2019 Q1 Form 10-Q Financial Statement

#000171036619000010 Filed on May 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $370.6M $410.3M
YoY Change -9.66% 10.22%
Cost Of Revenue $6.700M $17.90M
YoY Change -62.57% 45.53%
Gross Profit $362.7M $391.5M
YoY Change -7.36% 11.41%
Gross Profit Margin 97.86% 95.43%
Selling, General & Admin $21.92M $13.48M
YoY Change 62.59% -21.05%
% of Gross Profit 6.04% 3.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $50.72M $49.47M
YoY Change 2.53% -6.65%
% of Gross Profit 13.99% 12.64%
Operating Expenses $21.92M $13.48M
YoY Change 62.59% -94.14%
Operating Profit $340.8M $378.0M
YoY Change -9.85% 211.37%
Interest Expense $18.60M $21.05M
YoY Change -11.64% 423.25%
% of Operating Profit 5.46% 5.57%
Other Income/Expense, Net
YoY Change
Pretax Income $19.45M $77.14M
YoY Change -74.78% 38.12%
Income Tax -$850.0K $6.185M
% Of Pretax Income -4.37% 8.02%
Net Earnings $14.44M $62.41M
YoY Change -76.87% 52.29%
Net Earnings / Revenue 3.89% 15.21%
Basic Earnings Per Share $0.52 $2.23
Diluted Earnings Per Share $0.52 $2.20
COMMON SHARES
Basic Shares Outstanding 27.53M shares 28.03M shares
Diluted Shares Outstanding 27.84M shares 28.32M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $155.2M $191.7M
YoY Change -19.04% 2804.55%
Cash & Equivalents $155.2M $191.7M
Short-Term Investments
Other Short-Term Assets $50.30M $24.90M
YoY Change 102.01% 50.91%
Inventory $54.89M $60.77M
Prepaid Expenses $24.86M
Receivables $109.3M $127.3M
Other Receivables $36.56M $32.36M
Total Short-Term Assets $406.2M $437.0M
YoY Change -7.07% 88.95%
LONG-TERM ASSETS
Property, Plant & Equipment $2.100B $2.122B
YoY Change -1.04% -1.21%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $260.6M $169.7M
YoY Change 53.55% -44.41%
Total Long-Term Assets $2.361B $2.292B
YoY Change 3.0% -6.59%
TOTAL ASSETS
Total Short-Term Assets $406.2M $437.0M
Total Long-Term Assets $2.361B $2.292B
Total Assets $2.767B $2.729B
YoY Change 1.39% 1.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $126.8M $84.69M
YoY Change 49.71% 21.33%
Accrued Expenses $255.3M $285.1M
YoY Change -10.47% -4.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $18.14M $8.069M
YoY Change 124.76% 106.9%
Total Short-Term Liabilities $417.3M $388.2M
YoY Change 7.5% 2.13%
LONG-TERM LIABILITIES
Long-Term Debt $715.2M $843.5M
YoY Change -15.21% 172.9%
Other Long-Term Liabilities $10.12M $19.17M
YoY Change -47.24% -98.39%
Total Long-Term Liabilities $725.3M $862.7M
YoY Change -15.93% -42.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $417.3M $388.2M
Total Long-Term Liabilities $725.3M $862.7M
Total Liabilities $2.196B $2.320B
YoY Change -5.36% 14.64%
SHAREHOLDERS EQUITY
Retained Earnings $196.6M $103.0M
YoY Change 90.84%
Common Stock $276.0K $280.0K
YoY Change -1.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $430.0M $267.4M
YoY Change
Total Liabilities & Shareholders Equity $2.767B $2.729B
YoY Change 1.39% 1.64%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $14.44M $62.41M
YoY Change -76.87% 52.29%
Depreciation, Depletion And Amortization $50.72M $49.47M
YoY Change 2.53% -6.65%
Cash From Operating Activities $82.17M $115.7M
YoY Change -29.0% 138.44%
INVESTING ACTIVITIES
Capital Expenditures -$34.20M -$22.00M
YoY Change 55.45% 144.44%
Acquisitions
YoY Change
Other Investing Activities $300.0K $400.0K
YoY Change -25.0% -95.88%
Cash From Investing Activities -$33.86M -$21.56M
YoY Change 57.03% -3234.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $1.285M
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$136.5M -$56.43M
YoY Change 141.85% 0.95%
NET CHANGE
Cash From Operating Activities $82.17M $115.7M
Cash From Investing Activities -$33.86M -$21.56M
Cash From Financing Activities -$136.5M -$56.43M
Net Change In Cash -$88.17M $37.74M
YoY Change -333.62% -665.56%
FREE CASH FLOW
Cash From Operating Activities $82.17M $115.7M
Capital Expenditures -$34.20M -$22.00M
Free Cash Flow $116.4M $137.7M
YoY Change -15.51% 139.38%

Facts In Submission

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P5Y5M2D
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3997000 USD
CY2019Q1 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
2460000 USD
CY2018Q1 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
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CY2019Q1 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
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CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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OtherIncome
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CY2019Q1 us-gaap Other Income
OtherIncome
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CY2018Q4 us-gaap Other Liabilities Noncurrent
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CY2019Q1 us-gaap Other Liabilities Noncurrent
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CY2019Q1 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
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CY2018Q1 us-gaap Other Operating Activities Cash Flow Statement
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73000 USD
CY2019Q1 us-gaap Other Operating Activities Cash Flow Statement
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0 USD
CY2018Q4 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
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CY2018Q4 us-gaap Other Receivables Net Current
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CY2019Q1 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
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CY2018Q1 us-gaap Payments For Proceeds From Businesses And Interest In Affiliates
PaymentsForProceedsFromBusinessesAndInterestInAffiliates
0 USD
CY2019Q1 us-gaap Payments For Proceeds From Businesses And Interest In Affiliates
PaymentsForProceedsFromBusinessesAndInterestInAffiliates
0 USD
CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1285000 USD
CY2019Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2018Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1170000 USD
CY2019Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
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CY2018Q1 us-gaap Payments Of Financing Costs
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CY2019Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
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CY2018Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2788000 USD
CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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CY2018Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
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CY2019Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
34171000 USD
CY2018Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
5587000 USD
CY2019Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
5559000 USD
CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
500000 shares
CY2019Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2019Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
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CY2018Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Common Stock
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ProceedsFromPaymentsToMinorityShareholders
-5587000 USD
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-5559000 USD
CY2018Q1 us-gaap Proceeds From Repayments Of Related Party Debt
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0 USD
CY2019Q1 us-gaap Proceeds From Repayments Of Related Party Debt
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393000 USD
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ProfitLoss
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4838171000 USD
CY2019Q1 us-gaap Property Plant And Equipment Gross
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2106528000 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
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1122000 USD
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1366000 USD
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0 USD
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0 USD
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CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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0 USD
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CY2017Q4 us-gaap Stock Repurchase Program Authorized Amount1
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CY2018Q1 us-gaap Stock Repurchased During Period Shares
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44000 shares
CY2019Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
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CY2018Q1 us-gaap Stock Repurchased During Period Value
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1285000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
343641000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
409188000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
551611000 USD
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
571522000 USD
CY2018Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
29.19
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28324870 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27839393 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28029146 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27530859 shares
CY2018Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
12628000 USD
CY2019Q1 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
12135000 USD
CY2018Q4 us-gaap Workers Compensation Liability Noncurrent
WorkersCompensationLiabilityNoncurrent
59742000 USD
CY2019Q1 us-gaap Workers Compensation Liability Noncurrent
WorkersCompensationLiabilityNoncurrent
59999000 USD
CY2019Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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;">Reclassifications</font></div><div style="line-height:120%;text-align:justify;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-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain amounts in prior periods have been reclassified to conform with the report classifications of the current period, including the reclassification of restricted cash, previously included in Prepaid Expenses and Other Assets on the Unaudited Consolidated Balance Sheets, as well as the reclassification of amortization of debt issuance costs and loss on debt extinguishment within the Operating Activities section of the Unaudited Consolidated Statements of Cash Flows. These reclassifications had no effect on previously reported total assets, net income or stockholders' equity.</font></div></div>

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