2019 Q1 Form 10-Q Financial Statement

#000159653219000104 Filed on May 06, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $595.4M $472.5M
YoY Change 26.02% 40.84%
Cost Of Revenue $214.9M $169.6M
YoY Change 26.71% 39.83%
Gross Profit $380.6M $302.9M
YoY Change 25.63% 41.41%
Gross Profit Margin 63.92% 64.11%
Selling, General & Admin $66.56M $61.82M
YoY Change 7.67% 4.46%
% of Gross Profit 17.49% 20.41%
Research & Development $119.7M $102.4M
YoY Change 16.91% 25.43%
% of Gross Profit 31.44% 33.79%
Depreciation & Amortization $8.362M $5.697M
YoY Change 46.78% 15.35%
% of Gross Profit 2.2% 1.88%
Operating Expenses $186.2M $164.2M
YoY Change 13.43% 16.61%
Operating Profit $194.3M $138.7M
YoY Change 40.08% 88.97%
Interest Expense $0.00 $687.0K
YoY Change -100.0% -198.14%
% of Operating Profit 0.0% 0.5%
Other Income/Expense, Net $12.33M $4.156M
YoY Change 196.75% 1240.65%
Pretax Income $206.7M $142.9M
YoY Change 44.64% 93.81%
Income Tax $5.646M -$1.644M
% Of Pretax Income 2.73% -1.15%
Net Earnings $201.0M $144.5M
YoY Change 39.08% 74.22%
Net Earnings / Revenue 33.76% 30.59%
Basic Earnings Per Share $2.65 $1.95
Diluted Earnings Per Share $2.47 $1.79
COMMON SHARES
Basic Shares Outstanding 75.92M shares 73.99M shares
Diluted Shares Outstanding 81.20M shares 80.72M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.151B $1.738B
YoY Change 23.76% 66.6%
Cash & Equivalents $809.5M $886.2M
Short-Term Investments $1.341B $851.9M
Other Short-Term Assets $63.44M $82.84M
YoY Change -23.42% -26.18%
Inventory $347.2M $268.1M
Prepaid Expenses
Receivables $271.2M $207.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.901B $2.379B
YoY Change 21.93% 36.98%
LONG-TERM ASSETS
Property, Plant & Equipment $42.55M $73.83M
YoY Change -42.37% -3.27%
Goodwill $53.68M
YoY Change
Intangibles
YoY Change
Long-Term Investments $31.50M $36.10M
YoY Change -12.74% 0.0%
Other Assets $25.06M $22.88M
YoY Change 9.55% 15.06%
Total Long-Term Assets $431.5M $200.9M
YoY Change 114.81% -0.94%
TOTAL ASSETS
Total Short-Term Assets $2.901B $2.379B
Total Long-Term Assets $431.5M $200.9M
Total Assets $3.332B $2.580B
YoY Change 29.16% 33.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $89.82M $70.43M
YoY Change 27.53% 15.49%
Accrued Expenses $104.2M $85.73M
YoY Change 21.58% 13.86%
Deferred Revenue $304.7M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $543.2M $457.8M
YoY Change 18.66% -14.03%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $37.10M
YoY Change -100.0% -5.12%
Other Long-Term Liabilities $24.44M $21.34M
YoY Change 14.5% 164.51%
Total Long-Term Liabilities $24.44M $21.34M
YoY Change 14.5% 164.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $543.2M $457.8M
Total Long-Term Liabilities $24.44M $21.34M
Total Liabilities $932.1M $735.0M
YoY Change 26.81% 3.34%
SHAREHOLDERS EQUITY
Retained Earnings $1.195B $1.007B
YoY Change 18.59% 94.12%
Common Stock $8.000K $8.000K
YoY Change 0.0% 14.29%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.400B $1.845B
YoY Change
Total Liabilities & Shareholders Equity $3.332B $2.580B
YoY Change 29.16% 33.02%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $201.0M $144.5M
YoY Change 39.08% 74.22%
Depreciation, Depletion And Amortization $8.362M $5.697M
YoY Change 46.78% 15.35%
Cash From Operating Activities $170.1M $195.5M
YoY Change -13.01% 20.07%
INVESTING ACTIVITIES
Capital Expenditures $5.237M $6.336M
YoY Change -17.35% 36.4%
Acquisitions $0.00
YoY Change
Other Investing Activities -$30.00M -$177.5M
YoY Change -83.1% -6016.67%
Cash From Investing Activities -$35.22M -$183.9M
YoY Change -80.84% 10923.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $24.47M $15.31M
YoY Change 59.87% -17.33%
NET CHANGE
Cash From Operating Activities $170.1M $195.5M
Cash From Investing Activities -$35.22M -$183.9M
Cash From Financing Activities $24.47M $15.31M
Net Change In Cash $159.5M $26.97M
YoY Change 491.54% -85.01%
FREE CASH FLOW
Cash From Operating Activities $170.1M $195.5M
Capital Expenditures $5.237M $6.336M
Free Cash Flow $164.9M $189.2M
YoY Change -12.87% 19.59%

Facts In Submission

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CY2019Q1 us-gaap Earnings Per Share Diluted
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2.47
CY2018Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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195000 USD
CY2018Q1 us-gaap Effective Income Tax Rate Continuing Operations
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-0.012
CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
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0.027
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CY2019Q1 us-gaap Employee Related Liabilities Current
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45117000 USD
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36136000 USD
CY2018Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
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36136000 USD
CY2018Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
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30336000 USD
CY2019Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
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31486000 USD
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0 USD
CY2018Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Downward Price Adjustment Cumulative Amount
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0 USD
CY2018Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Downward Price Adjustment Cumulative Amount
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15000000 USD
CY2018Q1 us-gaap Interest Expense
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687000 USD
CY2019Q1 us-gaap Interest Expense
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0 USD
CY2018Q1 us-gaap Interest Income Other
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5385000 USD
CY2019Q1 us-gaap Interest Income Other
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11898000 USD
CY2019Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Downward Price Adjustment Cumulative Amount
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15000000 USD
CY2018Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Upward Price Adjustment Annual Amount
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0 USD
CY2019Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Upward Price Adjustment Annual Amount
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1150000 USD
CY2017Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Upward Price Adjustment Cumulative Amount
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0 USD
CY2018Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Upward Price Adjustment Cumulative Amount
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0 USD
CY2018Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Upward Price Adjustment Cumulative Amount
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1200000 USD
CY2019Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Upward Price Adjustment Cumulative Amount
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2350000 USD
CY2018Q4 us-gaap Finance Lease Liability Noncurrent
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35431000 USD
CY2019Q1 us-gaap Finance Lease Liability Noncurrent
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0 USD
CY2019Q1 us-gaap Finance Lease Liability Noncurrent
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0 USD
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CY2019Q1 us-gaap Finite Lived Intangible Assets Net
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55111000 USD
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19679000 USD
CY2019Q1 us-gaap General And Administrative Expense
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15506000 USD
CY2018Q4 us-gaap Goodwill
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CY2019Q1 us-gaap Goodwill
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53684000 USD
CY2018Q1 us-gaap Gross Profit
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302919000 USD
CY2019Q1 us-gaap Gross Profit
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380570000 USD
CY2018Q1 us-gaap Impairment Of Investments
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0 USD
CY2019Q1 us-gaap Impairment Of Investments
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0 USD
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142894000 USD
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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206675000 USD
CY2018Q1 us-gaap Income Tax Expense Benefit
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CY2019Q1 us-gaap Income Tax Expense Benefit
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5646000 USD
CY2018Q1 us-gaap Increase Decrease In Accounts Payable
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20040000 USD
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-2391000 USD
CY2018Q1 us-gaap Increase Decrease In Accounts Receivable
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CY2018Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
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3478000 USD
CY2019Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
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2040000 USD
CY2018Q1 us-gaap Increase Decrease In Accrued Liabilities
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-48140000 USD
CY2019Q1 us-gaap Increase Decrease In Accrued Liabilities
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CY2018Q1 us-gaap Increase Decrease In Contract With Customer Liability
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CY2019Q1 us-gaap Increase Decrease In Contract With Customer Liability
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82596000 USD
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2027000 USD
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5565000 USD
CY2019Q1 us-gaap Increase Decrease In Other Operating Liabilities
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660000 USD
CY2018Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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6670000 shares
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5279000 shares
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14013000 USD
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21645000 USD
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938594000 USD
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138738000 USD
CY2019Q1 us-gaap Inventory Finished Goods Net Of Reserves
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244317000 USD
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CY2019Q1 us-gaap Inventory Net
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347153000 USD
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76795000 USD
CY2019Q1 us-gaap Inventory Raw Materials Net Of Reserves
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102836000 USD
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30000 USD
CY2019Q1 us-gaap Investment Income Net Amortization Of Discount And Premium
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2069000 USD
CY2018Q1 us-gaap Lease And Rental Expense
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2800000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
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129400000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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35870000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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17598000 USD
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21134000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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20773000 USD
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20012000 USD
CY2019Q1 us-gaap Liabilities
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3081983000 USD
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3332444000 USD
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543193000 USD
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15308000 USD
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24473000 USD
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195541000 USD
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170097000 USD
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201029000 USD
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144449000 USD
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200911000 USD
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144456000 USD
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200918000 USD
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4156000 USD
CY2019Q1 us-gaap Nonoperating Income Expense
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12333000 USD
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1 segment
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164181000 USD
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194342000 USD
CY2019Q1 us-gaap Operating Lease Cost
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5483000 USD
CY2019Q1 us-gaap Operating Lease Expense
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6947000 USD
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95730000 USD
CY2019Q1 us-gaap Other Assets Current
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63436000 USD
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14139000 USD
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0 USD
CY2019Q1 us-gaap Operating Lease Liability Noncurrent
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93616000 USD
CY2019Q1 us-gaap Operating Lease Liability Noncurrent
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88230000 USD
CY2019Q1 us-gaap Operating Lease Payments
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4400000 USD
CY2018Q4 us-gaap Operating Lease Right Of Use Asset
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CY2019Q1 us-gaap Operating Lease Right Of Use Asset
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CY2019Q1 us-gaap Operating Lease Right Of Use Asset
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93207000 USD
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0.051
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P6Y5M1D
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2296000 USD
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3184000 USD
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22704000 USD
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25063000 USD
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353000 USD
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235000 USD
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3414000 USD
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3179000 USD
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CY2019Q1 us-gaap Other Liabilities Current
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31851000 USD
CY2019Q1 us-gaap Other Liabilities Noncurrent
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25601000 USD
CY2019Q1 us-gaap Other Liabilities Noncurrent
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24437000 USD
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CY2019Q1 us-gaap Other Nonoperating Gains Losses
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CY2018Q1 us-gaap Other Nonoperating Income Expense
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4843000 USD
CY2019Q1 us-gaap Other Nonoperating Income Expense
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13316000 USD
CY2019Q1 us-gaap Other Prepaid Expense Current
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12746000 USD
CY2018Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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1536000 USD
CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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1850000 USD
CY2018Q1 us-gaap Payments To Acquire Marketable Securities
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267976000 USD
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332247000 USD
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
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6336000 USD
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
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5237000 USD
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.0001
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0.0001
CY2018Q4 us-gaap Preferred Stock Shares Issued
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CY2019Q1 us-gaap Preferred Stock Shares Authorized
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100000000 shares
CY2019Q1 us-gaap Preferred Stock Shares Issued
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0 shares
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
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0 shares
CY2019Q1 us-gaap Preferred Stock Shares Outstanding
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0 shares
CY2018Q4 us-gaap Preferred Stock Value
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CY2019Q1 us-gaap Preferred Stock Value
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CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
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162321000 USD
CY2019Q1 us-gaap Prepaid Expense And Other Assets Current
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131657000 USD
CY2018Q4 us-gaap Prepaid Taxes
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38636000 USD
CY2019Q1 us-gaap Prepaid Taxes
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35920000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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17300000 USD
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26323000 USD
CY2018Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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90448000 USD
CY2019Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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302264000 USD
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7415000 USD
CY2018Q1 us-gaap Product Warranty Accrual Classified Current
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7434000 USD
CY2018Q4 us-gaap Product Warranty Accrual Classified Current
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5362000 USD
CY2019Q1 us-gaap Product Warranty Accrual Classified Current
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5126000 USD
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1538000 USD
CY2019Q1 us-gaap Product Warranty Accrual Payments
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1168000 USD
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1557000 USD
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932000 USD
CY2018Q4 us-gaap Property Plant And Equipment Gross
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165367000 USD
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124743000 USD
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75355000 USD
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41529000 USD
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42549000 USD
CY2019Q1 us-gaap Purchase Commitment Remaining Minimum Amount Committed
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253800000 USD
CY2018Q1 us-gaap Research And Development Expense
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102362000 USD
CY2019Q1 us-gaap Research And Development Expense
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119669000 USD
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1190803000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
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1395534000 USD
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1194505000 USD
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472489000 USD
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595424000 USD
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575200000 USD
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P2Y
CY2019Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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P5Y
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0.88
CY2019Q1 us-gaap Revenue Remaining Performance Obligation Percentage
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0.12
CY2018Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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0 USD
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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9034000 USD
CY2018Q1 us-gaap Selling And Marketing Expense
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42140000 USD
CY2019Q1 us-gaap Selling And Marketing Expense
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51053000 USD
CY2018Q1 us-gaap Share Based Compensation
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20851000 USD
CY2019Q1 us-gaap Share Based Compensation
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24291000 USD
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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15386000 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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15303000 shares
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2762000 shares
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26.11
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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8000 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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74000 shares
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1027741000 USD
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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1465345000 USD
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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5899000 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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5352000 shares
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37.09
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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40.64
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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28.71
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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35.06
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
225.25
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
796325000 USD
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y6M4D
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y2M12D
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y0M26D
CY2019Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
613000 shares
CY2018Q1 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
17300000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
26323000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
1661914000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
1845039000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
2143389000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
2400367000 USD
CY2018Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
89000 USD
CY2019Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
118000 USD
CY2018Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
7000 USD
CY2019Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
7000 USD
CY2018Q1 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
0 USD
CY2019Q1 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
1150000 USD
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
1464000 USD
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
80721000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
81201000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
73994000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
75920000 shares
CY2019Q1 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 condensed 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, sales rebates and return reserves; valuation of goodwill and acquisition-related intangible assets, accounting for income taxes, including the valuation allowance on deferred tax assets and reserves for uncertain tax positions; estimate of useful lives of long-lived assets including intangible assets; valuation of inventory and contract manufacturer/supplier liabilities; recognition and measurement of contingent liabilities; valuation of equity investments in privately-held companies; determination of fair value for stock-based awards; estimate of incremental borrowing rate for determining the present value of future lease payments; and valuation of warranty accruals. 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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