2020 Q1 Form 10-Q Financial Statement
#000156459020025439 Filed on May 14, 2020
Income Statement
| Concept | 2020 Q1 | 2019 Q1 |
|---|---|---|
| Revenue | $455.5M | |
| YoY Change | ||
| Cost Of Revenue | $25.90M | |
| YoY Change | ||
| Gross Profit | $429.6M | |
| YoY Change | ||
| Gross Profit Margin | 94.32% | |
| Selling, General & Admin | $144.8M | |
| YoY Change | ||
| % of Gross Profit | 33.71% | |
| Research & Development | ||
| YoY Change | ||
| % of Gross Profit | ||
| Depreciation & Amortization | $79.70M | |
| YoY Change | ||
| % of Gross Profit | 18.55% | |
| Operating Expenses | $435.1M | |
| YoY Change | ||
| Operating Profit | -$5.507M | -$236.2K |
| YoY Change | 2231.5% | |
| Interest Expense | $43.04M | |
| YoY Change | ||
| % of Operating Profit | ||
| Other Income/Expense, Net | $0.00 | |
| YoY Change | ||
| Pretax Income | $20.35M | $643.8K |
| YoY Change | 3060.57% | |
| Income Tax | $0.00 | $127.0K |
| % Of Pretax Income | 0.0% | 19.73% |
| Net Earnings | $516.8K | $516.8K |
| YoY Change | 0.0% | |
| Net Earnings / Revenue | 0.11% | |
| Basic Earnings Per Share | ||
| Diluted Earnings Per Share | $196.9K | |
| COMMON SHARES | ||
| Basic Shares Outstanding | ||
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2020 Q1 | 2019 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | ||
| YoY Change | ||
| Cash & Equivalents | $1.107M | |
| Short-Term Investments | ||
| Other Short-Term Assets | ||
| YoY Change | ||
| Inventory | ||
| Prepaid Expenses | $390.0K | |
| Receivables | ||
| Other Receivables | ||
| Total Short-Term Assets | $1.497M | |
| YoY Change | ||
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | ||
| YoY Change | ||
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | ||
| YoY Change | ||
| Total Long-Term Assets | $425.9M | |
| YoY Change | ||
| TOTAL ASSETS | ||
| Total Short-Term Assets | $1.497M | |
| Total Long-Term Assets | $425.9M | |
| Total Assets | $427.4M | |
| YoY Change | ||
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | ||
| YoY Change | ||
| Accrued Expenses | ||
| YoY Change | ||
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | ||
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $624.2K | |
| YoY Change | ||
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | ||
| YoY Change | ||
| Other Long-Term Liabilities | ||
| YoY Change | ||
| Total Long-Term Liabilities | ||
| YoY Change | ||
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $624.2K | |
| Total Long-Term Liabilities | ||
| Total Liabilities | $15.56M | |
| YoY Change | ||
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | $477.8K | |
| YoY Change | ||
| Common Stock | $4.521M | |
| YoY Change | ||
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $5.000M | |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $427.4M | |
| YoY Change |
Cashflow Statement
| Concept | 2020 Q1 | 2019 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | $516.8K | $516.8K |
| YoY Change | 0.0% | |
| Depreciation, Depletion And Amortization | $79.70M | |
| YoY Change | ||
| Cash From Operating Activities | -$636.1M | |
| YoY Change | ||
| INVESTING ACTIVITIES | ||
| Capital Expenditures | $13.79M | |
| YoY Change | ||
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $246.2M | |
| YoY Change | ||
| Cash From Investing Activities | $232.5M | |
| YoY Change | ||
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | $326.6M | |
| YoY Change | ||
| NET CHANGE | ||
| Cash From Operating Activities | -$636.1M | |
| Cash From Investing Activities | $232.5M | |
| Cash From Financing Activities | $326.6M | |
| Net Change In Cash | -$77.08M | |
| YoY Change | ||
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$636.1M | |
| Capital Expenditures | $13.79M | |
| Free Cash Flow | -$649.9M | |
| YoY Change |
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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1.       Organization and Business Operations</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Organization and General</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gores Holdings IV, Inc. (the “Company”) was incorporated in Delaware on June 12, 2019. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar Business Combination with one or more businesses (the “Business Combination”). The Company has neither engaged in any operations nor generated any operating revenue to date. The Company’s management has broad discretion with respect to the Business Combination. The Company’s Sponsor is Gores Holdings IV Sponsor, LLC, a Delaware limited liability company (the “Sponsor”). The Company has selected December 31<sup style="font-size:85%;line-height:120%;vertical-align:top">st</sup> as its fiscal year-end.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At March 31, 2020, the Company had not commenced any operations. All activity for the period from June 12, 2019 (inception) through March 31, 2020 relates to the Company’s formation and initial public offering (“Public Offering”) described below. The Company completed the Public Offering on January 28, 2020 (the “IPO Closing Date”). The Company will not generate any operating revenues until after the completion of its Business Combination, at the earliest. Subsequent to the Public Offering, the Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Public Offering and the sale of the Private Placement Warrants (as defined below) held in the Trust Account (as defined below).</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Financing</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Upon the closing of the Public Offering and the sale of the Private Placement Warrants, an aggregate of $425,000,000 was placed in a Trust Account with Continental Stock Transfer & Trust Company acting as trustee (the “Trust Account”).</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> The Company intends to finance a Business Combination with the net proceeds from its $425,000,000 Public Offering and its sale of $10,500,000 of Private Placement Warrants. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Trust Account</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Funds held in the Trust Account can be invested only in U.S. government treasury bills with a maturity of one hundred and eighty five (185) days or less or in money market funds meeting certain conditions under Rule 2a‑7 under the Investment Company Act of 1940, as amended, that invest only in direct U.S. government obligations. As of March 31, 2020, the Trust Account consisted of cash and money market funds.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company’s amended and restated certificate of incorporation provides that, other than the withdrawal of interest to fund regulatory compliance requirements and other costs related thereto (a “Regulatory Withdrawal”), subject to an annual limit of $1,100,000, for a maximum 24 months and/or additional amounts necessary to pay franchise and income taxes, if any, none of the funds held in trust will be released until the earliest of: (i) the completion of the Business Combination; or (ii) the redemption of any public shares of common stock properly tendered in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation to modify the substance or timing of the Company’s obligation to redeem 100% of such public shares of common stock if the Company does not complete the Business Combination within 24 months from the closing of the Public Offering; or (iii) the redemption of 100% of the public shares of common stock if the Company is unable to complete a Business Combination within 24 months from the closing of the Public Offering, subject to the requirements of law and stock exchange rules.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Business Combination</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Public Offering, although substantially all of the net proceeds of the Public Offering are intended to be generally applied toward consummating a Business Combination. The Business Combination must be with one or more target businesses that together have an aggregate fair market value of at least 80% of the assets held in the Trust Account (less any deferred underwriting commissions and taxes payable on interest income earned) at the time of the Company signing a definitive agreement in connection with the Business Combination. Furthermore, there is no assurance that the Company will be able to successfully effect a Business Combination.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company, after signing a definitive agreement for a Business Combination, will either (i) seek stockholder approval of the Business Combination at a meeting called for such purpose in connection with which stockholders may seek to redeem their shares, regardless of whether they vote for or against the Business Combination, for cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the Business Combination, including interest income but less taxes payable, or (ii) provide stockholders with the opportunity to sell their shares to the Company by means of a tender offer (and thereby avoid the need for a stockholder vote) for an amount in cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the Business Combination, including interest income but less taxes payable. The decision as to whether the Company will seek stockholder approval of the Business Combination or will allow stockholders to sell their shares in a tender offer will be made by the Company, solely in its discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would otherwise require the Company to seek stockholder approval, unless a vote is required by law or under NASDAQ rules. If the Company seeks stockholder approval, it will complete its Business Combination only if a majority of the outstanding shares of common stock voted are voted in favor of the Business Combination. Currently, the Company will not redeem its public shares of common stock in an amount that would cause its net tangible assets to be less than $5,000,001. In such case, the Company would not proceed with the redemption of its public shares of common stock and the related Business Combination, and instead may search for an alternate Business Combination.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As a result of the foregoing redemption provisions, the public shares of common stock will be recorded at redemption amount and classified as temporary equity, in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 480, “<font style="font-style:italic;">Distinguishing Liabilities from Equity</font>” (“ASC 480”) in subsequent periods.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company will have 24 months from the IPO Closing Date to complete its Business Combination. If the Company does not complete a Business Combination within this period of time, it shall (i) cease all operations except for the purposes of winding up; (ii) as promptly as reasonably possible, but not more than ten business days thereafter, redeem the public shares of common stock for a per share pro rata portion of the Trust Account, including interest income, but less taxes payable (less up to $100,000 of such net interest income to pay dissolution expenses) and (iii) as promptly as possible following such redemption, dissolve and liquidate the balance of the Company’s net assets to its remaining stockholders, as part of its plan of dissolution and liquidation. The Sponsor and the Company’s officers and directors have entered into a letter agreement with the Company, pursuant to which they waived their rights to participate in any redemption with respect to their Founder Shares (as defined below); however, if the Sponsor or any of the Company’s officers, directors or affiliates acquire public shares of common stock, they will be entitled to a pro rata share of the Trust Account in the event the Company does not complete a Business Combination within the required time period.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be less than the initial public offering price per Unit in the Public Offering.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Emerging Growth Company</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.</p> | |
| CY2020Q1 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution as well as the Trust Account, which at times, may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts.</p> | |
| CY2020Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with U.S. GAAP requires the Company’s 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> | |
| CY2020Q1 | dei |
Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
|
2019-06-12 | |
| CY2020Q1 | us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
425000000 | |
| CY2020Q1 | ghiv |
Period Of Maturity Of Trust Account Investments Maximum
PeriodOfMaturityOfTrustAccountInvestmentsMaximum
|
P185D | |
| CY2020Q1 | ghiv |
Regulatory Withdrawal Of Interest From Trust Account Annual Limit
RegulatoryWithdrawalOfInterestFromTrustAccountAnnualLimit
|
1100000 | |
| CY2020Q1 | ghiv |
Regulatory Withdrawal Of Interest From Trust Account Maximum Period
RegulatoryWithdrawalOfInterestFromTrustAccountMaximumPeriod
|
P24M | |
| CY2019Q1 | ghiv |
Percentage Of Redemption If Business Combination Not Completed
PercentageOfRedemptionIfBusinessCombinationNotCompleted
|
1.00 | |
| CY2020Q1 | ghiv |
Threshold Number Of Period To Seek Shareholders Approval Prior To Consummation Of Business Combination To Redeem Their Shares
ThresholdNumberOfPeriodToSeekShareholdersApprovalPriorToConsummationOfBusinessCombinationToRedeemTheirShares
|
P2D | |
| CY2020Q1 | ghiv |
Threshold Number Of Period To Provide Opportunity To Shareholders To Sell Their Shares Prior To Consummation Of Business Combination
ThresholdNumberOfPeriodToProvideOpportunityToShareholdersToSellTheirSharesPriorToConsummationOfBusinessCombination
|
P2D | |
| CY2020Q1 | ghiv |
Dissolution Expenses Maximum Allowed
DissolutionExpensesMaximumAllowed
|
100000 | |
| CY2020Q1 | us-gaap |
Dilutive Securities
DilutiveSecurities
|
0 | |
| CY2020Q1 | us-gaap |
Cash Fdic Insured Amount
CashFDICInsuredAmount
|
250000 | |
| CY2020Q1 | us-gaap |
Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
|
0 | |
| CY2020Q1 | ghiv |
Percentage Of Redemption If Business Combination Not Completed
PercentageOfRedemptionIfBusinessCombinationNotCompleted
|
1.00 | |
| CY2020Q1 | ghiv |
Going Concern Description
GoingConcernDescription
|
If the Company does not complete its Business Combination by January 28, 2022, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the common stock sold as part of the units in the Public Offering, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of franchise and income taxes payable and less up to $100,000 of such net interest which may be distributed to the Company to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s Board of Directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. | |
| CY2020Q1 | ghiv |
Working Capital
WorkingCapital
|
872501 | |
| CY2019Q4 | ghiv |
Working Capital
WorkingCapital
|
-14002 | |
| CY2020Q1 | ghiv |
Proceeds From Issuance Initial Public Offering Excluding Over Allotment
ProceedsFromIssuanceInitialPublicOfferingExcludingOverAllotment
|
425000000 | |
| CY2020Q1 | ghiv |
Percentage Of Deferred Underwriting Discount
PercentageOfDeferredUnderwritingDiscount
|
0.0350 | |
| CY2020Q1 | ghiv |
Deferred Underwriting Discount If Business Combination Not Completed
DeferredUnderwritingDiscountIfBusinessCombinationNotCompleted
|
0 | |
| CY2020Q1 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.21 | |
| CY2020Q1 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | |
| CY2020Q1 | us-gaap |
Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
|
0 | |
| CY2020Q1 | us-gaap |
Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
|
0 | |
| CY2020Q1 | us-gaap |
Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
|
0 | |
| CY2020Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
220000000 | |
| CY2020Q1 | ghiv |
Number Of Votes For Each Share
NumberOfVotesForEachShare
|
1 |
