Delaware | 001-39037 | 83-4505317 | ||||||||||||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
414 Union Street Nashville, Tennessee | 37219 | |||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading symbol | Name on each exchange on which registered | ||||||||||||
Class A common stock, par value $.0001 per share | SDC | The NASDAQ Stock Market LLC |
Exhibit No. | Description | |||||||
99.1 |
SMILEDIRECTCLUB, INC. | ||||||||
By: | /s/ Kyle Wailes | |||||||
Name: | Kyle Wailes | |||||||
Title: | Chief Financial Officer |
SmileDirectClub Fourth Quarter 2020 Conference Call Details | |||||
Date: | March 4, 2021 | ||||
Time: | 4:30 p.m. ET (1:30 p.m. PT) | ||||
Dial-In: | 1-877-407-9208 (domestic) or 1-201-493-6784 (international) | ||||
Webcast: | Visit “Events and Presentations” section of the company’s IR page at http://investors.smiledirectclub.com. |
December 31, 2020 | December 31, 2019 | |||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 316,724 | $ | 318,458 | ||||
Accounts receivable | 221,973 | 239,413 | ||||||
Inventories | 29,247 | 18,431 | ||||||
Prepaid and other current assets | 12,832 | 14,186 | ||||||
Total current assets | 580,776 | 590,488 | ||||||
Accounts receivable, non-current | 71,355 | 106,315 | ||||||
Property, plant and equipment, net | 189,995 | 177,543 | ||||||
Operating lease right-of-use asset | 31,176 | — | ||||||
Other assets | 11,487 | 11,299 | ||||||
Total assets | $ | 884,789 | $ | 885,645 | ||||
LIABILITIES AND PERMANENT EQUITY | ||||||||
Accounts payable | $ | 36,848 | $ | 52,706 | ||||
Accrued liabilities | 100,589 | 93,339 | ||||||
Deferred revenue | 26,619 | 25,435 | ||||||
Current portion of long-term debt | 15,664 | 35,376 | ||||||
Other current liabilities | 6,821 | — | ||||||
Total current liabilities | 186,541 | 206,856 | ||||||
Long-term debt, net of current portion | 392,939 | 173,150 | ||||||
Operating lease liabilities, net of current portion | 27,771 | — | ||||||
Other long-term liabilities | 43,400 | 47,354 | ||||||
Total liabilities | 650,651 | 427,360 | ||||||
Commitment and contingencies | ||||||||
Permanent Equity | ||||||||
Class A common stock, par value $0.0001 and 115,429,319 shares issued and outstanding at December 31, 2020 and 103,303,674 shares issued and outstanding at December 31, 2019 | 11 | 10 | ||||||
Class B common stock, par value $0.0001 and 270,908,566 shares issued and outstanding at December 31, 2020 and 279,474,505 shares issued and outstanding at December 31, 2019 | 27 | 28 | ||||||
Additional paid-in-capital | 483,393 | 447,866 | ||||||
Accumulated other comprehensive income (loss) | (102) | (272) | ||||||
Accumulated deficit | (192,879) | (114,513) | ||||||
Noncontrolling interest | (73,932) | 125,166 | ||||||
Warrants | 17,620 | — | ||||||
Total permanent equity | 234,138 | 458,285 | ||||||
Total liabilities and permanent equity | $ | 884,789 | $ | 885,645 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||
Revenue, net | $ | 172,577 | $ | 183,999 | $ | 607,373 | $ | 706,529 | ||||||
Financing revenue | 11,979 | 12,714 | 49,407 | 43,899 | ||||||||||
Total revenues | 184,556 | 196,713 | 656,780 | 750,428 | ||||||||||
Cost of revenues | 48,539 | 52,498 | 206,852 | 163,861 | ||||||||||
Cost of revenues—related parties | — | 877 | — | 14,529 | ||||||||||
Total cost of revenues | 48,539 | 53,375 | 206,852 | 178,390 | ||||||||||
Gross profit | 136,017 | 143,338 | 449,928 | 572,038 | ||||||||||
Marketing and selling expenses | 79,355 | 141,059 | 322,919 | 481,468 | ||||||||||
General and administrative expenses | 78,154 | 94,525 | 311,982 | 580,843 | ||||||||||
Lease abandonment and impairment of long-lived assets | (3,136) | — | 25,457 | — | ||||||||||
Other store closure and related costs | 844 | — | 7,034 | — | ||||||||||
Loss from operations | (19,200) | (92,246) | (217,464) | (490,273) | ||||||||||
Interest expense | 15,383 | 4,052 | 45,010 | 15,659 | ||||||||||
Interest expense—related parties | — | — | — | 75 | ||||||||||
Loss on extinguishment of debt | — | — | 13,781 | 29,672 | ||||||||||
Other (income) expense | (3,009) | (644) | (878) | (142) | ||||||||||
Net loss before income tax expense | (31,574) | (95,654) | (275,377) | (535,537) | ||||||||||
Income tax expense | 1,377 | 1,672 | 3,122 | 2,268 | ||||||||||
Net loss | (32,951) | (97,326) | (278,499) | (537,805) | ||||||||||
Net loss attributable to noncontrolling interest | (23,224) | (71,109) | (200,133) | (423,292) | ||||||||||
Net loss attributable to SmileDirectClub, Inc. | $ | (9,727) | $ | (26,217) | $ | (78,366) | $ | (114,513) | ||||||
Earnings per share of Class A common stock: | ||||||||||||||
Basic | $ | (0.09) | $ | (0.25) | $ | (0.71) | $ | (1.12) | ||||||
Diluted | $ | (0.09) | $ | (0.25) | $ | (0.72) | $ | (1.14) | ||||||
Weighted average shares outstanding: | ||||||||||||||
Basic | 114,008,652 | 103,043,244 | 109,854,360 | 102,442,525 | ||||||||||
Diluted | 386,128,446 | 382,517,729 | 385,200,442 | 381,917,030 |
Year Ended December 31, | |||||||||||
2020 | 2019 | ||||||||||
Operating Activities | |||||||||||
Net loss | $ | (278,499) | $ | (537,805) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 56,390 | 27,336 | |||||||||
Deferred loan cost amortization | 4,407 | 3,969 | |||||||||
Equity-based compensation | 44,903 | 350,122 | |||||||||
Loss on extinguishment of debt | 13,594 | 17,693 | |||||||||
Paid in kind interest expense | 8,450 | — | |||||||||
Lease abandonment, impairment of long-lived assets and other store closure and related charges | 27,767 | — | |||||||||
Other non-cash operating activities | 10,071 | 1,783 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 52,400 | (171,577) | |||||||||
Inventories | (11,602) | (9,650) | |||||||||
Prepaid and other current assets | (378) | (13,059) | |||||||||
Accounts payable | (7,670) | (1,182) | |||||||||
Accrued liabilities | (4,585) | 13,107 | |||||||||
Due to related parties | — | (20,305) | |||||||||
Deferred revenue | 1,184 | 6,376 | |||||||||
Net cash used in operating activities | (83,568) | (333,192) | |||||||||
Investing Activities | |||||||||||
Purchases of property, equipment, and intangible assets | (97,141) | (106,361) | |||||||||
Net cash used in investing activities | (97,141) | (106,361) | |||||||||
Financing Activities | |||||||||||
IPO proceeds, net of discount and related fees | (1,155) | 1,277,010 | |||||||||
Proceeds from warrant exercise | 922 | — | |||||||||
Repurchase of Class A shares and related fees | — | (696,489) | |||||||||
Repurchase of Class A shares to cover employee tax withholdings | (9,901) | (85,684) | |||||||||
Settlement of canceled awards | — | (2,000) | |||||||||
Issuance of Class A common stock | — | 6 | |||||||||
Proceeds from HPS Credit Facility and Warrants, net | 388,000 | — | |||||||||
Borrowings on long-term debt | 16,807 | 176,000 | |||||||||
Payments of loan costs | (11,784) | (6,127) | |||||||||
Principal payments on long-term debt | (194,439) | (193,516) | |||||||||
Principal payments on related party debt | — | (22,352) | |||||||||
Payments on finance leases | (10,138) | (3,017) | |||||||||
Other | 663 | 251 | |||||||||
Net cash provided by financing activities | 178,975 | 444,082 | |||||||||
Increase in cash and cash equivalents | (1,734) | 4,529 | |||||||||
Cash and cash equivalents at beginning of period | 318,458 | 313,929 | |||||||||
Cash and cash equivalents at end of period | $ | 316,724 | $ | 318,458 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||
(unaudited) | ||||||||||||||
Net loss | $ | (32,951) | $ | (97,326) | $ | (278,499) | $ | (537,805) | ||||||
Depreciation and amortization | 16,991 | 11,099 | 56,390 | 27,336 | ||||||||||
Total interest expense | 15,383 | 4,052 | 45,010 | 15,734 | ||||||||||
Income tax expense | 1,377 | 1,672 | 3,122 | 2,268 | ||||||||||
Lease abandonment and impairment of long-lived assets | (3,136) | — | 25,457 | — | ||||||||||
Other store closure and related costs | 844 | — | 7,034 | — | ||||||||||
Loss on extinguishment of debt | — | — | 13,781 | 29,672 | ||||||||||
Equity-based compensation | 6,714 | 17,363 | 44,903 | 350,122 | ||||||||||
IPO related costs | — | 3,746 | — | 9,892 | ||||||||||
Other non-operating general and administrative (gains) losses | 1,943 | (644) | 5,718 | (142) | ||||||||||
Adjusted EBITDA | $ | 7,165 | $ | (60,038) | $ | (77,084) | $ | (102,923) | ||||||
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