2018 Q1 Form 10-Q Financial Statement
#000144168318000063 Filed on May 03, 2018
Income Statement
Concept | 2018 Q1 | 2017 Q1 |
---|---|---|
Revenue | $51.70M | $38.33M |
YoY Change | 34.87% | 6.58% |
Cost Of Revenue | $21.05M | $12.69M |
YoY Change | 65.87% | -14.02% |
Gross Profit | $30.65M | $25.64M |
YoY Change | 19.53% | 20.92% |
Gross Profit Margin | 59.28% | 66.89% |
Selling, General & Admin | $31.02M | $21.85M |
YoY Change | 41.97% | 44.75% |
% of Gross Profit | 101.23% | 85.23% |
Research & Development | $9.870M | $7.300M |
YoY Change | 35.21% | 48.16% |
% of Gross Profit | 32.21% | 28.47% |
Depreciation & Amortization | $270.0K | $220.0K |
YoY Change | 22.73% | 29.41% |
% of Gross Profit | 0.88% | 0.86% |
Operating Expenses | $40.89M | $29.15M |
YoY Change | 40.28% | 45.59% |
Operating Profit | -$10.25M | -$3.513M |
YoY Change | 191.69% | -397.46% |
Interest Expense | -$13.00K | -$256.0K |
YoY Change | -94.92% | 5.79% |
% of Operating Profit | ||
Other Income/Expense, Net | $905.0K | $243.0K |
YoY Change | 272.43% | -17.63% |
Pretax Income | -$9.342M | -$3.270M |
YoY Change | 185.69% | -321.54% |
Income Tax | $211.0K | $125.0K |
% Of Pretax Income | ||
Net Earnings | -$9.553M | -$3.395M |
YoY Change | 181.38% | -549.67% |
Net Earnings / Revenue | -18.48% | -8.86% |
Basic Earnings Per Share | ||
Diluted Earnings Per Share | -$156.9K | -$57.93K |
COMMON SHARES | ||
Basic Shares Outstanding | ||
Diluted Shares Outstanding |
Balance Sheet
Concept | 2018 Q1 | 2017 Q1 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $60.90M | $34.80M |
YoY Change | 75.0% | |
Cash & Equivalents | $60.88M | $34.76M |
Short-Term Investments | ||
Other Short-Term Assets | $16.30M | $12.90M |
YoY Change | 26.36% | |
Inventory | ||
Prepaid Expenses | ||
Receivables | $52.52M | $32.40M |
Other Receivables | $0.00 | $0.00 |
Total Short-Term Assets | $129.7M | $80.10M |
YoY Change | 61.97% | |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | $3.359M | $3.000M |
YoY Change | 11.97% | |
Goodwill | ||
YoY Change | ||
Intangibles | ||
YoY Change | ||
Long-Term Investments | ||
YoY Change | ||
Other Assets | $533.0K | $13.40M |
YoY Change | -96.02% | |
Total Long-Term Assets | $16.06M | $16.40M |
YoY Change | -2.05% | |
TOTAL ASSETS | ||
Total Short-Term Assets | $129.7M | $80.10M |
Total Long-Term Assets | $16.06M | $16.40M |
Total Assets | $145.8M | $96.50M |
YoY Change | 51.09% | |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $2.713M | $1.500M |
YoY Change | 80.87% | |
Accrued Expenses | $7.059M | $12.00M |
YoY Change | -41.18% | |
Deferred Revenue | ||
YoY Change | ||
Short-Term Debt | $0.00 | $0.00 |
YoY Change | ||
Long-Term Debt Due | $0.00 | |
YoY Change | ||
Total Short-Term Liabilities | $88.88M | $67.30M |
YoY Change | 32.06% | |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $0.00 | $20.00M |
YoY Change | -100.0% | |
Other Long-Term Liabilities | $1.227M | $21.10M |
YoY Change | -94.18% | |
Total Long-Term Liabilities | $1.227M | $41.10M |
YoY Change | -97.01% | |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $88.88M | $67.30M |
Total Long-Term Liabilities | $1.227M | $41.10M |
Total Liabilities | $107.2M | $108.4M |
YoY Change | -1.13% | |
SHAREHOLDERS EQUITY | ||
Retained Earnings | -$105.7M | |
YoY Change | ||
Common Stock | $144.5M | |
YoY Change | ||
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | ||
YoY Change | ||
Treasury Stock Shares | ||
Shareholders Equity | $38.63M | -$11.80M |
YoY Change | ||
Total Liabilities & Shareholders Equity | $145.8M | $96.50M |
YoY Change | 51.09% |
Cashflow Statement
Concept | 2018 Q1 | 2017 Q1 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | -$9.553M | -$3.395M |
YoY Change | 181.38% | -549.67% |
Depreciation, Depletion And Amortization | $270.0K | $220.0K |
YoY Change | 22.73% | 29.41% |
Cash From Operating Activities | -$13.83M | $3.705M |
YoY Change | -473.36% | -200.95% |
INVESTING ACTIVITIES | ||
Capital Expenditures | $1.036M | $105.0K |
YoY Change | 886.67% | -152.5% |
Acquisitions | ||
YoY Change | ||
Other Investing Activities | ||
YoY Change | ||
Cash From Investing Activities | -$1.036M | -$105.0K |
YoY Change | 886.67% | -47.5% |
FINANCING ACTIVITIES | ||
Cash Dividend Paid | ||
YoY Change | ||
Common Stock Issuance & Retirement, Net | ||
YoY Change | ||
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | $983.0K | $0.00 |
YoY Change | -100.0% | |
NET CHANGE | ||
Cash From Operating Activities | -$13.83M | $3.705M |
Cash From Investing Activities | -$1.036M | -$105.0K |
Cash From Financing Activities | $983.0K | $0.00 |
Net Change In Cash | -$12.88M | $3.600M |
YoY Change | -457.83% | -41.27% |
FREE CASH FLOW | ||
Cash From Operating Activities | -$13.83M | $3.705M |
Capital Expenditures | $1.036M | $105.0K |
Free Cash Flow | -$14.87M | $3.600M |
YoY Change | -513.03% | -203.75% |
Facts In Submission
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|
-3513000 | USD |
CY2018Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-10247000 | USD |
CY2017Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
1915000 | USD |
CY2018Q1 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
1764000 | USD |
CY2017Q4 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
510000 | USD |
CY2018Q1 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
533000 | USD |
CY2017Q1 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
-364000 | USD |
CY2018Q1 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
-566000 | USD |
CY2018Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
-565000 | USD |
CY2017Q4 | us-gaap |
Other Employee Related Liabilities Current And Noncurrent
OtherEmployeeRelatedLiabilitiesCurrentAndNoncurrent
|
286000 | USD |
CY2018Q1 | us-gaap |
Other Employee Related Liabilities Current And Noncurrent
OtherEmployeeRelatedLiabilitiesCurrentAndNoncurrent
|
273000 | USD |
CY2017Q4 | us-gaap |
Other Liabilities Current
OtherLiabilitiesCurrent
|
1182000 | USD |
CY2018Q1 | us-gaap |
Other Liabilities Current
OtherLiabilitiesCurrent
|
1419000 | USD |
CY2017Q4 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
1404000 | USD |
CY2018Q1 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
1227000 | USD |
CY2017Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
499000 | USD |
CY2018Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
918000 | USD |
CY2017Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
105000 | USD |
CY2017Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
0 | USD |
CY2018Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
983000 | USD |
CY2018Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
1036000 | USD |
CY2017Q4 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
7032000 | USD |
CY2018Q1 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
7094000 | USD |
CY2017Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
2663000 | USD |
CY2018Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
3359000 | USD |
CY2017Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
7300000 | USD |
CY2018Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
9870000 | USD |
CY2017Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-96189000 | USD |
CY2018Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-105742000 | USD |
CY2017Q1 | us-gaap |
Revenues
Revenues
|
38329000 | USD |
CY2018Q1 | us-gaap |
Revenues
Revenues
|
51696000 | USD |
CY2017Q1 | us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
16885000 | USD |
CY2018Q1 | us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
24744000 | USD |
CY2017Q1 | us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
17003000 | USD |
CY2018Q1 | us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
22964000 | USD |
CY2017Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
0 | USD |
CY2018Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
2240000 | USD |
CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Award Requisite Service Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardRequisiteServicePeriod1
|
P5Y | |
CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
2287058 | shares |
CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
|
2.43 | |
CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
|
16321000 | USD |
CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
|
35560 | shares |
CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
0 | shares |
CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
4.88 | |
CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
0 | |
CY2017Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
176122000 | USD |
CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
117104000 | USD |
CY2017Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
7010887 | shares |
CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
6367978 | shares |
CY2017Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
6.36 | |
CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
6.79 | |
CY2018Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
1.62 | |
CY2018Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
|
9.95 | |
CY2018Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
0.00 | |
CY2017Q1 | us-gaap |
Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Dividend Rate
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedDividendRate
|
0 | |
CY2017Q1 | us-gaap |
Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Term1
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedTerm1
|
P6Y6M | |
CY2017Q1 | us-gaap |
Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Volatility Rate
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedVolatilityRate
|
0.406 | |
CY2017Q1 | us-gaap |
Share Based Goods And Nonemployee Services Transaction Valuation Method Risk Free Interest Rate
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodRiskFreeInterestRate
|
0.022 | |
CY2018Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
|
52025000 | USD |
CY2018Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
|
P4Y1M | |
CY2017 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P6Y7M0D | |
CY2018Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P6Y8M12D | |
CY2017Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
|
0 | USD |
CY2018Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
|
300000 | USD |
CY2018Q1 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
607349 | shares |
CY2018Q1 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
982000 | USD |
CY2017Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
45524000 | USD |
CY2018Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
38628000 | USD |
CY2017Q1 | us-gaap |
Technology Services Costs
TechnologyServicesCosts
|
10628000 | USD |
CY2018Q1 | us-gaap |
Technology Services Costs
TechnologyServicesCosts
|
18421000 | USD |
CY2017Q1 | us-gaap |
Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
|
214000 | USD |
CY2018Q1 | us-gaap |
Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
|
0 | USD |
CY2018Q1 | us-gaap |
Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
|
700000 | USD |
CY2017Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
34274718 | shares |
CY2018Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
60850521 | shares |
CY2018Q1 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:24px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Concentration of Credit Risk</font></div><div style="line-height:120%;padding-top:8px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our financial instruments that are exposed to concentration of credit risk consist primarily of cash and cash equivalents and trade accounts receivable. Cash deposits may be in excess of insured limits. We believe that the financial institutions that hold our cash deposits are financially sound and, accordingly, minimal credit risk exists with respect to these balances.</font></div><div style="line-height:120%;padding-top:16px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">With regard to our customers, credit evaluation and account monitoring procedures are used to minimize the risk of loss. We believe that no additional credit risk beyond amounts provided for collection loss are inherent in accounts receivable.</font></div></div> | |
CY2018Q1 | us-gaap |
Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:24px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Deferred Revenue</font></div><div style="line-height:120%;padding-top:8px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deferred revenue primarily consists of amounts billed or billable in advance of revenue recognition from our subscriptions, software, and support and professional services described above. Deferred revenue is recognized as the revenue recognition criteria are met.</font></div></div> | |
CY2018Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:24px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of our condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Although we believe that the estimates we use are reasonable, due to the inherent uncertainty involved in making these estimates, actual results reported in future periods could differ from those estimates.</font></div><div style="line-height:120%;padding-top:16px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Significant estimates embedded in the condensed consolidated financial statements include revenue recognition, income taxes and the related valuation allowance, stock-based compensation and fair value measurements for our common stock and preferred stock warrant.</font></div></div> |