$TALK
Talkspace, Inc.

2021 Q4 Form 10-Q Financial Statement

#000095017021004641 Filed on November 15, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2021 Q2
Revenue $29.17M $26.36M $30.98M
YoY Change 13.56% 22.57% 73.31%
Cost Of Revenue $13.20M $12.19M $11.70M
YoY Change 47.35% 90.01% 110.0%
Gross Profit $15.97M $14.17M $19.29M
YoY Change -4.53% -6.09% 56.71%
Gross Profit Margin 54.75% 53.77% 62.25%
Selling, General & Admin $40.65M $33.23M $40.15M
YoY Change 59.53% 130.78% 310.18%
% of Gross Profit 254.54% 234.44% 208.2%
Research & Development $3.896M $4.278M $4.781M
YoY Change 72.39% 94.54% 99.21%
% of Gross Profit 24.39% 30.19% 24.79%
Depreciation & Amortization $515.0K $503.0K $493.0K
YoY Change 35.88% 2415.0% 2365.0%
% of Gross Profit 3.22% 3.55% 2.56%
Operating Expenses $44.55M $39.40M $46.85M
YoY Change 60.6% 125.2% 261.81%
Operating Profit -$28.58M $25.23M -$27.56M
YoY Change 159.56% 949.38% 4199.69%
Interest Expense $7.528M $26.74M
YoY Change -6943.64% 20980.72%
% of Operating Profit 106.01%
Other Income/Expense, Net -$2.870M
YoY Change
Pretax Income -$21.05M -$1.516M -$30.43M
YoY Change 89.3% -156.38% 4654.84%
Income Tax $18.00K $11.00K $10.00K
% Of Pretax Income
Net Earnings -$21.07M $1.505M -$30.44M
YoY Change 89.26% -155.91% 4612.23%
Net Earnings / Revenue -72.22% 5.71% -98.25%
Basic Earnings Per Share $0.01
Diluted Earnings Per Share -$136.3K $0.01 -$199.9K
COMMON SHARES
Basic Shares Outstanding 152.3M 152.3M
Diluted Shares Outstanding 165.2M

Balance Sheet

Concept 2021 Q4 2021 Q3 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $198.3M $222.9M $248.2M
YoY Change 16724.45% 18360.55% 16389.57%
Cash & Equivalents $198.3M $222.9M $248.2M
Short-Term Investments
Other Short-Term Assets $9.562M $10.02M $4.318M
YoY Change 531.16% 6021.29% 2374.36%
Inventory
Prepaid Expenses
Receivables $5.512M $5.318M $6.617M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $213.3M $238.2M $259.1M
YoY Change 931.73% 17274.68% 15327.36%
LONG-TERM ASSETS
Property, Plant & Equipment $624.0K $658.0K $549.0K
YoY Change 256.57%
Goodwill $6.134M $6.134M $6.134M
YoY Change 0.0%
Intangibles $3.436M $3.876M $4.315M
YoY Change -33.86%
Long-Term Investments
YoY Change
Other Assets $82.00K $82.00K $98.00K
YoY Change
Total Long-Term Assets $10.28M $10.75M $11.10M
YoY Change -15.74% -97.4% -97.32%
TOTAL ASSETS
Total Short-Term Assets $213.3M $238.2M $259.1M
Total Long-Term Assets $10.28M $10.75M $11.10M
Total Assets $223.6M $249.0M $270.2M
YoY Change 580.21% -40.09% -35.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.429M $14.04M $11.76M
YoY Change -5.97%
Accrued Expenses $12.56M $7.634M $9.640M
YoY Change 670.02% 6736.4% 12474.02%
Deferred Revenue $7.186M $8.302M $7.549M
YoY Change 38.94%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $27.18M $29.98M $28.95M
YoY Change 32.64% 22940.85% 9496.04%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $86.00K $86.00K $98.00K
YoY Change -99.41% -99.32%
Total Long-Term Liabilities $86.00K $86.00K $98.00K
YoY Change -99.41% -99.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.18M $29.98M $28.95M
Total Long-Term Liabilities $86.00K $86.00K $98.00K
Total Liabilities $31.33M $42.07M $67.94M
YoY Change 52.93% 187.78% 359.33%
SHAREHOLDERS EQUITY
Retained Earnings -$171.5M -$150.5M -$152.0M
YoY Change 57.67% 323481.15% 417563.87%
Common Stock $15.00K $15.00K $15.00K
YoY Change 1400.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $192.3M $206.9M $202.3M
YoY Change
Total Liabilities & Shareholders Equity $223.6M $249.0M $270.2M
YoY Change 580.21% -40.09% -35.0%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2021 Q2
OPERATING ACTIVITIES
Net Income -$21.07M $1.505M -$30.44M
YoY Change 89.26% -155.91% 4612.23%
Depreciation, Depletion And Amortization $515.0K $503.0K $493.0K
YoY Change 35.88% 2415.0% 2365.0%
Cash From Operating Activities -$24.60M -$23.32M -$13.91M
YoY Change 64.64% 31948.92% 8610.47%
INVESTING ACTIVITIES
Capital Expenditures -$41.00K -$173.0K -$130.0K
YoY Change -96.15% -676.67% -1400.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$41.00K -$173.0K -$130.0K
YoY Change -100.01% -99.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 34.00K -1.813M 252.4M
YoY Change -100.01% 705.78% -39.27%
NET CHANGE
Cash From Operating Activities -24.60M -23.32M -13.91M
Cash From Investing Activities -41.00K -173.0K -130.0K
Cash From Financing Activities 34.00K -1.813M 252.4M
Net Change In Cash -24.61M -25.31M 238.4M
YoY Change -10.81% 8399.18% 15740.39%
FREE CASH FLOW
Cash From Operating Activities -$24.60M -$23.32M -$13.91M
Capital Expenditures -$41.00K -$173.0K -$130.0K
Free Cash Flow -$24.56M -$23.15M -$13.78M
YoY Change 76.98% 22425.06% 8020.47%

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us-gaap Net Income Loss
NetIncomeLoss
-41674000
us-gaap Net Income Loss
NetIncomeLoss
-11238000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1458000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
55000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
175000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
0
us-gaap Share Based Compensation
ShareBasedCompensation
20584000
us-gaap Share Based Compensation
ShareBasedCompensation
1069000
talk Warrant Issuance Cost And Change In Fair Value
WarrantIssuanceCostAndChangeInFairValue
23842000
talk Warrant Issuance Cost And Change In Fair Value
WarrantIssuanceCostAndChangeInFairValue
0
us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
-3130000
us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
-3390000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-134000
talk Proceeds From Restricted Long Term Bank Deposit
ProceedsFromRestrictedLongTermBankDeposit
414000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-622000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
371000
talk Proceeds From Reverse Capitalization Net Of Transaction Costs
ProceedsFromReverseCapitalizationNetOfTransactionCosts
249428000
talk Proceeds From Reverse Capitalization Net Of Transaction Costs
ProceedsFromReverseCapitalizationNetOfTransactionCosts
0
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
6000000
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
0
us-gaap Repayments Of Debt
RepaymentsOfDebt
6000000
us-gaap Repayments Of Debt
RepaymentsOfDebt
0
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
50000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1970000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
62000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
251348000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
62000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
209617000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-6230000
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
13248000
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
39632000
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
222865000
CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
33402000
us-gaap Interest Paid Net
InterestPaidNet
115000
us-gaap Interest Paid Net
InterestPaidNet
29000
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
111282000
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
0
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2020Q4 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
10700000
CY2020Q4 us-gaap Business Combination Consideration Transferred Other1
BusinessCombinationConsiderationTransferredOther1
900000
CY2021Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000
CY2021Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Use of estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">The preparation of consolidated financial statements, in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company evaluates its assumptions on an ongoing basis. The Company’s management believes that the estimates, judgment, and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.</span></p>
CY2021Q2 talk Redemption Trigger Share Price
RedemptionTriggerSharePrice
18.00
us-gaap Dilutive Securities
DilutiveSecurities
0
CY2021Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
152255736
CY2021Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
33480000
CY2021Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1000000000
CY2021Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q2 us-gaap Conversion Of Stock Description
ConversionOfStockDescription
Each whole Warrant entitles the registered holder to purchase one share of the Company’s common stock at a price of $11.50 per share, at any time commencing 30 days after the closing of the Business Combination.
CY2021Q2 talk Warrants And Rights Outstanding Expiration Period
WarrantsAndRightsOutstandingExpirationPeriod
P5Y
CY2021Q2 talk Class Of Warrant Or Right Minimum Notice Period For Redemption
ClassOfWarrantOrRightMinimumNoticePeriodForRedemption
P30D
CY2021Q2 talk Class Of Warrant Or Right Redemption Threshold Consecutive Trading Days
ClassOfWarrantOrRightRedemptionThresholdConsecutiveTradingDays
P30D
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
26359000
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
21505000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
84499000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
50502000
CY2021Q3 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
3400000
CY2021Q3 talk Credit Losses Ageing Balance Percentage
CreditLossesAgeingBalancePercentage
0.84
us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
3600000
talk Credit Losses Ageing Balance Percentage
CreditLossesAgeingBalancePercentage
0.27
CY2021Q2 talk Conversion Of Stock Conversion Rate
ConversionOfStockConversionRate
1.134140
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
20525332
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.71
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y9M3D
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
153934000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
7317853
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
6.18
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
3340369
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.60
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
319906
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.53
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
24182910
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
64638182
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13348522
CY2021Q3 us-gaap Dilutive Securities
DilutiveSecurities
12911142
CY2020Q3 us-gaap Dilutive Securities
DilutiveSecurities
0
us-gaap Dilutive Securities
DilutiveSecurities
0
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.37
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y6M
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
49277000
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
13075066
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.65
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y10D
CY2021Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
39599000
CY2021Q2 talk Conversion Of Stock Conversion Rate
ConversionOfStockConversionRate
1.134140
talk Warrants Issue
WarrantsIssue
650000
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3875000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
336000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
20584000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1069000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P4Y
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
1505000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-2692000
us-gaap Net Income Loss
NetIncomeLoss
-41674000
us-gaap Net Income Loss
NetIncomeLoss
-11238000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
152267870
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13375193
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
165179012
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13375193
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
64638182
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13348522
CY2021Q2 talk Conversion Of Stock Conversion Rate
ConversionOfStockConversionRate
1.134140

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