2021 Q3 Form 10-Q Financial Statement

#000161764021000087 Filed on November 02, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3 2020 Q2
Revenue $1.737B $656.7M $768.4M
YoY Change 164.45% -11.88% 28.15%
Cost Of Revenue $1.496B $243.8M $487.5M
YoY Change 513.71% -39.03% 79.74%
Gross Profit $240.6M $412.9M $280.9M
YoY Change -41.74% 19.56% -14.46%
Gross Profit Margin 13.85% 62.88% 36.55%
Selling, General & Admin $407.5M $241.7M $246.0M
YoY Change 68.59% -10.43% -8.96%
% of Gross Profit 169.37% 58.53% 87.6%
Research & Development $111.5M $94.77M $97.51M
YoY Change 17.64% -23.55% -18.97%
% of Gross Profit 46.34% 22.95% 34.72%
Depreciation & Amortization $30.25M $26.80M $26.20M
YoY Change 12.86% 20.72% 23.58%
% of Gross Profit 12.57% 6.49% 9.33%
Operating Expenses $519.0M $336.5M $343.6M
YoY Change 54.24% -14.56% -12.04%
Operating Profit -$281.6M $76.45M -$62.69M
YoY Change -468.4% -257.8% 0.24%
Interest Expense -$44.74M -$39.50M -$37.60M
YoY Change 13.26% 49.06% 98.94%
% of Operating Profit -51.67%
Other Income/Expense, Net $1.964M $3.000M $10.10M
YoY Change -34.53% -66.67% 6.32%
Pretax Income -$339.2M $40.00M -$83.77M
YoY Change -948.07% -160.65% 16.38%
Income Tax -$11.00M $400.0K $700.0K
% Of Pretax Income 1.0%
Net Earnings -$328.2M $39.57M -$84.45M
YoY Change -929.35% -161.21% 17.33%
Net Earnings / Revenue -18.9% 6.03% -10.99%
Basic Earnings Per Share -$1.29 $0.17 -$0.38
Diluted Earnings Per Share -$1.29 $0.16 -$0.38
COMMON SHARES
Basic Shares Outstanding 254.1M shares 229.7M shares 219.5M shares
Diluted Shares Outstanding 254.1M shares 242.6M shares 219.5M shares

Balance Sheet

Concept 2021 Q3 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.215B $3.790B $3.537B
YoY Change -15.16% 63.12% 145.65%
Cash & Equivalents $2.195B $1.905B $2.045B
Short-Term Investments $1.020B $1.885B $1.491B
Other Short-Term Assets $629.1M $117.7M $90.00M
YoY Change 434.46% -16.76% -15.09%
Inventory $3.758B $193.3M $135.4M
Prepaid Expenses
Receivables $161.1M $79.64M $66.88M
Other Receivables $0.00 $125.4M $75.00M
Total Short-Term Assets $7.831B $4.306B $3.904B
YoY Change 81.85% 24.5% 75.9%
LONG-TERM ASSETS
Property, Plant & Equipment $202.5M $198.2M $195.7M
YoY Change 2.12% 28.52% 34.14%
Goodwill $2.375B $1.985B $1.985B
YoY Change 19.64% 0.0% 0.0%
Intangibles $195.0M $100.6M $107.0M
YoY Change 93.78% -49.05% -47.25%
Long-Term Investments
YoY Change
Other Assets $9.481M $9.373M $11.04M
YoY Change 1.15% -41.01% -33.08%
Total Long-Term Assets $3.007B $2.537B $2.546B
YoY Change 18.49% -3.05% -2.33%
TOTAL ASSETS
Total Short-Term Assets $7.831B $4.306B $3.904B
Total Long-Term Assets $3.007B $2.537B $2.546B
Total Assets $10.84B $6.844B $6.450B
YoY Change 58.36% 12.63% 33.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $30.89M $19.35M $14.31M
YoY Change 59.63% 99.16% 78.21%
Accrued Expenses $261.5M $93.90M $74.65M
YoY Change 178.53% 23.45% 8.94%
Deferred Revenue $54.20M $49.15M $44.51M
YoY Change 10.27% 17.16% 20.05%
Short-Term Debt $2.674B $232.4M $187.0M
YoY Change 1050.75% -68.09% -57.49%
Long-Term Debt Due $7.600M $9.600M
YoY Change
Total Short-Term Liabilities $3.110B $466.2M $387.4M
YoY Change 567.2% -48.64% -35.88%
LONG-TERM LIABILITIES
Long-Term Debt $1.766B $1.838B $1.810B
YoY Change -3.9% 24.3% 152.55%
Other Long-Term Liabilities $15.71M $214.5M $214.8M
YoY Change -92.67% -4.24% 1.51%
Total Long-Term Liabilities $1.782B $1.838B $1.810B
YoY Change -3.05% 24.3% 152.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.110B $466.2M $387.4M
Total Long-Term Liabilities $1.782B $1.838B $1.810B
Total Liabilities $5.067B $2.540B $2.427B
YoY Change 99.46% -3.2% 56.78%
SHAREHOLDERS EQUITY
Retained Earnings -$1.406B -$1.185B -$1.225B
YoY Change 18.61% 35.32% 50.98%
Common Stock $7.177B $5.488B $5.246B
YoY Change 30.77% 26.84% 28.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.771B $4.303B $4.023B
YoY Change
Total Liabilities & Shareholders Equity $10.84B $6.844B $6.450B
YoY Change 58.36% 12.63% 33.65%

Cashflow Statement

Concept 2021 Q3 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income -$328.2M $39.57M -$84.45M
YoY Change -929.35% -161.21% 17.33%
Depreciation, Depletion And Amortization $30.25M $26.80M $26.20M
YoY Change 12.86% 20.72% 23.58%
Cash From Operating Activities -$2.804B $57.60M $390.6M
YoY Change -4967.74% -119.43% -271.09%
INVESTING ACTIVITIES
Capital Expenditures -$35.21M -$23.50M -$28.60M
YoY Change 49.81% 8.29% 35.55%
Acquisitions
YoY Change
Other Investing Activities -$639.2M -$395.7M -$490.4M
YoY Change 61.55% -377.1% -543.4%
Cash From Investing Activities -$674.4M -$419.4M -$518.9M
YoY Change 60.81% -446.33% -679.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.150B 231.6M 583.3M
YoY Change 828.53% -81.2% 214.96%
NET CHANGE
Cash From Operating Activities -2.804B 57.60M 390.6M
Cash From Investing Activities -674.4M -419.4M -518.9M
Cash From Financing Activities 2.150B 231.6M 583.3M
Net Change In Cash -1.328B -130.2M 455.0M
YoY Change 919.81% -112.33% 880.6%
FREE CASH FLOW
Cash From Operating Activities -$2.804B $57.60M $390.6M
Capital Expenditures -$35.21M -$23.50M -$28.60M
Free Cash Flow -$2.769B $81.10M $419.2M
YoY Change -3513.83% -129.51% -302.32%

Facts In Submission

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<div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-top:10pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain reclassifications have been made in the condensed consolidated statements of operations to conform data for prior periods to the current format. Beginning with the three and six month periods ended June 30, 2021, we presented a gross profit subtotal in our condensed consolidated statements of operations, which requires certain depreciation expense and amortization expense to be included within cost of revenue. We believe the presentation of gross profit is preferable as it facilitates investors’ ability to model across our segments and enhances comparability with our public company peers. To effect the presentation of gross profit, we present the amortization expense for certain intangible assets and data acquisition costs within cost of revenue and have reclassified certain amounts in prior periods in the condensed consolidated statements of operations from technology and development expenses to cost of revenue. Additionally, we reclassified the amortization expense for trade names and trademarks and customer relationship intangible assets from technology and development expenses to sales and marketing expenses. This change has no impact on income (loss) from operations or net income (loss).</span></div>
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<div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:10pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the financial statements, as well as the reported amounts of revenue and expenses during the periods presented. On an ongoing basis, we evaluate our estimates, including those related to the accounting for certain revenue offerings, the net realizable value of inventory, amortization period and recoverability of contract cost assets, website and software development costs, recoverability of long-lived assets and intangible assets, share-based compensation, income taxes, business combinations and the recoverability of goodwill, among others. To the extent there are material differences between these estimates, judgments or assumptions and actual results, our financial statements will be affected. The COVID-19 pandemic has introduced additional uncertainty with respect to estimates, judgments and assumptions, which may materially impact the estimates previously listed, among others.</span></div>
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39995000 USD
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