2020 Q2 Form 10-Q Financial Statement

#000092182520000047 Filed on July 24, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $109.2M $104.1M
YoY Change 4.91% 5.31%
Cost Of Revenue $28.10M $27.40M
YoY Change 2.55% -4.2%
Gross Profit $81.20M $76.70M
YoY Change 5.87% 9.1%
Gross Profit Margin 74.36% 73.68%
Selling, General & Admin $8.200M $6.800M
YoY Change 20.59% 1.49%
% of Gross Profit 10.1% 8.87%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $32.90M $31.30M
YoY Change 5.11% 3.64%
% of Gross Profit 40.52% 40.81%
Operating Expenses $68.52M $63.94M
YoY Change 7.17% 0.0%
Operating Profit $12.68M $12.77M
YoY Change -0.64% 100.55%
Interest Expense -$13.10M $12.33M
YoY Change -206.23% -2.15%
% of Operating Profit -103.29% 96.61%
Other Income/Expense, Net -$3.993M -$12.03M
YoY Change -66.81% -203.53%
Pretax Income $36.69M $28.13M
YoY Change 30.43% -39.54%
Income Tax $221.0K $2.934M
% Of Pretax Income 0.6% 10.43%
Net Earnings $35.67M $39.80M
YoY Change -10.38% -11.96%
Net Earnings / Revenue 32.66% 38.23%
Basic Earnings Per Share $0.28 $0.31
Diluted Earnings Per Share $280.4K $0.31
COMMON SHARES
Basic Shares Outstanding 127.1M shares 126.2M shares
Diluted Shares Outstanding 127.3M shares 126.5M shares

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $95.00M $33.40M
YoY Change 184.43% -45.95%
Cash & Equivalents $94.96M $33.45M
Short-Term Investments
Other Short-Term Assets $166.9M $106.3M
YoY Change 57.01% 12.49%
Inventory
Prepaid Expenses
Receivables $5.500M $5.000M
Other Receivables $81.90M $77.20M
Total Short-Term Assets $349.3M $221.9M
YoY Change 57.41% -10.81%
LONG-TERM ASSETS
Property, Plant & Equipment $3.248B $2.986B
YoY Change 8.8% 6.91%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $21.90M $18.10M
YoY Change 20.99% -23.31%
Other Assets $5.900M $0.00
YoY Change -100.0%
Total Long-Term Assets $3.303B $3.033B
YoY Change 8.89% 5.99%
TOTAL ASSETS
Total Short-Term Assets $349.3M $221.9M
Total Long-Term Assets $3.303B $3.033B
Total Assets $3.652B $3.255B
YoY Change 12.2% 4.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $102.5M $101.1M
YoY Change 1.38% 41.2%
Accrued Expenses $23.20M $12.30M
YoY Change 88.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $158.7M $143.7M
YoY Change 10.44% 43.13%
LONG-TERM LIABILITIES
Long-Term Debt $1.629B $1.381B
YoY Change 17.92% 6.21%
Other Long-Term Liabilities $67.50M $55.50M
YoY Change 21.62% 3.54%
Total Long-Term Liabilities $1.697B $1.437B
YoY Change 18.07% 6.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $158.7M $143.7M
Total Long-Term Liabilities $1.697B $1.437B
Total Liabilities $1.855B $1.580B
YoY Change 17.38% 8.66%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.272M $1.265M
YoY Change 0.55% 0.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.759B $1.637B
YoY Change
Total Liabilities & Shareholders Equity $3.652B $3.255B
YoY Change 12.2% 4.65%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $35.67M $39.80M
YoY Change -10.38% -11.96%
Depreciation, Depletion And Amortization $32.90M $31.30M
YoY Change 5.11% 3.64%
Cash From Operating Activities $77.20M $78.40M
YoY Change -1.53% 38.03%
INVESTING ACTIVITIES
Capital Expenditures -$75.70M -$109.7M
YoY Change -30.99% 15.47%
Acquisitions
YoY Change
Other Investing Activities $13.10M $9.100M
YoY Change 43.96% -70.45%
Cash From Investing Activities -$62.70M -$100.6M
YoY Change -37.67% 56.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -48.70M 24.70M
YoY Change -297.17% 48.8%
NET CHANGE
Cash From Operating Activities 77.20M 78.40M
Cash From Investing Activities -62.70M -100.6M
Cash From Financing Activities -48.70M 24.70M
Net Change In Cash -34.20M 2.500M
YoY Change -1468.0% -72.53%
FREE CASH FLOW
Cash From Operating Activities $77.20M $78.40M
Capital Expenditures -$75.70M -$109.7M
Free Cash Flow $152.9M $188.1M
YoY Change -18.71% 23.91%

Facts In Submission

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us-gaap Repayments Of Long Term Lines Of Credit
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us-gaap Interest Paid Capitalized
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2320000 USD
us-gaap Operating Lease Payments
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1402000 USD
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613000 USD
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20516000 USD
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
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152718000 USD
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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fr Write Off Of Fully Depreciated Assets
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438 Property
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63000000.0 sqft
us-gaap Use Of Estimates
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<div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;">Use of Estimates</span></div><div style="text-indent:22.5pt;text-align:justify;margin-top:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">In order to conform with GAAP, in preparation of our consolidated financial statements we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of June 30, 2020 and December 31, 2019, and the reported amounts of revenues and expenses for the three and six months ended June 30, 2020 and 2019. Actual results could differ from those estimates. In our opinion, the accompanying unaudited interim consolidated financial statements reflect all adjustments necessary for a fair statement of our financial position as of June 30, 2020 and December 31, 2019, the results of our operations and comprehensive income for each of the three and six months ended June 30, 2020 and 2019, and our cash flows for each of the six months ended June 30, 2020 and 2019. All adjustments are of a normal recurring nature.</span></div>
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335000 USD
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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CY2020Q2 us-gaap Debt Instrument Carrying Amount
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CY2020Q2 us-gaap Loans Payable Fair Value Disclosure
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CY2020Q2 fr Interest And Operating Expenses Maximum Obligation
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us-gaap Derivative Instruments Gain Loss Reclassification From Accumulated Oci To Income Estimated Net Amount To Be Transferred
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410000 USD
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35669000 USD
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NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
76303000 USD
us-gaap Net Income Loss
NetIncomeLoss
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CY2020Q2 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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118000 USD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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149000 USD
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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35610000 USD
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39711000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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63454000 USD
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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WeightedAverageNumberOfSharesOutstandingBasic
126206000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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127004000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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126200000 shares
CY2020Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2019Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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283000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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272000 shares
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
126489000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
127189000 shares
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.50
us-gaap Allocated Share Based Compensation Expense
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3815000 USD
CY2020Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
330000 USD
CY2019Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
238000 USD
CY2020Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.28
CY2019Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.31
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.60
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
210728 shares
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
274624 shares
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
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3108000 USD
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2053000 USD
us-gaap Allocated Share Based Compensation Expense
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6749000 USD
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
1312000 USD
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
442000 USD
CY2020Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
18945000 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y
CY2020Q2 us-gaap Due From Affiliates
DueFromAffiliates
9617000 USD
CY2019Q4 us-gaap Due From Affiliates
DueFromAffiliates
10031000 USD

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