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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2024
OR
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☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number 001-38789
KLDiscovery Inc.
(Exact Name of Registrant as Specified in its Charter)
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Delaware |
61-1898603 |
(State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification No.) |
9023 Columbine Road Eden Prairie, MN |
55347 |
(Address of Principal Executive Offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (703) 288-3380
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
N/A |
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N/A |
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N/A |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
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☐ |
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Accelerated filer |
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☐ |
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Non-accelerated filer |
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☒ |
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Smaller reporting company |
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☒ |
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Emerging growth company |
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☒ |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of May 9, 2024 there were 43,086,267 shares of the registrant’s common stock, par value $0.0001 per share, outstanding.
Table of Contents
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
KLDiscovery Inc.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share amounts)
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March 31, 2024 |
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December 31, 2023 |
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(unaudited) |
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Current assets |
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Cash and cash equivalents |
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$ |
18,361 |
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$ |
15,351 |
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Accounts receivable, net of allowance |
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for credit losses of $3,031 and $3,642, respectively |
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106,279 |
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101,257 |
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Prepaid expenses |
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18,866 |
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15,787 |
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Other current assets |
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1,806 |
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1,585 |
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Total current assets |
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145,312 |
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133,980 |
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Property and equipment |
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Computer software and hardware |
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61,762 |
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61,731 |
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Leasehold improvements |
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26,424 |
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26,313 |
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Furniture, fixtures and other equipment |
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2,162 |
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2,262 |
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Accumulated depreciation |
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(75,049 |
) |
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(73,045 |
) |
Property and equipment, net |
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15,299 |
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17,261 |
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Operating lease right of use assets, net |
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9,045 |
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10,078 |
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Intangible assets, net |
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39,152 |
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39,729 |
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Goodwill |
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394,559 |
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396,283 |
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Other assets |
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7,539 |
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8,262 |
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Total assets |
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$ |
610,906 |
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$ |
605,593 |
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Current liabilities |
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Current portion of long-term debt, net |
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$ |
565,691 |
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$ |
546,845 |
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Accounts payable and accrued expense |
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31,944 |
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25,957 |
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Operating lease liabilities |
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5,416 |
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5,906 |
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Current portion of contingent consideration |
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650 |
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650 |
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Deferred revenue |
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3,094 |
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3,181 |
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Total current liabilities |
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606,795 |
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582,539 |
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Deferred tax liabilities |
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9,218 |
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8,941 |
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Long term operating lease liabilities |
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6,713 |
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7,870 |
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Other liabilities |
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2,123 |
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2,176 |
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Total liabilities |
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624,849 |
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601,526 |
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Commitments and contingencies |
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Stockholders' equity |
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Common stock |
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$0.0001 par value, 200,000,000 shares authorized, 43,086,267 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively |
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4 |
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4 |
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Preferred Stock |
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$0.0001 par value, 1,000,000 shares authorized, zero issued
and outstanding as of March 31, 2024 and December 31, 2023, respectively |
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— |
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— |
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Additional paid-in capital |
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396,242 |
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395,461 |
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Accumulated deficit |
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(410,833 |
) |
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(393,954 |
) |
Accumulated other comprehensive income |
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644 |
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2,556 |
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Total stockholders' equity |
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(13,943 |
) |
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4,067 |
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Total liabilities and stockholders' equity |
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$ |
610,906 |
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$ |
605,593 |
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See Notes to Condensed Consolidated Financial Statements.
KLDiscovery Inc.
Condensed Consolidated Statements of Comprehensive Loss (Unaudited)
(in thousands, except share and per share amounts)
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Three Months Ended March 31, 2024 |
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Three Months Ended March 31, 2023 |
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Revenues |
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$ |
80,172 |
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$ |
90,659 |
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Cost of revenues |
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42,068 |
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43,587 |
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Gross profit |
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38,104 |
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47,072 |
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Operating expenses |
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General and administrative |
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18,147 |
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17,301 |
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Research and development |
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3,356 |
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3,200 |
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Sales and marketing |
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11,268 |
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10,391 |
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Depreciation and amortization |
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4,376 |
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4,813 |
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Total operating expenses |
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37,147 |
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35,705 |
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Income from operations |
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957 |
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11,367 |
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Other expenses |
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Change in fair value of Private Warrants |
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32 |
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(191 |
) |
Interest expense |
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17,508 |
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15,771 |
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Loss before income taxes |
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(16,583 |
) |
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(4,213 |
) |
Income tax provision |
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296 |
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295 |
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Net loss |
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$ |
(16,879 |
) |
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$ |
(4,508 |
) |
Other comprehensive (loss) income, net of tax |
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Foreign currency translation |
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(1,912 |
) |
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825 |
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Total other comprehensive (loss) income, net of tax |
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(1,912 |
) |
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825 |
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Comprehensive loss |
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$ |
(18,791 |
) |
|
$ |
(3,683 |
) |
Net loss per share - basic and diluted |
|
$ |
(0.39 |
) |
|
$ |
(0.11 |
) |
Weighted average shares outstanding - basic and diluted |
|
|
43,086,267 |
|
|
|
42,920,321 |
|
See Notes to Condensed Consolidated Financial Statements.
KLDiscovery Inc.
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)
(in thousands, except for share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock Issued |
|
|
Additional
paid-in |
|
|
Accumulated |
|
|
Accumulated
other
comprehensive |
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
capital |
|
|
deficit |
|
|
(loss) income |
|
|
Total |
|
Balance as of December 31, 2023 |
|
|
43,086,267 |
|
|
$ |
4 |
|
|
$ |
395,461 |
|
|
$ |
(393,954 |
) |
|
$ |
2,556 |
|
|
$ |
4,067 |
|
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
781 |
|
|
|
— |
|
|
|
— |
|
|
|
781 |
|
Stock issued in exchange for vested units |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Foreign exchange translation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,912 |
) |
|
|
(1,912 |
) |
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(16,879 |
) |
|
|
— |
|
|
|
(16,879 |
) |
Balance as of March 31, 2024 |
|
|
43,086,267 |
|
|
$ |
4 |
|
|
$ |
396,242 |
|
|
$ |
(410,833 |
) |
|
$ |
644 |
|
|
$ |
(13,943 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock Issued |
|
|
Additional
paid-in |
|
|
Accumulated |
|
|
Accumulated
other
comprehensive |
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
capital |
|
|
deficit |
|
|
(loss) income |
|
|
Total |
|
Balance as of December 31, 2022 |
|
|
42,920,136 |
|
|
$ |
4 |
|
|
$ |
391,977 |
|
|
$ |
(359,141 |
) |
|
$ |
851 |
|
|
$ |
33,691 |
|
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
877 |
|
|
|
— |
|
|
|
— |
|
|
|
877 |
|
Stock issued in exchange for vested units |
|
|
16,667 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Foreign exchange translation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
825 |
|
|
|
825 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,508 |
) |
|
|
— |
|
|
|
(4,508 |
) |
Balance as of March 31, 2023 |
|
|
42,936,803 |
|
|
$ |
4 |
|
|
$ |
392,854 |
|
|
$ |
(363,649 |
) |
|
$ |
1,676 |
|
|
$ |
30,885 |
|
See Notes to Condensed Consolidated Financial Statements.
KLDiscovery Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2024 |
|
|
Three Months Ended March 31, 2023 |
|
Operating activities |
|
|
|
|
|
Net loss |
$ |
(16,879 |
) |
|
$ |
(4,508 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
Depreciation and amortization |
|
6,454 |
|
|
|
6,610 |
|
Paid in kind interest |
|
6,184 |
|
|
|
5,156 |
|
Stock-based compensation |
|
747 |
|
|
|
833 |
|
Provision for losses on accounts receivable |
|
1,110 |
|
|
|
797 |
|
Deferred income taxes |
|
279 |
|
|
|
118 |
|
Change in fair value of Private Warrants |
|
32 |
|
|
|
(191 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
Accounts receivable |
|
(6,326 |
) |
|
|
(7,186 |
) |
Prepaid expenses and other assets |
|
(2,179 |
) |
|
|
(7,018 |
) |
Accounts payable and accrued expenses |
|
2,743 |
|
|
|
3,318 |
|
Deferred revenue |
|
(66 |
) |
|
|
(975 |
) |
Net cash used in operating activities |
|
(7,901 |
) |
|
|
(3,046 |
) |
Investing activities |
|
|
|
|
|
Purchases of property and equipment |
|
(3,011 |
) |
|
|
(2,072 |
) |
Net cash used in investing activities |
|
(3,011 |
) |
|
|
(2,072 |
) |
Financing activities |
|
|
|
|
|
Revolving credit facility draws |
|
15,000 |
|
|
|
— |
|
Payments for capital lease obligations |
|
— |
|
|
|
(533 |
) |
Payments on long-term debt |
|
(750 |
) |
|
|
(750 |
) |
Net cash provided by (used in) financing activities |
|
14,250 |
|
|
|
(1,283 |
) |
Effect of foreign exchange rates |
|
(328 |
) |
|
|
117 |
|
Net increase (decrease) in cash |
|
3,010 |
|
|
|
(6,284 |
) |
Cash at beginning of period |
|
15,351 |
|
|
|
32,629 |
|
Cash at end of period |
$ |
18,361 |
|
|
$ |
26,345 |
|
Supplemental disclosure: |
|
|
|
|
|
Cash paid for interest |
$ |
11,352 |
|
|
$ |
10,842 |
|
Net income taxes paid |
$ |
690 |
|
|
$ |
263 |
|
Significant noncash investing and financing activities |
|
|
|
|
|
Purchases of property and equipment in accounts payable
and accrued expenses on the condensed consolidated balance sheets |
$ |
276 |
|
|
$ |
751 |
|
See Notes to Condensed Consolidated Financial Statements.
KLDiscovery Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited)
For the three months ended March 31, 2024 and 2023
Note 1 – Organization, business and summary of significant accounting policies
Organization
KLDiscovery Inc. (the “Company,” “we” or “us”) is a leading global provider of eDiscovery, information governance and data recovery solutions to corporations, law firms, insurance companies and individuals in 17 countries around the world. We provide technology solutions to help our clients solve complex data challenges. The Company’s headquarters are located in Eden Prairie, Minnesota. The Company has 26 locations in 17 countries, as well as 9 data centers and 13 data recovery labs globally.
The Company was originally incorporated under the name Pivotal Acquisition Corp. (“Pivotal”) as a blank check company on August 2, 2018 under the laws of the State of Delaware for the purpose of entering into a merger, capital stock exchange, stock purchase, reorganization or similar business combination with one or more businesses or entities.
On December 19, 2019 (the “Closing Date”), Pivotal acquired the outstanding shares of LD Topco, Inc. via a reverse capitalization (the “Business Combination”) and was renamed KLDiscovery Inc.
Principles of consolidation
The accompanying condensed consolidated financial statements are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The accompanying condensed consolidated financial statements include the accounts of KLDiscovery and all its subsidiaries. All significant intercompany accounts and transactions were eliminated upon consolidation. The accompanying condensed consolidated financial statements should be read in conjunction with the financial and risk factor information included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which we previously filed with the Securities and Exchange Commission (the “SEC”).
Liquidity and going concern evaluation
Under Financial Accounting Standards Board ("FASB") Accounting Standards Codification (“ASC”) 205-40, Going Concern, the Company is required to evaluate each reporting period, including interim periods, whether there is substantial doubt regarding its ability to meet its obligations when they come due within one year from the financial statement issuance date.
On February 8, 2021, certain subsidiaries of the Company (the “Loan Parties”), entered into a new secured credit agreement (the “2021 Credit Agreement”) and on March 3, 2023, the Loan Parties entered into the First Amendment to the 2021 Credit Agreement. On March 8, 2024, the Loan Parties entered into the Second Amendment to the Amended 2021 Credit Agreement (as amended, the “Amended 2021 Credit Agreement”) which provides that the Loan Parties may deliver to the administrative agent annual, audited financial statements of the Company accompanied by a report and opinion of the Company's independent certified public accountant that is subject to a “going concern” qualification if such qualification results from an upcoming maturity date under any Indebtedness (as defined in the Amended 2021 Credit Agreement). In addition, on December 19, 2019, the Company issued Convertible Debentures, which mature in 2024, in an aggregate principal amount of $200 million (the “Debentures” or the “Convertible Debentures”).
The Amended 2021 Credit Agreement provides for (i) initial term loans in an aggregate principal amount of $300 million (the “Initial Term Loans”), (ii) delayed draw term loans in an aggregate principal amount of $50 million (the “Delayed Draw Term Loans”), and (iii) revolving credit loans in an aggregate principal amount of $40 million, with a letter of credit sublimit of $10 million (the "Revolving Credit Loans”). The Delayed Draw Term Loans were available to the Loan Parties at any time prior to February 8, 2023 and are no longer available under the Amended 2021 Credit Agreement.
The Initial Term Loans and Revolving Credit Loans are each scheduled to mature on February 8, 2026, unless the Convertible Debentures are outstanding six months prior to the December 19, 2024 maturity date thereof, in which case the Amended 2021 Credit Agreement matures on June 19, 2024.
The Company has historically incurred losses and in certain years cash flows have been negative. As of March 31, 2024, the Company’s cash balance was $18.4 million and the Company’s debt balance was $569.6 million, including a balance of $263.6 million under the Convertible Debentures, a balance of $291.0 million in Initial Term Loans under the Amended 2021 Credit Agreement and a balance of $15.0 million in Revolving Credit Loans. As of March 31, 2024, the Company does not have the cash on hand, nor does it expect to generate sufficient liquidity from future cash flows, to repay the Convertible Debentures by June 19, 2024 and as such, the Initial Term Loans debt of $291.0 million, the Convertible Debentures debt of $263.6 million and the Revolving Credit Loans debt of $15.0 million are included in the current portion of long-term debt in the Condensed Consolidated
Balance Sheet at March 31, 2024. As of March 31, 2024, the Company does not have sufficient cash on hand, and does not expect to generate sufficient liquidity from forecasted future cash flows to repay its current obligations at their respective maturity dates.
The Company is reviewing potential alternatives, including renegotiating the terms of the Convertible Debentures and/or the Amended 2021 Credit Agreement and identifying alternative sources for cash or additional financing. The Company's current debt structure, however, raises substantial doubt regarding the Company’s ability to continue as a going concern because other alternatives may not be achievable on favorable terms and conditions or at all. The Company’s condensed financial statements do not include any adjustments that may result from the outcome of this uncertainty and have been prepared assuming the Company will continue as a going concern.
Use of estimates
The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the condensed consolidated financial statements. Although actual results could differ from those estimates, management does not believe that such differences would be material.
Significant estimates include, but are not limited to, the allowance for doubtful accounts, determining the fair values of assets acquired and liabilities assumed, including the fair value of Private Warrants (as defined in Note 2), the determination of the incremental borrowing rate used to measure right-of-use assets and liabilities, the recoverability and useful lives of property and equipment, intangible assets, and other long-lived assets, the evaluation of goodwill for impairment, the valuation and realization of deferred income taxes, the fair value of the Company’s common stock, stock based compensation equity awards and acquisition related contingent consideration.
Segments, concentration of credit risk, major customers and liquidity
The Company operates in one business segment, providing technology-based litigation support solutions and services.
Financial instruments, which potentially expose the Company to concentrations of credit risk, consist principally of cash and accounts receivable. The Company places its cash with a banking institution where the balances, at times, exceed federally insured limits. Management believes the risks associated with these deposits are limited.
With respect to accounts receivable, the Company performs ongoing evaluations of its customers, generally grants uncollateralized credit terms to its customers, and maintains an allowance for doubtful accounts based on historical experience and management’s expectations of future losses. As of and for the three months ended March 31, 2024 and 2023, the Company did not have any single customer that represented five percent (5%) or more of its consolidated revenues or seven percent (7%) of its accounts receivable. The Company believes that the geographic and industry diversity of the Company’s customer base throughout the U.S. and internationally minimizes the risk of incurring material losses due to concentrations of credit risk. The Company’s foreign revenues, principally from businesses in the UK and Germany, totaled approximately $12.9 million and $12.6 million for the three months ended March 31, 2024 and 2023, respectively. The Company’s long-lived assets in foreign countries, principally in the UK and Germany, totaled approximately $26.4 million and $27.0 million as of March 31, 2024 and December 31, 2023, respectively.
As disclosed in Note 4, the Company has significant outstanding debt that comes due in 2024. While the Company is exploring various options to refinance the debt, new financings may not be available to the Company on commercially acceptable terms, or at all.
Foreign currency
Results of operations for the Company’s non-U.S. subsidiaries are translated from the designated functional currency to the reporting currency of the U.S. dollar. Revenues and expenses are translated at average exchange rates for each month, while assets and liabilities are translated at balance sheet date exchange rates. Resulting net translation adjustments are recorded as a component of stockholders’ equity in “Accumulated other comprehensive income” in the Company’s Condensed Consolidated Balance Sheets.
Transaction gains and losses arising from currency exchange rate fluctuations on transactions denominated in a currency other than the local functional currency are included in “Other (income) expense” in the Company’s Condensed Consolidated Statements of Comprehensive Loss. Such transaction gains and losses may be realized or unrealized depending upon whether the transaction settled during the period or remains outstanding at the balance sheet date.
Cash and cash equivalents
The Company considers all highly liquid financial instruments with an original maturity of three months or less when purchased to be cash equivalents.
Accounts receivable and allowance for credit losses
The Company’s accounts receivable are recorded at amortized cost less an allowance for credit losses not expected to be recovered. The measurement and recognition of credit losses involves the use of judgment and represents management’s estimate of expected lifetime credit losses based on historical experience and trends, current conditions and reasonable and supportable forecasts. Management’s assessment of expected credit losses includes consideration of current and expected economic, market and industry factors affecting the Company’s customers, including their financial condition; the aging of account balances; historical credit loss experience; customer concentrations; customer credit-worthiness; and other sources of payment, among other factors. Expected credit losses are recorded as "General and administrative" expenses in the Condensed Consolidated Statements of Comprehensive Loss.
A rollforward of the allowance for credit losses is presented below (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2024 |
|
|
Three Months Ended March 31, 2023 |
|
Beginning balance |
|
$ |
3,642 |
|
|
$ |
5,403 |
|
Provision for credit losses |
|
|
1,110 |
|
|
|
797 |
|
Write-offs, net of recoveries (1) |
|
|
(1,721 |
) |
|
|
(1,953 |
) |
Ending balance |
|
|
3,031 |
|
|
|
4,247 |
|
_______________________
(1)Recoveries were not material for the periods presented. As such, the Company presented write-offs, net of recoveries.
Fixed Assets
Computer software, property and equipment are recorded at cost. Depreciation is calculated using the straight-line method over the following estimated useful lives of the assets:
|
|
|
Computer software and hardware |
|
3 to 5 years |
Leasehold improvements |
|
Shorter of lease term or useful life |
Furniture, fixtures and other equipment |
|
3 to 5 years |
Gains or losses on disposals are included in results of operations at amounts equal to the difference between the net book value of the disposed assets and the proceeds received upon disposal. Costs for replacements and betterments are capitalized, while the costs of maintenance and repairs are expensed as incurred. Finance leases right of use assets are included in Property and equipment and are stated at the present value of minimum lease payments and subsequently amortized using the straight-line method over the earlier of the end of the asset's useful life or the end of the lease term.
Depreciation expense totaled $2.7 million and $2.3 million for the three months ended March 31, 2024 and 2023, respectively, and includes amortization of assets recorded under finance leases. For additional information on leases, refer to Note 3 – Leases.
Internal-use software development costs
The Company capitalizes certain internal computer software costs incurred during the application development stage. The application development stage generally includes software design and configuration, coding, testing and installation activities. Training and maintenance costs are expensed as incurred, while upgrades and enhancements are capitalized if it is probable that such expenditure will result in additional functionality. Capitalized software costs are amortized over the estimated useful life of the underlying project on a straight-line basis. The Company’s estimated useful life of capitalized software costs varies between three and five years, depending on management’s expectation of the economic life of various software. Capitalized software amortization costs are recorded as a component of cost of revenue.
Capitalized software costs are reflected as part of “Intangible assets, net” in the Company’s Condensed Consolidated Balance Sheets and totaled $20.0 million and $18.1 million, net of accumulated amortization, as of March 31, 2024 and December 31, 2023, respectively.
The Company also enters into certain cloud-based software hosting arrangements that are accounted for as service contracts. For internal use software obtained through a hosting arrangement that is in the nature of a service contract, the Company incurs certain implementation costs such as integrating, configuring, and software customization, which are consistent with costs incurred during the application development stage for on-premise software. The Company applies the same guidance to determine costs that are eligible for capitalization. For these arrangements, the Company amortizes the capitalized development costs straight-line over the fixed, non-cancellable term of the associated hosting arrangement plus any reasonably certain renewal periods. The Company also applies the same impairment model to both internal-use software and capitalized implementation costs in a software hosting arrangement that is in the nature of a service contract. Capitalized implementation costs of cloud-based hosting arrangements are classified as part of Prepaid Expenses and Other Assets, totaling $2.5 million and $4.9 million net of accumulated amortization,
respectively, as of March 31, 2024, and $1.8 million and $5.5 million net of accumulated amortization, respectively, as of December 31, 2023. Amortization of capitalized implementation costs related to hosting arrangements totaled $0.5 million for the periods ended March 31, 2024 and 2023.
Intangible assets and other long-lived assets
The Company evaluates the recoverability of its long-lived assets, including finite-lived intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of any asset to future net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured as the difference between the fair value of the asset compared to its carrying amount.
Amortization expense totaled $3.3 million and $3.9 million for the three months ended March 31, 2024 and 2023, respectively; $1.6 million and $1.4 million of which, respectively, was classified as part of the “Cost of revenues” line in the Company’s Condensed Consolidated Statements of Comprehensive Loss.
Goodwill
Goodwill represents the excess of the total consideration paid over identified intangible and tangible assets of the Company and its acquired businesses. The Company tests its goodwill for impairment at the reporting unit level on an annual basis on October 1, and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposition of a significant portion of a reporting unit. As of the October 1, 2023 testing date, the Company determined there is one reporting unit.
Management concluded that there was no impairment of goodwill and intangible assets during the three months ended March 31, 2024. Our goodwill balance is subject to change due to fluctuations in foreign exchange rates.
Debt issuance costs
Debt issuance costs are stated at cost, net of accumulated amortization, and are amortized over the term of the debt using both the straight-line and the effective yield methods. U.S. GAAP requires that the effective yield method be used to amortize debt acquisition costs; however, if the effect of using the straight-line method is not materially different from the results that would have been obtained under the effective yield method, the straight-line method may be used. The amortization for funded term debt is calculated according to the effective yield method and revolving and unfunded term debt is calculated according to the straight-line method. Debt issuance costs related to funded term debt are presented in the Condensed Consolidated Balance Sheets as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts or premiums. Debt issuance costs related to revolving and unfunded term debt are presented in the Condensed Consolidated Balance Sheets within “Other assets.”
Revenue recognition
Revenues are recognized when the Company satisfies a performance obligation by transferring goods or services promised in a contract to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those services. Performance obligations in the Company's contracts represent distinct or separate service streams that the Company provides to its customers.
The Company evaluates its revenue contracts with customers based on the five-step model under ASC 606, Revenue Recognition: (1) identify the contract with the customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to separate performance obligations; and (5) recognize revenues when (or as) each performance obligation is satisfied.
The Company provides Legal Technology services to its clients through several technology solutions including Nebula Ecosystem (“Nebula”) its internally developed end-to-end fully integrated proprietary solution. The Company also provides Data Recovery solutions.
The following table summarizes revenue from contracts with customers for the three months ended March 31, 2024 and 2023 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 Q1 |
|
|
2023 Q1 |
|
|
|
Technology Solutions |
|
Nebula |
|
Consolidated |
|
|
Technology Solutions |
|
Nebula |
|
Consolidated |
|
Legal Technology |
|
$ |
58,152 |
|
$ |
14,834 |
|
$ |
72,986 |
|
|
$ |
73,834 |
|
$ |
8,172 |
|
$ |
82,006 |
|
Data Recovery |
|
|
7,186 |
|
|
— |
|
|
7,186 |
|
|
|
8,653 |
|
|
— |
|
|
8,653 |
|
Total revenue |
|
$ |
65,338 |
|
$ |
14,834 |
|
$ |
80,172 |
|
|
$ |
82,487 |
|
$ |
8,172 |
|
$ |
90,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Obligations and Timing of Revenue Recognition
The Company primarily sells services and products that fall into the categories discussed below. Each category contains one or more performance obligations that are either (1) capable of being distinct (i.e., the customer can benefit from the product or service on its own or together with readily available resources, including those purchased separately from us) and distinct within the context of the contract (i.e., separately identified from other promises in the contract) or (2) a series of distinct products or services that are substantially the same and have the same pattern of transfer to the customer.
(1)Legal Technology, including Nebula and the Company's expansive suite of technology solutions, such as its end-to-end eDiscovery technology solutions, managed review solutions, collections, processing, analytics, hosting, production and professional services, and
(2)Data Recovery solutions, which provides data restoration, data erasure and data management services.
The Company generates the majority of its revenues by providing Legal Technology services to its clients. Most of the Company’s eDiscovery service contracts are time and materials types of arrangements.
Time and materials arrangements are based on units of data stored or processed. Unit-based revenues are recognized as services are provided, based on either the amount of data stored or processed, the number of concurrent users accessing the information, or the number of pages or images processed for a client, at agreed upon per unit rates. We recognize revenues for these arrangements at a point in time utilizing a right-to-invoice practical expedient because we have a right to consideration for services completed to date.
Certain other eDiscovery contracts are subscription-based, fixed-fee arrangements, which have tiered pricing based on the quantity of data hosted. For a fixed monthly fee, our clients receive a variety of optional eDiscovery services, which are included in addition to the data hosting. The Company recognizes revenues for these arrangements at a point in time based on predetermined monthly fees as determined in our contractual agreements, utilizing a right-to-invoice practical expedient because the Company has a right to consideration for services completed to date.
Other eDiscovery agreements are time and material arrangements that require the client to pay us based on the number of hours worked at contractually agreed-upon rates. The Company recognizes revenues for these arrangements at a point in time based on hours incurred and contracted rates utilizing a right-to-invoice practical expedient because it has a contractual right to consideration for services completed to date.
Data recovery services are mainly fixed fee arrangements requiring the client to pay a pre-established fee in exchange for the successful completion of a data recovery on a predetermined device. For the recovery services performed by the Company’s technicians, the revenue is recognized at a point in time, when the recovered data is sent to the customer.
Data erasure services are fixed fee arrangements for which revenue is recognized at a point in time, when the certificate of erasure is sent to the customer.
The Company offers term license subscriptions to Ontrack PowerControls software to customers with on-premises installations of the software pursuant to contracts that are historically one to four years in length. The term license subscriptions include maintenance and support, as well as access to future software upgrades and patches. The license and the additional support services are deemed to be one performance obligation, and thus revenue for these arrangements is recognized ratably over the term of the agreement.
Net loss per common share
Basic net loss per common share is determined by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is determined by dividing net loss by the weighted average number of common shares outstanding during the period, plus the dilutive effect of common stock equivalents, including stock options and restricted shares. Common stock and common stock equivalents included in the computation represent shares issuable upon assumed exercise of outstanding stock options and release of restricted shares, except when the effect of their inclusion would be antidilutive.
Accounting standards not yet adopted
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07). This ASU requires enhanced disclosures about significant segment expenses and other segment items and requires companies to disclose all annual disclosures about segments in interim periods. This ASU also requires public entities with a single reportable segment to provide all the disclosures required by the amendments in this ASU and all existing segment disclosures in Topic 280. The amendments in this ASU are intended to improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the amendments should be applied retrospectively to all periods presented. The Company is currently evaluating the impact of the new guidance on the Company's consolidated financial statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), to enhance the transparency and decision usefulness of income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. This ASU is effective for the Company for annual periods beginning after December 15, 2025. The Company does not expect ASU 2023-09 to have a material impact on the Company’s consolidated financial statements.
Note 2 – Fair value measurements
The Company accounts for recurring and non-recurring fair value measurements in accordance with ASC 820, Fair Value Measurements. ASC 820 defines fair value, establishes a fair value hierarchy for assets and liabilities measured at fair value, and requires expanded disclosures about fair value measurements. The ASC 820 hierarchy ranks the quality of reliability of inputs, or assumptions, used in the determination of fair value, and requires assets and liabilities carried at fair value to be classified and disclosed in one of the following three categories:
Level 1 – Fair value is determined by using unadjusted quoted prices that are available in active markets for identical assets and liabilities.
Level 2 – Fair value is determined by using inputs other than Level 1 quoted prices that are directly or indirectly observable. Inputs can include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities in inactive markets. Related inputs can also include those used in valuation or other pricing models, such as interest rates and yield curves that can be corroborated by observable market data.
Level 3 – Fair value is determined by inputs that are unobservable and not corroborated by market data. Use of these inputs involves significant and subjective judgments to be made by a reporting entity – e.g., determining an appropriate adjustment to a discount factor for illiquidity associated with a given security.
The Company evaluates financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them each reporting period. This determination requires significant judgments to be made by the Company.
The Company believes that the fair values of its current assets and current liabilities (cash, accounts receivable, accounts payable, and other current liabilities) approximate their reported carrying amounts.
The Company estimates the fair value of contingent purchase consideration based on the present value of the consideration expected to be paid during the remainder of the earn-out period, based on management’s assessment of the acquired operations’ forecasted earnings. This fair value measurement is based on significant inputs not observed in the market and thus represents a Level 3 measurement. The fair value of future expected acquisition-related contingent purchase consideration obligations was $1.3 million at each of March 31, 2024 and December 31, 2023, and is classified as Current portion of contingent consideration and as part of long term "Other liabilities" in the condensed Consolidated Balance Sheets.
The significant unobservable inputs used in the fair value measurements of the Company’s contingent purchase consideration include its estimates of the future profitability and related cash flows of the acquired business or assets, adjusted by appropriate discount rates. Significant increases (decreases) in any of these individual inputs could result in a significantly lower (higher) fair value measurement. Generally, a change in the assumptions used for the discount rates is indirectly proportional to the fair value of contingent purchase consideration and a change in the assumptions used for the future cash flows is directly proportional to the fair value of contingent purchase consideration. The Company, using additional information as it becomes available, reassesses the fair value of the contingent purchase consideration on a quarterly basis.
The Company has determined that the 6,350,000 warrants to purchase Common Stock (the “Private Warrants”) issued in connection with the consummation of the Business Combination in December 2019 should be accounted for as liabilities in accordance with ASC 815-40, Derivatives and Hedging — Contracts in Entity’s Own Equity. The warrant liabilities are measured at fair value at
inception and on a recurring basis, with changes in fair value presented within change in fair value of Private Warrants in the Condensed Consolidated Statements of Comprehensive Loss. The fair value of the Private Warrants was $0.1 million at each March 31, 2024 and December 31, 2023, respectively.
Management estimates the carrying amount of the Company’s long-term debt approximates its fair value because the interest rates on these instruments are subject to changes in market interest rates or are consistent with prevailing interest rates.
Note 3 – Leases
The Company’s operating leases are primarily for data centers, office space and certain equipment, expiring in various years through 2029. Certain leases contain annual rent escalation clauses.
Maturities of lease liabilities as of March 31, 2024 were as follows:
|
|
|
|
|
|
|
Operating
Leases |
|
Remainder of 2024 |
|
$ |
5,179 |
|
2025 |
|
|
4,107 |
|
2026 |
|
|
2,453 |
|
2027 |
|
|
802 |
|
2028 |
|
|
702 |
|
Thereafter |
|
|
269 |
|
Total undiscounted lease payments |
|
$ |
13,512 |
|
Less: Interest |
|
|
(1,383 |
) |
Present value of lease liabilities |
|
$ |
12,129 |
|
Note 4 – Long term debt
The following table summarizes the components of the Company’s long-term debt (in thousands):
|
|
|
|
|
|
|
|
|
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
Convertible Debenture notes due 2024 |
|
|
263,564 |
|
|
|
260,926 |
|
Amended 2021 Credit Agreement due 2026 (1) |
|
|
291,000 |
|
|
|
291,750 |
|
Revolving Credit Loans |
|
|
15,000 |
|
|
|
- |
|
Total debt |
|
|
569,564 |
|
|
|
552,676 |
|
Less: unamortized original issue discount |
|
|
(3,530 |
) |
|
|
(5,254 |
) |
Less: unamortized debt issuance costs |
|
|
(343 |
) |
|
|
(577 |
) |
Total debt, net |
|
|
565,691 |
|
|
|
546,845 |
|
Current portion of debt, net |
|
|
565,691 |
|
|
|
546,845 |
|
_______________________
(1)The Amended 2021 Credit Agreement matures on February 8, 2026, unless the Debentures are outstanding six months prior to the December 19, 2024 maturity date thereof, in which case the Amended 2021 Credit Agreement matures on June 19, 2024. As of March 31, 2024, the Company does not anticipate repaying the Convertible Debentures by June 19, 2024 and as such, the Term Loan debt of $291.0 million, the Convertible Debentures debt of $263.6 million and the Revolving Credit Loans debt of $15.0 million are included in the current portion of long-term debt.
Amended 2021 Credit Agreement
On February 8, 2021, the Loan Parties, entered into the 2021 Credit Agreement. Proceeds were used to pay in full all outstanding loans and terminate all lending commitments under the previously outstanding 2016 Credit Agreement.
On March 3, 2023, the Loan Parties entered into the First Amendment to the 2021 Credit Agreement. The First Amendment to the 2021 Credit Agreement provides for the revision of the benchmark interest rate from LIBOR to the secured overnight financing rate, (“SOFR”). At March 31, 2023, all outstanding indebtedness under the Amended 2021 Credit Agreement automatically converted from a LIBOR based loan to the new SOFR based loan at the end of the then-current applicable Interest Period. Additionally, the First Amendment to the 2021 Credit Agreement provides for the addition of the Term SOFR Adjustment of 0.10%, based on the term of the applicable Interest Period, to be added to the Applicable Rate for both SOFR Loans and Base Rate Loans (capitalized terms as defined in the Amended 2021 Credit Agreement).
On March 8, 2024, the Loan Parties entered into the Second Amendment to the 2021 Credit Agreement, which provides that the Loan Parties may deliver to the administrative agent annual, audited financial statements of the Company accompanied by a report and opinion of the Company's independent certified public accountant that is subject to a “going concern” qualification if such qualification results from an upcoming maturity date under any Indebtedness (as defined in the Amended 2021 Credit Agreement).
The Amended 2021 Credit Agreement provides for (i) Initial Term Loans in an aggregate principal amount of $300 million, (ii) Delayed Draw Term Loans in an aggregate principal amount of $50 million, and (iii) Revolving Credit Loans in an aggregate principal amount of $40 million, with a letter of credit sublimit of $10 million. The Delayed Draw Term Loans were available to the Loan Parties at any time prior to February 8, 2023, subject to certain conditions. As of March 31, 2024, there were no outstanding Delayed Draw Term Loans and they are no longer available under the Amended 2021 Credit Agreement.
The Initial Term Loans bear, and while they were available, the Delayed Draw Term Loans bore, interest, at the Loan Parties’ option, at the rate of (x) with respect to SOFR Rate Loans, the Term SOFR Rate with a 1.00% floor, plus 6.50% per annum, plus the Term SOFR Adjustment of 0.10% or (y) with respect to Base Rate Loans, the Base Rate plus 5.50% per annum, plus the Term SOFR Adjustment of 0.10%.
The Revolving Credit Loans bear interest, at our option, at the rate of (x) with respect to SOFR Rate Loans, the Adjusted SOFR Rate plus 4.00% per annum, or (y) with respect to Base Rate Loans, the Base Rate plus 3.00% per annum. On March 31, 2024, the balance due under the Revolving Credit Loans was $15.0 million with an interest rate of 9.42152%. The Initial Term Loans amortize at a rate of 1.00% of the aggregate principal amount of Initial Term Loans outstanding, payable in consecutive quarterly installments of $0.8 million, beginning on June 30, 2021. On March 31, 2024, the balance due under the Initial Term Loans was $291.0 million with an interest rate of 5.30942% plus an Adjusted Term SOFR Rate of 6.60%.
The Initial Term Loans and Revolving Credit Loans are each scheduled to mature on February 8, 2026, unless the Convertible Debentures are outstanding six months prior to the December 19, 2024 maturity date thereof, in which case the Amended 2021 Credit Agreement matures on June 19, 2024. The Initial Term Loans may be voluntarily repaid at any time, but may be subject to a prepayment premium. The Initial Term Loans are required to be repaid under certain circumstances, including with Excess Cash Flow (as defined in the Amended 2021 Credit Agreement), the proceeds of an Asset Sale or Casualty Event (each as defined in the Amended 2021 Credit Agreement) and the proceeds of certain refinancing indebtedness.
The obligations under the Amended 2021 Credit Agreement are secured by substantially all of the Loan Parties’ assets. The Amended 2021 Credit Agreement contains customary affirmative and negative covenants as well as a financial maintenance covenant that requires the Loan Parties to maintain a First Lien Net Leverage Ratio (as defined in the Amended 2021 Credit Agreement) of less than or equal to 7.00 to 1.00, tested at the end of each fiscal quarter. The Company was in compliance with all Amended 2021 Credit Agreement covenants as of March 31, 2024.
Revolving Credit Loans
The Amended 2021 Credit Agreement also provides for an unfunded revolver commitment for borrowing up to $40.0 million. As of March 31, 2024, there was $24.4 million available capacity for borrowing under the Revolving Credit Loans due to a $15.0 million outstanding balance and $0.6 million of letters of credit outstanding (See Note 8 – Commitments and Contingencies).
Convertible Debentures
On December 19, 2019, the Company issued Convertible Debentures, which mature in 2024, in an aggregate principal amount of $200 million. At March 31, 2024 and December 31, 2023, the balance due under the Convertible Debentures was $263.6 million and $260.9 million, respectively.
The Debentures will mature on December 19, 2024 unless earlier converted, redeemed or repurchased, and bear interest at an annual rate of 4.00% in cash, payable quarterly, and 4.00% in kind, accrued quarterly, on the last business day of March, June, September and December. In addition, on each anniversary of December 19, 2019 (the "Closing Date"), the Company will increase the principal amount of the Debentures by an amount equal to 3.00% of the original aggregate principal amount of the Debentures outstanding (subject to reduction for any principal amount repaid). Non-payment of, and certain failures to comply with the covenants under, the Amended 2021 Credit Agreement also constitute events of default under the Debentures. The additional payment will accrue from the last payment date for the additional payment (or the Closing Date if no prior payment has been made), and will also be payable at maturity, upon conversion and upon an optional redemption.
At any time, upon notice as set forth in the Debentures, the Debentures will be redeemable at the Company’s option, in whole or in part, at a price equal to 100% of the principal amount of the Debentures redeemed, plus accrued and unpaid interest thereon.
The Debentures are convertible into shares of common stock at the option of the Debenture holders at any time and from time to time at a price of $18 per share, subject to certain adjustments. However, in the event the Company elects to redeem any Debentures, the holders have a right to purchase common stock from the Company in an amount equal to the amount redeemed at the conversion price.
The Debentures contain covenants that limit the Company’s ability to, among other things: (i) incur additional debt; (ii) create liens on assets; (iii) engage in certain transactions with affiliates; or (iv) designate the Company’s subsidiaries as unrestricted subsidiaries. The Debentures provide for customary events of default, including non-payment, failure to comply with covenants or other agreements in the Debentures and certain events of bankruptcy or insolvency. If an event of default occurs and continues, the holders of at least 25% in aggregate principal amount of the outstanding Debentures may declare the entire principal amount of all the
Debentures to be due and payable immediately. As of March 31, 2024, the Company was in compliance with all Debenture covenants.
Note 5 – Equity incentive plan
On December 19, 2019, the Company adopted the 2019 Incentive Award Plan (the “2019 Plan”) under which eligible employees, officers, directors and consultants of the Company may be granted incentive or non-qualified stock options, restricted stock, restricted stock units ("RSUs"), or other stock-based awards, including shares of Common Stock. Pursuant to the 2019 Plan, the number of shares of Common Stock available for issuance under the 2019 Plan automatically increases on each January 1 (commencing with January 1, 2021) until and including January 1, 2029, by an amount equal to the lesser of: (a) 5% of the shares of Common Stock outstanding on the final day of the immediately preceding calendar year and (b) such smaller number of shares as is determined by our Board of Directors (the “Board”). The Compensation Committee of the Board approved an increase to the share reserve as set out in the 2019 Plan in the amount of 2,416,007 shares and 2,154,313 shares in April 2023 and April 2024, respectively. As of March 31, 2024, 14,176,685 shares of Common Stock were reserved under the 2019 Plan, of which 2,771,329 shares of Common Stock remained available for issuance.
Stock option activity
The following table summarizes the Company’s stock option activity under the 2019 Plan:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Options
Outstanding |
|
|
Weighted
Average
Exercise
Price |
|
|
Weighted
Average
Remaining
Contractual
Term (Years) |
|
|
Aggregate
Intrinsic
Value (1) |
|
Options outstanding, December 31, 2023 |
|
|
6,529,092 |
|
|
$ |
6.88 |
|
|
|
6.9 |
|
|
$ |
— |
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Expired |
|
|
(63,032 |
) |
|
|
8.20 |
|
|
|
— |
|
|
|
— |
|
Options outstanding, March 31, 2024 |
|
|
6,466,060 |
|
|
$ |
6.86 |
|
|
|
6.9 |
|
|
$ |
— |
|
Options vested and exercisable, March 31, 2024 |
|
|
5,097,383 |
|
|
$ |
8.05 |
|
|
|
6.4 |
|
|
$ |
— |
|
Options vested and expected to vest, March 31, 2024 |
|
|
6,466,060 |
|
|
$ |
6.86 |
|
|
|
6.9 |
|
|
$ |
— |
|
_______________________________
(1)Aggregate intrinsic value (in thousands) represents the difference between the estimated fair value of the underlying Common Stock and the exercise price of outstanding in-the-money options.
The following table summarizes additional information on stock option grants and vesting (in thousands):
|
|
|
|
|
|
|
|
|
|
|
2019 Plan |
|
|
|
Three Months Ended March 31, 2024 |
|
|
Three Months Ended March 31, 2023 |
|
Total fair value of options vested |
|
|
1,440 |
|
|
|
1,465 |
|
Time-based vesting stock options
Time-based vesting stock options generally vest over a three-year period, are subject to graded vesting schedules, and expire ten years from the date of grant or within 90 days of termination of employment. No time-based vesting stock options were granted by the Company during the three months ended March 31, 2024 and 2023, respectively.
For the three months ended March 31, 2024 and 2023, the Company recognized $0.7 million and $0.8 million of stock-based compensation expense, respectively, in connection with time-based vesting stock options. As of March 31, 2024 and 2023, there was $1.4 million and $2.4 million of unrecognized stock-based compensation expense, respectively, related to unvested time-based vesting stock options that is expected to be recognized over a weighted-average period of 4.1 and 1.7 years, respectively.
Stock Option Valuation
The Company uses valuation models to value both time and performance-based vesting stock options. The Company did not grant any time or performance-based vesting stock options during the three months ended March 31, 2024 and 2023, respectively.
Stock-based compensation expense
Stock-based compensation expense is included in the Company’s Condensed Consolidated Statements of Comprehensive Loss within the following line items (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2024 |
|
|
Three Months Ended March 31, 2023 |
|
Cost of revenues |
|
$ |
196 |
|
|
$ |
227 |
|
General and administrative |
|
|
388 |
|
|
|
443 |
|
Research and development |
|
|
87 |
|
|
|
76 |
|
Sales and marketing |
|
|
76 |
|
|
|
87 |
|
Total |
|
$ |
747 |
|
|
$ |
833 |
|
Restricted stock units
Periodically, the Company granted RSUs to certain employees which are subject to certain vesting criteria. These RSUs become eligible to begin vesting upon a liquidity event (as defined in the award agreements governing the RSUs). The amount and timing of the vesting of the RSUs depends on the type and timing of the liquidity event as it relates to the Closing Date. Generally, a portion of the RSUs were scheduled to first vest upon the occurrence of the liquidity event and the remainder were scheduled to vest in up to three annual installments thereafter. Because no liquidity event occurred before the third anniversary of the Closing Date, all RSUs are scheduled to vest immediately upon a future liquidity event.
The Company determined the achievement of a liquidity event was not probable and therefore no expense has been recorded related to the RSU awards that vest solely upon a liquidity event.
Performance based restricted stock units
During 2023 and 2022, the Company granted 369,056 and 463,000 performance based RSUs, respectively, to certain employees, 50% of which vest based on the achievement of annual consolidated revenue targets and 50% of which vest based on the achievement of certain annual Nebula revenue targets. These units will vest over three annual installments based on the achievement of the annual consolidated revenue and Nebula revenue performance conditions and are not subject to any liquidity event vesting condition. In the event that the performance conditions are not met in the first or second year, all units granted will vest in the third year if the cumulative performance conditions are met at that time. The grant of awards with performance conditions supports the Company’s goal of aligning executive incentives with long-term stockholder value and ensuring that executive officers have a continuing stake in the long-term success of the Company.
The Company determined the three-year achievement of the overall Company revenue and Nebula revenue targets was probable and incurred $0.4 million and $0.2 million of stock-based compensation expense for the three months ended March 31, 2024 and 2023, respectively, related to the performance-based RSUs granted in 2023 and 2022.
The vesting of the RSUs held by a grantee is generally subject to his or her continued employment with the Company.
Time-based restricted stock units
The Company grants certain non-employee directors time-based RSUs in satisfaction of their annual retainer payments. These RSUs vest over a one-year or three-year period. During the three months ended March 31, 2024, the Company did not grant any time-based RSUs to its non-employee directors. During the three months ended March 31, 2023, the Company granted 151,515 time-based RSUs to its non-employee directors. During the three months ended March 31, 2024 and 2023, the Company recognized the grant-date fair value of the RSUs granted to non-employee directors of $0.2 million and $0.2 million as stock-based compensation expense, respectively.
The following table summarizes the Company’s RSU activity for performance based RSUs awarded to employees and for time-based RSUs granted to non-employee directors under the 2019 Plan:
|
|
|
|
|
Description |
|
RSUs
Outstanding |
|
Outstanding at December 31, 2023 |
|
|
2,429,289 |
|
Granted |
|
|
— |
|
Vested - non-employee director awards |
|
|
(50,505 |
) |
Forfeited |
|
|
(1,737 |
) |
Expired |
|
|
— |
|
Outstanding at March 31, 2024 |
|
|
2,377,047 |
|
Note 6 – Equity
The Company is authorized to issue up to 200,000,000 shares of Common Stock and 1,000,000 shares of preferred stock, $0.0001 par value per share. Each holder of Common Stock is entitled to one vote for each share of common stock held on all matters submitted to a vote of stockholders. The holders of the Common Stock are entitled to receive dividends out of assets legally available at the times and in the amounts as the Company's Board of Directors may from time to time determine. In the event of any liquidation, dissolution or winding up of the Company, the assets of the Company shall be distributed ratably among the holders of the then outstanding Common Stock.
There were no stock issuances during the three months ended March 31, 2024 and 2023, respectively, other than pursuant to stock option exercises and vesting of non-employee director RSUs.
Warrants
On the Closing Date, in connection with the consummation of the Business Combination, the Company assumed (i) 23,000,000 warrants (the “Public Warrants”) to purchase shares of Common Stock and (ii) 6,350,000 Private Warrants (together with the Public Warrants, the “Warrants”). The Public Warrants qualify for equity accounting as these warrants do not fall within the scope of ASC 480, Distinguishing Liabilities from Equity.
Each warrant entitles the holder to purchase one share of Common Stock for $11.50 per share. If exercised by the initial purchaser of the Private Warrant or certain permitted transferees, the purchase can occur on a cashless basis. The Warrants will expire on December 19, 2024 or earlier upon redemption or liquidation.
If the reported last sale price of the Company's common stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending three business days before the Company sends the notice of redemption to the warrant holders, the Company may redeem all the Public Warrants at a price of $0.01 per warrant upon not less than 30 days’ prior written notice.
If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a cashless basis. The exercise price and number of shares of common stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. The warrants will not be adjusted for the issuance of common stock at a price below its exercise price. The Company will not be required to net cash settle the warrants.
The Private Warrants are identical to the Public Warrants except that the Private Warrants will be exercisable on a cashless basis and are non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.
Shares Subject to Forfeiture
On December 19, 2019, in connection with the consummation of the Business Combination, 550,000 shares of common stock held by Pivotal Acquisition Holdings LLC were subjected to an additional lockup that will be released only if the last reported sale price of the common stock equals or exceeds $15.00 for a period of 20 consecutive trading days during the five-year period following the Closing Date. If the last reported sale price of common stock does not equal or exceed $15.00 within five years from the Closing Date, such shares will be forfeited to the Company for no consideration. These shares are reported as outstanding in the Company’s financial statements and continue to be subject to the additional lockup as of March 31, 2024.
Note 7 – Income taxes
A valuation allowance has been established against the Company’s net U.S. federal and state deferred tax assets, including net operating loss (“NOL”) carryforwards. As a result, the Company’s income tax provision is primarily related to foreign tax activity
and U.S. deferred taxes for tax deductible goodwill and other indefinite-lived liabilities. During the three months ended March 31, 2024 and 2023, the Company recorded an income tax provision of $0.3 million and $0.3 million, respectively, resulting in an effective tax rate of (1.8)% and (7.1)%, respectively. These effective tax rates differ from the U.S. federal statutory rate primarily due to the effects of foreign tax rate differences, U.S. state and local income taxes and the valuation allowance against our domestic deferred tax assets.
Historically, the Company calculated the provision for income taxes during interim reporting periods by applying an estimate of the annual effective rate for the full fiscal year to the year-to-date ordinary income or loss, excluding unusual or infrequently occurring discrete items. For the quarter ending March 31, 2024, the Company determined that the year-to-date actual effective tax rate represented the best estimate due to the challenges in forecasting nonrecurring costs and other items related to the renegotiation of the term of the Convertible Debentures and Amended 2021 Credit Agreement.
Note 8 – Commitments and contingencies
The Company is involved in various legal proceedings, which arise occasionally in the normal course of business. While the ultimate results of such matters generally cannot be predicted with certainty, management does not expect such matters to have a material effect on the financial position and results of operations as of March 31, 2024.
The Company has two letters of credit totaling $0.6 million as of March 31, 2024 as additional security for lease guarantees related to leased properties.
Note 9 – Related parties
As of March 31, 2024, $131.8 million including paid-in kind interest of the Company's Debentures was owed to affiliates of MGG Investment Group, which is an affiliate of a director of the Company. For the three months ended March 31, 2024 and 2023, the Company recognized $3.8 million and $3.6 million in interest expense, respectively, related to the Debentures owned by affiliates of the MGG Investment Group.
Note 10 – Subsequent events
The Company has evaluated subsequent events since the date on which these financial statements were issued through the date on which this Quarterly Report on Form 10-Q was filed and did not identify any additional items for disclosure.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q, including information incorporated herein by reference, contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Exchange Act of 1934, as amended, that are not historical facts. This includes, without limitation, statements regarding our financial position, business strategy and management’s plans and objectives for future operations. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this Quarterly Report on Form 10-Q, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. When we discuss our strategies or plans, we are making projections, forecasts or forward-looking statements. Such statements are based on the beliefs of, as well as assumptions made by and information currently available to, our management.
All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expect, including:
•consequences of our substantial levels of indebtedness, including the pending maturity and potential acceleration thereof in June 2024, and our ability to repay or renegotiate our debt obligations as they become due or to secure alternative sources of cash or additional financing, which raise substantial doubt about our ability to continue as a going concern;
•entry into definitive agreements with respect to and closing of a transaction in respect of the agreement in principle described below with our principal debenture holders and principal term loan lender;
•potential failure to comply with privacy and information security regulations governing the client datasets that we process and store;
•the ability to operate in highly competitive markets, and potential adverse effects of this competition;
•risk of decreased revenues if we do not adapt our pricing models to compete successfully;
•the ability to attract, motivate and retain qualified employees, including members of our senior management team;
•the ability to maintain a high level of client service and expand operations;
•potential issues with our product offerings that could cause legal exposure, reputational damage and an inability to deliver services;
•the ability to develop and successfully grow revenues from new products such as Nebula, improve existing products and adapt our business model to keep pace with industry trends;
•risk that our products and services fail to interoperate successfully with third-party systems;
•potential unavailability of third-party technology that we use in our products and services;
•potential disruption of our products, offerings, website and networks;
•difficulties resulting from our implementation of new consolidated business systems;
•the ability to deliver products and services following a disaster or business continuity event;
•the outbreak of disease or similar public health threat, such as COVID-19;
•potential unauthorized use of our products and technology by third parties and/or data security breaches and other incidents;
•potential intellectual property infringement claims;
•the ability to comply with various trade restrictions, such as sanctions and export controls, resulting from our international operations;
•potential impairment charges related to goodwill, identified intangible assets and fixed assets;
•impacts of laws and regulations on our business;
•macroeconomic conditions, including inflationary pressures, rising interest rates, exchange rate volatility, and recessionary fears;
•potential litigation and regulatory proceedings involving us;
•expectations regarding the time during which we will be an emerging growth company or smaller reporting company;
•the potential liquidity and trading volume of our public securities;
•political unrest, international hostilities, military actions, including, without limitation, the wars in Ukraine and the Middle East, terrorist or cyber-terrorist activities and other geopolitical events; an
•other risks and uncertainties indicated in the section titled “Risk Factors” in this Quarterly Report on Form 10-Q.
The forward-looking statements contained in this Quarterly Report on Form 10-Q and in any document incorporated by reference are based on current expectations and beliefs, which we believe to be reasonable, concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (many of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in our consolidated financial statements and the related notes thereto included elsewhere in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2023. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
In addition, statements that include phrases such as “we believe” and similar phrases reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for these statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.
Overview
KLD is a leading global provider of eDiscovery, information governance and data recovery solutions to corporations, law firms, insurance agencies and individuals. We provide technology solutions to help our clients solve complex legal, regulatory and data challenges. We have broad geographical coverage in the eDiscovery and data recovery industries with 26 locations in 17 countries, as well as 9 data centers and 13 data recovery labs globally. Our integrated proprietary technology solutions enable the efficient and accurate collection, processing, transmission, review and/or recovery of complex and large-scale enterprise data. In conjunction with proprietary technology, we provide immediate expert consultation and 24/7/365 support wherever a customer is located worldwide, which empowers us to become a “first-call” partner for mission-critical, time-sensitive, or nuanced eDiscovery and data recovery challenges. We are continuously innovating to provide a more reliable, secure and seamless experience when tackling various “big data” volume, velocity, and veracity challenges. A key example of our purpose-built innovation is Nebula, our flagship, end-to-end artificial intelligence/machine learning, or AI/ML, powered solution that serves as a singular platform of engagement for legal data.
Key factors affecting our performance
Our operating results, financial performance and future growth will depend on a variety of factors, including, among others, maintaining our history of product innovation, increasing adoption of Nebula, maintaining and growing our client base while driving greater penetration, growth in the number of our matters, particularly large matters and establishing our partner channel for Nebula. Some of the more important factors are discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 as filed with the SEC on March 28, 2023 (our “Annual Report”), as supplemented by the additional discussion below.
Key business metrics
The following are among the key operational and financial metrics we use to measure and evaluate our performance, identify trends affecting our business, formulate business plans, and make strategic decisions.
Clients
We have a strong track record of growing our client base, and we believe that our ability to increase the number of clients utilizing our Legal Technology solutions, including Nebula, is an important indicator of our market penetration, our business growth, and our future opportunities.
We define Legal Technology clients as each primary law firm and corporation to which we provided services in a litigation matter that we billed during the past two years. We define Nebula clients, each of which is included in the number of Legal Technology clients, as the total number of primary law firm, corporation, insurance company and service provider clients to which we provided
legal technology solutions for a matter for which we delivered services using Nebula solution during the two years prior to the applicable date.
The following table sets forth the number of Legal Technology clients and Nebula clients as of the dates shown:
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|
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|
|
|
March 31, |
|
|
|
2024 |
|
|
2023 |
|
Legal Technology clients |
|
|
6,204 |
|
|
|
6,091 |
|
Nebula clients |
|
|
1,685 |
|
|
|
1,718 |
|
Number and size of matters
We believe our ability to continuously grow the number of matters on our platform over time is an important measure of scale for our business and is indicative of our future growth prospects.
We define Legal Technology matters as the total number of matters on which our Legal Technology solutions were used in the twelve months preceding the applicable date. Matters refer to a range of activities that include collecting, tracking, analyzing, and exchanging relevant data. Legal Technology solutions currently drive the majority of our revenue, and provide the foundation for additional adoption of our proprietary technology solutions and other offerings. We define Nebula matters, which are included in the number of Legal Technology matters, as the total number of matters on which our Nebula solution was used in the twelve months preceding the applicable date. Nebula is our ecosystem of proprietary technology solutions that enables clients to collect, process, store, analyze, and govern their data on a single platform. Nebula comprises a steadily growing component of our revenue and we expect Nebula adoption to increase and the number of Nebula matters to grow in the long term as we continue to introduce new product capabilities and cross-sell Nebula to our existing clients.
The following table sets forth the number of Legal Technology matters and Nebula matters as of the dates shown:
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|
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|
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|
|
|
|
March 31, |
|
|
|
2024 |
|
|
2023 |
|
Legal Technology matters |
|
|
8,283 |
|
|
|
8,078 |
|
Nebula matters |
|
|
1,320 |
|
|
|
1,231 |
|
Our comprehensive product offerings, technology-enabled service offerings and reputation as a trusted partner to our clients enable us to capture matters of large size and complexity. For the three months ended March 31, 2024 and 2023, 45% and 48% of Legal Technology revenue, respectively, was produced by matters that generated revenues of greater than $500,000, and 71% and 78% of our Legal Technology revenue, respectively, was produced by matters that generated revenues of greater than $100,000 during the relevant period.
Legal Technology net revenue retention
We calculate our Legal Technology net revenue retention rate by dividing (1) total Legal Technology revenue in the twelve-month period from accounts that generated Legal Technology revenue during the corresponding immediately preceding twelve month period by (2) total Legal Technology revenue in the immediately preceding twelve month period generated from those same accounts. Our Legal Technology net revenue retention rate includes revenue from use of Nebula.
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|
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|
|
|
|
Twelve Months Ended March 31, |
|
|
2024 |
|
2023 |
Legal Technology net revenue retention |
|
98% |
|
95% |
For the three months ended March 31, 2024 and 2023, our Legal Technology revenue was $73.0 million and $82.0 million, respectively, and our data recovery revenue was $7.2 million and $8.7 million, respectively.
Our Legal Technology net revenue retention rate is impacted by our usage-based pricing model, and revenue could fluctuate in any given period due to frequency of matters, client upsell, cross-sell, and churn. In the long-term, we plan to increase our net revenue retention rate by increasing the number of solutions that we sell on a subscription-basis, as well as broadening the scope of our Nebula offerings, to promote strong product adoption. As we expand our products beyond eDiscovery to other information governance solutions such as big data hosting and processing, including through Nebula, we expect clients to leverage our technology earlier in the data lifecycle, providing further opportunity for us to increase our product and service penetration and client retention. Furthermore, we plan to establish and broaden our channel partnerships over time and leverage these strong relationships to further our awareness of our products and overall usage within the industry.
KEY COMPONENTS OF OUR RESULTS OF OPERATIONS
Revenue
The Company primarily generates revenue from selling solutions that fall into the following categories:
(1)Legal Technology, including Nebula and our expansive suite of technology solutions, such as our end-to-end eDiscovery technology solutions, managed review solutions, collections, processing, analytics, hosting, production, and professional services; and
(2)Data recovery solutions, which provides data restoration, data erasure and data management services.
The Company generates the majority of its revenues by providing Legal Technology solutions to our clients. Most of the Company’s eDiscovery contracts are time and materials types of arrangements, while others are subscription-based, fixed-fee arrangements.
Time and materials arrangements are based on units of data stored or processed. Unit-based revenues are recognized as services are provided, based on either the amount of data stored or processed, the number of concurrent users accessing the information or the number of pages or images processed for a client, at agreed upon per unit rates. The Company recognizes revenues for these arrangements utilizing a right-to-invoice practical expedient because it has a contractual right to consideration for services completed to date.
Certain of the Company’s eDiscovery contracts are subscription-based, fixed fee arrangements, which have tiered pricing based on the quantity of data hosted. For a fixed monthly fee, the Company’s clients receive a variety of optional eDiscovery solutions, which are included in addition to the data hosting. The Company recognizes revenues for these arrangements based on predetermined monthly fees as determined in its contractual agreements, utilizing a right-to-invoice practical expedient because the Company has a contractual right to consideration for services completed to date.
Other eDiscovery agreements are time and material arrangements that require the client to pay us based on the number of hours worked at contractually agreed-upon rates. The Company recognizes revenues for these arrangements based on hours incurred and contracted rates utilizing a right-to-invoice practical expedient because it has a contractual right to consideration for services completed to date.
Data recovery engagements are mainly fixed fee arrangements requiring the client to pay a pre-established fee in exchange for the successful completion of such engagement on a predetermined device. For the recovery performed by the Company’s technicians, the revenue is recognized at a point in time, when the recovered data is sent to the customer.
Data erasure engagements are also fixed fee arrangements for which revenue is recognized at a point in time when the certificate of erasure is sent to the customer.
The Company offers term license subscriptions to Ontrack PowerControls software to customers with on-premises installations of the software pursuant to contracts that are historically one to four years in length. The term license subscriptions include maintenance and support, as well as access to future software upgrades and patches. The license and the additional support services are deemed to be one performance obligation, and thus revenue for these arrangements is recognized ratably over the term of the agreement.
For the three months ended March 31, 2024 and 2023, our Legal Technology revenue was $73.0 million and $82.0 million, respectively, and our data recovery revenue was $7.2 million and $8.7 million, respectively. For the three months ended March 31, 2024 and 2023, Legal Technology revenue from our technology solutions other than Nebula was $58.2 million and $73.8 million respectively, and revenue from Nebula was $14.8 million and $8.2 million, respectively, which includes $5.7 million and $0, respectively, for Nebula processing services within Nebula for non-Nebula hosted engagements.
We currently expect Nebula revenue will continue to accelerate, with Nebula growing as a larger percentage of the mix of total revenue over time.
Cost of Revenues
Cost of revenue consists primarily of technology infrastructure costs, personnel costs and amortization of capitalized developed technology costs. Infrastructure costs include hardware, software, occupancy and cloud costs to support our legal technology and data recovery solutions. Personnel costs include salaries, benefits, bonuses, and stock-based compensation as well as costs associated with document reviewers which are variable based on managed review revenue. We intend to continue to invest additional resources in our infrastructure to expand the capability of solutions and enable our customers to realize the full benefit of our solutions. The level, timing and relative investment in our cloud infrastructure could affect our cost of revenue in the future. Additionally, cost of revenue in future periods could be impacted by fluctuations in document reviewer costs associated with managed review revenue.
Operating expenses
Our operating expenses consist of research and development, sales and marketing, general and administrative and amortization and depreciation expenses. Personnel costs are the most significant component of operating expenses and consist of salaries, benefits, bonuses, share-based compensation and sales commissions. Operating expenses also include occupancy, software expense and professional services. Research and development expense is expected to increase in 2024 reflecting a full year of 2023 hiring activity and 2024 salary increases and increases in benefits. We intend to continue to invest in research and development to further develop our proprietary technology and support further penetration and adoption of our offerings, including our end-to-end Nebula platform. We expect research and development expense to remain fairly consistent as a percentage of revenue in 2024 and thereafter. We expect sales and marketing expense to slightly increase in 2024 as we are hiring more sales personnel and are increasing marketing. Sales and marketing expense is expected to remain fairly consistent as a percentage of revenue given projected increases in revenue in the next year and thereafter. We also expect general and administrative expense to increase in 2024 as compared to 2023 reflecting a full year of 2023 additions to personnel, salary increases and increases in benefits. General and administrative expense as a percentage of revenue is expected to decline over time due to our ability to scale as revenues increase and as a result of historical cost-cutting measures.
Interest Expense
Interest expense consists primarily of interest payments and accruals relating to outstanding borrowings. We expect interest expense to vary each reporting period depending on the amount of outstanding borrowings and prevailing interest rates.
Income Tax Provision
The income tax provision is primarily related to foreign tax activity and U.S. deferred taxes for tax deductible goodwill and other indefinite-lived liabilities. We maintain a valuation allowance on our federal and state deferred tax assets as we have concluded that it is not more likely than not that the deferred assets will be utilized.
Non-U.S. GAAP Financial Measures
We prepare financial statements in accordance with U.S. GAAP. We also disclose and discuss other non-U.S. GAAP financial measures such as EBITDA and adjusted EBITDA. Our management believes that these measures are relevant and provide useful supplemental information to investors by providing a baseline for evaluating and comparing our operating performance against that of other companies in our industry.
Our management believes EBITDA and Adjusted EBITDA reflect our ongoing operating performance because the isolation of non-cash charges, such as amortization and depreciation, and other items, such as interest, income taxes, equity compensation, acquisition and transaction costs, restructuring costs, systems establishment costs and costs associated with strategic initiatives which are incurred outside the ordinary course of our business, provides information about our cost structure and helps us to track our operating progress. We encourage investors and potential investors to carefully review our U.S. GAAP financial measures and compare them with our EBITDA and adjusted EBITDA. The non-U.S. GAAP financial measures that we use may not be comparable to similarly titled measures reported by other companies and in the future, we may disclose different non-U.S. GAAP financial measures in order to help our investors meaningfully evaluate and compare our results of operations to our previously reported results of operations or to those of other companies in our industry.
EBITDA and Adjusted EBITDA
We define EBITDA as net income (loss) plus interest (income) expense, income tax expense (benefit), extinguishment of debt, impairment losses, and depreciation and amortization. We view adjusted EBITDA as an operating performance measure and as such, we believe that the most directly comparable U.S. GAAP financial measure is net loss. In calculating adjusted EBITDA, we exclude from net loss certain items that we believe are not reflective of our ongoing business as the exclusion of these items allows us to provide additional analysis of the financial components of the day-to-day operation of our business. We have outlined below the type and scope of these exclusions:
•Acquisition, financing and transaction costs generally represent earn-out payments, rating agency fees and letter of credit and revolving facility fees, as well as professional service fees and direct expenses related to acquisitions, public offerings and cost associated with reviewing potential alternative sources for cash or financing related to our debt maturities. Because we do not acquire businesses or effect financings on a regular or predictable cycle, we do not consider the amount of these costs to be a representative component of the day-to-day operating performance of our business.
•Stock compensation and other primarily represent portions of compensation paid to our employees and executives through stock-based instruments. Determining the fair value of the stock-based instruments involves a high degree of judgment and estimation and the expenses recorded may not align with the actual value realized upon the future exercise or termination of the related stock-based awards. Additionally, stock compensation is a non-cash expense. Therefore, we believe it is useful to exclude stock-based compensation to better understand the long-term performance of our core business.
•Change in fair value of Private Warrants relates to changes in the fair market value of the Private Warrants issued in conjunction with the Business Combination. We do not consider the amount to be representative of a component of the day-to-day operating performance of our business.
•Restructuring costs generally represent non-ordinary course costs incurred in connection with a change in a contract or a change in the makeup of our personnel often related to an acquisition, such as severance payments, recruiting fees and retention charges. We do not consider the amount of restructuring costs to be a representative component of the day-to-day operating performance of our business.
•Systems establishment costs relate to non-ordinary course expenses incurred to develop our IT infrastructure, including system automation and enterprise resource planning system implementation. We do not consider the amount to be representative of a component of the day-to-day operating performance of our business.
Our presentation of adjusted EBITDA should not be construed as an inference that our future results will be unaffected by any of these adjustments, or that our projections and estimates will be realized in their entirety or at all. In addition, because of these limitations, adjusted EBITDA should not be considered as a measure of liquidity or discretionary cash available to us to fund our cash needs, including investing in the growth of our business and meeting our obligations.
The use of EBITDA and adjusted EBITDA instead of U.S. GAAP measures has limitations as an analytical tool, and adjusted EBITDA should not be considered in isolation, or as a substitute for analysis of our results of operations and operating cash flows as reported under U.S. GAAP. For example, EBITDA and adjusted EBITDA do not reflect:
•our cash expenditures or future requirements for capital expenditures;
•changes in, or cash requirements for, our working capital needs;
•interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness;
•any cash income taxes that we may be required to pay;
•any cash requirements for replacements of assets that are depreciated or amortized over their estimated useful lives and may have to be replaced in the future; or
•all non-cash income or expense items that are reflected in our statements of cash flows.
See “—Results of Operations” below for reconciliations of adjusted EBITDA to net loss.
RESULTS OF OPERATIONS
For the three months ended March 31, 2024 compared with the three months ended March 31, 2023
The results for the periods shown below should be reviewed in conjunction with our unaudited condensed consolidated financial statements included in “Item 1. Financial Statements.”
The following table sets forth statements of operations data for each of the periods indicated:
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For the Three Months Ended March 31, |
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(in millions) |
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
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Revenues |
|
$ |
80.2 |
|
|
$ |
90.7 |
|
Cost of revenues |
|
|
42.1 |
|
|
|
43.6 |
|
Gross profit |
|
|
38.1 |
|
|
|
47.1 |
|
Operating expenses |
|
|
37.1 |
|
|
|
35.7 |
|
Income from operations |
|
|
1.0 |
|
|
|
11.4 |
|
Interest expense |
|
|
17.5 |
|
|
|
15.8 |
|
Change in fair value of Private Warrants |
|
|
— |
|
|
|
(0.2 |
) |
Loss before income taxes |
|
|
(16.6 |
) |
|
|
(4.2 |
) |
Income tax provision |
|
|
0.3 |
|
|
|
0.3 |
|
Net loss |
|
|
(16.9 |
) |
|
|
(4.5 |
) |
Total other comprehensive (loss) income, net of tax |
|
|
(1.9 |
) |
|
|
0.8 |
|
Comprehensive loss |
|
|
(18.8 |
) |
|
|
(3.7 |
) |
Adjusted EBITDA
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|
|
|
|
|
|
|
|
|
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For the Three Months Ended March 31, |
|
(in millions) |
|
2024 |
|
|
2023 |
|
Net Loss |
|
$ |
(16.9 |
) |
|
$ |
(4.5 |
) |
Interest expense |
|
|
17.5 |
|
|
|
15.8 |
|
Income tax provision |
|
|
0.3 |
|
|
|
0.3 |
|
Depreciation and amortization expense |
|
|
6.5 |
|
|
|
6.6 |
|
EBITDA (1) |
|
$ |
7.4 |
|
|
$ |
18.2 |
|
Acquisition, financing and transaction costs |
|
|
2.5 |
|
|
|
1.8 |
|
Stock compensation and other |
|
|
0.8 |
|
|
|
0.8 |
|
Change in fair value of Private Warrants |
|
|
— |
|
|
|
(0.2 |
) |
Restructuring (gains) costs |
|
|
(0.1 |
) |
|
|
0.1 |
|
Systems establishment costs |
|
|
— |
|
|
|
0.2 |
|
Adjusted EBITDA (1) |
|
$ |
10.6 |
|
|
$ |
20.9 |
|
_______________________
(1)EBITDA and adjusted EBITDA are non-GAAP measures. See “—Non-U.S. GAAP Financial Measures.”
Revenues
Revenues decreased by $10.5 million, or 11.6%, to $80.2 million for the three months ended March 31, 2024 as compared to $90.7 million for the three months ended March 31, 2023. This is due to a decrease in Legal Technology revenue of $9.0 million resulting from a decrease of $15.7 million from our technology solutions other than Nebula due to a lower volume of large jobs, and a decrease in data recovery revenue of $1.5 million as a result of a lower volume of jobs, partially offset by an increase of $6.7 million from Nebula due to higher volume.
Cost of Revenues
Cost of revenues decreased by $1.5 million, or 3.4%, to $42.1 million for the three months ended March 31, 2024 as compared to $43.6 million for the three months ended March 31, 2023. This is due to decreased personnel expenses of $1.8 million primarily related to decreased managed review wages related to lower volume of work, partially offset by $0.2 million in increased amortization associated with acquired intangibles that have fully amortized. As a percentage of revenue, our cost of revenues for the three months ended March 31, 2024 increased to 52.5% as compared to 48.1% for the three months ended March 31, 2023, and was primarily due to the decreased revenues on a relatively fixed cost base with the exception of variable managed review costs.
Gross Profit
Gross profit decreased by $9.0 million, or 19.1%, to $38.1 million for the three months ended March 31, 2024 as compared to $47.1 million for the three months ended March 31, 2023. Gross profit decreased primarily due to the factors noted above. As a percentage of revenue, our gross profit for the three months ended March 31, 2024 decreased to 47.5% as compared to 51.9% for the three months ended March 31, 2023, and was due to the decrease in revenue that exceeded the rate of decrease in cost of revenue.
Operating Expenses
Operating expenses increased by $1.4 million, or 3.9%, to $37.1 million for the three months ended March 31, 2024 as compared to $35.7 million for the three months ended March 31, 2023. This increase is primarily the result of a $2.4 million increase in professional services related to our review of potential alternative sources of financing to address our pending debt maturities and a $1.1 million increase in personnel expenses. These increases were partially offset by a $1.5 million decrease in other general expenses primarily related to vacated lease costs incurred in 2023 due to the consolidation of our real estate footprint that did not recur in 2024. As a percentage of revenue, our operating expenses for the three months ended March 31, 2024 increased to 46.3% as compared to 39.4% for three months ended March 31, 2023.
Interest Expense
Interest expense increased by $1.7 million, or 10.8%, to $17.5 million for the three months ended March 31, 2024 as compared to $15.8 million for the three months ended March 31, 2023. The increase is primarily due to an increase in the variable interest rate on borrowings under the Amended 2021 Credit Agreement, which resulted in a $1.0 million increase in expense, and an increase in amortization of debt issue costs due to the accelerated June 19, 2024 maturity date of the Amended 2021 Credit Agreement resulting in a $0.7 million increase in interest expense.
Change in Fair Value of Private Warrants
For the three months ended March 31, 2024 the Company recorded an increase to the Private Warrants liability of less than $0.1 million and for the three months ended March 31, 2023, the Company recorded a decrease of $0.2 million.
Income Tax Provision
During each of the three months ended March 31, 2024 and 2023, the Company recorded an income tax provision of $0.3 million resulting in an effective tax rate of (1.8)% and (7.1)%, respectively. These effective tax rates differ from the U.S. federal statutory rate primarily due to the effects of foreign tax rate differences, U.S. state and local income taxes and the valuation allowance against our domestic deferred tax assets. The effective rate for the three months ended March 31, 2024 decreased from the three months ended March 31, 2023 primarily due to a change in the allocation of our pre-tax earnings and losses among countries with differing statutory tax rates.
A valuation allowance has been established against our net U.S. federal and state deferred tax assets, including net operating loss carryforwards. As a result, our income tax provision is primarily related to foreign taxes and U.S. deferred taxes for tax deductible goodwill and other indefinite-lived liabilities.
Net Loss
Net loss for the three months ended March 31, 2024 was $(16.9) million compared to $(4.5) million for the three months ended March 31, 2023. Net loss increased for the three months ended March 31, 2024 as compared to the three months ended March 31, 2023 due to the factors noted above.
Liquidity and Capital Resources
Our primary cash needs are and have been to meet debt service requirements and to fund working capital and capital expenditures. We fund these requirements from cash generated by our operations, as well as funds available under our revolving credit facility discussed below. We may also seek to access the capital markets opportunistically from time-to-time depending on, among other things, financial market conditions. Although our eDiscovery solutions and information archiving services are billed on a monthly basis in arrears with amounts typically due within 30 to 45 days, the eDiscovery industry tends towards longer collectability trends. As a result, we have typically collected the majority of our eDiscovery accounts receivable within 90 to 120 days, which is consistent within the industry. With respect to our data recovery services, they are billed as the services are provided, with payments due within 30 days of billing. We typically collect our data recovery services accounts receivables within 30 to 45 days. Lastly, the majority of our data recovery software is billed monthly in advance with amounts typically due within 30 to 45 days; however, depending on the client contract, billing can occur annually, quarterly or monthly. Long outstanding receivables are not uncommon due to the nature of our Legal Technology services as litigation cases can continue for years, and in certain instances, our collections are delayed until the customer has received payment for their services in connection with a legal matter or the case has been settled. These long-outstanding invoices are a function of the industry in which we operate, rather than indicative of an inability to collect. We have experienced no material seasonality trends as it relates to collection of our accounts receivable. As of March 31, 2024, we had $18.4 million in cash compared to $15.4 million as of December 31, 2023. We expect to finance our operations over the next 12 months primarily through existing cash balances and cash flow from operating activities and availability under our revolving credit facility. On March 8, 2024, we borrowed $15.0 million under our revolving credit facility under the 2021 Credit Agreement. The satisfaction of debt servicing requirements is discussed below.
Our Debentures mature in December 2024 and our Initial Term Loans and Revolving Credit Loans mature on February 8, 2026, unless the Debentures are outstanding six months prior to the December 19, 2024 maturity date thereof, in which case the loans outstanding under the Amended 2021 Credit Agreement mature on June 19, 2024. Our ability to refinance and/or replace our outstanding debt securities and credit facilities on acceptable terms, or at all, will depend on, among other things, our financial performance and credit ratings, general economic factors, including inflation and then-current interest rates, the condition of the credit and capital markets and other events, some of which may be beyond our control.
The Company has historically incurred losses and in certain years cash flows have been negative. As of March 31, 2024, the Company’s cash balance was $18.4 million and the Company’s debt balance was $569.6 million, including a balance of $263.6 million under the Convertible Debentures, a balance of $291.0 million in Initial Term Loans under the Amended 2021 Credit Agreement and a balance of $15.0 million in Revolving Credit Loans. As of March 31, 2024, the Company does not have sufficient cash on hand, nor does it expect to generate sufficient liquidity from forecasted future cash flows, to repay the Convertible Debentures by June 19, 2024 and as such, the Initial Term Loans debt of $291.0 million, the Convertible Debentures debt of $263.6 million and the Revolving Credit Loans debt of $15.0 million are included in the current portion of long-term debt in the Condensed Consolidated Balance Sheet at March 31, 2024. As of March 31, 2024, the Company does not have sufficient cash on hand, and does not expect to generate sufficient liquidity from forecasted future cash flows to repay its current obligations at their respective maturity dates.
The Company is reviewing potential alternatives, including renegotiating the terms of the Convertible Debentures and/or the Amended 2021 Credit Agreement and identifying alternative sources for cash or additional financing. On May 2, 2024, the Company announced that it had reached an agreement in principle with the principal holders of the Convertible Debentures and its principal Initial Term Loans lender to convert the Convertible Debentures into approximately 96% of the Company’s pro forma outstanding common equity and to extend the maturity of the Initial Term Loans to August 2027, subject to the execution of definitive documents. This estimated equity split may be adjusted as a result of ongoing discussions and definitive documentation of the transaction.
The Company's current debt structure raises substantial doubt regarding the Company’s ability to continue as a going concern because the documentation and closing of this debt equitization transaction or other alternatives may not be achievable on favorable terms and conditions or at all. The Company’s financial statements do not include any adjustments that may result from the outcome of this uncertainty and have been prepared assuming the Company will continue as a going concern. Our ability to refinance and/or replace our outstanding debt on acceptable terms, or at all, will depend on, among other things, our financial performance and credit ratings, general economic factors, including inflation and then-current interest rates, the condition of the credit and capital markets and other events, many of which are beyond our control. We cannot provide any assurance that we will be able to document and close the debt equitization transaction described above or otherwise renegotiate, refinance or repay some or all of our indebtedness and continue as a going concern. If we are unable to restructure or refinance our indebtedness, we may not be able to continue to operate our business pursuant to our current business plan, which could require us to modify our operations to reduce spending by, among other things, delaying, scaling back or eliminating some or all of our ongoing or planned investments in corporate infrastructure, business development, sales and marketing, product development and other activities, selling the company or one or more business lines or assets, or we may be forced to seek protection under applicable bankruptcy or insolvency laws, discontinue our operations entirely and/or liquidate our assets.
Amended 2021 Credit Agreement
On February 8, 2021, certain subsidiaries of the Company, or the Loan Parties, entered into a new secured credit agreement, or the 2021 Credit Agreement. Proceeds were used to pay in full all outstanding loans and terminate all lending commitments under the prior 2016 credit agreement.
On March 3, 2023, the Loan Parties entered into the First Amendment to the 2021 Credit Agreement. The First Amendment to the 2021 Credit Agreement provides for the revision of the benchmark interest rate from LIBOR to the secured overnight financing rate, (“SOFR”). At March 31, 2023, all outstanding indebtedness under the Amended 2021 Credit Agreement automatically converted from a LIBOR based loan to the new SOFR based loan at the end of the then-current applicable Interest Period. Additionally, the First Amendment to the 2021 Credit Agreement provides for the addition of the Term SOFR Adjustment of 0.10%, based on the term of the applicable Interest Period, to be added to the Applicable Rate for both SOFR Loans and Base Rate Loans (capitalized terms as defined in the Amended 2021 Credit Agreement).
On March 8, 2024, the Loan Parties entered into the Second Amendment to the Amended 2021 Credit Agreement, which provides that the Loan Parties may deliver to the administrative agent annual, audited financial statements of the Company accompanied by a report and opinion of the Company's independent certified public accountant that is subject to a “going concern” qualification if such qualification results from an upcoming maturity date under any Indebtedness (as defined in the Amended 2021 Credit Agreement).
The Amended 2021 Credit Agreement provides for (i) initial term loans in an aggregate principal amount of $300 million, or the Initial Term Loans, (ii) delayed draw term loans in an aggregate principal amount of $50 million, or the Delayed Draw Term Loans, and (iii) revolving credit loans in an aggregate principal amount of $40 million, with a letter of credit sublimit of $10 million, or the Revolving Credit Loans. The Delayed Draw Term Loans were available to the Loan Parties at any time prior to February 8, 2023, subject to certain conditions. As of March 31, 2024, there were no outstanding Delayed Draw Term Loans and they are no longer available under the Amended 2021 Credit Agreement.
The Initial Term Loans bear, and while they were available, the Delayed Draw Term Loans bore, interest, at the Loan Parties’ option, at the rate of (x) with respect to SOFR Rate Loans, the Adjusted SOFR Rate with a 1.00% floor, plus 6.50% per annum, plus the Term SOFR Adjustment of 0.10% or (y) with respect to Base Rate Loans, the Base Rate plus 5.50% per annum, plus the Term SOFR Adjustment of 0.10%.
The Revolving Credit Loans bear interest, at our option, at the rate of (x) with respect to SOFR Rate Loans, the Adjusted SOFR Rate plus 4.00% per annum, or (y) with respect to Base Rate Loans, the Base Rate plus 3.00% per annum. On March 31, 2024, the balance due under the Revolving Credit Loans was $15.0 million with an interest rate of 9.42152%. The Initial Term Loans amortize at a rate of 1.00% of the aggregate principal amount of Initial Term Loans outstanding, payable in consecutive quarterly installments of $0.8 million, beginning on June 30, 2021. On March 31, 2024, the balance due was $291.0 million with an interest rate of 5.30942% plus an Adjusted Term SOFR Rate of 6.60%.
The Initial Term Loans and Revolving Credit Loans are each scheduled to mature on February 8, 2026, unless the Debentures are outstanding six months prior to the December 19, 2024 maturity date thereof, in which case the Amended 2021 Credit Agreement
matures on June 19, 2024. The Initial Term Loans may be voluntarily repaid at any time, but may be subject to a prepayment premium. The Initial Term Loans are required to be repaid under certain circumstances, including with Excess Cash Flow (as defined in the Amended 2021 Credit Agreement), the proceeds of an Asset Sale or Casualty Event (each as defined in the Amended 2021 Credit Agreement) and the proceeds of certain refinancing indebtedness.
The obligations under the Amended 2021 Credit Agreement are secured by substantially all of the Loan Parties’ assets. The Amended 2021 Credit Agreement contains customary affirmative and negative covenants as well as a financial maintenance covenant that requires the Loan Parties to maintain a First Lien Net Leverage Ratio (as defined in the Amended 2021 Credit Agreement) of less than or equal to 7.00 to 1.00, tested at the end of each fiscal quarter. The Company was in compliance with all Amended 2021 Credit Agreement covenants as of March 31, 2024.
Revolving Credit Loans
The Amended 2021 Credit Agreement also provides for the Revolving Credit Loans commitment for borrowing up to $40.0 million. As of March 31, 2024, there was $24.4 million available capacity for borrowing under the Revolving Credit Loans due to a $15.0 million outstanding balance and $0.6 million of letters of credit outstanding (See Note 8 – Commitments and Contingencies).
Convertible Debentures
On December 19, 2019, the Company issued Convertible Debentures, which mature in 2024, in an aggregate principal amount of $200 million. At March 31, 2024 and December 31, 2023, the balance due under the Convertible Debentures was $263.6 million and $260.9 million, respectively.
The Debentures will mature on December 19, 2024 unless earlier converted, redeemed or repurchased, and bear interest at an annual rate of 4.00% in cash, payable quarterly, and 4.00% in kind, accrued quarterly, on the last business day of March, June, September and December. In addition, on each anniversary of December 19, 2019 (the "Closing Date"), the Company increases the principal amount of the Debentures by an amount equal to 3.00% of the original aggregate principal amount of the Debentures outstanding (subject to reduction for any principal amount repaid). The additional payments accrue from the last payment date for the additional payment (or the Closing Date if no prior payment has been made), and will also be payable at maturity, upon conversion and upon an optional redemption.
At any time, upon notice as set forth in the Debentures, the Debentures are redeemable at the Company’s option, in whole or in part, at a price equal to 100% of the principal amount of the Debentures redeemed, plus accrued and unpaid interest thereon.
The Debentures are convertible into shares of common stock at the option of the Debenture holders at any time and from time to time at a price of $18 per share, subject to certain adjustments. However, in the event the Company elects to redeem any Debentures, the holders have a right to purchase common stock from the Company in an amount equal to the amount redeemed at the conversion price.
The Debentures contain covenants that limit the Company’s ability to, among other things: (i) incur additional debt; (ii) create liens on assets; (iii) engage in certain transactions with affiliates; or (iv) designate the Company’s subsidiaries as unrestricted subsidiaries. The Debentures provide for customary events of default, including non-payment, failure to comply with covenants or other agreements in the Debentures and certain events of bankruptcy or insolvency. Non-payment of, and certain failures to comply with the covenants under, the Amended 2021 Credit Agreement also constitute events of default under the Debentures. If an event of default occurs and continues, the holders of at least 25% in aggregate principal amount of the outstanding Debentures may declare the entire principal amount of all the Debentures to be due and payable immediately. As of March 31, 2024, the Company was in compliance with all Debenture covenants.
Cash Flows
Our net cash flows from operating, investing and financing activities for the three months ended March 31, 2024 and 2023 were as follows:
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|
|
|
|
|
|
|
|
(in thousands) |
|
Three Months Ended March 31, 2024 |
|
|
Three Months Ended March 31, 2023 |
|
Net cash (used in) provided by: |
|
|
|
|
|
|
Operating activities |
|
$ |
(7,901 |
) |
|
$ |
(3,046 |
) |
Investing activities |
|
$ |
(3,011 |
) |
|
$ |
(2,072 |
) |
Financing activities |
|
$ |
14,250 |
|
|
$ |
(1,283 |
) |
Effect of foreign exchange rates |
|
$ |
(328 |
) |
|
$ |
117 |
|
Net decrease in cash |
|
$ |
3,010 |
|
|
$ |
(6,284 |
) |
Cash Flows Used in Operating Activities
Net cash used in operating activities was $7.9 million compared to net cash used in operating activities of $3.0 million for the three months ended March 31, 2024 and 2023, respectively. The increase in net cash used in operating activities was due to an increased net loss of $12.4 million and an increase of $1.5 million in non-cash items, partially offset by a decrease in cash used in working capital of $6.0 million. The decrease of $6.0 million in cash used in working capital is primarily due to a $0.9 million decrease in accounts receivable, a $4.8 million reduction in prepaid expenses and other assets, and a $0.9 million reduction in deferred revenue, partially offset by a $0.6 million decrease in accounts payable and accrued expenses. Accounts receivable and accounts payable fluctuate from period-to-period depending on the timing of purchases and payments.
Cash Flows Used in Investing Activities
Net cash used in investing activities was $3.0 million for the three months ended March 31, 2024 as compared to net cash used in investing activities of $2.1 million for the three months ended March 31, 2023. The increase in cash used is due to a $0.9 million increase in purchases of property and equipment.
Cash Flows Provided by (Used in) Financing Activities
Net cash provided by financing activities was $14.3 million compared to net cash used in financing activities of $1.3 million for the three months ended March 31, 2024 and March 31, 2023, respectively. This increase in cash provided by financing activities was due to the drawdown of $15.0 million under the Revolving Credit Loans and a decrease of $0.5 million of payments for capital lease obligations.
Capital Resources and Material Cash Requirements
A summary of our capital resources and material cash requirements is presented in Part II, Item 7 of our Annual Report. Other than as described above, there were no material changes to our capital resources and material cash requirements during the three months ended March 31, 2024.
Recent Accounting Pronouncements
There were no changes to our recent accounting pronouncements from those described in our 2023 Form 10-K.
Critical Accounting Policies and Estimates
We prepare our condensed consolidated financial statements in accordance with U.S. GAAP. In applying accounting principles, it is often required to use estimates. These estimates consider the facts, circumstances and information available, and may be based on subjective inputs, assumptions and information known and unknown to us. Material changes in certain of the estimates that we use could potentially affect, by a material amount, our consolidated financial position and results of operations. Although results may vary, we believe our estimates are reasonable and appropriate. There were no changes to our critical accounting policies from those described in our Annual Report.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Interest Rate Risk
We are subject to interest rate market risk in connection with our long-term indebtedness. Our principal interest rate exposure relates to outstanding amounts under the Amended 2021 Credit Agreement for the $300 million Initial Term Loans and the Revolving Credit Loans of up to $40 million. Interest rate changes may impact the amount of our interest payments and, therefore, our future net income and cash flows, assuming other factors are held constant. Assuming the amounts outstanding at March 31, 2024 are fully drawn, each one-eighth percentage point increase or decrease in the applicable interest rates would correspondingly change our annualized interest expense by approximately $0.4 million. We do not currently hedge our interest rate exposure.
Exchange Rate Risk
Results of operations for our non-U.S. subsidiaries are translated from the designated functional currency to the reporting currency of the U.S. dollar. Revenues and expenses are translated at average exchange rates for each month, while assets and liabilities are translated at balance sheet date exchange rates. The resulting net translation adjustments are recorded as a component of stockholders’ equity in “Accumulated other comprehensive (loss) income” in our Condensed Consolidated Balance Sheets included elsewhere in this Quarterly Report on Form 10-Q.
Transaction gains and losses arising from currency exchange rate fluctuations on transactions denominated in a currency other than the local functional currency are included in “Other expense” in our Condensed Consolidated Statements of Comprehensive Loss included elsewhere in this Quarterly Report on Form 10-Q. Such transaction gains and losses may be realized or unrealized depending upon whether the transaction settled during the period or remains outstanding at the balance sheet date.
During the three months ended March 31, 2024 and 2023, we generated the equivalent of $12.9 million and $12.6 million, respectively, of U.S. dollar-denominated revenues in non-U.S. subsidiaries. Each 100-basis point increase or decrease in the average foreign currency rate to U.S. dollar exchange rate for the three month period would have correspondingly changed our revenues by approximately $0.1 million and $0.1 million for each of the three months ended March 31, 2024 and 2023.
We do not currently hedge our foreign exchange rate exposure.
Item 4. Controls and Procedures.
Evaluation of disclosure controls and procedures
We maintain “disclosure controls and procedures,” as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act, that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act ), as of the end of the period covered by this Form 10-Q. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that as of March 31, 2024, our disclosure controls and procedures were effective to provide reasonable assurance that the information required to be disclosed by us in this Form 10-Q was (a) reported within the time periods specified by SEC rules and regulations and (b) communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding any required disclosure.
Changes in internal control over financial reporting
There were no changes in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act during the quarter ended March 31, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Part II. Other Information
Item 1. Legal Proceedings.
In the ordinary conduct of our business, we are subject to lawsuits, arbitrations and administrative proceedings from time to time. We vigorously defend these claims; however, no assurances can be given as to the outcome of any pending legal proceedings. We believe, based on currently available information, that the outcome of any existing or known threatened proceedings, even if determined adversely, should not have a material adverse effect on our business, financial condition, liquidity or results of operations.
Item 1A. Risk Factors.
In addition to the other information set forth in this report, you should carefully consider the risk factors disclosed in Part I, Item 1A under the caption “Risk Factors” of our 2023 Form 10-K, which risks could materially and adversely affect our business, results of operations, financial condition and liquidity. No material changes in the risk factors discussed in such Form 10-K has occurred. Such risk factors do not identify all risks that we face because our business operations could also be affected by additional factors not presently known to us or that we currently consider to be immaterial to our operations. Our business operations could also be affected by additional factors that apply to all companies operating in the U.S. and globally.
Item 6. Exhibits.
Exhibit Index
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Exhibit Number |
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Description |
3.1 |
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Second Amended and Restated Certificate of Incorporation of KLDiscovery Inc. (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed December 26, 2019). |
3.2 |
|
Amended and Restated Bylaws of KLDiscovery Inc. (incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K filed December 26, 2019). |
10.1# |
|
Software License Agreement dated as of January 1, 2024 by and between KLDiscovery Ontrack, LLC and Relativity ODA LLC (incorporated by reference to Exhibit 10.28 to the Annual Report on Form 10-K filed March 28, 2024). |
10.2 |
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Second Amendment to Credit Agreement, dated as of March 8, 2024, by and among KLDiscovery Holdings, Inc. (f/k/a LD Lower Holdings Inc.), LD Topco Inc, and other guarantors party thereto, the Lenders party thereto, Ally Bank as a lender and L/C Issuer, and Wilmington Trust National Association, as administrative agent and collateral agent (incorporated by reference to Exhibit 10.30 to the Annual Report on Form 10-K filed March 28, 2024). |
10.3 |
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Independent Director Agreement, dated March 5, 2024, by and between KLDiscovery, Inc. and Jill Frizzley (incorporated by reference to Exhibit 10.34 to the Annual Report on Form 10-K filed March 28, 2024). |
10.4 |
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Independent Director Agreement, dated March 14, 2024, by and between KLDiscovery, Inc. and Neal P. Goldman (incorporated by reference to Exhibit 10.35 to the Annual Report on Form 10-K filed March 28, 2024). |
31.1* |
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Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2* |
|
Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32.1** |
|
Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
32.2** |
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Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
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101.INS |
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Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
101.SCH |
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Inline XBRL Taxonomy Extension Schema Document |
101.CAL |
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Inline XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF |
|
Inline XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB |
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Inline XBRL Taxonomy Extension Label Linkbase Document |
101.PRE |
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document |
104 |
|
The cover page for the Company’s Quarterly Report on Form 10-Q has been formatted in Inline XBRL and contained in Exhibit 101 |
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* Filed herewith.
** Furnished herewith.
# Certain information contained in this agreement has been omitted in reliance on Item 601(b)(10)(iv) because the omitted information is both (1) private or confidential and (2) not material.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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KLDiscovery Inc. |
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By: |
/s/ Christopher J. Weiler |
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Christopher J. Weiler |
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Chief Executive Officer (Duly Authorized Officer and Principal Executive Officer) |
Date: May 9, 2024
Exhibit 31.1
CERTIFICATION PURSUANT TO
RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Christopher J. Weiler, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of KLDiscovery Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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May 9, 2024 |
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By: |
/s/ Christopher J. Weiler |
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Christopher J. Weiler |
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Chief Executive Officer (Principal Executive Officer) |
Exhibit 31.2
CERTIFICATION PURSUANT TO
RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Dawn Wilson, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of KLDiscovery Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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May 9, 2024 |
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By: |
/s/ Dawn Wilson |
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Dawn Wilson |
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Chief Financial Officer (Principal Financial Officer) |
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of KLDiscovery Inc. (the “Company”) on Form 10-Q for the period ending March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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May 9, 2024 |
|
By: |
/s/ Christopher J. Weiler |
|
|
|
Christopher J. Weiler |
|
|
|
Chief Executive Officer (Principal Executive Officer) |
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of KLDiscovery Inc. (the “Company”) on Form 10-Q for the period ending March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
|
|
May 9, 2024 |
|
By: |
/s/ Dawn Wilson |
|
|
|
Dawn Wilson |
|
|
|
Chief Financial Officer (Principal Financial Officer) |
v3.24.1.u1
Cover Page - shares
|
3 Months Ended |
|
Mar. 31, 2024 |
May 09, 2024 |
| Cover [Abstract] |
|
|
| Document Type |
10-Q
|
|
| Amendment Flag |
false
|
|
| Document Period End Date |
Mar. 31, 2024
|
|
| Document Fiscal Period Focus |
Q1
|
|
| Document Fiscal Year Focus |
2024
|
|
| Entity Registrant Name |
KLDiscovery Inc.
|
|
| Entity Central Index Key |
0001752474
|
|
| Current Fiscal Year End Date |
--12-31
|
|
| Entity Filer Category |
Non-accelerated Filer
|
|
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true
|
|
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false
|
|
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true
|
|
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Yes
|
|
| Entity Current Reporting Status |
Yes
|
|
| Entity Shell Company |
false
|
|
| Entity Common Stock, Shares Outstanding |
|
43,086,267
|
| Entity File Number |
001-38789
|
|
| Entity Tax Identification Number |
61-1898603
|
|
| Entity Address, Address Line One |
9023 Columbine Road
|
|
| Entity Address, City or Town |
Eden Prairie
|
|
| Entity Address, State or Province |
MN
|
|
| Entity Address, Postal Zip Code |
55347
|
|
| City Area Code |
703
|
|
| Local Phone Number |
288-3380
|
|
| Entity Incorporation, State or Country Code |
DE
|
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v3.24.1.u1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
| Current assets |
|
|
| Cash and cash equivalents |
$ 18,361
|
$ 15,351
|
| Accounts receivable, net of allowance for credit losses of $3,031 and $3,642, respectively |
106,279
|
101,257
|
| Prepaid expenses |
18,866
|
15,787
|
| Other current assets |
1,806
|
1,585
|
| Total current assets |
145,312
|
133,980
|
| Property and equipment |
|
|
| Accumulated depreciation |
(75,049)
|
(73,045)
|
| Property and equipment, net |
15,299
|
17,261
|
| Operating lease right of use assets, net |
9,045
|
10,078
|
| Intangible assets, net |
39,152
|
39,729
|
| Goodwill |
394,559
|
396,283
|
| Other assets |
7,539
|
8,262
|
| Total assets |
610,906
|
605,593
|
| Current liabilities |
|
|
| Current portion of long-term debt, net |
565,691
|
546,845
|
| Accounts payable and accrued expense |
31,944
|
25,957
|
| Operating lease liabilities |
5,416
|
5,906
|
| Current portion of contingent consideration |
650
|
650
|
| Deferred revenue |
3,094
|
3,181
|
| Total current liabilities |
606,795
|
582,539
|
| Deferred tax liabilities |
9,218
|
8,941
|
| Long term operating lease liabilities |
6,713
|
7,870
|
| Other liabilities |
2,123
|
2,176
|
| Total liabilities |
624,849
|
601,526
|
| Commitments and contingencies |
|
|
| Stockholders' equity |
|
|
| Common stock $0.0001 par value, 200,000,000 shares authorized, 43,086,267 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively |
4
|
4
|
| Preferred Stock $0.0001 par value, 1,000,000 shares authorized, zero issued and outstanding as of March 31, 2024 and December 31, 2023, respectively |
|
|
| Additional paid-in capital |
396,242
|
395,461
|
| Accumulated deficit |
(410,833)
|
(393,954)
|
| Accumulated other comprehensive income |
644
|
2,556
|
| Total stockholders' equity |
(13,943)
|
4,067
|
| Total liabilities and stockholders' equity |
610,906
|
605,593
|
| Computer software and hardware |
|
|
| Property and equipment |
|
|
| Property and equipment, gross |
61,762
|
61,731
|
| Leasehold improvements |
|
|
| Property and equipment |
|
|
| Property and equipment, gross |
26,424
|
26,313
|
| Furniture, fixtures and other equipment |
|
|
| Property and equipment |
|
|
| Property and equipment, gross |
$ 2,162
|
$ 2,262
|
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v3.24.1.u1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
| Statement of Financial Position [Abstract] |
|
|
| Allowance for doubtful accounts |
$ 3,031
|
$ 3,642
|
| Common stock, par value |
$ 0.0001
|
$ 0.0001
|
| Common stock, shares authorized |
200,000,000
|
200,000,000
|
| Common stock, shares issued |
43,086,267
|
43,086,267
|
| Common stock, shares outstanding |
43,086,267
|
43,086,267
|
| Preferred Stock, per share |
$ 0.0001
|
$ 0.0001
|
| Preferred stock, shares authorized |
1,000,000
|
1,000,000
|
| Preferred stock, shares issued |
0
|
0
|
| Preferred stock, shares outstanding |
0
|
0
|
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v3.24.1.u1
Condensed Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
| Income Statement [Abstract] |
|
|
| Revenues |
$ 80,172
|
$ 90,659
|
| Cost of revenues |
42,068
|
43,587
|
| Gross profit |
38,104
|
47,072
|
| Operating expenses |
|
|
| General and administrative |
18,147
|
17,301
|
| Research and development |
3,356
|
3,200
|
| Sales and marketing |
11,268
|
10,391
|
| Depreciation and amortization |
4,376
|
4,813
|
| Total operating expenses |
37,147
|
35,705
|
| Income from operations |
957
|
11,367
|
| Other expenses |
|
|
| Change in fair value of Private Warrants |
32
|
(191)
|
| Interest expense |
17,508
|
15,771
|
| Loss before income taxes |
(16,583)
|
(4,213)
|
| Income tax provision |
296
|
295
|
| Net loss |
(16,879)
|
(4,508)
|
| Other comprehensive (loss) income, net of tax |
|
|
| Foreign currency translation |
(1,912)
|
825
|
| Total other comprehensive (loss) income, net of tax |
(1,912)
|
825
|
| Comprehensive loss |
$ (18,791)
|
$ (3,683)
|
| Net loss per share - basic |
$ (0.39)
|
$ (0.11)
|
| Net loss per share - diluted |
$ (0.39)
|
$ (0.11)
|
| Weighted average shares outstanding - basic |
43,086,267
|
42,920,321
|
| Weighted average shares outstanding - diluted |
43,086,267
|
42,920,321
|
| X |
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v3.24.1.u1
Condensed Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands |
Total |
Common stock |
Additional Paid-In Capital |
Accumulated Deficit |
Accumulated Other Comprehensive (Loss) Income |
| Balance at Dec. 31, 2022 |
$ 33,691
|
$ 4
|
$ 391,977
|
$ (359,141)
|
$ 851
|
| Balance (in shares) at Dec. 31, 2022 |
|
42,920,136
|
|
|
|
| Share-based compensation |
877
|
|
877
|
|
|
| Foreign exchange translation |
825
|
|
|
|
825
|
| Net loss |
(4,508)
|
|
|
(4,508)
|
|
| Balance at Mar. 31, 2023 |
30,885
|
$ 4
|
392,854
|
(363,649)
|
1,676
|
| Balance (in shares) at Mar. 31, 2023 |
|
42,936,803
|
|
|
|
| Balance at Dec. 31, 2023 |
4,067
|
$ 4
|
395,461
|
(393,954)
|
2,556
|
| Balance (in shares) at Dec. 31, 2023 |
|
43,086,267
|
|
|
|
| Share-based compensation |
781
|
|
781
|
|
|
| Cumulative translation adjustment |
(1,912)
|
|
|
|
(1,912)
|
| Net loss |
(16,879)
|
|
|
(16,879)
|
|
| Balance at Mar. 31, 2024 |
$ (13,943)
|
$ 4
|
$ 396,242
|
$ (410,833)
|
$ 644
|
| Balance (in shares) at Mar. 31, 2024 |
|
43,086,267
|
|
|
|
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v3.24.1.u1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
| Operating activities |
|
|
| Net loss |
$ (16,879)
|
$ (4,508)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Depreciation and amortization |
6,454
|
6,610
|
| Paid in kind interest |
6,184
|
5,156
|
| Stock-based compensation |
747
|
833
|
| Provision for losses on accounts receivable |
1,110
|
797
|
| Deferred income taxes |
279
|
118
|
| Change in fair value of Private Warrants |
32
|
(191)
|
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
(6,326)
|
(7,186)
|
| Prepaid expenses and other assets |
(2,179)
|
(7,018)
|
| Accounts payable and accrued expenses |
2,743
|
3,318
|
| Deferred revenue |
(66)
|
(975)
|
| Net cash used in operating activities |
(7,901)
|
(3,046)
|
| Investing activities |
|
|
| Purchases of property and equipment |
(3,011)
|
(2,072)
|
| Net cash used in investing activities |
(3,011)
|
(2,072)
|
| Financing activities |
|
|
| Revolving credit facility draws |
15,000
|
|
| Payments for capital lease obligations |
|
(533)
|
| Payments on long-term debt |
(750)
|
(750)
|
| Net cash provided by (used in) financing activities |
14,250
|
(1,283)
|
| Effect of foreign exchange rates |
(328)
|
117
|
| Net increase (decrease) in cash |
3,010
|
(6,284)
|
| Cash at beginning of period |
15,351
|
32,629
|
| Cash at end of period |
18,361
|
26,345
|
| Supplemental disclosure: |
|
|
| Cash paid for interest |
11,352
|
10,842
|
| Net income taxes paid |
690
|
263
|
| Significant noncash investing and financing activities |
|
|
| Purchases of property and equipment in accounts payable and accrued expenses on the condensed consolidated balance sheets |
$ 276
|
$ 751
|
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-SubTopic 40
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-Section 65
-Paragraph 1
-Subparagraph (f)
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-Paragraph 8
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-SubTopic 10
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-Section 50
-Paragraph 9
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
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-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-11
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 205
-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (a)
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-Paragraph 7
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-SubTopic 220
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-Subparagraph (SX 210.7-04(16))
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-Section 50
-Paragraph 22
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
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-Subparagraph (SX 210.6-07(9))
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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.13-02(a)(4)(i))
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-Section S99
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-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
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-SubTopic 10
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-Section 50
-Paragraph 30
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
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-SubTopic 10
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-Section 50
-Paragraph 32
-Subparagraph (f)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
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-Paragraph 31
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-Paragraph 32
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
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-Paragraph 4J
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-Section 45
-Paragraph 1A
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
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-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147482740/230-10-45-2
Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
Reference 39: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
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v3.24.1.u1
Organization, Business and Summary of Significant Accounting Policies
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Organization Consolidation And Presentation Of Financial Statements [Abstract] |
|
| Organization, business and summary of significant accounting policies |
Note 1 – Organization, business and summary of significant accounting policies Organization KLDiscovery Inc. (the “Company,” “we” or “us”) is a leading global provider of eDiscovery, information governance and data recovery solutions to corporations, law firms, insurance companies and individuals in 17 countries around the world. We provide technology solutions to help our clients solve complex data challenges. The Company’s headquarters are located in Eden Prairie, Minnesota. The Company has 26 locations in 17 countries, as well as 9 data centers and 13 data recovery labs globally. The Company was originally incorporated under the name Pivotal Acquisition Corp. (“Pivotal”) as a blank check company on August 2, 2018 under the laws of the State of Delaware for the purpose of entering into a merger, capital stock exchange, stock purchase, reorganization or similar business combination with one or more businesses or entities. On December 19, 2019 (the “Closing Date”), Pivotal acquired the outstanding shares of LD Topco, Inc. via a reverse capitalization (the “Business Combination”) and was renamed KLDiscovery Inc. Principles of consolidation The accompanying condensed consolidated financial statements are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The accompanying condensed consolidated financial statements include the accounts of KLDiscovery and all its subsidiaries. All significant intercompany accounts and transactions were eliminated upon consolidation. The accompanying condensed consolidated financial statements should be read in conjunction with the financial and risk factor information included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which we previously filed with the Securities and Exchange Commission (the “SEC”). Liquidity and going concern evaluation Under Financial Accounting Standards Board ("FASB") Accounting Standards Codification (“ASC”) 205-40, Going Concern, the Company is required to evaluate each reporting period, including interim periods, whether there is substantial doubt regarding its ability to meet its obligations when they come due within one year from the financial statement issuance date. On February 8, 2021, certain subsidiaries of the Company (the “Loan Parties”), entered into a new secured credit agreement (the “2021 Credit Agreement”) and on March 3, 2023, the Loan Parties entered into the First Amendment to the 2021 Credit Agreement. On March 8, 2024, the Loan Parties entered into the Second Amendment to the Amended 2021 Credit Agreement (as amended, the “Amended 2021 Credit Agreement”) which provides that the Loan Parties may deliver to the administrative agent annual, audited financial statements of the Company accompanied by a report and opinion of the Company's independent certified public accountant that is subject to a “going concern” qualification if such qualification results from an upcoming maturity date under any Indebtedness (as defined in the Amended 2021 Credit Agreement). In addition, on December 19, 2019, the Company issued Convertible Debentures, which mature in 2024, in an aggregate principal amount of $200 million (the “Debentures” or the “Convertible Debentures”). The Amended 2021 Credit Agreement provides for (i) initial term loans in an aggregate principal amount of $300 million (the “Initial Term Loans”), (ii) delayed draw term loans in an aggregate principal amount of $50 million (the “Delayed Draw Term Loans”), and (iii) revolving credit loans in an aggregate principal amount of $40 million, with a letter of credit sublimit of $10 million (the "Revolving Credit Loans”). The Delayed Draw Term Loans were available to the Loan Parties at any time prior to February 8, 2023 and are no longer available under the Amended 2021 Credit Agreement. The Initial Term Loans and Revolving Credit Loans are each scheduled to mature on February 8, 2026, unless the Convertible Debentures are outstanding six months prior to the December 19, 2024 maturity date thereof, in which case the Amended 2021 Credit Agreement matures on June 19, 2024. The Company has historically incurred losses and in certain years cash flows have been negative. As of March 31, 2024, the Company’s cash balance was $18.4 million and the Company’s debt balance was $569.6 million, including a balance of $263.6 million under the Convertible Debentures, a balance of $291.0 million in Initial Term Loans under the Amended 2021 Credit Agreement and a balance of $15.0 million in Revolving Credit Loans. As of March 31, 2024, the Company does not have the cash on hand, nor does it expect to generate sufficient liquidity from future cash flows, to repay the Convertible Debentures by June 19, 2024 and as such, the Initial Term Loans debt of $291.0 million, the Convertible Debentures debt of $263.6 million and the Revolving Credit Loans debt of $15.0 million are included in the current portion of long-term debt in the Condensed Consolidated Balance Sheet at March 31, 2024. As of March 31, 2024, the Company does not have sufficient cash on hand, and does not expect to generate sufficient liquidity from forecasted future cash flows to repay its current obligations at their respective maturity dates. The Company is reviewing potential alternatives, including renegotiating the terms of the Convertible Debentures and/or the Amended 2021 Credit Agreement and identifying alternative sources for cash or additional financing. The Company's current debt structure, however, raises substantial doubt regarding the Company’s ability to continue as a going concern because other alternatives may not be achievable on favorable terms and conditions or at all. The Company’s condensed financial statements do not include any adjustments that may result from the outcome of this uncertainty and have been prepared assuming the Company will continue as a going concern. Use of estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the condensed consolidated financial statements. Although actual results could differ from those estimates, management does not believe that such differences would be material. Significant estimates include, but are not limited to, the allowance for doubtful accounts, determining the fair values of assets acquired and liabilities assumed, including the fair value of Private Warrants (as defined in Note 2), the determination of the incremental borrowing rate used to measure right-of-use assets and liabilities, the recoverability and useful lives of property and equipment, intangible assets, and other long-lived assets, the evaluation of goodwill for impairment, the valuation and realization of deferred income taxes, the fair value of the Company’s common stock, stock based compensation equity awards and acquisition related contingent consideration. Segments, concentration of credit risk, major customers and liquidity The Company operates in one business segment, providing technology-based litigation support solutions and services. Financial instruments, which potentially expose the Company to concentrations of credit risk, consist principally of cash and accounts receivable. The Company places its cash with a banking institution where the balances, at times, exceed federally insured limits. Management believes the risks associated with these deposits are limited. With respect to accounts receivable, the Company performs ongoing evaluations of its customers, generally grants uncollateralized credit terms to its customers, and maintains an allowance for doubtful accounts based on historical experience and management’s expectations of future losses. As of and for the three months ended March 31, 2024 and 2023, the Company did not have any single customer that represented five percent (5%) or more of its consolidated revenues or seven percent (7%) of its accounts receivable. The Company believes that the geographic and industry diversity of the Company’s customer base throughout the U.S. and internationally minimizes the risk of incurring material losses due to concentrations of credit risk. The Company’s foreign revenues, principally from businesses in the UK and Germany, totaled approximately $12.9 million and $12.6 million for the three months ended March 31, 2024 and 2023, respectively. The Company’s long-lived assets in foreign countries, principally in the UK and Germany, totaled approximately $26.4 million and $27.0 million as of March 31, 2024 and December 31, 2023, respectively. As disclosed in Note 4, the Company has significant outstanding debt that comes due in 2024. While the Company is exploring various options to refinance the debt, new financings may not be available to the Company on commercially acceptable terms, or at all. Foreign currency Results of operations for the Company’s non-U.S. subsidiaries are translated from the designated functional currency to the reporting currency of the U.S. dollar. Revenues and expenses are translated at average exchange rates for each month, while assets and liabilities are translated at balance sheet date exchange rates. Resulting net translation adjustments are recorded as a component of stockholders’ equity in “Accumulated other comprehensive income” in the Company’s Condensed Consolidated Balance Sheets. Transaction gains and losses arising from currency exchange rate fluctuations on transactions denominated in a currency other than the local functional currency are included in “Other (income) expense” in the Company’s Condensed Consolidated Statements of Comprehensive Loss. Such transaction gains and losses may be realized or unrealized depending upon whether the transaction settled during the period or remains outstanding at the balance sheet date. Cash and cash equivalents The Company considers all highly liquid financial instruments with an original maturity of three months or less when purchased to be cash equivalents. Accounts receivable and allowance for credit losses The Company’s accounts receivable are recorded at amortized cost less an allowance for credit losses not expected to be recovered. The measurement and recognition of credit losses involves the use of judgment and represents management’s estimate of expected lifetime credit losses based on historical experience and trends, current conditions and reasonable and supportable forecasts. Management’s assessment of expected credit losses includes consideration of current and expected economic, market and industry factors affecting the Company’s customers, including their financial condition; the aging of account balances; historical credit loss experience; customer concentrations; customer credit-worthiness; and other sources of payment, among other factors. Expected credit losses are recorded as "General and administrative" expenses in the Condensed Consolidated Statements of Comprehensive Loss. A rollforward of the allowance for credit losses is presented below (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2024 |
|
|
Three Months Ended March 31, 2023 |
|
Beginning balance |
|
$ |
3,642 |
|
|
$ |
5,403 |
|
Provision for credit losses |
|
|
1,110 |
|
|
|
797 |
|
Write-offs, net of recoveries (1) |
|
|
(1,721 |
) |
|
|
(1,953 |
) |
Ending balance |
|
|
3,031 |
|
|
|
4,247 |
|
_______________________ (1)Recoveries were not material for the periods presented. As such, the Company presented write-offs, net of recoveries. Fixed Assets Computer software, property and equipment are recorded at cost. Depreciation is calculated using the straight-line method over the following estimated useful lives of the assets:
|
|
|
Computer software and hardware |
|
3 to 5 years |
Leasehold improvements |
|
Shorter of lease term or useful life |
Furniture, fixtures and other equipment |
|
3 to 5 years |
Gains or losses on disposals are included in results of operations at amounts equal to the difference between the net book value of the disposed assets and the proceeds received upon disposal. Costs for replacements and betterments are capitalized, while the costs of maintenance and repairs are expensed as incurred. Finance leases right of use assets are included in Property and equipment and are stated at the present value of minimum lease payments and subsequently amortized using the straight-line method over the earlier of the end of the asset's useful life or the end of the lease term. Depreciation expense totaled $2.7 million and $2.3 million for the three months ended March 31, 2024 and 2023, respectively, and includes amortization of assets recorded under finance leases. For additional information on leases, refer to Note 3 – Leases. Internal-use software development costs The Company capitalizes certain internal computer software costs incurred during the application development stage. The application development stage generally includes software design and configuration, coding, testing and installation activities. Training and maintenance costs are expensed as incurred, while upgrades and enhancements are capitalized if it is probable that such expenditure will result in additional functionality. Capitalized software costs are amortized over the estimated useful life of the underlying project on a straight-line basis. The Company’s estimated useful life of capitalized software costs varies between three and five years, depending on management’s expectation of the economic life of various software. Capitalized software amortization costs are recorded as a component of cost of revenue. Capitalized software costs are reflected as part of “Intangible assets, net” in the Company’s Condensed Consolidated Balance Sheets and totaled $20.0 million and $18.1 million, net of accumulated amortization, as of March 31, 2024 and December 31, 2023, respectively. The Company also enters into certain cloud-based software hosting arrangements that are accounted for as service contracts. For internal use software obtained through a hosting arrangement that is in the nature of a service contract, the Company incurs certain implementation costs such as integrating, configuring, and software customization, which are consistent with costs incurred during the application development stage for on-premise software. The Company applies the same guidance to determine costs that are eligible for capitalization. For these arrangements, the Company amortizes the capitalized development costs straight-line over the fixed, non-cancellable term of the associated hosting arrangement plus any reasonably certain renewal periods. The Company also applies the same impairment model to both internal-use software and capitalized implementation costs in a software hosting arrangement that is in the nature of a service contract. Capitalized implementation costs of cloud-based hosting arrangements are classified as part of Prepaid Expenses and Other Assets, totaling $2.5 million and $4.9 million net of accumulated amortization, respectively, as of March 31, 2024, and $1.8 million and $5.5 million net of accumulated amortization, respectively, as of December 31, 2023. Amortization of capitalized implementation costs related to hosting arrangements totaled $0.5 million for the periods ended March 31, 2024 and 2023. Intangible assets and other long-lived assets The Company evaluates the recoverability of its long-lived assets, including finite-lived intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of any asset to future net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured as the difference between the fair value of the asset compared to its carrying amount. Amortization expense totaled $3.3 million and $3.9 million for the three months ended March 31, 2024 and 2023, respectively; $1.6 million and $1.4 million of which, respectively, was classified as part of the “Cost of revenues” line in the Company’s Condensed Consolidated Statements of Comprehensive Loss. Goodwill Goodwill represents the excess of the total consideration paid over identified intangible and tangible assets of the Company and its acquired businesses. The Company tests its goodwill for impairment at the reporting unit level on an annual basis on October 1, and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposition of a significant portion of a reporting unit. As of the October 1, 2023 testing date, the Company determined there is one reporting unit. Management concluded that there was no impairment of goodwill and intangible assets during the three months ended March 31, 2024. Our goodwill balance is subject to change due to fluctuations in foreign exchange rates. Debt issuance costs Debt issuance costs are stated at cost, net of accumulated amortization, and are amortized over the term of the debt using both the straight-line and the effective yield methods. U.S. GAAP requires that the effective yield method be used to amortize debt acquisition costs; however, if the effect of using the straight-line method is not materially different from the results that would have been obtained under the effective yield method, the straight-line method may be used. The amortization for funded term debt is calculated according to the effective yield method and revolving and unfunded term debt is calculated according to the straight-line method. Debt issuance costs related to funded term debt are presented in the Condensed Consolidated Balance Sheets as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts or premiums. Debt issuance costs related to revolving and unfunded term debt are presented in the Condensed Consolidated Balance Sheets within “Other assets.” Revenue recognition Revenues are recognized when the Company satisfies a performance obligation by transferring goods or services promised in a contract to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those services. Performance obligations in the Company's contracts represent distinct or separate service streams that the Company provides to its customers. The Company evaluates its revenue contracts with customers based on the five-step model under ASC 606, Revenue Recognition: (1) identify the contract with the customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to separate performance obligations; and (5) recognize revenues when (or as) each performance obligation is satisfied. The Company provides Legal Technology services to its clients through several technology solutions including Nebula Ecosystem (“Nebula”) its internally developed end-to-end fully integrated proprietary solution. The Company also provides Data Recovery solutions. The following table summarizes revenue from contracts with customers for the three months ended March 31, 2024 and 2023 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 Q1 |
|
|
2023 Q1 |
|
|
|
Technology Solutions |
|
Nebula |
|
Consolidated |
|
|
Technology Solutions |
|
Nebula |
|
Consolidated |
|
Legal Technology |
|
$ |
58,152 |
|
$ |
14,834 |
|
$ |
72,986 |
|
|
$ |
73,834 |
|
$ |
8,172 |
|
$ |
82,006 |
|
Data Recovery |
|
|
7,186 |
|
|
— |
|
|
7,186 |
|
|
|
8,653 |
|
|
— |
|
|
8,653 |
|
Total revenue |
|
$ |
65,338 |
|
$ |
14,834 |
|
$ |
80,172 |
|
|
$ |
82,487 |
|
$ |
8,172 |
|
$ |
90,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Obligations and Timing of Revenue Recognition The Company primarily sells services and products that fall into the categories discussed below. Each category contains one or more performance obligations that are either (1) capable of being distinct (i.e., the customer can benefit from the product or service on its own or together with readily available resources, including those purchased separately from us) and distinct within the context of the contract (i.e., separately identified from other promises in the contract) or (2) a series of distinct products or services that are substantially the same and have the same pattern of transfer to the customer. (1)Legal Technology, including Nebula and the Company's expansive suite of technology solutions, such as its end-to-end eDiscovery technology solutions, managed review solutions, collections, processing, analytics, hosting, production and professional services, and (2)Data Recovery solutions, which provides data restoration, data erasure and data management services. The Company generates the majority of its revenues by providing Legal Technology services to its clients. Most of the Company’s eDiscovery service contracts are time and materials types of arrangements. Time and materials arrangements are based on units of data stored or processed. Unit-based revenues are recognized as services are provided, based on either the amount of data stored or processed, the number of concurrent users accessing the information, or the number of pages or images processed for a client, at agreed upon per unit rates. We recognize revenues for these arrangements at a point in time utilizing a right-to-invoice practical expedient because we have a right to consideration for services completed to date. Certain other eDiscovery contracts are subscription-based, fixed-fee arrangements, which have tiered pricing based on the quantity of data hosted. For a fixed monthly fee, our clients receive a variety of optional eDiscovery services, which are included in addition to the data hosting. The Company recognizes revenues for these arrangements at a point in time based on predetermined monthly fees as determined in our contractual agreements, utilizing a right-to-invoice practical expedient because the Company has a right to consideration for services completed to date. Other eDiscovery agreements are time and material arrangements that require the client to pay us based on the number of hours worked at contractually agreed-upon rates. The Company recognizes revenues for these arrangements at a point in time based on hours incurred and contracted rates utilizing a right-to-invoice practical expedient because it has a contractual right to consideration for services completed to date. Data recovery services are mainly fixed fee arrangements requiring the client to pay a pre-established fee in exchange for the successful completion of a data recovery on a predetermined device. For the recovery services performed by the Company’s technicians, the revenue is recognized at a point in time, when the recovered data is sent to the customer. Data erasure services are fixed fee arrangements for which revenue is recognized at a point in time, when the certificate of erasure is sent to the customer. The Company offers term license subscriptions to Ontrack PowerControls software to customers with on-premises installations of the software pursuant to contracts that are historically one to four years in length. The term license subscriptions include maintenance and support, as well as access to future software upgrades and patches. The license and the additional support services are deemed to be one performance obligation, and thus revenue for these arrangements is recognized ratably over the term of the agreement. Net loss per common share Basic net loss per common share is determined by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is determined by dividing net loss by the weighted average number of common shares outstanding during the period, plus the dilutive effect of common stock equivalents, including stock options and restricted shares. Common stock and common stock equivalents included in the computation represent shares issuable upon assumed exercise of outstanding stock options and release of restricted shares, except when the effect of their inclusion would be antidilutive. Accounting standards not yet adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07). This ASU requires enhanced disclosures about significant segment expenses and other segment items and requires companies to disclose all annual disclosures about segments in interim periods. This ASU also requires public entities with a single reportable segment to provide all the disclosures required by the amendments in this ASU and all existing segment disclosures in Topic 280. The amendments in this ASU are intended to improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the amendments should be applied retrospectively to all periods presented. The Company is currently evaluating the impact of the new guidance on the Company's consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), to enhance the transparency and decision usefulness of income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. This ASU is effective for the Company for annual periods beginning after December 15, 2025. The Company does not expect ASU 2023-09 to have a material impact on the Company’s consolidated financial statements. |
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v3.24.1.u1
Fair Value Measurements
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Fair Value Measurements |
Note 2 – Fair value measurements The Company accounts for recurring and non-recurring fair value measurements in accordance with ASC 820, Fair Value Measurements. ASC 820 defines fair value, establishes a fair value hierarchy for assets and liabilities measured at fair value, and requires expanded disclosures about fair value measurements. The ASC 820 hierarchy ranks the quality of reliability of inputs, or assumptions, used in the determination of fair value, and requires assets and liabilities carried at fair value to be classified and disclosed in one of the following three categories: Level 1 – Fair value is determined by using unadjusted quoted prices that are available in active markets for identical assets and liabilities. Level 2 – Fair value is determined by using inputs other than Level 1 quoted prices that are directly or indirectly observable. Inputs can include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities in inactive markets. Related inputs can also include those used in valuation or other pricing models, such as interest rates and yield curves that can be corroborated by observable market data. Level 3 – Fair value is determined by inputs that are unobservable and not corroborated by market data. Use of these inputs involves significant and subjective judgments to be made by a reporting entity – e.g., determining an appropriate adjustment to a discount factor for illiquidity associated with a given security. The Company evaluates financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them each reporting period. This determination requires significant judgments to be made by the Company. The Company believes that the fair values of its current assets and current liabilities (cash, accounts receivable, accounts payable, and other current liabilities) approximate their reported carrying amounts. The Company estimates the fair value of contingent purchase consideration based on the present value of the consideration expected to be paid during the remainder of the earn-out period, based on management’s assessment of the acquired operations’ forecasted earnings. This fair value measurement is based on significant inputs not observed in the market and thus represents a Level 3 measurement. The fair value of future expected acquisition-related contingent purchase consideration obligations was $1.3 million at each of March 31, 2024 and December 31, 2023, and is classified as Current portion of contingent consideration and as part of long term "Other liabilities" in the condensed Consolidated Balance Sheets. The significant unobservable inputs used in the fair value measurements of the Company’s contingent purchase consideration include its estimates of the future profitability and related cash flows of the acquired business or assets, adjusted by appropriate discount rates. Significant increases (decreases) in any of these individual inputs could result in a significantly lower (higher) fair value measurement. Generally, a change in the assumptions used for the discount rates is indirectly proportional to the fair value of contingent purchase consideration and a change in the assumptions used for the future cash flows is directly proportional to the fair value of contingent purchase consideration. The Company, using additional information as it becomes available, reassesses the fair value of the contingent purchase consideration on a quarterly basis. The Company has determined that the 6,350,000 warrants to purchase Common Stock (the “Private Warrants”) issued in connection with the consummation of the Business Combination in December 2019 should be accounted for as liabilities in accordance with ASC 815-40, Derivatives and Hedging — Contracts in Entity’s Own Equity. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of Private Warrants in the Condensed Consolidated Statements of Comprehensive Loss. The fair value of the Private Warrants was $0.1 million at each March 31, 2024 and December 31, 2023, respectively. Management estimates the carrying amount of the Company’s long-term debt approximates its fair value because the interest rates on these instruments are subject to changes in market interest rates or are consistent with prevailing interest rates.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
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v3.24.1.u1
Leases
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Leases [Abstract] |
|
| Leases |
Note 3 – Leases The Company’s operating leases are primarily for data centers, office space and certain equipment, expiring in various years through 2029. Certain leases contain annual rent escalation clauses. Maturities of lease liabilities as of March 31, 2024 were as follows:
|
|
|
|
|
|
|
Operating
Leases |
|
Remainder of 2024 |
|
$ |
5,179 |
|
2025 |
|
|
4,107 |
|
2026 |
|
|
2,453 |
|
2027 |
|
|
802 |
|
2028 |
|
|
702 |
|
Thereafter |
|
|
269 |
|
Total undiscounted lease payments |
|
$ |
13,512 |
|
Less: Interest |
|
|
(1,383 |
) |
Present value of lease liabilities |
|
$ |
12,129 |
|
|
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- DefinitionThe entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
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-Name Accounting Standards Codification
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v3.24.1.u1
Long Term Debt
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Long Term Debt [Abstract] |
|
| Long Term Debt |
Note 4 – Long term debt The following table summarizes the components of the Company’s long-term debt (in thousands):
|
|
|
|
|
|
|
|
|
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
Convertible Debenture notes due 2024 |
|
|
263,564 |
|
|
|
260,926 |
|
Amended 2021 Credit Agreement due 2026 (1) |
|
|
291,000 |
|
|
|
291,750 |
|
Revolving Credit Loans |
|
|
15,000 |
|
|
|
- |
|
Total debt |
|
|
569,564 |
|
|
|
552,676 |
|
Less: unamortized original issue discount |
|
|
(3,530 |
) |
|
|
(5,254 |
) |
Less: unamortized debt issuance costs |
|
|
(343 |
) |
|
|
(577 |
) |
Total debt, net |
|
|
565,691 |
|
|
|
546,845 |
|
Current portion of debt, net |
|
|
565,691 |
|
|
|
546,845 |
|
_______________________ (1)The Amended 2021 Credit Agreement matures on February 8, 2026, unless the Debentures are outstanding six months prior to the December 19, 2024 maturity date thereof, in which case the Amended 2021 Credit Agreement matures on June 19, 2024. As of March 31, 2024, the Company does not anticipate repaying the Convertible Debentures by June 19, 2024 and as such, the Term Loan debt of $291.0 million, the Convertible Debentures debt of $263.6 million and the Revolving Credit Loans debt of $15.0 million are included in the current portion of long-term debt. Amended 2021 Credit Agreement On February 8, 2021, the Loan Parties, entered into the 2021 Credit Agreement. Proceeds were used to pay in full all outstanding loans and terminate all lending commitments under the previously outstanding 2016 Credit Agreement. On March 3, 2023, the Loan Parties entered into the First Amendment to the 2021 Credit Agreement. The First Amendment to the 2021 Credit Agreement provides for the revision of the benchmark interest rate from LIBOR to the secured overnight financing rate, (“SOFR”). At March 31, 2023, all outstanding indebtedness under the Amended 2021 Credit Agreement automatically converted from a LIBOR based loan to the new SOFR based loan at the end of the then-current applicable Interest Period. Additionally, the First Amendment to the 2021 Credit Agreement provides for the addition of the Term SOFR Adjustment of 0.10%, based on the term of the applicable Interest Period, to be added to the Applicable Rate for both SOFR Loans and Base Rate Loans (capitalized terms as defined in the Amended 2021 Credit Agreement). On March 8, 2024, the Loan Parties entered into the Second Amendment to the 2021 Credit Agreement, which provides that the Loan Parties may deliver to the administrative agent annual, audited financial statements of the Company accompanied by a report and opinion of the Company's independent certified public accountant that is subject to a “going concern” qualification if such qualification results from an upcoming maturity date under any Indebtedness (as defined in the Amended 2021 Credit Agreement). The Amended 2021 Credit Agreement provides for (i) Initial Term Loans in an aggregate principal amount of $300 million, (ii) Delayed Draw Term Loans in an aggregate principal amount of $50 million, and (iii) Revolving Credit Loans in an aggregate principal amount of $40 million, with a letter of credit sublimit of $10 million. The Delayed Draw Term Loans were available to the Loan Parties at any time prior to February 8, 2023, subject to certain conditions. As of March 31, 2024, there were no outstanding Delayed Draw Term Loans and they are no longer available under the Amended 2021 Credit Agreement. The Initial Term Loans bear, and while they were available, the Delayed Draw Term Loans bore, interest, at the Loan Parties’ option, at the rate of (x) with respect to SOFR Rate Loans, the Term SOFR Rate with a 1.00% floor, plus 6.50% per annum, plus the Term SOFR Adjustment of 0.10% or (y) with respect to Base Rate Loans, the Base Rate plus 5.50% per annum, plus the Term SOFR Adjustment of 0.10%. The Revolving Credit Loans bear interest, at our option, at the rate of (x) with respect to SOFR Rate Loans, the Adjusted SOFR Rate plus 4.00% per annum, or (y) with respect to Base Rate Loans, the Base Rate plus 3.00% per annum. On March 31, 2024, the balance due under the Revolving Credit Loans was $15.0 million with an interest rate of 9.42152%. The Initial Term Loans amortize at a rate of 1.00% of the aggregate principal amount of Initial Term Loans outstanding, payable in consecutive quarterly installments of $0.8 million, beginning on June 30, 2021. On March 31, 2024, the balance due under the Initial Term Loans was $291.0 million with an interest rate of 5.30942% plus an Adjusted Term SOFR Rate of 6.60%. The Initial Term Loans and Revolving Credit Loans are each scheduled to mature on February 8, 2026, unless the Convertible Debentures are outstanding six months prior to the December 19, 2024 maturity date thereof, in which case the Amended 2021 Credit Agreement matures on June 19, 2024. The Initial Term Loans may be voluntarily repaid at any time, but may be subject to a prepayment premium. The Initial Term Loans are required to be repaid under certain circumstances, including with Excess Cash Flow (as defined in the Amended 2021 Credit Agreement), the proceeds of an Asset Sale or Casualty Event (each as defined in the Amended 2021 Credit Agreement) and the proceeds of certain refinancing indebtedness. The obligations under the Amended 2021 Credit Agreement are secured by substantially all of the Loan Parties’ assets. The Amended 2021 Credit Agreement contains customary affirmative and negative covenants as well as a financial maintenance covenant that requires the Loan Parties to maintain a First Lien Net Leverage Ratio (as defined in the Amended 2021 Credit Agreement) of less than or equal to 7.00 to 1.00, tested at the end of each fiscal quarter. The Company was in compliance with all Amended 2021 Credit Agreement covenants as of March 31, 2024. Revolving Credit Loans The Amended 2021 Credit Agreement also provides for an unfunded revolver commitment for borrowing up to $40.0 million. As of March 31, 2024, there was $24.4 million available capacity for borrowing under the Revolving Credit Loans due to a $15.0 million outstanding balance and $0.6 million of letters of credit outstanding (See Note 8 – Commitments and Contingencies). Convertible Debentures On December 19, 2019, the Company issued Convertible Debentures, which mature in 2024, in an aggregate principal amount of $200 million. At March 31, 2024 and December 31, 2023, the balance due under the Convertible Debentures was $263.6 million and $260.9 million, respectively. The Debentures will mature on December 19, 2024 unless earlier converted, redeemed or repurchased, and bear interest at an annual rate of 4.00% in cash, payable quarterly, and 4.00% in kind, accrued quarterly, on the last business day of March, June, September and December. In addition, on each anniversary of December 19, 2019 (the "Closing Date"), the Company will increase the principal amount of the Debentures by an amount equal to 3.00% of the original aggregate principal amount of the Debentures outstanding (subject to reduction for any principal amount repaid). Non-payment of, and certain failures to comply with the covenants under, the Amended 2021 Credit Agreement also constitute events of default under the Debentures. The additional payment will accrue from the last payment date for the additional payment (or the Closing Date if no prior payment has been made), and will also be payable at maturity, upon conversion and upon an optional redemption. At any time, upon notice as set forth in the Debentures, the Debentures will be redeemable at the Company’s option, in whole or in part, at a price equal to 100% of the principal amount of the Debentures redeemed, plus accrued and unpaid interest thereon. The Debentures are convertible into shares of common stock at the option of the Debenture holders at any time and from time to time at a price of $18 per share, subject to certain adjustments. However, in the event the Company elects to redeem any Debentures, the holders have a right to purchase common stock from the Company in an amount equal to the amount redeemed at the conversion price. The Debentures contain covenants that limit the Company’s ability to, among other things: (i) incur additional debt; (ii) create liens on assets; (iii) engage in certain transactions with affiliates; or (iv) designate the Company’s subsidiaries as unrestricted subsidiaries. The Debentures provide for customary events of default, including non-payment, failure to comply with covenants or other agreements in the Debentures and certain events of bankruptcy or insolvency. If an event of default occurs and continues, the holders of at least 25% in aggregate principal amount of the outstanding Debentures may declare the entire principal amount of all the Debentures to be due and payable immediately. As of March 31, 2024, the Company was in compliance with all Debenture covenants.
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v3.24.1.u1
Equity Incentive Plan
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
|
| Equity Incentive Plan |
Note 5 – Equity incentive plan On December 19, 2019, the Company adopted the 2019 Incentive Award Plan (the “2019 Plan”) under which eligible employees, officers, directors and consultants of the Company may be granted incentive or non-qualified stock options, restricted stock, restricted stock units ("RSUs"), or other stock-based awards, including shares of Common Stock. Pursuant to the 2019 Plan, the number of shares of Common Stock available for issuance under the 2019 Plan automatically increases on each January 1 (commencing with January 1, 2021) until and including January 1, 2029, by an amount equal to the lesser of: (a) 5% of the shares of Common Stock outstanding on the final day of the immediately preceding calendar year and (b) such smaller number of shares as is determined by our Board of Directors (the “Board”). The Compensation Committee of the Board approved an increase to the share reserve as set out in the 2019 Plan in the amount of 2,416,007 shares and 2,154,313 shares in April 2023 and April 2024, respectively. As of March 31, 2024, 14,176,685 shares of Common Stock were reserved under the 2019 Plan, of which 2,771,329 shares of Common Stock remained available for issuance. Stock option activity The following table summarizes the Company’s stock option activity under the 2019 Plan:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Options
Outstanding |
|
|
Weighted
Average
Exercise
Price |
|
|
Weighted
Average
Remaining
Contractual
Term (Years) |
|
|
Aggregate
Intrinsic
Value (1) |
|
Options outstanding, December 31, 2023 |
|
|
6,529,092 |
|
|
$ |
6.88 |
|
|
|
6.9 |
|
|
$ |
— |
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Expired |
|
|
(63,032 |
) |
|
|
8.20 |
|
|
|
— |
|
|
|
— |
|
Options outstanding, March 31, 2024 |
|
|
6,466,060 |
|
|
$ |
6.86 |
|
|
|
6.9 |
|
|
$ |
— |
|
Options vested and exercisable, March 31, 2024 |
|
|
5,097,383 |
|
|
$ |
8.05 |
|
|
|
6.4 |
|
|
$ |
— |
|
Options vested and expected to vest, March 31, 2024 |
|
|
6,466,060 |
|
|
$ |
6.86 |
|
|
|
6.9 |
|
|
$ |
— |
|
_______________________________ (1)Aggregate intrinsic value (in thousands) represents the difference between the estimated fair value of the underlying Common Stock and the exercise price of outstanding in-the-money options. The following table summarizes additional information on stock option grants and vesting (in thousands):
|
|
|
|
|
|
|
|
|
|
|
2019 Plan |
|
|
|
Three Months Ended March 31, 2024 |
|
|
Three Months Ended March 31, 2023 |
|
Total fair value of options vested |
|
|
1,440 |
|
|
|
1,465 |
|
Time-based vesting stock options Time-based vesting stock options generally vest over a three-year period, are subject to graded vesting schedules, and expire ten years from the date of grant or within 90 days of termination of employment. No time-based vesting stock options were granted by the Company during the three months ended March 31, 2024 and 2023, respectively. For the three months ended March 31, 2024 and 2023, the Company recognized $0.7 million and $0.8 million of stock-based compensation expense, respectively, in connection with time-based vesting stock options. As of March 31, 2024 and 2023, there was $1.4 million and $2.4 million of unrecognized stock-based compensation expense, respectively, related to unvested time-based vesting stock options that is expected to be recognized over a weighted-average period of 4.1 and 1.7 years, respectively. Stock Option Valuation The Company uses valuation models to value both time and performance-based vesting stock options. The Company did not grant any time or performance-based vesting stock options during the three months ended March 31, 2024 and 2023, respectively. Stock-based compensation expense Stock-based compensation expense is included in the Company’s Condensed Consolidated Statements of Comprehensive Loss within the following line items (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2024 |
|
|
Three Months Ended March 31, 2023 |
|
Cost of revenues |
|
$ |
196 |
|
|
$ |
227 |
|
General and administrative |
|
|
388 |
|
|
|
443 |
|
Research and development |
|
|
87 |
|
|
|
76 |
|
Sales and marketing |
|
|
76 |
|
|
|
87 |
|
Total |
|
$ |
747 |
|
|
$ |
833 |
|
Restricted stock units Periodically, the Company granted RSUs to certain employees which are subject to certain vesting criteria. These RSUs become eligible to begin vesting upon a liquidity event (as defined in the award agreements governing the RSUs). The amount and timing of the vesting of the RSUs depends on the type and timing of the liquidity event as it relates to the Closing Date. Generally, a portion of the RSUs were scheduled to first vest upon the occurrence of the liquidity event and the remainder were scheduled to vest in up to three annual installments thereafter. Because no liquidity event occurred before the third anniversary of the Closing Date, all RSUs are scheduled to vest immediately upon a future liquidity event. The Company determined the achievement of a liquidity event was not probable and therefore no expense has been recorded related to the RSU awards that vest solely upon a liquidity event. Performance based restricted stock units During 2023 and 2022, the Company granted 369,056 and 463,000 performance based RSUs, respectively, to certain employees, 50% of which vest based on the achievement of annual consolidated revenue targets and 50% of which vest based on the achievement of certain annual Nebula revenue targets. These units will vest over three annual installments based on the achievement of the annual consolidated revenue and Nebula revenue performance conditions and are not subject to any liquidity event vesting condition. In the event that the performance conditions are not met in the first or second year, all units granted will vest in the third year if the cumulative performance conditions are met at that time. The grant of awards with performance conditions supports the Company’s goal of aligning executive incentives with long-term stockholder value and ensuring that executive officers have a continuing stake in the long-term success of the Company. The Company determined the three-year achievement of the overall Company revenue and Nebula revenue targets was probable and incurred $0.4 million and $0.2 million of stock-based compensation expense for the three months ended March 31, 2024 and 2023, respectively, related to the performance-based RSUs granted in 2023 and 2022. The vesting of the RSUs held by a grantee is generally subject to his or her continued employment with the Company. Time-based restricted stock units The Company grants certain non-employee directors time-based RSUs in satisfaction of their annual retainer payments. These RSUs vest over a one-year or three-year period. During the three months ended March 31, 2024, the Company did not grant any time-based RSUs to its non-employee directors. During the three months ended March 31, 2023, the Company granted 151,515 time-based RSUs to its non-employee directors. During the three months ended March 31, 2024 and 2023, the Company recognized the grant-date fair value of the RSUs granted to non-employee directors of $0.2 million and $0.2 million as stock-based compensation expense, respectively. The following table summarizes the Company’s RSU activity for performance based RSUs awarded to employees and for time-based RSUs granted to non-employee directors under the 2019 Plan:
|
|
|
|
|
Description |
|
RSUs
Outstanding |
|
Outstanding at December 31, 2023 |
|
|
2,429,289 |
|
Granted |
|
|
— |
|
Vested - non-employee director awards |
|
|
(50,505 |
) |
Forfeited |
|
|
(1,737 |
) |
Expired |
|
|
— |
|
Outstanding at March 31, 2024 |
|
|
2,377,047 |
|
|
| X |
- DefinitionThe entire disclosure for share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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-Section 50
-Paragraph 2
-Subparagraph (h)(2)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (h)(2)(i)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (l)
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v3.24.1.u1
Equity
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Equity [Abstract] |
|
| Equity |
Note 6 – Equity The Company is authorized to issue up to 200,000,000 shares of Common Stock and 1,000,000 shares of preferred stock, $0.0001 par value per share. Each holder of Common Stock is entitled to one vote for each share of common stock held on all matters submitted to a vote of stockholders. The holders of the Common Stock are entitled to receive dividends out of assets legally available at the times and in the amounts as the Company's Board of Directors may from time to time determine. In the event of any liquidation, dissolution or winding up of the Company, the assets of the Company shall be distributed ratably among the holders of the then outstanding Common Stock. There were no stock issuances during the three months ended March 31, 2024 and 2023, respectively, other than pursuant to stock option exercises and vesting of non-employee director RSUs. Warrants On the Closing Date, in connection with the consummation of the Business Combination, the Company assumed (i) 23,000,000 warrants (the “Public Warrants”) to purchase shares of Common Stock and (ii) 6,350,000 Private Warrants (together with the Public Warrants, the “Warrants”). The Public Warrants qualify for equity accounting as these warrants do not fall within the scope of ASC 480, Distinguishing Liabilities from Equity. Each warrant entitles the holder to purchase one share of Common Stock for $11.50 per share. If exercised by the initial purchaser of the Private Warrant or certain permitted transferees, the purchase can occur on a cashless basis. The Warrants will expire on December 19, 2024 or earlier upon redemption or liquidation. If the reported last sale price of the Company's common stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending three business days before the Company sends the notice of redemption to the warrant holders, the Company may redeem all the Public Warrants at a price of $0.01 per warrant upon not less than 30 days’ prior written notice. If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a cashless basis. The exercise price and number of shares of common stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. The warrants will not be adjusted for the issuance of common stock at a price below its exercise price. The Company will not be required to net cash settle the warrants. The Private Warrants are identical to the Public Warrants except that the Private Warrants will be exercisable on a cashless basis and are non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. Shares Subject to Forfeiture On December 19, 2019, in connection with the consummation of the Business Combination, 550,000 shares of common stock held by Pivotal Acquisition Holdings LLC were subjected to an additional lockup that will be released only if the last reported sale price of the common stock equals or exceeds $15.00 for a period of 20 consecutive trading days during the five-year period following the Closing Date. If the last reported sale price of common stock does not equal or exceed $15.00 within five years from the Closing Date, such shares will be forfeited to the Company for no consideration. These shares are reported as outstanding in the Company’s financial statements and continue to be subject to the additional lockup as of March 31, 2024.
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- DefinitionThe entire disclosure for equity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 13
-Subparagraph (b)
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-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2
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-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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-Subparagraph (g)
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-Subparagraph (i)
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-SubTopic 10
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-Subparagraph (c)
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-SubTopic 10
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-Section 50
-Paragraph 16
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18
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-SubTopic 10
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-Section 50
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-Subparagraph (b)
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v3.24.1.u1
Income Taxes
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Income Taxes |
Note 7 – Income taxes A valuation allowance has been established against the Company’s net U.S. federal and state deferred tax assets, including net operating loss (“NOL”) carryforwards. As a result, the Company’s income tax provision is primarily related to foreign tax activity and U.S. deferred taxes for tax deductible goodwill and other indefinite-lived liabilities. During the three months ended March 31, 2024 and 2023, the Company recorded an income tax provision of $0.3 million and $0.3 million, respectively, resulting in an effective tax rate of (1.8)% and (7.1)%, respectively. These effective tax rates differ from the U.S. federal statutory rate primarily due to the effects of foreign tax rate differences, U.S. state and local income taxes and the valuation allowance against our domestic deferred tax assets.
Historically, the Company calculated the provision for income taxes during interim reporting periods by applying an estimate of the annual effective rate for the full fiscal year to the year-to-date ordinary income or loss, excluding unusual or infrequently occurring discrete items. For the quarter ending March 31, 2024, the Company determined that the year-to-date actual effective tax rate represented the best estimate due to the challenges in forecasting nonrecurring costs and other items related to the renegotiation of the term of the Convertible Debentures and Amended 2021 Credit Agreement.
|
| X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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-Section 50
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-Subparagraph (b)
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1
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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2
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-Section 50
-Paragraph 2
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v3.24.1.u1
Commitments and Contingencies
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Commitments And Contingencies Disclosure [Abstract] |
|
| Commitments and Contingencies |
Note 8 – Commitments and contingencies The Company is involved in various legal proceedings, which arise occasionally in the normal course of business. While the ultimate results of such matters generally cannot be predicted with certainty, management does not expect such matters to have a material effect on the financial position and results of operations as of March 31, 2024. The Company has two letters of credit totaling $0.6 million as of March 31, 2024 as additional security for lease guarantees related to leased properties.
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- DefinitionThe entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 440
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
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-Topic 954
-SubTopic 440
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480327/954-440-50-1
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-Topic 440
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482648/440-10-50-4
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v3.24.1.u1
Related Parties
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Related Party Transactions [Abstract] |
|
| Related Parties |
Note 9 – Related parties As of March 31, 2024, $131.8 million including paid-in kind interest of the Company's Debentures was owed to affiliates of MGG Investment Group, which is an affiliate of a director of the Company. For the three months ended March 31, 2024 and 2023, the Company recognized $3.8 million and $3.6 million in interest expense, respectively, related to the Debentures owned by affiliates of the MGG Investment Group.
|
| X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6
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-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2
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-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1
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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
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-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//850/tableOfContent
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
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v3.24.1.u1
Subsequent Events
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Subsequent Events [Abstract] |
|
| Subsequent events |
Note 10 – Subsequent events The Company has evaluated subsequent events since the date on which these financial statements were issued through the date on which this Quarterly Report on Form 10-Q was filed and did not identify any additional items for disclosure.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.1.u1
Organization, Business and Summary of Significant Accounting Policies (Policies)
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Organization Consolidation And Presentation Of Financial Statements [Abstract] |
|
| Organization |
Organization KLDiscovery Inc. (the “Company,” “we” or “us”) is a leading global provider of eDiscovery, information governance and data recovery solutions to corporations, law firms, insurance companies and individuals in 17 countries around the world. We provide technology solutions to help our clients solve complex data challenges. The Company’s headquarters are located in Eden Prairie, Minnesota. The Company has 26 locations in 17 countries, as well as 9 data centers and 13 data recovery labs globally. The Company was originally incorporated under the name Pivotal Acquisition Corp. (“Pivotal”) as a blank check company on August 2, 2018 under the laws of the State of Delaware for the purpose of entering into a merger, capital stock exchange, stock purchase, reorganization or similar business combination with one or more businesses or entities. On December 19, 2019 (the “Closing Date”), Pivotal acquired the outstanding shares of LD Topco, Inc. via a reverse capitalization (the “Business Combination”) and was renamed KLDiscovery Inc.
|
| Principles of consolidation |
Principles of consolidation The accompanying condensed consolidated financial statements are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The accompanying condensed consolidated financial statements include the accounts of KLDiscovery and all its subsidiaries. All significant intercompany accounts and transactions were eliminated upon consolidation. The accompanying condensed consolidated financial statements should be read in conjunction with the financial and risk factor information included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which we previously filed with the Securities and Exchange Commission (the “SEC”).
|
| Use of estimates |
Use of estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the condensed consolidated financial statements. Although actual results could differ from those estimates, management does not believe that such differences would be material. Significant estimates include, but are not limited to, the allowance for doubtful accounts, determining the fair values of assets acquired and liabilities assumed, including the fair value of Private Warrants (as defined in Note 2), the determination of the incremental borrowing rate used to measure right-of-use assets and liabilities, the recoverability and useful lives of property and equipment, intangible assets, and other long-lived assets, the evaluation of goodwill for impairment, the valuation and realization of deferred income taxes, the fair value of the Company’s common stock, stock based compensation equity awards and acquisition related contingent consideration.
|
| Segments, concentration of credit risk and major customers |
Segments, concentration of credit risk, major customers and liquidity The Company operates in one business segment, providing technology-based litigation support solutions and services. Financial instruments, which potentially expose the Company to concentrations of credit risk, consist principally of cash and accounts receivable. The Company places its cash with a banking institution where the balances, at times, exceed federally insured limits. Management believes the risks associated with these deposits are limited. With respect to accounts receivable, the Company performs ongoing evaluations of its customers, generally grants uncollateralized credit terms to its customers, and maintains an allowance for doubtful accounts based on historical experience and management’s expectations of future losses. As of and for the three months ended March 31, 2024 and 2023, the Company did not have any single customer that represented five percent (5%) or more of its consolidated revenues or seven percent (7%) of its accounts receivable. The Company believes that the geographic and industry diversity of the Company’s customer base throughout the U.S. and internationally minimizes the risk of incurring material losses due to concentrations of credit risk. The Company’s foreign revenues, principally from businesses in the UK and Germany, totaled approximately $12.9 million and $12.6 million for the three months ended March 31, 2024 and 2023, respectively. The Company’s long-lived assets in foreign countries, principally in the UK and Germany, totaled approximately $26.4 million and $27.0 million as of March 31, 2024 and December 31, 2023, respectively.
|
| Foreign currency |
Foreign currency Results of operations for the Company’s non-U.S. subsidiaries are translated from the designated functional currency to the reporting currency of the U.S. dollar. Revenues and expenses are translated at average exchange rates for each month, while assets and liabilities are translated at balance sheet date exchange rates. Resulting net translation adjustments are recorded as a component of stockholders’ equity in “Accumulated other comprehensive income” in the Company’s Condensed Consolidated Balance Sheets. Transaction gains and losses arising from currency exchange rate fluctuations on transactions denominated in a currency other than the local functional currency are included in “Other (income) expense” in the Company’s Condensed Consolidated Statements of Comprehensive Loss. Such transaction gains and losses may be realized or unrealized depending upon whether the transaction settled during the period or remains outstanding at the balance sheet date.
|
| Cash and cash equivalents |
Cash and cash equivalents The Company considers all highly liquid financial instruments with an original maturity of three months or less when purchased to be cash equivalents.
|
| Accounts Receivable and Allowance for Credit Losses |
The Company’s accounts receivable are recorded at amortized cost less an allowance for credit losses not expected to be recovered. The measurement and recognition of credit losses involves the use of judgment and represents management’s estimate of expected lifetime credit losses based on historical experience and trends, current conditions and reasonable and supportable forecasts. Management’s assessment of expected credit losses includes consideration of current and expected economic, market and industry factors affecting the Company’s customers, including their financial condition; the aging of account balances; historical credit loss experience; customer concentrations; customer credit-worthiness; and other sources of payment, among other factors. Expected credit losses are recorded as "General and administrative" expenses in the Condensed Consolidated Statements of Comprehensive Loss. A rollforward of the allowance for credit losses is presented below (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2024 |
|
|
Three Months Ended March 31, 2023 |
|
Beginning balance |
|
$ |
3,642 |
|
|
$ |
5,403 |
|
Provision for credit losses |
|
|
1,110 |
|
|
|
797 |
|
Write-offs, net of recoveries (1) |
|
|
(1,721 |
) |
|
|
(1,953 |
) |
Ending balance |
|
|
3,031 |
|
|
|
4,247 |
|
_______________________ (1)Recoveries were not material for the periods presented. As such, the Company presented write-offs, net of recoveries. |
| Fixed Assets |
Fixed Assets Computer software, property and equipment are recorded at cost. Depreciation is calculated using the straight-line method over the following estimated useful lives of the assets:
|
|
|
Computer software and hardware |
|
3 to 5 years |
Leasehold improvements |
|
Shorter of lease term or useful life |
Furniture, fixtures and other equipment |
|
3 to 5 years |
Gains or losses on disposals are included in results of operations at amounts equal to the difference between the net book value of the disposed assets and the proceeds received upon disposal. Costs for replacements and betterments are capitalized, while the costs of maintenance and repairs are expensed as incurred. Finance leases right of use assets are included in Property and equipment and are stated at the present value of minimum lease payments and subsequently amortized using the straight-line method over the earlier of the end of the asset's useful life or the end of the lease term. Depreciation expense totaled $2.7 million and $2.3 million for the three months ended March 31, 2024 and 2023, respectively, and includes amortization of assets recorded under finance leases. For additional information on leases, refer to Note 3 – Leases.
|
| Internal-use software development costs |
Internal-use software development costs The Company capitalizes certain internal computer software costs incurred during the application development stage. The application development stage generally includes software design and configuration, coding, testing and installation activities. Training and maintenance costs are expensed as incurred, while upgrades and enhancements are capitalized if it is probable that such expenditure will result in additional functionality. Capitalized software costs are amortized over the estimated useful life of the underlying project on a straight-line basis. The Company’s estimated useful life of capitalized software costs varies between three and five years, depending on management’s expectation of the economic life of various software. Capitalized software amortization costs are recorded as a component of cost of revenue. Capitalized software costs are reflected as part of “Intangible assets, net” in the Company’s Condensed Consolidated Balance Sheets and totaled $20.0 million and $18.1 million, net of accumulated amortization, as of March 31, 2024 and December 31, 2023, respectively. The Company also enters into certain cloud-based software hosting arrangements that are accounted for as service contracts. For internal use software obtained through a hosting arrangement that is in the nature of a service contract, the Company incurs certain implementation costs such as integrating, configuring, and software customization, which are consistent with costs incurred during the application development stage for on-premise software. The Company applies the same guidance to determine costs that are eligible for capitalization. For these arrangements, the Company amortizes the capitalized development costs straight-line over the fixed, non-cancellable term of the associated hosting arrangement plus any reasonably certain renewal periods. The Company also applies the same impairment model to both internal-use software and capitalized implementation costs in a software hosting arrangement that is in the nature of a service contract. Capitalized implementation costs of cloud-based hosting arrangements are classified as part of Prepaid Expenses and Other Assets, totaling $2.5 million and $4.9 million net of accumulated amortization, respectively, as of March 31, 2024, and $1.8 million and $5.5 million net of accumulated amortization, respectively, as of December 31, 2023. Amortization of capitalized implementation costs related to hosting arrangements totaled $0.5 million for the periods ended March 31, 2024 and 2023.
|
| Intangible assets and other long-lived assets |
Intangible assets and other long-lived assets The Company evaluates the recoverability of its long-lived assets, including finite-lived intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of any asset to future net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured as the difference between the fair value of the asset compared to its carrying amount. Amortization expense totaled $3.3 million and $3.9 million for the three months ended March 31, 2024 and 2023, respectively; $1.6 million and $1.4 million of which, respectively, was classified as part of the “Cost of revenues” line in the Company’s Condensed Consolidated Statements of Comprehensive Loss.
|
| Goodwill |
Goodwill Goodwill represents the excess of the total consideration paid over identified intangible and tangible assets of the Company and its acquired businesses. The Company tests its goodwill for impairment at the reporting unit level on an annual basis on October 1, and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposition of a significant portion of a reporting unit. As of the October 1, 2023 testing date, the Company determined there is one reporting unit. Management concluded that there was no impairment of goodwill and intangible assets during the three months ended March 31, 2024. Our goodwill balance is subject to change due to fluctuations in foreign exchange rates.
|
| Debt issuance costs |
Debt issuance costs Debt issuance costs are stated at cost, net of accumulated amortization, and are amortized over the term of the debt using both the straight-line and the effective yield methods. U.S. GAAP requires that the effective yield method be used to amortize debt acquisition costs; however, if the effect of using the straight-line method is not materially different from the results that would have been obtained under the effective yield method, the straight-line method may be used. The amortization for funded term debt is calculated according to the effective yield method and revolving and unfunded term debt is calculated according to the straight-line method. Debt issuance costs related to funded term debt are presented in the Condensed Consolidated Balance Sheets as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts or premiums. Debt issuance costs related to revolving and unfunded term debt are presented in the Condensed Consolidated Balance Sheets within “Other assets.”
|
| Revenue recognition |
Revenue recognition Revenues are recognized when the Company satisfies a performance obligation by transferring goods or services promised in a contract to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those services. Performance obligations in the Company's contracts represent distinct or separate service streams that the Company provides to its customers. The Company evaluates its revenue contracts with customers based on the five-step model under ASC 606, Revenue Recognition: (1) identify the contract with the customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to separate performance obligations; and (5) recognize revenues when (or as) each performance obligation is satisfied. The Company provides Legal Technology services to its clients through several technology solutions including Nebula Ecosystem (“Nebula”) its internally developed end-to-end fully integrated proprietary solution. The Company also provides Data Recovery solutions. The following table summarizes revenue from contracts with customers for the three months ended March 31, 2024 and 2023 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 Q1 |
|
|
2023 Q1 |
|
|
|
Technology Solutions |
|
Nebula |
|
Consolidated |
|
|
Technology Solutions |
|
Nebula |
|
Consolidated |
|
Legal Technology |
|
$ |
58,152 |
|
$ |
14,834 |
|
$ |
72,986 |
|
|
$ |
73,834 |
|
$ |
8,172 |
|
$ |
82,006 |
|
Data Recovery |
|
|
7,186 |
|
|
— |
|
|
7,186 |
|
|
|
8,653 |
|
|
— |
|
|
8,653 |
|
Total revenue |
|
$ |
65,338 |
|
$ |
14,834 |
|
$ |
80,172 |
|
|
$ |
82,487 |
|
$ |
8,172 |
|
$ |
90,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Obligations and Timing of Revenue Recognition The Company primarily sells services and products that fall into the categories discussed below. Each category contains one or more performance obligations that are either (1) capable of being distinct (i.e., the customer can benefit from the product or service on its own or together with readily available resources, including those purchased separately from us) and distinct within the context of the contract (i.e., separately identified from other promises in the contract) or (2) a series of distinct products or services that are substantially the same and have the same pattern of transfer to the customer. (1)Legal Technology, including Nebula and the Company's expansive suite of technology solutions, such as its end-to-end eDiscovery technology solutions, managed review solutions, collections, processing, analytics, hosting, production and professional services, and (2)Data Recovery solutions, which provides data restoration, data erasure and data management services. The Company generates the majority of its revenues by providing Legal Technology services to its clients. Most of the Company’s eDiscovery service contracts are time and materials types of arrangements. Time and materials arrangements are based on units of data stored or processed. Unit-based revenues are recognized as services are provided, based on either the amount of data stored or processed, the number of concurrent users accessing the information, or the number of pages or images processed for a client, at agreed upon per unit rates. We recognize revenues for these arrangements at a point in time utilizing a right-to-invoice practical expedient because we have a right to consideration for services completed to date. Certain other eDiscovery contracts are subscription-based, fixed-fee arrangements, which have tiered pricing based on the quantity of data hosted. For a fixed monthly fee, our clients receive a variety of optional eDiscovery services, which are included in addition to the data hosting. The Company recognizes revenues for these arrangements at a point in time based on predetermined monthly fees as determined in our contractual agreements, utilizing a right-to-invoice practical expedient because the Company has a right to consideration for services completed to date. Other eDiscovery agreements are time and material arrangements that require the client to pay us based on the number of hours worked at contractually agreed-upon rates. The Company recognizes revenues for these arrangements at a point in time based on hours incurred and contracted rates utilizing a right-to-invoice practical expedient because it has a contractual right to consideration for services completed to date. Data recovery services are mainly fixed fee arrangements requiring the client to pay a pre-established fee in exchange for the successful completion of a data recovery on a predetermined device. For the recovery services performed by the Company’s technicians, the revenue is recognized at a point in time, when the recovered data is sent to the customer. Data erasure services are fixed fee arrangements for which revenue is recognized at a point in time, when the certificate of erasure is sent to the customer. The Company offers term license subscriptions to Ontrack PowerControls software to customers with on-premises installations of the software pursuant to contracts that are historically one to four years in length. The term license subscriptions include maintenance and support, as well as access to future software upgrades and patches. The license and the additional support services are deemed to be one performance obligation, and thus revenue for these arrangements is recognized ratably over the term of the agreement.
|
| Net Loss per Common Share |
Net loss per common share Basic net loss per common share is determined by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is determined by dividing net loss by the weighted average number of common shares outstanding during the period, plus the dilutive effect of common stock equivalents, including stock options and restricted shares. Common stock and common stock equivalents included in the computation represent shares issuable upon assumed exercise of outstanding stock options and release of restricted shares, except when the effect of their inclusion would be antidilutive.
|
| Accounting Standards Not Yet Adopted |
Accounting standards not yet adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07). This ASU requires enhanced disclosures about significant segment expenses and other segment items and requires companies to disclose all annual disclosures about segments in interim periods. This ASU also requires public entities with a single reportable segment to provide all the disclosures required by the amendments in this ASU and all existing segment disclosures in Topic 280. The amendments in this ASU are intended to improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the amendments should be applied retrospectively to all periods presented. The Company is currently evaluating the impact of the new guidance on the Company's consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), to enhance the transparency and decision usefulness of income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. This ASU is effective for the Company for annual periods beginning after December 15, 2025. The Company does not expect ASU 2023-09 to have a material impact on the Company’s consolidated financial statements.
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- DefinitionDisclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Topic 310
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-Topic 606
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-Section 50
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v3.24.1.u1
Organization, Business and Summary of Significant Accounting Policies (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Organization Consolidation And Presentation Of Financial Statements [Abstract] |
|
| Schedule of Accounts Receivable, Allowance for Credit Loss |
A rollforward of the allowance for credit losses is presented below (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2024 |
|
|
Three Months Ended March 31, 2023 |
|
Beginning balance |
|
$ |
3,642 |
|
|
$ |
5,403 |
|
Provision for credit losses |
|
|
1,110 |
|
|
|
797 |
|
Write-offs, net of recoveries (1) |
|
|
(1,721 |
) |
|
|
(1,953 |
) |
Ending balance |
|
|
3,031 |
|
|
|
4,247 |
|
_______________________ (1)Recoveries were not material for the periods presented. As such, the Company presented write-offs, net of recoveries.
|
| Estimated Useful Lives of Assets |
Depreciation is calculated using the straight-line method over the following estimated useful lives of the assets:
|
|
|
Computer software and hardware |
|
3 to 5 years |
Leasehold improvements |
|
Shorter of lease term or useful life |
Furniture, fixtures and other equipment |
|
3 to 5 years |
|
| Summary of Revenue from Contracts with Customers |
The following table summarizes revenue from contracts with customers for the three months ended March 31, 2024 and 2023 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 Q1 |
|
|
2023 Q1 |
|
|
|
Technology Solutions |
|
Nebula |
|
Consolidated |
|
|
Technology Solutions |
|
Nebula |
|
Consolidated |
|
Legal Technology |
|
$ |
58,152 |
|
$ |
14,834 |
|
$ |
72,986 |
|
|
$ |
73,834 |
|
$ |
8,172 |
|
$ |
82,006 |
|
Data Recovery |
|
|
7,186 |
|
|
— |
|
|
7,186 |
|
|
|
8,653 |
|
|
— |
|
|
8,653 |
|
Total revenue |
|
$ |
65,338 |
|
$ |
14,834 |
|
$ |
80,172 |
|
|
$ |
82,487 |
|
$ |
8,172 |
|
$ |
90,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Topic 606
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v3.24.1.u1
| X |
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-Topic 842
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v3.24.1.u1
Long Term Debt (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Long Term Debt [Abstract] |
|
| Summary of Components of Long-term Debt |
The following table summarizes the components of the Company’s long-term debt (in thousands):
|
|
|
|
|
|
|
|
|
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
Convertible Debenture notes due 2024 |
|
|
263,564 |
|
|
|
260,926 |
|
Amended 2021 Credit Agreement due 2026 (1) |
|
|
291,000 |
|
|
|
291,750 |
|
Revolving Credit Loans |
|
|
15,000 |
|
|
|
- |
|
Total debt |
|
|
569,564 |
|
|
|
552,676 |
|
Less: unamortized original issue discount |
|
|
(3,530 |
) |
|
|
(5,254 |
) |
Less: unamortized debt issuance costs |
|
|
(343 |
) |
|
|
(577 |
) |
Total debt, net |
|
|
565,691 |
|
|
|
546,845 |
|
Current portion of debt, net |
|
|
565,691 |
|
|
|
546,845 |
|
_______________________ (1)The Amended 2021 Credit Agreement matures on February 8, 2026, unless the Debentures are outstanding six months prior to the December 19, 2024 maturity date thereof, in which case the Amended 2021 Credit Agreement matures on June 19, 2024. As of March 31, 2024, the Company does not anticipate repaying the Convertible Debentures by June 19, 2024 and as such, the Term Loan debt of $291.0 million, the Convertible Debentures debt of $263.6 million and the Revolving Credit Loans debt of $15.0 million are included in the current portion of long-term debt.
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-Topic 470
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-Paragraph 69B
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-Subparagraph (SX 210.5-02.22)
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v3.24.1.u1
Equity Incentive Plan (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Schedule of Additional Information on Stock Option Grants And Vesting |
The following table summarizes additional information on stock option grants and vesting (in thousands):
|
|
|
|
|
|
|
|
|
|
|
2019 Plan |
|
|
|
Three Months Ended March 31, 2024 |
|
|
Three Months Ended March 31, 2023 |
|
Total fair value of options vested |
|
|
1,440 |
|
|
|
1,465 |
|
|
| Stock Based Compensation Expense Included In Condensed Consolidated Statements of Comprehensive Loss |
Stock-based compensation expense is included in the Company’s Condensed Consolidated Statements of Comprehensive Loss within the following line items (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2024 |
|
|
Three Months Ended March 31, 2023 |
|
Cost of revenues |
|
$ |
196 |
|
|
$ |
227 |
|
General and administrative |
|
|
388 |
|
|
|
443 |
|
Research and development |
|
|
87 |
|
|
|
76 |
|
Sales and marketing |
|
|
76 |
|
|
|
87 |
|
Total |
|
$ |
747 |
|
|
$ |
833 |
|
|
| Restricted Stock Units [Member] |
|
| Schedule of RSUs Activity Under 2019 Plan |
The following table summarizes the Company’s RSU activity for performance based RSUs awarded to employees and for time-based RSUs granted to non-employee directors under the 2019 Plan:
|
|
|
|
|
Description |
|
RSUs
Outstanding |
|
Outstanding at December 31, 2023 |
|
|
2,429,289 |
|
Granted |
|
|
— |
|
Vested - non-employee director awards |
|
|
(50,505 |
) |
Forfeited |
|
|
(1,737 |
) |
Expired |
|
|
— |
|
Outstanding at March 31, 2024 |
|
|
2,377,047 |
|
|
| 2019 Plan [Member] |
|
| Schedule of Stock Option Activity Under 2019 Plan |
The following table summarizes the Company’s stock option activity under the 2019 Plan:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Options
Outstanding |
|
|
Weighted
Average
Exercise
Price |
|
|
Weighted
Average
Remaining
Contractual
Term (Years) |
|
|
Aggregate
Intrinsic
Value (1) |
|
Options outstanding, December 31, 2023 |
|
|
6,529,092 |
|
|
$ |
6.88 |
|
|
|
6.9 |
|
|
$ |
— |
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Expired |
|
|
(63,032 |
) |
|
|
8.20 |
|
|
|
— |
|
|
|
— |
|
Options outstanding, March 31, 2024 |
|
|
6,466,060 |
|
|
$ |
6.86 |
|
|
|
6.9 |
|
|
$ |
— |
|
Options vested and exercisable, March 31, 2024 |
|
|
5,097,383 |
|
|
$ |
8.05 |
|
|
|
6.4 |
|
|
$ |
— |
|
Options vested and expected to vest, March 31, 2024 |
|
|
6,466,060 |
|
|
$ |
6.86 |
|
|
|
6.9 |
|
|
$ |
— |
|
_______________________________ (1)Aggregate intrinsic value (in thousands) represents the difference between the estimated fair value of the underlying Common Stock and the exercise price of outstanding in-the-money options.
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v3.24.1.u1
Organization, Business and Summary of Significant Accounting Policies - Additional Information (Detail)
|
|
3 Months Ended |
|
|
|
|
Oct. 01, 2021
ReportingUnit
|
Mar. 31, 2024
USD ($)
Datacenter
Country
Location
Lab
Customer
Segment
$ / shares
|
Mar. 31, 2023
USD ($)
Customer
|
Mar. 31, 2022
USD ($)
|
Dec. 31, 2023
USD ($)
$ / shares
|
Mar. 03, 2023
USD ($)
|
Dec. 19, 2019
USD ($)
|
| Organization Business And Summary Of Significant Accounting Policies [Line Items] |
|
|
|
|
|
|
|
|
| Number of countries | Country |
|
|
17
|
|
|
|
|
|
| Number of data centers | Datacenter |
|
|
9
|
|
|
|
|
|
| Number of data recovery labs | Lab |
|
|
13
|
|
|
|
|
|
| Date of incorporation |
|
|
Aug. 02, 2018
|
|
|
|
|
|
| Debt amount, balance due |
|
|
$ 569,564,000
|
|
|
$ 552,676,000
|
|
|
| Debt balance amount |
|
|
565,691,000
|
|
|
$ 546,845,000
|
|
|
| Cash balance |
|
|
18,400,000
|
|
|
|
|
|
| Amortization of capitalized implementation costs |
|
|
$ 500,000
|
$ 500,000
|
|
|
|
|
| Common stock, par value | $ / shares |
|
|
$ 0.0001
|
|
|
$ 0.0001
|
|
|
| Number of business segment | Segment |
|
|
1
|
|
|
|
|
|
| Revenues |
|
|
$ 80,172,000
|
90,659,000
|
$ 80,172,000
|
|
|
|
| Depreciation expense |
|
|
2,700,000
|
2,300,000
|
|
|
|
|
| Amortization expense |
|
|
3,300,000
|
3,900,000
|
|
|
|
|
| Number of reporting unit | ReportingUnit |
|
1
|
|
|
|
|
|
|
| Revolving Credit Facility [Member] |
|
|
|
|
|
|
|
|
| Organization Business And Summary Of Significant Accounting Policies [Line Items] |
|
|
|
|
|
|
|
|
| Debt amount, balance due |
|
|
15,000,000
|
|
|
|
|
|
| Amended 2021 Credit Agreement [Member] |
|
|
|
|
|
|
|
|
| Organization Business And Summary Of Significant Accounting Policies [Line Items] |
|
|
|
|
|
|
|
|
| Debt principal amount |
|
|
|
|
|
|
$ 300,000,000
|
|
| Line of credit |
|
|
15,000,000
|
|
|
|
|
|
| Debt amount, balance due |
|
|
291,000,000
|
|
|
|
|
|
| Delayed draw term loans |
|
|
0
|
|
|
|
50,000,000
|
|
| Amended 2021 Credit Agreement [Member] | Revolving Credit Facility [Member] |
|
|
|
|
|
|
|
|
| Organization Business And Summary Of Significant Accounting Policies [Line Items] |
|
|
|
|
|
|
|
|
| Line of credit |
|
|
|
|
|
|
40,000,000
|
|
| Amended 2021 Credit Agreement [Member] | Letter of Credit [Member] |
|
|
|
|
|
|
|
|
| Organization Business And Summary Of Significant Accounting Policies [Line Items] |
|
|
|
|
|
|
|
|
| Line of credit |
|
|
600,000
|
|
|
|
$ 10,000,000
|
|
| Convertible Debentures Due 2024 [Member] |
|
|
|
|
|
|
|
|
| Organization Business And Summary Of Significant Accounting Policies [Line Items] |
|
|
|
|
|
|
|
|
| Debt principal amount |
|
|
|
|
|
|
|
$ 200,000,000
|
| Debt amount, balance due |
|
|
263,564,000
|
|
|
$ 260,926,000
|
|
|
| Amended 2021 Credit Agreement Due 2026 |
|
|
|
|
|
|
|
|
| Organization Business And Summary Of Significant Accounting Policies [Line Items] |
|
|
|
|
|
|
|
|
| Debt amount, balance due |
[1] |
|
291,000,000
|
|
|
291,750,000
|
|
|
| Cost of Revenues [Member] |
|
|
|
|
|
|
|
|
| Organization Business And Summary Of Significant Accounting Policies [Line Items] |
|
|
|
|
|
|
|
|
| Amortization expense |
|
|
1,600,000
|
400,000
|
|
|
|
|
| Current Portion of Long Term Debt [Member] | Revolving Credit Facility [Member] |
|
|
|
|
|
|
|
|
| Organization Business And Summary Of Significant Accounting Policies [Line Items] |
|
|
|
|
|
|
|
|
| Debt amount, balance due |
|
|
15,000,000
|
|
|
|
|
|
| Current Portion of Long Term Debt [Member] | Convertible Debentures Due 2024 [Member] |
|
|
|
|
|
|
|
|
| Organization Business And Summary Of Significant Accounting Policies [Line Items] |
|
|
|
|
|
|
|
|
| Debt amount, balance due |
|
|
263,600,000
|
|
|
|
|
|
| Current Portion of Long Term Debt [Member] | Amended 2021 Credit Agreement Due 2026 |
|
|
|
|
|
|
|
|
| Organization Business And Summary Of Significant Accounting Policies [Line Items] |
|
|
|
|
|
|
|
|
| Debt amount, balance due |
|
|
291,000,000
|
|
|
|
|
|
| Current Portion of Long Term Debt [Member] | Convertible debentures [Member] |
|
|
|
|
|
|
|
|
| Organization Business And Summary Of Significant Accounting Policies [Line Items] |
|
|
|
|
|
|
|
|
| Debt amount, balance due |
|
|
263,600,000
|
|
|
|
|
|
| Prepaid Expense [Member] |
|
|
|
|
|
|
|
|
| Organization Business And Summary Of Significant Accounting Policies [Line Items] |
|
|
|
|
|
|
|
|
| Capitalized implementation costs |
|
|
2,500,000
|
|
|
1,800,000
|
|
|
| Other Assets [Member] |
|
|
|
|
|
|
|
|
| Organization Business And Summary Of Significant Accounting Policies [Line Items] |
|
|
|
|
|
|
|
|
| Capitalized implementation costs |
|
|
4,900,000
|
|
|
5,500,000
|
|
|
| Internal-Use Software Development [Member] |
|
|
|
|
|
|
|
|
| Organization Business And Summary Of Significant Accounting Policies [Line Items] |
|
|
|
|
|
|
|
|
| Capitalized software costs |
|
|
0
|
|
|
18,100,000
|
|
|
| UK and Germany [Member] |
|
|
|
|
|
|
|
|
| Organization Business And Summary Of Significant Accounting Policies [Line Items] |
|
|
|
|
|
|
|
|
| Revenues |
|
|
12,900,000
|
$ 12,600,000
|
|
|
|
|
| Long-lived assets |
|
|
$ 26,400,000
|
|
|
$ 27,000,000
|
|
|
| Consolidated Revenues [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
|
|
| Organization Business And Summary Of Significant Accounting Policies [Line Items] |
|
|
|
|
|
|
|
|
| Number of customers representing more than 5% of consolidated revenues or accounts receivable | Customer |
|
|
0
|
0
|
|
|
|
|
| Accounts Receivable [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
|
|
| Organization Business And Summary Of Significant Accounting Policies [Line Items] |
|
|
|
|
|
|
|
|
| Number of customers representing more than 5% of consolidated revenues or accounts receivable | Customer |
|
|
0
|
0
|
|
|
|
|
| Minimum [Member] |
|
|
|
|
|
|
|
|
| Organization Business And Summary Of Significant Accounting Policies [Line Items] |
|
|
|
|
|
|
|
|
| Number of locations | Location |
|
|
26
|
|
|
|
|
|
| Minimum [Member] | Internal-Use Software Development [Member] |
|
|
|
|
|
|
|
|
| Organization Business And Summary Of Significant Accounting Policies [Line Items] |
|
|
|
|
|
|
|
|
| Estimated useful life |
|
|
3 years
|
|
|
|
|
|
| Maximum [Member] | Internal-Use Software Development [Member] |
|
|
|
|
|
|
|
|
| Organization Business And Summary Of Significant Accounting Policies [Line Items] |
|
|
|
|
|
|
|
|
| Estimated useful life |
|
|
5 years
|
|
|
|
|
|
|
|
| X |
- DefinitionDate when an entity was incorporated
| Name: |
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| Data Type: |
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| Period Type: |
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|
| X |
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
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-URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
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-Topic 985
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-Topic 852
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-Topic 946
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
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-Section S99
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 210
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-Topic 210
-SubTopic 10
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-Topic 942
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Topic 470
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.1.u1
Organization, business and summary of significant accounting policies - Schedule of Accounts Receivable, Allowance for Credit Loss (Details) - USD ($)
$ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
| Receivables [Abstract] |
|
|
|
| Beginning Balance |
|
$ 3,642
|
$ 5,403
|
| Provision for credit losses |
|
1,110
|
797
|
| Write-offs, net of recoveries |
[1] |
(1,721)
|
(1,953)
|
| Ending Balance |
|
$ 3,031
|
$ 4,247
|
|
|
| X |
- DefinitionAmount of allowance for credit loss on accounts receivable. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.1.u1
Organization, Business and Summary of Significant Accounting Policies - Summary of Revenue from Contracts with Customers (Detail) - USD ($)
$ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2022 |
| Disaggregation Of Revenue [Line Items] |
|
|
|
| Revenues |
$ 80,172
|
$ 90,659
|
$ 80,172
|
| Technology Solutions |
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
| Revenues |
|
82,487
|
65,338
|
| Nebula |
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
| Revenues |
|
8,172
|
14,834
|
| Legal Technology |
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
| Revenues |
|
82,006
|
72,986
|
| Legal Technology | Technology Solutions |
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
| Revenues |
|
73,834
|
58,152
|
| Legal Technology | Nebula |
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
| Revenues |
|
8,172
|
14,834
|
| Data Recovery |
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
| Revenues |
|
8,653
|
7,186
|
| Data Recovery | Technology Solutions |
|
|
|
| Disaggregation Of Revenue [Line Items] |
|
|
|
| Revenues |
|
$ 8,653
|
$ 7,186
|
| X |
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-Topic 606
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-Paragraph 5
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-Topic 606
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-Topic 606
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v3.24.1.u1
Long Term Debt - Summary of Components of Long-term Debt (Detail) - USD ($)
$ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
| Debt Instrument [Line Items] |
|
|
|
| Term loan debt |
|
$ 569,564
|
$ 552,676
|
| Less: unamortized original issue discount |
|
(3,530)
|
(5,254)
|
| Less: unamortized debt issuance costs |
|
(343)
|
(577)
|
| Total debt, net |
|
565,691
|
546,845
|
| Current portion of debt |
|
565,691
|
546,845
|
| Total current portion of debt, net |
|
565,691
|
546,845
|
| Revolving Credit Facility [Member] |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Term loan debt |
|
15,000
|
|
| Convertible Debenture Notes Due 2024 |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Term loan debt |
|
263,564
|
260,926
|
| Amended 2021 Credit Agreement Due 2026 |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Term loan debt |
[1] |
$ 291,000
|
$ 291,750
|
|
|
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v3.24.1.u1
Long term debt - Summary of Components of Long-term Debt (Parenthetical) (Detail) - USD ($)
$ in Thousands |
3 Months Ended |
|
Mar. 31, 2024 |
Dec. 31, 2023 |
| Debt Instrument [Line Items] |
|
|
|
| Term loan debt |
|
$ 569,564
|
$ 552,676
|
| Debt instrument, maturity description |
|
The Amended 2021 Credit Agreement matures on February 8, 2026, unless the Debentures are outstanding six months prior to the December 19, 2024 maturity date thereof, in which case the Amended 2021 Credit Agreement matures on June 19, 2024. As of March 31, 2024, the Company does not anticipate repaying the Convertible Debentures by June 19, 2024 and as such, the Term Loan debt of $291.0 million, the Convertible Debentures debt of $263.6 million and the Revolving Credit Loans debt of $15.0 million are included in the current portion of long-term debt.
|
|
| Revolving Credit Facility [Member] |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Term loan debt |
|
$ 15,000
|
|
| Revolving Credit Facility [Member] | Current Portion of Long Term Debt [Member] |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Term loan debt |
|
15,000
|
|
| Amended 2021 Credit Agreement Due 2026 |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Term loan debt |
[1] |
291,000
|
$ 291,750
|
| Amended 2021 Credit Agreement Due 2026 | Current Portion of Long Term Debt [Member] |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Term loan debt |
|
291,000
|
|
| Convertible Debentures [Member] | Current Portion of Long Term Debt [Member] |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Term loan debt |
|
$ 263,600
|
|
|
|
| X |
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.1.u1
Long Term Debt - Additional Information (Detail) - USD ($)
|
|
|
3 Months Ended |
|
Mar. 03, 2023 |
Dec. 19, 2019 |
Mar. 31, 2024 |
Dec. 31, 2023 |
| Debt Instrument [Line Items] |
|
|
|
|
| Debt instrument, maturity description |
|
|
The Amended 2021 Credit Agreement matures on February 8, 2026, unless the Debentures are outstanding six months prior to the December 19, 2024 maturity date thereof, in which case the Amended 2021 Credit Agreement matures on June 19, 2024. As of March 31, 2024, the Company does not anticipate repaying the Convertible Debentures by June 19, 2024 and as such, the Term Loan debt of $291.0 million, the Convertible Debentures debt of $263.6 million and the Revolving Credit Loans debt of $15.0 million are included in the current portion of long-term debt.
|
|
| Debt amount, balance due |
|
|
$ 569,564,000
|
$ 552,676,000
|
| Convertible Debentures Due 2024 [Member] |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Debt principal amount |
|
$ 200,000,000
|
|
|
| Term loan maturity date |
|
Dec. 19, 2024
|
|
|
| Debt amount, balance due |
|
|
$ 263,564,000
|
$ 260,926,000
|
| Debt interest rate in cash |
|
4.00%
|
|
|
| Debt interest rate in kind |
|
4.00%
|
|
|
| Debt periodic payment |
|
|
bear interest at an annual rate of 4.00% in cash, payable quarterly, and 4.00% in kind, accrued quarterly, on the last business day of March, June, September and December.
|
|
| Percentage of amount will add to principal amount |
|
|
3.00%
|
|
| Principal amount of debt redeemed |
|
100.00%
|
|
|
| Debt conversion price per share |
|
$ 18
|
|
|
| Percentage of principal amount paid in event of default |
|
|
25.00%
|
|
| Term Loans and Delayed Draw Term Loans [Member] |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Floor interest rate |
1.00%
|
|
|
|
| Interest Rate Percentage |
|
|
5.30942%
|
|
| Term loan balance due |
|
|
$ 291,000,000
|
|
| SOFR [Member] | Term Loans and Delayed Draw Term Loans [Member] |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Loan variable interest rate |
|
|
6.60%
|
|
| Revolving Credit Facility [Member] |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Debt amount, balance due |
|
|
$ 15,000,000
|
|
| Amended 2021 Credit Agreement [Member] |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Debt principal amount |
$ 300,000,000
|
|
|
|
| Delayed draw term loans |
$ 50,000,000
|
|
0
|
|
| Revolving credit loans |
|
|
$ 15,000,000
|
|
| Debt instrument, maturity description |
|
|
The Initial Term Loans and Revolving Credit Loans are each scheduled to mature on February 8, 2026, unless the Convertible Debentures are outstanding six months prior to the December 19, 2024 maturity date thereof, in which case the Amended 2021 Credit Agreement matures on June 19, 2024. The Initial Term Loans may be voluntarily repaid at any time, but may be subject to a prepayment premium. The Initial Term Loans are required to be repaid under certain circumstances, including with Excess Cash Flow (as defined in the Amended 2021 Credit Agreement), the proceeds of an Asset Sale or Casualty Event (each as defined in the Amended 2021 Credit Agreement) and the proceeds of certain refinancing indebtedness.
|
|
| Debt amount, balance due |
|
|
$ 291,000,000
|
|
| Amended 2021 Credit Agreement [Member] | Maximum [Member] |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Debt instrument, net leverage ratio |
7
|
|
|
|
| Amended 2021 Credit Agreement [Member] | Minimum [Member] |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Debt instrument, net leverage ratio |
1
|
|
|
|
| Amended 2021 Credit Agreement [Member] | Term Loans and Delayed Draw Term Loans [Member] |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Loans amortize rate |
1.00%
|
|
|
|
| Quarterly installment |
$ 800,000
|
|
|
|
| Amended 2021 Credit Agreement [Member] | Adjusted SOFR Rate [Member] | Term Loans and Delayed Draw Term Loans [Member] |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Loan variable interest rate |
6.50%
|
|
|
|
| Amended 2021 Credit Agreement [Member] | SOFR [Member] |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Loan variable interest rate |
0.10%
|
|
|
|
| Amended 2021 Credit Agreement [Member] | SOFR [Member] | Term Loans and Delayed Draw Term Loans [Member] |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Loan variable interest rate |
0.10%
|
|
|
|
| Amended 2021 Credit Agreement [Member] | Base Rate [Member] | Term Loans and Delayed Draw Term Loans [Member] |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Loan variable interest rate |
5.50%
|
|
|
|
| Amended 2021 Credit Agreement [Member] | Revolving Credit Facility [Member] |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Revolving credit loans |
$ 40,000,000
|
|
|
|
| Revolving Credit Loans |
|
|
$ 15,000,000
|
|
| Interest Rate Percentage |
|
|
9.42152%
|
|
| Revolving Credit Loans |
|
|
$ 15,000,000
|
|
| Amended 2021 Credit Agreement [Member] | Revolving Credit Facility [Member] | Adjusted SOFR Rate [Member] |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Loan variable interest rate |
4.00%
|
|
|
|
| Amended 2021 Credit Agreement [Member] | Revolving Credit Facility [Member] | Base Rate [Member] |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Loan variable interest rate |
3.00%
|
|
|
|
| Amended 2021 Credit Agreement [Member] | Letter of Credit [Member] |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Revolving credit loans |
$ 10,000,000
|
|
600,000
|
|
| Amended 2021 Credit Agreement [Member] | Revolving Credit Loans [Member] |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Revolving credit loans |
$ 40,000,000
|
|
|
|
| Available borrowing capacity |
|
|
$ 24,400,000
|
|
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-Section S99
-Paragraph 1
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-Section S99
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 4
-Subparagraph (b)(1)
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-Section 50
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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v3.24.1.u1
Equity Incentive Plan - Additional Information (Detail)
$ in Thousands |
1 Months Ended |
3 Months Ended |
|
Apr. 30, 2024
shares
|
Apr. 30, 2023
shares
|
Mar. 31, 2024
USD ($)
Installment
shares
|
Mar. 31, 2023
USD ($)
Installment
shares
|
Mar. 31, 2022
Installment
shares
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
|
|
|
|
| Stock-based compensation | $ |
|
|
$ 747
|
$ 833
|
|
| Nebula |
|
|
|
|
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
|
|
|
|
| Stock-based compensation | $ |
|
|
$ 400
|
$ 200
|
|
| Performance Based Restricted Stock Option [Member] |
|
|
|
|
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
|
|
|
|
| Granted |
|
|
|
369,056
|
463,000
|
| Performance Based Restricted Stock Option [Member] | Annual Consolidated Revenue [Member] |
|
|
|
|
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
|
|
|
|
| Vesting maximum number of annual installments | Installment |
|
|
|
3
|
|
| Share based compensation arrangement by share based payment award vest based on achievement |
|
|
|
50.00%
|
50.00%
|
| Performance Based Restricted Stock Option [Member] | Nebula |
|
|
|
|
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
|
|
|
|
| Vesting maximum number of annual installments | Installment |
|
|
|
|
3
|
| Share based compensation arrangement by share based payment award achievement period |
|
|
3 years
|
|
|
| Share based compensation arrangement by share based payment award vest based on achievement |
|
|
|
50.00%
|
50.00%
|
| Restricted Stock Units [Member] |
|
|
|
|
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
|
|
|
|
| Vesting maximum number of annual installments | Installment |
|
|
3
|
|
|
| Time-Based Restricted Stock Units [Member] | Non Employee Director [Member] |
|
|
|
|
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
|
|
|
|
| Stock-based compensation | $ |
|
|
$ 200
|
$ 200
|
|
| Options granted |
|
|
0
|
151,515
|
|
| Time-Based Restricted Stock Units [Member] | Maximum [Member] | Non Employee Director [Member] |
|
|
|
|
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
|
|
|
|
| Vesting period |
|
|
3 years
|
|
|
| Time-Based Restricted Stock Units [Member] | Minimum [Member] | Non Employee Director [Member] |
|
|
|
|
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
|
|
|
|
| Vesting period |
|
|
1 year
|
|
|
| 2019 Plan [Member] |
|
|
|
|
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
|
|
|
|
| Percentage of share increase |
|
|
5.00%
|
|
|
| Shares increases in period |
2,154,313
|
2,416,007
|
|
|
|
| Common stock options authorized under plan |
|
|
14,176,685
|
|
|
| Common stock options available for issuance |
|
|
2,771,329
|
|
|
| 2019 Plan [Member] | Time Based Vesting Stock Option [Member] |
|
|
|
|
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
|
|
|
|
| Vesting period |
|
|
3 years
|
|
|
| Stock-based compensation | $ |
|
|
$ 700
|
$ 800
|
|
| Unrecognized stock-based compensation expense | $ |
|
|
$ 1,400
|
$ 2,400
|
|
| Unrecognized stock-based compensation expense, period |
|
|
4 years 1 month 6 days
|
1 year 8 months 12 days
|
|
| Stock Options |
|
|
0
|
0
|
|
| 2019 Plan [Member] | Time Based Vesting Stock Option [Member] | Maximum [Member] |
|
|
|
|
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
|
|
|
|
| Expiration period |
|
|
10 years
|
|
|
| 2019 Plan [Member] | Restricted Stock Units [Member] |
|
|
|
|
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
|
|
|
|
| Granted |
|
|
0
|
|
|
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us-gaap_AwardTypeAxis=kldi_TimeBasedVestingStockOptionMember |
| Namespace Prefix: |
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| Balance Type: |
|
| Period Type: |
|
|
v3.24.1.u1
Equity Incentive Plan - Schedule of Stock Option Activity Under 2019 Plan (Detail) - 2019 Plan [Member] - $ / shares
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2024 |
Dec. 31, 2023 |
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
|
| Options outstanding, beginning balance |
6,529,092
|
|
| Options forfeited |
0
|
|
| Options expired |
(63,032)
|
|
| Options outstanding, ending balance |
6,466,060
|
6,529,092
|
| Options vested and exercisable |
5,097,383
|
|
| Options vested and expected to vest |
6,466,060
|
|
| Weighted average exercise price, beginning balance |
$ 6.88
|
|
| Weighted average exercise price, forfeited |
0
|
|
| Weighted average exercise price, expired |
8.2
|
|
| Weighted average exercise price, ending balance |
6.86
|
$ 6.88
|
| Weighted average exercise price, vested and exercisable |
8.05
|
|
| Weighted average exercise price, vested and expected to vest |
$ 6.86
|
|
| Weighted average remaining contractual term, balance |
6 years 10 months 24 days
|
6 years 10 months 24 days
|
| Options vested and exercisable, March 31, 2024 |
6 years 4 months 24 days
|
|
| Options vested and expected to vest, March 31, 2024 |
6 years 10 months 24 days
|
|
| X |
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v3.24.1.u1
Equity - Additional Information (Detail) - USD ($)
|
3 Months Ended |
|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
| Class Of Stock [Line Items] |
|
|
|
| Common stock, shares authorized |
200,000,000
|
|
200,000,000
|
| Common stock, par value |
$ 0.0001
|
|
$ 0.0001
|
| Preferred stock, shares authorized |
1,000,000
|
|
1,000,000
|
| Preferred Stock, per share |
$ 0.0001
|
|
$ 0.0001
|
| Common stock, voting rights |
one vote for each share
|
|
|
| Common stock, shares issued |
0
|
0
|
|
| Pivotal Acquisition Corp. [Member] |
|
|
|
| Class Of Stock [Line Items] |
|
|
|
| Description of warrants |
Each warrant entitles the holder to purchase one share of Common Stock for $11.50 per share. If exercised by the initial purchaser of the Private Warrant or certain permitted transferees, the purchase can occur on a cashless basis. The Warrants will expire on December 19, 2024 or earlier upon redemption or liquidation.
|
|
|
| Exercise price |
$ 11.50
|
|
|
| Warrants expiration date |
Dec. 19, 2024
|
|
|
| Sale price of common stock |
$ 18.00
|
|
|
| Number of business days |
3 days
|
|
|
| Pivotal Acquisition Corp. [Member] | Minimum [Member] |
|
|
|
| Class Of Stock [Line Items] |
|
|
|
| Number of trading days |
20 days
|
|
|
| Pivotal Acquisition Corp. [Member] | Maximum [Member] |
|
|
|
| Class Of Stock [Line Items] |
|
|
|
| Number of trading days |
30 days
|
|
|
| Pivotal Acquisition Corp. [Member] | Common Stock [Member] |
|
|
|
| Class Of Stock [Line Items] |
|
|
|
| Number of securities eligible for each warrant |
1
|
|
|
| Pivotal Acquisition Holdings LLC [Member] |
|
|
|
| Class Of Stock [Line Items] |
|
|
|
| Recapitalization transaction (in shares) |
550,000
|
|
|
| Number of consecutive trading days |
20 days
|
|
|
| Reverse merger transaction, sale of common stock description |
On December 19, 2019, in connection with the consummation of the Business Combination, 550,000 shares of common stock held by Pivotal Acquisition Holdings LLC were subjected to an additional lockup that will be released only if the last reported sale price of the common stock equals or exceeds $15.00 for a period of 20 consecutive trading days during the five-year period following the Closing Date. If the last reported sale price of common stock does not equal or exceed $15.00 within five years from the Closing Date, such shares will be forfeited to the Company for no consideration. These shares are reported as outstanding in the Company’s financial statements and continue to be subject to the additional lockup as of March 31, 2024.
|
|
|
| Closing stock price period |
5 years
|
|
|
| Forfeited amount |
$ 0
|
|
|
| Pivotal Acquisition Holdings LLC [Member] | Minimum [Member] |
|
|
|
| Class Of Stock [Line Items] |
|
|
|
| Closing sale price of company's common stock |
$ 15.00
|
|
|
| Pivotal Acquisition Holdings LLC [Member] | Maximum [Member] |
|
|
|
| Class Of Stock [Line Items] |
|
|
|
| Closing sale price of company's common stock |
$ 15.00
|
|
|
| Public Warrants [Member] | Pivotal Acquisition Corp. [Member] |
|
|
|
| Class Of Stock [Line Items] |
|
|
|
| Warrants outstanding |
23,000,000
|
|
|
| Exercise price |
$ 0.01
|
|
|
| Public Warrants [Member] | Pivotal Acquisition Corp. [Member] | Maximum [Member] |
|
|
|
| Class Of Stock [Line Items] |
|
|
|
| Minimum prior written notice period |
30 days
|
|
|
| Private Warrants [Member] | Pivotal Acquisition Corp. [Member] |
|
|
|
| Class Of Stock [Line Items] |
|
|
|
| Warrants outstanding |
6,350,000
|
|
|
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