2021 Q2 Form 10-Q Financial Statement

#000102373121000161 Filed on August 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $148.3M $121.8M
YoY Change 21.77% 26.0%
Cost Of Revenue $59.76M $52.10M
YoY Change 14.69% 38.2%
Gross Profit $88.57M $69.67M
YoY Change 27.12% 18.12%
Gross Profit Margin 59.71% 57.2%
Selling, General & Admin $102.0M $85.94M
YoY Change 18.69% 17.39%
% of Gross Profit 115.17% 123.35%
Research & Development $25.39M $21.49M
YoY Change 18.14% 17.25%
% of Gross Profit 28.67% 30.85%
Depreciation & Amortization $2.922M $2.823M
YoY Change 3.51% 21.42%
% of Gross Profit 3.3% 4.05%
Operating Expenses $187.2M $159.6M
YoY Change 17.29% 23.48%
Operating Profit -$38.83M -$37.76M
YoY Change 2.83% 16.0%
Interest Expense -$4.846M -$4.600M
YoY Change 5.35% 31.43%
% of Operating Profit
Other Income/Expense, Net -$4.823M -$3.925M
YoY Change 22.88% 150.96%
Pretax Income -$43.65M -$41.69M
YoY Change 4.71% 22.18%
Income Tax $256.0K $228.0K
% Of Pretax Income
Net Earnings -$43.91M -$41.91M
YoY Change 4.76% 22.32%
Net Earnings / Revenue -29.6% -34.41%
Basic Earnings Per Share -$0.40 -$0.40
Diluted Earnings Per Share -$0.40 -$0.40
COMMON SHARES
Basic Shares Outstanding 109.9M shares 103.6M shares
Diluted Shares Outstanding 109.9M shares 103.6M shares

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $140.5M $157.3M
YoY Change -10.67% -46.95%
Cash & Equivalents $109.3M $116.7M
Short-Term Investments $31.23M $40.60M
Other Short-Term Assets $36.07M $35.34M
YoY Change 2.07% 72.87%
Inventory
Prepaid Expenses
Receivables $49.76M $40.57M
Other Receivables $0.00 $0.00
Total Short-Term Assets $266.2M $267.8M
YoY Change -0.59% -25.01%
LONG-TERM ASSETS
Property, Plant & Equipment $90.78M $96.11M
YoY Change -5.55% 66.52%
Goodwill $131.6M $129.0M
YoY Change 2.03% 227.34%
Intangibles $15.85M $21.77M
YoY Change -27.23% 115.04%
Long-Term Investments $12.71M $10.00M
YoY Change 27.12% -53.92%
Other Assets $20.24M $20.23M
YoY Change 0.03% 114.05%
Total Long-Term Assets $409.4M $420.3M
YoY Change -2.58% 108.72%
TOTAL ASSETS
Total Short-Term Assets $266.2M $267.8M
Total Long-Term Assets $409.4M $420.3M
Total Assets $675.7M $688.1M
YoY Change -1.81% 23.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $33.23M $39.34M
YoY Change -15.53% 20.23%
Accrued Expenses $54.66M $64.60M
YoY Change -15.38% 59.9%
Deferred Revenue $21.99M $8.352M
YoY Change 163.23% 104.31%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $121.2M $121.5M
YoY Change -0.28% 36.82%
LONG-TERM LIABILITIES
Long-Term Debt $312.8M $295.7M
YoY Change 5.81% 34.88%
Other Long-Term Liabilities $5.429M $4.141M
YoY Change 31.1% -49.87%
Total Long-Term Liabilities $318.3M $299.8M
YoY Change 6.16% 31.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $121.2M $121.5M
Total Long-Term Liabilities $318.3M $299.8M
Total Liabilities $518.9M $509.2M
YoY Change 1.89% 55.09%
SHAREHOLDERS EQUITY
Retained Earnings -$635.0M -$467.4M
YoY Change 35.85% 64.24%
Common Stock $111.0K $104.0K
YoY Change 6.73% 7.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $156.8M $178.9M
YoY Change
Total Liabilities & Shareholders Equity $675.7M $688.1M
YoY Change -1.81% 23.21%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$43.91M -$41.91M
YoY Change 4.76% 22.32%
Depreciation, Depletion And Amortization $2.922M $2.823M
YoY Change 3.51% 21.42%
Cash From Operating Activities $4.032M -$9.250M
YoY Change -143.59% -54.9%
INVESTING ACTIVITIES
Capital Expenditures $878.0K $2.453M
YoY Change -64.21% 23.64%
Acquisitions $0.00
YoY Change
Other Investing Activities -$3.722M -$580.0K
YoY Change 541.72% -102.78%
Cash From Investing Activities -$11.15M -$11.90M
YoY Change -6.34% -206.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $3.435M -$134.0K
YoY Change -2663.43% -109.8%
NET CHANGE
Cash From Operating Activities $4.032M -$9.250M
Cash From Investing Activities -$11.15M -$11.90M
Cash From Financing Activities $3.435M -$134.0K
Net Change In Cash -$3.243M -$20.70M
YoY Change -84.34% 173.93%
FREE CASH FLOW
Cash From Operating Activities $4.032M -$9.250M
Capital Expenditures $878.0K $2.453M
Free Cash Flow $3.154M -$11.70M
YoY Change -126.95% -47.97%

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CY2021Q2 us-gaap Use Of Estimates
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The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and equity, and disclosure of contingent assets and liabilities at the reporting date. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to allowance for credit losses, reserve for expected customer credits or cancellations, fair value of and/or evaluation for impairment of goodwill and other long-lived assets, capitalization of internally developed software, benefit period for deferred sales commission costs, stock-based compensation expense, discount rate used to calculate operating lease liabilities, income and sales tax liabilities, fair value of convertible senior notes, litigation, and other contingencies. The Company bases its estimates on known facts and circumstances, historical experience, and various other assumptions. Actual results could differ from those estimates under different assumptions or conditions.
CY2021Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
49755000 USD
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AccountsReceivableNetCurrent
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7600000 USD
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2851000 USD
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FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
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15845000 USD
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Goodwill
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Goodwill
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92195000 USD
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P8Y2M12D
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P8Y4M24D
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15170000 USD
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11514000 USD
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10513000 USD
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36587000 USD
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22779000 USD
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47693000 USD
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16721000 USD
CY2021Q2 us-gaap Operating Lease Liability
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92195000 USD
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
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36587000 USD
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y7M9D
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y10M9D
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
41673000 USD
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
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9.50
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CY2021Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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CY2021Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
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9.04
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
9000 shares
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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25806000 USD
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
9.48
CY2021Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P2Y7M6D
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
25788000 USD
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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1373000 shares
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
9.19
CY2021Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y5M23D
CY2021Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
25498000 USD
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.003
CY2021Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
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CY2020Q2 us-gaap Treasury Stock Shares Acquired
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CY2021Q2 us-gaap Net Income Loss
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CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
109925000 shares
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
109925000 shares
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
103607000 shares
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
103607000 shares
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.40
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.40
CY2020Q2 us-gaap Earnings Per Share Basic
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-0.40
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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14340000 shares
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14340000 shares
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12284000 shares
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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12284000 shares
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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148327000 USD
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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121807000 USD
CY2021Q2 us-gaap Property Plant And Equipment Net
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90776000 USD
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
93076000 USD

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