial Statement

#000181939523000168 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $163.0M $160.9M
YoY Change 20.97% 29.21%
Cost Of Revenue $96.91M $19.01M
YoY Change 11.1% 43.11%
Gross Profit $66.12M $141.9M
YoY Change 39.07% 27.55%
Gross Profit Margin 40.56% 88.18%
Selling, General & Admin $45.99M $48.55M
YoY Change -2.46% 4.65%
% of Gross Profit 69.55% 34.22%
Research & Development $4.878M $5.344M
YoY Change -21.91% -22.95%
% of Gross Profit 7.38% 3.77%
Depreciation & Amortization $3.239M $5.878M
YoY Change -46.99% -4.81%
% of Gross Profit 4.9% 4.14%
Operating Expenses $101.3M $53.89M
YoY Change -4.97% 1.06%
Operating Profit -$35.20M -$56.93M
YoY Change -40.41% -7.08%
Interest Expense -$6.953M -$6.423M
YoY Change 198.8% 56.2%
% of Operating Profit
Other Income/Expense, Net $104.0K -$6.970M
YoY Change -98.4% -45.61%
Pretax Income -$101.2M -$63.90M
YoY Change 84.29% -13.75%
Income Tax -$1.572M $400.0K
% Of Pretax Income
Net Earnings -$99.63M -$64.28M
YoY Change 83.72% -13.72%
Net Earnings / Revenue -61.11% -39.95%
Basic Earnings Per Share -$5.86
Diluted Earnings Per Share -$9.05 -$5.86
COMMON SHARES
Basic Shares Outstanding 11.06M shares 220.3M shares
Diluted Shares Outstanding 10.96M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $95.76M $166.0M
YoY Change -61.17% -47.67%
Cash & Equivalents $95.76M $166.0M
Short-Term Investments
Other Short-Term Assets $11.35M $10.53M
YoY Change 12.72% 0.93%
Inventory
Prepaid Expenses
Receivables $7.999M $9.105M
Other Receivables $0.00 $0.00
Total Short-Term Assets $161.2M $233.3M
YoY Change -48.48% -31.81%
LONG-TERM ASSETS
Property, Plant & Equipment $22.78M $28.46M
YoY Change -34.79% -19.76%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $15.15M $15.05M
YoY Change -6.88% -1.49%
Total Long-Term Assets $1.360B $1.483B
YoY Change 7.88% 24.58%
TOTAL ASSETS
Total Short-Term Assets $161.2M $233.3M
Total Long-Term Assets $1.360B $1.483B
Total Assets $1.521B $1.716B
YoY Change -3.33% 11.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.56M $20.51M
YoY Change 46.5% 122.11%
Accrued Expenses $38.63M $24.69M
YoY Change 91.87% 49.62%
Deferred Revenue $61.97M $67.82M
YoY Change 48.74% 37.2%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $168.7M $1.000M
YoY Change
Total Short-Term Liabilities $506.2M $329.3M
YoY Change 101.98% 38.09%
LONG-TERM LIABILITIES
Long-Term Debt $1.500M $196.4M
YoY Change -99.13% 17.81%
Other Long-Term Liabilities $652.0K $668.0K
YoY Change -80.99% -88.57%
Total Long-Term Liabilities $2.152M $197.1M
YoY Change -98.78% 14.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $506.2M $329.3M
Total Long-Term Liabilities $2.152M $197.1M
Total Liabilities $1.898B $1.909B
YoY Change 19.1% 27.83%
SHAREHOLDERS EQUITY
Retained Earnings -$1.359B -$1.177B
YoY Change 38.61% 29.2%
Common Stock $1.000K $1.000K
YoY Change -95.24% -95.24%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$376.7M -$192.7M
YoY Change
Total Liabilities & Shareholders Equity $1.521B $1.716B
YoY Change -3.33% 11.99%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$99.63M -$64.28M
YoY Change 83.72% -13.72%
Depreciation, Depletion And Amortization $3.239M $5.878M
YoY Change -46.99% -4.81%
Cash From Operating Activities -$36.87M -$13.17M
YoY Change 47.92% -59.45%
INVESTING ACTIVITIES
Capital Expenditures -$422.0K $2.188M
YoY Change -109.14% -129.43%
Acquisitions
YoY Change
Other Investing Activities -$679.0K -$427.0K
YoY Change 137.41% 55.84%
Cash From Investing Activities -$257.0K -$2.615M
YoY Change -94.76% -66.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -34.99M 2.748M
YoY Change -79622.73% 977.65%
NET CHANGE
Cash From Operating Activities -36.87M -13.17M
Cash From Investing Activities -257.0K -2.615M
Cash From Financing Activities -34.99M 2.748M
Net Change In Cash -72.11M -13.04M
YoY Change 142.13% -67.36%
FREE CASH FLOW
Cash From Operating Activities -$36.87M -$13.17M
Capital Expenditures -$422.0K $2.188M
Free Cash Flow -$36.44M -$15.36M
YoY Change 23.37% -38.68%

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<div><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in accordance with U.S. 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 condensed consolidated financial statements, and the reported amounts of revenue and expense during the reporting periods. Examples of where management makes estimates and assumptions included, but are not limited to, the fair value of share-based awards, estimated useful life of long-lived assets, bad-debt allowances, valuation of intellectual property and intangible assets, contingent liabilities, valuation allowance for deferred tax assets, and valuation of non-routine complex transactions, such as recognition of the Earn Out Liability and SPAC Warrants (both as defined below), among others. These estimates are based on information available as of the date of the condensed consolidated financial statements; therefore, actual results could differ from those estimates.</span></div>
us-gaap Prior Period Reclassification Adjustment Description
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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:400;line-height:120%">Reclassification</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain amounts reported in previous condensed consolidated financial statements have been reclassified to conform to current period presentation. These reclassifications did not affect previously reported amounts of net loss, total assets, total stockholders’ deficit, net cash used in operating activities, net cash used in investing activities, or net cash provided by financing activities.</span></div>
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us-gaap Lease Cost
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us-gaap Operating Lease Payments
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us-gaap Operating Lease Payments
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us-gaap Operating Lease Expense
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us-gaap Operating Lease Expense
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us-gaap Operating Lease Impairment Loss
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CY2023Q3 us-gaap Operating Lease Impairment Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4609117 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3503569 shares
sond Number Of Surety Providers
NumberOfSuretyProviders
6 surety_provider
CY2023Q3 sond Loss Contingency Estimated Accrual Liability Related To Tax Matters
LossContingencyEstimatedAccrualLiabilityRelatedToTaxMatters
6900000 usd
CY2022Q4 sond Loss Contingency Estimated Accrual Liability Related To Tax Matters
LossContingencyEstimatedAccrualLiabilityRelatedToTaxMatters
7900000 usd
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
400000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
600000 usd
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0059
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0033
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
400000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
600000 usd
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0057
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0052
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
0 usd
CY2022Q1 sond Extension Of Post Exchangeable Shares Period
ExtensionOfPostExchangeableSharesPeriod
P5Y
sond Payments Of Reverse Recapitalization Transaction Costs
PaymentsOfReverseRecapitalizationTransactionCosts
58555000 usd
sond Proceeds From Reverse Recapitalization Transaction
ProceedsFromReverseRecapitalizationTransaction
267373000 usd
us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
159225000 usd
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
24680000 usd
sond Reverse Recapitalization Net
ReverseRecapitalizationNet
401918000 usd
CY2022Q2 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
4000000 usd
us-gaap Restructuring Charges
RestructuringCharges
2100000 usd
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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sond-20230930.htm Edgar Link pending
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