2019 Q1 Form 10-Q Financial Statement

#000136495419000125 Filed on April 29, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $97.41M $76.95M
YoY Change 26.59% 22.92%
Cost Of Revenue $23.34M $20.22M
YoY Change 15.38% -5.48%
Gross Profit $74.07M $56.73M
YoY Change 30.58% 37.66%
Gross Profit Margin 76.04% 73.72%
Selling, General & Admin $42.39M $33.59M
YoY Change 26.18% 7.3%
% of Gross Profit 57.22% 59.22%
Research & Development $32.69M $25.53M
YoY Change 28.04% 32.28%
% of Gross Profit 44.13% 45.01%
Depreciation & Amortization $6.800M $5.200M
YoY Change 30.77% 18.18%
% of Gross Profit 9.18% 9.17%
Operating Expenses $75.10M $59.35M
YoY Change 26.55% 26.96%
Operating Profit -$1.027M -$2.620M
YoY Change -60.8% -52.67%
Interest Expense -$4.200M $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net -$2.665M $544.0K
YoY Change -589.89% -349.54%
Pretax Income -$3.692M -$2.076M
YoY Change 77.84% -63.92%
Income Tax $600.0K $541.0K
% Of Pretax Income
Net Earnings -$4.318M -$2.617M
YoY Change 65.0% -59.12%
Net Earnings / Revenue -4.43% -3.4%
Basic Earnings Per Share -$0.04 -$0.02
Diluted Earnings Per Share -$0.04 -$0.02
COMMON SHARES
Basic Shares Outstanding 116.7M shares 110.9M shares
Diluted Shares Outstanding 116.7M shares 110.9M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $984.6M $189.1M
YoY Change 420.68% 168.99%
Cash & Equivalents $914.5M $106.8M
Short-Term Investments $70.10M $82.30M
Other Short-Term Assets $9.691M $6.898M
YoY Change 40.49% -58.54%
Inventory
Prepaid Expenses $15.74M $10.80M
Receivables $8.870M $8.055M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.019B $214.8M
YoY Change 374.24% 106.75%
LONG-TERM ASSETS
Property, Plant & Equipment $72.94M $48.20M
YoY Change 51.33% 31.05%
Goodwill $149.5M $125.5M
YoY Change 19.08% 7.99%
Intangibles $24.10M $19.90M
YoY Change 21.08% 2.88%
Long-Term Investments $12.50M $10.60M
YoY Change 17.92%
Other Assets $15.41M $4.383M
YoY Change 251.63% -6.72%
Total Long-Term Assets $290.3M $208.6M
YoY Change 39.16% 17.83%
TOTAL ASSETS
Total Short-Term Assets $1.019B $214.8M
Total Long-Term Assets $290.3M $208.6M
Total Assets $1.309B $423.5M
YoY Change 209.16% 50.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.341M $3.981M
YoY Change 59.28% 22.08%
Accrued Expenses $35.71M $26.42M
YoY Change 35.16% -35.57%
Deferred Revenue $26.28M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $72.96M $49.02M
YoY Change 48.83% -21.4%
LONG-TERM LIABILITIES
Long-Term Debt $789.4M $0.00
YoY Change
Other Long-Term Liabilities $3.311M $4.400M
YoY Change -24.75% -2.22%
Total Long-Term Liabilities $808.1M $4.443M
YoY Change 18088.5% -2.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $72.96M $49.02M
Total Long-Term Liabilities $808.1M $4.443M
Total Liabilities $881.1M $53.47M
YoY Change 1547.89% -20.1%
SHAREHOLDERS EQUITY
Retained Earnings -$411.0M -$394.3M
YoY Change 4.24% 4.39%
Common Stock $840.0M $764.2M
YoY Change 9.93% 29.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $428.1M $370.0M
YoY Change
Total Liabilities & Shareholders Equity $1.309B $423.5M
YoY Change 209.16% 50.72%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$4.318M -$2.617M
YoY Change 65.0% -59.12%
Depreciation, Depletion And Amortization $6.800M $5.200M
YoY Change 30.77% 18.18%
Cash From Operating Activities $17.94M $6.553M
YoY Change 173.78% 448.83%
INVESTING ACTIVITIES
Capital Expenditures $14.06M $4.883M
YoY Change 187.94% 2.37%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $27.20M $9.100M
YoY Change 198.9% 33.82%
Cash From Investing Activities $13.17M $4.236M
YoY Change 210.98% 113.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $20.00M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $508.5M -$30.42M
YoY Change -1771.65% 208.66%
NET CHANGE
Cash From Operating Activities $17.94M $6.553M
Cash From Investing Activities $13.17M $4.236M
Cash From Financing Activities $508.5M -$30.42M
Net Change In Cash $539.6M -$19.63M
YoY Change -2848.97% 194.02%
FREE CASH FLOW
Cash From Operating Activities $17.94M $6.553M
Capital Expenditures $14.06M $4.883M
Free Cash Flow $3.881M $1.670M
YoY Change 132.4% -146.7%

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4236000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
13173000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
6553000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
17941000 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-2617000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-4318000 USD
CY2018Q1 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
3204000 USD
CY2019Q1 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
5127000 USD
CY2018Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
544000 USD
CY2019Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-2665000 USD
CY2018Q1 us-gaap Operating Expenses
OperatingExpenses
59345000 USD
CY2019Q1 us-gaap Operating Expenses
OperatingExpenses
75101000 USD
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-2620000 USD
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-1027000 USD
CY2018Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
0 USD
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1049000 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
20064000 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
20100000 USD
CY2018Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
0 USD
CY2019Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4640000 USD
CY2018Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
0 USD
CY2019Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
15424000 USD
CY2018Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
0 USD
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1126000 USD
CY2018Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
0 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
15900000 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
15875000 USD
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.047
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y3M11D
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
23456000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
5222000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
3421000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
3999000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
4775000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
5251000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
788000 USD
CY2018Q4 us-gaap Other Assets Current
OtherAssetsCurrent
9510000 USD
CY2019Q1 us-gaap Other Assets Current
OtherAssetsCurrent
9691000 USD
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
14618000 USD
CY2019Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
15412000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-91000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
119000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
511000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
0 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
420000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
119000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
420000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
119000 USD
CY2018Q1 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
5217000 USD
CY2019Q1 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
6785000 USD
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
6964000 USD
CY2019Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
3311000 USD
CY2018Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
41000 USD
CY2019Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
44000 USD
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
564000 USD
CY2019Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1567000 USD
CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2019Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
20000000 USD
CY2018 us-gaap Payments For Restructuring
PaymentsForRestructuring
388000 USD
CY2019Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
132000 USD
CY2018Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
35640000 USD
CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
76044000 USD
CY2018Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
12511000 USD
CY2019Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
21572000 USD
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4883000 USD
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
14060000 USD
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2019Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2019Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2019Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2019Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
4673000 USD
CY2019Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
15739000 USD
CY2018Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
21630000 USD
CY2018Q1 us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
0 USD
CY2019Q1 us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
682594000 USD
CY2019Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
48805000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
59904000 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
72937000 USD
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
25533000 USD
CY2019Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
32692000 USD
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
1300000 USD
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
1000000 USD
CY2018Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
84000 USD
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
121000 USD
CY2018Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
423000 USD
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
920000 USD
CY2018Q1 us-gaap Restructuring Charges
RestructuringCharges
220000 USD
CY2018 us-gaap Restructuring Charges
RestructuringCharges
589000 USD
CY2019Q1 us-gaap Restructuring Charges
RestructuringCharges
22000 USD
CY2017Q4 us-gaap Restructuring Reserve
RestructuringReserve
265000 USD
CY2018Q4 us-gaap Restructuring Reserve
RestructuringReserve
448000 USD
CY2019Q1 us-gaap Restructuring Reserve
RestructuringReserve
36000 USD
CY2018 us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
-18000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-406576000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-411005000 USD
CY2018Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
76949000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
97409000 USD
CY2019Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
29000000 USD
CY2018Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
15336000 USD
CY2019Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
18717000 USD
CY2018Q4 us-gaap Senior Long Term Notes
SeniorLongTermNotes
283668000 USD
CY2019Q1 us-gaap Senior Long Term Notes
SeniorLongTermNotes
789380000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
11642000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
15038000 USD
CY2018Q4 us-gaap Short Term Investments
ShortTermInvestments
93345000 USD
CY2019Q1 us-gaap Short Term Investments
ShortTermInvestments
70080000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
1160000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
-35638000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
-76042000 USD
CY2019Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
20000000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
391062000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
370011000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
410634000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
428137000 USD
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
110904000 shares
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
116730000 shares
CY2019Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;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%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with generally accepted accounting principles in the United States (U.S. GAAP) requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities; the disclosure of contingent liabilities at the date of the financial statements; and the reported amounts of revenues and expenses during the reporting periods. Significant estimates, assumptions, and judgments are used for, but not limited to: revenue recognition, recoverability of accounts receivable, restructuring charges (credits), share-based compensation expense including estimated forfeitures, accounting for income taxes, useful lives assigned to long-lived assets for depreciation and amortization, impairment of goodwill and long-lived assets, the valuation of acquired intangible assets, the valuation of our convertible senior notes, and operating lease ROU assets and operating lease liabilities. We base our estimates on historical experience, knowledge of current business conditions, and various other factors we believe to be reasonable under the circumstances. These estimates are based on management&#8217;s knowledge about current events and expectations about actions we may undertake in the future. Actual results could differ from these estimates, and such differences could be material to our financial position and results of operations.</font></div></div>

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