2023 Q3 Form 10-Q Financial Statement

#000163642223000096 Filed on August 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $73.77M $73.21M
YoY Change 7.93% 3.65%
Cost Of Revenue $41.63M $39.27M
YoY Change 15.25% 14.24%
Gross Profit $32.15M $33.95M
YoY Change -0.25% -6.38%
Gross Profit Margin 43.58% 46.37%
Selling, General & Admin $28.71M $30.35M
YoY Change -35.62% -21.09%
% of Gross Profit 89.3% 89.4%
Research & Development $17.67M $17.40M
YoY Change -14.94% -4.15%
% of Gross Profit 54.95% 51.24%
Depreciation & Amortization $3.100M $10.74M
YoY Change 3.33% 312.88%
% of Gross Profit 9.64% 31.62%
Operating Expenses $56.57M $58.48M
YoY Change -27.23% -15.51%
Operating Profit -$24.58M -$24.53M
YoY Change -46.24% -26.09%
Interest Expense $2.640M $2.084M
YoY Change 1500.0% -283.94%
% of Operating Profit
Other Income/Expense, Net -$30.00K $6.000K
YoY Change 30.43% -112.77%
Pretax Income -$21.97M -$32.53M
YoY Change -51.8% -5.36%
Income Tax $59.00K $85.00K
% Of Pretax Income
Net Earnings -$22.03M -$32.61M
YoY Change -51.83% -2.44%
Net Earnings / Revenue -29.86% -44.55%
Basic Earnings Per Share -$0.39 -$0.58
Diluted Earnings Per Share -$0.39 -$0.58
COMMON SHARES
Basic Shares Outstanding 56.96M shares 56.26M shares
Diluted Shares Outstanding 56.71M shares 55.98M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $347.7M $343.8M
YoY Change -8.53% -14.76%
Cash & Equivalents $94.97M $115.7M
Short-Term Investments $252.7M $228.1M
Other Short-Term Assets $14.70M $14.74M
YoY Change 6.8% 3.32%
Inventory
Prepaid Expenses
Receivables $46.09M $52.38M
Other Receivables $0.00 $0.00
Total Short-Term Assets $408.5M $411.0M
YoY Change -7.89% -11.69%
LONG-TERM ASSETS
Property, Plant & Equipment $26.10M $41.85M
YoY Change 4.21% 57.75%
Goodwill $186.0M $186.0M
YoY Change 0.0% 0.0%
Intangibles $72.00M $79.04M
YoY Change -28.47% -27.82%
Long-Term Investments
YoY Change
Other Assets $5.116M $5.083M
YoY Change 33.96% 36.49%
Total Long-Term Assets $304.5M $312.0M
YoY Change -8.5% -9.83%
TOTAL ASSETS
Total Short-Term Assets $408.5M $411.0M
Total Long-Term Assets $304.5M $312.0M
Total Assets $712.9M $722.9M
YoY Change -8.15% -10.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.327M $7.974M
YoY Change -7.17% 40.12%
Accrued Expenses $24.90M $19.26M
YoY Change -10.65% -12.89%
Deferred Revenue $53.07M $59.53M
YoY Change -5.88% -2.23%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $84.25M $86.76M
YoY Change -7.48% -3.93%
LONG-TERM LIABILITIES
Long-Term Debt $227.7M $227.3M
YoY Change 0.67% 0.67%
Other Long-Term Liabilities $73.00K $19.00M
YoY Change -39.17% 16001.69%
Total Long-Term Liabilities $227.7M $246.3M
YoY Change 0.65% 9.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $84.25M $86.76M
Total Long-Term Liabilities $227.7M $246.3M
Total Liabilities $330.5M $333.0M
YoY Change -1.7% -2.7%
SHAREHOLDERS EQUITY
Retained Earnings -$1.087B -$1.065B
YoY Change 12.83% 16.06%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $382.4M $389.9M
YoY Change
Total Liabilities & Shareholders Equity $712.9M $722.9M
YoY Change -8.15% -10.9%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$22.03M -$32.61M
YoY Change -51.83% -2.44%
Depreciation, Depletion And Amortization $3.100M $10.74M
YoY Change 3.33% 312.88%
Cash From Operating Activities $3.110M -$11.57M
YoY Change -125.85% 20.86%
INVESTING ACTIVITIES
Capital Expenditures $3.110M $4.802M
YoY Change -173.85% -200.0%
Acquisitions
YoY Change
Other Investing Activities -$21.75M -$2.613M
YoY Change -24.92% -70.8%
Cash From Investing Activities -$24.85M -$7.415M
YoY Change -25.11% -46.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.040M 1.202M
YoY Change -113.79% -36.77%
NET CHANGE
Cash From Operating Activities 3.110M -11.57M
Cash From Investing Activities -24.85M -7.415M
Cash From Financing Activities 1.040M 1.202M
Net Change In Cash -20.70M -17.79M
YoY Change -60.76% -16.98%
FREE CASH FLOW
Cash From Operating Activities $3.110M -$11.57M
Capital Expenditures $3.110M $4.802M
Free Cash Flow $0.00 -$16.38M
YoY Change -100.0% 243.02%

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<div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of estimates</span></div><div style="margin-bottom:12pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. On an on-going basis, we evaluate our estimates, including those related to revenue recognition, reserves for expected credit losses, useful lives of property and equipment, capitalization and estimated useful life of internal-use software, impairment assessments of goodwill, intangible assets, and other long-lived assets, fair value of financial instruments, deferred tax assets, stock-based compensation, contingent consideration, the period of benefit for deferred contract acquisition costs, the incremental borrowing rate used for operating leases, and tax uncertainties. Actual results could differ significantly from those estimates.</span></div>
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CY2023Q2 us-gaap Allocated Share Based Compensation Expense
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CY2022Q2 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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CY2023Q2 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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2207427 usd
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
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2207427 usd
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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CY2023Q2 us-gaap Revenue Remaining Performance Obligation
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us-gaap Restructuring Costs And Asset Impairment Charges
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CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
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CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
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