2020 Q1 Form 10-Q Financial Statement

#000150043520000029 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $119.4M $242.7M
YoY Change -50.81% 19.95%
Cost Of Revenue $80.97M $162.4M
YoY Change -50.13% 3.13%
Gross Profit $38.43M $80.35M
YoY Change -52.17% 78.88%
Gross Profit Margin 32.18% 33.1%
Selling, General & Admin $62.26M $63.17M
YoY Change -1.44% -8.02%
% of Gross Profit 162.02% 78.62%
Research & Development $32.28M $37.46M
YoY Change -13.83% -26.51%
% of Gross Profit 84.01% 46.63%
Depreciation & Amortization $5.983M $6.850M
YoY Change -12.66% -23.09%
% of Gross Profit 15.57% 8.53%
Operating Expenses $94.54M $100.6M
YoY Change -6.06% -15.9%
Operating Profit -$56.11M -$20.29M
YoY Change 176.59% -72.85%
Interest Expense $4.843M $4.527M
YoY Change 6.98% -0.88%
% of Operating Profit
Other Income/Expense, Net $5.015M -$3.699M
YoY Change -235.58% -15.74%
Pretax Income -$61.10M -$107.7M
YoY Change -43.26% 36.13%
Income Tax $2.400M $1.359M
% Of Pretax Income
Net Earnings -$63.53M -$24.37M
YoY Change 160.73% -68.09%
Net Earnings / Revenue -53.21% -10.04%
Basic Earnings Per Share
Diluted Earnings Per Share -$430.2K -$171.1K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $124.9M $133.3M
YoY Change -6.25% -7.99%
Cash & Equivalents $117.4M $86.94M
Short-Term Investments $7.495M $46.32M
Other Short-Term Assets $24.90M $26.40M
YoY Change -5.68% -19.27%
Inventory $172.0M $119.0M
Prepaid Expenses
Receivables $50.99M $117.8M
Other Receivables $0.00 $0.00
Total Short-Term Assets $372.9M $396.5M
YoY Change -5.94% 1.24%
LONG-TERM ASSETS
Property, Plant & Equipment $33.67M $46.51M
YoY Change -27.61% -25.93%
Goodwill $146.5M $146.5M
YoY Change 0.0% 0.0%
Intangibles $3.940M $11.00M
YoY Change -64.18% -49.65%
Long-Term Investments
YoY Change
Other Assets $15.01M $16.79M
YoY Change -10.6% -35.89%
Total Long-Term Assets $250.2M $274.4M
YoY Change -8.83% 6.64%
TOTAL ASSETS
Total Short-Term Assets $372.9M $396.5M
Total Long-Term Assets $250.2M $274.4M
Total Assets $623.0M $670.8M
YoY Change -7.13% 3.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $63.78M $91.76M
YoY Change -30.49% 4.82%
Accrued Expenses $97.54M $131.6M
YoY Change -25.86% -10.47%
Deferred Revenue $14.42M $14.07M
YoY Change 2.53%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $30.00M
YoY Change
Total Short-Term Liabilities $214.6M $234.0M
YoY Change -8.28% -6.3%
LONG-TERM LIABILITIES
Long-Term Debt $151.4M $141.3M
YoY Change 7.15% 6.88%
Other Long-Term Liabilities $5.085M $4.303M
YoY Change 18.17% -86.69%
Total Long-Term Liabilities $5.085M $4.303M
YoY Change 18.17% -86.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $214.6M $234.0M
Total Long-Term Liabilities $5.085M $4.303M
Total Liabilities $445.5M $472.3M
YoY Change -5.66% 9.12%
SHAREHOLDERS EQUITY
Retained Earnings -$647.3M -$569.1M
YoY Change 13.74% 23.72%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $113.6M $113.6M
YoY Change 0.0% 0.0%
Treasury Stock Shares 10.71M shares 10.71M shares
Shareholders Equity $177.5M $198.6M
YoY Change
Total Liabilities & Shareholders Equity $623.0M $670.8M
YoY Change -7.13% 3.38%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$63.53M -$24.37M
YoY Change 160.73% -68.09%
Depreciation, Depletion And Amortization $5.983M $6.850M
YoY Change -12.66% -23.09%
Cash From Operating Activities -$68.28M -$64.98M
YoY Change 5.08% -33.08%
INVESTING ACTIVITIES
Capital Expenditures $795.0K $724.0K
YoY Change 9.81% -89.32%
Acquisitions
YoY Change
Other Investing Activities $438.0K $0.00
YoY Change -100.0%
Cash From Investing Activities $6.097M -$1.383M
YoY Change -540.85% -17.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.887M $3.812M
YoY Change -50.5% 18.75%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $29.88M $1.139M
YoY Change 2523.71% 40.97%
NET CHANGE
Cash From Operating Activities -$68.28M -$64.98M
Cash From Investing Activities $6.097M -$1.383M
Cash From Financing Activities $29.88M $1.139M
Net Change In Cash -$32.87M -$65.15M
YoY Change -49.56% -33.5%
FREE CASH FLOW
Cash From Operating Activities -$68.28M -$64.98M
Capital Expenditures $795.0K $724.0K
Free Cash Flow -$69.08M -$65.71M
YoY Change 5.13% -36.75%

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<div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;color:#009fdf;font-weight:bold;">Use of estimates. </span><span style="font-family:Arial;font-size:10pt;color:#009fdf;font-style:italic;font-weight:bold;"> </span><span style="font-family:Arial;font-size:10pt;">The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the Company’s condensed consolidated financial statements and accompanying notes. Significant estimates and assumptions made by management include those related to revenue recognition (including sales incentives, sales returns and implied post contract support), stock-based compensation, inventory valuation, product warranty liabilities, the valuation, impairment and useful lives of long-lived assets (property and equipment, operating leases, intangible assets and goodwill), income taxes and going concern. The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances, including but not limited to the potential impacts arising from the COVID-19 pandemic, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The extent and continued impact of COVID-19 has been taken into account in making the significant assumptions and estimates related to the above, however if the duration and spread of the outbreak, the impact on our customers, and the effect on our contract manufacturers, vendors and supply chains is different from the Company’s estimates and assumptions, then actual results could differ materially. Given the uncertainty with respect to COVID-19, the Company’s estimates and assumptions may evolve as conditions change. To the extent there are material differences between the estimates and the actual results, future results of operations could be affected.</span></div>
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