$TALK
Talkspace, Inc.

2023 Q3 Form 10-Q Financial Statement

#000095017023037283 Filed on August 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $38.65M $35.65M $29.84M
YoY Change 31.75% 19.44% -3.68%
Cost Of Revenue $19.80M $17.83M $15.30M
YoY Change 34.34% 16.58% 30.78%
Gross Profit $18.85M $17.81M $14.55M
YoY Change 29.15% 22.44% -24.57%
Gross Profit Margin 48.77% 49.97% 48.74%
Selling, General & Admin $18.44M $18.37M $30.04M
YoY Change -29.18% -38.83% -25.19%
% of Gross Profit 97.85% 103.16% 206.5%
Research & Development $4.180M $4.171M $5.576M
YoY Change -32.38% -25.2% 16.63%
% of Gross Profit 22.18% 23.42% 38.33%
Depreciation & Amortization $300.0K $302.0K $268.0K
YoY Change -2.91% 12.69% -45.64%
% of Gross Profit 1.59% 1.7% 1.84%
Operating Expenses $24.03M $24.22M $35.61M
YoY Change -30.24% -31.99% -23.98%
Operating Profit $5.179M $6.408M -$21.07M
YoY Change -73.91% -130.42% -23.56%
Interest Expense $780.0K $1.712M -$1.865M
YoY Change -58.62% -191.8%
% of Operating Profit 15.06% 26.72%
Other Income/Expense, Net
YoY Change
Pretax Income $4.400M $4.696M -$22.93M
YoY Change -75.51% -120.48% -24.64%
Income Tax $14.00K $8.000K $89.00K
% Of Pretax Income 0.32% 0.17%
Net Earnings -$4.414M -$4.704M -$23.02M
YoY Change -75.45% -79.57% -24.37%
Net Earnings / Revenue -11.42% -13.2% -77.14%
Basic Earnings Per Share -$0.03 -$0.03 -$0.15
Diluted Earnings Per Share -$0.03 -$0.03 -$147.9K
COMMON SHARES
Basic Shares Outstanding 166.5M 163.7M 155.1M
Diluted Shares Outstanding 166.6M 164.2M 155.7M

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $125.3M $126.1M $166.6M
YoY Change -17.91% -24.32% -32.86%
Cash & Equivalents $125.3M $126.1M $166.6M
Short-Term Investments
Other Short-Term Assets $4.413M $2.920M $3.940M
YoY Change -4.19% -25.89% -8.75%
Inventory
Prepaid Expenses
Receivables $7.972M $8.420M $7.162M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $137.7M $137.4M $177.7M
YoY Change -17.01% -22.66% -31.41%
LONG-TERM ASSETS
Property, Plant & Equipment $272.0K $456.0K $623.0K
YoY Change -67.81% -26.81% 13.48%
Goodwill
YoY Change
Intangibles $1.971M $2.157M
YoY Change -27.38%
Long-Term Investments
YoY Change
Other Assets $388.0K $464.0K $85.00K
YoY Change 445.88% -13.27%
Total Long-Term Assets $2.631M $3.077M $9.742M
YoY Change -72.86% -68.42% -12.2%
TOTAL ASSETS
Total Short-Term Assets $137.7M $137.4M $177.7M
Total Long-Term Assets $2.631M $3.077M $9.742M
Total Assets $140.3M $140.5M $187.5M
YoY Change -20.09% -25.04% -30.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.512M $5.484M $7.810M
YoY Change -37.14% -29.78% -33.58%
Accrued Expenses $7.600M $10.44M $9.093M
YoY Change -25.66% 14.86% -5.67%
Deferred Revenue $3.622M $3.683M
YoY Change -33.64%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $20.85M $19.61M $24.66M
YoY Change -28.16% -20.47% -14.82%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $190.0K $295.0K $5.554M
YoY Change -34.03% -94.69% 5567.35%
Total Long-Term Liabilities $190.0K $295.0K $5.554M
YoY Change -34.03% -94.69% 5567.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.85M $19.61M $24.66M
Total Long-Term Liabilities $190.0K $295.0K $5.554M
Total Liabilities $22.63M $20.73M $30.21M
YoY Change -31.35% -31.4% -55.53%
SHAREHOLDERS EQUITY
Retained Earnings -$269.1M -$264.7M
YoY Change 15.54%
Common Stock $16.00K $16.00K
YoY Change 6.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $117.7M $119.8M $157.3M
YoY Change
Total Liabilities & Shareholders Equity $140.3M $140.5M $187.5M
YoY Change -20.09% -25.04% -30.62%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$4.414M -$4.704M -$23.02M
YoY Change -75.45% -79.57% -24.37%
Depreciation, Depletion And Amortization $300.0K $302.0K $268.0K
YoY Change -2.91% 12.69% -45.64%
Cash From Operating Activities -$1.110M $289.0K -$17.96M
YoY Change -91.92% -101.61% 29.17%
INVESTING ACTIVITIES
Capital Expenditures $10.00K $1.000K -$72.00K
YoY Change -110.64% -101.39% -44.62%
Acquisitions
YoY Change
Other Investing Activities -$20.00K $0.00
YoY Change
Cash From Investing Activities -$30.00K -$1.000K -$72.00K
YoY Change -68.09% -98.61% -44.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 370.0K 733.0K 132.0K
YoY Change -356.94% 455.3% -99.95%
NET CHANGE
Cash From Operating Activities -1.110M 289.0K -17.96M
Cash From Investing Activities -30.00K -1.000K -72.00K
Cash From Financing Activities 370.0K 733.0K 132.0K
Net Change In Cash -770.0K 1.021M -17.90M
YoY Change -94.49% -105.7% -107.51%
FREE CASH FLOW
Cash From Operating Activities -$1.110M $289.0K -$17.96M
Capital Expenditures $10.00K $1.000K -$72.00K
Free Cash Flow -$1.120M $288.0K -$17.89M
YoY Change -91.8% -101.61% 29.87%

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talk Payments For Employee Taxes Withheld Related To Restricted Stock Units Vested
PaymentsForEmployeeTaxesWithheldRelatedToRestrictedStockUnitsVested
67000
talk Proceeds From Reverse Capitalization Net Of Transaction Costs
ProceedsFromReverseCapitalizationNetOfTransactionCosts
0
talk Proceeds From Reverse Capitalization Net Of Transaction Costs
ProceedsFromReverseCapitalizationNetOfTransactionCosts
-645000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1289000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1637000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-12441000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-31634000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
138545000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
198256000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
126104000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
166622000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
176000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
97000
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, together with amounts disclosed in the related notes to the condensed consolidated financial statements. The Company’s significant estimates and assumptions used in these condensed consolidated financial statements include, but are not limited to, the recognition and disclosure of contingent liabilities, revenue recognition, stock-based compensation awards and the fair value of warrant liabilities. The Company bases its estimates on historical factors, current circumstances and the experience and judgment of management. The Company evaluates its assumptions on an ongoing basis. The Company’s management believes that the estimates, judgments, and assumptions used are reasonable based on information available at the time they are made. Estimates, by their nature, are based on judgment and available information, therefore, actual results could be materially different from these estimates.</span></p>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Reclassification</span></p><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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Certain prior year amounts have been reclassified to conform to current year presentation</span>
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
35645000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
29844000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
68981000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
59994000
CY2023Q2 talk Fees And Expenses
FeesAndExpenses
550000000
CY2023Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
CY2022Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
CY2023Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2023Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2129000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3839000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4432000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6207000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-4704000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-23022000
us-gaap Net Income Loss
NetIncomeLoss
-13462000
us-gaap Net Income Loss
NetIncomeLoss
-43382000
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
164195697
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
164195697
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
155709901
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
155709901
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
163003363
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
163003363
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
154901165
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
154901165
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.03
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.03
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.15
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.15
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.08
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.28
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.28
CY2023Q2 talk Accrued Employee Compensation
AccruedEmployeeCompensation
3821000
CY2022Q4 talk Accrued Employee Compensation
AccruedEmployeeCompensation
5290000
CY2023Q2 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
1913000
CY2022Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
2256000
CY2023Q2 us-gaap Litigation Reserve
LitigationReserve
750000
CY2022Q4 us-gaap Litigation Reserve
LitigationReserve
5500000
CY2023Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
576000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
543000
CY2023Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
3384000
CY2022Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
2913000
CY2023Q2 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
10444000
CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
16502000

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