2019 Q1 Form 10-Q Financial Statement

#000109355719000119 Filed on May 01, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $280.5M $184.4M
YoY Change 52.11% 29.59%
Cost Of Revenue $111.7M $65.50M
YoY Change 70.53% 35.89%
Gross Profit $168.8M $118.9M
YoY Change 41.97% 26.35%
Gross Profit Margin 60.18% 64.48%
Selling, General & Admin $124.2M $104.8M
YoY Change 18.51% 21.3%
% of Gross Profit 73.58% 88.14%
Research & Development $59.00M $44.80M
YoY Change 31.7% -6.86%
% of Gross Profit 34.95% 37.68%
Depreciation & Amortization $9.900M $6.000M
YoY Change 65.0% 62.16%
% of Gross Profit 5.86% 5.05%
Operating Expenses $183.2M $149.6M
YoY Change 22.46% 11.23%
Operating Profit -$14.40M -$30.70M
YoY Change -53.09% -24.01%
Interest Expense $14.90M $4.800M
YoY Change 210.42% 860.0%
% of Operating Profit
Other Income/Expense, Net $6.900M $2.600M
YoY Change 165.38% 550.0%
Pretax Income -$26.60M -$24.00M
YoY Change 10.83% -40.45%
Income Tax $300.0K $200.0K
% Of Pretax Income
Net Earnings -$26.90M -$24.20M
YoY Change 11.16% -41.97%
Net Earnings / Revenue -9.59% -13.12%
Basic Earnings Per Share -$0.30 -$0.28
Diluted Earnings Per Share -$0.30 -$0.28
COMMON SHARES
Basic Shares Outstanding 90.30M shares 87.00M shares
Diluted Shares Outstanding 90.30M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.358B $521.5M
YoY Change 160.4% 187.96%
Cash & Equivalents $1.285B $420.4M
Short-Term Investments $72.90M $101.1M
Other Short-Term Assets $27.00M $19.90M
YoY Change 35.68% 17.06%
Inventory $101.1M $51.60M
Prepaid Expenses
Receivables $204.7M $123.9M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.691B $729.3M
YoY Change 131.84% 120.67%
LONG-TERM ASSETS
Property, Plant & Equipment $221.4M $152.4M
YoY Change 45.28% 23.5%
Goodwill $18.60M $12.30M
YoY Change 51.22% 7.89%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $15.50M $2.800M
YoY Change 453.57% 47.37%
Total Long-Term Assets $283.2M $167.5M
YoY Change 69.07% 22.53%
TOTAL ASSETS
Total Short-Term Assets $1.691B $729.3M
Total Long-Term Assets $283.2M $167.5M
Total Assets $1.974B $896.8M
YoY Change 120.12% 91.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $90.30M $38.90M
YoY Change 132.13% 117.32%
Accrued Expenses $140.8M $83.30M
YoY Change 69.03% 7.35%
Deferred Revenue $2.700M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $500.0K
YoY Change
Total Short-Term Liabilities $235.4M $125.1M
YoY Change 88.17% -27.14%
LONG-TERM LIABILITIES
Long-Term Debt $1.038B $338.7M
YoY Change 206.35% 4955.22%
Other Long-Term Liabilities $18.10M $18.70M
YoY Change -3.21% 5.65%
Total Long-Term Liabilities $18.10M $18.70M
YoY Change -3.21% 5.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $235.4M $125.1M
Total Long-Term Liabilities $18.10M $18.70M
Total Liabilities $1.305B $475.1M
YoY Change 174.76% 150.84%
SHAREHOLDERS EQUITY
Retained Earnings -$823.7M -$696.0M
YoY Change 18.35% 4.93%
Common Stock $1.591B $1.123B
YoY Change 41.7% 19.12%
Preferred Stock
YoY Change
Treasury Stock (at cost) $100.0M
YoY Change
Treasury Stock Shares 800.0K shares
Shareholders Equity $668.6M $421.7M
YoY Change
Total Liabilities & Shareholders Equity $1.974B $896.8M
YoY Change 120.12% 91.95%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$26.90M -$24.20M
YoY Change 11.16% -41.97%
Depreciation, Depletion And Amortization $9.900M $6.000M
YoY Change 65.0% 62.16%
Cash From Operating Activities $11.80M -$8.700M
YoY Change -235.63% -3000.0%
INVESTING ACTIVITIES
Capital Expenditures $39.30M $15.30M
YoY Change 156.86% -33.19%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$100.0K
YoY Change -100.0% -106.67%
Cash From Investing Activities $131.3M -$15.40M
YoY Change -952.6% -28.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.000M $4.200M
YoY Change 19.05% -20.75%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $4.900M $4.200M
YoY Change 16.67% -94.77%
NET CHANGE
Cash From Operating Activities $11.80M -$8.700M
Cash From Investing Activities $131.3M -$15.40M
Cash From Financing Activities $4.900M $4.200M
Net Change In Cash $148.6M -$20.80M
YoY Change -814.42% -135.25%
FREE CASH FLOW
Cash From Operating Activities $11.80M -$8.700M
Capital Expenditures $39.30M $15.30M
Free Cash Flow -$27.50M -$24.00M
YoY Change 14.58% 6.19%

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11200000 USD
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10000000 USD
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CY2019Q1 us-gaap Investment Income Interest
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46300000 USD
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LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
1000000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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1600000 USD
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3700000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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14500000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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14200000 USD
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11300000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3600000 USD
CY2018Q4 us-gaap Liabilities
Liabilities
1252700000 USD
CY2019Q1 us-gaap Liabilities
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1305400000 USD
CY2018Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1916000000 USD
CY2019Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1974000000 USD
CY2018Q4 us-gaap Liabilities Current
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222400000 USD
CY2019Q1 us-gaap Liabilities Current
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235400000 USD
CY2019Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
195600000 USD
CY2019Q1 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
0 USD
CY2019Q1 us-gaap Litigation Reserve
LitigationReserve
0 USD
CY2019Q1 us-gaap Loss Contingency Accrual At Carrying Value
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0 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
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4200000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
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4900000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-15400000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
131300000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-8700000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
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11800000 USD
CY2018Q1 us-gaap Net Income Loss
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-24200000 USD
CY2019Q1 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
10100000 USD
CY2019Q1 us-gaap Net Income Loss
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-26900000 USD
CY2019Q1 us-gaap New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Quantification
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2100000 USD
CY2018Q1 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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4300000 USD
CY2019Q1 us-gaap Number Of Reportable Segments
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1 segment
CY2018Q1 us-gaap Operating Expenses
OperatingExpenses
149600000 USD
CY2019Q1 us-gaap Operating Expenses
OperatingExpenses
183200000 USD
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-30700000 USD
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-14400000 USD
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
2500000 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
42700000 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
40400000 USD
CY2018Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
0 USD
CY2019Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
12300000 USD
CY2018Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
0 USD
CY2019Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
29500000 USD
CY2019Q1 us-gaap Operating Lease Payments
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4600000 USD
CY2018Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
0 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
27700000 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
26700000 USD
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.050
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y4M2D
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
17000000 USD
CY2019Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
18500000 USD
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
14700000 USD
CY2019Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
15500000 USD
CY2018Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-2300000 USD
CY2019Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
0 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-2300000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
100000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-2300000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
100000 USD
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
0 USD
CY2019Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
100000 USD
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
20000000 USD
CY2019Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
18100000 USD
CY2018Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
900000 USD
CY2019Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-300000 USD
CY2018Q4 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
3300000 USD
CY2019Q1 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
2900000 USD
CY2018Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
32000000 USD
CY2019Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
50700000 USD
CY2018Q1 us-gaap Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
1000000 USD
CY2019Q1 us-gaap Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
1200000 USD
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
15300000 USD
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
39300000 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
5000000 shares
CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2018Q4 us-gaap Preferred Stock Shares Issued
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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 Outstanding
PreferredStockValueOutstanding
0 USD
CY2019Q1 us-gaap Preferred Stock Value Outstanding
PreferredStockValueOutstanding
0 USD
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
16500000 USD
CY2019Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
27000000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
4200000 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5000000 USD
CY2018Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
CY2019Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-100000 USD
CY2018Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
32900000 USD
CY2019Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
222500000 USD
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
262900000 USD
CY2019Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
309800000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
183100000 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
221400000 USD
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
44800000 USD
CY2019Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
59000000 USD
CY2018Q1 us-gaap Restricted Cash
RestrictedCash
300000 USD
CY2019Q1 us-gaap Restricted Cash
RestrictedCash
600000 USD
CY2019Q1 us-gaap Restructuring Charges
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9000000 USD
CY2018Q4 us-gaap Restructuring Reserve
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0 USD
CY2019Q1 us-gaap Restructuring Reserve
RestructuringReserve
1100000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-798900000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-823700000 USD
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
184400000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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280500000 USD
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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15300000 USD
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
29900000 USD
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
104800000 USD
CY2019Q1 us-gaap Selling General And Administrative Expense
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124200000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
24600000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
25000000 USD
CY2019Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1300000 USD
CY2018Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
6800000 USD
CY2019Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
6000000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
100000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
200000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
4100000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
4800000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
419400000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
421700000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
663300000 USD
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
668600000 USD
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
800000 shares
CY2019Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
800000 shares
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
100000000 USD
CY2019Q1 us-gaap Treasury Stock Value
TreasuryStockValue
100000000 USD
CY2018Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
5100000 USD
CY2019Q1 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
4700000 USD
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
800000 USD
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
87300000 shares
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
90300000 shares
CY2019Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;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%;padding-top:12px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments which potentially subject us to concentrations of credit risk consist primarily of cash, cash equivalents, short-term investment securities, and accounts receivable. We limit our exposure to credit loss by placing our cash and investments with high credit quality financial institutions. We have also established guidelines regarding diversification of our investments and their maturities that are designed to maintain principal and maximize liquidity. We review these guidelines periodically and modify them to take advantage of trends in yields and interest rates and changes in our operations and financial position.</font></div></div>
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:6px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We have reclassified certain amounts previously reported in our financial statements 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%;padding-top:18px;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:6px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with </font><font style="font-family:inherit;font-size:10pt;">GAAP</font><font style="font-family:inherit;font-size:10pt;"> requires us to make estimates and assumptions that affect the amounts reported in our financial statements and the disclosures made in the accompanying notes. Despite our intention to establish accurate estimates and use reasonable assumptions, actual results may differ from our estimates. </font></div></div>

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