2017 Q2 Form 10-Q Financial Statement

#000161873217000061 Filed on June 02, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $205.7M $114.7M
YoY Change 79.33% 77.81%
Cost Of Revenue $83.21M $43.39M
YoY Change 91.75% 60.71%
Gross Profit $122.5M $71.30M
YoY Change 71.77% 90.13%
Gross Profit Margin 59.54% 62.16%
Selling, General & Admin $142.4M $84.61M
YoY Change 68.25% 71.97%
% of Gross Profit 116.24% 118.67%
Research & Development $74.61M $31.39M
YoY Change 137.68% 58.54%
% of Gross Profit 60.92% 44.03%
Depreciation & Amortization $9.760M $7.160M
YoY Change 36.31% 74.63%
% of Gross Profit 7.97% 10.04%
Operating Expenses $217.0M $116.0M
YoY Change 87.04% 68.12%
Operating Profit -$94.50M -$44.70M
YoY Change 111.39% 41.91%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $303.0K -$2.106M
YoY Change -114.39% 200.86%
Pretax Income -$94.20M -$46.81M
YoY Change 101.23% 45.82%
Income Tax $2.639M $11.00K
% Of Pretax Income
Net Earnings -$96.84M -$46.82M
YoY Change 106.82% 43.62%
Net Earnings / Revenue -47.08% -40.82%
Basic Earnings Per Share
Diluted Earnings Per Share -$671.8K -$343.1K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $350.3M $191.8M
YoY Change 82.66% 18.1%
Cash & Equivalents $200.8M $90.71M
Short-Term Investments $149.6M $101.1M
Other Short-Term Assets $66.60M $30.30M
YoY Change 119.8% 95.48%
Inventory
Prepaid Expenses
Receivables $170.3M $63.50M
Other Receivables $0.00 $0.00
Total Short-Term Assets $587.3M $285.6M
YoY Change 105.62% 35.68%
LONG-TERM ASSETS
Property, Plant & Equipment $53.55M $38.70M
YoY Change 38.36% 75.91%
Goodwill $16.64M
YoY Change
Intangibles $26.61M
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.225M $21.60M
YoY Change -71.18% 170.0%
Total Long-Term Assets $131.1M $60.30M
YoY Change 117.34% 101.0%
TOTAL ASSETS
Total Short-Term Assets $587.3M $285.6M
Total Long-Term Assets $131.1M $60.30M
Total Assets $718.3M $345.9M
YoY Change 107.66% 43.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $83.87M $26.50M
YoY Change 216.49% 26.19%
Accrued Expenses $9.018M $22.30M
YoY Change -59.56% 85.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $356.7M $152.9M
YoY Change 133.32% 92.57%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $73.20M
YoY Change -100.0%
Other Long-Term Liabilities $9.163M $141.7M
YoY Change -93.53% 158.11%
Total Long-Term Liabilities $9.163M $214.9M
YoY Change -95.74% 291.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $356.7M $152.9M
Total Long-Term Liabilities $9.163M $214.9M
Total Liabilities $623.1M $367.7M
YoY Change 69.45% 173.79%
SHAREHOLDERS EQUITY
Retained Earnings -$809.2M
YoY Change
Common Stock $4.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $95.24M -$21.80M
YoY Change
Total Liabilities & Shareholders Equity $718.3M $345.9M
YoY Change 107.66% 43.83%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income -$96.84M -$46.82M
YoY Change 106.82% 43.62%
Depreciation, Depletion And Amortization $9.760M $7.160M
YoY Change 36.31% 74.63%
Cash From Operating Activities -$16.01M $2.410M
YoY Change -764.32% -142.13%
INVESTING ACTIVITIES
Capital Expenditures -$13.18M -$13.40M
YoY Change -1.64% 156.21%
Acquisitions
YoY Change
Other Investing Activities -$20.53M -$27.87M
YoY Change -26.34% 4.66%
Cash From Investing Activities -$33.71M -$41.27M
YoY Change -18.32% 29.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 24.48M 73.95M
YoY Change -66.9% 8208.99%
NET CHANGE
Cash From Operating Activities -16.01M 2.410M
Cash From Investing Activities -33.71M -41.27M
Cash From Financing Activities 24.48M 73.95M
Net Change In Cash -25.24M 35.09M
YoY Change -171.93% -195.64%
FREE CASH FLOW
Cash From Operating Activities -$16.01M $2.410M
Capital Expenditures -$13.18M -$13.40M
Free Cash Flow -$2.830M $15.81M
YoY Change -117.9% -3326.53%

Facts In Submission

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us-gaap Net Cash Provided By Used In Financing Activities
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CY2017Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
303000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-25830000 USD
CY2016Q4 us-gaap Number Of Businesses Acquired
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OperatingExpenses
116000000 USD
us-gaap Operating Expenses
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305823000 USD
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OperatingExpenses
218224000 USD
us-gaap Operating Expenses
OperatingExpenses
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us-gaap Operating Income Loss
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CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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11832000 USD
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
12560000 USD
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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2934000 USD
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
3073000 USD
CY2016Q3 us-gaap Other Accrued Liabilities Current
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535000 USD
CY2017Q2 us-gaap Other Accrued Liabilities Current
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1391000 USD
CY2016Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
7978000 USD
CY2017Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
6225000 USD
CY2016Q2 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-8000 USD
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-9000 USD
CY2017Q2 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
74000 USD
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-84000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-8000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-9000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
74000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-84000 USD
CY2016Q3 us-gaap Other Employee Related Liabilities Current
OtherEmployeeRelatedLiabilitiesCurrent
2028000 USD
CY2017Q2 us-gaap Other Employee Related Liabilities Current
OtherEmployeeRelatedLiabilitiesCurrent
5003000 USD
CY2016Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1103000 USD
CY2017Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
9163000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
187000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1609000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-777000 USD
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
0 USD
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
1580000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
2791000 USD
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
85740000 USD
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
156420000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
184000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
33419000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
37797000 USD
CY2016Q3 us-gaap Pension And Other Postretirement Defined Benefit Plans Current Liabilities
PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities
0 USD
CY2017Q2 us-gaap Pension And Other Postretirement Defined Benefit Plans Current Liabilities
PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities
3773000 USD
CY2017Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.000025
CY2017Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
200000000 shares
CY2017Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q3 us-gaap Prepaid Expense And Other Assets Current
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16138000 USD
CY2017Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
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us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
73319000 USD
us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
0 USD
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
0 USD
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
254455000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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2747000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
26662000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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66613000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
59542000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
836000 USD
us-gaap Proceeds From Payments For Other Financing Activities
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77000 USD
us-gaap Proceeds From Sale Maturity And Collections Of Investments
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0 USD
us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
32640000 USD
CY2016Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
97605000 USD
CY2017Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
133567000 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
42218000 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
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53545000 USD
CY2016Q2 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
0 USD
us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
700000 USD
CY2017Q2 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
200000 USD
us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
900000 USD
us-gaap Repayments Of Assumed Debt
RepaymentsOfAssumedDebt
0 USD
us-gaap Repayments Of Assumed Debt
RepaymentsOfAssumedDebt
7124000 USD
us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
0 USD
us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
75000000 USD
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
31390000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
81271000 USD
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
74607000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
220802000 USD
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-441933000 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
200000 USD
CY2017Q2 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
100000 USD
CY2017Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
128007000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
200576000 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-809177000 USD
CY2016Q2 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
200000 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
500000 USD
CY2016Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
89957000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
241582000 USD
CY2017Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
143142000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
411307000 USD
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
114690000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
305143000 USD
CY2017Q2 us-gaap Sales Revenue Net
SalesRevenueNet
191763000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
540767000 USD
CY2016Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
24733000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
63561000 USD
CY2017Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
48621000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
129460000 USD
CY2016Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
75849000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
368026000 USD
CY2016Q3 us-gaap Senior Long Term Notes
SeniorLongTermNotes
73260000 USD
CY2017Q2 us-gaap Senior Long Term Notes
SeniorLongTermNotes
0 USD
us-gaap Share Based Compensation
ShareBasedCompensation
15380000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
193686000 USD
CY2016Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
16.00
us-gaap Stock Issued1
StockIssued1
0 USD
us-gaap Stock Issued1
StockIssued1
27063000 USD
CY2016Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
17100500 shares
CY2016Q4 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
254500000 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
-376315000 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
95238000 USD
CY2016Q3 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
310379000 USD
CY2017Q2 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
0 USD
CY2016Q3 us-gaap Temporary Equity Liquidation Preference
TemporaryEquityLiquidationPreference
370244000 USD
CY2016Q3 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
78263309 shares
CY2016Q3 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
76319511 shares
CY2016Q3 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
76319511 shares
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
44441954 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
43643451 shares
CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
144054432 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
119851586 shares
CY2016Q3 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
1700000 USD
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:left;text-indent:41px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Concentration Risk: </font></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:left;text-indent:41px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">Concentration of Revenue and Accounts Receivable</font><font style="font-family:Arial;font-size:10pt;">&#8212;The Company sells its products primarily through Partners, including distributors and resellers, and occasionally directly to end-customers.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:left;text-indent:41px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Use of Estimates</font><font style="font-family:Arial;font-size:10pt;">&#8212;The preparation of interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Such management estimates include, but are not limited to, the best estimate of selling prices for products and related support; determination of fair value of common stock and convertible preferred stock, fair value of stock options and convertible preferred stock warrant liability; accounting for income taxes, including the valuation reserve on deferred tax assets and uncertain tax positions; warranty liability; commissions expense; fair value of assets and liabilities acquired in business combinations; and contingencies and litigation. Management evaluates these estimates and assumptions on an ongoing basis using historical experience and other factors and makes adjustments when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could materially differ from those estimates and assumptions. </font></div></div>

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