2019 Q1 Form 10-Q Financial Statement

#000172308919000061 Filed on May 03, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $300.5M $283.1M
YoY Change 6.14% 22.94%
Cost Of Revenue $197.5M $189.5M
YoY Change 4.21% 22.33%
Gross Profit $103.0M $93.99M
YoY Change 9.6% 24.72%
Gross Profit Margin 34.28% 33.2%
Selling, General & Admin $64.13M $59.74M
YoY Change 7.35% 13.49%
% of Gross Profit 62.25% 63.56%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.07M $16.97M
YoY Change 0.6% 29.16%
% of Gross Profit 16.57% 18.05%
Operating Expenses $64.13M $59.74M
YoY Change 7.35% 13.49%
Operating Profit $38.88M $34.52M
YoY Change 12.63% 51.94%
Interest Expense -$10.50M $0.00
YoY Change
% of Operating Profit -27.0% 0.0%
Other Income/Expense, Net -$1.102M -$2.452M
YoY Change -55.06% -16.29%
Pretax Income $25.51M $31.26M
YoY Change -18.4% 57.93%
Income Tax $5.600M $7.064M
% Of Pretax Income 21.95% 22.6%
Net Earnings $19.66M $23.77M
YoY Change -17.32% 79.16%
Net Earnings / Revenue 6.54% 8.4%
Basic Earnings Per Share $0.25 $0.31
Diluted Earnings Per Share $0.25 $0.31
COMMON SHARES
Basic Shares Outstanding 77.36M shares 77.34M shares
Diluted Shares Outstanding 77.64M shares 77.89M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.40M $17.10M
YoY Change 66.08%
Cash & Equivalents $28.35M $17.12M
Short-Term Investments
Other Short-Term Assets $14.40M $16.50M
YoY Change -12.73%
Inventory $232.9M $210.9M
Prepaid Expenses
Receivables $258.7M $227.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $537.8M $472.0M
YoY Change 13.93%
LONG-TERM ASSETS
Property, Plant & Equipment $244.9M $220.1M
YoY Change 11.28%
Goodwill $905.3M $909.0M
YoY Change -0.42%
Intangibles $270.7M $325.4M
YoY Change -16.81%
Long-Term Investments
YoY Change
Other Assets $29.93M $3.584M
YoY Change 735.13%
Total Long-Term Assets $1.451B $1.458B
YoY Change -0.5%
TOTAL ASSETS
Total Short-Term Assets $537.8M $472.0M
Total Long-Term Assets $1.451B $1.458B
Total Assets $1.989B $1.930B
YoY Change 3.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $124.1M $108.1M
YoY Change 14.82%
Accrued Expenses $75.70M $50.90M
YoY Change 48.72%
Deferred Revenue $8.150M $3.912M
YoY Change 108.33%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.300M
YoY Change
Total Short-Term Liabilities $212.3M $159.0M
YoY Change 33.49%
LONG-TERM LIABILITIES
Long-Term Debt $637.6M $0.00
YoY Change
Other Long-Term Liabilities $37.02M $16.77M
YoY Change 120.72%
Total Long-Term Liabilities $674.7M $16.77M
YoY Change 3922.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $212.3M $159.0M
Total Long-Term Liabilities $674.7M $16.77M
Total Liabilities $983.4M $268.7M
YoY Change 265.98%
SHAREHOLDERS EQUITY
Retained Earnings $76.45M $1.686B
YoY Change -95.47%
Common Stock $967.7M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.002B $1.657B
YoY Change
Total Liabilities & Shareholders Equity $1.989B $1.930B
YoY Change 3.03%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $19.66M $23.77M
YoY Change -17.32% 79.16%
Depreciation, Depletion And Amortization $17.07M $16.97M
YoY Change 0.6% 29.16%
Cash From Operating Activities $19.91M $7.565M
YoY Change 163.19% -61.01%
INVESTING ACTIVITIES
Capital Expenditures $9.718M $12.85M
YoY Change -24.38% 105.29%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$53.00K
YoY Change -100.0%
Cash From Investing Activities -$7.243M -$12.59M
YoY Change -42.48% 125.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $25.00M $0.00
YoY Change
Cash From Financing Activities -$26.23M -$1.864M
YoY Change 1307.4% -86.61%
NET CHANGE
Cash From Operating Activities $19.91M $7.565M
Cash From Investing Activities -$7.243M -$12.59M
Cash From Financing Activities -$26.23M -$1.864M
Net Change In Cash -$13.48M -$6.892M
YoY Change 95.56% -64.66%
FREE CASH FLOW
Cash From Operating Activities $19.91M $7.565M
Capital Expenditures $9.718M $12.85M
Free Cash Flow $10.19M -$5.286M
YoY Change -292.81% -140.23%

Facts In Submission

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648607000 USD
CY2018Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
666108000 USD
CY2019Q1 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
637647000 USD
CY2018Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
666108000 USD
CY2019Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
637647000 USD
CY2018Q4 us-gaap Minority Interest
MinorityInterest
2458000 USD
CY2019Q1 us-gaap Minority Interest
MinorityInterest
2754000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1864000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-26234000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-12593000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-7243000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
7565000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
19910000 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
24052000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
22287000 USD
CY2019Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
7234000 USD
CY2019Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
17093000 USD
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1971000 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
21534000 USD
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.067
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y11M
CY2018Q1 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
10171000 USD
CY2019Q1 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
11640000 USD
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
8445000 USD
CY2019Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
29931000 USD
CY2018Q1 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
0 USD
CY2019Q1 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
-323000 USD
CY2018Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-1691000 USD
CY2019Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
1090000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Finalization Of Pension And Non Pension Postretirement Plan Valuation Net Of Tax
OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationNetOfTax
0 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Finalization Of Pension And Non Pension Postretirement Plan Valuation Net Of Tax
OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationNetOfTax
355000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-1642000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1189000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-49000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-99000 USD
CY2019Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
25000000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
38000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
16000 USD
CY2018Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-49000 USD
CY2019Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
2475000 USD
CY2018Q1 us-gaap Profit Loss
ProfitLoss
24194000 USD
CY2019Q1 us-gaap Profit Loss
ProfitLoss
22569000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
244328000 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
244886000 USD
CY2019Q1 us-gaap Property Plant And Equipment Transfers And Changes
PropertyPlantAndEquipmentTransfersAndChanges
19800000 USD
CY2018Q1 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
5800000 USD
CY2018Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
1050000 USD
CY2019Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
1234000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-67000 USD
CY2018Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
30391000 USD
CY2019Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
59291000 USD
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
20402000 USD
CY2019Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
37017000 USD
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-2452000 USD
CY2019Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1090000 USD
CY2018Q1 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
426000 USD
CY2019Q1 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
674000 USD
CY2018Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-53000 USD
CY2019Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
0 USD
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
12851000 USD
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9718000 USD
CY2018Q1 us-gaap Pension And Other Postretirement Benefits Expense Reversal Of Expense Noncash
PensionAndOtherPostretirementBenefitsExpenseReversalOfExpenseNoncash
844000 USD
CY2019Q1 us-gaap Pension And Other Postretirement Benefits Expense Reversal Of Expense Noncash
PensionAndOtherPostretirementBenefitsExpenseReversalOfExpenseNoncash
770000 USD
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
20211000 USD
CY2019Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
17861000 USD
CY2019Q1 us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
2100000 USD
CY2018Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
205000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
55829000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
76454000 USD
CY2018Q1 us-gaap Revenues
Revenues
283126000 USD
CY2019Q1 us-gaap Revenues
Revenues
301691000 USD
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
59739000 USD
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
65347000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
510000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2285000 USD
CY2019Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1015000 USD
CY2018Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
77339828 shares
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
979069000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
1002449000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1640385000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1661302000 USD
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1005203000 USD
CY2019Q1 us-gaap Stockholders Equity Other
StockholdersEquityOther
-14000 USD
CY2019Q1 us-gaap Sublease Income
SubleaseIncome
89000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
981527000 USD
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
1047000 USD
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
77890000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
77640000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
77340000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
77363000 shares
CY2019Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassifications</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We revised our previously issued financial statements for the three months ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> related to statement of cash flow presentation of capital leases.&#160; The effect of the revisions was an increase of </font><font style="font-family:inherit;font-size:10pt;">$0.2 million</font><font style="font-family:inherit;font-size:10pt;"> to cash provided by operating activities, a </font><font style="font-family:inherit;font-size:10pt;">$0.8 million</font><font style="font-family:inherit;font-size:10pt;"> decrease to cash required by investing activities and a </font><font style="font-family:inherit;font-size:10pt;">$1.0 million</font><font style="font-family:inherit;font-size:10pt;"> increase to cash required by financing activities. Certain prior-year amounts have been reclassified to conform to the current presentation.</font></div></div>
CY2019Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Although these estimates are based on management&#8217;s best knowledge of current events and actions that we may undertake in the future, actual results may differ from our estimates. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments unless otherwise specified) necessary for a fair presentation of our financial condition and results of operations as of and for the periods presented. Revenue, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these financial statements may not be representative of the results that may be expected for the year ending December 31, 2019.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Change in Accounting Estimate</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Effective January 1, 2019, we changed our estimate of the useful lives surrounding certain equipment used within our leased asset program in our Production &amp; Automation Technologies segment to better reflect the estimated periods in which the assets will remain in service. The estimated useful lives of the equipment, previously estimated at three years, was increased to five years. The effect of this change in estimate for the three months ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">, was a reduction in depreciation expense of </font><font style="font-family:inherit;font-size:10pt;">$2.0 million</font><font style="font-family:inherit;font-size:10pt;">, an increase in net income of </font><font style="font-family:inherit;font-size:10pt;">$1.5 million</font><font style="font-family:inherit;font-size:10pt;">, and an increase in basic and diluted earnings per share of </font><font style="font-family:inherit;font-size:10pt;">$0.02</font><font style="font-family:inherit;font-size:10pt;"> per share.</font></div></div>

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