2021 Q2 Form 10-Q Financial Statement

#000128846921000193 Filed on July 28, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $205.4M $65.22M
YoY Change 214.9% -20.95%
Cost Of Revenue $92.83M $32.48M
YoY Change 185.84% -15.48%
Gross Profit $112.5M $32.74M
YoY Change 243.72% -25.72%
Gross Profit Margin 54.8% 50.2%
Selling, General & Admin $35.89M $27.47M
YoY Change 30.63% 23.03%
% of Gross Profit 31.89% 83.9%
Research & Development $74.42M $27.98M
YoY Change 165.92% 15.14%
% of Gross Profit 66.12% 85.47%
Depreciation & Amortization $3.600M $1.600M
YoY Change 125.0% -15.79%
% of Gross Profit 3.2% 4.89%
Operating Expenses $110.3M $55.52M
YoY Change 98.74% 18.01%
Operating Profit $2.204M -$22.78M
YoY Change -109.68% 667.61%
Interest Expense $3.741M $2.183M
YoY Change 71.37% -23.48%
% of Operating Profit 169.74%
Other Income/Expense, Net -$9.481M -$2.233M
YoY Change 324.59% -16.52%
Pretax Income -$7.277M -$25.01M
YoY Change -70.9% 343.25%
Income Tax -$8.000M -$3.200M
% Of Pretax Income
Net Earnings $733.0K -$21.81M
YoY Change -103.36% 878.33%
Net Earnings / Revenue 0.36% -33.44%
Basic Earnings Per Share $0.01 -$0.30
Diluted Earnings Per Share $0.01 -$0.30
COMMON SHARES
Basic Shares Outstanding 75.93M shares 72.74M shares
Diluted Shares Outstanding 79.03M shares 72.74M shares

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $130.3M $107.4M
YoY Change 21.33% 61.26%
Cash & Equivalents $130.3M $107.4M
Short-Term Investments
Other Short-Term Assets $4.686M $7.500M
YoY Change -37.52% 15.38%
Inventory $98.50M $34.28M
Prepaid Expenses $9.180M
Receivables $135.3M $41.43M
Other Receivables $0.00 $0.00
Total Short-Term Assets $378.1M $190.6M
YoY Change 98.4% 10.38%
LONG-TERM ASSETS
Property, Plant & Equipment $48.10M $18.06M
YoY Change 166.37% 14.75%
Goodwill $302.8M $238.3M
YoY Change 27.06% 0.0%
Intangibles $175.0M $159.4M
YoY Change 9.74% -26.3%
Long-Term Investments
YoY Change
Other Assets $7.235M $1.281M
YoY Change 464.79% -53.32%
Total Long-Term Assets $648.5M $502.5M
YoY Change 29.06% -9.71%
TOTAL ASSETS
Total Short-Term Assets $378.1M $190.6M
Total Long-Term Assets $648.5M $502.5M
Total Assets $1.027B $693.1M
YoY Change 48.13% -4.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $53.48M $17.83M
YoY Change 199.93% 4.92%
Accrued Expenses $61.24M $31.69M
YoY Change 93.26% 4.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.862M
YoY Change
Total Short-Term Liabilities $211.8M $69.96M
YoY Change 202.71% 4.55%
LONG-TERM LIABILITIES
Long-Term Debt $343.0M $207.5M
YoY Change 65.32% -8.33%
Other Long-Term Liabilities $17.70M $6.802M
YoY Change 160.28% -15.14%
Total Long-Term Liabilities $360.7M $214.3M
YoY Change 68.34% -8.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $211.8M $69.96M
Total Long-Term Liabilities $360.7M $214.3M
Total Liabilities $593.0M $291.1M
YoY Change 103.71% -8.4%
SHAREHOLDERS EQUITY
Retained Earnings -$207.9M -$151.1M
YoY Change 37.59% 49.61%
Common Stock $640.7M $554.3M
YoY Change 15.6% 8.09%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $433.7M $402.0M
YoY Change
Total Liabilities & Shareholders Equity $1.027B $693.1M
YoY Change 48.13% -4.95%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $733.0K -$21.81M
YoY Change -103.36% 878.33%
Depreciation, Depletion And Amortization $3.600M $1.600M
YoY Change 125.0% -15.79%
Cash From Operating Activities $27.82M $9.300M
YoY Change 199.17% -25.6%
INVESTING ACTIVITIES
Capital Expenditures -$38.62M -$3.900M
YoY Change 890.31% 680.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$38.62M -$3.900M
YoY Change 890.31% 680.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.500M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.288M 3.100M
YoY Change -302.84% -118.13%
NET CHANGE
Cash From Operating Activities 27.82M 9.300M
Cash From Investing Activities -38.62M -3.900M
Cash From Financing Activities -6.288M 3.100M
Net Change In Cash -17.09M 8.500M
YoY Change -301.02% -266.67%
FREE CASH FLOW
Cash From Operating Activities $27.82M $9.300M
Capital Expenditures -$38.62M -$3.900M
Free Cash Flow $66.45M $13.20M
YoY Change 403.37% 1.54%

Facts In Submission

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<div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:174%">Use of Estimates and Significant Risks and Uncertainties</span></div><div style="margin-top:9pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited consolidated financial statements and accompanying notes.</span></div><div style="margin-top:9pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Last year, the Company’s revenues were impacted by the novel coronavirus disease, or COVID-19, pandemic. In particular, the Company experienced some negative impact to its revenue and gross profits in the first half of 2020 due to several industry-wide dynamics related to COVID-19 including supply constraints as well as customer requests to temporarily delay shipments. Although the Company has benefited from increased demand for certain of our products from the work-from-home environment in the second half of 2020 and the first half of 2021, a sudden increase in demand for electronics containing semiconductor chips and stockpiling of chips by certain firms in China blacklisted by the U.S. has exacerbated bottlenecks in the supply chain, resulting in a global semiconductor chip shortage impacting the Company’s industry. Some chip manufacturers are estimating this supply shortage may continue into 2022. While these chip manufacturers are working to increase capacity in the future, and the Company is continuing to work closely with our suppliers and customers to minimize the potential adverse impacts of the supply shortage, such shortage may have a near-term impact on the Company’s ability to meet increased demand on certain products and have a negative impact on its operating results which may continue into 2022. Heightened volatility, global supply shortages, and uncertainty in customer demand and the worldwide economy in general has continued, and the Company may experience increased volatility in its sales and revenues in the near future. However, the magnitude of such volatility on the Company’s business and its duration is uncertain and cannot be reasonably estimated at this time. </span></div>The Company also believes that its $131.4 million of cash and cash equivalents at June 30, 2021 will be sufficient to fund its projected operating requirements for at least the next twelve months. A material adverse impact from COVID-19 and the global semiconductor chip shortage could result in a need to raise additional capital or incur additional indebtedness to fund strategic initiatives or operating activities, particularly if the Company pursues additional acquisitions. The Company’s future capital requirements will depend on many factors, including the Company’s efforts to complete the integration of the acquired Wi-Fi and Broadband assets business and NanoSemi, Inc. (Note 3), changes in revenue, the expansion of engineering, sales and marketing activities, the timing and extent of expansion into new territories, the timing of introductions of new products and enhancements to existing products, the continuing market acceptance of the Company’s products and potential material investments in, or acquisitions of, complementary businesses, services or technologies. Additional funds may not be available on terms favorable to the Company or at all. If the Company is unable to raise additional funds when needed, it may not be able to sustain its operations or execute its strategic plans. The Company is not aware of any specific event or circumstance that would require an update to its estimates or adjustments to the carrying value of its assets and liabilities as of July 28, 2021, the issuance date of this Quarterly Report on Form 10-Q. Actual results could differ from those estimates, particularly if the Company experiences material impacts from COVID-19.
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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us-gaap Restructuring Charges
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CY2020Q2 us-gaap Goodwill Impairment Loss
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us-gaap Goodwill Impairment Loss
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us-gaap Impairment Of Intangible Assets Excluding Goodwill
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0001288469-21-000193.txt Edgar Link pending
0001288469-21-000193-xbrl.zip Edgar Link pending
a6302021exhibit311.htm Edgar Link pending
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