(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading symbol | Name on each exchange on which registered | ||||||||||||
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SMILEDIRECTCLUB, INC. | ||||||||
By: | /s/ Troy Crawford | |||||||
Troy Crawford | ||||||||
Chief Financial Officer | ||||||||
SmileDirectClub First Quarter 2023 Conference Call Details | |||||
Date: | May 10, 2023 | ||||
Time: | 8:00 a.m. Eastern Time (7:00 a.m. Central Time) | ||||
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 |
March 31, | December 31, | |||||||
2023 | 2022 | |||||||
ASSETS | ||||||||
Cash | $ | 59,125 | $ | 93,120 | ||||
Accounts receivable, net | 135,708 | 143,082 | ||||||
Inventories | 40,031 | 44,387 | ||||||
Prepaid and other current assets | 16,725 | 16,830 | ||||||
Total current assets | 251,589 | 297,419 | ||||||
Restricted cash | 27,129 | 25,278 | ||||||
Accounts receivable, net, non-current | 47,809 | 45,168 | ||||||
Property, plant and equipment, net | 181,739 | 190,087 | ||||||
Operating lease right-of-use assets | 18,826 | 21,141 | ||||||
Other assets | 18,514 | 17,970 | ||||||
Total assets | $ | 545,606 | $ | 597,063 | ||||
LIABILITIES AND EQUITY (DEFICIT) | ||||||||
Accounts payable | $ | 34,880 | $ | 30,513 | ||||
Accrued liabilities | 53,815 | 65,937 | ||||||
Deferred revenue | 16,837 | 13,646 | ||||||
Other current liabilities | 6,711 | 6,704 | ||||||
Total current liabilities | 112,243 | 116,800 | ||||||
Long-term debt, net of current portion | 860,197 | 849,379 | ||||||
Operating lease liabilities, net of current portion | 14,618 | 16,082 | ||||||
Other long-term liabilities | 421 | — | ||||||
Total liabilities | 987,479 | 982,261 | ||||||
Equity (Deficit) | ||||||||
Class A common stock, par value $0.0001 and 130,974,872 shares issued and outstanding at March 31, 2023 and 124,785,562 shares issued and outstanding at December 31, 2022 | 13 | 12 | ||||||
Class B common stock, par value $0.0001 and 268,623,501 shares issued and outstanding at March 31, 2023 and 268,823,501 shares issued and outstanding at December 31, 2022 | 27 | 27 | ||||||
Additional paid-in-capital | 483,511 | 475,034 | ||||||
Accumulated other comprehensive income | 529 | 430 | ||||||
Accumulated deficit | (403,144) | (381,725) | ||||||
Noncontrolling interest | (540,429) | (496,596) | ||||||
Warrants | 17,620 | 17,620 | ||||||
Total equity (deficit) | (441,873) | (385,198) | ||||||
Total liabilities and equity (deficit) | $ | 545,606 | $ | 597,063 |
Three Months Ended March 31, | ||||||||
2023 | 2022 | |||||||
Revenue, net | $ | 112,835 | $ | 142,512 | ||||
Financing revenue | 6,942 | 9,134 | ||||||
Total revenues | 119,777 | 151,646 | ||||||
Cost of revenues | 32,892 | 43,066 | ||||||
Gross profit | 86,885 | 108,580 | ||||||
Marketing and selling expenses | 72,201 | 96,711 | ||||||
General and administrative expenses | 65,164 | 70,793 | ||||||
Lease abandonment and impairment of long-lived assets | 947 | 1,232 | ||||||
Restructuring and other related costs | 7,754 | 11,532 | ||||||
Loss from operations | (59,181) | (71,688) | ||||||
Interest expense | 7,709 | 1,556 | ||||||
Other expense (income) | (1,484) | 1,423 | ||||||
Net loss before provision for income tax expense (benefit) | (65,406) | (74,667) | ||||||
Provision for income tax expense (benefit) | 321 | (1,463) | ||||||
Net loss | (65,727) | (73,204) | ||||||
Net loss attributable to noncontrolling interest | (44,308) | (50,623) | ||||||
Net loss attributable to SmileDirectClub, Inc. | $ | (21,419) | $ | (22,581) | ||||
Earnings (loss) per share of Class A common stock: | ||||||||
Basic | $ | (0.17) | $ | (0.19) | ||||
Diluted | $ | (0.16) | $ | (0.19) | ||||
Weighted average shares outstanding: | ||||||||
Basic | 129,769,504 | 120,191,790 | ||||||
Diluted | 398,588,561 | 389,297,928 |
Three Months Ended March 31, | ||||||||
2023 | 2022 | |||||||
Operating Activities | ||||||||
Net loss | $ | (65,727) | $ | (73,204) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 15,873 | 18,916 | ||||||
Deferred loan cost amortization | 1,591 | 1,078 | ||||||
Equity-based compensation | 6,630 | 5,306 | ||||||
Paid in kind interest expense | 1,227 | — | ||||||
Asset impairment and related charges | 1,015 | 1,367 | ||||||
Other non-cash operating activities | 1,560 | 1,079 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | 4,733 | 3,241 | ||||||
Inventories | 4,288 | 1,785 | ||||||
Prepaid and other current assets | (498) | (7,258) | ||||||
Accounts payable | 4,750 | (2,137) | ||||||
Accrued liabilities | (11,210) | (11,012) | ||||||
Deferred revenue | 3,191 | (425) | ||||||
Net cash used in operating activities | (32,577) | (61,264) | ||||||
Investing Activities | ||||||||
Purchases of property, plant and equipment | (8,041) | (15,118) | ||||||
Net cash used in investing activities | (8,041) | (15,118) | ||||||
Financing Activities | ||||||||
Repurchase of Class A shares to cover employee tax withholdings | (638) | (1,847) | ||||||
Proceeds from sale of Class A common stock under public offerings | 798 | — | ||||||
Borrowings of long-term debt | 8,000 | — | ||||||
Payments of finance leases | — | (2,404) | ||||||
Other | 278 | 562 | ||||||
Net cash provided by (used in) financing activities | 8,438 | (3,689) | ||||||
Effect of exchange rates change on cash flow activities | 36 | (42) | ||||||
Decrease in cash and restricted cash | (32,144) | (80,113) | ||||||
Cash and restricted cash at beginning of period | 118,398 | 224,860 | ||||||
Cash and restricted cash at end of period | $ | 86,254 | $ | 144,747 |
Three Months Ended | |||||||||||
March 31, 2023 | December 31, 2022 | March 31, 2022 | |||||||||
Net Cash used in operating activities | $ | (32,577) | $ | (51,470) | $ | (61,264) | |||||
Net Cash used in investing activities | (8,041) | (11,828) | (15,118) | ||||||||
Free Cash Flow | $ | (40,618) | $ | (63,298) | $ | (76,382) |
(in thousands) | Three Months Ended | ||||||||||
March 31, 2023 | December 31, 2022 | March 31, 2022 | |||||||||
Net loss | $ | (65,727) | $ | (69,431) | $ | (73,204) | |||||
Depreciation and amortization | 15,873 | 16,786 | 18,916 | ||||||||
Total interest expense | 7,709 | 6,591 | 1,556 | ||||||||
Income tax expense (benefit) | 321 | (174) | (1,463) | ||||||||
Lease abandonment and impairment of long-lived assets | 947 | (140) | 1,232 | ||||||||
Restructuring and other related costs | 7,754 | 1,799 | 11,532 | ||||||||
Equity-based compensation | 6,630 | 5,049 | 5,306 | ||||||||
Other non-operating general and administrative losses (gains) | 22 | (7,817) | 1,684 | ||||||||
Adjusted EBITDA | $ | (26,471) | $ | (47,337) | $ | (34,441) |
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Cover |
May 09, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 09, 2023 |
Entity Registrant Name | SmileDirectClub, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-39037 |
Entity Tax Identification Number | 83-4505317 |
Entity Address, Address Line One | 414 Union Street |
Entity Address, City or Town | Nashville, |
Entity Address, State or Province | TN |
Entity Address, Postal Zip Code | 37219 |
City Area Code | 800 |
Local Phone Number | 848-7566 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Title of 12(b) Security | Class A common stock, par value $.0001 per share |
Trading Symbol | SDC |
Security Exchange Name | NASDAQ |
Amendment Flag | false |
Entity Central Index Key | 0001775625 |
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