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10-Q Filing

Purple Innovation, Inc. CIK: 1643953 Q1 2021
Filing Information
Form Type 10-Q
Accession Number 0001213900-21-026659
Period End Date 20210331
Filing Date 20210517
Fiscal Year 2021
Fiscal Period Q1
XBRL Instance f10q0321_purpleinnov_htm.xml
Filing Contents
Balance Sheet 72 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $103.81M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $33.48M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $122.95M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $26.38M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $29.11M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $41.62M USD Point-in-time
Inventories, net InventoryNet $65.73M USD Point-in-time
Inventories, net InventoryNet $63.28M USD Point-in-time
Prepaid inventory PrepaidInventoryNet $826.00K USD Point-in-time
Prepaid inventory PrepaidInventoryNet $1.34M USD Point-in-time
Other current assets OtherAssetsCurrent $7.77M USD Point-in-time
Other current assets OtherAssetsCurrent $10.45M USD Point-in-time
Total current assets AssetsCurrent $217.82M USD Point-in-time
Total current assets AssetsCurrent $229.07M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $73.83M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $61.49M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $41.41M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $52.97M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $9.95M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $10.25M USD Point-in-time
Deferred income taxes DeferredIncomeTaxAssetsNet $210.38M USD Point-in-time
Deferred income taxes DeferredIncomeTaxAssetsNet $211.24M USD Point-in-time
Other long-term assets OtherAssetsNoncurrent $1.58M USD Point-in-time
Other long-term assets OtherAssetsNoncurrent $1.51M USD Point-in-time
Total assets Assets $554.73M USD Point-in-time
Total assets Assets $566.77M USD Point-in-time
Accounts payable AccountsPayableCurrent $69.59M USD Point-in-time
Accounts payable AccountsPayableCurrent $60.27M USD Point-in-time
Accrued sales returns AccruedSalesReturnsCurrent $8.43M USD Point-in-time
Accrued sales returns AccruedSalesReturnsCurrent $8.28M USD Point-in-time
Accrued compensation EmployeeRelatedLiabilitiesCurrent $14.21M USD Point-in-time
Accrued compensation EmployeeRelatedLiabilitiesCurrent $9.77M USD Point-in-time
Customer prepayments CustomersAdvanceCurrent $7.90M USD Point-in-time
Customer prepayments CustomersAdvanceCurrent $6.25M USD Point-in-time
Accrued sales tax SalesAndExciseTaxPayableCurrent $6.01M USD Point-in-time
Accrued sales tax SalesAndExciseTaxPayableCurrent $3.93M USD Point-in-time
Accrued rebates and allowances AccountsPayableAndOtherAccruedLiabilitiesCurrent $10.89M USD Point-in-time
Accrued rebates and allowances AccountsPayableAndOtherAccruedLiabilitiesCurrent $5.56M USD Point-in-time
Operating lease obligations current portion OperatingLeaseLiabilityCurrent $3.63M USD Point-in-time
Operating lease obligations current portion OperatingLeaseLiabilityCurrent $3.23M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $15.32M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $13.58M USD Point-in-time
Total current liabilities LiabilitiesCurrent $114.67M USD Point-in-time
Total current liabilities LiabilitiesCurrent $132.21M USD Point-in-time
Debt, net of current portion LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities $41.41M USD Point-in-time
Debt, net of current portion LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities $40.91M USD Point-in-time
Operating lease obligations, net of current portion OperatingLeaseLiabilityNoncurrent $48.94M USD Point-in-time
Operating lease obligations, net of current portion OperatingLeaseLiabilityNoncurrent $60.95M USD Point-in-time
Warrant liabilities WarrantLiabilities $92.71M USD Point-in-time
Warrant liabilities WarrantLiabilities $19.41M USD Point-in-time
Tax receivable agreement liability, net of current portion TaxReceivableAgreementLiability $165.43M USD Point-in-time
Tax receivable agreement liability, net of current portion TaxReceivableAgreementLiability $166.03M USD Point-in-time
Other long-term liabilities, net of current portion OtherLiabilitiesNoncurrent $7.26M USD Point-in-time
Other long-term liabilities, net of current portion OtherLiabilitiesNoncurrent $6.50M USD Point-in-time
Total liabilities Liabilities $487.19M USD Point-in-time
Total liabilities Liabilities $409.23M USD Point-in-time
Commitments and contingencies (Note 13) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note 13) CommitmentsAndContingencies - USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $401.84M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $333.05M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-245.03M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-265.86M USD Point-in-time
Total stockholders equity StockholdersEquity $156.82M USD Point-in-time
Total stockholders equity StockholdersEquity $67.20M USD Point-in-time
Noncontrolling interest MinorityInterest $724.00K USD Point-in-time
Noncontrolling interest MinorityInterest $344.00K USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-28.54M USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-689.00K USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $157.54M USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $67.54M USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $566.77M USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $554.73M USD Point-in-time
Income Statement 44 line items
Line Item Tag Value Unit Period
Revenues, net Revenues $122.38M USD 1 Quarter
Revenues, net Revenues $186.43M USD 1 Quarter
Cost of revenues CostOfGoodsAndServicesSold $98.91M USD 1 Quarter
Cost of revenues CostOfGoodsAndServicesSold $69.19M USD 1 Quarter
Gross profit GrossProfit $87.52M USD 1 Quarter
Gross profit GrossProfit $53.18M USD 1 Quarter
Marketing and sales SellingAndMarketingExpense $54.37M USD 1 Quarter
Marketing and sales SellingAndMarketingExpense $36.68M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $14.53M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $7.55M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $1.72M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $1.45M USD 1 Quarter
Total operating expenses OperatingExpenses $70.62M USD 1 Quarter
Total operating expenses OperatingExpenses $45.68M USD 1 Quarter
Operating income OperatingIncomeLoss $7.50M USD 1 Quarter
Operating income OperatingIncomeLoss $16.91M USD 1 Quarter
Interest expense InterestExpense $570.00K USD 1 Quarter
Interest expense InterestExpense $1.39M USD 1 Quarter
Other income (expense), net OtherOperatingIncomeExpenseNet $-68.00K USD 1 Quarter
Other income (expense), net OtherOperatingIncomeExpenseNet $90.00K USD 1 Quarter
Tax receivable agreement income (expense) TaxReceivableAgreementExpense $-174.00K USD 1 Quarter
Tax receivable agreement income (expense) TaxReceivableAgreementExpense $122.00K USD 1 Quarter
Change in fair value warrant liabilities ChangeForFairValueWarrantLiabilitie $-9.15M USD 1 Quarter
Change in fair value warrant liabilities ChangeForFairValueWarrantLiabilitie $-21.63M USD 1 Quarter
Total other income, net OtherNonoperatingIncomeExpense $8.68M USD 1 Quarter
Total other income, net OtherNonoperatingIncomeExpense $20.21M USD 1 Quarter
Net income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $25.59M USD 1 Quarter
Net income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $27.72M USD 1 Quarter
Income tax benefit (expense) IncomeTaxExpenseBenefit $4.65M USD 1 Quarter
Income tax benefit (expense) IncomeTaxExpenseBenefit $-284.00K USD 1 Quarter
Net income ProfitLoss $28.00M USD 1 Quarter
Net income ProfitLoss $20.94M USD 1 Quarter
Net income attributable to noncontrolling interest NetIncomeLossAttributableToNoncontrollingInterest $11.17M USD 1 Quarter
Net income attributable to noncontrolling interest NetIncomeLossAttributableToNoncontrollingInterest $115.00K USD 1 Quarter
Net income attributable to Purple Innovation, Inc. NetIncomeLoss $20.82M USD 1 Quarter
Net income attributable to Purple Innovation, Inc. NetIncomeLoss $16.84M USD 1 Quarter
Basic (in Dollars per share) EarningsPerShareBasic $0.74 USD 1 Quarter
Basic (in Dollars per share) EarningsPerShareBasic $0.32 USD 1 Quarter
Diluted (in Dollars per share) EarningsPerShareDiluted $0.43 USD 1 Quarter
Diluted (in Dollars per share) EarningsPerShareDiluted $0.17 USD 1 Quarter
Basic (in Shares) WeightedAverageNumberOfSharesOutstandingBasic 64.59M shares 1 Quarter
Basic (in Shares) WeightedAverageNumberOfSharesOutstandingBasic 22.68M shares 1 Quarter
Diluted (in Shares) WeightedAverageNumberOfDilutedSharesOutstanding 25.33M shares 1 Quarter
Diluted (in Shares) WeightedAverageNumberOfDilutedSharesOutstanding 68.37M shares 1 Quarter
Cash Flow Statement 82 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $28.00M USD 1 Quarter
Net income ProfitLoss $20.94M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $1.55M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $1.78M USD 1 Quarter
Non-cash interest NonCashInterest $1.38M USD 1 Quarter
Non-cash interest NonCashInterest $129.00K USD 1 Quarter
Change in fair value warrant liabilities ChangeInFairValueLiabilities $-9.15M USD 1 Quarter
Change in fair value warrant liabilities ChangeInFairValueLiabilities $-21.63M USD 1 Quarter
Tax receivable agreement (income) expense IncomeTaxCreditsAndAdjustments $-174.00K USD 1 Quarter
Tax receivable agreement (income) expense IncomeTaxCreditsAndAdjustments $122.00K USD 1 Quarter
Stock-based compensation ShareBasedCompensation $250.00K USD 1 Quarter
Stock-based compensation ShareBasedCompensation $479.00K USD 1 Quarter
Non-cash lease expense NoncashLeaseExpense $682.00K USD 1 Quarter
Non-cash lease expense NoncashLeaseExpense $953.00K USD 1 Quarter
Deferred income taxes DeferredIncomeTaxesAndTaxCredit - USD 1 Quarter
Deferred income taxes DeferredIncomeTaxesAndTaxCredit $-1.83M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $12.51M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-5.42M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $-5.52M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $-2.44M USD 1 Quarter
Prepaid inventory and other assets IncreaseInPrepaidInventoryAndOtherAssets $-2.11M USD 1 Quarter
Prepaid inventory and other assets IncreaseInPrepaidInventoryAndOtherAssets $2.40M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-13.22M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-10.41M USD 1 Quarter
Accrued sales returns IncreaseInAccruedSalesReturns $-148.00K USD 1 Quarter
Accrued sales returns IncreaseInAccruedSalesReturns $-534.00K USD 1 Quarter
Accrued compensation IncreaseDecreaseInEmployeeRelatedLiabilities $-801.00K USD 1 Quarter
Accrued compensation IncreaseDecreaseInEmployeeRelatedLiabilities $-4.43M USD 1 Quarter
Customer prepayments IncreaseOrDecreaseInCustomerAdvances $-2.72M USD 1 Quarter
Customer prepayments IncreaseOrDecreaseInCustomerAdvances $1.65M USD 1 Quarter
Accrued rebates and allowances IncreaseDecreaseAccruedRebatesAndAllowances $-5.33M USD 1 Quarter
Accrued rebates and allowances IncreaseDecreaseAccruedRebatesAndAllowances $-2.17M USD 1 Quarter
Operating lease obligations IncreaseDecreaseInOtherOperatingLiabilities $-423.00K USD 1 Quarter
Operating lease obligations IncreaseDecreaseInOtherOperatingLiabilities $-809.00K USD 1 Quarter
Other accrued liabilities IncreaseDecreaseInOtherAccruedLiabilities $1.48M USD 1 Quarter
Other accrued liabilities IncreaseDecreaseInOtherAccruedLiabilities $489.00K USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-9.39M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-264.00K USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $4.52M USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $12.29M USD 1 Quarter
Investment in intangible assets PaymentsToAcquireIntangibleAssets $2.33M USD 1 Quarter
Investment in intangible assets PaymentsToAcquireIntangibleAssets $69.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-12.35M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-6.85M USD 1 Quarter
Payments on term loan RepaymentsOfOtherLongTermDebt - USD 1 Quarter
Payments on term loan RepaymentsOfOtherLongTermDebt $563.00K USD 1 Quarter
Proceeds from InnoHold indemnification payment ProceedsFromInnoHoldIndemnificationPayment $4.14M USD 1 Quarter
Tax receivable agreement payment PaymentsforTaxReceivableAgreement $-628.00K USD 1 Quarter
Distributions to members Distributions $-545.00K USD 1 Quarter
Distributions to members Distributions - USD 1 Quarter
Proceeds from exercise of warrants ProceedsFromWarrantExercises $12.00K USD 1 Quarter
Proceeds from exercise of warrants ProceedsFromWarrantExercises $116.00K USD 1 Quarter
Proceeds from exercise of stock options ProceedFromExerciseOfStockOptions - USD 1 Quarter
Proceeds from exercise of stock options ProceedFromExerciseOfStockOptions $83.00K USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $2.60M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $12.00K USD 1 Quarter
Net decrease in cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-7.10M USD 1 Quarter
Net decrease in cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-19.14M USD 1 Quarter
Cash and cash equivalents, beginning of the year CashAndCashEquivalentsAtCarryingValue $103.81M USD Point-in-time
Cash and cash equivalents, beginning of the year CashAndCashEquivalentsAtCarryingValue $33.48M USD Point-in-time
Cash and cash equivalents, beginning of the year CashAndCashEquivalentsAtCarryingValue $122.95M USD Point-in-time
Cash and cash equivalents, beginning of the year CashAndCashEquivalentsAtCarryingValue $26.38M USD Point-in-time
Cash and cash equivalents, end of the period CashAndCashEquivalentsAtCarryingValue $103.81M USD Point-in-time
Cash and cash equivalents, end of the period CashAndCashEquivalentsAtCarryingValue $33.48M USD Point-in-time
Cash and cash equivalents, end of the period CashAndCashEquivalentsAtCarryingValue $122.95M USD Point-in-time
Cash and cash equivalents, end of the period CashAndCashEquivalentsAtCarryingValue $26.38M USD Point-in-time
Cash paid during the year for interest InterestPaidNet $14.00K USD 1 Quarter
Cash paid during the year for interest InterestPaidNet $430.00K USD 1 Quarter
Cash paid during the year for income taxes IncomeTaxesPaidNet $63.00K USD 1 Quarter
Cash paid during the year for income taxes IncomeTaxesPaidNet $519.00K USD 1 Quarter
Property and equipment included in accounts payable NoncashOrPartNoncashAcquisitionPayablesAssumed1 $883.00K USD 1 Quarter
Property and equipment included in accounts payable NoncashOrPartNoncashAcquisitionPayablesAssumed1 $4.17M USD 1 Quarter
Non-cash leasehold improvements NoncashLeaseholdImprovements $701.00K USD 1 Quarter
Non-cash leasehold improvements NoncashLeaseholdImprovements $615.00K USD 1 Quarter
Accrued distributions AccruedDistributions $196.00K USD 1 Quarter
Accrued distributions AccruedDistributions $99.00K USD 1 Quarter
Tax receivable agreement liability TaxReceivableAgreementLiabilityes $221.00K USD 1 Quarter
Tax receivable agreement liability TaxReceivableAgreementLiabilityes $777.00K USD 1 Quarter
Deferred income taxes DeferredIncomeTaxes - USD 1 Quarter
Deferred income taxes DeferredIncomeTaxes $971.00K USD 1 Quarter
Exercise of liability warrants ExerciseOfLiabilityWarrants $5.00K USD 1 Quarter
Exercise of liability warrants ExerciseOfLiabilityWarrants $64.15M USD 1 Quarter
Stockholders Equity 25 line items
Line Item Tag Value Unit Period
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-28.54M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-689.00K USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $157.54M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $67.54M USD Point-in-time
Net income ProfitLoss $28.00M USD 1 Quarter
Net income ProfitLoss $20.94M USD 1 Quarter
Stock-based compensation StockIssuedDuringPeriodValueShareBasedCompensation $250.00K USD 1 Quarter
Stock-based compensation StockIssuedDuringPeriodValueShareBasedCompensation $479.00K USD 1 Quarter
Exchange of stock StockIssuedDuringPeriodValueRestrictedStockAwardGross - USD 1 Quarter
Exchange of stock StockIssuedDuringPeriodValueRestrictedStockAwardGross - USD 1 Quarter
Exercise of warrants ExerciseOfWarrants $64.26M USD 1 Quarter
Exercise of warrants ExerciseOfWarrants $17.00K USD 1 Quarter
Exercise of stock options StockIssueDuringPeriodValueExerciseOfStockOption $83.00K USD 1 Quarter
Tax Receivable Agreement Liability StockIssuedDuringPeriodTaxReceivableAgreementLiability $-777.00K USD 1 Quarter
Tax Receivable Agreement Liability StockIssuedDuringPeriodTaxReceivableAgreementLiability $-221.00K USD 1 Quarter
Deferred income taxes StockIssueDuringPeriodDeferredIncomeTaxes $971.00K USD 1 Quarter
Accrued distributions AccruedDistribution $-99.00K USD 1 Quarter
Accrued distributions AccruedDistribution $-196.00K USD 1 Quarter
Innohold indemnification payment AdjustmentsToAdditionalPaidInCapitalOther $4.14M USD 1 Quarter
Impact of transactions affecting NCI StockIssuedDuringPeriodValueOther - USD 1 Quarter
Impact of transactions affecting NCI StockIssuedDuringPeriodValueOther - USD 1 Quarter
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-28.54M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-689.00K USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $157.54M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $67.54M USD Point-in-time

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

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