2021 Q2 Form 10-Q Financial Statement

#000163622221000110 Filed on July 28, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $74.00M $66.11M
YoY Change 11.94% 36.12%
Cost Of Revenue $14.21M $13.39M
YoY Change 6.13% 26.61%
Gross Profit $59.79M $52.72M
YoY Change 13.42% 38.77%
Gross Profit Margin 80.8% 79.75%
Selling, General & Admin $16.07M $13.38M
YoY Change 20.12% -0.14%
% of Gross Profit 26.87% 25.37%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.523M $1.398M
YoY Change 8.94% 4.72%
% of Gross Profit 2.55% 2.65%
Operating Expenses $16.07M $13.38M
YoY Change 20.12% -65.06%
Operating Profit $18.90M $19.54M
YoY Change -3.25% 89.92%
Interest Expense -$3.724M -$4.214M
YoY Change -11.63% -1.98%
% of Operating Profit -19.7% -21.57%
Other Income/Expense, Net
YoY Change
Pretax Income $15.18M $15.32M
YoY Change -0.94% 155.9%
Income Tax $3.900M $3.800M
% Of Pretax Income 25.69% 24.8%
Net Earnings $11.31M $11.54M
YoY Change -1.97% 134.63%
Net Earnings / Revenue 15.29% 17.46%
Basic Earnings Per Share $0.38 $0.39
Diluted Earnings Per Share $0.38 $0.39
COMMON SHARES
Basic Shares Outstanding 29.74M shares 29.59M shares
Diluted Shares Outstanding 29.87M shares 29.79M shares

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $43.50M $45.80M
YoY Change -5.01% 167.84%
Cash & Equivalents $43.50M $45.77M
Short-Term Investments
Other Short-Term Assets $35.35M $16.10M
YoY Change 119.57% 49.07%
Inventory
Prepaid Expenses
Receivables $5.854M $5.580M
Other Receivables $0.00 $0.00
Total Short-Term Assets $84.71M $67.46M
YoY Change 25.58% 101.87%
LONG-TERM ASSETS
Property, Plant & Equipment $39.60M $27.22M
YoY Change 45.47% 225.56%
Goodwill $53.69M $50.16M
YoY Change 7.04% 1.02%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.62M $11.32M
YoY Change 11.43% -8.1%
Total Long-Term Assets $149.6M $133.7M
YoY Change 11.89% 14.62%
TOTAL ASSETS
Total Short-Term Assets $84.71M $67.46M
Total Long-Term Assets $149.6M $133.7M
Total Assets $234.3M $201.1M
YoY Change 16.48% 34.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.812M $2.890M
YoY Change 31.9% 14.5%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.200M $16.00M
YoY Change -92.5% 400.0%
Total Short-Term Liabilities $51.65M $47.58M
YoY Change 8.55% 99.4%
LONG-TERM LIABILITIES
Long-Term Debt $468.8M $310.8M
YoY Change 50.81% 0.76%
Other Long-Term Liabilities $4.516M $7.038M
YoY Change -35.83% -16.66%
Total Long-Term Liabilities $473.3M $317.9M
YoY Change 48.89% 0.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $51.65M $47.58M
Total Long-Term Liabilities $473.3M $317.9M
Total Liabilities $556.5M $393.8M
YoY Change 41.32% 7.48%
SHAREHOLDERS EQUITY
Retained Earnings -$323.0M -$193.0M
YoY Change 67.36% -11.28%
Common Stock $298.0K $296.0K
YoY Change 0.68% 0.34%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$322.2M -$192.7M
YoY Change
Total Liabilities & Shareholders Equity $234.3M $201.1M
YoY Change 16.48% 34.05%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $11.31M $11.54M
YoY Change -1.97% 134.63%
Depreciation, Depletion And Amortization $1.523M $1.398M
YoY Change 8.94% 4.72%
Cash From Operating Activities $17.82M $13.14M
YoY Change 35.63% 1376.4%
INVESTING ACTIVITIES
Capital Expenditures -$5.418M -$1.090M
YoY Change 397.06% 36.25%
Acquisitions
YoY Change
Other Investing Activities -$4.163M $2.300M
YoY Change -281.0%
Cash From Investing Activities -$9.581M $1.210M
YoY Change -891.82% -251.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.436M -3.230M
YoY Change 68.3% -8.5%
NET CHANGE
Cash From Operating Activities 17.82M 13.14M
Cash From Investing Activities -9.581M 1.210M
Cash From Financing Activities -5.436M -3.230M
Net Change In Cash 2.805M 11.12M
YoY Change -74.78% -423.26%
FREE CASH FLOW
Cash From Operating Activities $17.82M $13.14M
Capital Expenditures -$5.418M -$1.090M
Free Cash Flow $23.24M $14.23M
YoY Change 63.32% 742.01%

Facts In Submission

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CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
-322243000 USD
us-gaap Net Income Loss
NetIncomeLoss
24472000 USD
us-gaap Net Income Loss
NetIncomeLoss
19635000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3318000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2953000 USD
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
936000 USD
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
1720000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
4772000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3300000 USD
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
0 USD
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
2016000 USD
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
711000 USD
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
815000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
925000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
405000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2217000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
652000 USD
wing Increase Decrease In Advertising Fund Assets And Liabilities Net
IncreaseDecreaseInAdvertisingFundAssetsAndLiabilitiesNet
4897000 USD
wing Increase Decrease In Advertising Fund Assets And Liabilities Net
IncreaseDecreaseInAdvertisingFundAssetsAndLiabilitiesNet
2004000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-5231000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-675000 USD
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
1315000 USD
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
10000 USD
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-436000 USD
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-1077000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
31612000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
25612000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8258000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2670000 USD
us-gaap Proceeds From Sales Of Assets Investing Activities
ProceedsFromSalesOfAssetsInvestingActivities
0 USD
us-gaap Proceeds From Sales Of Assets Investing Activities
ProceedsFromSalesOfAssetsInvestingActivities
2300000 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
4163000 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
0 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-12421000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-370000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
156000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
562000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
16000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1200000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
800000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1873000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
241000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
8889000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
6500000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-11806000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
9021000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
7385000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
34263000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
59270000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
21175000 USD
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
66655000 USD
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
55438000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
6325000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0 USD
us-gaap Fiscal Period
FiscalPeriod
Fiscal year. The Company uses a 52/53-week fiscal year that ends on the last Saturday of the calendar year. Fiscal years 2021 and 2020 each have 52 weeks
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
43504000 USD
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
40858000 USD
CY2021Q2 us-gaap Restricted Cash Current
RestrictedCashCurrent
4657000 USD
CY2020Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
4815000 USD
CY2021Q2 wing Restricted Cash Included In Advertising Fund Assets Restricted
RestrictedCashIncludedInAdvertisingFundAssetsRestricted
18494000 USD
CY2020Q4 wing Restricted Cash Included In Advertising Fund Assets Restricted
RestrictedCashIncludedInAdvertisingFundAssetsRestricted
13597000 USD
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
66655000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
59270000 USD
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29739000 shares
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29588000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29722000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29538000 shares
CY2021Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
134000 shares
CY2020Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
205000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
137000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
213000 shares
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29873000 shares
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29793000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29859000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29751000 shares
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8000 shares
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1000 shares
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.203
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3900000 USD
CY2021Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.255
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3800000 USD
CY2020Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.247
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6700000 USD
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.216
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5000000.0 USD
CY2021Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
100000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1500000 USD
CY2020Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
200000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1500000 USD
CY2021Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
8826000 USD
CY2020Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
9467000 USD
CY2021Q2 us-gaap Equity Method Investment Difference Between Carrying Amount And Underlying Equity
EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquity
4200000 USD
CY2021Q2 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
469974000 USD
CY2020Q4 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
470533000 USD
CY2021Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
1200000 USD
CY2020Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
3600000 USD
CY2021Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
468774000 USD
CY2020Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
466933000 USD
CY2020Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
50000000 USD
CY2020Q4 us-gaap Line Of Credit
LineOfCredit
0 USD
CY2021Q2 us-gaap Line Of Credit
LineOfCredit
0 USD
CY2021Q2 wing Contract With Customer Portion Of Liability Not Yet Being Amortized
ContractWithCustomerPortionOfLiabilityNotYetBeingAmortized
9900000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4800000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3300000 USD
wing Franchise License Average Term
FranchiseLicenseAverageTerm
P10Y
CY2021Q2 wing Franchise License Average Term
FranchiseLicenseAverageTerm
P10Y
CY2020Q4 wing Contract With Customer Portion Of Liability Not Yet Being Amortized
ContractWithCustomerPortionOfLiabilityNotYetBeingAmortized
9800000 USD
CY2021Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P7Y2M12D

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