2018 Q1 Form 10-Q Financial Statement

#000088616318000063 Filed on May 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $56.16M $29.27M
YoY Change 91.88% -1.29%
Cost Of Revenue $788.0K $341.0K
YoY Change 131.09% -64.29%
Gross Profit $55.37M $28.93M
YoY Change 91.42% 0.81%
Gross Profit Margin 98.6% 98.83%
Selling, General & Admin $7.640M $7.320M
YoY Change 4.37% 7.17%
% of Gross Profit 13.8% 25.31%
Research & Development $7.407M $8.673M
YoY Change -14.6% 116.61%
% of Gross Profit 13.38% 29.98%
Depreciation & Amortization $3.002M $2.979M
YoY Change 0.77% 15.69%
% of Gross Profit 5.42% 10.3%
Operating Expenses $7.407M $8.673M
YoY Change -14.6% 116.61%
Operating Profit $37.04M $10.22M
YoY Change 262.58% -32.33%
Interest Expense $3.480M $2.941M
YoY Change 18.33% -2.13%
% of Operating Profit 9.39% 28.79%
Other Income/Expense, Net $18.27M -$4.023M
YoY Change -554.16% -27.19%
Pretax Income $55.31M $6.193M
YoY Change 793.14% -35.29%
Income Tax $10.03M $10.03M
% Of Pretax Income 18.14% 162.01%
Net Earnings $45.28M $45.28M
YoY Change 0.0% 585.21%
Net Earnings / Revenue 80.63% 154.71%
Basic Earnings Per Share $2.13 $2.13
Diluted Earnings Per Share $1.83 $1.83
COMMON SHARES
Basic Shares Outstanding 21.21M shares 21.21M shares
Diluted Shares Outstanding 24.80M shares 24.80M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $291.9M $159.4M
YoY Change 83.12% 40.81%
Cash & Equivalents $51.02M $10.64M
Short-Term Investments $240.9M $148.7M
Other Short-Term Assets $5.647M $641.0K
YoY Change 780.97% -58.96%
Inventory $10.53M $7.629M
Prepaid Expenses
Receivables $37.10M $7.100M
Other Receivables $3.900M $0.00
Total Short-Term Assets $349.1M $174.7M
YoY Change 99.8% 31.3%
LONG-TERM ASSETS
Property, Plant & Equipment $4.119M $1.898M
YoY Change 117.02% 234.74%
Goodwill $85.96M $72.21M
YoY Change 19.05% -1.08%
Intangibles $225.3M $202.0M
YoY Change 11.54% -5.09%
Long-Term Investments $0.00 $7.262M
YoY Change -100.0% -74.17%
Other Assets $894.0K $1.821M
YoY Change -50.91% 2501.43%
Total Long-Term Assets $405.6M $455.0M
YoY Change -10.86% -5.28%
TOTAL ASSETS
Total Short-Term Assets $349.1M $174.7M
Total Long-Term Assets $405.6M $455.0M
Total Assets $754.7M $629.7M
YoY Change 19.84% 2.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.407M $6.456M
YoY Change -47.23% 140.18%
Accrued Expenses $8.480M $4.680M
YoY Change 81.2% 27.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $227.5M $215.7M
YoY Change 5.47% 35850.0%
Total Short-Term Liabilities $247.0M $227.0M
YoY Change 8.8% 1754.53%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $26.90M
YoY Change -100.0% -86.86%
Other Long-Term Liabilities $1.135M $915.0K
YoY Change 24.04% 105.16%
Total Long-Term Liabilities $1.135M $915.0K
YoY Change 24.04% 105.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $247.0M $227.0M
Total Long-Term Liabilities $1.135M $915.0K
Total Liabilities $257.5M $230.9M
YoY Change 11.49% 4.33%
SHAREHOLDERS EQUITY
Retained Earnings -$327.4M -$408.4M
YoY Change -19.83% 3.29%
Common Stock $21.00K $21.00K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $481.1M $371.8M
YoY Change
Total Liabilities & Shareholders Equity $754.7M $629.7M
YoY Change 19.84% 2.65%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $45.28M $45.28M
YoY Change 0.0% 585.21%
Depreciation, Depletion And Amortization $3.002M $2.979M
YoY Change 0.77% 15.69%
Cash From Operating Activities $60.76M $19.22M
YoY Change 216.07% 46.59%
INVESTING ACTIVITIES
Capital Expenditures -$200.0K $87.00K
YoY Change -329.89% -63.45%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $1.240M $87.00K
YoY Change 1325.29% -100.11%
Cash From Investing Activities -$33.58M -$25.67M
YoY Change 30.83% -67.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.895M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $3.224M -$1.667M
YoY Change -293.4% -426.22%
NET CHANGE
Cash From Operating Activities $60.76M $19.22M
Cash From Investing Activities -$33.58M -$25.67M
Cash From Financing Activities $3.224M -$1.667M
Net Change In Cash $30.40M -$8.111M
YoY Change -474.85% -87.74%
FREE CASH FLOW
Cash From Operating Activities $60.76M $19.22M
Capital Expenditures -$200.0K $87.00K
Free Cash Flow $60.96M $19.14M
YoY Change 218.55% 48.63%

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NetIncomeLoss
45279000 USD
CY2017Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-4023000 USD
CY2018Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
18271000 USD
CY2017Q4 us-gaap Notes And Loans Receivable Gross Current
NotesAndLoansReceivableGrossCurrent
3877000 USD
CY2018Q1 us-gaap Notes And Loans Receivable Gross Current
NotesAndLoansReceivableGrossCurrent
3877000 USD
CY2017Q1 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
19051000 USD
CY2018Q1 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
19116000 USD
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
10216000 USD
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
37041000 USD
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1339000 USD
CY2018Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1993000 USD
CY2017Q4 us-gaap Other Assets Current
OtherAssetsCurrent
1514000 USD
CY2018Q1 us-gaap Other Assets Current
OtherAssetsCurrent
5647000 USD
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
4859000 USD
CY2018Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
894000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-66000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-149000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
-428000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
0 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
723000 USD
CY2018Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1135000 USD
CY2017Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
141000 USD
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
739000 USD
CY2017Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
87000 USD
CY2018Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
240000 USD
CY2017Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1895000 USD
CY2017Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2022000 USD
CY2018Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
3797000 USD
CY2017Q1 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
73352000 USD
CY2018Q1 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
98957000 USD
CY2017Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
30052000 USD
CY2018Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
54325000 USD
CY2017Q1 us-gaap Proceeds From Royalties Received
ProceedsFromRoyaltiesReceived
0 USD
CY2018Q1 us-gaap Proceeds From Royalties Received
ProceedsFromRoyaltiesReceived
32707000 USD
CY2017Q1 us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
17719000 USD
CY2018Q1 us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
12291000 USD
CY2017Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
355000 USD
CY2018Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
8916000 USD
CY2017Q1 us-gaap Profit Loss
ProfitLoss
5079000 USD
CY2018Q1 us-gaap Profit Loss
ProfitLoss
45279000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4212000 USD
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4119000 USD
CY2017Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
25596000 USD
CY2018Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
37108000 USD
CY2017Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8673000 USD
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7407000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-400924000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-327400000 USD
CY2018Q1 us-gaap Revenue Recognition Milestone Method Revenue Recognized
RevenueRecognitionMilestoneMethodRevenueRecognized
1600000 USD
CY2017Q1 us-gaap Revenues
Revenues
29267000 USD
CY2018Q1 us-gaap Revenues
Revenues
56157000 USD
CY2017Q1 us-gaap Royalty Revenue
RoyaltyRevenue
24230000 USD
CY2018Q1 us-gaap Royalty Revenue
RoyaltyRevenue
20820000 USD
CY2017Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
1121000 USD
CY2018Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
4391000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
6045000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
4555000 USD
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.47
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.33
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
63.43
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
64.73
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
159.02
CY2017Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y11M
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y8M
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1945526 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
53.17
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.021
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.027
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1300000 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
39.09
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
202994 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1876332 shares
CY2017Q4 us-gaap Short Term Investments
ShortTermInvestments
181041000 USD
CY2018Q1 us-gaap Short Term Investments
ShortTermInvestments
213329000 USD
CY2018Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
133800 shares
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
399788000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
481100000 USD
CY2017Q1 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-66000 USD
CY2018Q1 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
0 USD
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23019000 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23019189 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24800000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24800314 shares
CY2017Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
20937627 shares
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
21208793 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20938000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21209000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
185745 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
63959 shares
CY2018Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of condensed consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes. Actual results may differ from those estimates.</font></div></div>

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