2015 Q1 Form 10-Q Financial Statement

#000159653215000013 Filed on May 15, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $179.0M $117.2M
YoY Change 52.76% 91.2%
Cost Of Revenue $61.29M $35.89M
YoY Change 70.76% 86.94%
Gross Profit $117.8M $81.31M
YoY Change 44.81% 93.14%
Gross Profit Margin 65.77% 69.38%
Selling, General & Admin $38.66M $25.89M
YoY Change 49.34% 86.23%
% of Gross Profit 32.83% 31.83%
Research & Development $43.34M $33.45M
YoY Change 29.58% 71.52%
% of Gross Profit 36.81% 41.13%
Depreciation & Amortization $2.893M $2.285M
YoY Change 26.61% 226.43%
% of Gross Profit 2.46% 2.81%
Operating Expenses $82.00M $59.33M
YoY Change 38.2% 77.64%
Operating Profit $35.76M $21.98M
YoY Change 62.66% 152.67%
Interest Expense -$800.0K -$2.500M
YoY Change -68.0% 38.89%
% of Operating Profit -2.24% -11.37%
Other Income/Expense, Net -$1.289M -$2.535M
YoY Change -49.15% 2435.0%
Pretax Income $34.47M $19.45M
YoY Change 77.23% 181.84%
Income Tax $9.974M $7.118M
% Of Pretax Income 28.94% 36.6%
Net Earnings $24.49M $12.33M
YoY Change 98.65% 86.8%
Net Earnings / Revenue 13.68% 10.52%
Basic Earnings Per Share $0.37 $0.22
Diluted Earnings Per Share $0.34 $0.20
COMMON SHARES
Basic Shares Outstanding 64.64M shares 29.12M shares
Diluted Shares Outstanding 70.72M shares 33.82M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $484.3M $129.5M
YoY Change 274.01%
Cash & Equivalents $275.2M $129.5M
Short-Term Investments $209.2M
Other Short-Term Assets $5.323M $16.50M
YoY Change -67.74%
Inventory $91.23M $79.00M
Prepaid Expenses
Receivables $113.1M $63.00M
Other Receivables $0.00 $4.000M
Total Short-Term Assets $736.0M $292.0M
YoY Change 152.07%
LONG-TERM ASSETS
Property, Plant & Equipment $72.79M $67.60M
YoY Change 7.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $36.60M
YoY Change
Other Assets $17.33M $15.90M
YoY Change 9.02%
Total Long-Term Assets $139.0M $83.50M
YoY Change 66.52%
TOTAL ASSETS
Total Short-Term Assets $736.0M $292.0M
Total Long-Term Assets $139.0M $83.50M
Total Assets $875.1M $375.5M
YoY Change 133.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $29.12M $7.300M
YoY Change 298.95%
Accrued Expenses $28.92M $45.90M
YoY Change -36.99%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $99.10M
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $148.3M $198.9M
YoY Change -25.42%
LONG-TERM LIABILITIES
Long-Term Debt $42.20M $43.40M
YoY Change -2.76%
Other Long-Term Liabilities $5.558M $36.70M
YoY Change -84.86%
Total Long-Term Liabilities $5.558M $80.10M
YoY Change -93.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $148.3M $198.9M
Total Long-Term Liabilities $5.558M $80.10M
Total Liabilities $264.6M $279.0M
YoY Change -5.15%
SHAREHOLDERS EQUITY
Retained Earnings $154.3M
YoY Change
Common Stock $7.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $610.5M $96.40M
YoY Change
Total Liabilities & Shareholders Equity $875.1M $375.5M
YoY Change 133.05%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $24.49M $12.33M
YoY Change 98.65% 86.8%
Depreciation, Depletion And Amortization $2.893M $2.285M
YoY Change 26.61% 226.43%
Cash From Operating Activities $20.77M $17.69M
YoY Change 17.4% 940.53%
INVESTING ACTIVITIES
Capital Expenditures $5.136M $3.103M
YoY Change 65.52% -282.53%
Acquisitions
YoY Change
Other Investing Activities $667.0K $0.00
YoY Change
Cash From Investing Activities -$5.803M -$3.103M
YoY Change 87.01% 82.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $20.23M $1.264M
YoY Change 1500.55% -57.87%
NET CHANGE
Cash From Operating Activities $20.77M $17.69M
Cash From Investing Activities -$5.803M -$3.103M
Cash From Financing Activities $20.23M $1.264M
Net Change In Cash $35.20M $15.85M
YoY Change 122.05% 428.33%
FREE CASH FLOW
Cash From Operating Activities $20.77M $17.69M
Capital Expenditures $5.136M $3.103M
Free Cash Flow $15.63M $14.59M
YoY Change 7.16% 329.0%

Facts In Submission

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19.27
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605313000 USD
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20.66
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P7Y2M12D
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y11D
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6100000 USD
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CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2015Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities, accounts receivable and notes receivable. Our cash and cash equivalents are invested in high quality financial instruments with banks and financial institutions. Such deposits may be in excess of insured limits provided on such deposits. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our accounts receivable are unsecured and represent amounts due to us based on contractual obligations of our customers. We mitigate credit risk in respect to accounts receivable by performing ongoing credit evaluations of our customers to assess the probability of accounts receivable collection based on a number of factors, including past transaction experience with the customer, evaluation of their credit history, the credit limits extended and review of the invoicing terms of the contract. We generally do not require our customers to provide collateral to support accounts receivable. We have recorded an allowance for doubtful accounts for those receivables that we have determined not to be collectible. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We market and sell our products through both our direct sales force and our channel partners, including distributors, value-added resellers, system integrators and original equipment manufacturer (&#8220;OEM&#8221;) partners.</font></div></div>
CY2015Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the accompanying unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported and disclosed in the unaudited condensed consolidated financial statements and accompanying notes. Those estimates and assumptions include, but are not limited to, revenue recognition and deferred revenue; determination of fair value for stock-based awards; accounting for income taxes, including the valuation allowance on deferred tax assets and reserves for uncertain tax positions; valuation of inventory; valuation of warranty accruals; and the recognition and measurement of contingent liabilities. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors and adjust those estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from these estimates, and those differences could be material to the unaudited condensed consolidated financial statements.</font></div></div>

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