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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 001-39725
Maravai LifeSciences Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware873185-2786970
(State or other jurisdiction of incorporation or organization)(Primary Standard Industrial
Classification Code Number)
(I.R.S. Employer Identification No.)
______________________________
10770 Wateridge Circle Suite 200
San Diego, California 92121
(Address of principal executive offices)
Registrant’s telephone number, including area code: (858) 546-0004
______________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, $0.01 par valueMRVIThe Nasdaq Stock Market LLC
Securities registered pursuant to section 12(g) of the Act: None
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  x    No  o
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” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
o
Accelerated filer
o
Non-accelerated filerýSmaller reporting company
o
Emerging growth companyý
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. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     Yes    No  x
As of August 6, 2021, 114,351,371 shares of the registrant’s Class A common stock were outstanding and 143,308,170 shares of the registrant’s Class B common stock were outstanding.
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SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENT
This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. All statements other than statements of historical fact included in this report are forward-looking statements. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including:
our history of losses, the risk that we may continue to incur losses in the future and our ability to generate sufficient revenue to achieve or maintain profitability;
the fluctuation of our operating results, which makes our future operating results difficult to predict and could cause our operating results to fall below expectations or any guidance we may provide;
our dependence on a limited number of customers for a high percentage of our revenue;
the use of certain of our products in the production of vaccines and therapies that represent relatively new and still-developing modes of treatment, which may experience unforeseen adverse events, negative clinical outcomes or increased regulatory scrutiny;
the impact of COVID-19 and any pandemic, epidemic or outbreak of infectious disease;
changes in economic conditions;
our dependence on customers’ spending on and demand for outsourced nucleic acid production, biologics safety testing and protein detection research products and services;
competition with life science, pharmaceutical and biotechnology companies who are substantially larger than we are and potentially capable of developing new approaches that could make our products, services and technologies obsolete;
the ability of our products and services to perform as expected and the reliability of the technology on which our products and services are based;
the complexity of our products and the fact that they are subject to quality control requirements;
our reliance on a limited number of suppliers or, in some cases, sole suppliers, for some of our raw materials and our inability to find replacements or immediately transition to alternative suppliers;
our dependence on a stable and adequate supply of quality raw materials from our suppliers, and the risk of adverse impacts from price increases or interruptions of such supply;
disruptions at our sites;
our ability to manufacture in specific quantities;
natural disasters, geopolitical unrest, war, terrorism, public health issues such as COVID-19 or other catastrophic events that could disrupt the supply, delivery or demand of products and services;
our ability to secure additional financing for future strategic transactions;
our reliance on third-party package delivery services and adverse impacts arising from significant disruptions of these services, damages or losses sustained during shipping or significant increases in prices;
our ability to continue to hire and retain skilled personnel;
our ability to successfully identify and implement distribution arrangements and marketing alliances;
the market acceptance of our life science reagents;
the market receptivity to our new products and services upon their introduction;
our ability to implement our strategies for revenue growth;
the accuracy of our estimates of market opportunity and forecasts of market growth;
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product liability lawsuits;
the application of privacy laws, security laws, regulations, policies and contractual obligations related to data privacy and security;
our ability to efficiently manage our growth;
the success of any opportunistic acquisitions;
the integrity of our internal computer systems;
the impact of export and import control laws and regulations;
risks related to Brexit;
changes in political, economic or governmental regulations;
financial, operating, legal and compliance risks associated with global operations;
risks associated with our acquisitions;
impacts from foreign currency exchange rates;
the risk that our products could become subject to more onerous regulation in the future;
our ability to use net operating loss and tax credit carryforwards;
the fact that our activities are and will continue to be subject to extensive government regulation;
the risk that we may be required to record a significant charge to earnings if our goodwill or other amortizable intangible assets become impaired;
unfavorable accounting charges or effects driven by changes in accounting principles or guidance;
impacts on our financial results from our revenue recognition and other factors;
fluctuations in our effective tax rate;
environmental risks;
our ability to obtain, maintain and enforce intellectual property protection for our current and future products;
our ability to protect the confidentiality of our proprietary information;
our ability to protect our intellectual property throughout the world, including risks associated with lawsuits to protect our patents or with respect to the infringement, misappropriations or other violations of intellectual property rights of third parties;
risks associated with failures to comply with our obligations under license agreements;
potential changes in patent law in the United States and other jurisdictions;
our ability to obtain and maintain our patent protection;
impact of claims by third parties that we or our employees, consultants or independent contractors have infringed, misappropriated or otherwise violated their intellectual property;
our reliance on confidentiality agreements;
threats not related to intellectual property; and
other risks addressed in our Annual Report on Form 10-K for the year ended December 31, 2020, as well as other documents on file with the Securities and Exchange Commission.

We derive many of our forward-looking statements from our operating budgets and forecasts, which are based on many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. Important factors that could cause actual results to differ materially from our expectations, or cautionary statements, are disclosed under the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report on Form 10-Q.
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The forward-looking statements included in this report are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

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Part I.
Item 1. Financial Statements and Supplementary Data
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts and par value)
(Unaudited)
June 30, 2021December 31, 2020
Assets
Current assets:
Cash$374,710 $236,184 
Accounts receivable, net83,534 51,018 
Inventory47,781 33,301 
Prepaid expenses and other current assets13,432 11,095 
Assets held for sale125,034  
Total current assets644,491 331,598 
Property and equipment, net104,751 101,305 
Goodwill152,766 224,275 
Intangible assets, net125,116 177,656 
Deferred tax assets570,097 431,699 
Other assets4,026 4,158 
Total assets$1,601,247 $1,270,691 
Liabilities and stockholders' equity
Current liabilities:
Accounts payable$11,704 $8,171 
Accrued expenses and other current liabilities24,794 38,546 
Deferred revenue109,490 78,061 
Current portion of payable to related parties pursuant to a Tax Receivable Agreement1,298  
Current portion of long-term debt6,000 6,000 
Liabilities related to assets held for sale11,487  
Total current liabilities164,773 130,778 
Long-term debt, less current portion526,583 528,614 
Deferred tax liabilities 8,609 
Lease facility financing obligation, less current portion55,626 56,167 
Payable to related parties pursuant to a Tax Receivable Agreement520,067 389,546 
Other long-term liabilities1,057 2,231 
Total liabilities1,268,106 1,115,945 
Lease commitments (Note 5)
Stockholders' equity:
Class A common stock, $0.01 par value - 500,000,000 shares authorized; 114,351,371 and 96,646,515 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively
1,143 966 
Class B common stock, $0.01 par value - 300,000,000 shares authorized; 143,308,170 and 160,974,129 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively
1,433 1,610 
Additional paid-in capital118,208 85,125 
Accumulated other comprehensive loss(39)(44)
Retained earnings73,176 854 
Total stockholders' equity attributable to Maravai LifeSciences Holdings, Inc.193,921 88,511 
Non-controlling interests139,220 66,235 
Total stockholders' equity333,141 154,746 
Total liabilities and stockholders' equity$1,601,247 $1,270,691 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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MARAVAI LIFESCIENCES HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and unit amounts and per share and per unit amounts)
(Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Revenue$217,775 $46,905 $365,986 $97,886 
Operating expenses:
Cost of revenue37,513 21,197 67,881 36,494 
Research and development1,932 1,600 4,096 5,344 
Selling, general and administrative24,085 15,988 47,322 32,114 
Gain on sale and leaseback transaction   (19,002)
Total operating expenses63,530 38,785 119,299 54,950 
Income from operations154,245 8,120 246,687 42,936 
Other income (expense):
Interest expense(8,512)(7,463)(17,282)(14,845)
Change in payable to related parties pursuant to a Tax Receivable Agreement  5,886  
Other (expense) income(3)20  100 
Income before income taxes145,730 677 235,291 28,191 
Income tax expense (benefit)11,386 (765)25,095 2,870 
Net income134,344 1,442 210,196 25,321 
Net income attributable to non-controlling interests85,269 19 137,874 509 
Net income attributable to Maravai LifeSciences Holdings, Inc.$49,075 $1,423 $72,322 $24,812 
Net income per Class A common share/unit attributable to Maravai LifeSciences Holdings, Inc.:
Basic$0.44 $0.00 $0.69 $0.09 
Diluted$0.44 $0.00 $0.69 $0.09 
Weighted average number of Class A common shares/units outstanding:
Basic112,203,530 253,916,941 104,467,998 253,916,941 
Diluted112,280,375 253,916,941 257,685,618 253,916,941 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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MARAVAI LIFESCIENCES HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Net income$134,344 $1,442 $210,196 $25,321 
Other comprehensive income:
Foreign currency translation adjustments8 10 16 (61)
Total other comprehensive income134,352 1,452 210,212 25,260 
Comprehensive income attributable to non-controlling interests85,274 19 137,885 509 
Total comprehensive income attributable to Maravai LifeSciences Holdings, Inc.$49,078 $1,433 $72,327 $24,751 

The accompanying notes are an integral part of the condensed consolidated financial statements
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MARAVAI LIFESCIENCES HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’/MEMBER’S EQUITY
(in thousands)
(Unaudited)

Three Months Ended June 30, 2021
Class A Common StockClass B Common Stock
SharesAmountSharesAmountAdditional Paid-In CapitalAccumulated Other Comprehensive LossRetained EarningsNon-Controlling InterestTotal Stockholders'/Member's Equity
March 31, 202196,647$966 160,974$1,610 $85,976 $(42)$24,101 $97,145 $209,756 
Effect of exchanges of LLC Units
17,666 177 (17,666)(177)11,851 — — (11,851) 
Recognition of impact of Tax Receivable Agreement due to exchanges of LLC Units
— — — — 18,940 — — — 18,940 
Issuance of Class A common stock under employee equity plans39 — — — 785 — — — 785 
Non-controlling interest adjustment for changes in proportionate ownership in Topco LLC— — — — (420)— — 420  
Stock-based compensation— — — — 1,039 — — 1,344 2,383 
Distribution for tax liabilities to non-controlling interest holder— — — — 37 — — (33,112)(33,075)
Net income— — — — — — 49,075 85,269 134,344 
Foreign currency translation adjustment— — — — — 3 — 5 8 
June 30, 2021114,352$1,143 143,308$1,433 $118,208 $(39)$73,176 $139,220 $333,141 

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MARAVAI LIFESCIENCES HOLDINGS, INC.
Six Months Ended June 30, 2021
Class A Common StockClass B Common Stock
SharesAmountSharesAmountAdditional Paid-In CapitalAccumulated Other Comprehensive LossRetained EarningsNon-Controlling InterestTotal Stockholders'/Member's Equity
December 31, 202096,647$966 160,974$1,610 $85,125 $(44)$854 $66,235 $154,746 
Effect of exchanges of LLC Units
17,666 177 (17,666)(177)11,851 — — (11,851) 
Recognition of impact of Tax Receivable Agreement due to exchanges of LLC Units
— — — — 18,940 — — — 18,940 
Issuance of Class A common stock under employee equity plans39 — — — 785 — — — 785 
Non-controlling interest adjustment for changes in proportionate ownership in Topco LLC— — — — (420)— — 420  
Stock-based compensation— — — — 1,893 — — 2,768 4,661 
Distribution for tax liabilities to non-controlling interest holder— — — — 34 — — (56,237)(56,203)
Net income— — — — — — 72,322 137,874 210,196 
Foreign currency translation adjustment— — — — — 5 — 11 16 
June 30, 2021114,352$1,143 143,308$1,433 $118,208 $(39)$73,176 $139,220 $333,141 

Three Months Ended June 30, 2020
 UnitsAmountContributed CapitalAccumulated Other Comprehensive LossAccumulated DeficitNon-Controlling InterestTotal Member's Equity
March 31, 2020253,917$ $184,330 $(204)$(18,992)$3,809 $168,943 
Unit-based compensation— 488 — — 88 576 
Distributions to non-controlling interests holders— (190)— — — (190)
Net income— — — 1,423 19 1,442 
Foreign currency translation adjustment— — 10 — — 10 
June 30, 2020253,917$ $184,628 $(194)$(17,569)$3,916 $170,781 
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MARAVAI LIFESCIENCES HOLDINGS, INC.
Six Months Ended June 30, 2020
 UnitsAmountContributed CapitalAccumulated Other Comprehensive LossAccumulated DeficitNon-Controlling InterestTotal Member's Equity
December 31, 2019253,917$ $183,910 $(133)$(42,381)$3,231 $144,627 
Unit-based compensation— 908 — — 176 1,084 
Distributions to non-controlling interests holders— (190)— — — (190)
Net income— — — 24,812 509 25,321 
Foreign currency translation adjustment— — (61)— — (61)
June 30, 2020253,917$ $184,628 $(194)$(17,569)$3,916 $170,781 
The accompanying notes are an integral part of the condensed consolidated financial statements
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MARAVAI LIFESCIENCES HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
Six Months Ended June 30,
20212020
Operating activities:
Net income$210,196 $25,321 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation4,151 3,125 
Amortization of intangible assets10,081 10,116 
Amortization of deferred financing costs1,319 862 
Equity-based compensation expense4,661 1,084 
Deferred income taxes18,211 (1,274)
Gain on sale and leaseback transaction (19,002)
Acquired and in-process research and development costs 2,881 
Non-cash interest expense recognized on lease facility financing obligation162 615 
Revaluation of liabilities under Tax Receivable Agreement(5,886) 
Other(389)414 
Changes in operating assets and liabilities:
Accounts receivable(36,471)(9,742)
Inventory(18,073)(7,923)
Prepaid expenses and other assets(5,013)(257)
Accounts payable4,085 3,419 
Accrued expenses and other current liabilities(13,916)2,415 
Other long-term liabilities(1)(771)
Deferred revenue31,430 10,045 
Net cash provided by operating activities204,547 21,328 
Investing activities:
Cash paid for asset acquisition, net of cash acquired (3,024)
Purchases of property and equipment(7,782)(6,468)
Proceeds from sale of building548 34,500 
Net cash (used in) provided by investing activities(7,234)25,008 
Financing activities:
Distributions for tax liabilities to non-controlling interests holders(56,203)(190)
Proceeds from borrowings of long-term debt, net of discount 15,000 
Principal repayments of long-term debt(3,000)(1,250)
Payments made on facility financing lease obligation and capital lease(365)(77)
Proceeds from employee stock purchase plan1,018  
Net cash (used in) provided by financing activities(58,550)13,483 
Effects of exchange rate changes on cash13 (61)
Net increase in cash including cash classified within current assets held for sale138,776 59,758 
Less: Net increase in cash classified within current assets held for sale(250) 
Net increase in cash138,526 59,758 
Cash, beginning of period236,184 24,700 
Cash, end of period$374,710 $84,458 
Supplemental cash flow information:
Cash paid for interest$15,547 $11,780 
Cash paid for income taxes$9,087 $ 
Supplemental disclosures of non-cash investing and financing activities:
Property and equipment included in accounts payable and accrued expenses$1,360 $3,242 
Recognition of liabilities under Tax Receivable Agreement$137,706 $ 
Recognition of deferred tax assets as a result of exchange of LLC Units$156,647 $ 
The accompanying notes are an integral part of the condensed consolidated financial statements
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MARAVAI LIFESCIENCES HOLDINGS, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1.Organization and Significant Accounting Policies
Description of Business
Maravai LifeSciences Holdings, Inc. (the “Company”, and together with its consolidated subsidiaries, “Maravai”, “we”, “us”, “our”) was formed as a Delaware corporation in August 2020 for the purpose of facilitating an initial public offering (“IPO”) of its Class A common stock, facilitating certain organizational transactions and to operate the business of Maravai Topco Holdings, LLC (“Topco LLC”) and its consolidated subsidiaries.
We are a leading life sciences company providing critical products to enable the development of drug therapies, diagnostics, novel vaccines and support research on human diseases. Our products address the key phases of biopharmaceutical development and include complex nucleic acids for diagnostic and therapeutic applications, antibody-based products to detect impurities during the production of biopharmaceutical products, and products to detect the expression of proteins in tissues of various species.
The Company is headquartered in San Diego, California and has three principal businesses: Nucleic Acid Production, Biologics Safety Testing, and Protein Detection. Our Nucleic Acid Production business manufactures and sells products used in the fields of gene therapy, vaccines, nucleoside chemistry, oligonucleotide therapy and molecular diagnostics, including reagents used in the chemical synthesis, modification, labelling and purification of deoxyribonucleic acid (“DNA”) and ribonucleic acid (“RNA”). Our core Nucleic Acid Production offerings include messenger ribonucleic acid (“mRNA”), long and short oligonucleotides, our proprietary CleanCap® capping technology and oligonucleotide building blocks. Our Biologics Safety Testing business sells highly specialized analytical products for use in biologic manufacturing process development, including custom product-specific development antibody and assay development services. Our Protein Detection business sells innovative labeling and detection reagents for researchers in immunohistochemistry.
Organizational Transactions and Initial Public Offering
In November 2020, the Company completed its IPO and sold 69,000,000 shares of Class A common stock at a public offering price of $27.00 per share and received proceeds of $1.8 billion, net of underwriting discounts and commissions, which the Company used to purchase previously-issued and newly-issued LLC units in Topco LLC, to pay Maravai Life Sciences Holdings 2, LLC (“MLSH 2”) as consideration for certain organizational transactions that occurred before the IPO, and to purchase outstanding shares of Class A common stock from MLSH 2.
Immediately prior to, and in connection with, the completion of our IPO, the Company completed a series of organizational transactions (“Organizational Transactions”), including:
The amendment and restatement of Topco LLC’s operating agreement (the “New LLC Operating Agreement”) to, among other things, (i) modify Topco LLC’s capital structure by replacing the membership interests held by Topco LLC’s existing owners with a new class of Topco LLC units (the “LLC Units”) and (ii) appoint the Company as the sole managing member of Topco LLC;
Amend and restate the Company’s certificate of incorporation to among other things, authorize the Company to issue two classes of common stock: Class A common stock and Class B common stock;
The issuance of shares of the Company’s Class B common stock to Maravai Life Sciences Holdings, LLC (“MLSH 1”), which was Topco LLC’s pre-IPO owner on a one-to-one basis with the number of LLC Units owned; and
The acquisition, by merger, of two members of Topco LLC (“the Blocker Entities”), for which we issued shares of Class A common stock and paid cash as consideration (“the Blocker Mergers”).
The Company is the sole managing member of Topco LLC, which operates and controls TriLink Biotechnologies, LLC, Glen Research, LLC, Vector Laboratories, Inc., MockV Solutions, LLC and Cygnus Technologies, LLC (“Cygnus”) and their respective subsidiaries. MLSH 1 is the only other member of Topco LLC.
The Organizational Transactions were considered transactions between entities under common control. As a result, the consolidated financial statements for periods prior to the IPO and the Organizational Transactions have been adjusted to combine the previously separate entities for presentation purposes.
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Exchange and Secondary Offering
In April 2021, MLSH 1 executed an exchange of 17,665,959 LLC Units (paired with the corresponding shares of Class B common stock) in return for 17,665,959 shares of the Company’s of Class A common stock. The corresponding shares of Class B common stock were subsequently cancelled and retired. The Company immediately completed a secondary offering (“Secondary Offering”) of 20,700,000 shares of its Class A common stock by MLSH 1 and MLSH 2, which included 3,034,041 shares of Class A common stock, previously held by MLSH 2, which included the full exercise of the underwriters’ option to purchase up to 2,700,000 additional shares of Class A common stock, at a price of $31.25 per share.
The selling stockholders were responsible for the underwriting discounts and commissions of the Secondary Offering and received all of the net proceeds of $646.9 million from the sale of shares of Class A common stock. The Company was responsible for the offering costs associated with the Secondary Offering of $1.0 million which were recorded within selling, general and administrative in the condensed consolidated statement of income.
Basis of Presentation
The Company operates and controls all of the business and affairs of Topco LLC, and through Topco LLC and its subsidiaries, conducts its business. Because we manage and operate the business and control the strategic decisions and day-to-day operations of Topco LLC and also have a substantial financial interest in Topco LLC, we consolidate the financial results of Topco LLC, and a portion of our net income is allocated to the non-controlling interests in Topco LLC held by MLSH 1.
The accompanying unaudited interim condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and accounts between the businesses comprising the Company have been eliminated in the accompanying consolidated financial statements.
Unaudited Interim Condensed Consolidated Financial Statements
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to Form 10-Q of Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated financial statements include all adjustments necessary to fairly state the financial position and the results of our operations and cash flows for interim periods in accordance with GAAP. All such adjustments are of a normal, recurring nature. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021 or for any future period.
The condensed consolidated balance sheet presented as of December 31, 2020, has been derived from the audited consolidated financial statements as of that date. The condensed consolidated financial statements and notes are presented as permitted by Form 10-Q and do not contain all information that is included in the annual financial statements and notes thereto of the Company. The condensed consolidated financial statements and notes included in this report should be read in conjunction with the 2020 financial statements and notes included in the Company’s Annual Report on Form 10-K filed with the SEC.
Use of Estimates
The preparation of consolidated financial statements in accordance with GAAP requires the Company to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenue and expenses, and related disclosures. These estimates form the basis for judgments the Company makes about the carrying values of assets and liabilities that are not readily apparent from other sources. The Company bases its estimates and judgments on historical experience and on various other assumptions that the Company believes are reasonable under the circumstances. These estimates are based on management’s knowledge about current events and expectations about actions the Company may undertake in the future. Significant estimates include, but are not limited to, revenue recognition, the net realizable value of inventory, expected future cash flows including growth rates, discount rates, terminal values and other assumptions and estimates used to evaluate the recoverability of long-lived assets, estimated fair values of intangible assets and goodwill, the payable to related parties pursuant to the Tax Receivable Agreement (“TRA”), amortization methods and periods, the fair value of leased buildings and other assumptions associated with lease financing transactions, the estimated fair value of our long-term debt, equity-based compensation, the valuation of incentive units, allowance for doubtful accounts, and accounting for income taxes and assessment of valuation allowances. Actual results could differ materially from those estimates.
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Significant Accounting Policies
A description of the Company’s significant accounting policies is included in the audited financial statements within its Annual Report on Form 10-K for the year ended December 31, 2020. Except as noted below, there have been no material changes in the Company’s significant accounting policies during the three and six months ended June 30, 2021.
Revenue Recognition
The Company generates revenue from the sale of products and services and the performance of services in the fields of nucleic acid production, biologics safety testing, and protein detection. Revenue is recognized when control of promised goods or services is transferred to a customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To determine revenue recognition for its arrangements with customers, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The majority of the Company’s contracts include only one performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is defined as the unit of account for revenue recognition. The Company also recognizes revenue from other contracts that may include a combination of products and services, the provision of solely services, or from license fee arrangements which may be associated with the delivery of product. Where there is a combination of products and services, the Company accounts for the promises as individual performance obligations if they are concluded to be distinct. Performance obligations are considered distinct if they are both capable of being distinct and distinct within the context of the contract. In determining whether performance obligations meet the criteria for being distinct, the Company considers a number of factors, such as the degree of interrelation and interdependence between obligations, and whether or not the good or service significantly modifies or transforms another good or service in the contract. As a practical expedient, we do not adjust the transaction price for the effects of a significant financing component if, at contract inception, the period between customer payment and the transfer of goods or services is expected to be one year or less. Contracts with customers are evaluated on a contract-by-contract basis as contracts may include multiple types of goods and services as described below.
Revenue for an individual contract is recognized at the related transaction price, which is the amount the Company expects to be entitled to in exchange for transferring the products and/or services. The transaction price for product sales is calculated at the contracted product selling price. The transaction price for a contract with multiple performance obligations is allocated to the separate performance obligations on a relative standalone selling price basis. Standalone selling prices for products are determined based on the prices charged to customers, which are directly observable. Standalone selling price of services are mostly based on time and materials. Generally, payments from customers are due when goods and services are transferred. As most contracts contain a single performance obligation, the transaction price is representative of the standalone selling price charged to customers. Revenue is recognized only to the extent that it is probable that a significant reversal of the cumulative amount recognized will not occur in future periods. Variable consideration has not been material to our consolidated financial statements.
The Company accepts returns only if the products do not meet customer specifications and historically, the Company’s volume of product returns has not been significant. Further, no warranties are provided for promised goods and services other than assurance type warranties.
The Company has elected the practical exemption to not disclose the unfulfilled performance obligations for contracts with an original length of one year or less. The Company had no material unfulfilled performance obligations for contracts with an original length greater than one year for any period presented.
Nucleic Acid Production
Nucleic Acid Production revenue is generated from the manufacture and sale of highly modified, complex nucleic acids products to support the needs of our of customers’ research, therapeutic and vaccine programs. The primary offering of products include; CleanCap®, mRNA, and specialized oligonucleotides. Contracts typically consist of a single performance obligation. We also sell nucleic acid products for labeling and detecting proteins in cells and tissue samples research. The Company recognizes revenue from these products in the period in which the performance obligation is satisfied by transferring control to the customer. Revenue for nucleic acid catalog products is recognized at a single point in time, generally upon shipment to the customer. Revenue for contracts for certain custom nucleic acid products, with an enforceable right to payment and a reasonable margin for work performed to date, is recognized over time, based on a cost-to-cost input method over the manufacturing period.
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Biologics Safety Testing
The Company’s Biologics Safety Testing revenue is associated with the sale of bioprocess impurity detection kit products. We also enter into contracts that include custom antibody development, assay development and antibody affinity extraction services. These products and services enable the detection of impurities that occur in the manufacturing of biologic drugs and other therapeutics. The Company recognizes revenue from the sale of bioprocess impurity detection kits in the period in which the performance obligation is satisfied by transferring control to the customer. Custom antibody development contracts consist of a single performance obligation, typically with an enforceable right to payment and a reasonable margin for work performed to date. Revenue is recognized over time based on a cost-to-cost input method over the contract term. Where an enforceable right to payment does not exist, revenue is recognized at a point in time when control is transferred to the customer. Assay development service contracts consist of a single performance obligation, revenue is recognized at a point in time when a successful antigen test and report is provided to the customer. Affinity extraction services, which generally occur over a short period of time, consist of a single performance obligation to perform the extraction service and provide a summary report to the customer. Revenue is recognized either over time or at a point in time depending on contractual payment terms with the customer.
Protein Detection
The Company also manufactures and sells protein labeling and detection reagents to customers that are used for basic research and development. The contracts to sell these catalog products consist of a single performance obligation to deliver the reagent products. Revenue from these contracts is recognized at a point in time, generally upon shipment of the final product to the customer.
Sales taxes
Sales taxes collected by the Company are not included in the transaction price as revenue as they are ultimately remitted to a governmental authority.
Shipping and handling costs
Shipping and handling costs, which are charged to customers, are included in revenue and is recognized at the same time that the related product revenue is recognized.
Contract costs
The Company recognizes the incremental costs of obtaining contracts as an expense when incurred when the amortization period of the assets that otherwise would have been recognized is one year or less. These costs are included in sales and marketing and general and administrative expenses. The costs to fulfill the contracts are determined to be immaterial and are recognized as an expense when incurred.
Contract balances
Contract assets are generated when contractual billing schedules differ from revenue recognition timing and the Company records a contract receivable when it has an unconditional right to consideration. Contract assets balances, which are included in prepaid and other current assets, totaled $0.2 million as of December 31, 2020. There were no contract asset balances as of June 30, 2021.
Contract liabilities include billings in excess of revenue recognized, such as customer deposits and deferred revenue. Customer deposits, which are included in accrued expenses, are recorded when cash payments are received or due in advance of performance. Deferred revenue is recorded when the Company has unsatisfied performance obligations. Total contract liabilities were $111.3 million and $79.2 million as of June 30, 2021 and December 31, 2020, respectively. Contract liabilities are expected to be recognized into revenue within the next twelve months.
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Disaggregation of Revenue
The following tables summarize the revenue by segment and region for the periods presented (in thousands):
Three Months Ended June 30, 2021
Nucleic Acid ProductionBiologics Safety TestingProtein DetectionTotal
North America$65,715$6,437$4,197$76,349
Europe, the Middle East and Africa106,0463,8991,892111,837
Asia Pacific20,7607,66891329,341
Latin and Central America20444248
Total revenue$192,521$18,208$7,046$217,775
Six Months Ended June 30, 2021
Nucleic Acid ProductionBiologics Safety TestingProtein DetectionTotal
North America$133,847$12,849$7,949$154,645
Europe, the Middle East and Africa153,9448,2483,360165,552
Asia Pacific28,64514,4032,27345,321
Latin and Central America1735794468
Total revenue$316,453$35,857$13,676$365,986
Three Months Ended June 30, 2020
Nucleic Acid ProductionBiologics Safety TestingProtein DetectionTotal
North America$20,839$5,057$2,413$28,309
Europe, the Middle East and Africa3,5993,6039578,159
Asia Pacific5,9793,59072210,291
Latin and Central America711425146
Total revenue$30,424$12,364$4,117$46,905
Six Months Ended June 30, 2020
Nucleic Acid ProductionBiologics Safety TestingProtein DetectionTotal
North America$45,708$10,182$5,842$61,732
Europe, the Middle East and Africa5,6487,1442,57915,371
Asia Pacific9,5379,1521,82920,518
Latin and Central America2018065265
Total revenue$60,913$26,658$10,315$97,886
The following table provides a disaggregation of revenue based on the pattern of revenue recognition for the periods presented (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Revenue recognized at a point in time$208,484 $44,829 $344,715 $94,604 
Revenue recognized over time9,291 2,076 21,271 3,282 
Total revenue$217,775 $46,905 $365,986 $97,886 
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Non-Controlling Interests
Non-controlling interests represent the portion of profit or loss, net assets and comprehensive income of our consolidated subsidiaries that is not allocable to the Company based on our percentage of ownership of such entities. Non-controlling interests consist of the following:
Until November 2020, Topco LLC held a 70% ownership interest in MLSC Holdings, LLC (“MLSC”) through its consolidated subsidiaries with the remaining 30% being recorded as non-controlling interests in our consolidated financial statements. MLSC net income or loss was attributed to the non-controlling interests using an attribution method, similar to the hypothetical liquidation at book value method, based on the distribution provisions of the MLSC Amended and Restated Limited Liability Company Agreement (“MLSC LLC Agreement”). In November 2020, and before the closing of the IPO, Topco LLC repurchased all of the outstanding non-controlling interests in MLSC for $166.4 million.
In November 2020, based on the Organizational Transactions described above, we became the sole managing member of Topco LLC. Until the Secondary Offering in April 2021, we held approximately 38% of the outstanding LLC Units of Topco LLC, and approximately 62% of the outstanding LLC Units of Topco LLC were held by MLSH 1. As of June 30, 2021, as a result of the Secondary Offering in April 2021, we hold approximately 44% of the outstanding LLC Units of Topco LLC, and approximately 56% of the outstanding LLC Units of Topco LLC are held by MLSH 1. Therefore, we report non-controlling interests based on LLC Units of Topco LLC held by MLSH 1 on our condensed consolidated balance sheet as of June 30, 2021. Income or loss attributed to the non-controlling interest in Topco LLC is based on the LLC Units outstanding during the period for which the income or loss is generated and is presented on the condensed consolidated statements of income and consolidated statements of comprehensive income.
MLSH 1 is entitled to exchange LLC Units, together with an equal number of shares of our Class B common stock (together referred to as “Paired Interests”), for shares of Class A common stock on a one-for-one basis or, at our election, for cash, from a substantially concurrent public offering or private sale (based on the price of our Class A common stock in such public offering or private sale). As such, future exchanges of Paired Interests by MLSH 1 will result in a change in ownership and reduce or increase the amount recorded as non-controlling interests and increase or decrease additional paid-in-capital when Topco LLC has positive or negative net assets, respectively. In April 2021, MLSH 1 executed an exchange of Paired Interests immediately before the closing of the Secondary Offering.
Distributions of $33.1 million and $56.2 million for tax liabilities were made to MLSH 1 during the three and six months ended June 30, 2021, respectively. Distributions of $0.2 million for tax liabilities were made to the non-controlling interest holders of MLSC during the three and six months ended June 30, 2020.
Segment Information
The Company operates in three reportable segments. Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assessing performance. The Company’s chief operating decision maker (“CODM”), its Chief Executive Officer, allocates resources and assesses performance based upon discrete financial information at the segment level. Substantially all of our long-lived assets are located in the United States.
Net Income per Class A Common Share/Unit Attributable to Maravai LifeSciences Holdings, Inc.
Basic net income per Class A Common share/unit attributable to Maravai LifeSciences Holdings, Inc. is computed by dividing net income attributable to us by the weighted average number of Class A Common shares/units outstanding during the period. The non-controlling interest, for historical periods prior to the IPO, is calculated pursuant to the terms of the MLSC LLC Agreement on a fully-distributed basis, taking into account the various classes of equity of MLSC, including the cumulative yields on MLSC’s preferred units. Diluted net income per Class A Common share/unit is calculated by giving effect to all potential weighted average dilutive LLC incentive units for historical periods prior to the IPO and stock options, restricted stock units, and Topco LLC Units, that together with an equal number of shares of our Class B common stock (together referred to as “Paired Interests”) are convertible into shares of our Class A Common stock, for the periods after the IPO. For historical periods prior to the IPO, the weighted average number of common units outstanding during the period and the potential dilutive common unit equivalents is determined under the two-class method. The dilutive effect of outstanding awards, if any, is reflected in diluted earnings per share/unit by application of the treasury stock method or if-converted method, as applicable. The Company reported net income attributable to Maravai LifeSciences Holdings, Inc. for the three and six months ended June 30, 2021 and 2020.
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Impairment of Long-Lived and Intangible Assets
The Company periodically reviews long-lived assets, including property and equipment and finite-lived intangible assets, to determine whether current events or circumstances indicate that such carrying amounts may not be recoverable. If such facts or circumstances are determined to exist, an estimate of the undiscounted future cash flows of these assets is compared to the carrying value the assets to determine whether impairment exists. If the assets are determined to be impaired, the loss is measured based on the difference between the fair value and carrying value of the assets. No impairment loss was recognized for long-lived or finite-lived intangible assets during the three and six months ended June 30, 2021 and 2020.
Assets and Liabilities Related to Assets Held for Sale
The Company classifies assets and liabilities related to assets as held for sale (the “Disposal Group”) when management commits to a plan to sell the Disposal Group in its present condition and at a price that is reasonable in relation to its current estimated fair market value. The Company also considers whether an active program to locate a buyer has been initiated and if it is probable that the sale will occur within one year, without significant changes to the plan to sell. The Company considers various factors, particularly whether actions required to complete the plan indicate it is unlikely that significant changes to the plan will be made or the plan will be withdrawn. Assets held for sale are measured at the lower of carrying value or fair value less costs to sell. Any loss resulting from the measurement is recognized in the period the held for sale criteria are met. Conversely, gains are not recognized until the date of sale. When the Disposal Group is classified as held for sale, depreciation and amortization ceases and the Company tests the assets for impairment. The Company assesses the fair value of the Disposal Group, less any costs to sell, each reporting period it remains classified as held for sale and reports any subsequent changes as an adjustment to the carrying value of the Disposal Group, as long as the new carrying value does not exceed the carrying value of the Disposal Group at the time it was initially classified as held for sale.
Fair Value of Financial Instruments
The Company defines fair value as the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The Company follows accounting guidance that has a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of the asset or liability as of the measurement date. Instruments with readily available actively quoted prices, or for which fair value can be measured from actively quoted prices in an orderly market, will generally have a higher degree of market price transparency and a lesser degree of judgment used in measuring fair value. The three levels of the hierarchy are defined as follows:
Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets;
Level 2—Include other inputs that are directly or indirectly observable in the marketplace; and
Level 3—Unobservable inputs which are supported by little or no market activity.
As of June 30, 2021 and December 31, 2020, the carrying value of current assets and liabilities approximates fair value due to the short maturities of these instruments. The fair values of the Company’s long-term debt approximate carrying value, excluding the effect of unamortized debt discount, as it is based on borrowing rates currently available to the Company for debt with similar terms and maturities (Level 2 inputs).
Concentration of Credit Risk
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and accounts receivable. The Company maintains the majority of its cash balances at multiple financial institutions that management believes are of high credit-quality and financially stable. Cash is deposited with major financial institutions in excess of Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company believes it is not exposed to significant credit risk due to the financial strength of the depository institutions in which the cash is held. The Company provides credit, in the normal course of business, to international and domestic distributors and customers, which are geographically dispersed. The Company attempts to limit its credit risk by performing ongoing credit evaluations of its customers and maintaining adequate allowances for potential credit losses.
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The following table summarizes revenue from each of our customers who individually accounted for 10% or more of our total revenue or accounts receivable for the periods presented:
RevenueAccounts Receivable, net
Three Months Ended June 30,Six Months Ended June 30,June 30, 2021December 31, 2020
2021202020212020
BioNTech SE44.8 %*35.6 %*39.9 %*
Pfizer, Inc.18.1 %*22.6 %*30.1 %45.1 %
Sanofi S.A.***18.2 %**
CureVac N.V.*****12.8 %
____________________
*Less than 10%
For the three and six months ended June 30, 2021, substantially all of the revenue recorded for BioNTech SE and Pfizer, Inc. was generated by our Nucleic Acid Production segment. The Company continues to experience strong revenue growth in the Nucleic Acid Production segment, driven by sales of CleanCap® related products which represent a significant portion of the Company’s total revenue for the three and six months ended June 30, 2021. For the six months ended June 30, 2020, substantially all of the revenue recorded for Sanofi S.A. was generated by our Nucleic Acid Production segment.
Emerging Growth Company Status
The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. As the global aggregate market value of the Company’s voting and non-voting common stock that was held by non-affiliates exceeded $700.0 million as of June 30, 2021, the Company expects to be classified as a large accelerated filer, and therefore expects to cease being an emerging growth company, as of December 31, 2021.
Recently Adopted Accounting Pronouncements
In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848), which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued, if certain criteria are met. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), the FASB issued additional clarification related to reference rate reform, permitting entities to elect certain optional expedients and exceptions when accounting for derivative contracts and certain hedging relationships affected by changes in the interest rates used for discounting cash flows, computing variation margin settlements, and calculating price alignment interest in connection with reference rate reform activities under way in global financial markets. The standards are effective for all entities upon issuance and we will apply the amendments prospectively through December 31, 2022. There was no impact to the Company’s consolidated financial statements for the six months ended June 30, 2021 as a result of the adoption of these standards.
Recently Issued Accounting Pronouncements Not Yet Adopted
In February 2016, the FASB issued ASU 2016-02, Leases (“Topic 842”), which supersedes the guidance in ASC 840, Leases. The new standard, as amended by subsequent ASUs on Topic 842 and recent extensions issued by the FASB in response to COVID-19, requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The Company plans to adopt this standard using the modified retrospective approach with a cumulative effect adjustment to retained earnings at the beginning of the period of adoption. The Company will also adopt certain practical expedients provided by Topic 842. As a result of the Company having elected the extended transition period for complying with
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new or revised accounting standards pursuant to Section 107(b) of the JOBS Act, Topic 842 has not yet been adopted. However, the Company will lose its “emerging growth company” status on December 31, 2021, and will instead be considered a large accelerated filer. The Company expects to adopt Topic 842 in the fourth quarter of 2021, with an effective date of January 1, 2021. The Company is currently assessing its inventory of leases but has not yet determined the full effects of Topic 842 on its consolidated financial statements but does expect the adoption of Topic 842 will have a material impact on the Company’s consolidated financial statements and related notes to the recognition of right of use (“ROU”) assets and lease liabilities on the Company’s consolidated balance sheets, but it will not have a material impact on the Company’s consolidated statement of income. The adoption of Topic 842 will also result in enhanced disclosures.
In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which has been subsequently amended (“ASU 2016-13”). ASU 2016-13 revises the measurement of credit losses for most financial instruments measured at amortized cost, including trade receivables, from an incurred loss methodology to an expected loss methodology which results in earlier recognition of credit losses. Under the incurred loss model, a loss is not recognized until it is probable that the loss-causing event has already occurred. The new standard introduces a forward-looking expected credit loss model that requires an estimate of the expected credit losses over the life of the instrument by considering all relevant information including historical experience, current conditions, and reasonable and supportable forecasts that affect collectability. In addition, this standard also modifies the impairment model for available-for-sale debt securities, which are measured at fair value, by eliminating the consideration for the length of time fair value has been less than amortized cost when assessing credit loss for a debt security and provides for reversals of credit losses through income upon credit improvement. As a result of the Company having elected the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the JOBS Act, ASU 2016-13 has not yet been adopted. However, on June 30,2021, the Company’s public float exceeded $700.0 million, and therefore the Company will lose its “emerging growth company” status on December 31, 2021, and will instead be considered a large accelerated filer. The Company expects to adopt ASU 2016-13 in the fourth quarter of 2021. The Company is currently assessing the impact of adopting this standard on its consolidated financial statements and disclosures.
In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU 2018-15”). The ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This new standard also requires customers to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. This ASU is effective for years beginning after December 15, 2020, and interim period within annual periods beginning after December 15, 2021, with early adoption permitted. The Company has not yet determined the potential effects of this ASU on its consolidated financial statements.
In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to the Related Party Guidance for Variable Interest Entities. ASU 2018-17 changes how entities evaluate decision-making fees under the variable interest entity guidance. To determine whether decision-making fees represent a variable interest, an entity considers indirect interests held through related parties under common control on a proportional basis, rather than in their entirety. This guidance is effective for fiscal years, beginning after December 15, 2020 and interim periods within fiscal years beginning after December 15, 2021, with early adoption permitted. All entities are required to apply the amendments in this ASU retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. The Company is currently evaluating the impact of this standard, but does not expect that it will have a material impact on its consolidated financial statements and disclosures.
In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40) - Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for convertible instruments, amends the guidance on derivative scope exceptions for contracts in an entity’s own equity, and modifies the guidance on diluted earnings per share calculation as a result of these changes. The standard is effective for the Company for annual reporting periods beginning after December 15, 2021, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact the adoption of this standard may have on its consolidated financial statements.
2.