2017 Q1 Form 10-Q Financial Statement

#000159653217000088 Filed on May 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $335.5M $242.2M
YoY Change 38.51% 35.27%
Cost Of Revenue $121.3M $87.11M
YoY Change 39.22% 42.12%
Gross Profit $214.2M $155.1M
YoY Change 38.12% 31.71%
Gross Profit Margin 63.85% 64.03%
Selling, General & Admin $59.18M $42.84M
YoY Change 38.15% 10.82%
% of Gross Profit 27.63% 27.62%
Research & Development $81.61M $62.52M
YoY Change 30.54% 44.24%
% of Gross Profit 38.1% 40.31%
Depreciation & Amortization $4.939M $4.779M
YoY Change 3.35% 65.19%
% of Gross Profit 2.31% 3.08%
Operating Expenses $140.8M $105.4M
YoY Change 33.64% 28.48%
Operating Profit $73.42M $49.74M
YoY Change 47.62% 39.1%
Interest Expense -$700.0K -$800.0K
YoY Change -12.5% 0.0%
% of Operating Profit -0.95% -1.61%
Other Income/Expense, Net $310.0K -$414.0K
YoY Change -174.88% -67.88%
Pretax Income $73.73M $49.32M
YoY Change 49.49% 43.1%
Income Tax -$9.233M $14.08M
% Of Pretax Income -12.52% 28.54%
Net Earnings $82.96M $35.25M
YoY Change 135.38% 43.9%
Net Earnings / Revenue 24.73% 14.55%
Basic Earnings Per Share $1.16 $0.52
Diluted Earnings Per Share $1.07 $0.48
COMMON SHARES
Basic Shares Outstanding 71.11M shares 67.74M shares
Diluted Shares Outstanding 77.52M shares 72.21M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.043B $762.3M
YoY Change 36.86% 57.38%
Cash & Equivalents $746.6M $710.7M
Short-Term Investments $296.7M $51.59M
Other Short-Term Assets $112.2M $27.77M
YoY Change 304.15% 421.62%
Inventory $286.8M $84.03M
Prepaid Expenses
Receivables $209.1M $135.1M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.737B $1.023B
YoY Change 69.76% 39.0%
LONG-TERM ASSETS
Property, Plant & Equipment $76.32M $79.94M
YoY Change -4.53% 9.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $36.10M $36.60M
YoY Change -1.37% 0.0%
Other Assets $19.89M $20.21M
YoY Change -1.6% 16.58%
Total Long-Term Assets $202.8M $186.8M
YoY Change 8.54% 34.35%
TOTAL ASSETS
Total Short-Term Assets $1.737B $1.023B
Total Long-Term Assets $202.8M $186.8M
Total Assets $1.940B $1.210B
YoY Change 60.3% 38.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $60.98M $24.81M
YoY Change 145.82% -14.82%
Accrued Expenses $75.29M $46.11M
YoY Change 63.27% 59.45%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $532.5M $214.3M
YoY Change 148.53% 44.45%
LONG-TERM LIABILITIES
Long-Term Debt $39.10M $40.80M
YoY Change -4.17% -3.32%
Other Long-Term Liabilities $8.069M $6.385M
YoY Change 26.37% 14.88%
Total Long-Term Liabilities $8.069M $6.385M
YoY Change 26.37% 14.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $532.5M $214.3M
Total Long-Term Liabilities $8.069M $6.385M
Total Liabilities $711.2M $360.1M
YoY Change 97.51% 36.08%
SHAREHOLDERS EQUITY
Retained Earnings $518.9M $286.2M
YoY Change 81.32% 85.45%
Common Stock $7.000K $7.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.228B $849.9M
YoY Change
Total Liabilities & Shareholders Equity $1.940B $1.210B
YoY Change 60.3% 38.27%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $82.96M $35.25M
YoY Change 135.38% 43.9%
Depreciation, Depletion And Amortization $4.939M $4.779M
YoY Change 3.35% 65.19%
Cash From Operating Activities $162.9M $77.13M
YoY Change 111.16% 271.4%
INVESTING ACTIVITIES
Capital Expenditures $4.645M $8.632M
YoY Change -46.19% 68.07%
Acquisitions
YoY Change
Other Investing Activities $3.000M -$51.60M
YoY Change -105.81% -7836.13%
Cash From Investing Activities -$1.668M -$60.27M
YoY Change -97.23% 938.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $18.52M $6.436M
YoY Change 187.73% -68.19%
NET CHANGE
Cash From Operating Activities $162.9M $77.13M
Cash From Investing Activities -$1.668M -$60.27M
Cash From Financing Activities $18.52M $6.436M
Net Change In Cash $179.9M $23.29M
YoY Change 672.28% -33.81%
FREE CASH FLOW
Cash From Operating Activities $162.9M $77.13M
Capital Expenditures $4.645M $8.632M
Free Cash Flow $158.2M $68.50M
YoY Change 130.99% 338.21%

Facts In Submission

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CY2016Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1729007000 USD
CY2017Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1939598000 USD
CY2016Q4 us-gaap Liabilities Current
LiabilitiesCurrent
459553000 USD
CY2017Q1 us-gaap Liabilities Current
LiabilitiesCurrent
532513000 USD
CY2016Q4 us-gaap Long Term Investments And Receivables Net
LongTermInvestmentsAndReceivablesNet
36136000 USD
CY2017Q1 us-gaap Long Term Investments And Receivables Net
LongTermInvestmentsAndReceivablesNet
36136000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
6436000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
18518000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-60270000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2920000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
77128000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
162862000 USD
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
35245000 USD
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
82961000 USD
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
34921000 USD
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
82694000 USD
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
34941000 USD
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
82716000 USD
CY2016Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-414000 USD
CY2017Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
310000 USD
CY2017Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2016Q1 us-gaap Operating Expenses
OperatingExpenses
105355000 USD
CY2017Q1 us-gaap Operating Expenses
OperatingExpenses
140792000 USD
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
49735000 USD
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
73418000 USD
CY2016Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
8602000 USD
CY2017Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
6074000 USD
CY2016Q4 us-gaap Other Assets Current
OtherAssetsCurrent
79140000 USD
CY2017Q1 us-gaap Other Assets Current
OtherAssetsCurrent
112216000 USD
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
18824000 USD
CY2017Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
19885000 USD
CY2016Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
71000 USD
CY2017Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-227000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
22000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-155000 USD
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-49000 USD
CY2017Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
72000 USD
CY2016Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
15795000 USD
CY2017Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
12993000 USD
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
7958000 USD
CY2017Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
8069000 USD
CY2016Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
337000 USD
CY2017Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1025000 USD
CY2016Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
11846000 USD
CY2017Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
11837000 USD
CY2016 us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
0 USD
CY2017Q1 us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
0 USD
CY2016Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0 USD
CY2017Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
580000 USD
CY2016Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
51638000 USD
CY2017Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
61511000 USD
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8632000 USD
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4645000 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2017Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2017Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
168684000 USD
CY2017Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
197735000 USD
CY2016Q4 us-gaap Prepaid Taxes
PrepaidTaxes
17383000 USD
CY2017Q1 us-gaap Prepaid Taxes
PrepaidTaxes
34386000 USD
CY2016Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
0 USD
CY2017Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
64488000 USD
CY2016Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
6750000 USD
CY2017Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
19481000 USD
CY2015Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
4718000 USD
CY2016Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
4883000 USD
CY2016Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
6744000 USD
CY2017Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
7658000 USD
CY2016Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
528000 USD
CY2017Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
945000 USD
CY2016Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
693000 USD
CY2017Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1859000 USD
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
126093000 USD
CY2017Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
130038000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
76961000 USD
CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
76319000 USD
CY2017Q1 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
362600000 USD
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
62515000 USD
CY2017Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
81610000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
435105000 USD
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
518874000 USD
CY2016Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
212475000 USD
CY2017Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
291367000 USD
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
242196000 USD
CY2017Q1 us-gaap Sales Revenue Net
SalesRevenueNet
335475000 USD
CY2016Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
29721000 USD
CY2017Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
44108000 USD
CY2016Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
27606000 USD
CY2017Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
37027000 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
13360000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
16439000 USD
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
2124000 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
11754000 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
13680000 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
223000 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
165000 shares
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
1107820000 USD
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
1228374000 USD
CY2016Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
324000 USD
CY2017Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
267000 USD
CY2016Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
-20000 USD
CY2017Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
-22000 USD
CY2017Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
29900000 USD
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72214000 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
77516000 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
67737000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
71114000 shares
CY2017Q1 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 consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported and disclosed in the 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; contract manufacturing liabilities; and recognition and measurement of contingent liabilities. We evaluate our estimates and assumptions based on historical experience and other factors and adjust those estimates and assumptions when facts and circumstances dictate. Actual results could differ materially from those estimates. </font></div></div>

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