2020 Q4 Form 10-K Financial Statement

#000156459021004542 Filed on February 05, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2020 Q2
Revenue $147.1M $149.8M $135.6M
YoY Change -3.82% -7.71% -12.12%
Cost Of Revenue $66.80M $65.20M $63.03M
YoY Change -7.09% -12.33% -11.95%
Gross Profit $80.30M $84.60M $72.61M
YoY Change -0.99% -3.76% -12.27%
Gross Profit Margin 54.6% 56.49% 53.53%
Selling, General & Admin $29.34M $26.94M $23.73M
YoY Change -8.16% -5.03% -24.26%
% of Gross Profit 36.54% 31.84% 32.68%
Research & Development $20.56M $20.45M $19.93M
YoY Change -5.61% -9.55% -9.39%
% of Gross Profit 25.61% 24.18% 27.45%
Depreciation & Amortization $2.100M $2.200M $2.300M
YoY Change -8.7% 15.79% 21.05%
% of Gross Profit 2.62% 2.6% 3.17%
Operating Expenses $49.90M $47.39M $43.66M
YoY Change -7.12% -7.03% -18.13%
Operating Profit $28.20M $34.98M $26.69M
YoY Change 12.48% -0.06% -3.23%
Interest Expense $100.0K -$200.0K
YoY Change -75.0% -150.0%
% of Operating Profit 0.35% -0.75%
Other Income/Expense, Net -$800.0K -$900.0K $0.00
YoY Change 33.33% -211.11% -100.0%
Pretax Income $27.54M $34.09M $26.53M
YoY Change 10.81% -4.81% -3.55%
Income Tax $7.001M $9.119M $7.330M
% Of Pretax Income 25.42% 26.75% 27.62%
Net Earnings $20.54M $24.97M $19.20M
YoY Change 22.57% -7.9% -8.22%
Net Earnings / Revenue 13.96% 16.67% 14.16%
Basic Earnings Per Share $0.32 $0.39 $0.30
Diluted Earnings Per Share $0.32 $0.39 $0.30
COMMON SHARES
Basic Shares Outstanding 63.53M 63.52M 63.51M
Diluted Shares Outstanding 64.48M 64.43M 64.13M

Balance Sheet

Concept 2020 Q4 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $204.7M $166.3M $123.6M
YoY Change 84.91% 46.39% 3.52%
Cash & Equivalents $204.7M $166.3M $123.6M
Short-Term Investments
Other Short-Term Assets $3.543M $16.80M $20.00M
YoY Change -28.21% -14.29% 0.5%
Inventory
Prepaid Expenses $14.72M
Receivables $109.2M $105.3M $108.1M
Other Receivables $1.900M $0.00 $0.00
Total Short-Term Assets $334.0M $288.4M $251.8M
YoY Change 43.96% 19.37% 5.11%
LONG-TERM ASSETS
Property, Plant & Equipment $17.90M $49.10M $51.20M
YoY Change -21.22% -15.49% 252.81%
Goodwill $62.25M
YoY Change 0.08%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $13.99M $17.30M $15.10M
YoY Change 11.3% -5.46% 37.27%
Total Long-Term Assets $131.4M $128.6M $128.6M
YoY Change -6.32% -7.28% -3.04%
TOTAL ASSETS
Total Short-Term Assets $334.0M $288.4M $251.8M
Total Long-Term Assets $131.4M $128.6M $128.6M
Total Assets $465.4M $417.0M $380.4M
YoY Change 25.02% 9.65% 2.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.81M $18.00M $16.30M
YoY Change -13.4% -15.09% -5.63%
Accrued Expenses $63.10M $52.50M $47.00M
YoY Change -3.37% -11.62% -10.65%
Deferred Revenue $114.2M
YoY Change 20.97%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $197.0M $185.1M $183.4M
YoY Change 8.47% 1.42% 8.44%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $21.69M $43.90M $44.20M
YoY Change 35.95% 259.13% 251.8%
Total Long-Term Liabilities $21.69M $43.90M $44.20M
YoY Change 35.95% 259.13% 251.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $197.0M $185.1M $183.4M
Total Long-Term Liabilities $21.69M $43.90M $44.20M
Total Liabilities $218.7M $229.0M $227.6M
YoY Change 10.69% 0.17% 25.26%
SHAREHOLDERS EQUITY
Retained Earnings $236.5M
YoY Change 48.3%
Common Stock $635.0K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $218.9M $188.0M $152.8M
YoY Change
Total Liabilities & Shareholders Equity $465.4M $417.0M $380.4M
YoY Change 25.02% 9.65% 2.21%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income $20.54M $24.97M $19.20M
YoY Change 22.57% -7.9% -8.22%
Depreciation, Depletion And Amortization $2.100M $2.200M $2.300M
YoY Change -8.7% 15.79% 21.05%
Cash From Operating Activities $38.00M $42.50M $48.80M
YoY Change 9.83% 6.52% 31.18%
INVESTING ACTIVITIES
Capital Expenditures -$800.0K -$100.0K -$600.0K
YoY Change -78.95% -98.77% -77.78%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$800.0K -$100.0K -$600.0K
YoY Change -79.49% -98.75% -77.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -100.0K -300.0K -200.0K
YoY Change -99.71% -99.17% -99.0%
NET CHANGE
Cash From Operating Activities 38.00M 42.50M 48.80M
Cash From Investing Activities -800.0K -100.0K -600.0K
Cash From Financing Activities -100.0K -300.0K -200.0K
Net Change In Cash 37.10M 42.10M 48.00M
YoY Change -962.79% -1056.82% 231.03%
FREE CASH FLOW
Cash From Operating Activities $38.00M $42.50M $48.80M
Capital Expenditures -$800.0K -$100.0K -$600.0K
Free Cash Flow $38.80M $42.60M $49.40M
YoY Change 1.04% -11.25% 23.81%

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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Principles of Consolidation and Foreign Currency Translation </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:2.27%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:2.27%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The financial statements of foreign subsidiaries have been translated into United States dollars in accordance with the foreign currency matters topic in the FASB’s Accounting Standards Codification (the “Codification”). Revenues and expenses from international operations were denominated in the respective local currencies and translated using the average monthly exchange rates for the year. All balance sheet accounts have been translated using the exchange rates in effect at the balance sheet date and the effect of changes in exchange rates from year to year are disclosed as a separate component of shareholders’ equity and comprehensive income. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:2.27%;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p>
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<p style="margin-bottom:0pt;margin-top:18pt;margin-left:2.26%;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Concentrations of Credit Risk </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:2.27%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. We maintain cash and cash equivalents with various financial institutions. Amounts held are above the federally insured limit. </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:2.27%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our sales are primarily to companies located in the United States, Europe and Asia. We perform periodic credit evaluations of our customers’ financial condition and do not require collateral. Accounts receivable are due principally from large U.S., European and Asia Pacific companies under stated contract terms. Accounts receivable, net as of December 31, 2020 for the Americas, EMEA, and APAC segments were $86.8 million, $17.3 million, and $5.1 million, respectively. Accounts receivable, net as of December 31, 2019 for the Americas, EMEA, and APAC segments were $81.8 million, $14.6 million, and $4.5 million, respectively. Our top five customers in aggregate accounted for 12%, 11%, and 13% of total revenue recognized for each of the years ended December 31, 2020 (“2020”), the year ended December 31, 2019 (“2019”), and the year ended December 31, 2018 (“2018”), respectively. No single customer accounted for more than 10% of revenue in 2020, 2019 and 2018, or more than 10% of accounts receivable as of December 31, 2020 and 2019. </p>
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CY2020 us-gaap Guarantees Indemnifications And Warranties Policies
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<p style="margin-bottom:0pt;margin-top:18pt;margin-left:2.26%;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Guarantees and Indemnities </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:2.27%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We account for guarantees in accordance with the guarantee accounting topic in the FASB Codification<span style="font-style:italic;">.</span> Our customer contracts generally contain infringement indemnity provisions. Under those provisions, we generally agree, subject to certain exceptions, to indemnify, defend, and hold harmless the customer in connection with third party claims against the customer alleging that the customer’s use of our software products in compliance with their license infringe the third party’s patent, copyright, or other intellectual property rights. Conditions to our obligations generally include that we are provided the right to control the defense of the claims and, in general, to control settlement negotiations. Those provisions generally provide also that, if the customer is prevented from using our software because of a third party infringement claim, our sole obligation (in addition to the indemnification, defense, and hold harmless obligation referred to above) is to, at our expense, (i) procure for the customer the right to continue to use the software, (ii) to replace or modify the product so that its use by the customer does not infringe, or, if either of the foregoing are not reasonably feasible, to terminate the customer contract and provide a refund of the unamortized portion of the customer’s license fee (based on a five year amortization period). Our customer contracts sometimes also require us to indemnify, defend, and hold harmless the customer in connection with death, personal injury, or property damage claims made by third parties with respect to actions of our personnel or contractors. The indemnity obligations contained in our customer contracts generally have no specified expiration date and no specified monetary limitation on liability. We have not previously incurred costs to settle claims or pay awards under these indemnification obligations. We account for these indemnity obligations in accordance with FASB guidance on accounting for contingencies, and record a liability for these obligations when a loss is probable and reasonably estimable. We have not recorded any liabilities for these contracts as of December 31, 2020, or 2019. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:2.27%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In general, in our customer software license contracts, we warrant to our customers that our software products will perform in all material respects in accordance with the standard published specifications in effect at the time of delivery of the licensed products to the customer for six months after first use of the licensed products, but no more than 24 months after execution of the license agreement. We also generally warrant in our Cloud subscription agreements that we will perform the Cloud services in all material respects as defined in the agreement during the service period. Additionally, we warrant to our customers that services will be performed consistent with generally accepted industry standards or specific service levels through completion of the agreed upon </p> <p style="margin-bottom:0pt;margin-top:12pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">services. If necessary, we will provide for the estimated cost of product and service warranties based on specific warranty claims history. However, we have not incurred significant recurring expenses under product or service warranties. As a result, we believe the estimated fair value of these agreements is nominal. Accordingly, we have no liabilities recorded for these agreements as of </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2020 and 2019</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">. </span></p>
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CY2020Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
16114000
CY2020Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
14016000
CY2020Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
15536000
CY2020Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
15778000
CY2019Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
1937000
CY2019Q4 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2277000
CY2020Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2346000
CY2020Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2257000
CY2020Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2193000
CY2020Q4 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2150000
CY2020Q2 us-gaap Costs And Expenses
CostsAndExpenses
108938000
CY2020Q3 us-gaap Costs And Expenses
CostsAndExpenses
114781000
CY2020Q4 us-gaap Costs And Expenses
CostsAndExpenses
118885000
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
26692000
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
34976000
CY2020Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
28197000
CY2019Q1 manh Other Nonoperating Income Expense Including Interest Income
OtherNonoperatingIncomeExpenseIncludingInterestIncome
-371000
CY2019Q2 manh Other Nonoperating Income Expense Including Interest Income
OtherNonoperatingIncomeExpenseIncludingInterestIncome
-71000
CY2019Q3 manh Other Nonoperating Income Expense Including Interest Income
OtherNonoperatingIncomeExpenseIncludingInterestIncome
810000
CY2019Q4 manh Other Nonoperating Income Expense Including Interest Income
OtherNonoperatingIncomeExpenseIncludingInterestIncome
-215000
CY2020Q1 manh Other Nonoperating Income Expense Including Interest Income
OtherNonoperatingIncomeExpenseIncludingInterestIncome
1420000
CY2020Q2 manh Other Nonoperating Income Expense Including Interest Income
OtherNonoperatingIncomeExpenseIncludingInterestIncome
-158000
CY2020Q3 manh Other Nonoperating Income Expense Including Interest Income
OtherNonoperatingIncomeExpenseIncludingInterestIncome
-891000
CY2020Q4 manh Other Nonoperating Income Expense Including Interest Income
OtherNonoperatingIncomeExpenseIncludingInterestIncome
-656000
CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
26534000
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
34085000
CY2020Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
27541000
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7330000
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9119000
CY2020Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7001000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
19204000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
24966000
CY2020Q4 us-gaap Net Income Loss
NetIncomeLoss
20540000
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.30
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.39
CY2020Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.32
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.30
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.39
CY2020Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.32
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
63509000
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
63524000
CY2020Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
63527000
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
64126000
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
64427000
CY2020Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
64484000

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