2016 Q1 Form 10-Q Financial Statement

#000159653216000255 Filed on May 05, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $242.2M $179.0M
YoY Change 35.27% 52.76%
Cost Of Revenue $87.11M $61.29M
YoY Change 42.12% 70.76%
Gross Profit $155.1M $117.8M
YoY Change 31.71% 44.81%
Gross Profit Margin 64.03% 65.77%
Selling, General & Admin $42.84M $38.66M
YoY Change 10.82% 49.34%
% of Gross Profit 27.62% 32.83%
Research & Development $62.52M $43.34M
YoY Change 44.24% 29.58%
% of Gross Profit 40.31% 36.81%
Depreciation & Amortization $4.779M $2.893M
YoY Change 65.19% 26.61%
% of Gross Profit 3.08% 2.46%
Operating Expenses $105.4M $82.00M
YoY Change 28.48% 38.2%
Operating Profit $49.74M $35.76M
YoY Change 39.1% 62.66%
Interest Expense -$800.0K -$800.0K
YoY Change 0.0% -68.0%
% of Operating Profit -1.61% -2.24%
Other Income/Expense, Net -$414.0K -$1.289M
YoY Change -67.88% -49.15%
Pretax Income $49.32M $34.47M
YoY Change 43.1% 77.23%
Income Tax $14.08M $9.974M
% Of Pretax Income 28.54% 28.94%
Net Earnings $35.25M $24.49M
YoY Change 43.9% 98.65%
Net Earnings / Revenue 14.55% 13.68%
Basic Earnings Per Share $0.52 $0.37
Diluted Earnings Per Share $0.48 $0.34
COMMON SHARES
Basic Shares Outstanding 67.74M shares 64.64M shares
Diluted Shares Outstanding 72.21M shares 70.72M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $762.3M $484.3M
YoY Change 57.38% 274.01%
Cash & Equivalents $710.7M $275.2M
Short-Term Investments $51.59M $209.2M
Other Short-Term Assets $27.77M $5.323M
YoY Change 421.62% -67.74%
Inventory $84.03M $91.23M
Prepaid Expenses
Receivables $135.1M $113.1M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.023B $736.0M
YoY Change 39.0% 152.07%
LONG-TERM ASSETS
Property, Plant & Equipment $79.94M $72.79M
YoY Change 9.83% 7.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $36.60M $36.60M
YoY Change 0.0%
Other Assets $20.21M $17.33M
YoY Change 16.58% 9.02%
Total Long-Term Assets $186.8M $139.0M
YoY Change 34.35% 66.52%
TOTAL ASSETS
Total Short-Term Assets $1.023B $736.0M
Total Long-Term Assets $186.8M $139.0M
Total Assets $1.210B $875.1M
YoY Change 38.27% 133.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.81M $29.12M
YoY Change -14.82% 298.95%
Accrued Expenses $46.11M $28.92M
YoY Change 59.45% -36.99%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $214.3M $148.3M
YoY Change 44.45% -25.42%
LONG-TERM LIABILITIES
Long-Term Debt $40.80M $42.20M
YoY Change -3.32% -2.76%
Other Long-Term Liabilities $6.385M $5.558M
YoY Change 14.88% -84.86%
Total Long-Term Liabilities $6.385M $5.558M
YoY Change 14.88% -93.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $214.3M $148.3M
Total Long-Term Liabilities $6.385M $5.558M
Total Liabilities $360.1M $264.6M
YoY Change 36.08% -5.15%
SHAREHOLDERS EQUITY
Retained Earnings $286.2M $154.3M
YoY Change 85.45%
Common Stock $7.000K $7.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $849.9M $610.5M
YoY Change
Total Liabilities & Shareholders Equity $1.210B $875.1M
YoY Change 38.27% 133.05%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $35.25M $24.49M
YoY Change 43.9% 98.65%
Depreciation, Depletion And Amortization $4.779M $2.893M
YoY Change 65.19% 26.61%
Cash From Operating Activities $77.13M $20.77M
YoY Change 271.4% 17.4%
INVESTING ACTIVITIES
Capital Expenditures $8.632M $5.136M
YoY Change 68.07% 65.52%
Acquisitions
YoY Change
Other Investing Activities -$51.60M $667.0K
YoY Change -7836.13%
Cash From Investing Activities -$60.27M -$5.803M
YoY Change 938.6% 87.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $6.436M $20.23M
YoY Change -68.19% 1500.55%
NET CHANGE
Cash From Operating Activities $77.13M $20.77M
Cash From Investing Activities -$60.27M -$5.803M
Cash From Financing Activities $6.436M $20.23M
Net Change In Cash $23.29M $35.20M
YoY Change -33.81% 122.05%
FREE CASH FLOW
Cash From Operating Activities $77.13M $20.77M
Capital Expenditures $8.632M $5.136M
Free Cash Flow $68.50M $15.63M
YoY Change 338.21% 7.16%

Facts In Submission

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CY2015Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1159890000 USD
CY2016Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1209947000 USD
CY2015Q4 us-gaap Liabilities Current
LiabilitiesCurrent
235011000 USD
CY2016Q1 us-gaap Liabilities Current
LiabilitiesCurrent
214264000 USD
CY2015Q4 us-gaap Long Term Investments And Receivables Net
LongTermInvestmentsAndReceivablesNet
36636000 USD
CY2016Q1 us-gaap Long Term Investments And Receivables Net
LongTermInvestmentsAndReceivablesNet
36636000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
20231000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
12448000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-5803000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-60270000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
20767000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
71116000 USD
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
24492000 USD
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
35245000 USD
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
24032000 USD
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
34921000 USD
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
24071000 USD
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
34941000 USD
CY2015Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1289000 USD
CY2016Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-414000 USD
CY2016Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
81999000 USD
CY2016Q1 us-gaap Operating Expenses
OperatingExpenses
105355000 USD
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
35755000 USD
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
49735000 USD
CY2015Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4155000 USD
CY2016Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
6125000 USD
CY2015Q4 us-gaap Other Assets Current
OtherAssetsCurrent
29270000 USD
CY2016Q1 us-gaap Other Assets Current
OtherAssetsCurrent
27766000 USD
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
20791000 USD
CY2016Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
20208000 USD
CY2015Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-183000 USD
CY2016Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
71000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-17000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
22000 USD
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
166000 USD
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-49000 USD
CY2015Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
8025000 USD
CY2016Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
7819000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
6698000 USD
CY2016Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
6385000 USD
CY2015Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-468000 USD
CY2016Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
337000 USD
CY2015Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
7190000 USD
CY2016Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
7510000 USD
CY2015Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
667000 USD
CY2016Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
670000 USD
CY2015Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
0 USD
CY2016Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
51638000 USD
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5136000 USD
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7962000 USD
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2016Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2016Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
50610000 USD
CY2016Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
41732000 USD
CY2015Q4 us-gaap Prepaid Taxes
PrepaidTaxes
14150000 USD
CY2016Q1 us-gaap Prepaid Taxes
PrepaidTaxes
6456000 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
4856000 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
4888000 USD
CY2015Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
5322000 USD
CY2016Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1862000 USD
CY2014Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
3204000 USD
CY2015Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
3686000 USD
CY2015Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
4718000 USD
CY2016Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
4883000 USD
CY2015Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
301000 USD
CY2016Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
528000 USD
CY2015Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
783000 USD
CY2016Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
693000 USD
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
110045000 USD
CY2016Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
114995000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
79706000 USD
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
79944000 USD
CY2016Q1 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
57300000 USD
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
43340000 USD
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
62515000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
250916000 USD
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
286161000 USD
CY2015Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
160141000 USD
CY2016Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
212475000 USD
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
179045000 USD
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
242196000 USD
CY2015Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
18904000 USD
CY2016Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
29721000 USD
CY2015Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
24587000 USD
CY2016Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
27606000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
8839000 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
13360000 USD
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
2044000 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
10494000 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
12112000 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
161000 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
413000 shares
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
788152000 USD
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
849857000 USD
CY2015Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
460000 USD
CY2016Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
324000 USD
CY2015Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
-39000 USD
CY2016Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
-20000 USD
CY2016Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
22500000 USD
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
70722000 shares
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72214000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
64635000 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
67737000 shares
CY2016Q1 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; allowance for doubtful accounts and sales return reserve; 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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