2018 Q1 Form 10-Q Financial Statement

#000161873218000027 Filed on March 15, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $286.7M $199.2M
YoY Change 43.94% 93.98%
Cost Of Revenue $108.5M $76.85M
YoY Change 41.23% 102.57%
Gross Profit $178.2M $122.4M
YoY Change 45.64% 88.95%
Gross Profit Margin 62.15% 61.43%
Selling, General & Admin $167.1M $126.9M
YoY Change 31.76% 71.5%
% of Gross Profit 93.79% 103.67%
Research & Development $70.92M $70.91M
YoY Change 0.01% 172.49%
% of Gross Profit 39.8% 57.95%
Depreciation & Amortization $11.69M $9.600M
YoY Change 21.77% 53.35%
% of Gross Profit 6.56% 7.85%
Operating Expenses $238.1M $197.8M
YoY Change 20.38% 97.78%
Operating Profit -$59.86M -$75.40M
YoY Change -20.62% 114.02%
Interest Expense -$700.0K
YoY Change
% of Operating Profit
Other Income/Expense, Net -$861.0K -$421.0K
YoY Change 104.51% -115.91%
Pretax Income -$60.72M -$75.82M
YoY Change -19.92% 132.69%
Income Tax $1.913M $547.0K
% Of Pretax Income
Net Earnings -$62.63M -$76.37M
YoY Change -17.99% 129.99%
Net Earnings / Revenue -21.84% -38.34%
Basic Earnings Per Share
Diluted Earnings Per Share -$387.1K -$538.0K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $918.3M $355.2M
YoY Change 158.55% 175.1%
Cash & Equivalents $610.4M $226.0M
Short-Term Investments $307.8M $129.1M
Other Short-Term Assets $65.00M $37.40M
YoY Change 73.8% 41.67%
Inventory
Prepaid Expenses
Receivables $179.2M $151.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.163B $543.8M
YoY Change 113.78% 161.32%
LONG-TERM ASSETS
Property, Plant & Equipment $69.07M $51.94M
YoY Change 32.98% 46.73%
Goodwill $16.67M $16.78M
YoY Change -0.67%
Intangibles $23.54M $27.22M
YoY Change -13.51%
Long-Term Investments
YoY Change
Other Assets $7.240M $5.261M
YoY Change 37.62% -70.28%
Total Long-Term Assets $182.6M $126.9M
YoY Change 43.91% 139.47%
TOTAL ASSETS
Total Short-Term Assets $1.163B $543.8M
Total Long-Term Assets $182.6M $126.9M
Total Assets $1.345B $670.7M
YoY Change 100.56% 156.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $56.27M $65.23M
YoY Change -13.74% 161.97%
Accrued Expenses $11.24M $6.404M
YoY Change 75.53% -62.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $374.6M $294.5M
YoY Change 27.17% 128.5%
LONG-TERM LIABILITIES
Long-Term Debt $415.7M $0.00
YoY Change
Other Long-Term Liabilities $7.815M $8.429M
YoY Change -7.28% -92.57%
Total Long-Term Liabilities $7.815M $8.429M
YoY Change -7.28% -92.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $374.6M $294.5M
Total Long-Term Liabilities $7.815M $8.429M
Total Liabilities $1.045B $538.8M
YoY Change 93.88% 122.29%
SHAREHOLDERS EQUITY
Retained Earnings -$855.1M -$697.2M
YoY Change 22.65%
Common Stock $4.000K $4.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $300.5M $131.9M
YoY Change
Total Liabilities & Shareholders Equity $1.345B $670.7M
YoY Change 100.56% 156.88%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$62.63M -$76.37M
YoY Change -17.99% 129.99%
Depreciation, Depletion And Amortization $11.69M $9.600M
YoY Change 21.77% 53.35%
Cash From Operating Activities $46.41M $19.75M
YoY Change 134.99% 340.85%
INVESTING ACTIVITIES
Capital Expenditures -$14.02M -$12.70M
YoY Change 10.39% 22.35%
Acquisitions
YoY Change
Other Investing Activities -$74.99M -$7.850M
YoY Change 855.29% -203.56%
Cash From Investing Activities -$89.02M -$20.55M
YoY Change 333.19% 633.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 520.6M 1.350M
YoY Change 38462.96% -246.74%
NET CHANGE
Cash From Operating Activities 46.41M 19.75M
Cash From Investing Activities -89.02M -20.55M
Cash From Financing Activities 520.6M 1.350M
Net Change In Cash 478.0M 550.0K
YoY Change 86807.27% -27.63%
FREE CASH FLOW
Cash From Operating Activities $46.41M $19.75M
Capital Expenditures -$14.02M -$12.70M
Free Cash Flow $60.43M $32.45M
YoY Change 86.22% 118.37%

Facts In Submission

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us-gaap Number Of Reportable Segments
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us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
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us-gaap Payments For Hedge Financing Activities
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us-gaap Payments Of Debt Extinguishment Costs
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us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1609000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
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us-gaap Payments To Acquire Available For Sale Securities Debt
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PaymentsToAcquireAvailableForSaleSecuritiesDebt
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2018Q1 us-gaap Preferred Stock Shares Outstanding
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us-gaap Proceeds From Convertible Debt
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us-gaap Related Party Transaction Purchases From Related Party
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us-gaap Repayments Of Assumed Debt
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us-gaap Repayments Of Assumed Debt
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us-gaap Repayments Of Senior Debt
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us-gaap Repayments Of Senior Debt
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us-gaap Research And Development Expense
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CY2018Q1 us-gaap Research And Development Expense
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us-gaap Selling And Marketing Expense
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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us-gaap Concentration Risk Credit Risk
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<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:Helvetica,sans-serif;font-size:10pt;font-weight:bold;">Concentration Risk: </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;text-indent:41px;font-size:10pt;"><font style="font-family:Helvetica,sans-serif;font-size:10pt;font-style:italic;">Concentration of revenue and accounts receivable</font><font style="font-family:Helvetica,sans-serif;font-size:10pt;">&#8212;We sell our products primarily through Partners and occasionally directly to end-customers. For the </font><font style="font-family:Helvetica,sans-serif;font-size:10pt;">three and six</font><font style="font-family:Helvetica,sans-serif;font-size:10pt;"> months ended </font><font style="font-family:Helvetica,sans-serif;font-size:10pt;">January&#160;31, 2017</font><font style="font-family:Helvetica,sans-serif;font-size:10pt;"> and </font><font style="font-family:Helvetica,sans-serif;font-size:10pt;">2018</font><font style="font-family:Helvetica,sans-serif;font-size:10pt;">, no end-customer accounted for 10% or more of total revenue. </font></div></div>
us-gaap Use Of Estimates
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<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:Helvetica,sans-serif;font-size:10pt;font-weight:bold;">Use of Estimates</font><font style="font-family:Helvetica,sans-serif;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 standalone selling prices for products and related support; determination of fair value of stock-based awards; 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; fair value of debt and equity components related to our convertible senior notes; 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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