2019 Q2 Form 10-Q Financial Statement

#000106660519000010 Filed on July 29, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $178.2M $187.7M
YoY Change -5.07% 19.46%
Cost Of Revenue $5.100M $4.600M
YoY Change 10.87% -6.12%
Gross Profit $173.1M $183.1M
YoY Change -5.46% 20.3%
Gross Profit Margin 97.15% 97.55%
Selling, General & Admin $154.8M $164.6M
YoY Change -5.95% 16.33%
% of Gross Profit 89.43% 89.9%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.400M $2.800M
YoY Change -14.29% 3.7%
% of Gross Profit 1.39% 1.53%
Operating Expenses $159.8M $169.2M
YoY Change -5.56% -8.79%
Operating Profit $18.35M $18.46M
YoY Change -0.59% -164.98%
Interest Expense $400.0K $0.00
YoY Change -100.0%
% of Operating Profit 2.18% 0.0%
Other Income/Expense, Net $1.120M -$50.00K
YoY Change -2340.0% -81.82%
Pretax Income $19.50M $18.41M
YoY Change 5.91% -164.18%
Income Tax $5.200M $6.948M
% Of Pretax Income 26.67% 37.74%
Net Earnings $14.28M $11.46M
YoY Change 24.57% -162.82%
Net Earnings / Revenue 8.01% 6.11%
Basic Earnings Per Share $0.75 $0.61
Diluted Earnings Per Share $0.73 $0.59
COMMON SHARES
Basic Shares Outstanding 19.12M shares 18.93M shares
Diluted Shares Outstanding 19.43M shares 19.33M shares

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $144.0M $85.80M
YoY Change 67.85% 47.42%
Cash & Equivalents $105.3M $85.83M
Short-Term Investments $38.70M
Other Short-Term Assets $30.08M $27.64M
YoY Change 8.84% 100.52%
Inventory
Prepaid Expenses $23.19M $27.61M
Receivables $147.0M $153.9M
Other Receivables $6.200M $5.200M
Total Short-Term Assets $350.4M $300.2M
YoY Change 16.73% 33.06%
LONG-TERM ASSETS
Property, Plant & Equipment $30.79M $36.75M
YoY Change -16.23% -11.42%
Goodwill $122.1M $122.8M
YoY Change -0.63% -1.47%
Intangibles
YoY Change
Long-Term Investments $23.60M $21.60M
YoY Change 9.26% 9.64%
Other Assets $21.73M $19.49M
YoY Change 11.46% 63.61%
Total Long-Term Assets $353.6M $252.7M
YoY Change 39.92% -7.04%
TOTAL ASSETS
Total Short-Term Assets $350.4M $300.2M
Total Long-Term Assets $353.6M $252.7M
Total Assets $704.0M $552.9M
YoY Change 27.33% 11.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.107M $8.723M
YoY Change -7.06% 6.77%
Accrued Expenses $156.9M $120.7M
YoY Change 29.99% 37.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $235.3M $213.1M
YoY Change 10.43% 35.4%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.317M $21.96M
YoY Change -80.34% -17.4%
Total Long-Term Liabilities $180.2M $102.0M
YoY Change 76.79% 5.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $235.3M $213.1M
Total Long-Term Liabilities $180.2M $102.0M
Total Liabilities $415.6M $315.0M
YoY Change 31.91% 24.07%
SHAREHOLDERS EQUITY
Retained Earnings $76.51M $30.92M
YoY Change 147.49% -12.35%
Common Stock $222.3M $222.2M
YoY Change 0.04% -1.23%
Preferred Stock
YoY Change
Treasury Stock (at cost) $14.80M $20.30M
YoY Change -27.11% -22.31%
Treasury Stock Shares 458.4K shares 631.5K shares
Shareholders Equity $288.4M $237.9M
YoY Change
Total Liabilities & Shareholders Equity $704.0M $552.9M
YoY Change 27.33% 11.15%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $14.28M $11.46M
YoY Change 24.57% -162.82%
Depreciation, Depletion And Amortization $2.400M $2.800M
YoY Change -14.29% 3.7%
Cash From Operating Activities $33.40M $30.40M
YoY Change 9.87% 25.1%
INVESTING ACTIVITIES
Capital Expenditures -$900.0K -$1.300M
YoY Change -30.77% -79.03%
Acquisitions
YoY Change
Other Investing Activities -$38.60M $1.300M
YoY Change -3069.23% -1400.0%
Cash From Investing Activities -$39.50M $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.000M -14.60M
YoY Change -79.45% -51.01%
NET CHANGE
Cash From Operating Activities 33.40M 30.40M
Cash From Investing Activities -39.50M 0.000
Cash From Financing Activities -3.000M -14.60M
Net Change In Cash -9.100M 15.80M
YoY Change -157.59% -232.77%
FREE CASH FLOW
Cash From Operating Activities $33.40M $30.40M
Capital Expenditures -$900.0K -$1.300M
Free Cash Flow $34.30M $31.70M
YoY Change 8.2% 3.93%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Litigation</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has contingent liabilities from various pending claims and litigation matters arising in the ordinary course of the Company&#8217;s business, some of which involve claims for damages that are substantial in amount. Some of these matters are covered by insurance. Based upon information currently available, the Company believes the ultimate resolution of such claims and litigation will not have a material adverse effect on its financial condition, results of operations or liquidity.</font></div></div>

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