Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 05, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-40271 | |
Entity Registrant Name | VIZIO HOLDING CORP. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 85-4185335 | |
Entity Address, Address Line One | 39 Tesla | |
Entity Address, City or Town | Irvine | |
Entity Address, State or Province | CA | |
City Area Code | 949 | |
Local Phone Number | 428-2525 | |
Entity Address, Postal Zip Code | 92618 | |
Title of 12(b) Security | Class A common stock, par value $0.0001 per share | |
Trading Symbol | VZIO | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001835591 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Class A common stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 116,592,084 | |
Class B common stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 76,814,638 | |
Class C common stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 0 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 335.8 | $ 331.6 |
Accounts receivable, net | 253.8 | 375.1 |
Other receivables due from related parties | 1.3 | 5.1 |
Inventories | 31 | 11.9 |
Income tax receivable | 29.9 | 26.2 |
Prepaid and other current assets | 91.4 | 84.8 |
Total current assets | 743.2 | 834.7 |
Property, equipment and software, net | 18.7 | 10.3 |
Goodwill, net | 44.8 | 44.8 |
Deferred income taxes | 30.4 | 30.4 |
Other assets | 21.2 | 15.6 |
Total assets | 858.3 | 935.8 |
Current liabilities: | ||
Accounts payable due to related parties | 147.7 | 224.8 |
Accounts payable | 114.8 | 118.9 |
Accrued expenses | 187.8 | 185.8 |
Accrued royalties | 42.4 | 56.8 |
Other current liabilities | 4.9 | 4.8 |
Total current liabilities | 497.6 | 591.1 |
Other long-term liabilities | 19.3 | 14.1 |
Total liabilities | 516.9 | 605.2 |
Commitments and contingencies (Note 10) | ||
Stockholders’ equity: | ||
Preferred stock | 0 | 0 |
Common stock | 0 | 0 |
Additional paid-in capital | 342.8 | 323.3 |
Accumulated other comprehensive loss | (0.2) | (0.2) |
Retained earnings (accumulated deficit) | (1.2) | 7.5 |
Total stockholders’ equity | 341.4 | 330.6 |
Total liabilities and stockholders' equity | $ 858.3 | $ 935.8 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Stockholders’ equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized (in shares) | 1,350,000,000 | 1,350,000,000 |
Class A common stock | ||
Stockholders’ equity: | ||
Common stock, issued (in shares) | 120,400,000 | 116,400,000 |
Common stock, outstanding (in shares) | 116,600,000 | 113,200,000 |
Class B common stock | ||
Stockholders’ equity: | ||
Common stock, issued (in shares) | 76,800,000 | 76,800,000 |
Common stock, outstanding (in shares) | 76,800,000 | 76,800,000 |
Class C common stock | ||
Stockholders’ equity: | ||
Common stock, issued (in shares) | 0 | 0 |
Common stock, outstanding (in shares) | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net revenue: | ||||
Total net revenue | $ 408.9 | $ 401.1 | $ 894.3 | $ 906.8 |
Cost of goods sold: | ||||
Total cost of goods sold | 335 | 321.6 | 747.6 | 740.6 |
Gross profit: | ||||
Total gross profit | 73.9 | 79.5 | 146.7 | 166.2 |
Operating expenses: | ||||
Selling, general and administrative | 50.3 | 70.4 | 112.7 | 128.5 |
Marketing | 9.2 | 10 | 22.5 | 14.4 |
Research and development | 9.4 | 7.3 | 18.6 | 17.1 |
Depreciation and amortization | 0.9 | 0.7 | 1.8 | 1.3 |
Total operating expenses | 69.8 | 88.4 | 155.6 | 161.3 |
Income (loss) from operations | 4.1 | (8.9) | (8.9) | 4.9 |
Interest income, net | 0 | 0.1 | 0.1 | 0.1 |
Other expense, net | (0.8) | 0 | (0.8) | (0.1) |
Total non-operating (expense) income, net | (0.8) | 0.1 | (0.7) | 0 |
Income (loss) before income taxes | 3.3 | (8.8) | (9.6) | 4.9 |
Provision for (benefit from) income taxes | 1 | 5.2 | (0.9) | 15.6 |
Net income (loss) | $ 2.3 | $ (14) | $ (8.7) | $ (10.7) |
Net income (loss) attributable to Class A and Class B stockholders: | ||||
Basic (in dollars per share) | $ 0.01 | $ (0.08) | $ (0.05) | $ (0.07) |
Diluted (in dollars per share) | $ 0.01 | $ (0.08) | $ (0.05) | $ (0.07) |
Weighted-average Class A and Class B common shares outstanding: | ||||
Basic (in shares) | 192.9 | 184.3 | 192 | 165.1 |
Diluted (in shares) | 196.8 | 184.3 | 192 | 165.1 |
Device | ||||
Net revenue: | ||||
Total net revenue | $ 298.1 | $ 335.6 | $ 680.9 | $ 789.1 |
Cost of goods sold: | ||||
Total cost of goods sold | 294.1 | 303.6 | 669 | 708.8 |
Gross profit: | ||||
Total gross profit | 4 | 32 | 11.9 | 80.3 |
Platform+ | ||||
Net revenue: | ||||
Total net revenue | 110.8 | 65.5 | 213.4 | 117.7 |
Cost of goods sold: | ||||
Total cost of goods sold | 40.9 | 18 | 78.6 | 31.8 |
Gross profit: | ||||
Total gross profit | $ 69.9 | $ 47.5 | $ 134.8 | $ 85.9 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Other comprehensive income (loss) | ||||
Net income (loss) | $ 2.3 | $ (14) | $ (8.7) | $ (10.7) |
Foreign currency translation adjustments | 0 | (0.1) | 0 | (1) |
Comprehensive income (loss) | $ 2.3 | $ (14.1) | $ (8.7) | $ (11.7) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Preferred Stock | Common Stock Class A common stock | Common Stock Class B common stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | |||||
Beginning balance (in shares) at Dec. 31, 2020 | [1] | 0.1 | 150.8 | [2] | 0 | [2] | ||||||
Beginning balance at Dec. 31, 2020 | $ 149.2 | $ 2.5 | [1] | $ 98.9 | $ 0.9 | [3] | $ 46.9 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Share-based compensation expense | 60.5 | 60.5 | ||||||||||
Shares issued pursuant to incentive award plans, net of withholding taxes (in shares) | [1],[2] | 1.2 | ||||||||||
Shares issued pursuant to incentive award plans, net of withholding taxes | (39.3) | (39.3) | ||||||||||
Payment of accumulated preferred stock dividends | (0.5) | $ (0.5) | [1] | |||||||||
Conversion of Series A preferred stock upon IPO (in shares) | [1] | (0.1) | 30.3 | [2] | ||||||||
Conversion of Series A preferred stock upon IPO | 0 | $ (2) | [1] | 2 | ||||||||
Exchange of Class A shares for Class B (in shares) | [1],[2] | (98.3) | 98.3 | |||||||||
Sale of common stock in IPO, net of underwriting fees and other offering costs (in shares) | [1],[2] | 7.6 | ||||||||||
Sale of common stock in IPO, net of underwriting fees and other offering costs | 145 | 145 | ||||||||||
Forfeit of RSA awards upon IPO (in shares) | [1],[2] | (5) | ||||||||||
Foreign currency translation | (1) | (1) | [3] | |||||||||
Net income (loss) | (10.7) | (10.7) | ||||||||||
Ending balance (in shares) at Jun. 30, 2021 | [1] | 0 | 86.6 | [2] | 98.3 | [2] | ||||||
Ending balance at Jun. 30, 2021 | 303.2 | $ 0 | [1] | 267.1 | (0.1) | [3] | 36.2 | |||||
Beginning balance (in shares) at Mar. 31, 2021 | [1] | 0 | 85.4 | [2] | 98.3 | [2] | ||||||
Beginning balance at Mar. 31, 2021 | 312.9 | $ 0 | [1] | 262.8 | (0.1) | [3] | 50.2 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Share-based compensation expense | 34.5 | 34.5 | ||||||||||
Shares issued pursuant to incentive award plans, net of withholding taxes (in shares) | [1],[2] | 1.2 | ||||||||||
Shares issued pursuant to incentive award plans, net of withholding taxes | (30.2) | (30.2) | ||||||||||
Foreign currency translation | (0.1) | (0.1) | [3] | |||||||||
Net income (loss) | (14) | (14) | ||||||||||
Ending balance (in shares) at Jun. 30, 2021 | [1] | 0 | 86.6 | [2] | 98.3 | [2] | ||||||
Ending balance at Jun. 30, 2021 | 303.2 | $ 0 | [1] | 267.1 | (0.1) | [3] | 36.2 | |||||
Beginning balance (in shares) at Dec. 31, 2021 | 0 | [1] | 113.2 | [2],[3] | 76.8 | [2],[3] | ||||||
Beginning balance at Dec. 31, 2021 | 330.6 | $ 0 | [1] | 323.3 | (0.2) | 7.5 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Share-based compensation expense | 23 | 23 | ||||||||||
Shares issued pursuant to incentive award plans, net of withholding taxes (in shares) | [2],[3] | 3.4 | ||||||||||
Shares issued pursuant to incentive award plans, net of withholding taxes | (3.5) | (3.5) | ||||||||||
Foreign currency translation | 0 | |||||||||||
Net income (loss) | (8.7) | (8.7) | ||||||||||
Ending balance (in shares) at Jun. 30, 2022 | 0 | [1] | 116.6 | [2],[3] | 76.8 | [2],[3] | ||||||
Ending balance at Jun. 30, 2022 | 341.4 | $ 0 | [1] | 342.8 | (0.2) | (1.2) | ||||||
Beginning balance (in shares) at Mar. 31, 2022 | 0 | [1] | 115.8 | [2],[3] | 76.8 | [2],[3] | ||||||
Beginning balance at Mar. 31, 2022 | 329.4 | $ 0 | [1] | 333.1 | (0.2) | (3.5) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Share-based compensation expense | 6.4 | 6.4 | ||||||||||
Shares issued pursuant to incentive award plans, net of withholding taxes (in shares) | [2],[3] | 0.8 | ||||||||||
Shares issued pursuant to incentive award plans, net of withholding taxes | 3.3 | 3.3 | ||||||||||
Foreign currency translation | 0 | |||||||||||
Net income (loss) | 2.3 | 2.3 | ||||||||||
Ending balance (in shares) at Jun. 30, 2022 | 0 | [1] | 116.6 | [2],[3] | 76.8 | [2],[3] | ||||||
Ending balance at Jun. 30, 2022 | $ 341.4 | $ 0 | [1] | $ 342.8 | $ (0.2) | $ (1.2) | ||||||
[1]There were no shares of Preferred Stock or Class C common stock issued or outstanding as of June 30, 2022 and December 31, 2021.[2]As of June 30, 2022 and December 31, 2021, the value on common stock outstanding was $19 thousand and $19 thousand, respectively, and are not shown in the table above.[3]Some totals may not sum due to rounding. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Stock issuance costs | $ 13,700 | |
Common Stock | ||
Par value on common stock outstanding | $ 19 | $ 19 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (8.7) | $ (10.7) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 1.8 | 1.3 |
Deferred income taxes | 0 | 1.2 |
Share-based compensation expense | 23 | 60.7 |
Change in allowance for doubtful accounts | 2.7 | 0.7 |
Change in fair value of investment securities | 0.7 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 118.6 | 211 |
Other receivables due from related parties | 3.8 | 0.2 |
Inventories | (19.1) | (6.7) |
Income taxes receivable | (3.7) | (13.8) |
Prepaid and other current assets | (6.9) | (23.2) |
Other assets | (4.5) | 1.1 |
Accounts payable due to related parties | (77) | (77.6) |
Accounts payable | (4.1) | (50.8) |
Accrued expenses | 2 | (26.5) |
Accrued royalties | (14.4) | (15.1) |
Other current liabilities | (0.1) | (0.1) |
Other long-term liabilities | 5.2 | (0.7) |
Net cash provided by operating activities | 19.3 | 51 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (9.9) | (2.8) |
Purchase of investments | (1.7) | (0.2) |
Net cash used in investing activities | (11.6) | (3) |
Cash flows from financing activities: | ||
Proceeds from the exercise of stock options | 8.5 | 1.3 |
Payment of dividends on Series A convertible preferred stock | 0 | (0.6) |
Proceeds from IPO, net of $10.7 in direct offering costs | 0 | 148 |
Payments of other offering costs | 0 | (2.6) |
Withholding taxes paid on behalf of employees on net settled share-based awards | (12) | (35.4) |
Net cash (used in) provided by financing activities | (3.5) | 110.7 |
Effects of exchange rate changes on cash and cash equivalents | 0 | (1) |
Net increase in cash and cash equivalents | 4.2 | 157.7 |
Cash and cash equivalents at beginning of period | 331.6 | 207.7 |
Cash and cash equivalents at end of period | 335.8 | 365.4 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 3 | 26.7 |
Cash paid for interest | 0.1 | 0.1 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | 5.3 | 0 |
Cash paid for amounts included in the measurement of operating lease liabilities | 1.7 | 1.4 |
Payment to taxing authority in connection with shares directly withheld from employees not yet made | 0 | 5.1 |
IPO costs not yet paid | $ 0 | $ 0.4 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Parenthetical) $ in Millions | 6 Months Ended |
Jun. 30, 2021 USD ($) | |
IPO | |
Offering costs | $ 10.7 |
Organization and Nature of Busi
Organization and Nature of Business | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Business | Organization and Nature of Business Founded and headquartered in Orange County, California, the Company’s mission at VIZIO Holding Corp. (NYSE: VZIO), “the Company,” a Delaware corporation, is to deliver immersive entertainment and compelling lifestyle enhancements that make its products the center of the connected home. The Company is driving the future of televisions through its integrated platform of cutting-edge Smart TVs and powerful operating system. The Company also offers a portfolio of innovative sound bars that deliver consumers an elevated audio experience. The Company’s platform gives content providers more ways to distribute their content and advertisers more tools to connect with the right audience. These products are sold to retailers and through online channels throughout the United States. In 2020 the Company launched Platform+, which is comprised of SmartCast, the Company’s award-winning Smart TV operating system, which enables a fully integrated entertainment solution, and Inscape, which powers its data intelligence and services. SmartCast delivers content and applications through an easy-to-use interface. It supports leading streaming apps and hosts the Company’s own free ad-supported video app, WatchFree+. The Company provides broad support for third-party voice platforms and second screen experiences to offer additional interactive features and experiences. The Company purchases all of its products from manufacturers based in Asia. Since inception, the Company had purchased a portion of its televisions from one manufacturer who holds a noncontrolling interest in the Company through its ownership of Class A common stock; however, recently the Company has not made any material purchases from this manufacturer. Since 2012, the Company has purchased a portion of its televisions fro m three manufacturers who are affiliates of an investor who holds a noncontrolling interest in the Company through its ownership of Class A common stock. These manufacturers do not have any significant voting privileges, nor sufficient seats on the Board of Directors that would enable them to significantly influence any of the Company’s strategic or operating decisions. All transactions executed with the aforementioned manufacturers are presented as related party transactions. Impact of COVID-19 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Consolidation The Company has prepared these accompanying unaudited condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”). These unaudited condensed consolidated financial statements include the accounts of VIZIO and all subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The functional currency of most of the foreign subsidiaries is the U.S. dollar. The accounts of these remaining foreign subsidiaries have been translated using the U.S. dollar as the functional currency. Gains or losses resulting from remeasurement of these accounts from local currencies into U.S. dollars are recorded in other comprehensive income in these unaudited condensed consolidated financial statements. Financial statements of the Company’s foreign subsidiaries for which the functional currency is the local currency are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and the transaction date. The condensed consolidated balance sheet as of December 31, 2021 and included herein was derived from the audited financial statements as of the same date. The Company has condensed or omitted certain information and notes normally included in complete financial statements prepared in accordance with GAAP. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K. In the Company’s opinion, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss and cash flows for the interim periods, but they are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2022. Reclassifications The Company has reclassified Research and development costs from Selling, general and administrative amounts for the three and six months ended June 30, 2021, to conform to the current year presentation. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results may differ from those estimates and assumptions. Significant items subject to such estimates and assumptions include the allowances for doubtful accounts and sales returns, reserves for excess and obsolete inventory, accrued price protection and rebates, accrued royalties, share-based compensation, valuation of deferred tax assets and other contingencies. Supplier and customer concentrations also increase the degree of uncertainty inherent in these estimates and assumptions. There have been no material changes to the Company's significant accounting policies from its Annual Report on Form 10-K for the fiscal year ended December 31, 2021. |
Net Revenue
Net Revenue | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Net Revenue | Net Revenue The Company derives revenue primarily from the sale of televisions and sound bars, advertising and data services. Revenue is recognized when control of the promised goods or services is transferred to the Company’s retailers, in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. The Company applies a five-step approach as defined in Financial Accounting Standards Board (“FASB”) ASC 606, Revenue from Contracts with Customers (Topic 606), in determining the amount and timing of revenue to be recognized: (1) identifying the contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when the corresponding performance obligation is satisfied. The Company disaggregates net revenue by (i) Device Revenue, and (ii) Platform+ Revenue, as it believes it best depicts how the nature, timing and uncertainty of revenue and cash flows are affected by economic factors. The Company sells products to certain retailers under terms that allow them to receive price protection on future sell-through price reductions and may provide for limited rights of return, discounts and advertising credits. The revenue recognized from the contract liabilities consisted of the Company satisfying performance obligations during the normal course of business. The Company did not identify nor record any material contract assets as of June 30, 2022 and December 31, 2021. Additionally, no costs associated with obtaining contracts with customers were capitalized, nor any costs associated with fulfilling its contracts. All costs to obtain contracts were expensed as incurred as a practical expedient. Significant Customers The Company is a wholesale distributor of televisions and other home entertainment products, which are sold to the largest retailers and wholesale clubs in North America, primarily in the United States. The Company’s sales can be impacted by consumer spending and the cyclical nature of the retail industry. The following customers account for more than 10% of net revenue: Three Months Ended Six Months Ended 2022 2021 2022 2021 Net revenue: Customer A 36 % 35 % 38 % 38 % Customer B 8 12 8 14 Customer C 13 13 13 12 Customer D 11 11 10 10 |
Accounts Receivable
Accounts Receivable | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts Receivable Accounts receivable consists of the following: June 30, December 31, (In millions) Accounts receivable $ 256.6 $ 375.2 Allowance for doubtful accounts (2.8) (0.1) Total accounts receivable, net of allowances $ 253.8 $ 375.1 The Company maintains credit insurance on certain accounts receivable balances to mitigate collection risk for these customers. The Company evaluates all accounts receivable for the allowance for doubtful accounts. During the three and six months ended June 30, 2022, the Company recorded an allowance for doubtful accounts of $(0.3) million and $2.7 million, respectively. During the three and six months ended June 30, 2021, the Company recorded an allowance for doubtful accounts of $0.7 million and $0.7 million, respectively. The following customers account for more than 10% of accounts receivable: June 30, December 31, Net receivables: Customer A 43 % 44 % Customer B 9 10 Customer C 11 10 Customer A and Customer C, and certain other customers not separately identified in the table above, are affiliates under common control with one another. Collectively, they comprised 49% and 51% of the Company’s net revenue for the three and six months ended June 30, 2022, and 48% and 50% of the Company’s net revenue for the three and six months ended June 30, 2021, respectively. Their collective accounts receivable balance as of June 30, 2022 and December 31, 2021 was 54% and 54% of our total net receivables, respectively. However, throughout the Company’s history and presently, the Company has dealt with separate purchasing departments at Customer A and Customer C, and have at times sold products to Customer C without selling products to Customer A. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following: June 30, December 31, (In millions) Inventory on hand $ 27.1 $ 5.3 Inventory in transit 3.9 6.6 Total inventory $ 31.0 $ 11.9 Significant Manufacturers The Company purchases a significant amount of its product inventory from certain manufacturers. The inventory is purchased under standard product supply agreements that outline the terms of the product delivery. Once all aspects of the product are agreed upon, the manufacturers are then responsible for transporting the product to their warehouses located in the United States. The manufacturers are considered the importers of record and are required to insure the product as it is shipped to the warehouses. The title and risk of loss of the product passes to the Company upon shipment from the manufacturer’s warehouse in the United States to the customer. The product supply agreement stipulates that the manufacturer will (i) generally reimburse the Company for at least a portion of the price protection or sales concessions negotiated between the Company and customers on product purchased, and (ii) indemnify the Company against all liability resulting from valid and enforceable patent infringement with regard to product purchased under the agreement except if such infringement arises out of the Company’s modification or misuse of the product. The Company has the following significant concentrations related to suppliers: Three Months Ended Six Months Ended 2022 2021 2022 2021 Inventory purchases: Supplier A — related party 51 % 39 % 47 % 41 % Supplier B 22 32 22 31 Supplier C 12 11 13 10 Supplier D — related party 7 6 7 5 The Company is currently reliant upon these manufacturers for products. Although the Company can obtain products from other sources, the loss of a significant manufacturer could have a material impact on the Company’s financial condition and results of operations as the products that are being purchased may not be available on the same terms from another manufacturer. The Company has also recorded other receivables of $3.1 million and $5.6 million due from the manufacturers as of June 30, 2022 and December 31, 2021, respectively. The other receivable balances are attributable to price protection and customer allowances as well as accrued royalties due in connection with the settlement of certain patent infringement cases for units shipped, which are indemnified by the Company’s manufacturers and are recognized at the time the aforementioned liabilities are incurred. The net effect is recorded in the condensed consolidated statements of operations as a reduction to cost of goods sold. Recycling costs The Company incurs recycling costs in order to comply with electronic waste recycling programs within certain states. These fees are assessed by the states using current market share and actual costs incurred on administration of such programs and are expensed as incurred. Recycling costs were $(0.6) million due to a release of amounts previously reserved, and $1.5 million for the three and six months ended June 30, 2022, and $1.3 million and $3.9 million for the three and six months ended June 30, 2021, respectively, and are recorded in cost of goods sold in the accompanying condensed consolidated statements of operations. |
Property, Equipment and Softwar
Property, Equipment and Software, Net | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Equipment and Software, Net | Property, Equipment and Software, Net Property, equipment and software, net consist of the following: June 30, December 31, (In millions) Building $ 10.1 $ 10.1 Machinery and equipment 2.0 1.6 Leasehold improvements 3.7 3.6 Furniture and fixtures 4.6 3.2 Computer and software 24.7 22.7 Construction in progress 5.9 — Total property, equipment and software 51.0 41.2 Less accumulated depreciation and amortization (32.3) (30.9) Total property, equipment and software, net $ 18.7 $ 10.3 Depreciation expense was $0.8 million and $1.4 million for the three and six months ended June 30, 2022, respectively. Depreciation expense was $0.5 million and $1.0 million for the three and six months ended June 30, 2021, respectively. During the three and six months ended June 30, 2022, the Company capitalized software development costs of $2.2 million and $4.5 million, respectively. During the three and six months ended June 30, 2021, the Company capitalized software development costs of $0.7 million and $1.3 million, respectively. |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses The Company’s accrued expenses consisted of the following: June 30, December 31, (In millions) Accrued price protection $ 54.1 $ 67.2 Accrued other customer related expenses 43.7 48.4 Accrued supplier/partner related expenses 48.2 39.2 Accrued payroll expenses 31.1 21.6 Accrued other expenses 10.7 9.4 Total accrued expenses $ 187.8 $ 185.8 The Company periodically grants certain sales discounts and incentives to customers, such as rebates and price protection, which are treated as variable consideration for purposes of determining the transaction price. In certain instances, the Company will, in turn, negotiate with its manufacturers for reimbursement of a portion of the incentives so that the manufacturers are responsible for absorbing some of the rebates and price protection. The Company’s procedures for estimating customer allowances recorded as a reduction of revenue are based upon historical experience, as adjusted for the current environment, and management judgment. Customer allowances are accrued for when the related product sale is recognized. The accrued customer allowances are presented on the condensed consolidated balance sheets in accrued expenses and recorded in the condensed consolidated statements of operations as a reduction of net revenue. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Preferred Stock As of June 30, 2022, the Company had 100.0 million shares of undesignated preferred stock authorized but not issued with rights and preferences determined by the Company’s Board of Directors at the time of issuance of such shares. Common Stock The Company had three classes of authorized common stock, Class A common stock, Class B common stock and Class C common stock. Equity Incentive Plans The Company has two equity incentive plans, the 2017 Incentive Award Plan (as amended, the “2017 Plan”) and the 2007 Incentive Award Plan (the “2007 Plan”). The 2017 Plan replaced the 2007 Plan. Under the 2017 Plan, the Company is permitted to grant stock options, restricted stock units (“RSUs”) and restricted stock. The primary purpose of the 2017 Plan is to enhance the Company’s ability to attract, motivate, and retain the services of qualified employees, officers, and directors. Stock Option Awards A summary of the status of the Company’s stock option plans as of June 30, 2022, is presented below: Number of Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In millions, except years and per share amounts) Outstanding at December 31, 2021 14.4 $ 6.80 6.8 $ 181.4 Granted 4.6 8.89 Exercised (2.3) 3.20 Forfeited and expired (0.7) 10.53 Outstanding at June 30, 2022 16.0 $ 7.75 7.5 $ 23.5 Options vested and exercisable at June 30,2022 7.9 $ 5.04 5.7 $ 22.3 The following presents the weighted-average grant date fair value for stock option awards granted during the six months ended June 30, 2022 and June 30, 2021. June 30, 2022 June 30, 2021 Weighted average grant date fair value of stock options granted during the period $ 3.89 $ 9.25 The grant date fair values of stock options are estimated using the Black-Scholes-Merton option pricing model. The grant date fair value of the Company's RSUs is determined based on the fair value of the Company's common stock on the date of grant. The following provides information on the weighted-average assumptions used for stock options granted during the three and six months ended June 30, 2022 and June 30, 2021 (shares in millions): Three Months Ended Six Months Ended 2022 2021 2022 2021 Number of options granted 4.4 1.9 4.6 2.8 Volatility 45.1 % 44.0 % 45.1 % 43.0 % Expected term (years) 6.25 6.25 6.25 6.25 Dividend yield 0.8 % 0.8 % 0.8 % 1.1 % Risk-free interest rate 2.8 % 1.2 % 2.8 % 1.1 % Fair value of common stock $ 8.60 $ 21.84 $ 8.89 $ 21.21 Fair market value per option determined using a Black-Scholes-Merton Option pricing model for purposes of determining compensation expense $ 3.78 $ 8.93 $ 3.89 $ 9.25 RSUs A summary of the status of the Company’s RSUs as of June 30, 2022 is presented below: Number of Shares Weighted Average Grant Date Fair Value (in millions) Outstanding at December 31, 2021 4.1 $ 20.45 Granted 2.3 9.98 Vested (1.5) 19.29 Forfeited (0.5) 20.78 Outstanding at June 30, 2022 4.4 $ 14.97 Share-based Compensation Expense Total share-based compensation expense was $6.4 million and $23.0 million for the three and six months ended June 30, 2022, respectively. Total share-based compensation expense was $34.5 million and $60.7 million for the three and six months ended June 30, 2021, respectively. For the three and six months ended June 30, 2022, $0.2 million and $0.6 million is included in Cost of sales, $0.5 million and $0.8 million is included in Research and development expense, with the remaining amount included in Selling, general and administrative expense in the condensed consolidated statements of operations. For the three and six months ended June 30, 2021, approximately $0.3 million and $0.3 million was included in Cost of goods sold and $0.4 million and $0.4 million was included in Research and development expense and the rest was included in Selling, general and administrative expense. As of June 30, 2022, the Company had $95.0 million of unrecognized compensation costs related to share-based payments, which is expected to be recognized over a weighted average vesting period of approximately 2.3 years. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net (Loss) Income Per Share | Net Income (Loss) Per Share The Company computes earnings per share (“EPS”) of Class A and Class B common stock using the two-class method for participating securities. Basic earnings per share is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of Class A and Class B common shares outstanding during the period. Participating securities are excluded from basic weighted-average common shares outstanding. Diluted earnings per share represents net income (loss) divided by the weighted-average number of common shares outstanding, inclusive of the effect of potential common shares, if dilutive. For the three months ended June 30, 2022, the potential dilutive shares relate to the dilutive effect of outstanding stock options and RSUs. For the six months ended June 30, 2022 and the three and six months ended June 30, 2022, potentially dilutive shares were considered antidilutive given the net loss for the period. Basic and diluted earnings per share and the weighted-average shares outstanding have been computed for all periods as shown below: Three Months Ended 2022 2021 Class A Class B Class A Class B Numerator: (In millions except per share amounts) Net income (loss) attributable to common stockholder - basic and diluted $ 1.4 $ 0.9 $ (6.5) $ (7.5) Denominator: Weighted-average common shares outstanding - basic 116.1 76.8 86.0 98.3 Weighted-average effect of dilutive securities - employee stock options 3.9 — — — Weighted-average common shares outstanding - diluted 120.0 76.8 86.0 98.3 Net income (loss) per share attributable to Class A and Class B common stockholders: Basic $ 0.01 $ 0.01 $ (0.08) $ (0.08) Diluted $ 0.01 $ 0.01 $ (0.08) $ (0.08) Anti-dilutive equity awards under share-based award plans excluded from the determination of diluted EPS 13.3 11.3 Six Months Ended 2022 2021 Class A Class B Class A Class B Numerator: (In millions except per share amounts) Net loss attributable to common stockholder - basic and diluted $ (5.2) $ (3.5) $ (7.4) $ (3.3) Denominator: Weighted-average common shares outstanding - basic and diluted 115.2 76.8 114.1 51.0 Net loss per share attributable to Class A and Class B common stockholders: Basic $ (0.05) $ (0.05) $ (0.07) $ (0.07) Diluted $ (0.05) $ (0.05) $ (0.07) $ (0.07) Anti-dilutive equity awards under share-based award plans excluded from the determination of diluted EPS 20.50 12.0 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe Company recorded a tax provision of $1.0 million, resulting in an effective tax rate of 29.1%, and $5.2 million, resulting in an effective tax rate of (60.1)%, for the three months ended June 30, 2022 and June 30, 2021, respectively. The Company recorded a tax benefit of $0.9 million, resulting in an effective tax rate of 9.5%, and a tax provision of $15.6 million, resulting in an effective tax rate of 315.7%, for the six months ended June 30, 2022 and June 30, 2021, respectively. For the three and six months ended June 30, 2022, the effective tax rate differs from the statutory tax rate of 21% primarily due to the approximately $0.3 million and $3.4 million, respectively, in permanent book-to-tax difference for the share-based compensation expense deduction limited on certain executive officers as a publicly held corporation. The tax provision for the six months ended June 30, 2022 includes a net income tax benefit of $2.3 million for discrete items primarily due to excess tax benefits relating to stock-based compensation. |
Accrued Royalties
Accrued Royalties | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Royalties | Accrued Royalties A summary of future commitments on royalty obligations as of June 30, 2022 is as follows: June 30, 2022 (In millions) 2022 (remaining) $ 4.7 2023 8.4 2024 5.2 2025 3.0 2026 and thereafter 0.5 Total $ 21.8 For potential future settlements related to historical sales for which the Company does not expect to be reimbursed, a reserve of $22.0 million and $32.5 million has been recorded as of June 30, 2022 and December 31, 2021, respectively, as part of accrued royalties. Any patent infringement lawsuit in which the Company is not indemnified is expensed when management determines that it is probable that a liability has been incurred and the amount is estimable. Refundable deposits of $20.4 million and $24.3 million have been recorded as of June 30, 2022 and December 31, 2021, respectively, which are presented within accrued royalties in the condensed consolidated balance sheets. In the ordinary course of business, the Company is currently party to, and management anticipates the Company will continue to be party to various claims and suits including disputes arising over intellectual property rights and other matters. The Company intends to vigorously defend against such claims and suits; however, the ultimate outcome of such claims may remain unknown for some time. Based on all of the information available to date, management does not believe that there are any claims or suits that would have a material adverse effect on the Company’s financial condition, results of operations, or liquidity. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Leases | Leases The Company has various non-cancelable operating leases for its corporate and satellite offices primarily in the United States. These leases expire at various times through 2027. The table below presents supplemental balance sheet information related to the Company’s operating leases as follows: Classification June 30, December 31, Assets: (In millions) Right-of-use asset Other assets $ 13.6 $ 8.9 Liabilities: Current portion of lease liabilities Other current liabilities $ 2.9 $ 2.4 Long term portion of lease liabilities Other long-term liabilities $ 11.8 $ 6.5 Weighted-average remaining lease term (years) 4.7 4.2 Weighted-average discount rate (percentage) 4.4 % 3.7 % Operating lease costs were $1.6 million and $2.9 million for the three and six months ended June 30, 2022, respectively. Operating lease costs were $1.0 million and $1.9 million for the three and six months ended June 30, 2021, respectively. The table below reconciles the undiscounted cash flows of the operating leases for each of the first five years, and total of the remaining years, to the operating lease liabilities recorded on the condensed consolidated balance sheets as of June 30, 2022. June 30, 2022 (In millions) 2022 $ 1.7 2023 3.6 2024 3.4 2025 3.3 2026 3.0 2027 and thereafter 1.4 Total minimum lease payments 16.4 Less imputed interest (1.7) Total lease liabilities $ 14.7 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Volume Commitments Certain product supply agreements include a volume supply commitment on up to 13 weeks of inventory forecasted by the Company. Management provides periodic forecasts to manufacturers at which time they consider the first 13 weeks of supply to be committed. As of June 30, 2022, no liabilities were recorded related to this supply commitment. Revolving Credit Facility On April 13, 2016, the Company entered into a Loan and Security Agreement with Bank of America, N.A. and on April 13, 2021 the agreement was amended (“Credit Agreement”) to extend the maturity date to April 13, 2024. Under the Credit Agreement, Bank of America, N.A. agreed to provide the Company with a revolving credit line of up to $50.0 million for the purposes of repurchasing certain outstanding shares of common stock held by a related party supplier and other general business requirements, including working capital. The Company’s indebtedness to Bank of America, N.A. under the credit agreement is collateralized by substantially all of the Company’s assets. The Credit Agreement also included (i) an update to provide for use of a LIBOR successor rate, (ii) a change in the definition of Availability Reserve and Borrowing Base, and (iii) an extension of the termination date to April 13, 2024. For both the three and six months ended June 30, 2022, there were no draws on the line of credit and the Company was in compliance with all debt covenants. Legal Matters On August 20, 2021, Maxell, Ltd. and Maxell Holdings, Ltd. (collectively, “Maxell”) filed a complaint in United States District Court for the Central District of California against the Company alleging the Company's TVs infringe several of their patents related to various television-related technologies. See Maxell, Ltd., et al. v. VIZIO, Inc., Case No. 2:21-cv-6758 (C.D. Cal.). This case is in the pleadings stage. The Company disputes the claims and intends to defend the lawsuit vigorously. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Consolidation - Presentation | The Company has prepared these accompanying unaudited condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”). These unaudited condensed consolidated financial statements include the accounts of VIZIO and all subsidiaries.The condensed consolidated balance sheet as of December 31, 2021 and included herein was derived from the audited financial statements as of the same date. The Company has condensed or omitted certain information and notes normally included in complete financial statements prepared in accordance with GAAP. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K. In the Company’s opinion, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss and cash flows for the interim periods, but they are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2022. |
Basis of Consolidation - Consolidation | All intercompany transactions and balances have been eliminated in consolidation. |
Basis of Consolidation - Foreign Currency | The functional currency of most of the foreign subsidiaries is the U.S. dollar. The accounts of these remaining foreign subsidiaries have been translated using the U.S. dollar as the functional currency. Gains or losses resulting from remeasurement of these accounts from local currencies into U.S. dollars are recorded in other comprehensive income in these unaudited condensed consolidated financial statements. Financial statements of the Company’s foreign subsidiaries for which the functional currency is the local currency are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and the transaction date. |
Reclassifications | ReclassificationsThe Company has reclassified Research and development costs from Selling, general and administrative amounts for the three and six months ended June 30, 2021, to conform to the current year presentation. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results may differ from those estimates and assumptions. Significant items subject to such estimates and assumptions include the allowances for doubtful accounts and sales returns, reserves for excess and obsolete inventory, accrued price protection and rebates, accrued royalties, share-based compensation, valuation of deferred tax assets and other contingencies. Supplier and customer concentrations also increase the degree of uncertainty inherent in these estimates and assumptions. |
Net Revenue | Net Revenue The Company derives revenue primarily from the sale of televisions and sound bars, advertising and data services. Revenue is recognized when control of the promised goods or services is transferred to the Company’s retailers, in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. The Company applies a five-step approach as defined in Financial Accounting Standards Board (“FASB”) ASC 606, Revenue from Contracts with Customers (Topic 606), in determining the amount and timing of revenue to be recognized: (1) identifying the contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when the corresponding performance obligation is satisfied. The Company disaggregates net revenue by (i) Device Revenue, and (ii) Platform+ Revenue, as it believes it best depicts how the nature, timing and uncertainty of revenue and cash flows are affected by economic factors. The Company sells products to certain retailers under terms that allow them to receive price protection on future sell-through price reductions and may provide for limited rights of return, discounts and advertising credits. The revenue recognized from the contract liabilities consisted of the Company satisfying performance obligations during the normal course of business. The Company did not identify nor record any material contract assets as of June 30, 2022 and December 31, 2021. Additionally, no costs associated with obtaining contracts with customers were capitalized, nor any costs associated with fulfilling its contracts. All costs to obtain contracts were expensed as incurred as a practical expedient. |
Net Revenue (Tables)
Net Revenue (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Concentration Risk | The following customers account for more than 10% of net revenue: Three Months Ended Six Months Ended 2022 2021 2022 2021 Net revenue: Customer A 36 % 35 % 38 % 38 % Customer B 8 12 8 14 Customer C 13 13 13 12 Customer D 11 11 10 10 The following customers account for more than 10% of accounts receivable: June 30, December 31, Net receivables: Customer A 43 % 44 % Customer B 9 10 Customer C 11 10 The Company has the following significant concentrations related to suppliers: Three Months Ended Six Months Ended 2022 2021 2022 2021 Inventory purchases: Supplier A — related party 51 % 39 % 47 % 41 % Supplier B 22 32 22 31 Supplier C 12 11 13 10 Supplier D — related party 7 6 7 5 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable consists of the following: June 30, December 31, (In millions) Accounts receivable $ 256.6 $ 375.2 Allowance for doubtful accounts (2.8) (0.1) Total accounts receivable, net of allowances $ 253.8 $ 375.1 |
Schedule of Concentration Risk | The following customers account for more than 10% of net revenue: Three Months Ended Six Months Ended 2022 2021 2022 2021 Net revenue: Customer A 36 % 35 % 38 % 38 % Customer B 8 12 8 14 Customer C 13 13 13 12 Customer D 11 11 10 10 The following customers account for more than 10% of accounts receivable: June 30, December 31, Net receivables: Customer A 43 % 44 % Customer B 9 10 Customer C 11 10 The Company has the following significant concentrations related to suppliers: Three Months Ended Six Months Ended 2022 2021 2022 2021 Inventory purchases: Supplier A — related party 51 % 39 % 47 % 41 % Supplier B 22 32 22 31 Supplier C 12 11 13 10 Supplier D — related party 7 6 7 5 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories consist of the following: June 30, December 31, (In millions) Inventory on hand $ 27.1 $ 5.3 Inventory in transit 3.9 6.6 Total inventory $ 31.0 $ 11.9 |
Schedule of Concentration Risk | The following customers account for more than 10% of net revenue: Three Months Ended Six Months Ended 2022 2021 2022 2021 Net revenue: Customer A 36 % 35 % 38 % 38 % Customer B 8 12 8 14 Customer C 13 13 13 12 Customer D 11 11 10 10 The following customers account for more than 10% of accounts receivable: June 30, December 31, Net receivables: Customer A 43 % 44 % Customer B 9 10 Customer C 11 10 The Company has the following significant concentrations related to suppliers: Three Months Ended Six Months Ended 2022 2021 2022 2021 Inventory purchases: Supplier A — related party 51 % 39 % 47 % 41 % Supplier B 22 32 22 31 Supplier C 12 11 13 10 Supplier D — related party 7 6 7 5 |
Property, Equipment and Softw_2
Property, Equipment and Software, Net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Equipment and Software, Net | Property, equipment and software, net consist of the following: June 30, December 31, (In millions) Building $ 10.1 $ 10.1 Machinery and equipment 2.0 1.6 Leasehold improvements 3.7 3.6 Furniture and fixtures 4.6 3.2 Computer and software 24.7 22.7 Construction in progress 5.9 — Total property, equipment and software 51.0 41.2 Less accumulated depreciation and amortization (32.3) (30.9) Total property, equipment and software, net $ 18.7 $ 10.3 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | The Company’s accrued expenses consisted of the following: June 30, December 31, (In millions) Accrued price protection $ 54.1 $ 67.2 Accrued other customer related expenses 43.7 48.4 Accrued supplier/partner related expenses 48.2 39.2 Accrued payroll expenses 31.1 21.6 Accrued other expenses 10.7 9.4 Total accrued expenses $ 187.8 $ 185.8 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock Option Activity | A summary of the status of the Company’s stock option plans as of June 30, 2022, is presented below: Number of Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In millions, except years and per share amounts) Outstanding at December 31, 2021 14.4 $ 6.80 6.8 $ 181.4 Granted 4.6 8.89 Exercised (2.3) 3.20 Forfeited and expired (0.7) 10.53 Outstanding at June 30, 2022 16.0 $ 7.75 7.5 $ 23.5 Options vested and exercisable at June 30,2022 7.9 $ 5.04 5.7 $ 22.3 The following presents the weighted-average grant date fair value for stock option awards granted during the six months ended June 30, 2022 and June 30, 2021. June 30, 2022 June 30, 2021 Weighted average grant date fair value of stock options granted during the period $ 3.89 $ 9.25 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following provides information on the weighted-average assumptions used for stock options granted during the three and six months ended June 30, 2022 and June 30, 2021 (shares in millions): Three Months Ended Six Months Ended 2022 2021 2022 2021 Number of options granted 4.4 1.9 4.6 2.8 Volatility 45.1 % 44.0 % 45.1 % 43.0 % Expected term (years) 6.25 6.25 6.25 6.25 Dividend yield 0.8 % 0.8 % 0.8 % 1.1 % Risk-free interest rate 2.8 % 1.2 % 2.8 % 1.1 % Fair value of common stock $ 8.60 $ 21.84 $ 8.89 $ 21.21 Fair market value per option determined using a Black-Scholes-Merton Option pricing model for purposes of determining compensation expense $ 3.78 $ 8.93 $ 3.89 $ 9.25 |
Schedule of Restricted Stock Unit Activity | A summary of the status of the Company’s RSUs as of June 30, 2022 is presented below: Number of Shares Weighted Average Grant Date Fair Value (in millions) Outstanding at December 31, 2021 4.1 $ 20.45 Granted 2.3 9.98 Vested (1.5) 19.29 Forfeited (0.5) 20.78 Outstanding at June 30, 2022 4.4 $ 14.97 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | Basic and diluted earnings per share and the weighted-average shares outstanding have been computed for all periods as shown below: Three Months Ended 2022 2021 Class A Class B Class A Class B Numerator: (In millions except per share amounts) Net income (loss) attributable to common stockholder - basic and diluted $ 1.4 $ 0.9 $ (6.5) $ (7.5) Denominator: Weighted-average common shares outstanding - basic 116.1 76.8 86.0 98.3 Weighted-average effect of dilutive securities - employee stock options 3.9 — — — Weighted-average common shares outstanding - diluted 120.0 76.8 86.0 98.3 Net income (loss) per share attributable to Class A and Class B common stockholders: Basic $ 0.01 $ 0.01 $ (0.08) $ (0.08) Diluted $ 0.01 $ 0.01 $ (0.08) $ (0.08) Anti-dilutive equity awards under share-based award plans excluded from the determination of diluted EPS 13.3 11.3 Six Months Ended 2022 2021 Class A Class B Class A Class B Numerator: (In millions except per share amounts) Net loss attributable to common stockholder - basic and diluted $ (5.2) $ (3.5) $ (7.4) $ (3.3) Denominator: Weighted-average common shares outstanding - basic and diluted 115.2 76.8 114.1 51.0 Net loss per share attributable to Class A and Class B common stockholders: Basic $ (0.05) $ (0.05) $ (0.07) $ (0.07) Diluted $ (0.05) $ (0.05) $ (0.07) $ (0.07) Anti-dilutive equity awards under share-based award plans excluded from the determination of diluted EPS 20.50 12.0 |
Accrued Royalties (Tables)
Accrued Royalties (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Future Commitments on Royalty Obligations | A summary of future commitments on royalty obligations as of June 30, 2022 is as follows: June 30, 2022 (In millions) 2022 (remaining) $ 4.7 2023 8.4 2024 5.2 2025 3.0 2026 and thereafter 0.5 Total $ 21.8 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Supplemental Balance Sheet Information | The table below presents supplemental balance sheet information related to the Company’s operating leases as follows: Classification June 30, December 31, Assets: (In millions) Right-of-use asset Other assets $ 13.6 $ 8.9 Liabilities: Current portion of lease liabilities Other current liabilities $ 2.9 $ 2.4 Long term portion of lease liabilities Other long-term liabilities $ 11.8 $ 6.5 Weighted-average remaining lease term (years) 4.7 4.2 Weighted-average discount rate (percentage) 4.4 % 3.7 % |
Schedule of Undiscounted Cash Flows of Operating Leases | The table below reconciles the undiscounted cash flows of the operating leases for each of the first five years, and total of the remaining years, to the operating lease liabilities recorded on the condensed consolidated balance sheets as of June 30, 2022. June 30, 2022 (In millions) 2022 $ 1.7 2023 3.6 2024 3.4 2025 3.3 2026 3.0 2027 and thereafter 1.4 Total minimum lease payments 16.4 Less imputed interest (1.7) Total lease liabilities $ 14.7 |
Net Revenue - Narrative (Detail
Net Revenue - Narrative (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 0 | $ 0 |
Capitalized contract costs | $ 0 | $ 0 |
Net Revenue - Customers (Detail
Net Revenue - Customers (Details) - Net Revenue - Customer concentration | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Customer A | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 36% | 35% | 38% | 38% |
Customer B | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 8% | 12% | 8% | 14% |
Customer C | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 13% | 13% | 13% | 12% |
Customer D | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 11% | 11% | 10% | 10% |
Accounts Receivable - Balances
Accounts Receivable - Balances (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Receivables [Abstract] | ||
Accounts receivable | $ 256.6 | $ 375.2 |
Allowance for doubtful accounts | (2.8) | (0.1) |
Total accounts receivable, net of allowances | $ 253.8 | $ 375.1 |
Accounts Receivable - Customers
Accounts Receivable - Customers (Details) - Net Receivables - Credit concentration risk | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Customer A | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 43% | 44% |
Customer B | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 9% | 10% |
Customer C | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 11% | 10% |
Accounts Receivable - Narrative
Accounts Receivable - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Concentration Risk [Line Items] | |||||
Allowance for doubtful accounts recorded | $ (0.3) | $ 0.7 | $ 2.7 | $ 0.7 | |
Net Revenue | Customer concentration | Customers A and C, common control | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 49% | 48% | 51% | 50% | |
Net Receivables | Credit concentration risk | Customers A and C, common control | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 54% | 54% |
Inventories - Balances (Details
Inventories - Balances (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Inventory [Line Items] | ||
Total inventory | $ 31 | $ 11.9 |
Inventory on hand | ||
Inventory [Line Items] | ||
Total inventory | 27.1 | 5.3 |
Inventory in transit | ||
Inventory [Line Items] | ||
Total inventory | $ 3.9 | $ 6.6 |
Inventories - Inventory Purchas
Inventories - Inventory Purchases (Details) - Inventory Purchases - Supplier concentration risk | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Supplier A — related party | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 51% | 39% | 47% | 41% |
Supplier B | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 22% | 32% | 22% | 31% |
Supplier C | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 12% | 11% | 13% | 10% |
Supplier D — related party | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 7% | 6% | 7% | 5% |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Inventory [Line Items] | |||||
Recycling cost (credit) | $ (0.6) | $ 1.3 | $ 1.5 | $ 3.9 | |
Other receivables, manufacturers | |||||
Inventory [Line Items] | |||||
Receivables due from manufacturers | $ 3.1 | $ 3.1 | $ 5.6 |
Property, Equipment and Softw_3
Property, Equipment and Software, Net - Components (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total property, equipment and software | $ 51 | $ 41.2 |
Less accumulated depreciation and amortization | (32.3) | (30.9) |
Total property, equipment and software, net | 18.7 | 10.3 |
Building | ||
Property, Plant and Equipment [Line Items] | ||
Total property, equipment and software | 10.1 | 10.1 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, equipment and software | 2 | 1.6 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property, equipment and software | 3.7 | 3.6 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total property, equipment and software | 4.6 | 3.2 |
Computer and software | ||
Property, Plant and Equipment [Line Items] | ||
Total property, equipment and software | 24.7 | 22.7 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property, equipment and software | $ 5.9 | $ 0 |
Property, Equipment and Softw_4
Property, Equipment and Software, Net - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 0.8 | $ 0.5 | $ 1.4 | $ 1 |
Capitalized software development costs | 2.2 | 0.7 | 4.5 | 1.3 |
Amortization of capitalized software development costs | $ 0.7 | $ 0.7 | $ 1.4 | $ 1.4 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accrued price protection | $ 54.1 | $ 67.2 |
Accrued other customer related expenses | 43.7 | 48.4 |
Accrued supplier/partner related expenses | 48.2 | 39.2 |
Accrued payroll expenses | 31.1 | 21.6 |
Accrued other expenses | 10.7 | 9.4 |
Total accrued expenses | $ 187.8 | $ 185.8 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Preferred stock, authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 | ||
Share-based compensation expense | $ 6.4 | $ 34.5 | $ 23 | $ 60.7 | |
Unrecognized compensation costs | 95 | $ 95 | |||
Unrecognized compensation costs, vesting period | 2 years 3 months 18 days | ||||
Cost of sales | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expense | 0.2 | 0.3 | $ 0.6 | 0.3 | |
Research and development | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expense | $ 0.5 | $ 0.4 | $ 0.8 | $ 0.4 |
Stockholders' Equity - Stock Op
Stockholders' Equity - Stock Option Awards Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Number of Options | |||||
Beginning balance (in shares) | 14.4 | ||||
Granted (in shares) | 4.4 | 1.9 | 4.6 | 2.8 | |
Exercised (in shares) | (2.3) | ||||
Forfeited and expired (in shares) | (0.7) | ||||
Ending balance (in shares) | 16 | 16 | 14.4 | ||
Options vested and exercisable (in shares) | 7.9 | 7.9 | |||
Weighted Average Exercise Price | |||||
Beginning balance (in dollars per share) | $ 6.80 | ||||
Granted (in dollars per share) | 8.89 | ||||
Exercised (in dollars per share) | 3.20 | ||||
Forfeited and expired (in dollars per share) | 10.53 | ||||
Ending balance (in dollars per share) | $ 7.75 | 7.75 | $ 6.80 | ||
Options vested and exercisable (in dollars per share) | $ 5.04 | $ 5.04 | |||
Weighted Average Remaining Contractual Term (Years) | |||||
Options outstanding | 7 years 6 months | 6 years 9 months 18 days | |||
Options vested and exercisable | 5 years 8 months 12 days | ||||
Aggregate Intrinsic Value | |||||
Options outstanding | $ 23.5 | $ 23.5 | $ 181.4 | ||
Options vested and exercisable | $ 22.3 | $ 22.3 |
Stockholders' Equity - Weighted
Stockholders' Equity - Weighted Average Grant Date Fair Value of Stock Options Granted (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||||
Weighted average grant date fair value of stock options granted (in dollars per share) | $ 3.78 | $ 8.93 | $ 3.89 | $ 9.25 |
Stockholders' Equity - RSU Acti
Stockholders' Equity - RSU Activity (Details) - RSUs shares in Millions | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Number of Shares | |
Outstanding, beginning (in shares) | shares | 4.1 |
Granted (in shares) | shares | 2.3 |
Vested (in shares) | shares | (1.5) |
Forfeited (in shares) | shares | (0.5) |
Outstanding, ending (in shares) | shares | 4.4 |
Weighted Average Grant Date Fair Value | |
Outstanding, beginning (in dollars per share) | $ / shares | $ 20.45 |
Granted (in dollars per share) | $ / shares | 9.98 |
Vested (in dollars per share) | $ / shares | 19.29 |
Forfeited (in dollars per share) | $ / shares | 20.78 |
Outstanding, ending (in dollars per share) | $ / shares | $ 14.97 |
Stockholders' Equity - Fair Val
Stockholders' Equity - Fair Value Assumptions of Options (Details) - $ / shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||||
Number of options granted (in shares) | 4.4 | 1.9 | 4.6 | 2.8 |
Volatility | 45.10% | 44% | 45.10% | 43% |
Expected term (years) | 6 years 3 months | 6 years 3 months | 6 years 3 months | 6 years 3 months |
Dividend yield | 0.80% | 0.80% | 0.80% | 1.10% |
Risk-free interest rate | 2.80% | 1.20% | 2.80% | 1.10% |
Fair market value of common stock (in dollars per share) | $ 8.60 | $ 21.84 | $ 8.89 | $ 21.21 |
Weighted average grant date fair value of stock options granted (in dollars per share) | $ 3.78 | $ 8.93 | $ 3.89 | $ 9.25 |
Net Income (Loss) Per Share (De
Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Denominator: | ||||
Weighted-average common shares outstanding - basic (in shares) | 192.9 | 184.3 | 192 | 165.1 |
Weighted-average common shares outstanding - diluted (in shares) | 196.8 | 184.3 | 192 | 165.1 |
Net income (loss) per share attributable to Class A and Class B common stockholders: | ||||
Basic (in dollars per share) | $ 0.01 | $ (0.08) | $ (0.05) | $ (0.07) |
Diluted (in dollars per share) | $ 0.01 | $ (0.08) | $ (0.05) | $ (0.07) |
Class A | ||||
Numerator: | ||||
Net income (loss) attributable to common stockholder - basic | $ 1.4 | $ (6.5) | $ (5.2) | $ (7.4) |
Net income (loss) attributable to common stockholder - diluted | $ 1.4 | $ (6.5) | $ (5.2) | $ (7.4) |
Denominator: | ||||
Weighted-average common shares outstanding - basic (in shares) | 116.1 | 86 | 115.2 | 114.1 |
Weighted-average effect of dilutive securities - employee stock options (in shares) | 3.9 | 0 | ||
Weighted-average common shares outstanding - diluted (in shares) | 120 | 86 | 115.2 | 114.1 |
Net income (loss) per share attributable to Class A and Class B common stockholders: | ||||
Basic (in dollars per share) | $ 0.01 | $ (0.08) | $ (0.05) | $ (0.07) |
Diluted (in dollars per share) | $ 0.01 | $ (0.08) | $ (0.05) | $ (0.07) |
Anti-dilutive equity awards under stock-based award plans excluded from the determination of diluted EPS (in shares) | 13.3 | 11.3 | 20.5 | 12 |
Class B | ||||
Numerator: | ||||
Net income (loss) attributable to common stockholder - basic | $ 0.9 | $ (7.5) | $ (3.5) | $ (3.3) |
Net income (loss) attributable to common stockholder - diluted | $ 0.9 | $ (7.5) | $ (3.5) | $ (3.3) |
Denominator: | ||||
Weighted-average common shares outstanding - basic (in shares) | 76.8 | 98.3 | 76.8 | 51 |
Weighted-average effect of dilutive securities - employee stock options (in shares) | 0 | 0 | ||
Weighted-average common shares outstanding - diluted (in shares) | 76.8 | 98.3 | 76.8 | 51 |
Net income (loss) per share attributable to Class A and Class B common stockholders: | ||||
Basic (in dollars per share) | $ 0.01 | $ (0.08) | $ (0.05) | $ (0.07) |
Diluted (in dollars per share) | $ 0.01 | $ (0.08) | $ (0.05) | $ (0.07) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Tax provision (benefit) | $ 1 | $ 5.2 | $ (0.9) | $ 15.6 |
Effective tax rate (percent) | 29.10% | (60.10%) | 9.50% | 315.70% |
Effect of share-based compensation expense, compensation deduction limitation | $ 0.3 | $ 3.4 | ||
Effective tax rate difference due to share-based compensation expense | $ 2.3 |
Accrued Royalties - Future Comm
Accrued Royalties - Future Commitments on Royalty Obligations (Details) - Royalty obligations $ in Millions | Jun. 30, 2022 USD ($) |
Other Commitments [Line Items] | |
2022 (remaining) | $ 4.7 |
2023 | 8.4 |
2024 | 5.2 |
2025 | 3 |
2026 and thereafter | 0.5 |
Total | $ 21.8 |
Accrued Royalties - Narrative (
Accrued Royalties - Narrative (Details) - Accrued royalties - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Accrued Royalties [Line Items] | ||
Refundable deposits | $ 20.4 | $ 24.3 |
Reserve for potential unreimbursed settlements | ||
Accrued Royalties [Line Items] | ||
Reserve for future settlements | $ 22 | $ 32.5 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Assets: | ||
Right of use assets, balance sheet [Extensible Enumeration] | Other assets | Other assets |
Right-of-use asset | $ 13.6 | $ 8.9 |
Liabilities [Abstract] | ||
Current portion of lease liabilities, balance sheet [Extensible Enumeration] | Other current liabilities | Other current liabilities |
Current portion of lease liabilities | $ 2.9 | $ 2.4 |
Long term portion of lease liabilities, balance sheet [Extensible Enumeration] | Other long-term liabilities | Other long-term liabilities |
Long term portion of lease liabilities | $ 11.8 | $ 6.5 |
Weighted-average remaining lease term (years) | 4 years 8 months 12 days | 4 years 2 months 12 days |
Weighted-average discount rate (percentage) | 4.40% | 3.70% |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Leases [Abstract] | ||||
Operating lease costs | $ 1.6 | $ 1 | $ 2.9 | $ 1.9 |
Leases - Reconciliation of Undi
Leases - Reconciliation of Undiscounted Cash Flows of Operating Leases (Details) $ in Millions | Jun. 30, 2022 USD ($) |
Leases [Abstract] | |
2022 | $ 1.7 |
2023 | 3.6 |
2024 | 3.4 |
2025 | 3.3 |
2026 | 3 |
2027 and thereafter | 1.4 |
Total minimum lease payments | 16.4 |
Less imputed interest | (1.7) |
Total lease liabilities | $ 14.7 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | Jun. 30, 2022 | Apr. 13, 2016 |
Commitments and Contingencies Disclosure [Abstract] | ||
Liability for supply commitment | $ 0 | |
Revolving credit facility | Line of credit | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 50,000,000 | |
Draws on line of credit | $ 0 |