10-Q Filing

SHIFT4 PAYMENTS, INC. CIK: 1794669 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001564590-21-025276`
Period End Date	20210331
Filing Date	20210507
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	four-20210331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 33 Cash Flow Statement 62 Stockholders Equity 15

Balance Sheet 77 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$5.70M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$12.10M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$927.80M	USD	Point-in-time
Preferred stock, authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$844.90M	USD	Point-in-time
Preferred stock, authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $12.1 in 2021 ($5.7 in 2020) (Note 3)	`AccountsReceivableNetCurrent`	$127.90M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $12.1 in 2021 ($5.7 in 2020) (Note 3)	`AccountsReceivableNetCurrent`	$92.70M	USD	Point-in-time
Preferred stock, outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventory	`InventoryNet`	$1.60M	USD	Point-in-time
Inventory	`InventoryNet`	$1.50M	USD	Point-in-time
Prepaid expenses and other current assets (Note 11)	`PrepaidExpenseAndOtherAssetsCurrent`	$11.80M	USD	Point-in-time
Prepaid expenses and other current assets (Note 11)	`PrepaidExpenseAndOtherAssetsCurrent`	$11.50M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$986.20M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.03B	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	80.55M	shares	Point-in-time
Goodwill (Note 5)	`Goodwill`	$525.00M	USD	Point-in-time
Goodwill (Note 5)	`Goodwill`	$477.00M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	80.92M	shares	Point-in-time
Other intangible assets, net (Note 6)	`FiniteLivedIntangibleAssetsNet`	$194.00M	USD	Point-in-time
Other intangible assets, net (Note 6)	`FiniteLivedIntangibleAssetsNet`	$186.30M	USD	Point-in-time
Capitalized acquisition costs, net (Note 7)	`CapitalizedContractCostNetNoncurrent`	$31.30M	USD	Point-in-time
Capitalized acquisition costs, net (Note 7)	`CapitalizedContractCostNetNoncurrent`	$30.20M	USD	Point-in-time
Equipment for lease, net (Note 8)	`OperatingLeaseRightOfUseAsset`	$41.00M	USD	Point-in-time
Equipment for lease, net (Note 8)	`OperatingLeaseRightOfUseAsset`	$36.60M	USD	Point-in-time
Property, plant and equipment, net (Note 9)	`PropertyPlantAndEquipmentNet`	$14.50M	USD	Point-in-time
Property, plant and equipment, net (Note 9)	`PropertyPlantAndEquipmentNet`	$15.10M	USD	Point-in-time
Investments in securities (Note 1)	`EquityMethodInvestments`	$16.00M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$600.00K	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$600.00K	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$745.80M	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$822.40M	USD	Point-in-time
Total assets	`Assets`	$1.81B	USD	Point-in-time
Total assets	`Assets`	$1.78B	USD	Point-in-time
Current portion of debt (Note 10)	`LongTermDebtCurrent`	$900.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$87.50M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$60.60M	USD	Point-in-time
Accrued expenses and other current liabilities (Note 11)	`AccruedExpensesAndOtherCurrentLiabilities`	$37.00M	USD	Point-in-time
Accrued expenses and other current liabilities (Note 11)	`AccruedExpensesAndOtherCurrentLiabilities`	$30.10M	USD	Point-in-time
Deferred revenue (Note 3)	`ContractWithCustomerLiabilityCurrent`	$14.50M	USD	Point-in-time
Deferred revenue (Note 3)	`ContractWithCustomerLiabilityCurrent`	$7.80M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$139.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$99.40M	USD	Point-in-time
Long-term debt (Note 10)	`LongTermDebtNoncurrent`	$1.12B	USD	Point-in-time
Long-term debt (Note 10)	`LongTermDebtNoncurrent`	$1.01B	USD	Point-in-time
Deferred tax liability (Note 13)	`DeferredIncomeTaxLiabilitiesNet`	$2.80M	USD	Point-in-time
Deferred tax liability (Note 13)	`DeferredIncomeTaxLiabilitiesNet`	$2.70M	USD	Point-in-time
Other noncurrent liabilities (Note 4)	`OtherLiabilitiesNoncurrent`	$1.70M	USD	Point-in-time
Other noncurrent liabilities (Note 4)	`OtherLiabilitiesNoncurrent`	$1.40M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$1.12B	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$1.01B	USD	Point-in-time
Total liabilities	`Liabilities`	$1.11B	USD	Point-in-time
Total liabilities	`Liabilities`	$1.26B	USD	Point-in-time
Commitments and contingencies (Note 16)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 16)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock value	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock value	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$660.50M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$738.30M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$2.10M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-278.70M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-187.50M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-309.90M	USD	Point-in-time
Total stockholders' equity attributable to Shift4 Payments, Inc.	`StockholdersEquity`	$459.60M	USD	Point-in-time
Total stockholders' equity attributable to Shift4 Payments, Inc.	`StockholdersEquity`	$350.60M	USD	Point-in-time
Total stockholders' equity attributable to Shift4 Payments, Inc.	`StockholdersEquity`	$-39.30M	USD	Point-in-time
Noncontrolling interests (Note 19)	`MinorityInterest`	$210.40M	USD	Point-in-time
Noncontrolling interests (Note 19)	`MinorityInterest`	$198.50M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-32.90M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$549.10M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-39.30M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$670.00M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.81B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.78B	USD	Point-in-time

Income Statement 33 line items

Line Item	Tag	Value	Unit	Period
Gross revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$199.40M	USD	1 Quarter
Gross revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$239.30M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$156.00M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$187.50M	USD	1 Quarter
Gross profit	`GrossProfit`	$43.40M	USD	1 Quarter
Gross profit	`GrossProfit`	$51.80M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$53.50M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$21.10M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$10.50M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$15.40M	USD	1 Quarter
Professional fees	`ProfessionalFees`	$1.70M	USD	1 Quarter
Professional fees	`ProfessionalFees`	$6.20M	USD	1 Quarter
Advertising and marketing expenses	`MarketingAndAdvertisingExpense`	$1.30M	USD	1 Quarter
Advertising and marketing expenses	`MarketingAndAdvertisingExpense`	$20.10M	USD	1 Quarter
Restructuring expenses (Note 4)	`RestructuringCharges`	$100.00K	USD	1 Quarter
Restructuring expenses (Note 4)	`RestructuringCharges`	$200.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$95.30M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$34.80M	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$8.60M	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$-43.50M	USD	1 Quarter
Loss on extinguishment of debt (Note 10)	`GainsLossesOnExtinguishmentOfDebt`	$-200.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$-100.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$6.50M	USD	1 Quarter
Interest expense	`InterestExpense`	$13.30M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-50.20M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.80M	USD	1 Quarter
Income tax provision (Note 13)	`IncomeTaxExpenseBenefit`	$800.00K	USD	1 Quarter
Income tax provision (Note 13)	`IncomeTaxExpenseBenefit`	$300.00K	USD	1 Quarter
Net loss	`ProfitLoss`	$-51.00M	USD	1 Quarter
Net loss	`ProfitLoss`	$-5.10M	USD	1 Quarter
Net loss attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$-18.20M	USD	1 Quarter
Net loss attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$-5.10M	USD	1 Quarter
Net loss attributable to Shift4 Payments, Inc.	`NetIncomeLoss`	$-32.80M	USD	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-51.00M	USD	1 Quarter
Net loss	`ProfitLoss`	$-5.10M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$17.60M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$25.30M	USD	1 Quarter
Amortization of capitalized financing costs	`AmortizationOfFinancingCosts`	$1.20M	USD	1 Quarter
Amortization of capitalized financing costs	`AmortizationOfFinancingCosts`	$1.10M	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-200.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-600.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-100.00K	USD	1 Quarter
Provision for bad debts	`ProvisionForDoubtfulAccounts`	$6.70M	USD	1 Quarter
Provision for bad debts	`ProvisionForDoubtfulAccounts`	$1.60M	USD	1 Quarter
Revaluation of contingent liabilities	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	$-8.50M	USD	1 Quarter
Revaluation of contingent liabilities	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	$200.00K	USD	1 Quarter
Equity-based compensation expense	`ShareBasedCompensation`	$14.00M	USD	1 Quarter
Other noncash items	`OtherNoncashIncomeExpense`	$-300.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-9.60M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$40.70M	USD	1 Quarter
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$300.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesOther`	$-1.10M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesOther`	$3.20M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-100.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$300.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-4.70M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$28.00M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-2.20M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$6.40M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$4.70M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$6.60M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$9.70M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.70M	USD	1 Quarter
Acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$40.60M	USD	1 Quarter
Investments in securities	`PaymentsToAcquireInvestments`	$16.00M	USD	1 Quarter
Residual commission buyouts	`PaymentsToResidualCommissionBuyouts`	$800.00K	USD	1 Quarter
Residual commission buyouts	`PaymentsToResidualCommissionBuyouts`	$400.00K	USD	1 Quarter
Acquisition of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$700.00K	USD	1 Quarter
Acquisition of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.40M	USD	1 Quarter
Capitalized software development costs	`CapitalizedSoftwareDevelopmentCostsForInternalAndExternalUse`	$-3.60M	USD	1 Quarter
Capitalized software development costs	`CapitalizedSoftwareDevelopmentCostsForInternalAndExternalUse`	$-2.20M	USD	1 Quarter
Customer acquisition costs	`CustomerAcquisitionCosts`	$-5.60M	USD	1 Quarter
Customer acquisition costs	`CustomerAcquisitionCosts`	$-5.40M	USD	1 Quarter
Acquisition of equipment to be leased	`PaymentsToAcquireEquipmentOnLease`	$10.40M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-77.50M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-9.60M	USD	1 Quarter
Proceeds from revolving line of credit	`ProceedsFromLinesOfCredit`	$68.50M	USD	1 Quarter
Repayment of debt	`RepaymentOfDebtExcludingRevolvingLineOfCredit`	$900.00K	USD	1 Quarter
Repayment of revolving line of credit	`RepaymentsOfLinesOfCredit`	$1.30M	USD	1 Quarter
Payments on contingent liabilities	`PaymentForContingentConsiderationLiabilityFinancingActivities`	$700.00K	USD	1 Quarter
Deferred financing costs	`PaymentsOfFinancingCosts`	$400.00K	USD	1 Quarter
Capital distributions	`PaymentsOfCapitalDistribution`	$100.00K	USD	1 Quarter
Payments for withholding tax related to vesting of restricted stock units	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.40M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-3.70M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$66.40M	USD	1 Quarter
Change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$66.50M	USD	1 Quarter
Change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-82.90M	USD	1 Quarter
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$844.90M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$70.20M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$927.80M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.70M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$844.90M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$70.20M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$927.80M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.70M	USD	Point-in-time

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-32.90M	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$549.10M	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-39.30M	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$670.00M	USD	Point-in-time
Net loss	`ProfitLoss`	$-51.00M	USD	1 Quarter
Net loss	`ProfitLoss`	$-5.10M	USD	1 Quarter
Capital distributions	`DividendsPriorToReorganizationTransactionsInitialPublicOfferingAndConcurrentPrivatePlacement`	$100.00K	USD	1 Quarter
Preferred return on redeemable preferred units	`PreferredReturnOnRedeemablePreferredUnitsPriorToReorganizationTransactionsInitialPublicOfferingAndConcurrentPrivatePlacement`	$1.20M	USD	1 Quarter
Transfer from Founder of right associated with Inspiration4 seat	`AdjustmentsToAdditionalPaidInCapitalTransferFromFounderOfRightAssociatedWithInspirationFourSeat`	$2.10M	USD	1 Quarter
Equity-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$14.00M	USD	1 Quarter
Vesting of restricted stock units, net of tax withholding	`RestrictedStockValueSharesIssuedNetOfTaxWithholdings`	$-2.40M	USD	1 Quarter
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-32.90M	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$549.10M	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-39.30M	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$670.00M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.