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Press Release: Unity Announces Fourth Quarter and -4-

· 02/04/2021 16:05
--------- --------- Total current liabilities 503,222 336,528 Long-term deferred revenue 20,523 10,596 Long-term operating lease liabilities 98,532 -- Other long-term liabilities 11,805 21,825 --------- --------- Total liabilities 634,082 368,949 Commitments and contingencies Stockholders' equity: Convertible preferred stock, $0.000005 par value; no shares authorized, issued, and outstanding as of December 31, 2020; 102,674 shares authorized, and 95,899 shares issued and outstanding as of December 31, 2019 -- 686,559 Preferred stock, $0.000005 par value; 100,000 shares authorized, and no shares issued and outstanding as of December 31, 2020; no shares authorized, issued, and outstanding as of December 31, 2019 -- -- Common stock, $0.000005 par value; 1,000,000 and 300,000 shares authorized as of December 31, 2020 and 2019, respectively; 273,537 and 123,261 shares issued and outstanding as of December 31, 2020 and 2019, respectively 2 1 Additional paid-in capital 2,838,057 226,173 Accumulated other comprehensive loss (3,418) (3,632) Accumulated deficit (797,498) (515,190) --------- --------- Total stockholders' equity 2,037,143 393,911 --------- --------- Total liabilities and stockholders' equity $ 2,671,225 $ 762,860 ========= ========= UNITY SOFTWARE INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except per share amounts) (Unaudited) Three Months Ended Year Ended December 31, December 31, -------------------- ------------------------ 2020 2019 2020 2019 --------- --------- ---------- ------------ Revenue $220,336 $158,071 $ 772,445 $ 541,779 Cost of revenue 52,507 29,995 172,347 118,597 ------- ------- -------- -------- Gross profit 167,829 128,076 600,098 423,182 ------- ------- -------- -------- Operating expenses Research and development 120,008 73,096 403,515 255,928 Sales and marketing 68,677 48,813 216,416 174,135 General and administrative 59,991 54,747 254,979 143,788 ------- ------- -------- -------- Total operating expenses 248,676 176,656 874,910 573,851 ------- ------- -------- -------- Loss from operations (80,847) (48,580) (274,812) (150,669) Interest expense (117) -- (1,520) -- Interest income and other expense, net (3,056) (79) (3,885) (2,573) ------- ------- -------- -------- Loss before provision for income taxes (84,020) (48,659) (280,217) (153,242) Provision for income taxes (518) 1,920 2,091 9,948 ------- ------- -------- -------- Net loss (83,502) (50,579) (282,308) (163,190) Other comprehensive income (loss), net of taxes: Change in foreign currency translation adjustment 29 136 161 (155) Change in unrealized gains (losses) on investments 53 -- 53 -- ------- ------- -------- -------- Comprehensive loss $(83,420) $(50,443) $(282,094) $(163,345) ======= ======= ======== ======== Basic and diluted net loss per share: Net loss per share attributable to our common stockholders, basic and diluted $ (0.31) $ (0.97) $ (1.66) $ (2.39) ======= ======= ======== ======== Weighted-average shares used in per share calculation attributable to our common stockholders, basic and diluted 272,134 122,363 169,973 114,442 ======= ======= ======== ======== UNITY SOFTWARE INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Three Months Ended December 31, Year Ended December 31, -------------------------- ------------------------- 2020 2019 2020 2019 -------------- ---------- ----------- ------------ Operating activities Net loss $ (83,502) $ (50,579) $ (282,308) $(163,190) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 11,690 9,816 42,974 31,113 Common stock charitable donation expense -- -- 63,615 -- Stock-based compensation expense 51,102 7,082 134,554 30,959 Stock-based compensation expense in connection with modified awards for certain employees 67 13,521 75 13,521 Other 1,728 (24) 3,246 133 Changes in assets and liabilities, net of effects of acquisitions: Accounts receivable, net (48,576) (41,398) (63,294) (49,420) Prepaid expenses (5,958) 366 (9,131) (9,269) Other current assets (2,902) 2,084 (12,985) 4,457 Operating lease right-of-use assets 5,665 -- 23,923 -- Deferred tax, net (1,922) 2,996 (213) (4,466) Other assets (1,724) (2,524) (1,867) (7,657) Accounts payable 1,632 (414) (2,526) 473 Accrued expenses and other current liabilities 21,935 9,695 41,618 12,432 Publisher payables 31,126 33,143 44,605 20,174 Income and other taxes payable 21,763 (2,752) 19,525 13,166 Operating lease liabilities (2,724) -- (20,204) -- Other long-term liabilities (4,449) 1,839 898 8,587 Deferred revenue 19,814 18,041 37,408 31,051 --------- -------- --------- -------- Net cash provided by (used in) operating activities 14,765 892 19,913 (67,936) --------- -------- --------- -------- Investing activities Purchases of marketable securities (482,453) -- (482,453) -- Proceeds from principal repayments on marketable securities 1,644 -- 1,644 -- Purchase of non-marketable investments (1,000) -- (1,000) -- Purchase of property and equipment (11,200) (10,593) (40,156) (27,035) Acquisition of intangible assets -- -- (750) -- Business acquisitions, net of cash acquired (17,507) (38,475) (52,475) (192,506) --------- -------- --------- -------- Net cash used in investing activities (510,516) (49,068) (575,190) (219,541) --------- -------- --------- -------- Financing activities Proceeds from revolving credit facility -- -- 125,000 -- Payment of principal related to revolving credit facility -- -- (125,000) -- Payment of debt issuance costs -- (370) (247) (370) Proceeds from initial public offering, net of underwriting discounts, commissions, and offering costs (2,563) -- 1,417,582 -- Proceeds from issuance of convertible preferred stock, net of issuance costs -- -- 149,970 124,918 Proceeds from issuance of common stock -- 104,318 100,000 460,200 Repurchase and extinguishment of convertible preferred

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February 04, 2021 16:05 ET (21:05 GMT)