2016 Q4 Form 10-Q Financial Statement

#000162828016021886 Filed on December 08, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2015 Q4
Revenue $188.6M $87.76M
YoY Change 114.87% 90.36%
Cost Of Revenue $69.76M $35.08M
YoY Change 98.87% 77.17%
Gross Profit $118.8M $52.68M
YoY Change 125.52% 101.06%
Gross Profit Margin 63.0% 60.03%
Selling, General & Admin $158.0M $65.97M
YoY Change 139.48% 71.36%
% of Gross Profit 133.0% 125.24%
Research & Development $75.28M $23.86M
YoY Change 215.55% 66.83%
% of Gross Profit 63.37% 45.29%
Depreciation & Amortization $8.572M $5.557M
YoY Change 54.26% 53.09%
% of Gross Profit 7.22% 10.55%
Operating Expenses $233.3M $89.83M
YoY Change 159.69% 70.13%
Operating Profit -$114.5M -$37.15M
YoY Change 208.12% 39.68%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$25.71M -$871.0K
YoY Change 2852.01% -48.76%
Pretax Income -$140.2M -$38.03M
YoY Change 268.68% 34.36%
Income Tax $111.0K $520.0K
% Of Pretax Income
Net Earnings -$140.3M -$38.55M
YoY Change 264.0% 35.25%
Net Earnings / Revenue -74.41% -43.92%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.886M -$282.3K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q4 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $347.1M $136.2M
YoY Change 154.85%
Cash & Equivalents $225.5M $54.86M
Short-Term Investments $121.6M $81.30M
Other Short-Term Assets $35.70M $22.50M
YoY Change 58.67%
Inventory
Prepaid Expenses
Receivables $147.7M $48.10M
Other Receivables $0.00 $0.00
Total Short-Term Assets $530.5M $206.8M
YoY Change 156.54%
LONG-TERM ASSETS
Property, Plant & Equipment $46.33M $30.80M
YoY Change 50.42%
Goodwill $16.78M
YoY Change
Intangibles $27.83M
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.680M $17.30M
YoY Change -72.95%
Total Long-Term Assets $117.7M $48.10M
YoY Change 144.79%
TOTAL ASSETS
Total Short-Term Assets $530.5M $206.8M
Total Long-Term Assets $117.7M $48.10M
Total Assets $648.3M $254.9M
YoY Change 154.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $57.31M $26.60M
YoY Change 115.44%
Accrued Expenses $6.591M $16.80M
YoY Change -60.77%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $258.1M $116.5M
YoY Change 121.53%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.044M $93.30M
YoY Change -92.45%
Total Long-Term Liabilities $7.044M $93.30M
YoY Change -92.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $258.1M $116.5M
Total Long-Term Liabilities $7.044M $93.30M
Total Liabilities $476.6M $209.8M
YoY Change 127.17%
SHAREHOLDERS EQUITY
Retained Earnings -$604.0M
YoY Change
Common Stock $4.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $171.7M $45.00M
YoY Change
Total Liabilities & Shareholders Equity $648.3M $254.9M
YoY Change 154.32%

Cashflow Statement

Concept 2016 Q4 2015 Q4
OPERATING ACTIVITIES
Net Income -$140.3M -$38.55M
YoY Change 264.0% 35.25%
Depreciation, Depletion And Amortization $8.572M $5.557M
YoY Change 54.26% 53.09%
Cash From Operating Activities $4.160M -$5.616M
YoY Change -174.07% -18.84%
INVESTING ACTIVITIES
Capital Expenditures $11.92M $9.642M
YoY Change 23.57% -315.22%
Acquisitions $184.0K $0.00
YoY Change
Other Investing Activities -$36.04M $1.160M
YoY Change -3206.9%
Cash From Investing Activities -$47.96M -$8.483M
YoY Change 465.35% 89.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $170.1M $1.081M
YoY Change 15631.08% -99.23%
NET CHANGE
Cash From Operating Activities $4.160M -$5.616M
Cash From Investing Activities -$47.96M -$8.483M
Cash From Financing Activities $170.1M $1.081M
Net Change In Cash $126.3M -$13.02M
YoY Change -1069.84% -110.09%
FREE CASH FLOW
Cash From Operating Activities $4.160M -$5.616M
Capital Expenditures $11.92M $9.642M
Free Cash Flow -$7.755M -$15.26M
YoY Change -49.17% 525.33%

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CY2016Q4 us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
2 business
CY2015Q4 us-gaap Operating Expenses
OperatingExpenses
89831000 USD
CY2016Q4 us-gaap Operating Expenses
OperatingExpenses
233428000 USD
CY2015Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-37154000 USD
CY2016Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-136381000 USD
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
47814000 USD
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
7212000 USD
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
10078000 USD
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
10524000 USD
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
9762000 USD
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
2840000 USD
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
7398000 USD
CY2016Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
535000 USD
CY2016Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1038000 USD
CY2016Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
7978000 USD
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
4680000 USD
CY2015Q4 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
25000 USD
CY2016Q4 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-8000 USD
CY2015Q4 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
25000 USD
CY2016Q4 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-8000 USD
CY2016Q3 us-gaap Other Employee Related Liabilities Current
OtherEmployeeRelatedLiabilitiesCurrent
3262000 USD
CY2016Q4 us-gaap Other Employee Related Liabilities Current
OtherEmployeeRelatedLiabilitiesCurrent
3712000 USD
CY2016Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1103000 USD
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
7044000 USD
CY2015Q4 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
328000 USD
CY2016Q4 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-369000 USD
CY2015Q4 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
0 USD
CY2016Q4 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
1580000 USD
CY2015Q4 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
803000 USD
CY2016Q4 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
2243000 USD
CY2015Q4 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
14066000 USD
CY2016Q4 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
87448000 USD
CY2015Q4 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
CY2016Q4 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
184000 USD
CY2015Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9642000 USD
CY2016Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
11915000 USD
CY2016Q3 us-gaap Pension And Other Postretirement Defined Benefit Plans Current Liabilities
PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities
0 USD
CY2016Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Current Liabilities
PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities
3340000 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.000025
CY2016Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
200000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
16138000 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
16304000 USD
CY2015Q4 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
0 USD
CY2016Q4 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
254455000 USD
CY2015Q4 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
15225000 USD
CY2016Q4 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
19950000 USD
CY2015Q4 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
586000 USD
CY2016Q4 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
73000 USD
CY2015Q4 us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
0 USD
CY2016Q4 us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
31638000 USD
CY2016Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
97605000 USD
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
109513000 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
42218000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
46328000 USD
CY2015Q4 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
400000 USD
CY2016Q4 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
200000 USD
CY2015Q4 us-gaap Repayments Of Assumed Debt
RepaymentsOfAssumedDebt
0 USD
CY2016Q4 us-gaap Repayments Of Assumed Debt
RepaymentsOfAssumedDebt
7124000 USD
CY2015Q4 us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
0 USD
CY2016Q4 us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
75000000 USD
CY2015Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
23857000 USD
CY2016Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
75281000 USD
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-441933000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-603988000 USD
CY2015Q4 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
200000 USD
CY2016Q4 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
100000 USD
CY2015Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
70396000 USD
CY2016Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
129657000 USD
CY2015Q4 us-gaap Sales Revenue Net
SalesRevenueNet
87756000 USD
CY2015Q4 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
17360000 USD
CY2016Q4 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
37152000 USD
CY2015Q4 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
58599000 USD
CY2016Q4 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
128775000 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
-376315000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
171663000 USD
CY2016Q3 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
310379000 USD
CY2016Q4 us-gaap Sales Revenue Net
SalesRevenueNet
166809000 USD
CY2016Q3 us-gaap Senior Long Term Notes
SeniorLongTermNotes
73260000 USD
CY2016Q4 us-gaap Senior Long Term Notes
SeniorLongTermNotes
0 USD
CY2015Q4 us-gaap Share Based Compensation
ShareBasedCompensation
5386000 USD
CY2016Q4 us-gaap Share Based Compensation
ShareBasedCompensation
90728000 USD
CY2016Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
16.00
CY2015Q4 us-gaap Stock Issued1
StockIssued1
0 USD
CY2016Q4 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
CY2016Q4 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
CY2015Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
42838933 shares
CY2016Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
74373788 shares
CY2016Q3 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
1700000 USD
CY2016Q4 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>
CY2016Q4 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 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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