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 | 2020-09-30 | Filed 2020-10-29 |
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 | 2020-11-20 | |
8-K | 2020-11-06 | |
8-K | 2020-10-29 | |
8-K | 2020-10-28 | |
8-K | 2020-10-16 | |
8-K | 2020-10-05 | |
8-K | 2020-09-21 | |
8-K | 2020-08-24 | |
8-K | 2020-08-10 | |
8-K | 2020-07-30 | |
8-K | 2020-07-20 | |
8-K | 2020-07-09 | |
8-K | 2020-07-07 | |
8-K | 2020-07-02 | |
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 |
Part I. Financial Information |
Item 1. Condensed Consolidated Financial Statements (Unaudited) |
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations |
Item 3. Quantitative and Qualitative Disclosures About Market Risk |
Item 4. Controls and Procedures |
Part II |
Item 1. Legal Proceedings |
Item 1A. Risk Factors |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. Defaults Upon Senior Securities |
Item 4. Mine Safety Disclosures |
Item 5. Other Information |
Item 6. Exhibits |
EX-31.1 | leaf-20200930xex31d1.htm |
EX-31.2 | leaf-20200930xex31d2.htm |
EX-32.1 | leaf-20200930xex32d1.htm |
EX-32.2 | leaf-20200930xex32d2.htm |
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
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
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
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of | (I.R.S. Employer | |
(Address of principal executive offices) | (Zip Code) |
(
(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 |
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.
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).
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.
Large accelerated filer |
| ☐ |
| Accelerated filer |
| ☐ |
| ☒ |
| Smaller 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
As of October 26, 2020, there were
LEAF GROUP LTD.
INDEX TO FORM 10-Q
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| Condensed Consolidated Statements of Comprehensive Income (Loss) |
| 3 | |
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| 7 | ||
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| Management’s Discussion and Analysis of Financial Condition and Results of Operations |
| 22 | |
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| 43 | ||
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| 44 | ||
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| 45 | ||
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| 45 | ||
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| 49 | ||
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| 51 |
Part I. FINANCIAL INFORMATION
Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Leaf Group Ltd. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
| September 30, |
| December 31, |
| |||
2020 | 2019 |
| |||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | | $ | | |||
Accounts receivable, net |
| |
| | |||
Prepaid expenses and other current assets |
| |
| | |||
Total current assets |
| |
| | |||
Property and equipment, net |
| |
| | |||
Operating lease right-of-use assets | | | |||||
Intangible assets, net |
| |
| | |||
Goodwill |
| |
| | |||
Other assets |
| |
| | |||
Total assets | $ | | $ | | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities | |||||||
Accounts payable | $ | | $ | | |||
Accrued expenses and other current liabilities |
| |
| | |||
Deferred revenue |
| |
| | |||
Debt, current |
| |
| | |||
Total current liabilities |
| |
| | |||
Deferred tax liability | | | |||||
Operating lease liabilities | | | |||||
Debt, non-current | | — | |||||
Other liabilities |
| |
| | |||
Total liabilities | | | |||||
Commitments and contingencies (Note 9) | |||||||
Stockholders’ equity | |||||||
Common stock, $ |
| |
| | |||
Additional paid-in capital |
| |
| | |||
Treasury stock at cost, |
| ( |
| ( | |||
Accumulated other comprehensive loss |
| ( |
| ( | |||
Accumulated deficit |
| ( |
| ( | |||
Total stockholders’ equity |
| |
| | |||
Total liabilities and stockholders’ equity | $ | | $ | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
1
Leaf Group Ltd. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Three months ended September 30, | Nine months ended September 30, |
| |||||||||||
| 2020 |
| 2019 |
| 2020 |
| 2019 |
| |||||
Revenue: | |||||||||||||
Product revenue | $ | | $ | | $ | | $ | | |||||
Service revenue |
| |
| |
| |
| | |||||
Total revenue |
| |
| |
| |
| | |||||
Operating expenses: | |||||||||||||
Product costs (exclusive of amortization of intangible assets shown separately below) |
| |
| |
| |
| | |||||
Service costs (exclusive of amortization of intangible assets shown separately below) |
| |
| |
| |
| | |||||
Sales and marketing |
| |
| |
| |
| | |||||
Product development |
| |
| |
| |
| | |||||
General and administrative |
| |
| |
| |
| | |||||
Amortization of intangible assets |
| |
| |
| |
| | |||||
Total operating expenses |
| |
| |
| |
| | |||||
Loss from operations |
| ( |
| ( |
| ( |
| ( | |||||
Interest income | | | | | |||||||||
Interest (expense) | ( | ( | ( | ( | |||||||||
Other income, net |
| |
| ( |
| |
| | |||||
Income (loss) before income taxes |
| |
| ( |
| ( |
| ( | |||||
Income tax benefit (expense) |
| ( |
| |
| ( |
| ( | |||||
Net income (loss) | $ | | $ | ( | $ | ( | $ | ( | |||||
| |||||||||||||
Net income (loss) per share—basic and diluted | |||||||||||||
Basic | $ | | $ | ( | $ | ( | $ | ( | |||||
Diluted | $ | | $ | ( | $ | ( | $ | ( | |||||
Weighted average number of shares—basic and diluted | |||||||||||||
Basic |
| | | | | ||||||||
Diluted | | | | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
2
Leaf Group Ltd. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Loss)
(In thousands)
(Unaudited)
Three months ended September 30, | Nine months ended September 30, | |||||||||||
| 2020 |
| 2019 |
| 2020 |
| 2019 | |||||
Net income (loss) | $ | | $ | ( | $ | ( | $ | ( | ||||
Other comprehensive income (loss), net of tax: | ||||||||||||
Change in foreign currency translation adjustment |
| |
| ( |
| ( |
| ( | ||||
Comprehensive income (loss) | $ | | $ | ( | $ | ( | $ | ( |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
3
Leaf Group Ltd. and Subsidiaries
Condensed Consolidated Statements of Stockholders’ Equity
(In thousands)
(Unaudited)
Nine months ended September 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 |
| | $ | | $ | | $ | ( | $ | ( | $ | ( | $ | | ||||||
Issuance of stock under employee stock awards and other, net |
| |
| — |
| |
| — |
| — |
| — |
| | ||||||
Tax withholdings related to vesting of share-based payments | — | — | ( | — | — | — | ( | |||||||||||||
Stock-based compensation expense |
| — |
| — |
| |
| — |
| — |
| — |
| | ||||||
Foreign currency translation adjustment |
| — |
| — |
| — |
| — |
| ( |
| — |
| ( | ||||||
Net loss |
| — |
| — |
| — |
| — |
| — |
| ( |
| ( | ||||||
Balance at March 31, 2020 |
| | $ | | $ | | $ | ( | $ | ( | $ | ( | $ | | ||||||
Issuance of stock under employee stock awards and other, net |
| |
| — |
| |
| — |
| — |
| — |
| | ||||||
Tax withholdings related to vesting of share-based payments | — | — | ( | — | — | — | ( | |||||||||||||
Stock-based compensation expense |
| — |
| — |
| |
| — |
| — |
| — |
| | ||||||
Foreign currency translation adjustment |
| — |
| — |
| — |
| — |
| ( |
| — |
| ( | ||||||
Net income |
| — |
| — |
| — |
| — |
| — |
| |
| | ||||||
Balance at June 30, 2020 |
| | $ | | $ | | $ | ( | $ | ( | $ | ( | $ | | ||||||
Issuance of stock under employee stock awards and other, net |
| |
| — |
| |
| — |
| — |
| — |
| | ||||||
Tax withholdings related to vesting of share-based payments | — | — | ( | — |
| — |
| — | ( | |||||||||||
Stock-based compensation expense |
| — |
| — |
| |
| — |
| — |
| — |
| | ||||||
Foreign currency translation adjustment |
| — |
| — |
| — |
| — |
| |
| — |
| | ||||||
Net income |
| — |
| — |
| — |
| — |
| — |
| |
| | ||||||
Balance at September 30, 2020 |
| | $ | | $ | | $ | ( | $ | ( | $ | ( | $ | |
4
Nine months ended September 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 |
| | $ | | $ | | $ | ( | $ | ( | $ | ( | $ | | ||||||
Issuance of stock under employee stock awards and other, net |
| |
| — |
| |
| — |
| — |
| — |
| | ||||||
Tax withholdings related to vesting of share-based payments | — | — | ( | — | — | — | ( | |||||||||||||
Stock-based compensation expense |
| — |
| — |
| |
| — |
| — |
| — |
| | ||||||
Foreign currency translation adjustment |
| — |
| — |
| — |
| — |
| |
| — |
| | ||||||
Net loss |
| — |
| — |
| — |
| — |
| — |
| ( |
| ( | ||||||
Balance at March 31, 2019 |
| | $ | | $ | | $ | ( | $ | ( | $ | ( | $ | | ||||||
Issuance of stock under employee stock awards and other, net |
| |
| — |
| |
| — |
| — |
| — |
| | ||||||
Tax withholdings related to vesting of share-based payments | — | — | ( | — | — | — | ( | |||||||||||||
Stock-based compensation expense |
| — |
| — |
| |
| — |
| — |
| — |
| | ||||||
Foreign currency translation adjustment |
| — |
| — |
| — |
| — |
| ( |
| — |
| ( | ||||||
Net loss |
| — |
| — |
| — |
| — |
| — |
| ( |
| ( | ||||||
Balance at June 30, 2019 |
| | $ | | $ | | $ | ( | $ | ( | $ | ( | $ | | ||||||
Issuance of stock under employee stock awards and other, net |
| |
| — |
| |
| — |
| — |
| — |
| | ||||||
Tax withholdings related to vesting of share-based payments | — | — | ( | — |
| — |
| — | ( | |||||||||||
Stock-based compensation expense |
| — |
| — |
| |
| — |
| — |
| — |
| | ||||||
Foreign currency translation adjustment |
| — |
| — |
| — |
| — |
| ( |
| — |
| ( | ||||||
Net loss |
| — |
| — |
| — |
| — |
| — |
| ( |
| ( | ||||||
Balance at September 30, 2019 |
| | $ | | $ | | $ | ( | $ | ( | $ | ( | $ | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements
.
5
Leaf Group Ltd. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Nine months ended September 30, |
| ||||||
| 2020 |
| 2019 |
| |||
Cash flows from operating activities | |||||||
Net loss | $ | ( | $ | ( | |||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation and amortization |
| |
| | |||
Non-cash lease expense | | | |||||
Deferred income taxes |
| |
| | |||
Stock-based compensation |
| |
| | |||
Gain from sale of asset |
| ( |
| — | |||
Other |
| |
| | |||
Change in operating assets and liabilities, net of effect of acquisitions and disposals: | |||||||
Accounts receivable, net |
| |
| | |||
Prepaid expenses and other current assets |
| ( |
| | |||
Other long-term assets |
| |
| | |||
Operating lease ROU assets and liabilities | ( | ( | |||||
Accounts payable |
| |
| | |||
Accrued expenses and other liabilities |
| |
| ( | |||
Deferred revenue |
| |
| | |||
Net cash provided by (used in) operating activities |
| |
| ( | |||
Cash flows from investing activities | |||||||
Purchases of property and equipment |
|