Quotient Technology Inc.

CIK:0001115128|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenues	$ 65,706	$ 69,251	$ 124,973	$ 147,707
Cost of revenues	34,778	37,267	65,148	86,345
Gross profit	30,928	31,984	59,825	61,362
Operating expenses:
Sales and marketing	22,326	21,459	40,289	43,395
Research and development	6,632	7,072	12,066	16,828
General and administrative	15,414	42,869	36,608	65,577
Total operating expenses	44,372	71,400	88,963	125,800
Loss from operations	(13,444)	(39,416)	(29,138)	(64,438)
Interest expense	(2,854)	(1,179)	(5,192)	(2,333)
Other (expense) income, net	153	(417)	59	(381)
Loss before income taxes	(16,145)	(41,012)	(34,271)	(67,152)
Provision for (benefit from) income taxes	(247)	2,346	(701)	2,512
Net loss	$ (15,898)	$ (43,358)	$ (33,570)	$ (69,664)
Net loss per share, basic (in USD per share)	$ (0.16)	$ (0.45)	$ (0.34)	$ (0.73)
Net loss per share, diluted (in USD per share)	$ (0.16)	$ (0.45)	$ (0.34)	$ (0.73)
Weighted-average number of common shares used in computing net loss per share, basic (in shares)	98,424	95,369	97,941	95,148
Weighted-average number of common shares used in computing net loss per share, diluted (in shares)	98,424	95,369	97,941	95,148

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (33,570)	$ (69,664)
Adjustments to reconcile net loss to net cash (used in) operating activities:
Depreciation and amortization	9,047	9,231
Stock-based compensation	11,468	22,869
Impairment of long-lived and right-of-use assets	0	11,448
Amortization of debt discount and issuance cost	879	548
Allowance (recovery) for credit losses	(177)	1,222
Other non-cash expenses	3,480	3,368
Changes in operating assets and liabilities:
Accounts receivable	29,134	78,915
Prepaid expenses and other assets	(6,451)	(2,031)
Accounts payable and other liabilities	(12,957)	(28,944)
Payments for contingent consideration and bonuses	0	(19,008)
Accrued compensation and benefits	(5,757)	(6,283)
Deferred revenues	4,540	(7,741)
Net cash used in operating activities	(364)	(6,070)
Cash flows from investing activities:
Purchases of property and equipment	(9,615)	(8,161)
Net cash used in investing activities	(9,615)	(8,161)
Cash flows from financing activities:
Proceeds from issuance of common stock under stock plans	1,332	824
Proceeds from borrowing on line of credit	40,000	0
Repayment of line of credit	(40,000)	0
Payments for taxes related to net share settlement of equity awards	(1,922)	(3,499)
Principal payments on term loan	(1,375)	0
Principal payments on promissory note and finance lease obligations	0	(98)
Payments for contingent consideration	0	(5,686)
Net cash used in financing activities	(1,965)	(8,459)
Effect of exchange rates on cash and cash equivalents	(47)	215
Net decrease in cash and cash equivalents	(11,991)	(22,475)
Cash and cash equivalents at beginning of period	56,891	237,417
Cash and cash equivalents at end of period	44,900	214,942
Supplemental disclosures of cash flow information:
Cash paid for income taxes	694	4,707
Cash paid for interest	4,053	1,760
Supplemental disclosures of noncash investing and financing activities:
Fixed asset purchases not yet paid	$ 860	$ 1,590

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 44,900	$ 56,891
Accounts receivable, net of allowance for credit losses of $203 and $706 at June 30, 2023 and December 31, 2022, respectively	69,093	98,049
Prepaid expenses and other current assets	26,435	19,791
Total current assets	140,428	174,731
Property and equipment, net	32,065	28,773
Operating lease right-of-use assets	12,703	14,475
Intangible assets, net	2,567	4,494
Goodwill	128,427	128,427
Other assets	10,050	12,259
Total assets	326,240	363,159
Current liabilities:
Accounts payable	28,930	30,027
Accrued compensation and benefits	6,296	12,060
Other current liabilities	44,141	53,255
Deferred revenues	20,059	15,519
Short-term debt	2,750	2,750
Total current liabilities	102,176	113,611
Operating lease liabilities	18,454	21,221
Other non-current liabilities	740	468
Long-term debt	47,197	48,034
Deferred tax liabilities	2,030	2,030
Total liabilities	170,597	185,364
Commitments and contingencies (Note 13)
Stockholders’ equity:
Preferred stock, $0.00001 par value—10,000,000 shares authorized; 250,000 shares designated as Series A Junior Participating Preferred Stock; and no shares issued or outstanding at June 30, 2023 and December 31, 2022	0	0
Common stock, $0.00001 par value—250,000,000 shares authorized; 99,112,165 and 97,149,665 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	1	1
Additional paid-in capital	724,605	713,201
Accumulated other comprehensive loss	(1,742)	(1,756)
Accumulated deficit	(567,221)	(533,651)
Total stockholders’ equity	155,643	177,795
Total liabilities and stockholders’ equity	$ 326,240	$ 363,159