2015 Q3 Form 10-Q Financial Statement

#000136090115000014 Filed on November 02, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $313.5M $231.1M
YoY Change 35.63% 20.91%
Cost Of Revenue $4.500M $4.000M
YoY Change 12.5% 5.26%
Gross Profit $309.0M $227.2M
YoY Change 36.0% 21.3%
Gross Profit Margin 98.57% 98.3%
Selling, General & Admin $244.4M $171.0M
YoY Change 42.92% 15.78%
% of Gross Profit 79.09% 75.26%
Research & Development $9.295M $3.974M
YoY Change 133.9% 30.59%
% of Gross Profit 3.01% 1.75%
Depreciation & Amortization $9.000M $4.400M
YoY Change 104.55% 7.32%
% of Gross Profit 2.91% 1.94%
Operating Expenses $297.1M $187.8M
YoY Change 58.16% 20.81%
Operating Profit $11.95M $39.39M
YoY Change -69.67% 23.7%
Interest Expense $4.519M $3.964M
YoY Change 14.0% 3.8%
% of Operating Profit 37.83% 10.06%
Other Income/Expense, Net
YoY Change
Pretax Income $12.83M $40.45M
YoY Change -68.29% 24.72%
Income Tax $7.392M $15.26M
% Of Pretax Income 57.63% 37.74%
Net Earnings $7.197M $24.31M
YoY Change -70.39% 74.11%
Net Earnings / Revenue 2.3% 10.52%
Basic Earnings Per Share $0.20 $0.67
Diluted Earnings Per Share $0.16 $0.58
COMMON SHARES
Basic Shares Outstanding 36.77M shares 36.53M shares
Diluted Shares Outstanding 44.33M shares 41.87M shares

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $320.5M $269.8M
YoY Change 18.8% -5.27%
Cash & Equivalents $278.1M $239.1M
Short-Term Investments $42.40M $30.75M
Other Short-Term Assets $29.07M $48.03M
YoY Change -39.47% 145.81%
Inventory
Prepaid Expenses
Receivables $162.7M $103.4M
Other Receivables $18.80M $12.20M
Total Short-Term Assets $596.7M $546.1M
YoY Change 9.27% 14.34%
LONG-TERM ASSETS
Property, Plant & Equipment $47.81M $32.29M
YoY Change 48.09% 16.82%
Goodwill $192.9M $192.9M
YoY Change 0.01% 2.6%
Intangibles $58.88M $25.32M
YoY Change 132.54% -13.89%
Long-Term Investments $68.73M $76.59M
YoY Change -10.26% 23.09%
Other Assets $322.8M $301.4M
YoY Change 7.1% 11.34%
Total Long-Term Assets $733.7M $677.7M
YoY Change 8.27% 8.29%
TOTAL ASSETS
Total Short-Term Assets $596.7M $546.1M
Total Long-Term Assets $733.7M $677.7M
Total Assets $1.330B $1.224B
YoY Change 8.71% 10.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $37.80M $30.30M
YoY Change 24.75% 62.9%
Accrued Expenses $143.7M $114.2M
YoY Change 25.83% 3.54%
Deferred Revenue
YoY Change
Short-Term Debt $52.00M $99.50M
YoY Change -47.74% 8.03%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $278.7M $276.1M
YoY Change 0.92% 9.49%
LONG-TERM LIABILITIES
Long-Term Debt $129.4M $104.8M
YoY Change 23.47% 2.04%
Other Long-Term Liabilities $35.51M $24.85M
YoY Change 42.88% 29.36%
Total Long-Term Liabilities $35.51M $24.85M
YoY Change 42.88% 29.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $278.7M $276.1M
Total Long-Term Liabilities $35.51M $24.85M
Total Liabilities $641.0M $605.0M
YoY Change 5.96% 10.02%
SHAREHOLDERS EQUITY
Retained Earnings -$34.35M -$33.15M
YoY Change 3.64% -50.04%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $512.8M $353.4M
YoY Change 45.1% 57.89%
Treasury Stock Shares 13.12M shares 10.00M shares
Shareholders Equity $479.7M $513.2M
YoY Change
Total Liabilities & Shareholders Equity $1.330B $1.224B
YoY Change 8.71% 10.91%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $7.197M $24.31M
YoY Change -70.39% 74.11%
Depreciation, Depletion And Amortization $9.000M $4.400M
YoY Change 104.55% 7.32%
Cash From Operating Activities $96.50M $102.0M
YoY Change -5.39% -18.01%
INVESTING ACTIVITIES
Capital Expenditures -$5.200M -$4.200M
YoY Change 23.81% 740.0%
Acquisitions
YoY Change
Other Investing Activities -$13.30M $3.800M
YoY Change -450.0% -182.61%
Cash From Investing Activities -$18.50M -$400.0K
YoY Change 4525.0% -92.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -44.00M -51.80M
YoY Change -15.06% 123.28%
NET CHANGE
Cash From Operating Activities 96.50M 102.0M
Cash From Investing Activities -18.50M -400.0K
Cash From Financing Activities -44.00M -51.80M
Net Change In Cash 34.00M 49.80M
YoY Change -31.73% -48.23%
FREE CASH FLOW
Cash From Operating Activities $96.50M $102.0M
Capital Expenditures -$5.200M -$4.200M
Free Cash Flow $101.7M $106.2M
YoY Change -4.24% -14.97%

Facts In Submission

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us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Equity Method Investments
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us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Income Taxes Paid
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Accounts Payable Related Parties
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2973000 USD
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us-gaap Increase Decrease In Accrued Income Taxes Payable
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2920000 USD
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7570000 USD
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350000 USD
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us-gaap Increase Decrease In Trading Securities
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us-gaap Investment Advisory Management And Administrative Fees
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us-gaap Investment Advisory Management And Administrative Fees
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Professional Fees
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us-gaap Professional Fees
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">ASU 2014-08</font><font style="font-family:inherit;font-size:10pt;"> &#8211; In April 2014, the Financial Accounting Standards Board ("FASB") issued ASU No.&#160;2014-08, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#8220;Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity&#8221;</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASU 2014-08&#8221;). ASU 2014-08 provides amendments to ASC No.&#160;205, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#8220;Presentation of Financial Statements,&#8221;</font><font style="font-family:inherit;font-size:10pt;"> and ASC 360, which change the requirements for reporting discontinued operations. The amendments in this update improve the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity&#8217;s operations and financial results. The amendments also require expanded disclosures for discontinued operations and also require an entity to disclose the pretax profit or loss (or change in net assets for a not-for-profit entity) of an individually significant component of an entity that does not qualify for discontinued operations reporting. The amendments in this update are effective prospectively during interim and annual periods beginning after December&#160;15, 2014, with early adoption permitted. The adoption of ASU 2014-08 did not have a material impact on the Company&#8217;s financial condition, results of operations and cash flows, or disclosures thereto.</font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">ASU 2014-09</font><font style="font-family:inherit;font-size:10pt;"> &#8211; In May 2014, the FASB issued ASU No.&#160;2014-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#8220;Revenue from Contracts with Customers&#8221;</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASU 2014-09&#8221;). ASU 2014-09 provides amendments to ASC No. 605, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#8220;Revenue Recognition&#8221;</font><font style="font-family:inherit;font-size:10pt;"> and creates ASC No. 606, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">"Revenue from Contracts with Customers,"</font><font style="font-family:inherit;font-size:10pt;"> which changes the requirements for revenue recognition and amends the disclosure requirements. In August 2015, the FASB issued ASU No. 2015-14, "</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Deferral of the Effective Date</font><font style="font-family:inherit;font-size:10pt;">" ("ASU 2015-14"), which provides amendments that defer the effective date of ASU 2014-09 by one year. The amendments in this update are effective either retrospectively to each prior reporting period presented, or as a cumulative-effect adjustment as of the date of adoption, during interim and annual periods beginning after December&#160;15, 2017, with early adoption permitted beginning after December 15, 2016. The Company is currently assessing the impact of the adoption of this update on the Company's financial condition, results of operations and cash flows, or disclosures thereto. </font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">ASU 2014-11</font><font style="font-family:inherit;font-size:10pt;"> &#8211; In June 2014, the FASB issued ASU No.&#160;2014-11, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#8220;Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures&#8221;</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASU 2014-11&#8221;). ASU 2014-11 provides amendments to ASC No.&#160;806, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#8220;Transfers and Servicing,&#8221;</font><font style="font-family:inherit;font-size:10pt;"> which expand secured borrowing accounting for certain repurchase agreements and require that in a repurchase financing arrangement the repurchase agreement be accounted for separately from the initial transfer of the financial asset. The amendments also require additional disclosures for certain transactions accounted for as sale and repurchase agreements, and for securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings. The amendments in this update for the additional disclosures for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings are effective prospectively during annual periods beginning after December 15, 2014 and interim periods beginning after March 15, 2015, and all other amendments in this update are effective prospectively during interim and annual periods beginning after December&#160;15, 2014, with early adoption not permitted. The adoption of ASU 2014-11 did not have a material impact on the Company&#8217;s financial condition, results of operations and cash flows, or disclosures thereto.</font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">ASU 2014-12</font><font style="font-family:inherit;font-size:10pt;"> &#8211; In June 2014, the FASB issued ASU No.&#160;2014-12, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#8220;Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period&#8221;</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASU 2014-12&#8221;). ASU 2014-12 provides amendments to ASC No.&#160;718, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#8220;Compensation - Stock Compensation,&#8221;</font><font style="font-family:inherit;font-size:10pt;"> which clarify the guidance for whether to treat a performance target that could be achieved after the requisite service period as a performance condition that affects vesting or as a nonvesting condition that affects the grant-date fair value of an award. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The amendments in this update are effective either prospectively to all awards granted or modified after the effective date or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter, during interim and annual periods beginning after December&#160;15, 2015, with early adoption permitted. The Company is currently assessing the impact of the adoption of this update on the Company's financial condition, results of operations and cash flows, or disclosures thereto. </font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">ASU 2014-17</font><font style="font-family:inherit;font-size:10pt;"> &#8211; In November 2014, the FASB issued ASU No.&#160;2014-17, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#8220;Pushdown Accounting&#8221;</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASU 2014-17&#8221;). ASU 2014-17 provides amendments to ASC No.&#160;805, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#8220;Business Combinations,&#8221;</font><font style="font-family:inherit;font-size:10pt;"> which provide an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. The amendments in this update were effective on November 18, 2014. The adoption of ASU 2014-17 did not have a material impact on the Company&#8217;s financial condition, results of operations and cash flows, or disclosures thereto. </font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">ASU 2015-01</font><font style="font-family:inherit;font-size:10pt;"> &#8211; In January 2015, the FASB issued ASU No.&#160;2015-01, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#8220;Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items&#8221;</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASU 2015-01&#8221;). ASU 2015-01 provides amendments to ASC No.&#160;225-20, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#8220;Income Statement - Extraordinary and Unusual Items,&#8221;</font><font style="font-family:inherit;font-size:10pt;"> which eliminate the concept of extraordinary items. The amendments in this update are effective either prospectively or retrospectively during interim and annual periods beginning after December&#160;15, 2015, with early adoption permitted. The Company is currently assessing the impact of the adoption of this update on the Company's financial condition, results of operations and cash flows, or disclosures thereto. </font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">ASU 2015-02</font><font style="font-family:inherit;font-size:10pt;"> - In February 2015, the FASB issued ASU No.&#160;2015-02, &#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Amendments to the Consolidation Analysis</font><font style="font-family:inherit;font-size:10pt;">&#8221; (&#8220;ASU 2015-02&#8221;). ASU 2015-02 provides amendments to ASC No.&#160;810, &#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Consolidation,</font><font style="font-family:inherit;font-size:10pt;">&#8221; which include the following: &#160;1. Modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities, 2. Eliminate the presumption that a general partner should consolidate a limited partnership, 3. Affect the consolidation analysis of reporting entities that are involved with VIEs, and 4. Provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. The amendments in this update are effective during interim and annual periods beginning after December&#160;15, 2015, with early adoption permitted, and may be applied retrospectively or using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. The Company is currently assessing the impact of the adoption of this update on the Company's financial condition, results of operations and cash flows, or disclosures thereto.</font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">ASU 2015-16</font><font style="font-family:inherit;font-size:10pt;"> - In September 2015, the FASB issued ASU No.&#160;2015-16, &#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Simplifying the Accounting for Measurement-Period Adjustments</font><font style="font-family:inherit;font-size:10pt;">&#8221; (&#8220;ASU 2015-16&#8221;). ASU 2015-16 provides amendments to ASC No.&#160;805, &#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Business Combinations,</font><font style="font-family:inherit;font-size:10pt;">&#8221; which simplify the accounting for adjustments made to provisional amounts recognized in a business combination by eliminating the requirement to retrospectively account for those adjustments and require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments also require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The amendments in this update are effective prospectively during interim and annual periods beginning after December&#160;15, 2015, with early adoption permitted. The Company is currently assessing the impact of the adoption of this update on the Company's financial condition, results of operations and cash flows, or disclosures thereto.</font></div></div>

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