2016 Q2 Form 10-Q Financial Statement

#000093454916000146 Filed on August 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $41.35M $40.34M
YoY Change 2.52% -19.45%
Cost Of Revenue $0.00 $1.270M
YoY Change -100.0% -88.12%
Gross Profit $41.35M $39.07M
YoY Change 5.84% -0.79%
Gross Profit Margin 100.0% 96.86%
Selling, General & Admin $17.95M $15.10M
YoY Change 18.87% -25.47%
% of Gross Profit 43.41% 38.65%
Research & Development $1.330M $730.0K
YoY Change 82.19% -27.0%
% of Gross Profit 3.22% 1.87%
Depreciation & Amortization $10.80M $13.30M
YoY Change -18.8% -14.74%
% of Gross Profit 26.12% 34.04%
Operating Expenses $28.80M $29.06M
YoY Change -0.89% -21.03%
Operating Profit -$34.94M $1.000M
YoY Change -3594.2% -112.15%
Interest Expense -$100.0K
YoY Change -50.0%
% of Operating Profit -10.0%
Other Income/Expense, Net -$52.00K -$104.0K
YoY Change -50.0% -46.94%
Pretax Income -$34.99M $896.0K
YoY Change -4005.58% -110.63%
Income Tax $5.927M $119.0K
% Of Pretax Income 13.28%
Net Earnings -$40.57M -$3.686M
YoY Change 1000.73% -71.53%
Net Earnings / Revenue -98.12% -9.14%
Basic Earnings Per Share -$0.08
Diluted Earnings Per Share -$799.1K -$0.08
COMMON SHARES
Basic Shares Outstanding 50.02M shares 49.42M shares
Diluted Shares Outstanding 50.02M shares 49.42M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $172.0M $156.2M
YoY Change 10.12% -29.26%
Cash & Equivalents $139.8M $119.1M
Short-Term Investments $32.20M $37.10M
Other Short-Term Assets $18.50M $17.00M
YoY Change 8.82% 91.01%
Inventory
Prepaid Expenses
Receivables $4.325M $37.55M
Other Receivables $0.00 $0.00
Total Short-Term Assets $194.9M $210.7M
YoY Change -7.52% -17.34%
LONG-TERM ASSETS
Property, Plant & Equipment $189.0K $374.0K
YoY Change -49.47% -46.65%
Goodwill $30.15M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $365.0K $355.0K
YoY Change 2.82% 1.43%
Total Long-Term Assets $101.5M $293.2M
YoY Change -65.38% -6.54%
TOTAL ASSETS
Total Short-Term Assets $194.9M $210.7M
Total Long-Term Assets $101.5M $293.2M
Total Assets $296.4M $504.0M
YoY Change -41.18% -11.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.40M $11.50M
YoY Change -0.87% -31.55%
Accrued Expenses $0.00 $0.00
YoY Change -100.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $29.28M $31.71M
YoY Change -7.66% -26.44%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $354.0K $271.0K
YoY Change 30.63% -15.05%
Total Long-Term Liabilities $354.0K $271.0K
YoY Change 30.63% -15.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.28M $31.71M
Total Long-Term Liabilities $354.0K $271.0K
Total Liabilities $29.84M $33.14M
YoY Change -9.95% -28.93%
SHAREHOLDERS EQUITY
Retained Earnings -$338.7M -$144.9M
YoY Change 133.71% 45.73%
Common Stock $50.00K $51.00K
YoY Change -1.96% 2.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $34.64M $34.64M
YoY Change 0.0% 0.0%
Treasury Stock Shares 1.729M shares 1.729M shares
Shareholders Equity $262.9M $461.3M
YoY Change
Total Liabilities & Shareholders Equity $296.4M $504.0M
YoY Change -41.18% -11.38%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$40.57M -$3.686M
YoY Change 1000.73% -71.53%
Depreciation, Depletion And Amortization $10.80M $13.30M
YoY Change -18.8% -14.74%
Cash From Operating Activities $26.70M $9.400M
YoY Change 184.04% -52.53%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$1.800M
YoY Change -100.0% -91.47%
Acquisitions
YoY Change
Other Investing Activities -$32.20M $16.30M
YoY Change -297.55% -22.38%
Cash From Investing Activities -$32.20M $14.60M
YoY Change -320.55% -14700.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -6.400M
YoY Change -100.0% -8.57%
NET CHANGE
Cash From Operating Activities 26.70M 9.400M
Cash From Investing Activities -32.20M 14.60M
Cash From Financing Activities 0.000 -6.400M
Net Change In Cash -5.500M 17.60M
YoY Change -131.25% 38.58%
FREE CASH FLOW
Cash From Operating Activities $26.70M $9.400M
Capital Expenditures $0.00 -$1.800M
Free Cash Flow $26.70M $11.20M
YoY Change 138.39% -72.62%

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CY2015Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-113000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-141000 USD
CY2016Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-48000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-4000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
-259000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
-343000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
1000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
-22000 USD
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-119000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-262000 USD
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
26000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
26000 USD
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0 USD
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0 USD
CY2015Q2 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
0 USD
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
426000 USD
CY2016Q2 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
-1242000 USD
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
500000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
311000 USD
CY2016Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
354000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
-127000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
18000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
25000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
12749000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
0 USD
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
23296000 USD
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
49677000 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
18667000 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
1000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4000 USD
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2016Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2016Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4219000 USD
CY2016Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4310000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
44845000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
17462000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
938000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2015Q2 us-gaap Profit Loss
ProfitLoss
777000 USD
us-gaap Profit Loss
ProfitLoss
-12775000 USD
CY2016Q2 us-gaap Profit Loss
ProfitLoss
-40921000 USD
us-gaap Profit Loss
ProfitLoss
-50818000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
272000 USD
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
189000 USD
CY2015Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
10725000 USD
CY2016Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
14036000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-288131000 USD
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-338669000 USD
CY2015Q2 us-gaap Royalty Expense
RoyaltyExpense
1265000 USD
us-gaap Royalty Expense
RoyaltyExpense
10590000 USD
CY2016Q2 us-gaap Royalty Expense
RoyaltyExpense
0 USD
us-gaap Royalty Expense
RoyaltyExpense
1573000 USD
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
3177000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
6424000 USD
CY2016Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1475000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3210000 USD
CY2015Q4 us-gaap Short Term Investments
ShortTermInvestments
0 USD
CY2016Q2 us-gaap Short Term Investments
ShortTermInvestments
32243000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
310211000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
262902000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
314155000 USD
CY2016Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
266566000 USD
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
1729408 shares
CY2016Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
1729408 shares
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
34640000 USD
CY2016Q2 us-gaap Treasury Stock Value
TreasuryStockValue
34640000 USD
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
49423472 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
49318423 shares
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
50015869 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
49970709 shares
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Concentrations. </font><font style="font-family:inherit;font-size:10pt;">One</font><font style="font-family:inherit;font-size:10pt;"> licensee individually accounted for </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">85%</font><font style="font-family:inherit;font-size:10pt;"> of revenues recognized during the three months ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;font-weight:normal;text-decoration:none;">June&#160;30, 2016</font><font style="font-family:inherit;font-size:10pt;">, and one licensee accounted for </font><font style="font-family:inherit;font-size:10pt;">53%</font><font style="font-family:inherit;font-size:10pt;"> of revenues recognized during the </font><font style="font-family:inherit;font-size:10pt;">six months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2016</font><font style="font-family:inherit;font-size:10pt;">. One licensee individually accounted for </font><font style="font-family:inherit;font-size:10pt;">74%</font><font style="font-family:inherit;font-size:10pt;"> of revenues recognized during the three months ended </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2015</font><font style="font-family:inherit;font-size:10pt;"> and two licensees accounted for </font><font style="font-family:inherit;font-size:10pt;">40%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">27%</font><font style="font-family:inherit;font-size:10pt;"> of revenues recognized during the </font><font style="font-family:inherit;font-size:10pt;">six months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2015</font><font style="font-family:inherit;font-size:10pt;">. For the three and </font><font style="font-family:inherit;font-size:10pt;">six months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2016</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">85%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">63%</font><font style="font-family:inherit;font-size:10pt;">, respectively, of revenues were attributable to licensees domiciled in foreign jurisdictions, based on the jurisdiction of the entity obligated to satisfy payment obligations pursuant to the applicable revenue arrangement. For the three and </font><font style="font-family:inherit;font-size:10pt;">six months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2015</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">18%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">38%</font><font style="font-family:inherit;font-size:10pt;">, respectively, of revenues were attributable to licensees domiciled in foreign jurisdictions. The Company does not have any material foreign operations.</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Three licensees individually represented approximately </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">69%</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">17%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">10%</font><font style="font-family:inherit;font-size:10pt;"> of accounts receivable at </font><font style="font-family:inherit;font-size:10pt;color:#000000;font-weight:normal;text-decoration:none;">June&#160;30, 2016</font><font style="font-family:inherit;font-size:10pt;">. Two licensees individually represented approximately </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">72%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">21%</font><font style="font-family:inherit;font-size:10pt;"> of accounts receivable at December 31, 2015. </font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates.&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Acacia believes that, of the significant accounting policies described herein, the accounting policies associated with revenue recognition, stock-based compensation expense, impairment of marketable securities and patent-related intangible assets, the determination of the economic useful life of amortizable intangible assets, income taxes and valuation allowances against net deferred tax assets and the application of the acquisition method of accounting for business combinations, require its most difficult, subjective or complex judgments.</font></div></div>

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