2020 Q1 Form 10-Q Financial Statement

#000158080820000029 Filed on May 08, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $53.76M $50.29M
YoY Change 6.91% 2.25%
Cost Of Revenue $12.14M $12.25M
YoY Change -0.88% 3.08%
Gross Profit $41.62M $38.04M
YoY Change 9.42% 1.99%
Gross Profit Margin 77.42% 75.64%
Selling, General & Admin $26.52M $32.84M
YoY Change -19.26% -14.69%
% of Gross Profit 63.71% 86.33%
Research & Development $15.32M $16.17M
YoY Change -5.26% -14.0%
% of Gross Profit 36.8% 42.5%
Depreciation & Amortization $3.311M $2.447M
YoY Change 35.31% 14.67%
% of Gross Profit 7.95% 6.43%
Operating Expenses $41.83M $49.01M
YoY Change -14.64% -14.47%
Operating Profit -$209.0K -$10.97M
YoY Change -98.09% -45.15%
Interest Expense $0.00 $155.0K
YoY Change -100.0% 369.7%
% of Operating Profit
Other Income/Expense, Net $231.0K -$788.0K
YoY Change -129.31% -247.84%
Pretax Income $22.00K -$11.76M
YoY Change -100.19% -39.6%
Income Tax $300.0K $500.0K
% Of Pretax Income 1363.64%
Net Earnings -$297.0K -$12.27M
YoY Change -97.58% -37.61%
Net Earnings / Revenue -0.55% -24.4%
Basic Earnings Per Share $0.00 -$0.16
Diluted Earnings Per Share $0.00 -$0.16
COMMON SHARES
Basic Shares Outstanding 78.06M shares 74.81M shares
Diluted Shares Outstanding 78.06M shares 74.81M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $142.9M $122.8M
YoY Change 16.37% -6.04%
Cash & Equivalents $65.63M $33.97M
Short-Term Investments $77.30M $88.80M
Other Short-Term Assets $12.50M $17.10M
YoY Change -26.9% 18.75%
Inventory $20.76M $20.95M
Prepaid Expenses $4.514M $6.675M
Receivables $42.86M $44.80M
Other Receivables $0.00 $0.00
Total Short-Term Assets $219.1M $205.6M
YoY Change 6.53% -1.62%
LONG-TERM ASSETS
Property, Plant & Equipment $7.462M $7.676M
YoY Change -2.79% -20.32%
Goodwill $1.307M $1.307M
YoY Change 0.0% 0.0%
Intangibles $1.944M $3.387M
YoY Change -42.6% -29.86%
Long-Term Investments
YoY Change
Other Assets $40.29M $13.99M
YoY Change 188.04% 93.51%
Total Long-Term Assets $51.01M $26.36M
YoY Change 93.51% 14.61%
TOTAL ASSETS
Total Short-Term Assets $219.1M $205.6M
Total Long-Term Assets $51.01M $26.36M
Total Assets $270.1M $232.0M
YoY Change 16.42% -0.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.937M $8.136M
YoY Change -51.61% 6.6%
Accrued Expenses $24.24M $25.44M
YoY Change -4.69% -0.22%
Deferred Revenue $62.72M $62.53M
YoY Change 0.3% 5.34%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $90.90M $96.10M
YoY Change -5.41% -2.79%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $27.35M $3.062M
YoY Change 793.11% 246.38%
Total Long-Term Liabilities $27.35M $3.062M
YoY Change 793.11% 246.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $90.90M $96.10M
Total Long-Term Liabilities $27.35M $3.062M
Total Liabilities $156.8M $135.2M
YoY Change 15.98% 2.71%
SHAREHOLDERS EQUITY
Retained Earnings -$290.4M -$284.5M
YoY Change 2.05% 7.65%
Common Stock $1.000K $1.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $113.3M $101.7M
YoY Change
Total Liabilities & Shareholders Equity $270.1M $232.0M
YoY Change 16.42% -0.01%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$297.0K -$12.27M
YoY Change -97.58% -37.61%
Depreciation, Depletion And Amortization $3.311M $2.447M
YoY Change 35.31% 14.67%
Cash From Operating Activities $12.18M -$6.058M
YoY Change -301.11% 1621.02%
INVESTING ACTIVITIES
Capital Expenditures $868.0K $936.0K
YoY Change -7.26% -17.39%
Acquisitions
YoY Change
Other Investing Activities $6.570M -$690.0K
YoY Change -1052.17% -207.81%
Cash From Investing Activities $5.703M -$1.621M
YoY Change -451.82% 228.14%
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 $2.005M $1.025M
YoY Change 95.61% -17.54%
NET CHANGE
Cash From Operating Activities $12.18M -$6.058M
Cash From Investing Activities $5.703M -$1.621M
Cash From Financing Activities $2.005M $1.025M
Net Change In Cash $19.89M -$6.654M
YoY Change -398.93% -1776.07%
FREE CASH FLOW
Cash From Operating Activities $12.18M -$6.058M
Capital Expenditures $868.0K $936.0K
Free Cash Flow $11.32M -$6.994M
YoY Change -261.78% 370.98%

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CY2019Q4 us-gaap Liabilities
Liabilities
165266000 USD
CY2020Q1 us-gaap Liabilities
Liabilities
156805000 USD
CY2019Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
274053000 USD
CY2020Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
270057000 USD
CY2019Q4 us-gaap Liabilities Current
LiabilitiesCurrent
97581000 USD
CY2020Q1 us-gaap Liabilities Current
LiabilitiesCurrent
90898000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1025000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2005000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1621000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
5703000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-6058000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
12183000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-12272000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-297000 USD
CY2019Q4 us-gaap Noncurrent Assets
NoncurrentAssets
40670000 USD
CY2020Q1 us-gaap Noncurrent Assets
NoncurrentAssets
38802000 USD
CY2019Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-788000 USD
CY2020Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
231000 USD
CY2019Q1 us-gaap Operating Expenses
OperatingExpenses
49007000 USD
CY2020Q1 us-gaap Operating Expenses
OperatingExpenses
41831000 USD
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-10967000 USD
CY2020Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
27347000 USD
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-209000 USD
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
893000 USD
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1777000 USD
CY2019Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
1000000 USD
CY2020Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
1600000 USD
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
31587000 USD
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
5109000 USD
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4716000 USD
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
26871000 USD
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1665000 USD
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
31340000 USD
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0314
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y10M13D
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
6066000 USD
CY2020Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
6419000 USD
CY2019Q4 us-gaap Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
2673000 USD
CY2020Q1 us-gaap Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
2702000 USD
CY2019Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
41846000 USD
CY2020Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
40294000 USD
CY2019Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
240000 USD
CY2020Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-288000 USD
CY2019Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
28754000 USD
CY2019Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
246000 USD
CY2020Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
13000 USD
CY2019Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
13859000 USD
CY2020Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
5518000 USD
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
936000 USD
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
868000 USD
CY2019Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
15067000 USD
CY2020Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
12518000 USD
CY2019Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
6163000 USD
CY2020Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
4514000 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
1027000 USD
CY2020Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
2005000 USD
CY2019Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
4500000 USD
CY2020Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
10175000 USD
CY2019Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-2000 USD
CY2020Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
CY2019Q1 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
8674000 USD
CY2020Q1 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
1914000 USD
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
29327000 USD
CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
30386000 USD
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7656000 USD
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7462000 USD
CY2019Q1 us-gaap Property Plant And Equipment Transfers And Changes
PropertyPlantAndEquipmentTransfersAndChanges
303000 USD
CY2020Q1 us-gaap Property Plant And Equipment Transfers And Changes
PropertyPlantAndEquipmentTransfersAndChanges
149000 USD
CY2019Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
16166000 USD
CY2020Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
15315000 USD
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-290065000 USD
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-290362000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
50290000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
53764000 USD
CY2020Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
101278000 USD
CY2020Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
62718000 USD
CY2020Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
29673000 USD
CY2020Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
8887000 USD
CY2020Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P9M
CY2020Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P2Y
CY2020Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
CY2019Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
24483000 USD
CY2020Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
20621000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3896000 USD
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3040000 USD
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1100000 USD
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1200000 USD
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
171000 shares
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3195000 USD
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3702000 shares
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2887000 shares
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.57
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.80
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
3194000 USD
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
2810000 shares
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
5.73
CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.37
CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
6.29
CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.00
CY2020Q1 us-gaap Share Price
SharePrice
6.21
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y0M2D
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P2Y10M24D
CY2019Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
137000 USD
CY2020Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
158000 USD
CY2020Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
644000 shares
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
96774000 USD
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
108787000 USD
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
113252000 USD
CY2019Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
4354000 USD
CY2020Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
2987000 USD
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
4200000 USD
CY2020Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
4300000 USD
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
74809000 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
78061000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
74809000 shares
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
78061000 shares
CY2020Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:4px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Concentration of Credit Risk and Significant Customers</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;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 of cash, cash equivalents, marketable securities and accounts receivable. Our cash, cash equivalents and marketable securities are held and invested in high-credit quality financial instruments by recognized financial institutions and are subject to minimum credit risk.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our accounts receivable are&#160;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 periodic credit evaluations based on a number of factors, including past transaction experience, evaluation of credit history and review of the invoicing terms of the contract. We generally do not require our customers to provide collateral to support accounts receivable.</font></div></div>
CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:4px;text-indent:24px;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:4px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font></div></div>

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