2018 Q4 Form 10-Q Financial Statement

#000144181618000140 Filed on December 06, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2017 Q4
Revenue $64.99M $41.49M
YoY Change 56.64% 57.72%
Cost Of Revenue $17.76M $11.07M
YoY Change 60.4% 53.36%
Gross Profit $54.02M $30.42M
YoY Change 77.61% 59.37%
Gross Profit Margin 83.13% 73.32%
Selling, General & Admin $51.07M $37.88M
YoY Change 34.81% 51.27%
% of Gross Profit 94.52% 124.53%
Research & Development $23.18M $16.59M
YoY Change 39.73% 24.72%
% of Gross Profit 42.91% 54.54%
Depreciation & Amortization $1.710M $930.0K
YoY Change 83.87% 3.33%
% of Gross Profit 3.17% 3.06%
Operating Expenses $74.25M $54.47M
YoY Change 36.31% 42.06%
Operating Profit -$20.22M -$24.05M
YoY Change -15.92% 24.9%
Interest Expense $4.358M $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net -$400.0K -$57.00K
YoY Change 601.75% -77.82%
Pretax Income -$22.52M -$23.88M
YoY Change -5.7% 22.89%
Income Tax -$30.00K $300.0K
% Of Pretax Income
Net Earnings -$22.49M -$24.22M
YoY Change -7.14% 23.96%
Net Earnings / Revenue -34.6% -58.37%
Basic Earnings Per Share
Diluted Earnings Per Share -$426.9K -$1.333M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $522.2M $288.6M
YoY Change 80.96%
Cash & Equivalents $139.5M $242.7M
Short-Term Investments $382.7M $45.81M
Other Short-Term Assets $27.80M $15.10M
YoY Change 84.11%
Inventory
Prepaid Expenses
Receivables $37.50M $35.23M
Other Receivables $0.00 $0.00
Total Short-Term Assets $587.5M $338.9M
YoY Change 73.37%
LONG-TERM ASSETS
Property, Plant & Equipment $73.19M $4.430M
YoY Change 1552.17%
Goodwill $1.700M $1.700M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.649M $7.056M
YoY Change -5.77%
Total Long-Term Assets $83.21M $15.14M
YoY Change 449.72%
TOTAL ASSETS
Total Short-Term Assets $587.5M $338.9M
Total Long-Term Assets $83.21M $15.14M
Total Assets $670.7M $354.0M
YoY Change 89.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.942M $3.147M
YoY Change -38.29%
Accrued Expenses $12.17M $10.79M
YoY Change 12.8%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $172.3M $117.3M
YoY Change 46.98%
LONG-TERM LIABILITIES
Long-Term Debt $213.7M $0.00
YoY Change
Other Long-Term Liabilities $67.94M $23.30M
YoY Change 191.61%
Total Long-Term Liabilities $67.94M $23.30M
YoY Change 191.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $172.3M $117.3M
Total Long-Term Liabilities $67.94M $23.30M
Total Liabilities $473.4M $140.8M
YoY Change 236.22%
SHAREHOLDERS EQUITY
Retained Earnings -$535.5M -$417.4M
YoY Change 28.3%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.319M $1.319M
YoY Change 0.0%
Treasury Stock Shares 99.37K shares 99.37K shares
Shareholders Equity $266.3M $213.2M
YoY Change
Total Liabilities & Shareholders Equity $670.7M $354.0M
YoY Change 89.46%

Cashflow Statement

Concept 2018 Q4 2017 Q4
OPERATING ACTIVITIES
Net Income -$22.49M -$24.22M
YoY Change -7.14% 23.96%
Depreciation, Depletion And Amortization $1.710M $930.0K
YoY Change 83.87% 3.33%
Cash From Operating Activities -$7.610M -$10.30M
YoY Change -26.12% 81.66%
INVESTING ACTIVITIES
Capital Expenditures -$2.140M -$80.00K
YoY Change 2575.0% -89.74%
Acquisitions
YoY Change
Other Investing Activities $18.73M $5.870M
YoY Change 219.08% -70.53%
Cash From Investing Activities $16.60M $5.790M
YoY Change 186.7% -69.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.750M 206.5M
YoY Change -96.25% 7019.66%
NET CHANGE
Cash From Operating Activities -7.610M -10.30M
Cash From Investing Activities 16.60M 5.790M
Cash From Financing Activities 7.750M 206.5M
Net Change In Cash 16.74M 202.0M
YoY Change -91.71% 1134.47%
FREE CASH FLOW
Cash From Operating Activities -$7.610M -$10.30M
Capital Expenditures -$2.140M -$80.00K
Free Cash Flow -$5.470M -$10.22M
YoY Change -46.48% 109.0%

Facts In Submission

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us-gaap Net Income Loss
NetIncomeLoss
-91730000 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2017Q4 us-gaap Operating Expenses
OperatingExpenses
54467000 USD
us-gaap Operating Expenses
OperatingExpenses
149034000 USD
CY2018Q4 us-gaap Operating Expenses
OperatingExpenses
76281000 USD
us-gaap Operating Expenses
OperatingExpenses
211606000 USD
CY2017Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-24050000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-70014000 USD
CY2018Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-29054000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-88910000 USD
CY2018Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
800000 USD
CY2018Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
8436000 USD
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
6649000 USD
CY2017Q4 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
4000 USD
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-33000 USD
CY2018Q4 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
9000 USD
CY2018Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-400000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1424000 USD
us-gaap Payments For Proceeds From Tenant Allowance
PaymentsForProceedsFromTenantAllowance
0 USD
CY2018Q4 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-40000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-221000 USD
CY2018Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
55213000 USD
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
67944000 USD
CY2017Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-57000 USD
us-gaap Payments For Proceeds From Tenant Allowance
PaymentsForProceedsFromTenantAllowance
-633000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
149000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
327000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
2344000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
72879000 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
369736000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1714000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3698000 USD
CY2018Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
5884000 USD
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
8653000 USD
CY2018Q3 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
291100000 USD
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
0 USD
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
291145000 USD
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
205494000 USD
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5626000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
74230000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
206000000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
8201000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
17631000 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
1000 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
0 USD
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
59557000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
73191000 USD
CY2017Q4 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
0 USD
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
0 USD
CY2018Q4 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
0 USD
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
0 USD
CY2018Q1 us-gaap Related Party Transaction Due From To Related Party
RelatedPartyTransactionDueFromToRelatedParty
0 USD
CY2018Q4 us-gaap Related Party Transaction Due From To Related Party
RelatedPartyTransactionDueFromToRelatedParty
0 USD
CY2017Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
16588000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
45414000 USD
CY2018Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
23179000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
63254000 USD
CY2017Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
520000 USD
CY2018Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
515000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-443760000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-535490000 USD
CY2017Q4 us-gaap Revenues
Revenues
41488000 USD
us-gaap Revenues
Revenues
109478000 USD
CY2018Q4 us-gaap Revenues
Revenues
64985000 USD
us-gaap Revenues
Revenues
170697000 USD
CY2017Q4 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
28050000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
77087000 USD
CY2018Q4 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
38116000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
109885000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
15066000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
26850000 USD
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
6.33
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
6.89
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
640584 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
8.43
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
246227000 USD
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
697319000 USD
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
12637435 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9456539 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.63
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.76
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
115122000 USD
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
401189000 USD
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
5540858 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
5377483 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
6.92
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y8M19D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y0M15D
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P6Y7M17D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P6Y3M15D
us-gaap Stock Issued1
StockIssued1
1171000 USD
us-gaap Stock Issued1
StockIssued1
0 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
2540312 shares
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
5626000 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
17585000 USD
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
0 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
193493000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
197245000 USD
CY2018 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
13.27
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
13.27
CY2018Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
99371 shares
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
99371 shares
CY2018Q1 us-gaap Treasury Stock Value
TreasuryStockValue
1319000 USD
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1319000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
4300000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0 USD
CY2017Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
17421642 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
14749500 shares
CY2018Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
52702526 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
51431021 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;">The preparation of the interim unaudited condensed consolidated financial statements in conformity with U.S.&#160;GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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. Such estimates include, but are not limited to, revenue recognition, allowances for doubtful accounts, stock-based compensation, legal contingencies, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, fair value of property and equipment and accounting for income taxes. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates.</font></div></div>

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