Latch, Inc. Files 2022 10-K
Ticker: LTCHW · Form: 10-K · Filed: Dec 19, 2024 · CIK: 1826000
| Field | Detail |
|---|---|
| Company | Latch, INC. (LTCHW) |
| Form Type | 10-K |
| Filed Date | Dec 19, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.0001, $11.50, $161.0 million, $44.7 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-K, annual-report, financials
TL;DR
Latch Inc. filed its 2022 10-K. Check financials.
AI Summary
Latch, Inc. filed its 10-K for the fiscal year ending December 31, 2022, reporting on its financial performance and business operations. The company, formerly known as TS Innovation Acquisitions Corp., is incorporated in Delaware and headquartered in Olivette, MO. The filing details various financial aspects, including common stock and warrant information, and references accounting standards updates from 2024.
Why It Matters
This filing provides a comprehensive overview of Latch, Inc.'s financial health and operational status for 2022, which is crucial for investors and stakeholders to assess the company's performance and future prospects.
Risk Assessment
Risk Level: medium — The filing is a standard annual report, but the company's financial performance and operational details within the report could indicate underlying risks.
Key Numbers
- 2022-12-31 — Fiscal Year End (The period covered by the 10-K filing.)
- 2024-12-19 — Filing Date (The date the 10-K was submitted to the SEC.)
- 2021-12-31 — Prior Year End (Comparison point for financial data.)
Key Players & Entities
- Latch, Inc. (company) — Filer of the 10-K
- TS Innovation Acquisitions Corp. (company) — Former name of Latch, Inc.
- 2022-12-31 (date) — Fiscal year end for the reported period
- 2024-12-19 (date) — Filing date of the 10-K
- 0001826000-24-000073 (document_id) — Accession number for the filing
FAQ
What was Latch, Inc.'s primary business activity during the fiscal year ending December 31, 2022?
The filing indicates Latch, Inc. is in the 'WHOLESALE-HARDWARE' sector (SIC code 5072), suggesting its business revolves around hardware wholesale.
When did Latch, Inc. change its name from TS Innovation Acquisitions Corp.?
The date of the name change from TS Innovation Acquisitions Corp. to Latch, Inc. was September 24, 2020.
What is the SEC file number for Latch, Inc.'s 10-K filing?
The SEC file number for this filing is 001-39688.
What is the business address of Latch, Inc. as listed in the filing?
The business address is 1220 N PRICE ROAD, SUITE 2, OLIVETTE, MO 63132.
Which accounting standards updates are referenced in the filing?
The filing references accounting standards updates from http://fasb.org/us-gaap/2024#AccountingStandardsUpdate201613Member and other related FASB links.
Filing Stats: 4,410 words · 18 min read · ~15 pages · Grade level 16.1 · Accepted 2024-12-19 17:17:25
Key Financial Figures
- $0.0001 — of each class Common stock, par value $0.0001 per share Warrants, each whole warrant
- $11.50 — e common stock, at an exercise price of $11.50 per share Indicate by check mark if t
- $161.0 million — tes of the registrant was approximately $161.0 million (based upon the closing sales price of
- $44.7 million — tes of the registrant was approximately $44.7 million (based upon the last trading price of s
Filing Documents
- lat-20221231.htm (10-K) — 6159KB
- projectkey-amendmenttomerg.htm (EX-2.3) — 20KB
- asuperex44descriptionofsec.htm (EX-4.4) — 148KB
- latchinc-alixpartnersadden.htm (EX-10.25) — 77KB
- latch-codeofbusinessconduc.htm (EX-14.1) — 76KB
- a10ksuperex211subsidiaries.htm (EX-21.1) — 5KB
- asuperdecember312022ex311.htm (EX-31.1) — 11KB
- asuperdecember312022ex312.htm (EX-31.2) — 11KB
- asuperdecember312022ex321.htm (EX-32.1) — 5KB
- asuperdecember312022ex322.htm (EX-32.2) — 5KB
- latchincclawbackpolicyfinal.htm (EX-97.1) — 35KB
- 0001826000-24-000073.txt ( ) — 29015KB
- lat-20221231.xsd (EX-101.SCH) — 95KB
- lat-20221231_cal.xml (EX-101.CAL) — 125KB
- lat-20221231_def.xml (EX-101.DEF) — 784KB
- lat-20221231_lab.xml (EX-101.LAB) — 1148KB
- lat-20221231_pre.xml (EX-101.PRE) — 1042KB
- lat-20221231_htm.xml (XML) — 5875KB
Risk Factors
Item 1A. Risk Factors 18
Unresolved Staff Comments
Item 1B. Unresolved Staff Comments 54
C . C ybersecurity
Item 1 C . C ybersecurity 54
Properties
Item 2. Properties 54
Legal Proceedings
Item 3. Legal Proceedings 54
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 54 Part II
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 55
Reserved
Item 6. Reserved 56
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 57
Quantitative and Qualitative Disclosures a bout Market Risk
Item 7A. Quantitative and Qualitative Disclosures a bout Market Risk 101
Financial Statements
Item 8. Financial Statements 102
Changes in and Disagreements w ith Accountants on Accounting and Financial Disclosures
Item 9. Changes in and Disagreements w ith Accountants on Accounting and Financial Disclosures 182
Controls and Procedures
Item 9A. Controls and Procedures 182
Other Information
Item 9B. Other Information 185
C . Di s closure Regarding Foreign Jurisdiction that Prevent Inspections
Item 9 C . Di s closure Regarding Foreign Jurisdiction that Prevent Inspections 185 Part III
Directors, Executive Officers and Corporate Governance
Item 10. Directors, Executive Officers and Corporate Governance 186
Executive Compensation
Item 11. Executive Compensation 190
Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters
Item 12. Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters 202
Certain Relationships and Related Transactions, and Director Independence
Item 13. Certain Relationships and Related Transactions, and Director Independence 204
Principal Accounting Fees and Services
Item 14. Principal Accounting Fees and Services 208 Part IV
Exhibits, Financial Statement Schedules
Item 15. Exhibits, Financial Statement Schedules 209
Form 10-K Summary
Item 16. Form 10-K Summary 211
Signatures
Signatures 212 7 Table of Contents PART I
Business
Item 1. Business Unless the context otherwise requires, references in this subsection to "we," "our," "Latch" and the "Company" refer to the business and operations of Latch Systems, Inc. (formerly known as Latch, Inc.) and its consolidated subsidiaries prior to the Business Combination (as defined below) and to Latch, Inc. (formerly known as TS Innovation Acquisitions Corp.) and its consolidated subsidiaries following the consummation of the Business Combination. Overview Latch is a technology company primarily serving the multifamily rental home market segment of the smart building industry deploying hardware and software technology to digitize otherwise manual processes, including building and unit access and in-unit device control. We combine hardware, software and services into a system that enables smart access for users of a multifamily building, enabling easier, more modernized experiences for residents and visitors, more efficient operations for building owners and property managers and more convenient interaction for service providers. We designed and developed a cloud-based software-as-a-service ("SaaS") platform (the "Latch Platform") to address the access requirements of modern multifamily buildings. Our customers include real estate developers, builders, building owners and property managers in the multifamily market segment in the United States and Canada. The Latch Platform consists of features that our customers select to match their specific building's or portfolio's needs, with software bundles based on the specific features the customer selects. Customers separately purchase our hardware devices to complement the selected bundles. There are three tiers of bundles based on property type and service level, as detailed below. A la carte options are also available for property owners looking to customize or create a bespoke experience based on their priorities and preferred resident experience. The three bundle tiers consist of the following: