2022 Q4 Form 10-K Financial Statement

#000165016423000069 Filed on March 01, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022
Revenue $768.0M $2.731B
YoY Change 49.16% 60.18%
Cost Of Revenue $610.0M $2.220B
YoY Change 38.98% 59.6%
Gross Profit $158.0M $511.0M
YoY Change 107.97% 62.74%
Gross Profit Margin 20.57% 18.71%
Selling, General & Admin $178.0M $613.0M
YoY Change 24.11% 61.74%
% of Gross Profit 112.66% 119.96%
Research & Development $79.00M $282.0M
YoY Change 57.93% 73.01%
% of Gross Profit 50.0% 55.19%
Depreciation & Amortization $6.000M $24.00M
YoY Change 11.46% 14.29%
% of Gross Profit 3.8% 4.7%
Operating Expenses $257.0M $895.0M
YoY Change 32.85% 65.13%
Operating Profit -$99.00M -$384.0M
YoY Change -15.73% 68.42%
Interest Expense $6.000M $11.00M
YoY Change 863.08% -8.33%
% of Operating Profit
Other Income/Expense, Net -$5.000M $1.000M
YoY Change -104.24%
Pretax Income -$98.00M -$277.0M
YoY Change -12827.27% -43.47%
Income Tax $2.000M -$2.000M
% Of Pretax Income
Net Earnings -$100.0M -$275.0M
YoY Change -68127.21% -43.53%
Net Earnings / Revenue -13.02% -10.07%
Basic Earnings Per Share -$0.54
Diluted Earnings Per Share -$0.19 -$0.72
COMMON SHARES
Basic Shares Outstanding 511.8M shares
Diluted Shares Outstanding 512.2M shares

Balance Sheet

Concept 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.021B $1.021B
YoY Change -19.35% -19.35%
Cash & Equivalents $547.0M $547.0M
Short-Term Investments $474.0M $474.0M
Other Short-Term Assets $199.0M $199.0M
YoY Change 1558.33% 63.11%
Inventory $110.0M $110.0M
Prepaid Expenses $27.00M
Receivables $77.00M $77.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.407B $1.407B
YoY Change -5.25% -5.25%
LONG-TERM ASSETS
Property, Plant & Equipment $61.00M $138.0M
YoY Change 48.78% 15.0%
Goodwill $107.0M
YoY Change 44.59%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $14.00M $80.00M
YoY Change -6.67% 100.0%
Total Long-Term Assets $354.0M $354.0M
YoY Change 41.6% 41.6%
TOTAL ASSETS
Total Short-Term Assets $1.407B $1.407B
Total Long-Term Assets $354.0M $354.0M
Total Assets $1.761B $1.761B
YoY Change 1.5% 1.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $30.00M $30.00M
YoY Change -25.0% -25.0%
Accrued Expenses $45.00M $314.0M
YoY Change 114.29% 52.43%
Deferred Revenue $39.00M
YoY Change -11.36%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $496.0M $496.0M
YoY Change 40.91% 40.91%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $12.00M $167.0M
YoY Change -45.45% -42.81%
Total Long-Term Liabilities $12.00M $167.0M
YoY Change -45.45% -42.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $496.0M $496.0M
Total Long-Term Liabilities $12.00M $167.0M
Total Liabilities $663.0M $663.0M
YoY Change 2.95% 2.95%
SHAREHOLDERS EQUITY
Retained Earnings -$1.377B
YoY Change 24.95%
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change
Treasury Stock Shares
Shareholders Equity $1.098B $1.098B
YoY Change
Total Liabilities & Shareholders Equity $1.761B $1.761B
YoY Change 1.5% 1.5%

Cashflow Statement

Concept 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$100.0M -$275.0M
YoY Change -68127.21% -43.53%
Depreciation, Depletion And Amortization $6.000M $24.00M
YoY Change 11.46% 14.29%
Cash From Operating Activities -$19.00M -$156.0M
YoY Change -40.57% -7900.0%
INVESTING ACTIVITIES
Capital Expenditures $10.00M $16.00M
YoY Change -467.92% 33.33%
Acquisitions $46.00M
YoY Change 76.92%
Other Investing Activities -$63.00M $0.00
YoY Change -86.24% -100.0%
Cash From Investing Activities -$73.00M -$98.00M
YoY Change -84.15% -80.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.000M $38.00M
YoY Change -35.19% -94.99%
NET CHANGE
Cash From Operating Activities -19.00M -$156.0M
Cash From Investing Activities -73.00M -$98.00M
Cash From Financing Activities 2.000M $38.00M
Net Change In Cash -90.00M -$216.0M
YoY Change -81.61% -183.72%
FREE CASH FLOW
Cash From Operating Activities -$19.00M -$156.0M
Capital Expenditures $10.00M $16.00M
Free Cash Flow -$29.00M -$172.0M
YoY Change -0.86% 1620.0%

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<div style="text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates, judgements and assumptions that can affect the reported amounts of assets and liabilities, and disclosure of contingent liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from estimates.</span></div><div style="margin-bottom:0.08pt;text-indent:36pt"><span><br/></span></div><div style="margin-bottom:0.08pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Estimates, judgments, and assumptions in these consolidated financial statements include, but are not limited to, those related to revenue recognition, allowance for credit losses, liabilities associated with financial guarantees related to loan repurchase activities, incremental borrowing rates applied in valuation of lease liabilities, fair values and useful lives of assets acquired and liabilities assumed through business combinations, stock-based compensation expense, warrants, convertible debt, debt derivatives and common stock valuation, as well as amortization period for deferred contract acquisition costs.</span></div>
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86397237 shares
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
328233730 shares
CY2022Q4 us-gaap Noncurrent Assets
NoncurrentAssets
138000000 usd
CY2021Q4 us-gaap Noncurrent Assets
NoncurrentAssets
120000000 usd
CY2022Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
231000000 usd
CY2021Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
315000000 usd
CY2022Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On First Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary
196000000 usd
CY2022Q4 tost Unrecorded Unconditional Purchase Obligation Due Thereafter
UnrecordedUnconditionalPurchaseObligationDueThereafter
35000000 usd
CY2022Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
8000000 usd
CY2021Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
13000000 usd
CY2022 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
14000000 usd
CY2021 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
6000000 usd
CY2020 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
2000000 usd
CY2022 dei Auditor Name
AuditorName
Ernst & Young LLP
CY2022 dei Auditor Location
AuditorLocation
Boston, Massachusetts
CY2022 dei Auditor Firm
AuditorFirmId
42

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