2021 Q4 Form 10-K Financial Statement

#000160915122000008 Filed on March 23, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $31.84M $115.9M
YoY Change 45.03%
Cost Of Revenue $13.68M $49.37M
YoY Change 43.32%
Gross Profit $18.16M $66.50M
YoY Change 46.32%
Gross Profit Margin 57.04% 57.39%
Selling, General & Admin $24.69M $89.88M
YoY Change 38.17%
% of Gross Profit 135.95% 135.16%
Research & Development $7.107M $27.01M
YoY Change 35.27%
% of Gross Profit 39.13% 40.62%
Depreciation & Amortization $3.389M $12.10M $4.981M
YoY Change -31.96% 28.72%
% of Gross Profit 18.66% 18.2%
Operating Expenses $31.80M $116.9M
YoY Change 37.49%
Operating Profit -$13.64M -$50.39M
YoY Change 27.34%
Interest Expense -$308.0K $1.184M
YoY Change 7.93%
% of Operating Profit
Other Income/Expense, Net -$65.00K -$55.00K
YoY Change -122.27%
Pretax Income -$14.01M -$51.78M
YoY Change 28.55%
Income Tax $60.00K $60.00K
% Of Pretax Income
Net Earnings -$14.07M -$51.69M
YoY Change 27.88%
Net Earnings / Revenue -44.18% -44.61%
Basic Earnings Per Share -$2.60 -$2.60
Diluted Earnings Per Share -$2.60 -$2.60
COMMON SHARES
Basic Shares Outstanding 64.24M shares 20.64M shares
Diluted Shares Outstanding 20.64M shares

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $136.0M $136.0M
YoY Change 144.17%
Cash & Equivalents $136.0M $136.0M $55.70M
Short-Term Investments
Other Short-Term Assets $15.39M $15.39M
YoY Change 63.19%
Inventory
Prepaid Expenses $6.461M $2.254M
Receivables $3.059M $3.059M $2.544M
Other Receivables $0.00 $0.00
Total Short-Term Assets $154.4M $154.4M $67.67M
YoY Change 128.22% 128.22%
LONG-TERM ASSETS
Property, Plant & Equipment $24.50M $24.50M $18.29M
YoY Change 33.93% 33.93%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $663.0K $8.536M $797.0K
YoY Change -16.81% 21.86%
Total Long-Term Assets $33.04M $33.04M $25.30M
YoY Change 30.59% 30.59%
TOTAL ASSETS
Total Short-Term Assets $154.4M $154.4M $67.67M
Total Long-Term Assets $33.04M $33.04M $25.30M
Total Assets $187.5M $187.5M $92.97M
YoY Change 101.66% 101.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.061M $4.061M $3.400M
YoY Change 19.44% 19.44%
Accrued Expenses $12.25M $12.25M $10.29M
YoY Change 19.09% 19.09%
Deferred Revenue $29.51M $22.85M
YoY Change 29.15%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $8.485M $400.0K
YoY Change -100.0% 13.34%
Total Short-Term Liabilities $54.31M $54.31M $44.02M
YoY Change 23.36% 23.36%
LONG-TERM LIABILITIES
Long-Term Debt $10.00M $16.56M $3.600M
YoY Change 177.78% 51.13%
Other Long-Term Liabilities $4.318M $4.318M
YoY Change 431736.0%
Total Long-Term Liabilities $10.00M $20.88M $3.600M
YoY Change 177.78% 90.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $54.31M $54.31M $44.02M
Total Long-Term Liabilities $10.00M $20.88M $3.600M
Total Liabilities $75.18M $75.18M $54.98M
YoY Change 36.75% 36.75%
SHAREHOLDERS EQUITY
Retained Earnings -$181.9M -$130.2M
YoY Change 39.7%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $112.3M $112.3M -$113.9M
YoY Change
Total Liabilities & Shareholders Equity $187.5M $187.5M $92.97M
YoY Change 101.66% 101.66%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$14.07M -$51.69M
YoY Change 27.88%
Depreciation, Depletion And Amortization $3.389M $12.10M $4.981M
YoY Change -31.96% 28.72%
Cash From Operating Activities -$10.06M -$20.37M -$2.747M
YoY Change 266.07% 31.29%
INVESTING ACTIVITIES
Capital Expenditures -$2.150M $7.376M -$2.165M
YoY Change -0.69% 167.34%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.150M -$9.809M -$2.165M
YoY Change -0.69% 154.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 107.8M $110.5M -2.541M
YoY Change -4342.86% -2245.24%
NET CHANGE
Cash From Operating Activities -10.06M -$20.37M -2.747M
Cash From Investing Activities -2.150M -$9.809M -2.165M
Cash From Financing Activities 107.8M $110.5M -2.541M
Net Change In Cash 95.61M $80.30M -7.453M
YoY Change -1382.77% -427.39%
FREE CASH FLOW
Cash From Operating Activities -$10.06M -$20.37M -$2.747M
Capital Expenditures -$2.150M $7.376M -$2.165M
Free Cash Flow -$7.906M -$27.75M -$582.0K
YoY Change 1258.42% 51.82%

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Organization and Description of the Business<div style="text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Description of the Business</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Weave Communications, Inc. (the “Company”) sells subscriptions for its integrated communications platform, which combines software communication and analysis tools with voice over internet protocol (“VoIP”) phone services. The Company was incorporated in the state of Delaware in October 2015 and its corporate headquarters are located in Lehi, UT.</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Initial Public Offering</span></div><div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 15, 2021, we completed our IPO for the sale of 5,000,000 shares of our common stock, $0.00001 par value per share at an offering price of $24.00 per share, pursuant to our Prospectus. We received aggregate proceeds of $111.6 million from our IPO after deducting underwriting discounts and commissions.</span></div><div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Upon the completion of our IPO, the 43,836,109 outstanding shares of redeemable convertible preferred stock with a carrying value of $151.9 million converted into an aggregate of 43,836,109 shares of common stock.</span></div>
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Use of EstimatesThe preparation of the consolidated financial statements in conformity 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 consolidated financial statements and the reported amount of sales and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates included in the Company’s financial statements include the valuation allowance against deferred tax assets, recoverability of long-lived assets, fair value of issued warrants, fair value of equity-based compensation, amortization period of deferred contract acquisition costs, and useful lives for depreciable assets.
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CY2021 us-gaap Concentration Risk Credit Risk
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<div style="margin-top:12pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%;text-decoration:underline">Concentration of Risks</span></div><div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The functionality of the Company’s software and cloud-based phone system relies heavily on the ability to integrate with customers’ practice or client management systems. Less than five providers make up the majority of practice management systems maintained by dentists and optometrists in the United States. At this time, the Company does not anticipate loss of integration rights with any of these major providers. To mitigate the risk, the Company has developed a system-agnostic platform that, if needed, does not rely on an integration for functionality. </span></div>Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. At times, the Company’s cash balances may exceed the amount insured by the Federal Deposit Insurance Corporation. The Company, however, does not anticipate nonperformance by those institutions.
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CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2021Q4 us-gaap Deferred Tax Asset Interest Carryforward
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55000 USD
CY2020Q4 us-gaap Deferred Tax Assets Other
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54000 USD
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475000 USD
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223000 USD
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528000 USD
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154000 USD
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4369000 USD
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3480000 USD
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CY2020Q4 us-gaap Deferred Income Tax Liabilities
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4461000 USD
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CY2020 us-gaap Lease And Rental Expense
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1700000 USD
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5819000 USD
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38666000 USD
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CY2021Q4 us-gaap Contractual Obligation
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CY2021Q4 us-gaap Contractual Obligation Due In Next Twelve Months
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CY2021Q4 us-gaap Contractual Obligation Due In Second Year
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3527000 USD
CY2021Q4 us-gaap Contractual Obligation Due In Third Year
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1833000 USD
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3600000 USD
CY2021Q4 us-gaap Long Term Line Of Credit
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10000000 USD
CY2020Q4 us-gaap Long Term Line Of Credit
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0 USD
CY2021Q4 us-gaap Contractual Obligation Due In Fourth Year
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1833000 USD
CY2021Q4 us-gaap Contractual Obligation Due In Fifth Year
ContractualObligationDueInFifthYear
1222000 USD
CY2021Q4 us-gaap Contractual Obligation Due After Fifth Year
ContractualObligationDueAfterFifthYear
0 USD
CY2021Q4 us-gaap Contractual Obligation
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13294000 USD
CY2021 us-gaap Depreciation Depletion And Amortization
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12100000 USD
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9400000 USD
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5700000 USD
CY2021 us-gaap Capital Leases Income Statement Interest Expense
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900000 USD
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CY2021Q4 us-gaap Capital Leases Future Minimum Payments Due In Two Years
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4715000 USD
CY2021Q4 us-gaap Capital Leases Future Minimum Payments Due In Three Years
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2075000 USD
CY2020Q4 us-gaap Temporary Equity Shares Authorized
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43836109 shares
CY2020Q4 us-gaap Temporary Equity Shares Outstanding
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43836109 shares
CY2020Q4 us-gaap Temporary Equity Shares Issued
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43836109 shares
CY2020Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
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151938000 USD
CY2020Q4 us-gaap Temporary Equity Liquidation Preference
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CY2021Q4 us-gaap Temporary Equity Shares Outstanding
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CY2021Q4 us-gaap Long Term Debt
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CY2021Q4 us-gaap Preferred Stock Shares Outstanding
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10000000 shares
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CY2021 us-gaap Allocated Share Based Compensation Expense
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CY2020 us-gaap Allocated Share Based Compensation Expense
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CY2019 us-gaap Allocated Share Based Compensation Expense
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CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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2439759 shares
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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3501964 shares
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.19
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1232574 shares
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
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8.60
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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52257000 USD
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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2719252 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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3.44
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
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CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
31929000 USD
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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47600000 USD
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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11100000 USD
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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6.5353
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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Grant Date Intrinsic Value
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0.8428
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Grant Date Intrinsic Value
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1.1304
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412000 shares
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1.5193
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CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Grant Date Intrinsic Value
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9.3857
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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2371893 shares
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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249067 shares
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Grant Date Intrinsic Value
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9.8159
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1610102 shares
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Grant Date Intrinsic Value
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9.1387
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580590 shares
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Grant Date Intrinsic Value
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8.6490
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0.0021
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P0Y8M1D
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0.3662
CY2018Q4 us-gaap Stock Repurchased And Retired During Period Shares
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1420128 shares
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5.3545
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CY2019Q1 weav Payments For Repurchase Of Common Stock And Compensation Expense
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4000000 USD
CY2019Q1 us-gaap Payments For Repurchase Of Common Stock
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1400000 USD
CY2021 us-gaap Stock Repurchased And Retired During Period Shares
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0 shares
CY2020 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
0 shares
CY2019 us-gaap Stock Repurchased And Retired During Period Shares
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0 shares
CY2021 us-gaap Net Income Loss
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1961000 USD
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2124000 USD
CY2019 us-gaap Redeemable Preferred Stock Dividends
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1968000 USD
CY2021 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-53651000 USD
CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-53651000 USD
CY2020 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-42545000 USD
CY2020 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-42545000 USD
CY2019 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-34028000 USD
CY2019 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-34028000 USD
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20636583 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20636583 shares
CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11355385 shares
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11355385 shares
CY2019 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10324621 shares
CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10324621 shares
CY2021Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.60
CY2021Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.60
CY2020 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.75
CY2020 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.75
CY2019 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.30
CY2019 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.30
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7914236 shares
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
53812024 shares
CY2019 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
51479401 shares
CY2021 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Amount
DefinedContributionPlanMaximumAnnualContributionsPerEmployeeAmount
19500 USD
CY2021 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Amount
DefinedContributionPlanMaximumAnnualContributionsPerEmployeeAmount
19500 USD
CY2019 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Amount
DefinedContributionPlanMaximumAnnualContributionsPerEmployeeAmount
19000 USD
CY2021 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
2130000 USD
CY2020 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
760000 USD
CY2019 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
1050000.00 USD

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