Leaf Group Earnings 2020-06-30

Leaf Group Earnings 2020-06-30

LEAF 10Q Quarterly Report

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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

☐	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 001-35048

LEAF GROUP LTD.

(Exact name of registrant as specified in its charter)


Delaware		20-4731239
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

1655 26th Street Santa Monica, CA		90404
(Address of principal executive offices)		(Zip Code)

(310) 656-6253

(Registrant’s telephone number, including area code)

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


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.0001 par value	LEAF	New York Stock Exchange

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 definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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 27, 2020, there were 26,861,643 shares of the registrant’s common stock, $0.0001 par value, outstanding.

LEAF GROUP LTD.

INDEX TO FORM 10-Q

			Page

Part I	Financial Information
	Item 1.	Condensed Consolidated Financial Statements (Unaudited)	1
		Condensed Consolidated Balance Sheets	1
		Condensed Consolidated Statements of Operations	2
		Condensed Consolidated Statements of Comprehensive Income (Loss)	3
		Condensed Consolidated Statements of Stockholders’ Equity	4
		Condensed Consolidated Statements of Cash Flows	5
		Notes to the Condensed Consolidated Financial Statements	6
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	38
	Item 4.	Controls and Procedures	40

Part II	Other Information
	Item 1.	Legal Proceedings	40
	Item 1A.	Risk Factors	40
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	44
	Item 3.	Defaults Upon Senior Securities	44
	Item 4.	Mine Safety Disclosures	44
	Item 5.	Other Information	44
	Item 6.	Exhibits	44
		Signatures	46

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Part I. FINANCIAL INFORMATION

Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Leaf Group Ltd. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)


	June 30,		December 31,
	2020		2019
Assets
Current assets
Cash and cash equivalents	$	27,908	$	18,106
Accounts receivable, net		10,882		14,402
Prepaid expenses and other current assets		3,960		2,555
Total current assets		42,750		35,063
Property and equipment, net		13,869		13,797
Operating lease right-of-use assets		11,416		12,645
Intangible assets, net		11,175		12,589
Goodwill		19,208		19,465
Other assets		1,300		1,044
Total assets	$	99,718	$	94,603

Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	8,489	$	7,825
Accrued expenses and other current liabilities		21,687		21,291
Deferred revenue		6,117		2,464
Debt, current		7,175		4,000
Total current liabilities		43,468		35,580
Deferred tax liability		72		63
Operating lease liabilities		9,345		10,863
Debt, non-current		3,969		—
Other liabilities		200		287
Total liabilities		57,054		46,793
Commitments and contingencies (Note 9)
Stockholders’ equity
Common stock, $0.0001 par value. Authorized 100,000 shares; 28,470 and 26,815 shares issued and outstanding at June 30, 2020 and 27,938 and 26,283 shares issued and outstanding at December 31, 2019		3		3
Additional paid-in capital		567,126		562,332
Treasury stock at cost, 1,655 shares at June 30, 2020 and December 31, 2019		(35,706)		(35,706)
Accumulated other comprehensive loss		(87)		(20)
Accumulated deficit		(488,672)		(478,799)
Total stockholders’ equity		42,664		47,810
Total liabilities and stockholders’ equity	$	99,718	$	94,603

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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Leaf Group Ltd. and Subsidiaries

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)


	Three months ended June 30,				Six months ended June 30,
	2020		2019		2020		2019
Revenue:
Product revenue	$	35,922	$	15,869	$	52,304	$	33,410
Service revenue		15,046		19,920		31,529		36,417
Total revenue		50,968		35,789		83,833		69,827
Operating expenses:
Product costs (exclusive of amortization of intangible assets shown separately below)		26,550		12,010		38,999		25,828
Service costs (exclusive of amortization of intangible assets shown separately below)		7,825		8,981		16,802		16,893
Sales and marketing		7,435		7,488		15,105		15,126
Product development		4,241		5,110		9,761		10,679
General and administrative		7,173		8,112		15,257		16,652
Amortization of intangible assets		671		895		1,404		1,812
Total operating expenses		53,895		42,596		97,328		86,990
Loss from operations		(2,927)		(6,807)		(13,495)		(17,163)
Interest income		3		66		26		188
Interest (expense)		(100)		(6)		(189)		(10)
Other income, net		3,837		19		3,847		12
Income (loss) before income taxes		813		(6,728)		(9,811)		(16,973)
Income tax expense		(10)		(34)		(62)		(75)
Net income (loss)	$	803	$	(6,762)	$	(9,873)	$	(17,048)

Net income (loss) per share—basic and diluted
Basic	$	0.03	$	(0.26)	$	(0.37)	$	(0.66)
Diluted	$	0.03	$	(0.26)	$	(0.37)	$	(0.66)

Weighted average number of shares—basic and diluted
Basic		26,722		25,907		26,572		25,755
Diluted		26,722		25,907		26,572		25,755

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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Leaf Group Ltd. and Subsidiaries

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)	$	803	$	(6,762)	$	(9,873)	$	(17,048)
Other comprehensive income (loss), net of tax:
Change in foreign currency translation adjustment		(5)		(24)		(67)		3
Comprehensive income (loss)	$	798	$	(6,786)	$	(9,940)	$	(17,045)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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Leaf Group Ltd. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity

(In thousands)

(Unaudited)


	Six months ended June 30, 2020
								Accumulated
				Additional				other
				paid-in				comprehensive				Total
	Common stock			capital		Treasury		income		Accumulated		stockholders’
	Shares	Amount		amount		stock		(loss)		deficit		equity
Balance at December 31, 2019	26,283	$	3	$	562,332	$	(35,706)	$	(20)	$	(478,799)	$	47,810
Issuance of stock under employee stock awards and other, net	320		—		6		—		—		—		6
Tax withholdings related to vesting of share-based payments	—		—		(556)		—		—		—		(556)
Stock-based compensation expense	—		—		2,833		—		—		—		2,833
Foreign currency translation adjustment	—		—		—		—		(62)		—		(62)
Net income (loss)	—		—		—		—		—		(10,676)		(10,676)
Balance at March 31, 2020	26,603	$	3	$	564,615	$	(35,706)	$	(82)	$	(489,475)	$	39,355
Issuance of stock under employee stock awards and other, net	212		—		22		—		—		—		22
Tax withholdings related to vesting of share-based payments	—		—		(191)		—		—		—		(191)
Stock-based compensation expense	—		—		2,680		—		—		—		2,680
Foreign currency translation adjustment	—		—		—		—		(5)		—		(5)
Net income (loss)	—		—		—		—		—		803		803
Balance at June 30, 2020	26,815	$	3	$	567,126	$	(35,706)	$	(87)	$	(488,672)	$	42,664


	Six months ended June 30, 2019
								Accumulated
				Additional				other
				paid-in				comprehensive				Total
	Common stock			capital		Treasury		income		Accumulated		stockholders’
	Shares	Amount		amount		stock		(loss)		deficit		equity
Balance at December 31, 2018	25,483	$	3	$	554,403	$	(35,706)	$	(52)	$	(451,961)	$	66,687
Issuance of stock under employee stock awards and other, net	319		—		270		—		—		—		270
Tax withholdings related to vesting of share-based payments	—		—		(1,322)		—		—		—		(1,322)
Stock-based compensation expense	—		—		2,045		—		—		—		2,045
Foreign currency translation adjustment	—		—		—		—		27		—		27
Net loss	—		—		—		—		—		(10,286)		(10,286)
Balance at March 31, 2019	25,802	$	3	$	555,396	$	(35,706)	$	(25)	$	(462,247)	$	57,421
Issuance of stock under employee stock awards and other, net	187		—		175		—		—		—		175
Tax withholdings related to vesting of share-based payments	—		—		(717)		—		—		—		(717)
Stock-based compensation expense	—		—		2,331		—		—		—		2,331
Foreign currency translation adjustment	—		—		—		—		(24)		—		(24)
Net loss	—		—		—		—		—		(6,762)		(6,762)
Balance at June 30, 2019	25,989	$	3	$	557,185	$	(35,706)	$	(49)	$	(469,009)	$	52,424

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The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

Leaf Group Ltd. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)


	Six months ended June 30,
	2020		2019
Cash flows from operating activities
Net income (loss)	$	(9,873)	$	(17,048)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization		4,993		5,378
Non-cash lease expense		1,373		962
Deferred income taxes		10		5
Stock-based compensation		5,227		4,130
Gain from sale of asset		(3,800)		—
Other		235		21
Change in operating assets and liabilities, net of effect of acquisitions and disposals:
Accounts receivable, net		3,340		1,014
Prepaid expenses and other current assets		(1,422)		123
Other long-term assets		8		102
Operating lease ROU assets and liabilities		(1,412)		(1,280)
Accounts payable		658		485
Accrued expenses and other liabilities		1,039		(7,265)
Deferred revenue		3,653		525
Net cash provided by (used in) operating activities		4,029		(12,848)
Cash flows from investing activities
Purchases of property and equipment		(3,423)		(3,361)
Proceeds from sale of assets		4,000		—
Cash paid for acquisitions, net of cash acquired		—		(1,900)
Net cash provided by (used in) investing activities		577		(5,261)
Cash flows from financing activities
Proceeds from promissory note		7,144		—
Proceeds from exercises of stock options and purchases under ESPP		28		445
Taxes paid on net share settlements of restricted stock units		(747)		(2,039)
Cash paid for acquisition holdback		(36)		(625)
Cash paid for contingent consideration liability		(856)		(934)
Cash paid for debt issuance costs		(38)		—
Other		(31)		(55)
Net cash provided by (used in) financing activities		5,464		(3,208)
Effect of foreign currency on cash, cash equivalents and restricted cash		(4)		4
Change in cash, cash equivalents and restricted cash		10,066		(21,313)
Cash, cash equivalents and restricted cash, beginning of period		19,126		31,935
Cash, cash equivalents and restricted cash, end of period	$	29,192	$	10,622

Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	$	27,908	$	9,904
Restricted cash included in other current assets		136		136
Restricted cash included in other long-term assets		1,148		582
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	29,192	$	10,622

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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Leaf Group Ltd. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

(Unaudited)

1. Company Background and Overview

Leaf Group Ltd. (“Leaf Group” and, together with its consolidated subsidiaries, the “Company,” “our,” “we,” or “us”) is a Delaware corporation headquartered in Santa Monica, California. We are a diversified consumer internet company that builds enduring, creator-driven brands that reach passionate audiences in large and growing lifestyle categories, including fitness and wellness and home, art and design.

Our business is comprised of two segments: Marketplaces and Media.

Marketplaces

Through our Marketplaces segment, we operate leading art and design marketplaces where large communities of artists and designers can market and sell their original art and designs printed on a wide variety of products. Our made-to-order marketplaces, consisting of Society6.com (“Society6”) and our wholesale channel, Deny Designs (collectively, “Society6 Group”), provide artists and designers with an online commerce platform to feature and sell their original art and designs on an array of consumer products primarily in the home décor category. Saatchi Art, inclusive of SaatchiArt.com (“Saatchi Art”) and its art fair event brand, The Other Art Fair (collectively, “Saatchi Art Group”), is a leading online art gallery where a global community of artists exhibit and sell their original artwork directly to consumers through a curated online gallery or in-person at art fairs hosted in the United Kingdom, Australia, Canada, and the United States. Saatchi Art’s online art gallery features a wide selection of original paintings, drawings, sculptures and photography.

Media

Our Media segment brands educate and entertain consumers across a wide variety of life topics, including the popular “fitness and wellness” and “home and design” verticals. In the “fitness and wellness” vertical, our leading brands include Well+Good and Livestrong.com which help people lead healthier lives. In the “home and design” vertical, Hunker is our leading brand inspiring people to improve the space around them. These brands are the leaders in our catalog of over 60 other brands focused on specific categories or interests that we either own and operate or host and operate for our partners.

2. Basis of Presentation

The accompanying interim condensed consolidated balance sheet as of June 30, 2020, the condensed consolidated statements of operations and condensed consolidated statements of comprehensive (loss) income for the three and six months ended June 30, 2020 and 2019, the condensed consolidated statements of cash flows for the six months ended June 30, 2020 and 2019 and the condensed consolidated statement of stockholders’ equity for the three and six months ended June 30, 2020 and 2019 are unaudited and have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities during the normal course of business.

In the opinion of management, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair statement of our statement of financial position as of June 30, 2020, our results of operations for the three and six months ended June 30, 2020 and 2019, and our cash flows for the six months ended June 30, 2020 and 2019. The results for the three and six months ended June 30, 2020 are not necessarily indicative of the results expected for the full year. The condensed consolidated balance sheet as of December 31, 2019 has been derived from our audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2019.

The interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), for interim financial information and with the instructions from the U.S. Securities and Exchange Commission (“SEC”) for Quarterly Reports on Form 10-Q and Article 10 of Regulation S-X. They do not include all of the

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information and footnotes required by GAAP for complete financial statements. Therefore, these interim unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC.

We continue to closely monitor the effects of the COVID-19 pandemic (the “Pandemic”), its spread and the resulting global implications and effects. To date, the Pandemic has been most challenging for our media business, which has seen a decline in revenues per visit, due to decreased marketing spending from affected customers, and for our The Other Art Fair business, as we have had to postpone or cancel seven art fairs to date, and may need to cancel the remaining eight art fairs for 2020. The overall economic climate attributable to the Pandemic has brought a reduction in revenues per visit as many advertisers are cancelling or delaying ad buys while assessing the likely impacts of the Pandemic on their businesses. At the same time, we have seen that the Pandemic has provided a boost to our Society6 and Saatchi Art businesses. As the Pandemic continues to surge in the United States and elsewhere, we cannot predict what ultimate impact the Pandemic will have on our operations, which depend on future developments, many of which are outside of our control, highly uncertain and cannot be predicted with confidence, including the duration of the Pandemic, new information which may emerge concerning the severity of the Pandemic, and the scope and duration of preventative and protective actions that federal, state and local governments or we may direct, all of which may result in an extended period of continued business impacts. We may also experience slowed customer demand that could materially adversely impact our business, results of operations and overall financial performance in future periods.

Principles of Consolidation

The condensed consolidated financial statements include the accounts of Leaf Group and its wholly owned subsidiaries. Acquisitions are included in our condensed consolidated financial statements from the date of the acquisition. Our purchase accounting resulted in all assets and liabilities of acquired businesses being recorded at their estimated fair values on the acquisition dates. All intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Significant items subject to such estimates and assumptions include revenue, allowance for doubtful accounts, the assigned value of acquired assets and assumed liabilities in business combinations, useful lives and impairment of property and equipment, intangible assets, goodwill and other assets, the fair value of equity-based compensation awards, and deferred income tax assets and liabilities. Actual results could differ materially from those estimates. On an ongoing basis, we evaluate our estimates compared to historical experience and trends, which form the basis for making judgments about the carrying value of our assets and liabilities.

Recent Accounting Pronouncements

In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes. For public companies, these amendments are effective for the fiscal years and interim periods within those fiscal years beginning after December 15, 2020. Early adoption of the amendments is permitted. The Company is currently evaluating the impact of this standard.

3. Revenue Recognition

Revenue

Revenue is recognized when control of the promised goods or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services.

Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate the transaction price to each performance obligation based on the estimated standalone selling price of the promised good or service. We allocate any arrangement fee or other incentive or promotional offers to each of the elements based on their relative selling prices.

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We generally expense sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within sales and marketing expenses. We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts where we recognize revenue in the amount which we have the right to invoice for services performed. We do not capitalize costs incurred to fulfill a contract when the contract term is one year or less.

Our revenue is principally derived from the following products and services:

Product Revenue

Marketplaces

Product revenue for Society6 Group includes e-commerce, wholesale, and shipping revenue. Product revenue for Saatchi Art Group includes ecommerce and shipping revenue for limited and open edition prints. We recognize Marketplaces product revenue from sales of products when we transfer control of promised goods to our customers in an amount that reflects the consideration to which we expect to be entitled to in exchange for those goods. In determining the amount of consideration we expect to be entitled to, we take into account sales allowances, estimated returns based on historical experience and any incentive offers provided to customers to encourage purchases, including percentage discounts off current purchases, free shipping and other promotional offers. Because we are the principal in a transaction and obtain control of the goods before they are transferred to the customer, we record product revenue at the gross amount. Value-added taxes (“VAT”), sales tax and other taxes are not included in product revenue because we are a pass-through conduit for collecting and remitting any such taxes.

Media

We generate Media product revenue from products sold on our online media properties.

Service Revenue

Marketplaces

Service revenue for Society6 Group includes revenue generated through involvement in direct media campaigns. Service revenue for Saatchi Art Group includes revenue from commissions we receive from facilitating the sale of original art by artists to customers through Saatchi Art. We also generate Saatchi Art Group service revenue from various sources relating to Saatchi Art’s The Other Art Fair, including commissions from the sale of original art, fees paid by artists for stands at fairs and through sponsorship opportunities with third-party brands and advertisers. We recognize fair-related service revenue upon completion of each fair. We recognize service revenue arising from the sale of original art net of amounts paid to the artist because we are not the principal in the transaction and we do not obtain control over the original art. Revenue is recognized when we transfer control of the promised service, which is after the original art has been delivered and the return period has expired. We provide incentive offers to Saatchi Art customers to encourage purchases, including percentage discounts off current purchases, free shipping and other promotional offers. VAT, sales tax and other taxes are not included in Marketplaces service revenue because we are a pass-through conduit for collecting and remitting any such taxes.

Media

Advertising Revenue. We generate Media service revenue primarily from advertisements displayed on our online media properties and on certain webpages of our partners’ media properties that are hosted by our content services. Articles, videos and other forms of content generate advertising revenue from a diverse mix of advertising methods including display advertisements, where revenue is dependent upon the number of advertising impressions delivered; performance-based cost-per-click advertising, in which an advertiser pays only when a visitor clicks on an advertisement; sponsored content; or advertising links. Performance obligations pursuant to our advertising revenue arrangements typically include a minimum number of impressions or the satisfaction of other performance criteria. Revenue from performance-based arrangements is recognized as the related performance criteria are met. We assess whether performance criteria have been met based on a reconciliation of the performance criteria. The reconciliation of the performance criteria generally includes a comparison of third-party performance data to the contractual performance obligation and to internal or partner-performance data in circumstances where that data is available.

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Where we enter into revenue-sharing arrangements with our partners, such as those relating to our advertiser network, we report revenue on a gross or net basis depending on whether we are considered the principal in the transaction. In addition, we consider which party controls the service, including which party is primarily responsible for fulfilling the promise to provide the service. We also consider which party has the latitude to establish the sales prices to advertisers. When we are considered the principal, we report the underlying revenue on a gross basis in our condensed consolidated statements of operations, and record these revenue-sharing payments to our partners in service costs.

Content Sales and Licensing Revenue. We generate revenue from the sale or license of media content, including the creation and distribution of content for third-party brands and publishers. Revenue from the sale or perpetual license of media content is recognized when the control of content is transferred or when the right to use is transferred and the contractual performance obligations have been fulfilled. Revenue from the non-perpetual license of media content is recognized over the period of the license as the right to access content is delivered or when other related performance criteria are fulfilled. In circumstances where we distribute our content on third-party properties and the customer acts as the principal, we recognize revenue on a net basis.

Disaggregation of Revenue

The following table presents our revenues disaggregated by revenue source (in thousands):

Price	4.37	EPS	-1
Shares	26	P/E	-5
MCap	114	P/FCF	-13
Net Debt	-13	EBIT	-21
TEV	101	TEV/EBIT	-5
TTM 2019-09-30, in MM, except price, ratios

10-Q	2020-06-30	Filed 2020-07-31
10-Q	2020-03-31	Filed 2020-05-11
10-K	2019-12-31	Filed 2020-03-16
10-Q	2019-09-30	Filed 2019-11-07
10-Q	2019-06-30	Filed 2019-08-05
10-Q	2019-03-31	Filed 2019-05-08
10-K	2018-12-31	Filed 2019-03-04
10-Q	2018-09-30	Filed 2018-11-06
10-Q	2018-06-30	Filed 2018-08-02
10-Q	2018-03-31	Filed 2018-05-08
10-K	2017-12-31	Filed 2018-03-01
10-Q	2017-09-30	Filed 2017-11-07
10-Q	2017-06-30	Filed 2017-08-03
10-Q	2017-03-31	Filed 2017-05-04
10-K	2016-12-31	Filed 2017-02-23
10-Q	2016-09-30	Filed 2016-11-07
10-Q	2016-06-30	Filed 2016-08-04
10-Q	2016-03-31	Filed 2016-05-09
10-K	2015-12-31	Filed 2016-03-01
10-Q	2015-09-30	Filed 2015-11-05
10-Q	2015-06-30	Filed 2015-08-06
10-Q	2015-03-31	Filed 2015-05-07
10-K	2014-12-31	Filed 2015-03-16
10-Q	2014-09-30	Filed 2014-11-10
10-Q	2014-06-30	Filed 2014-08-11
10-Q	2014-03-31	Filed 2014-05-12
10-K	2013-12-31	Filed 2014-03-17
10-Q	2013-09-30	Filed 2013-11-12
10-Q	2013-06-30	Filed 2013-08-09
10-Q	2013-03-31	Filed 2013-05-10
10-K	2012-12-31	Filed 2013-03-05
10-Q	2012-09-30	Filed 2012-11-13
10-Q	2012-06-30	Filed 2012-08-10
10-Q	2012-03-31	Filed 2012-05-11
10-K	2011-12-31	Filed 2012-02-24
10-Q	2011-09-30	Filed 2011-11-14
10-Q	2011-06-30	Filed 2011-08-12
10-Q	2011-03-31	Filed 2011-05-09
10-K	2010-12-31	Filed 2011-03-01

8-K	2020-08-24	Regulation FD, Exhibits
8-K	2020-08-10
8-K	2020-07-30	Earnings, Regulation FD, Exhibits
8-K	2020-07-20	Regulation FD, Exhibits
8-K	2020-07-09	Officers, Other Events
8-K	2020-07-07	Other Events
8-K	2020-07-02	Earnings, Regulation FD, Exhibits
8-K	2020-06-18
8-K	2020-06-01
8-K	2020-05-19
8-K	2020-05-19
8-K	2020-05-18
8-K	2020-05-11
8-K	2020-05-01
8-K	2020-04-24
8-K	2020-04-20
8-K	2020-04-17
8-K	2020-04-10
8-K	2020-04-01
8-K	2020-03-16
8-K	2019-11-07
8-K	2019-11-07
8-K	2019-08-05
8-K	2019-05-21
8-K	2019-05-15
8-K	2019-05-08
8-K	2019-04-13
8-K	2019-03-26
8-K	2019-03-04
8-K	2019-02-14
8-K	2019-01-29
8-K	2018-12-28
8-K	2018-11-06
8-K	2018-08-02
8-K	2018-08-01
8-K	2018-07-25
8-K	2018-06-25
8-K	2018-06-12
8-K	2018-06-05
8-K	2018-05-08
8-K	2018-03-22
8-K	2018-03-01
8-K	2018-03-01
8-K	2018-02-05
8-K	2018-02-05
8-K	2018-01-11

EX-2.1	leaf-20200630ex21bcf9e43.htm
EX-31.1	leaf-20200630ex311063b22.htm
EX-31.2	leaf-20200630ex31299d3db.htm
EX-32.1	leaf-20200630ex321a1f95c.htm
EX-32.2	leaf-20200630ex3228ae466.htm

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company