2018 Q3 Form 10-Q Financial Statement

#000162890818000083 Filed on November 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q4 2017 Q3
Revenue $149.9M $113.7M $107.9M
YoY Change 38.95% 29.22% 79.23%
Cost Of Revenue $74.00M $65.50M $68.30M
YoY Change 8.35% 9.35% 101.47%
Gross Profit $76.00M $48.20M $39.60M
YoY Change 91.92% 71.53% 50.57%
Gross Profit Margin 50.68% 42.38% 36.7%
Selling, General & Admin $59.57M $55.20M $45.83M
YoY Change 29.96% -4.17% 19.37%
% of Gross Profit 78.38% 114.52% 115.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.300M $11.13M $2.300M
YoY Change 86.96% 71.49% 155.56%
% of Gross Profit 5.66% 23.09% 5.81%
Operating Expenses $161.0M $132.0M $121.9M
YoY Change 32.02% 8.28% 60.33%
Operating Profit -$11.03M -$83.78M -$14.02M
YoY Change -21.33% -10.67% -11.48%
Interest Expense $853.0K -$300.0K $880.0K
YoY Change -3.07% -40.0%
% of Operating Profit
Other Income/Expense, Net -$124.0K $200.0K $15.00K
YoY Change -926.67% 1400.0%
Pretax Income -$12.42M -$18.40M -$14.84M
YoY Change -16.32% -46.36% -7.41%
Income Tax $135.0K -$4.600M -$1.714M
% Of Pretax Income
Net Earnings -$12.43M -$13.16M -$12.59M
YoY Change -1.26% -24.4% 12.31%
Net Earnings / Revenue -8.29% -11.57% -11.67%
Basic Earnings Per Share -$0.16 -$0.18 -$0.18
Diluted Earnings Per Share -$0.16 -$0.18 -$0.18
COMMON SHARES
Basic Shares Outstanding 78.00M shares 70.33M shares
Diluted Shares Outstanding 78.00M shares 70.33M shares

Balance Sheet

Concept 2018 Q3 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $221.8M $238.4M $287.1M
YoY Change -22.74% 33.26% 80.0%
Cash & Equivalents $221.8M $238.4M $287.1M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $57.00M $70.80M $21.20M
YoY Change 168.87% 55.95% 112.0%
Inventory
Prepaid Expenses
Receivables $60.05M $48.95M $43.97M
Other Receivables $6.000M $20.00M $0.00
Total Short-Term Assets $348.6M $378.2M $352.3M
YoY Change -1.06% 42.73% 84.05%
LONG-TERM ASSETS
Property, Plant & Equipment $68.69M $50.92M $46.93M
YoY Change 46.37% 63.32% 122.17%
Goodwill $635.1M $628.2M $628.3M
YoY Change 1.07% 0.26% 36.68%
Intangibles $230.8M $241.3M $249.5M
YoY Change -7.49% -6.82% 53.26%
Long-Term Investments $5.700M $1.500M $700.0K
YoY Change 714.29% -31.82% -72.0%
Other Assets $15.18M $9.328M $9.364M
YoY Change 62.12% -7.12% -22.73%
Total Long-Term Assets $974.1M $934.5M $946.7M
YoY Change 2.89% -0.04% 43.47%
TOTAL ASSETS
Total Short-Term Assets $348.6M $378.2M $352.3M
Total Long-Term Assets $974.1M $934.5M $946.7M
Total Assets $1.323B $1.313B $1.299B
YoY Change 1.82% 9.41% 52.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $30.54M $42.93M $27.29M
YoY Change 11.88% -2.19% 88.4%
Accrued Expenses $47.19M $29.57M $21.09M
YoY Change 123.71% 1.41% 78.17%
Deferred Revenue $22.36M $24.81M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $139.4M $132.7M $105.5M
YoY Change 32.18% 0.57% 61.44%
LONG-TERM LIABILITIES
Long-Term Debt $122.1M $121.4M $121.2M
YoY Change 0.74% 0.91%
Other Long-Term Liabilities $10.89M $9.861M $9.982M
YoY Change 9.05% -32.71% 24.82%
Total Long-Term Liabilities $10.89M $9.861M $9.982M
YoY Change 9.05% -32.71% 24.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $139.4M $132.7M $105.5M
Total Long-Term Liabilities $10.89M $9.861M $9.982M
Total Liabilities $274.1M $266.4M $243.3M
YoY Change 12.68% -7.41% 166.07%
SHAREHOLDERS EQUITY
Retained Earnings $66.70M $85.95M $99.11M
YoY Change -32.71% -41.38% -39.58%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.039B $1.011B $1.020B
YoY Change
Total Liabilities & Shareholders Equity $1.323B $1.313B $1.299B
YoY Change 1.82% 9.41% 52.6%

Cashflow Statement

Concept 2018 Q3 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income -$12.43M -$13.16M -$12.59M
YoY Change -1.26% -24.4% 12.31%
Depreciation, Depletion And Amortization $4.300M $11.13M $2.300M
YoY Change 86.96% 71.49% 155.56%
Cash From Operating Activities $22.32M $6.030M $3.820M
YoY Change 484.29% -128.05% -51.71%
INVESTING ACTIVITIES
Capital Expenditures -$8.880M -$6.500M -$8.920M
YoY Change -0.45% 47.39% 131.09%
Acquisitions
YoY Change
Other Investing Activities $3.310M -$21.74M $23.55M
YoY Change -85.94% -68.68% -4810.0%
Cash From Investing Activities -$5.550M -$28.24M $14.63M
YoY Change -137.94% -61.76% -436.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.270M 21.64M 163.5M
YoY Change -102.61% -85.51% 15041.67%
NET CHANGE
Cash From Operating Activities 22.32M 6.030M 3.820M
Cash From Investing Activities -5.550M -28.24M 14.63M
Cash From Financing Activities -4.270M 21.64M 163.5M
Net Change In Cash 12.50M -570.0K 182.0M
YoY Change -93.13% -101.06% 3821.98%
FREE CASH FLOW
Cash From Operating Activities $22.32M $6.030M $3.820M
Capital Expenditures -$8.880M -$6.500M -$8.920M
Free Cash Flow $31.20M $12.53M $12.74M
YoY Change 144.9% -173.32% 8.24%

Facts In Submission

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us-gaap Income Loss From Equity Method Investments
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us-gaap Income Tax Expense Benefit
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<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;">Activity in claims reserves was as follows (in thousands):</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;padding-left:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:519px;border-collapse:collapse;text-align:left;"><tr><td colspan="6" rowspan="1"></td></tr><tr><td style="width:426px;" rowspan="1" colspan="1"></td><td style="width:13px;" rowspan="1" colspan="1"></td><td style="width:9px;" rowspan="1" colspan="1"></td><td style="width:52px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td><td style="width:13px;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">For the Nine</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Months Ended</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">September 30,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div 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style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Beginning balance</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Ending balance</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" 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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;font-style:italic;">Accounting Estimates and Assumptions</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;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions affecting the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses for the reporting period. Those estimates are inherently subject to change and actual results could differ from those estimates. In the accompanying consolidated financial statements, estimates are used for, but not limited to, the valuation of assets, liabilities, consideration related to business combinations and asset acquisitions, revenue recognition including variable consideration, discounts and credits, estimated selling prices for performance obligations in contracts with multiple performance obligations, claims reserves, contingent payments, allowance for doubtful accounts, depreciable lives of assets, impairment of long lived assets (including equity method investments), stock-based compensation, deferred income taxes and valuation allowance, contingent liabilities, valuation of intangible assets (including goodwill), purchase price allocation in taxable stock transactions and the useful lives of intangible assets.</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>

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