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10-Q Filing

Purple Innovation, Inc. CIK: 1643953 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0001213900-23-038113
Period End Date 20230331
Filing Date 20230510
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance f10q0323_purple_htm.xml
Filing Contents
Balance Sheet 70 line items
Line Item Tag Value Unit Period
Cash, cash equivalents and restricted cash CashAndCashEquivalentsAtCarryingValue $41.75M USD Point-in-time
Cash, cash equivalents and restricted cash CashAndCashEquivalentsAtCarryingValue $54.53M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $14.44M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $34.57M USD Point-in-time
Inventories, net InventoryNet $87.68M USD Point-in-time
Inventories, net InventoryNet $73.20M USD Point-in-time
Prepaid expenses PrepaidExpenseCurrent $7.54M USD Point-in-time
Prepaid expenses PrepaidExpenseCurrent $7.82M USD Point-in-time
Other current assets OtherAssetsCurrent $4.12M USD Point-in-time
Other current assets OtherAssetsCurrent $4.60M USD Point-in-time
Total current assets AssetsCurrent $161.46M USD Point-in-time
Total current assets AssetsCurrent $168.79M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $134.09M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $136.67M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $101.59M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $102.54M USD Point-in-time
Goodwill Goodwill $4.90M USD Point-in-time
Goodwill Goodwill $4.90M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $26.22M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $24.30M USD Point-in-time
Other long-term assets OtherAssetsNoncurrent $2.86M USD Point-in-time
Other long-term assets OtherAssetsNoncurrent $1.55M USD Point-in-time
Total assets Assets $433.33M USD Point-in-time
Total assets Assets $436.53M USD Point-in-time
Accounts payable AccountsPayableCurrent $46.84M USD Point-in-time
Accounts payable AccountsPayableCurrent $46.44M USD Point-in-time
Accrued sales returns AccruedSalesReturnsCurrent $4.12M USD Point-in-time
Accrued sales returns AccruedSalesReturnsCurrent $5.11M USD Point-in-time
Accrued compensation EmployeeRelatedLiabilitiesCurrent $9.67M USD Point-in-time
Accrued compensation EmployeeRelatedLiabilitiesCurrent $6.69M USD Point-in-time
Customer prepayments CustomerAdvancesCurrent $4.45M USD Point-in-time
Customer prepayments CustomerAdvancesCurrent $2.85M USD Point-in-time
Accrued sales and use tax SalesAndExciseTaxPayableCurrent $2.98M USD Point-in-time
Accrued sales and use tax SalesAndExciseTaxPayableCurrent $1.38M USD Point-in-time
Accrued rebates and allowances AccountsPayableAndOtherAccruedLiabilitiesCurrent $9.80M USD Point-in-time
Accrued rebates and allowances AccountsPayableAndOtherAccruedLiabilitiesCurrent $2.98M USD Point-in-time
Operating lease obligations current portion OperatingLeaseLiabilityCurrent $14.13M USD Point-in-time
Operating lease obligations current portion OperatingLeaseLiabilityCurrent $13.71M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $7.64M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $8.13M USD Point-in-time
Total current liabilities LiabilitiesCurrent $89.60M USD Point-in-time
Total current liabilities LiabilitiesCurrent $97.31M USD Point-in-time
Debt Debt $23.66M USD Point-in-time
Debt Debt - USD Point-in-time
Operating lease obligations, net of current portion OperatingLeaseLiabilityNoncurrent $115.60M USD Point-in-time
Operating lease obligations, net of current portion OperatingLeaseLiabilityNoncurrent $115.31M USD Point-in-time
Other long-term liabilities, net of current portion OtherLiabilitiesNoncurrent $17.75M USD Point-in-time
Other long-term liabilities, net of current portion OtherLiabilitiesNoncurrent $17.88M USD Point-in-time
Total liabilities Liabilities $254.44M USD Point-in-time
Total liabilities Liabilities $222.66M USD Point-in-time
Commitments and contingencies (Note 14) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note 14) CommitmentsAndContingencies - USD Point-in-time
Class A common stock; $0.0001 par value, 210,000 shares authorized; 105,045 issued and outstanding at March 31, 2023 and 91,380 issued and outstanding at December 31, 2022 CommonStockValue $9.00K USD Point-in-time
Class A common stock; $0.0001 par value, 210,000 shares authorized; 105,045 issued and outstanding at March 31, 2023 and 91,380 issued and outstanding at December 31, 2022 CommonStockValue $11.00K USD Point-in-time
Class B common stock; $0.0001 par value, 90,000 shares authorized; 448 issued and outstanding at March 31, 2023 and 448 issued and outstanding at December 31, 2022 CommonStockValue2 - USD Point-in-time
Class B common stock; $0.0001 par value, 90,000 shares authorized; 448 issued and outstanding at March 31, 2023 and 448 issued and outstanding at December 31, 2022 CommonStockValue2 - USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $529.47M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $587.75M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-374.81M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-351.51M USD Point-in-time
Total stockholders equity attributable to Purple Innovation, Inc. StockholdersEquity $177.96M USD Point-in-time
Total stockholders equity attributable to Purple Innovation, Inc. StockholdersEquity $212.95M USD Point-in-time
Noncontrolling interest MinorityInterest $925.00K USD Point-in-time
Noncontrolling interest MinorityInterest $929.00K USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $178.89M USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $213.88M USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $146.54M USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $226.28M USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $436.53M USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $433.33M USD Point-in-time
Income Statement 46 line items
Line Item Tag Value Unit Period
Revenues, net Revenues $143.18M USD 1 Quarter
Revenues, net Revenues $109.37M USD 1 Quarter
Cost of revenues CostOfRevenue $91.55M USD 1 Quarter
Cost of revenues CostOfRevenue $66.15M USD 1 Quarter
Gross profit GrossProfit $51.63M USD 1 Quarter
Gross profit GrossProfit $43.22M USD 1 Quarter
Marketing and sales SellingAndMarketingExpense $38.17M USD 1 Quarter
Marketing and sales SellingAndMarketingExpense $49.96M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $23.67M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $17.89M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $2.14M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $3.37M USD 1 Quarter
Total operating expenses OperatingExpenses $65.21M USD 1 Quarter
Total operating expenses OperatingExpenses $69.99M USD 1 Quarter
Operating loss OperatingIncomeLoss $-18.36M USD 1 Quarter
Operating loss OperatingIncomeLoss $-21.99M USD 1 Quarter
Interest expense InterestExpense $202.00K USD 1 Quarter
Interest expense InterestExpense $1.02M USD 1 Quarter
Other income, net OtherIncome $73.00K USD 1 Quarter
Other income, net OtherIncome $17.00K USD 1 Quarter
Loss on extinguishment of debt GainsLossesOnExtinguishmentOfDebt $-1.22M USD 1 Quarter
Loss on extinguishment of debt GainsLossesOnExtinguishmentOfDebt - USD 1 Quarter
Change in fair value warrant liabilities FairValueAdjustmentOfWarrants $-3.93M USD 1 Quarter
Change in fair value warrant liabilities FairValueAdjustmentOfWarrants $1.90M USD Point-in-time
Change in fair value warrant liabilities FairValueAdjustmentOfWarrants - USD 1 Quarter
Change in fair value warrant liabilities FairValueAdjustmentOfWarrants $1.90M USD Point-in-time
Total other income (expense), net OtherNonoperatingIncomeExpense $2.92M USD 1 Quarter
Total other income (expense), net OtherNonoperatingIncomeExpense $-1.35M USD 1 Quarter
Net loss before income taxes IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet $-23.34M USD 1 Quarter
Net loss before income taxes IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet $-15.44M USD 1 Quarter
Income tax benefit (expense) IncomeTaxExpenseBenefit $-1.81M USD 1 Quarter
Income tax benefit (expense) IncomeTaxExpenseBenefit $72.00K USD 1 Quarter
Net loss ProfitLoss $-23.41M USD 1 Quarter
Net loss ProfitLoss $-13.63M USD 1 Quarter
Net loss attributable to noncontrolling interest NetIncomeLossAttributableToNoncontrollingInterest $-107.00K USD 1 Quarter
Net loss attributable to noncontrolling interest NetIncomeLossAttributableToNoncontrollingInterest $-129.00K USD 1 Quarter
Net loss attributable to Purple Innovation, Inc. NetIncomeLoss $-13.50M USD 1 Quarter
Net loss attributable to Purple Innovation, Inc. NetIncomeLoss $-23.30M USD 1 Quarter
Basic (in Dollars per share) EarningsPerShareBasic $-0.20 USD 1 Quarter
Basic (in Dollars per share) EarningsPerShareBasic $-0.24 USD 1 Quarter
Diluted (in Dollars per share) EarningsPerShareDiluted $-0.24 USD 1 Quarter
Diluted (in Dollars per share) EarningsPerShareDiluted $-0.20 USD 1 Quarter
Basic (in Shares) WeightedAverageNumberOfSharesOutstandingBasic 67,058.00 shares 1 Quarter
Basic (in Shares) WeightedAverageNumberOfSharesOutstandingBasic 98,404.00 shares 1 Quarter
Diluted (in Shares) WeightedAverageNumberOfDilutedSharesOutstanding 98,852.00 shares 1 Quarter
Diluted (in Shares) WeightedAverageNumberOfDilutedSharesOutstanding 67,506.00 shares 1 Quarter
Cash Flow Statement 76 line items
Line Item Tag Value Unit Period
Net loss ProfitLoss $-23.41M USD 1 Quarter
Net loss ProfitLoss $-13.63M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $6.88M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $3.84M USD 1 Quarter
Non-cash interest NonCashInterest $270.00K USD 1 Quarter
Non-cash interest NonCashInterest $148.00K USD 1 Quarter
Change in fair value warrant liabilities FairValueWarrantLiabilities $-3.93M USD 1 Quarter
Change in fair value warrant liabilities FairValueWarrantLiabilities - USD 1 Quarter
Loss on extinguishment of debt GainsLossesOnExtinguishmentOfDebt $-1.22M USD 1 Quarter
Loss on extinguishment of debt GainsLossesOnExtinguishmentOfDebt - USD 1 Quarter
Stock-based compensation ShareBasedCompensation $1.19M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $542.00K USD 1 Quarter
Deferred income taxes IncreaseDecreaseInDeferredIncomeTaxes - USD 1 Quarter
Deferred income taxes IncreaseDecreaseInDeferredIncomeTaxes $1.91M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-20.12M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $3.58M USD 1 Quarter
Inventories DeferredIncomeTaxExpenseBenefit $-7.14M USD 1 Quarter
Inventories DeferredIncomeTaxExpenseBenefit $-14.48M USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-903.00K USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-1.02M USD 1 Quarter
Operating leases, net IncreaseDecreaseInOtherOperatingLiabilities $418.00K USD 1 Quarter
Operating leases, net IncreaseDecreaseInOtherOperatingLiabilities $1.08M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-15.90M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $1.22M USD 1 Quarter
Accrued sales returns IncreaseInAccruedSalesReturns $-989.00K USD 1 Quarter
Accrued sales returns IncreaseInAccruedSalesReturns $-1.97M USD 1 Quarter
Accrued compensation IncreaseDecreaseInEmployeeRelatedLiabilities $2.89M USD 1 Quarter
Accrued compensation IncreaseDecreaseInEmployeeRelatedLiabilities $2.76M USD 1 Quarter
Customer prepayments IncreaseOrDecreaseInCustomerAdvances $-1.60M USD 1 Quarter
Customer prepayments IncreaseOrDecreaseInCustomerAdvances $-5.99M USD 1 Quarter
Accrued rebates and allowances AccruedRebatesAndAllowances $-3.16M USD 1 Quarter
Accrued rebates and allowances AccruedRebatesAndAllowances $-6.82M USD 1 Quarter
Other accrued liabilities IncreaseDecreaseInOtherAccruedLiabilities $-1.98M USD 1 Quarter
Other accrued liabilities IncreaseDecreaseInOtherAccruedLiabilities $4.20M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-13.50M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-44.28M USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $2.94M USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $12.63M USD 1 Quarter
Investment in intangible assets PaymentsToAcquireIntangibleAssets $447.00K USD 1 Quarter
Investment in intangible assets PaymentsToAcquireIntangibleAssets $155.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-13.08M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-3.10M USD 1 Quarter
Payments on term loan RepaymentsOfDebt $24.66M USD 1 Quarter
Payments on term loan RepaymentsOfDebt $2.53M USD 1 Quarter
Payments on revolving line of credit RepaymentsOfLinesOfCredit $55.00M USD 1 Quarter
Payments on revolving line of credit RepaymentsOfLinesOfCredit - USD 1 Quarter
Payments for debt issuance costs PaymentsOfDebtIssuanceCosts $2.90M USD 1 Quarter
Payments for debt issuance costs PaymentsOfDebtIssuanceCosts $1.24M USD 1 Quarter
Proceeds from stock offering ProceedsFromIssuanceInitialPublicOffering $60.30M USD 1 Quarter
Proceeds from stock offering ProceedsFromIssuanceInitialPublicOffering $98.21M USD 1 Quarter
Payments for public offering costs PaymentsOfStockIssuanceCosts $5.32M USD 1 Quarter
Payments for public offering costs PaymentsOfStockIssuanceCosts $3.10M USD 1 Quarter
Tax receivable agreement payments TaxReceivableAgreementLiabilities $269.00K USD 1 Quarter
Tax receivable agreement payments TaxReceivableAgreementLiabilities $5.85M USD 1 Quarter
Proceeds from exercise of stock options ProceedsFromStockOptionsExercised $166.00K USD 1 Quarter
Proceeds from exercise of stock options ProceedsFromStockOptionsExercised - USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $28.44M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $29.38M USD 1 Quarter
Net increase (decrease) in cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-28.92M USD 1 Quarter
Net increase (decrease) in cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $12.78M USD 1 Quarter
Cash, cash equivalents and restricted cash, beginning of the year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $91.62M USD Point-in-time
Cash, cash equivalents and restricted cash, beginning of the year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $54.53M USD Point-in-time
Cash, cash equivalents and restricted cash, beginning of the year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $62.70M USD Point-in-time
Cash, cash equivalents and restricted cash, beginning of the year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $41.75M USD Point-in-time
Cash, cash equivalents and restricted cash, end of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $91.62M USD Point-in-time
Cash, cash equivalents and restricted cash, end of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $54.53M USD Point-in-time
Cash, cash equivalents and restricted cash, end of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $62.70M USD Point-in-time
Cash, cash equivalents and restricted cash, end of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $41.75M USD Point-in-time
Cash paid during the period for interest, net of amounts capitalized CashPaidDuringThePeriodForInterestNetOfAmountsCapitalized $39.00K USD 1 Quarter
Cash paid during the period for interest, net of amounts capitalized CashPaidDuringThePeriodForInterestNetOfAmountsCapitalized $-863.00K USD 1 Quarter
Cash paid during the period for income taxes IncomeTaxesPaidNet $44.00K USD 1 Quarter
Cash paid during the period for income taxes IncomeTaxesPaidNet $43.00K USD 1 Quarter
Property and equipment included in accounts payable NoncashOrPartNoncashAcquisitionPayablesAssumed1 $4.73M USD 1 Quarter
Property and equipment included in accounts payable NoncashOrPartNoncashAcquisitionPayablesAssumed1 $3.40M USD 1 Quarter
Accrued distributions TaxDistributionPayable - USD 1 Quarter
Accrued distributions TaxDistributionPayable $228.00K USD 1 Quarter
Stockholders Equity 20 line items
Line Item Tag Value Unit Period
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $178.89M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $213.88M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $146.54M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $226.28M USD Point-in-time
Net loss ProfitLoss $-23.41M USD 1 Quarter
Net loss ProfitLoss $-13.63M USD 1 Quarter
Stock-based compensation StockIssuedDuringPeriodValueShareBasedCompensation $1.19M USD 1 Quarter
Stock-based compensation StockIssuedDuringPeriodValueShareBasedCompensation $542.00K USD 1 Quarter
Exercise of stock options StockIssuedDuringPeriodValueStockOptionsExercised $166.00K USD 1 Quarter
Vesting of restricted stock units StockIssuedDuringPeriodValueRestrictedStockAwardGross - USD 1 Quarter
Vesting of restricted stock units StockIssuedDuringPeriodValueRestrictedStockAwardGross - USD 1 Quarter
Issuance of stock upon underwritten offering, net of costs StockIssuedDuringPeriodValueNewIssues $92.89M USD 1 Quarter
Issuance of stock upon underwritten offering, net of costs StockIssuedDuringPeriodValueNewIssues $57.20M USD 1 Quarter
Accrued distributions StockIssuedDuringPeriodTaxDistribution $-228.00K USD 1 Quarter
Impact of transactions affecting NCI StockIssuedDuringPeriodValueOther - USD 1 Quarter
Impact of transactions affecting NCI StockIssuedDuringPeriodValueOther - USD 1 Quarter
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $178.89M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $213.88M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $146.54M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $226.28M USD Point-in-time

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

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