2015 Q1 Form 10-Q Financial Statement

#000083307915000068 Filed on May 01, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $518.7M $408.3M
YoY Change 27.03% 21.37%
Cost Of Revenue $466.0M $348.8M
YoY Change 33.6% 16.89%
Gross Profit $95.64M $91.57M
YoY Change 4.44% 41.9%
Gross Profit Margin 18.44% 22.43%
Selling, General & Admin $71.26M $52.61M
YoY Change 35.47% 15.35%
% of Gross Profit 74.51% 57.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.211M $2.513M
YoY Change 27.78% 14.23%
% of Gross Profit 3.36% 2.74%
Operating Expenses $71.26M $52.61M
YoY Change 35.47% 15.35%
Operating Profit $24.38M $44.94M
YoY Change -45.76% 81.38%
Interest Expense $3.154M $2.713M
YoY Change 16.26% -47.09%
% of Operating Profit 12.94% 6.04%
Other Income/Expense, Net $415.0K $648.0K
YoY Change -35.96% 37.87%
Pretax Income $25.30M $39.76M
YoY Change -36.37% 141.32%
Income Tax $8.897M $14.38M
% Of Pretax Income 35.17% 36.17%
Net Earnings $16.40M $25.38M
YoY Change -35.37% 110.75%
Net Earnings / Revenue 3.16% 6.21%
Basic Earnings Per Share $0.42 $0.66
Diluted Earnings Per Share $0.40 $0.62
COMMON SHARES
Basic Shares Outstanding 39.39M shares 38.69M shares
Diluted Shares Outstanding 41.95M shares 41.31M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $89.20M $261.0M
YoY Change -65.82% -19.69%
Cash & Equivalents $89.25M $261.0M
Short-Term Investments
Other Short-Term Assets $71.90M $37.90M
YoY Change 89.71% 30.24%
Inventory $1.943B $1.538B
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $2.166B $1.891B
YoY Change 14.51% 23.61%
LONG-TERM ASSETS
Property, Plant & Equipment $33.83M $26.73M
YoY Change 26.57% 63.44%
Goodwill $32.96M
YoY Change
Intangibles
YoY Change
Long-Term Investments $10.30M $87.50M
YoY Change -88.23% -12.41%
Other Assets $64.70M $69.20M
YoY Change -6.5% -38.92%
Total Long-Term Assets $200.8M $238.1M
YoY Change -15.67% -1.18%
TOTAL ASSETS
Total Short-Term Assets $2.166B $1.891B
Total Long-Term Assets $200.8M $238.1M
Total Assets $2.366B $2.129B
YoY Change 11.14% 20.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $91.50M $76.20M
YoY Change 20.08% 26.37%
Accrued Expenses $130.8M $141.8M
YoY Change -7.76% 48.64%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $265.4M $241.8M
YoY Change 9.76% 35.69%
LONG-TERM LIABILITIES
Long-Term Debt $965.8M $904.9M
YoY Change 6.73% 2.69%
Other Long-Term Liabilities $0.00 $0.00
YoY Change
Total Long-Term Liabilities $965.8M $904.9M
YoY Change 6.73% 2.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $265.4M $241.8M
Total Long-Term Liabilities $965.8M $904.9M
Total Liabilities $1.231B $1.147B
YoY Change 7.36% 8.25%
SHAREHOLDERS EQUITY
Retained Earnings $586.7M $453.4M
YoY Change 29.39% 43.66%
Common Stock $548.6M $529.1M
YoY Change 3.67% 33.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 0.000 shares
Shareholders Equity $1.135B $982.6M
YoY Change
Total Liabilities & Shareholders Equity $2.366B $2.129B
YoY Change 11.14% 20.24%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $16.40M $25.38M
YoY Change -35.37% 110.75%
Depreciation, Depletion And Amortization $3.211M $2.513M
YoY Change 27.78% 14.23%
Cash From Operating Activities -$38.20M -$131.7M
YoY Change -70.99% 110544.54%
INVESTING ACTIVITIES
Capital Expenditures $4.589M $6.995M
YoY Change -34.4% 158.69%
Acquisitions
YoY Change
Other Investing Activities -$100.0K -$49.00K
YoY Change 104.08% -37.97%
Cash From Investing Activities -$4.600M $5.073M
YoY Change -190.68% -193.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $110.4M
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 28.80M $113.4M
YoY Change -74.61% -29.18%
NET CHANGE
Cash From Operating Activities -38.20M -$131.7M
Cash From Investing Activities -4.600M $5.073M
Cash From Financing Activities 28.80M $113.4M
Net Change In Cash -14.00M -$13.18M
YoY Change 6.22% -108.53%
FREE CASH FLOW
Cash From Operating Activities -$38.20M -$131.7M
Capital Expenditures $4.589M $6.995M
Free Cash Flow -$42.79M -$138.7M
YoY Change -69.14% 4811.87%

Facts In Submission

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CY2014Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2015Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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385000 USD
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CY2015Q1 us-gaap Interest Paid Net
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CY2015Q1 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
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10271000 USD
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CY2015Q1 us-gaap Land Sales
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CY2014Q4 us-gaap Land Under Purchase Options Recorded
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4999000 USD
CY2015Q1 us-gaap Land Under Purchase Options Recorded
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0 USD
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19489000 USD
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19712000 USD
CY2014Q4 us-gaap Liabilities
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CY2015Q1 us-gaap Liabilities
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1231170000 USD
CY2014Q4 us-gaap Liabilities And Stockholders Equity
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2316138000 USD
CY2015Q1 us-gaap Liabilities And Stockholders Equity
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2366458000 USD
CY2015Q1 us-gaap Line Of Credit Facility Interest Rate Description
LineOfCreditFacilityInterestRateDescription
$500 million unsecured revolving credit facility, maturing June 2018, with interest approximating LIBOR (approximately 0.18% at March 31, 2015) plus 2.25% or Prime (3.25% at March 31, 2015) plus 1.25%
CY2015Q1 us-gaap Line Of Credit Facility Maximum Amount Outstanding During Period
LineOfCreditFacilityMaximumAmountOutstandingDuringPeriod
100000000 USD
CY2015Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
453300000 USD
CY2014Q4 us-gaap Litigation Reserve
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16499000 USD
CY2015Q1 us-gaap Litigation Reserve
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15109000 USD
CY2012Q1 us-gaap Loss Contingency Damages Sought Value
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13500000 USD
CY2012Q1 us-gaap Loss Contingency Pending Claims Number
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2 claim
CY2014Q4 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
200000 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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111259000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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28752000 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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5073000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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-4649000 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-129512000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-38191000 USD
CY2014Q1 us-gaap Net Income Loss
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25377000 USD
CY2015Q1 us-gaap Net Income Loss
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16400000 USD
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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25756000 USD
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
16785000 USD
CY2015Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
9 operating_segment
CY2015Q1 us-gaap Number Of States In Which Entity Operates
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9 State
CY2014Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
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30997000 USD
CY2015Q1 us-gaap Other Accrued Liabilities Current And Noncurrent
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38372000 USD
CY2014Q4 us-gaap Other Assets
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332687000 USD
CY2015Q1 us-gaap Other Assets
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CY2014Q1 us-gaap Other Nonoperating Income Expense
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648000 USD
CY2015Q1 us-gaap Other Nonoperating Income Expense
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415000 USD
CY2014Q4 us-gaap Other Notes Payable
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30722000 USD
CY2015Q1 us-gaap Other Notes Payable
OtherNotesPayable
61406000 USD
CY2014Q1 us-gaap Other Operating Activities Cash Flow Statement
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4118000 USD
CY2015Q1 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
-490000 USD
CY2014Q4 us-gaap Other Receivables
OtherReceivables
56763000 USD
CY2015Q1 us-gaap Other Receivables
OtherReceivables
61515000 USD
CY2014Q1 us-gaap Payments To Acquire Held To Maturity Securities
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35514000 USD
CY2015Q1 us-gaap Payments To Acquire Held To Maturity Securities
PaymentsToAcquireHeldToMaturitySecurities
0 USD
CY2014Q1 us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
44000 USD
CY2015Q1 us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
104000 USD
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6995000 USD
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4589000 USD
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0.01
CY2015Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2015Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets
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71052000 USD
CY2015Q1 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
71913000 USD
CY2014Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
110432000 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
CY2014Q1 us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
-2155000 USD
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ProceedsFromRepaymentsOfDebt
-3017000 USD
CY2014Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
0 USD
CY2015Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
27000000 USD
CY2014Q1 us-gaap Proceeds From Sale And Maturity Of Held To Maturity Securities
ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities
47533000 USD
CY2015Q1 us-gaap Proceeds From Sale And Maturity Of Held To Maturity Securities
ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities
0 USD
CY2014Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
93000 USD
CY2015Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
44000 USD
CY2014Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
707000 USD
CY2015Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2834000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
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32403000 USD
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
33826000 USD
CY2013Q4 us-gaap Real Estate Inventory Capitalized Interest Costs
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32992000 USD
CY2014Q1 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
38701000 USD
CY2014Q4 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
54060000 USD
CY2015Q1 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
56843000 USD
CY2014Q1 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales
RealEstateInventoryCapitalizedInterestCostsCostOfSales
5834000 USD
CY2015Q1 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales
RealEstateInventoryCapitalizedInterestCostsCostOfSales
9345000 USD
CY2014Q1 us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
14256000 USD
CY2015Q1 us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
15282000 USD
CY2014Q1 us-gaap Real Estate Revenue Net
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408345000 USD
CY2015Q1 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
518712000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
570310000 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
586710000 USD
CY2014Q1 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
45.75
CY2014Q1 us-gaap Selling And Marketing Expense
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30934000 USD
CY2015Q1 us-gaap Selling And Marketing Expense
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41612000 USD
CY2014Q4 us-gaap Senior Notes
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904486000 USD
CY2015Q1 us-gaap Senior Notes
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904344000 USD
CY2014Q1 us-gaap Share Based Compensation
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2411000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
4630000 USD
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
10050000 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1046688 shares
CY2013Q4 us-gaap Standard Product Warranty Accrual
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21971000 USD
CY2014Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
21482000 USD
CY2014Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
22080000 USD
CY2015Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
21839000 USD
CY2014Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
2765000 USD
CY2015Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
2869000 USD
CY2014Q1 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
0 USD
CY2015Q1 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
0 USD
CY2014Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
2276000 USD
CY2015Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
2628000 USD
CY2014Q1 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
1499000 USD
CY2015Q1 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
804000 USD
CY2014Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
40245000 shares
CY2015Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
143440000 shares
CY2014Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
110432000 USD
CY2014Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
707000 USD
CY2015Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
2834000 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
841392000 USD
CY2014Q1 us-gaap Stockholders Equity
StockholdersEquity
982594000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
1109489000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
1135288000 USD
CY2014Q4 us-gaap Taxes Payable Current And Noncurrent
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11096000 USD
CY2015Q1 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
10352000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2015Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41308000 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41948000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38687000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39390000 shares

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