Company Quick10K Filing
Quotient Technology
Price7.96 EPS-0
Shares92 P/E-23
MCap731 P/FCF24
Net Debt-238 EBIT-18
TEV493 TEV/EBIT-28
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-05
10-Q 2020-03-31 Filed 2020-05-06
10-K 2019-12-31 Filed 2020-03-02
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-03
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-02-16
10-Q 2017-09-30 Filed 2017-11-03
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-02-16
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-03-11
10-Q 2015-09-30 Filed 2015-11-12
10-Q 2015-06-30 Filed 2015-08-13
10-Q 2015-03-31 Filed 2015-05-14
10-K 2014-12-31 Filed 2015-03-19
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-08
8-K 2020-08-04 Earnings, Exhibits
8-K 2020-06-03
8-K 2020-05-05
8-K 2020-03-18
8-K 2020-02-12
8-K 2019-10-31
8-K 2019-08-09
8-K 2019-08-02
8-K 2019-06-03
8-K 2019-05-07
8-K 2019-02-12
8-K 2019-01-22
8-K 2018-11-19
8-K 2018-11-07
8-K 2018-07-31
8-K 2018-07-24
8-K 2018-06-05
8-K 2018-05-01
8-K 2018-02-13

QUOT 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
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 - Other Information
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-10.1 quot-ex101_113.htm
EX-31.1 quot-ex311_9.htm
EX-31.2 quot-ex312_8.htm
EX-32.1 quot-ex321_7.htm
EX-32.2 quot-ex322_6.htm

Quotient Technology Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
0.70.60.40.30.10.02014201620182020
Assets, Equity
0.20.10.10.0-0.0-0.12014201620182020
Rev, G Profit, Net Income
0.20.10.10.0-0.0-0.12014201620182020
Ops, Inv, Fin

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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: 001-36331

 

Quotient Technology Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Delaware

 

77-0485123

(State or Other Jurisdiction of

 

(I.R.S. Employer

Incorporation or Organization)

 

Identification No.)

 

 

 

400 Logue Avenue, Mountain View, California

 

94043

(Address of Principal Executive Offices)

 

(Zip Code)

(650) 605-4600

(Registrant’s Telephone Number, Including Area Code)

 

(Former name, former address and former fiscal year, if changed since last report)

 

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, $0.00001 par value

 

QUOT

 

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 checkmark 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, smaller reporting company, or an emerging growth company. See definition 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

 

 

  

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      No  

As of July 30, 2020, the registrant had 90,449,766 shares of common stock outstanding.

 

 

 

 

 


 

QUOTIENT TECHNOLOGY INC.

INDEX

REPORT ON

FORM 10-Q

FOR THE QUARTER ENDED JUNE 30, 2020

 

PART I FINANCIAL INFORMATION

 

Item 1 Financial Statements (unaudited):

  

3

 

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

  

3

 

Condensed Consolidated Statements of Operations for the Three and Six months ended June 30, 2020 and 2019

  

4

 

Condensed Consolidated Statements of Comprehensive Loss for the Three and Six months ended June 30, 2020 and 2019

  

5

 

Condensed Consolidated Statements of Stockholders’ Equity for the Three and Six months ended June 30, 2020 and 2019

  

6

 

Condensed Consolidated Statements of Cash Flows for the Six months ended June 30, 2020 and 2019

  

7

 

Notes to Condensed Consolidated Financial Statements

  

8

 

Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

25

 

Item 3 Quantitative and Qualitative Disclosures About Market Risk

  

35

 

Item 4 Controls and Procedures

  

36

 

PART II OTHER INFORMATION

 

Item 1—Legal Proceedings

  

37

 

Item 1A—Risk Factors

  

37

 

Item 2—Unregistered Sales of Equity Securities and Use of Proceeds

  

70

 

Item 3—Defaults Upon Senior Securities

  

70

 

Item 4—Mine Safety Disclosures

  

70

 

Item 5—Other Information

  

70

 

Item 6—Exhibits

  

71

 

SIGNATURES

  

72

 

2


PART I - FINANCIAL INFORMATION

Item 1.

Financial Statements.

 

QUOTIENT TECHNOLOGY INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

 

 

 

June 30,

2020

 

 

December 31,

2019

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

211,872

 

 

$

224,764

 

Accounts receivable, net of allowance for credit losses of $2,079 and $2,021 at

   June 30, 2020 and December 31, 2019, respectively

 

 

94,311

 

 

 

125,304

 

Prepaid expenses and other current assets

 

 

23,991

 

 

 

22,026

 

Total current assets

 

 

330,174

 

 

 

372,094

 

Property and equipment, net

 

 

15,340

 

 

 

13,704

 

Operating lease right-of-use assets

 

 

16,851

 

 

 

7,211

 

Intangible assets, net

 

 

55,319

 

 

 

69,752

 

Goodwill

 

 

128,427

 

 

 

128,427

 

Other assets

 

 

1,098

 

 

 

750

 

Total assets

 

$

547,209

 

 

$

591,938

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

12,308

 

 

$

19,116

 

Accrued compensation and benefits

 

 

7,801

 

 

 

15,232

 

Other current liabilities

 

 

47,200

 

 

 

50,032

 

Deferred revenues

 

 

13,011

 

 

 

10,903

 

Contingent consideration related to acquisitions

 

 

3,207

 

 

 

27,000

 

Total current liabilities

 

 

83,527

 

 

 

122,283

 

Other non-current liabilities

 

 

17,572

 

 

 

7,119

 

Contingent consideration related to acquisitions

 

 

10,239

 

 

 

9,220

 

Convertible senior notes, net

 

 

171,589

 

 

 

166,157

 

Deferred tax liabilities

 

 

1,937

 

 

 

1,937

 

Total liabilities

 

 

284,864

 

 

 

306,716

 

Commitments and contingencies (Note 14)

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.00001 par value—10,000,000 shares authorized and no shares

   issued or outstanding at June 30, 2020 and December 31, 2019

 

 

 

 

 

 

Common stock, $0.00001 par value—250,000,000 shares authorized; 90,414,440

   and 89,371,199 shares issued and outstanding at June 30, 2020 and

   December 31, 2019, respectively

 

 

1

 

 

 

1

 

Additional paid-in capital

 

 

684,285

 

 

 

671,060

 

Accumulated other comprehensive loss

 

 

(1,160

)

 

 

(916

)

Accumulated deficit

 

 

(420,781

)

 

 

(384,923

)

Total stockholders’ equity

 

 

262,345

 

 

 

285,222

 

Total liabilities and stockholders’ equity

 

$

547,209

 

 

$

591,938

 

 

See Accompanying Notes to Condensed Consolidated Financial Statements

 

3


QUOTIENT TECHNOLOGY 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

 

Revenues

 

$

83,455

 

 

$

104,691

 

 

$

182,242

 

 

$

202,798

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues

 

 

50,731

 

 

 

64,106

 

 

 

111,842

 

 

 

120,929

 

Sales and marketing

 

 

23,814

 

 

 

23,870

 

 

 

48,848

 

 

 

49,393

 

Research and development

 

 

8,621

 

 

 

8,699

 

 

 

19,214

 

 

 

19,069

 

General and administrative

 

 

12,268

 

 

 

12,835

 

 

 

27,358

 

 

 

26,458

 

Change in fair value of contingent consideration

 

 

3,766

 

 

 

(3,009

)

 

 

4,226

 

 

 

53

 

Total costs and expenses

 

 

99,200

 

 

 

106,501

 

 

 

211,488

 

 

 

215,902

 

Loss from operations

 

 

(15,745

)

 

 

(1,810

)

 

 

(29,246

)

 

 

(13,104

)

Interest expense

 

 

(3,610

)

 

 

(3,470

)

 

 

(7,184

)

 

 

(6,909

)

Other income, net

 

 

187

 

 

 

1,508

 

 

 

767

 

 

 

3,039

 

Loss before income taxes

 

 

(19,168

)

 

 

(3,772

)

 

 

(35,663

)

 

 

(16,974

)

Provision for (benefit from) income taxes

 

 

(35

)

 

 

134

 

 

 

195

 

 

 

160

 

Net loss

 

$

(19,133

)

 

$

(3,906

)

 

$

(35,858

)

 

$

(17,134

)

Net loss per share, basic and diluted

 

$

(0.21

)

 

$

(0.04

)

 

$

(0.40

)

 

$

(0.18

)

Weighted-average number of common shares used in

   computing net loss per share, basic and diluted

 

 

90,112

 

 

 

92,558

 

 

 

89,875

 

 

 

93,406

 

 

See Accompanying Notes to Condensed Consolidated Financial Statements

4


QUOTIENT TECHNOLOGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net loss

 

$

(19,133

)

 

$

(3,906

)

 

$

(35,858

)

 

$

(17,134

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(11

)

 

 

15

 

 

 

(244

)

 

 

45

 

Comprehensive loss

 

$

(19,144

)

 

$

(3,891

)

 

$

(36,102

)

 

$

(17,089

)

 

See Accompanying Notes to Condensed Consolidated Financial Statements

5


QUOTIENT TECHNOLOGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Total stockholders' equity, beginning balances

 

$

274,081

 

 

$

346,620

 

 

$

285,222

 

 

$

380,087

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock and additional paid-in capital:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balances

 

$

676,878

 

 

$

689,810

 

 

$

671,061

 

 

$

703,023

 

Stock-based compensation

 

 

7,129

 

 

 

8,227

 

 

 

14,790

 

 

 

16,329

 

Exercise of employee stock options

 

 

16

 

 

 

193

 

 

 

484

 

 

 

1,636

 

Issuance of common stock for services provided

 

 

228

 

 

 

 

 

 

228

 

 

 

 

Issuance of common stock, purchase plan

 

 

1,050

 

 

 

1,427

 

 

 

1,050

 

 

 

1,427

 

Payments for taxes related to net share settlement

   of equity awards

 

 

(1,015

)

 

 

(1,810

)

 

 

(3,327

)

 

 

(6,461

)

Retirement of treasury stock

 

 

 

 

 

(32,181

)

 

 

 

 

 

(50,288

)

Ending balance

 

$

684,286

 

 

$

665,666

 

 

$

684,286

 

 

$

665,666

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Treasury stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balances

 

$

 

 

$

 

 

$

 

 

$

 

Repurchase of common stock

 

 

 

 

 

(45,784

)

 

 

 

 

 

(70,946

)

Retirement of treasury stock

 

 

 

 

 

45,784

 

 

 

 

 

 

70,946

 

Ending balance

 

$

 

 

$

 

 

$

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balances

 

$

(1,149

)

 

$

(814

)

 

$

(916

)

 

$

(844

)

Other comprehensive income (loss)

 

 

(11

)

 

 

15

 

 

 

(244

)

 

 

45

 

Ending balance

 

$

(1,160

)

 

$

(799

)

 

$

(1,160

)

 

$

(799

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated deficit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balances

 

$

(401,648

)

 

$

(342,376

)

 

$

(384,923

)

 

$

(322,093

)

Retirement of treasury stock

 

 

 

 

 

(13,603

)

 

 

 

 

 

(20,658

)

Net loss

 

 

(19,133

)

 

 

(3,906

)

 

 

(35,858

)

 

 

(17,134

)

Ending balance

 

$

(420,781

)

 

$

(359,885

)

 

$

(420,781

)

 

$

(359,885

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total stockholders' equity, ending balances

 

$

262,345

 

 

$

304,982

 

 

$

262,345

 

 

$

304,982

 

 

See Accompanying Notes to Condensed Consolidated Financial Statements

6


QUOTIENT TECHNOLOGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

 

Six Months Ended

June 30,

 

 

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(35,858

)

 

$

(17,134

)

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

17,843

 

 

 

15,632

 

Stock-based compensation

 

 

14,532

 

 

 

16,084

 

Amortization of debt discount and issuance cost

 

 

5,432

 

 

 

5,150

 

Allowance for credit losses

 

 

263

 

 

 

366

 

Deferred income taxes

 

 

195

 

 

 

160

 

Change in fair value of contingent consideration

 

 

4,226

 

 

 

53

 

Other non-cash expenses

 

 

1,442

 

 

 

1,219

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

30,730

 

 

 

3,368

 

Prepaid expenses and other current assets

 

 

(2,470

)

 

 

(2,779

)

Accounts payable and other current liabilities

 

 

(7,551

)

 

 

3,349

 

Payments for contingent consideration and bonuses

 

 

(15,418

)

 

 

 

Accrued compensation and benefits

 

 

(7,478

)

 

 

(3,249

)

Deferred revenues

 

 

2,108

 

 

 

1,616

 

Net cash provided by operating activities

 

 

7,996

 

 

 

23,835

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(4,689

)

 

 

(4,729

)

Purchase of intangible assets

 

 

 

 

 

(14,811

)

Proceeds from maturities of short-term investment

 

 

 

 

 

20,738

 

Net cash (used in) provided by investing activities

 

 

(4,689

)

 

 

1,198

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from issuances of common stock under stock plans

 

 

1,762

 

 

 

3,063

 

Payments for taxes related to net share settlement of equity awards

 

 

(3,327

)

 

 

(6,461

)

Repurchases and retirement of common stock under share repurchase program

 

 

 

 

 

(69,879

)

Principal payments on promissory note and capital lease obligations

 

 

(91

)

 

 

(229

)

Payments for contingent consideration

 

 

(14,582

)

 

 

 

Net cash used in financing activities

 

 

(16,238

)

 

 

(73,506

)

Effect of exchange rates on cash and cash equivalents

 

 

39

 

 

 

23

 

Net decrease in cash and cash equivalents

 

 

(12,892

)

 

 

(48,450

)

Cash and cash equivalents at beginning of period

 

 

224,764

 

 

 

302,028

 

Cash and cash equivalents at end of period

 

$

211,872

 

 

$

253,578

 

 

 

 

 

 

 

 

 

 

Supplemental disclosures of cash flow information: