2018 Q2 Form 10-Q Financial Statement

#000149028118000090 Filed on August 03, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2 2017 Q1
Revenue $617.4M $662.6M $673.6M
YoY Change -6.82% -8.45% -3.55%
Cost Of Revenue $293.7M $334.6M $364.2M
YoY Change -12.2% -18.08% -3.74%
Gross Profit $323.7M $328.1M $309.5M
YoY Change -1.34% 4.02% -3.33%
Gross Profit Margin 52.42% 49.51% 45.94%
Selling, General & Admin $293.7M $230.2M $232.1M
YoY Change 27.58% -11.02% -11.76%
% of Gross Profit 90.75% 70.18% 74.99%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $29.00M $34.70M $28.67M
YoY Change -16.43% 3.58% -3.68%
% of Gross Profit 8.96% 10.58% 9.26%
Operating Expenses $387.9M $335.5M $321.1M
YoY Change 15.63% -5.54% -12.08%
Operating Profit -$64.25M -$7.398M -$11.68M
YoY Change 768.41% -81.39% -74.13%
Interest Expense $5.228M $4.948M $5.319M
YoY Change 5.66% -5.43% 531.71%
% of Operating Profit
Other Income/Expense, Net -$26.46M $5.878M $239.0K
YoY Change -550.1% 3692.26% -83.12%
Pretax Income -$90.70M -$1.520M -$16.28M
YoY Change 5867.11% -97.02% -61.72%
Income Tax $1.600M $3.883M $4.587M
% Of Pretax Income
Net Earnings -$95.03M -$9.326M -$24.41M
YoY Change 919.02% -83.01% -50.3%
Net Earnings / Revenue -15.39% -1.41% -3.62%
Basic Earnings Per Share -$0.17 -$0.02 -$0.04
Diluted Earnings Per Share -$0.17 -$0.02 -$0.04
COMMON SHARES
Basic Shares Outstanding 565.3M shares 559.8M shares 562.2M shares
Diluted Shares Outstanding 565.3M shares 559.8M shares 562.2M shares

Balance Sheet

Concept 2018 Q2 2017 Q2 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $671.4M $618.6M $691.0M
YoY Change 8.54% -20.7% 0.36%
Cash & Equivalents $662.9M $618.6M $618.6M
Short-Term Investments $8.500M
Other Short-Term Assets $19.62M $11.03M $12.05M
YoY Change 77.86% -83.11% -34.34%
Inventory $28.30M $24.30M $27.10M
Prepaid Expenses $38.52M $49.15M $31.08M
Receivables $76.30M $60.79M $63.73M
Other Receivables $9.600M $23.00M $18.40M
Total Short-Term Assets $843.7M $786.9M $843.2M
YoY Change 7.23% -24.28% -5.98%
LONG-TERM ASSETS
Property, Plant & Equipment $148.5M $162.6M $158.2M
YoY Change -8.69% -12.0% -18.03%
Goodwill $328.8M $282.0M $276.0M
YoY Change 16.59% -2.52% -5.41%
Intangibles $37.08M $32.26M $38.00M
YoY Change 14.94% 9.16% 15.95%
Long-Term Investments $74.90M $141.4M $400.0K
YoY Change -47.03% -21.92% -99.77%
Other Assets $21.05M $17.46M $18.30M
YoY Change 20.59% -25.5% -18.69%
Total Long-Term Assets $645.0M $640.6M $640.6M
YoY Change 0.69% -10.07% -11.26%
TOTAL ASSETS
Total Short-Term Assets $843.7M $786.9M $843.2M
Total Long-Term Assets $645.0M $640.6M $640.6M
Total Assets $1.489B $1.427B $1.484B
YoY Change 4.29% -18.5% -8.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.03M $18.39M $18.81M
YoY Change 25.22% 4.64% -14.41%
Accrued Expenses $367.5M $329.0M $335.5M
YoY Change 11.71% -18.55% -17.47%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $23.80M $29.50M $28.30M
YoY Change -19.32% 5.73% 5.99%
Total Short-Term Liabilities $918.8M $953.4M $992.0M
YoY Change -3.63% -11.49% -10.04%
LONG-TERM LIABILITIES
Long-Term Debt $208.5M $204.1M $195.4M
YoY Change 2.16% 2.31% 666.27%
Other Long-Term Liabilities $10.64M $36.30M $40.06M
YoY Change -70.68% -20.11% -10.15%
Total Long-Term Liabilities $103.2M $102.0M $97.09M
YoY Change 1.23% -17.79% -21.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $918.8M $953.4M $992.0M
Total Long-Term Liabilities $103.2M $102.0M $97.09M
Total Liabilities $1.218B $1.241B $1.272B
YoY Change -1.92% -10.18% 3.2%
SHAREHOLDERS EQUITY
Retained Earnings -$1.101B -$1.136B -$1.127B
YoY Change -3.05% 12.65% 18.16%
Common Stock $76.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $867.5M $858.3M $833.5M
YoY Change 1.07% 17.11% 17.64%
Treasury Stock Shares
Shareholders Equity $270.3M $185.2M $210.2M
YoY Change
Total Liabilities & Shareholders Equity $1.489B $1.427B $1.484B
YoY Change 4.29% -18.5% -8.33%

Cashflow Statement

Concept 2018 Q2 2017 Q2 2017 Q1
OPERATING ACTIVITIES
Net Income -$95.03M -$9.326M -$24.41M
YoY Change 919.02% -83.01% -50.3%
Depreciation, Depletion And Amortization $29.00M $34.70M $28.67M
YoY Change -16.43% 3.58% -3.68%
Cash From Operating Activities $44.10M -$21.80M -$139.2M
YoY Change -302.29% -60.65% 81.41%
INVESTING ACTIVITIES
Capital Expenditures -$17.90M -$15.50M $14.08M
YoY Change 15.48% -11.93% -29.1%
Acquisitions
YoY Change
Other Investing Activities -$57.80M -$200.0K -$7.500M
YoY Change 28800.0% -84.62%
Cash From Investing Activities -$75.70M -$15.80M -$21.57M
YoY Change 379.11% -15.96% 3.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $27.23M
YoY Change -57.88%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -18.70M -48.00M -$45.73M
YoY Change -61.04% -128.37% -41.39%
NET CHANGE
Cash From Operating Activities 44.10M -21.80M -$139.2M
Cash From Investing Activities -75.70M -15.80M -$21.57M
Cash From Financing Activities -18.70M -48.00M -$45.73M
Net Change In Cash -50.30M -85.60M -$173.6M
YoY Change -41.24% -190.11% -1.07%
FREE CASH FLOW
Cash From Operating Activities $44.10M -$21.80M -$139.2M
Capital Expenditures -$17.90M -$15.50M $14.08M
Free Cash Flow $62.00M -$6.300M -$153.3M
YoY Change -1084.13% -83.33% 58.69%

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10961000 USD
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25364000 USD
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P1Y5M8D
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us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
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0 USD
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250000000 USD
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us-gaap Marketing Expense
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187000000 USD
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Income Loss
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax
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CY2018Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
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us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Restructuring And Related Cost Incurred Cost
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CY2017Q2 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
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us-gaap Sales Revenue Goods Net
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us-gaap Sales Revenue Services Net
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us-gaap Sales Revenue Services Net
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us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
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us-gaap Share Based Compensation
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CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2010000000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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CY2017Q4 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
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CY2017Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
1800000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
3300000 USD
CY2018Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
2000000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
3700000 USD
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542000 USD
CY2018Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares
0 shares
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P1Y9M3D
CY2018Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P1Y10M17D
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SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
0.62
CY2018Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
1.81
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CY2017Q4 us-gaap Stockholders Equity
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CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
565284705 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Reclassifications and Terminology Changes</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Certain reclassifications have been made to the condensed consolidated financial statements of prior periods and the accompanying notes to conform to the current period presentation, including the change in presentation of restricted cash in the condensed consolidated statements of cash flows upon adoption of ASU 2016-18. Refer to Note </font><font style="font-family:Arial;font-size:10pt;">2</font><font style="font-family:Arial;font-size:10pt;">, </font><font style="font-family:Arial;font-size:10pt;font-style:italic;">Adoption of New Accounting Standards</font><font style="font-family:Arial;font-size:10pt;">, for additional information. Additionally, in prior years, the Company referred to its product revenue and service revenue as "direct revenue" and "third-party and other revenue," respectively. This terminology change did not impact the amounts presented in the condensed consolidated financial statements.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The preparation of condensed consolidated financial statements in conformity with U.S.&#160;GAAP requires estimates and assumptions that affect the reported amounts and classifications of assets and liabilities, revenue and expenses, and the related disclosures of contingent liabilities in the condensed consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, variable consideration from unredeemed vouchers, income taxes, valuation of goodwill and intangible assets, investments, customer refunds, contingent liabilities and the useful lives of property, equipment and software and intangible assets. Actual results could differ materially from those estimates.</font></div></div>

Files In Submission

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