10-Q 1 ddog-10q_20200630.htm 10-Q ddog-10q_20200630.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to            

Commission File Number: 001-39051

 

Datadog, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

 

27-2825503

(State or other jurisdiction of
incorporation or organization)

 

(I.R.S. Employer
Identification No.)

 

 

620 8th Avenue, 45th Floor

New York, NY

 

10018

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code: (866) 329-4466

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A common stock, par value $0.00001 per share

DDOG

The Nasdaq Stock Market LLC

(Nasdaq Global Select Market)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

 

Small reporting company

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of July 31, 2020, there were 189,798,022 shares of the registrants Class A common stock and 113,537,435 shares of the registrants Class B common stock, each with a par value of $0.00001 per share, outstanding.

 

 


TABLE OF CONTENTS

 

 

 

 

 

Page

PART I.

 

FINANCIAL INFORMATION

 

3

Item 1.

 

Financial Statements

 

3

 

 

Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019 (unaudited)

 

3

 

 

Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2020 and June 30, 2019 (unaudited)

 

4

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2020 and 2019 (unaudited)

 

5

 

 

Condensed Consolidated Statement of Convertible Preferred Stock and Stockholders’ Equity (Deficit) for the Three and Six Months Ended June 30, 2020 and June 30, 2019 (unaudited)

 

6

 

 

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2020 and June 30, 2019 (unaudited)

 

10

 

 

Notes to Condensed Consolidated Financial Statements (unaudited)

 

11

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

25

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

37

Item 4.

 

Controls and Procedures

 

37

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

39

Item 1.

 

Legal Proceedings

 

39

Item 1A.

 

Risk Factors

 

39

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

64

Item 3.

 

Defaults Upon Senior Securities

 

64

Item 4.

 

Mine Safety Disclosures

 

64

Item 5.

 

Other Information

 

64

Item 6.

 

Exhibits

 

65

Signatures

 

66

 

1


SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will” or “would” or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following:

 

 

our expectations regarding our revenue, expenses and other operating results;

 

 

our ability to acquire new customers and successfully retain existing customers;

 

 

our ability to increase usage of our platform and upsell and cross sell additional products;

 

 

our ability to achieve or sustain our profitability;

 

 

future investments in our business, our anticipated capital expenditures and our estimates regarding our capital requirements;

 

 

the costs and success of our sales and marketing efforts, and our ability to promote our brand;

 

 

our reliance on key personnel and our ability to identify, recruit and retain skilled personnel;

 

 

our ability to effectively manage our growth, including any international expansion;

 

 

our ability to protect our intellectual property rights and any costs associated therewith;

 

 

our ability to compete effectively with existing competitors and new market entrants;

 

 

the growth rates of the markets in which we compete; and

 

 

the potential impact of the ongoing COVID-19 pandemic on our business, results of operations and financial condition.

 

You should not rely on forward-looking statements as predictions of future events. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in under the header “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained herein. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.

 

The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made, and we undertake no obligation to update them to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law.

 

 

Unless the context otherwise indicates, references in this report to the terms “Datadog”, “the Company,” “we,” “our” and “us” refer to Datadog, Inc. and its subsidiaries.

 

We may announce material business and financial information to our investors using our investor relations website (www.investors.datadoghq.com). We therefore encourage investors and others interested in Datadog to review the information that we make available on our website, in addition to following our filings with the Securities and Exchange Commission, webcasts, press releases and conference calls.

 

2


PART I-FINANCIAL INFORMATION

Item 1. Financial Statements

DATADOG, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

(unaudited)

 

 

 

June 30,

2020

 

 

December 31,

2019

 

ASSETS

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

206,202

 

 

$

597,297

 

Marketable securities

 

 

1,259,597

 

 

 

176,674

 

Accounts receivable, net of allowance for credit losses of $2,274 and $817 as of

   June 30, 2020 and December 31, 2019, respectively

 

 

124,078

 

 

 

102,394

 

Deferred contract costs, current

 

 

10,927

 

 

 

8,346

 

Prepaid expenses and other current assets

 

 

25,268

 

 

 

19,231

 

Total current assets

 

 

1,626,072

 

 

 

903,942

 

Property and equipment, net

 

 

37,164

 

 

 

32,749

 

Operating lease assets

 

 

58,188

 

 

 

53,002

 

Goodwill

 

 

16,860

 

 

 

9,058

 

Intangible assets, net

 

 

2,586

 

 

 

1,435

 

Deferred contract costs, non-current

 

 

21,438

 

 

 

17,409

 

Restricted cash

 

 

3,451

 

 

 

3,456

 

Other assets

 

 

17,947

 

 

 

16,990

 

TOTAL ASSETS

 

$

1,783,706

 

 

$

1,038,041

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

Accounts payable

 

$

18,010

 

 

$

15,429

 

Accrued expenses and other current liabilities

 

 

46,016

 

 

 

38,746

 

Operating lease liabilities, current

 

 

14,524

 

 

 

11,916

 

Deferred revenue, current

 

 

162,858

 

 

 

134,148

 

Total current liabilities

 

 

241,408

 

 

 

200,239

 

Deferred tax liability

 

 

11,203

 

 

 

 

Operating lease liabilities, non-current

 

 

52,881

 

 

 

48,510

 

Convertible senior notes, net

 

 

559,621

 

 

 

 

Deferred revenue, non-current

 

 

2,417

 

 

 

4,340

 

Other liabilities

 

 

3,305

 

 

 

2,611

 

Total liabilities

 

 

870,835

 

 

 

255,700

 

COMMITMENTS AND CONTINGENCIES (NOTE 8)

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY:

 

 

 

 

 

 

 

 

Class A common stock, $0.00001 par value per share; 2,000,000,000 shares authorized as of

   June 30, 2020 and December 31, 2019; 187,108,585 and 64,308,498 shares

   issued and outstanding as of June 30, 2020 and December 31, 2019, respectively

 

 

2

 

 

 

1

 

Class B common stock, $0.00001 par value per share; 310,000,000 shares authorized as of

   June 30, 2020 and December 31, 2019; 115,145,948 and 232,078,452 shares

   issued and outstanding as of June 30, 2020 and December 31, 2019, respectively

 

 

1

 

 

 

2

 

Additional paid-in capital

 

 

1,027,656

 

 

 

905,821

 

Accumulated other comprehensive income

 

 

2,065

 

 

 

133

 

Accumulated deficit

 

 

(116,853

)

 

 

(123,616

)

Total stockholders’ equity

 

 

912,871

 

 

 

782,341

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

1,783,706

 

 

$

1,038,041

 

 

See accompanying notes to condensed consolidated financial statements.

3


DATADOG, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue

 

$

140,012

 

 

$

83,222

 

 

$

271,260

 

 

$

153,272

 

Cost of revenue

 

 

28,878

 

 

 

20,978

 

 

 

55,357

 

 

 

39,928

 

Gross profit

 

 

111,134

 

 

 

62,244

 

 

 

215,903

 

 

 

113,344

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

45,664

 

 

 

24,032

 

 

 

86,488

 

 

 

46,847

 

Sales and marketing

 

 

51,269

 

 

 

36,118

 

 

 

96,484

 

 

 

66,225

 

General and administrative

 

 

13,547

 

 

 

6,088

 

 

 

28,499

 

 

 

13,928

 

Total operating expenses

 

 

110,480

 

 

 

66,238

 

 

 

211,471

 

 

 

127,000

 

Operating income (loss)

 

 

654

 

 

 

(3,994

)

 

 

4,432

 

 

 

(13,656

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(4,294

)

 

 

 

 

 

(5,001

)

 

 

 

Interest income and other income, net

 

 

4,466

 

 

 

326

 

 

 

8,069

 

 

 

556

 

Other income, net

 

 

172

 

 

 

326

 

 

 

3,068

 

 

 

556

 

Income (loss) before provision for income taxes

 

 

826

 

 

 

(3,668

)

 

 

7,500

 

 

 

(13,100

)

Provision for income taxes

 

 

(542

)

 

 

(281

)

 

 

(737

)

 

 

(340

)

Net income (loss)

 

$

284

 

 

$

(3,949

)

 

$

6,763

 

 

$

(13,440

)

Net income (loss) attributable to common stockholders

 

$

284

 

 

$

(3,949

)

 

$

6,763

 

 

$

(13,440

)

Basic net income (loss) per share

 

$

0.00

 

 

$

(0.05

)

 

$

0.02

 

 

$

(0.17

)

Diluted net income (loss) per share

 

$

0.00

 

 

$

(0.05

)

 

$

0.02

 

 

$

(0.17

)

Weighted average shares used in calculating basic net

   income (loss) per share:

 

 

299,267

 

 

 

82,044

 

 

 

297,361

 

 

 

79,566

 

Weighted average shares used in calculating diluted net

   income (loss) per share:

 

 

330,847

 

 

 

82,044

 

 

 

329,402

 

 

 

79,566

 

 

See accompanying notes to condensed consolidated financial statements.

4


DATADOG, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands)

(unaudited)

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income (loss)

 

$

284

 

 

$

(3,949

)

 

$

6,763

 

 

$

(13,440

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

149

 

 

 

11

 

 

 

(91

)

 

 

(40

)

Unrealized gain on available-for-sale marketable

   securities, net of tax

 

 

2,978

 

 

 

 

 

 

2,023

 

 

 

 

Other comprehensive income (loss):

 

 

3,127

 

 

 

11

 

 

 

1,932

 

 

 

(40

)

Comprehensive income (loss)

 

$

3,411

 

 

$

(3,938

)

 

$

8,695

 

 

$

(13,480

)

 

See accompanying notes to condensed consolidated financial statements.

 

 

5


DATADOG, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

(in thousands, except share data)

(unaudited)

 

 

Class A and Class B

 

 

Additional

 

 

Accumulated

Other

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

(Loss) Income

 

 

Deficit

 

 

Equity

 

BALANCE—March 31, 2020

 

 

298,734,720

 

 

$

3

 

 

$

921,091

 

 

$

(1,062

)

 

$

(117,137

)

 

$

802,895

 

Issuance of common stock upon

   exercise of stock options

 

 

3,075,059

 

 

 

 

 

 

4,422

 

 

 

 

 

 

 

 

 

4,422

 

Vesting of early exercised stock

   options

 

 

 

 

 

 

 

 

294

 

 

 

 

 

 

 

 

 

294

 

Vesting of restricted stock units

 

 

3,658

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of restricted shares of

   common stock

 

 

120,992

 

 

 

 

 

 

5,169

 

 

 

 

 

 

 

 

 

5,169

 

Issuance of common stock under the

   employee stock purchase plan, net of

   shares withheld for taxes

 

 

320,104

 

 

 

 

 

 

6,703

 

 

 

 

 

 

 

 

 

6,703

 

Stock-based compensation

 

 

 

 

 

 

 

 

17,032

 

 

 

 

 

 

 

 

 

17,032

 

Equity component of 2025 Convertible

   Senior Notes, net

 

 

 

 

 

 

 

 

162,570

 

 

 

 

 

 

 

 

 

162,570

 

Purchases of capped calls related to

   2025 Convertible Senior Notes

 

 

 

 

 

 

 

 

(89,625

)

 

 

 

 

 

 

 

 

(89,625

)

Change in accumulated other

   comprehensive income

 

 

 

 

 

 

 

 

 

 

 

3,127

 

 

 

 

 

 

3,127

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

284

 

 

 

284

 

BALANCE—June 30, 2020

 

 

302,254,533

 

 

$

3

 

 

$

1,027,656

 

 

$

2,065

 

 

$

(116,853

)

 

$

912,871

 

6


 

 

 

Convertible

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Accumulated

Other

 

 

 

 

 

 

Total

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

(Loss) Income

 

 

Deficit

 

 

Deficit

 

BALANCE—March 31, 2019

 

 

179,814,912

 

 

$

140,805

 

 

 

80,953,806

 

 

$

 

 

$

34,853

 

 

$

(20

)

 

$

(116,397

)

 

$

(81,564

)

Issuance of common stock

   upon exercise of stock options

 

 

 

 

 

 

 

 

5,065,947

 

 

 

 

 

 

3,162

 

 

 

 

 

 

 

 

 

3,162

 

Vesting of early exercised

   stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

99

 

 

 

 

 

 

 

 

 

99

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,965

 

 

 

 

 

 

 

 

 

2,965

 

Conversion of non-voting common stock

 

 

(803,481

)

 

 

(53

)

 

 

803,481

 

 

 

 

 

 

53

 

 

 

 

 

 

 

 

 

53

 

Change in accumulated other

   comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11

 

 

 

 

 

 

11

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,949

)

 

 

(3,949

)

BALANCE—June 30, 2019

 

 

179,011,431

 

 

$

140,752

 

 

 

86,823,234

 

 

$

 

 

$

41,132

 

 

$

(9

)

 

$

(120,346

)

 

$

(79,223

)

7


DATADOG, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

(in thousands, except share data)

(unaudited)

 

 

 

Class A and Class B

 

 

Additional

 

 

Accumulated

Other

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

(Loss) Income

 

 

Deficit

 

 

Equity

 

BALANCE—December 31, 2019

 

 

296,386,950

 

 

$

3

 

 

$

905,821

 

 

$

133

 

 

$

(123,616

)

 

$

782,341

 

Issuance of common stock upon

   exercise of stock options

 

 

5,422,829

 

 

 

 

 

 

7,235

 

 

 

 

 

 

 

 

 

7,235

 

Vesting of early exercised stock

   options

 

 

 

 

 

 

 

 

588

 

 

 

 

 

 

 

 

 

588

 

Vesting of restricted stock units

 

 

3,658

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of restricted shares of

   common stock

 

 

120,992

 

 

 

 

 

 

5,169

 

 

 

 

 

 

 

 

 

5,169

 

Issuance of common stock under the

   employee stock purchase plan, net of

   shares withheld for taxes

 

 

320,104

 

 

 

 

 

 

6,703

 

 

 

 

 

 

 

 

 

6,703

 

Stock-based compensation

 

 

 

 

 

 

 

 

29,195

 

 

 

 

 

 

 

 

 

29,195

 

Equity component of 2025 Convertible

   Senior Notes, net

 

 

 

 

 

 

 

 

162,570

 

 

 

 

 

 

 

 

 

162,570

 

Purchases of capped calls related to

   2025 Convertible Senior Notes

 

 

 

 

 

 

 

 

(89,625

)

 

 

 

 

 

 

 

 

(89,625

)

Change in accumulated other

   comprehensive income

 

 

 

 

 

 

 

 

 

 

 

1,932

 

 

 

 

 

 

1,932

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,763

 

 

 

6,763

 

BALANCE—June 30, 2020

 

 

302,254,533

 

 

$

3

 

 

$

1,027,656

 

 

$

2,065

 

 

$

(116,853

)

 

$

912,871

 

8


 

 

 

Convertible

 

 

 

 

 

 

 

 

 

 

Non-Voting

 

 

Additional

 

 

Accumulated

Other

 

 

 

 

 

 

Total

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Common Stock

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

(Loss) Income

 

 

Deficit

 

 

Deficit

 

BALANCE—December 31,

   2018

 

 

179,814,912

 

 

$

140,805

 

 

 

78,180,606

 

 

$

 

 

 

 

 

$

 

 

$

30,834

 

 

$

31

 

 

$

(106,906

)

 

$

(76,041

)

Issuance of common stock

   upon exercise of

   stock options

 

 

 

 

 

 

 

 

7,839,147

 

 

 

 

 

 

 

 

 

 

 

 

4,470

 

 

 

 

 

 

 

 

 

4,470

 

Vesting of early exercised

   stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

313

 

 

 

 

 

 

 

 

 

313

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,462

 

 

 

 

 

 

 

 

 

5,462

 

Conversion of preferred stock

   to common stock

 

 

(803,481

)

 

 

(53

)

 

 

803,481

 

 

 

 

 

 

 

 

 

 

 

 

53

 

 

 

 

 

 

 

 

 

53

 

Change in accumulated other

   comprehensive (loss) income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(40

)

 

 

 

 

 

(40

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13,440

)

 

 

(13,440

)

BALANCE—June 30, 2019

 

 

179,011,431

 

 

$

140,752

 

 

 

86,823,234

 

 

$

 

 

 

 

 

$

 

 

$

41,132

 

 

$

(9

)

 

$

(120,346

)

 

$

(79,223

)

 

See accompanying notes to condensed consolidated financial statements.

 

9


DATADOG, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

6,763

 

 

$

(13,440

)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

7,395