2018 Q3 Form 10-Q Financial Statement

#000091584018000033 Filed on July 26, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2018 Q2 2017 Q4
Revenue $767.9M $511.5M $372.5M
YoY Change 14.11% 6.88% 9.8%
Cost Of Revenue $635.7M $428.1M $311.7M
YoY Change 13.95% 7.11% 9.12%
Gross Profit $125.9M $83.24M $60.83M
YoY Change 11.03% 6.12% 13.35%
Gross Profit Margin 16.39% 16.27% 16.33%
Selling, General & Admin $77.80M $62.00M $51.60M
YoY Change 10.04% 4.03% 3.82%
% of Gross Profit 61.81% 74.48% 84.83%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.600M $3.600M $2.500M
YoY Change -6.12% 9.09% -6.61%
% of Gross Profit 3.65% 4.32% 4.11%
Operating Expenses $82.40M $65.60M $54.10M
YoY Change 8.99% 4.46% 3.24%
Operating Profit $43.46M $17.58M $6.681M
YoY Change 15.03% 12.92% 424.0%
Interest Expense -$300.0K $205.0K $3.435M
YoY Change -90.63% -93.01% -34.6%
% of Operating Profit -0.69% 1.17% 51.41%
Other Income/Expense, Net $400.0K $200.0K $300.0K
YoY Change 100.0% 100.0% 200.0%
Pretax Income $41.60M $17.70M -$22.47M
YoY Change 10.34% 37.66% 476.28%
Income Tax -$18.90M $4.268M $108.1M
% Of Pretax Income -45.43% 24.12%
Net Earnings $60.60M $13.41M -$130.9M
YoY Change 79.82% 88.25% 9063.54%
Net Earnings / Revenue 7.89% 2.62% -35.15%
Basic Earnings Per Share $0.42 -$4.08
Diluted Earnings Per Share $1.882M $0.41 -$4.078M
COMMON SHARES
Basic Shares Outstanding 33.67M shares 32.15M shares 32.06M shares
Diluted Shares Outstanding 32.73M shares 32.06M shares

Balance Sheet

Concept 2018 Q3 2018 Q2 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $139.8M $136.3M $177.8M
YoY Change -52.14% -19.06% 12.11%
Cash & Equivalents $153.2M $148.5M $189.9M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $1.692B $1.768B $1.627B
Prepaid Expenses
Receivables $24.60M $28.00M $31.80M
Other Receivables $0.00 $100.0K $100.0K
Total Short-Term Assets $1.857B $1.932B $1.836B
YoY Change -0.78% 3.64% 0.39%
LONG-TERM ASSETS
Property, Plant & Equipment $20.84M $22.21M $18.74M
YoY Change 18.66% 19.05% -3.07%
Goodwill $9.751M
YoY Change
Intangibles
YoY Change
Long-Term Investments $4.035M $4.200M $4.300M
YoY Change 1.03% 7.69% -15.69%
Other Assets $227.4M $207.3M $212.2M
YoY Change -29.03% -36.24% -35.42%
Total Long-Term Assets $271.4M $244.6M $384.6M
YoY Change -22.39% -31.5% 7.15%
TOTAL ASSETS
Total Short-Term Assets $1.857B $1.932B $1.836B
Total Long-Term Assets $271.4M $244.6M $384.6M
Total Assets $2.128B $2.177B $2.221B
YoY Change -4.18% -2.01% 1.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $126.4M $143.1M $97.50M
YoY Change 22.13% 19.85% 12.46%
Accrued Expenses $74.90M $71.90M $61.10M
YoY Change 7.31% -5.15% -24.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $216.9M $236.6M $173.5M
YoY Change 16.74% 10.77% -5.04%
LONG-TERM LIABILITIES
Long-Term Debt $1.231B $1.327B $1.325B
YoY Change -7.24% -0.61% -0.9%
Other Long-Term Liabilities $35.90M $31.20M $27.20M
YoY Change 41.34% 22.35% 6.25%
Total Long-Term Liabilities $1.267B $1.358B $1.352B
YoY Change -6.33% -0.18% -0.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $216.9M $236.6M $173.5M
Total Long-Term Liabilities $1.267B $1.358B $1.352B
Total Liabilities $1.484B $1.594B $1.525B
YoY Change -3.54% 1.31% -1.28%
SHAREHOLDERS EQUITY
Retained Earnings -$236.0M -$296.6M -$321.6M
YoY Change 23.8% 32.24% 43.64%
Common Stock $880.1M $879.3M $874.4M
YoY Change 0.8% 0.81% 0.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $644.0M $582.7M $552.8M
YoY Change
Total Liabilities & Shareholders Equity $2.128B $2.177B $2.078B
YoY Change -4.18% -2.01% -5.03%

Cashflow Statement

Concept 2018 Q3 2018 Q2 2017 Q4
OPERATING ACTIVITIES
Net Income $60.60M $13.41M -$130.9M
YoY Change 79.82% 88.25% 9063.54%
Depreciation, Depletion And Amortization $4.600M $3.600M $2.500M
YoY Change -6.12% 9.09% -6.61%
Cash From Operating Activities $188.3M -$17.30M -$102.2M
YoY Change 30.04% -153.73% 62.69%
INVESTING ACTIVITIES
Capital Expenditures -$3.100M -$5.700M $3.702M
YoY Change -16.22% 90.0% 28.81%
Acquisitions
YoY Change
Other Investing Activities -$57.10M $100.0K -$300.0K
YoY Change -116.67% -200.0%
Cash From Investing Activities -$60.20M -$5.600M -$4.039M
YoY Change 1443.59% 60.0% 55.11%
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 -123.3M -200.0K -$8.452M
YoY Change 608.62% -80.0% 159.9%
NET CHANGE
Cash From Operating Activities 188.3M -17.30M -$102.2M
Cash From Investing Activities -60.20M -5.600M -$4.039M
Cash From Financing Activities -123.3M -200.0K -$8.452M
Net Change In Cash 4.800M -23.10M -$114.7M
YoY Change -96.11% -183.39% 67.0%
FREE CASH FLOW
Cash From Operating Activities $188.3M -$17.30M -$102.2M
Capital Expenditures -$3.100M -$5.700M $3.702M
Free Cash Flow $191.4M -$11.60M -$105.9M
YoY Change 28.89% -132.95% 61.21%

Facts In Submission

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0 USD
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70770000 USD
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222304000 USD
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1970000 USD
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17080000 USD
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200000 USD
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0 USD
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8661000 USD
CY2017Q3 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
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145300000 USD
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200000000 USD
CY2017Q3 us-gaap Litigation Reserve
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3899000 USD
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0 USD
us-gaap Number Of Operating Segments
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15569000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
24355000 USD
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17580000 USD
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31194000 USD
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7712000 USD
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10861000 USD
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2871000 USD
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12007000 USD
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30000 USD
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400000 USD
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1600000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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13894000 USD
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PreferredStockParOrStatedValuePerShare
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PreferredStockParOrStatedValuePerShare
0.01
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PreferredStockSharesAuthorized
5000000 shares
CY2018Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
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PreferredStockSharesIssued
0 shares
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
3676000 USD
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0 shares
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PreferredStockValue
0 USD
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PreferredStockValue
0 USD
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1621000 USD
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176000 USD
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3000 USD
us-gaap Proceeds From Income Tax Refunds
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39000 USD
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250000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
400000000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
25000000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
75000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
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-403000 USD
us-gaap Proceeds From Payments For Other Financing Activities
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-1503000 USD
us-gaap Proceeds From Sale Of Buildings
ProceedsFromSaleOfBuildings
126000 USD
us-gaap Proceeds From Sale Of Buildings
ProceedsFromSaleOfBuildings
226000 USD
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PropertyPlantAndEquipmentNet
17566000 USD
CY2018Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
22212000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-178000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
62000 USD
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RealEstateInventoryCapitalizedInterestCosts
138108000 USD
CY2017Q1 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
146916000 USD
CY2017Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
148330000 USD
CY2017Q3 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
139203000 USD
CY2018Q1 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
149034000 USD
CY2018Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
152182000 USD
CY2017Q2 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
RealEstateInventoryCapitalizedInterestCostsCostOfSales1
21895000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
RealEstateInventoryCapitalizedInterestCostsCostOfSales1
57358000 USD
CY2018Q2 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
RealEstateInventoryCapitalizedInterestCostsCostOfSales1
22450000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
RealEstateInventoryCapitalizedInterestCostsCostOfSales1
58581000 USD
CY2017Q2 us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
26243000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
79812000 USD
CY2018Q2 us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
25803000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
76850000 USD
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478588000 USD
us-gaap Real Estate Revenue Net
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1243297000 USD
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511521000 USD
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1339188000 USD
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257173000 USD
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401509000 USD
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25000000 USD
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75000000 USD
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12735000 USD
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RestrictedCashAndCashEquivalents
12462000 USD
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RestrictedCashAndCashEquivalents
12167000 USD
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-190657000 USD
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RetainedEarningsAccumulatedDeficit
-296637000 USD
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3173000 USD
CY2017Q2 us-gaap Sales Commissions And Fees
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18773000 USD
us-gaap Sales Commissions And Fees
SalesCommissionsAndFees
48728000 USD
CY2018Q2 us-gaap Sales Commissions And Fees
SalesCommissionsAndFees
19535000 USD
us-gaap Sales Commissions And Fees
SalesCommissionsAndFees
51225000 USD
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ShareBasedCompensation
7327000 USD
us-gaap Share Based Compensation
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7692000 USD
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31359 shares
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
78718 shares
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39131000 USD
CY2017Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
25386000 USD
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19822000 USD
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18091000 USD
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14583000 USD
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StandardProductWarrantyAccrual
15290000 USD
CY2017Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
7998000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
35439000 USD
CY2018Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
3258000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
10985000 USD
CY2017Q2 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-1293000 USD
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
6581000 USD
CY2018Q2 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
711000 USD
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-2574000 USD
CY2017Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
3727000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
9549000 USD
CY2018Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
3254000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
10758000 USD
CY2017Q3 us-gaap Stockholders Equity
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CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
582667000 USD
CY2017Q3 us-gaap Unamortized Debt Issuance Expense
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14800000 USD
CY2018Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
15170000 USD
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32375000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31944000 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32726000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32113000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31971000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31944000 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32147000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32113000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;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:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make informed estimates and judgments that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Accordingly, actual results could differ from these estimates.</font></div></div>

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