2024 Q3 Form 10-Q Financial Statement

#000147733324000085 Filed on November 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q3
Revenue $430.1M
YoY Change 28.15%
Cost Of Revenue $95.97M
YoY Change 22.93%
Gross Profit $334.1M
YoY Change 29.74%
Gross Profit Margin 77.69%
Selling, General & Admin $254.0M
YoY Change 23.21%
% of Gross Profit 76.02%
Research & Development $110.9M
YoY Change 22.43%
% of Gross Profit 33.2%
Depreciation & Amortization $27.90M
YoY Change -3.79%
% of Gross Profit 8.35%
Operating Expenses $364.9M
YoY Change 22.97%
Operating Profit -$30.79M
YoY Change -21.47%
Interest Expense $21.04M
YoY Change 1748.68%
% of Operating Profit
Other Income/Expense, Net $17.97M
YoY Change 6.15%
Pretax Income -$12.82M
YoY Change -42.45%
Income Tax $2.500M
% Of Pretax Income
Net Earnings -$15.33M
YoY Change -34.86%
Net Earnings / Revenue -3.56%
Basic Earnings Per Share -$0.04
Diluted Earnings Per Share -$0.04
COMMON SHARES
Basic Shares Outstanding 342.4M shares
Diluted Shares Outstanding 342.4M shares

Balance Sheet

Concept 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.824B
YoY Change 15.85%
Cash & Equivalents $182.9M
Short-Term Investments $1.641B
Other Short-Term Assets $73.65M
YoY Change 1.58%
Inventory
Prepaid Expenses
Receivables $252.9M
Other Receivables $0.00
Total Short-Term Assets $2.164B
YoY Change 16.46%
LONG-TERM ASSETS
Property, Plant & Equipment $396.6M
YoY Change 28.0%
Goodwill $157.2M
YoY Change 6.22%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $19.95M
YoY Change 56.15%
Total Long-Term Assets $898.9M
YoY Change 22.81%
TOTAL ASSETS
Total Short-Term Assets $2.164B
Total Long-Term Assets $898.9M
Total Assets $3.063B
YoY Change 18.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $74.11M
YoY Change 82.58%
Accrued Expenses $177.7M
YoY Change 24.27%
Deferred Revenue $389.8M
YoY Change 32.54%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $641.6M
YoY Change 34.29%
LONG-TERM LIABILITIES
Long-Term Debt $1.286B
YoY Change 0.31%
Other Long-Term Liabilities $18.35M
YoY Change 59.81%
Total Long-Term Liabilities $18.35M
YoY Change 59.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $641.6M
Total Long-Term Liabilities $18.35M
Total Liabilities $2.090B
YoY Change 10.53%
SHAREHOLDERS EQUITY
Retained Earnings -$1.090B
YoY Change 9.42%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $973.1M
YoY Change
Total Liabilities & Shareholders Equity $3.063B
YoY Change 18.26%

Cashflow Statement

Concept 2024 Q3
OPERATING ACTIVITIES
Net Income -$15.33M
YoY Change -34.86%
Depreciation, Depletion And Amortization $27.90M
YoY Change -3.79%
Cash From Operating Activities $104.7M
YoY Change 53.78%
INVESTING ACTIVITIES
Capital Expenditures $59.45M
YoY Change 79.06%
Acquisitions
YoY Change
Other Investing Activities -$16.95M
YoY Change -74.7%
Cash From Investing Activities -$76.40M
YoY Change -23.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.559M
YoY Change -86.82%
NET CHANGE
Cash From Operating Activities 104.7M
Cash From Investing Activities -76.40M
Cash From Financing Activities -4.559M
Net Change In Cash 23.77M
YoY Change -135.58%
FREE CASH FLOW
Cash From Operating Activities $104.7M
Capital Expenditures $59.45M
Free Cash Flow $45.28M
YoY Change 29.74%

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<div style="margin-bottom:6pt;margin-top:18pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and accompanying notes to the condensed consolidated financial statements. Such estimates include, but are not limited to, allowance for doubtful accounts, deferred contract acquisitions costs, the period of benefit generated from the Company’s deferred contract acquisition costs, the capitalization and estimated useful life of internal-use software, valuation of acquired intangible assets, the assessment of recoverability of intangible assets and their estimated useful lives, useful lives of property and equipment, the determination of the incremental borrowing rate used for operating lease liabilities, the valuation and recognition of stock-based compensation awards, uncertain tax positions, and the recognition and measurement of current and deferred income tax assets and liabilities. Management bases these estimates and assumptions on historical </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">experience and on various other assumptions that are believed to be reasonable. Due in part to the conflicts in the Middle East and Ukraine, the potential worsening and expansion of such conflicts, and other macroeconomic and geopolitical conditions, there is ongoing uncertainty and significant disruption in the global economy and financial markets. The Company is not aware of any specific event or circumstance that would require an update to its estimates or assumptions or a revision of the carrying value of its assets or liabilities as of November 7, 2024, the date of issuance of this Quarterly Report on Form 10-Q. These estimates and assumptions may change in the future, however, as new events occur and additional information is obtained. Actual results could differ materially from these estimates.</span></div><div style="margin-bottom:6pt;margin-top:18pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Change in Accounting Estimate</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In January 2024, the Company completed an assessment of the useful lives of our servers-network infrastructure, resulting in a change in the estimated useful lives of our servers-network infrastructure from four years to five years. This change in accounting estimate was effective beginning fiscal year 2024. Based on the carrying value of assets in service as of December 31, 2023, the change resulted in a reduction of depreciation expense of $16.8 million for the nine months ended September 30, 2024, recorded primarily in cost of revenue.</span></div>
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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934272000 usd
CY2024Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
430082000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
335603000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1209680000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
330500000 usd
CY2024Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1503400000 usd
CY2024Q3 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.70
CY2024Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2024Q3 cloud Cash And Cash Equivalents And Debt Securities Available For Sale Amortized Cost
CashAndCashEquivalentsAndDebtSecuritiesAvailableForSaleAmortizedCost
1818952000 usd
CY2024Q3 cloud Cash And Cash Equivalents And Debt Securities Available For Sale Accumulated Gross Unrealized Gain Before Tax
CashAndCashEquivalentsAndDebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainBeforeTax
7999000 usd
CY2024Q3 cloud Cash And Cash Equivalents And Debt Securities Available For Sale Accumulated Gross Unrealized Loss Before Tax
CashAndCashEquivalentsAndDebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedLossBeforeTax
82000 usd
CY2024Q3 cloud Cash And Cash Equivalents And Debt Securities Available For Sale
CashAndCashEquivalentsAndDebtSecuritiesAvailableForSale
1826869000 usd
CY2023Q4 cloud Cash And Cash Equivalents And Debt Securities Available For Sale Amortized Cost
CashAndCashEquivalentsAndDebtSecuritiesAvailableForSaleAmortizedCost
1676044000 usd
CY2023Q4 cloud Cash And Cash Equivalents And Debt Securities Available For Sale Accumulated Gross Unrealized Gain Before Tax
CashAndCashEquivalentsAndDebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainBeforeTax
3078000 usd
CY2023Q4 cloud Cash And Cash Equivalents And Debt Securities Available For Sale Accumulated Gross Unrealized Loss Before Tax
CashAndCashEquivalentsAndDebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedLossBeforeTax
1018000 usd
CY2023Q4 cloud Cash And Cash Equivalents And Debt Securities Available For Sale
CashAndCashEquivalentsAndDebtSecuritiesAvailableForSale
1678104000 usd
CY2024Q3 us-gaap Restricted Cash
RestrictedCash
3000000 usd
CY2023Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
1185100000 usd
CY2023Q4 cloud Debt Securities Available For Sale Maturity Allocated And Single Maturity Date After One Year Amortized Cost
DebtSecuritiesAvailableForSaleMaturityAllocatedAndSingleMaturityDateAfterOneYearAmortizedCost
399700000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
28031000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
8784000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
19247000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
60483000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
40919000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
19564000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
14700000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
2416000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
9065000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
3053000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
1450000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
1450000 usd
CY2024Q3 cloud Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
1813000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
19247000 usd
CY2024Q3 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P6Y9M18D
CY2024Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
12500000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
32899000 usd
us-gaap Lease Cost
LeaseCost
35624000 usd
us-gaap Lease Cost
LeaseCost
32899000 usd
CY2024Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
56700000 usd
CY2024Q3 us-gaap Lessee Operating Lease Lease Not Yet Commenced Term Of Contract1
LesseeOperatingLeaseLeaseNotYetCommencedTermOfContract1
P4Y6M
CY2024Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y7M6D
CY2024Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.048
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
16261000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
43730000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
39687000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
35124000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
21225000 usd
CY2024Q3 cloud Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
26445000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
182472000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
18070000 usd
CY2024Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
164402000 usd
CY2024Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
118750000 shares
CY2023Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
104014000 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4100000 shares
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
88255000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
73772000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
243969000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
199565000 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
27045000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
31016000 shares
CY2024Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2500000 usd
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1300000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5900000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4000000.0 usd
CY2024Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2500000 usd
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1300000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5900000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4000000.0 usd
CY2024Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
396552000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
322813000 usd
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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