2017 Q2 Form 10-Q Financial Statement

#000162828017006320 Filed on June 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $52.33M $31.79M
YoY Change 64.61%
Cost Of Revenue $17.46M $12.38M
YoY Change 41.07%
Gross Profit $34.86M $19.41M
YoY Change 79.63%
Gross Profit Margin 66.63% 61.06%
Selling, General & Admin $46.94M $33.35M
YoY Change 40.77%
% of Gross Profit 134.65% 171.82%
Research & Development $15.36M $8.766M
YoY Change 75.21%
% of Gross Profit 44.06% 45.17%
Depreciation & Amortization $1.600M $900.0K
YoY Change 77.78%
% of Gross Profit 4.59% 4.64%
Operating Expenses $62.30M $42.11M
YoY Change 47.94%
Operating Profit -$27.44M -$22.70M
YoY Change 20.86%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$19.00K $32.00K
YoY Change -159.38%
Pretax Income -$27.50M -$22.67M
YoY Change 21.29%
Income Tax $248.0K $100.0K
% Of Pretax Income
Net Earnings -$27.71M -$22.75M
YoY Change 21.77%
Net Earnings / Revenue -52.95% -71.58%
Basic Earnings Per Share
Diluted Earnings Per Share -$291.0K -$251.1K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $224.2M
YoY Change
Cash & Equivalents $221.7M $39.71M
Short-Term Investments $2.500M
Other Short-Term Assets $23.40M
YoY Change
Inventory
Prepaid Expenses
Receivables $32.17M
Other Receivables $0.00
Total Short-Term Assets $279.8M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $13.18M
YoY Change
Goodwill $6.300M
YoY Change
Intangibles $9.835M
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.671M
YoY Change
Total Long-Term Assets $40.43M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $279.8M
Total Long-Term Assets $40.43M
Total Assets $320.2M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.91M
YoY Change
Accrued Expenses $6.600M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $143.1M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $6.323M
YoY Change
Total Long-Term Liabilities $6.323M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $143.1M
Total Long-Term Liabilities $6.323M
Total Liabilities $154.3M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$317.0M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $165.9M
YoY Change
Total Liabilities & Shareholders Equity $320.2M
YoY Change

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income -$27.71M -$22.75M
YoY Change 21.77%
Depreciation, Depletion And Amortization $1.600M $900.0K
YoY Change 77.78%
Cash From Operating Activities -$9.686M -$15.04M
YoY Change -35.58%
INVESTING ACTIVITIES
Capital Expenditures $2.448M $927.0K
YoY Change 164.08%
Acquisitions
YoY Change
Other Investing Activities $11.90M $3.000M
YoY Change 296.67%
Cash From Investing Activities $8.217M $841.0K
YoY Change 877.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $207.0K $71.00K
YoY Change 191.55%
Cash From Financing Activities $200.1M -$337.0K
YoY Change -59479.23%
NET CHANGE
Cash From Operating Activities -$9.686M -$15.04M
Cash From Investing Activities $8.217M $841.0K
Cash From Financing Activities $200.1M -$337.0K
Net Change In Cash $198.7M -$14.48M
YoY Change -1471.91%
FREE CASH FLOW
Cash From Operating Activities -$9.686M -$15.04M
Capital Expenditures $2.448M $927.0K
Free Cash Flow -$12.13M -$15.96M
YoY Change -23.98%

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CY2017Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
68000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
79000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
68000 USD
CY2017Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
5853000 USD
CY2017Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
4822000 USD
CY2017Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
4947000 USD
CY2017Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
6323000 USD
CY2016Q2 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
130000 USD
CY2017Q2 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-270000 USD
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
32000 USD
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-19000 USD
CY2017 us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
0 USD
CY2017Q2 us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
0 USD
CY2016Q2 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
390000 USD
CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11026000 USD
CY2017Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2564000 USD
CY2017Q2 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
1538000 USD
CY2016Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
124000 USD
CY2017Q2 us-gaap Payments Of Stock Issuance Costs
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2246000 USD
CY2016Q2 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
1232000 USD
CY2017Q2 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
1208000 USD
CY2016Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
927000 USD
CY2017Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2448000 USD
CY2017Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
7025000 USD
CY2017Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
10271000 USD
CY2016Q2 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
0 USD
CY2017Q2 us-gaap Proceeds From Issuance Initial Public Offering
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199997000 USD
CY2016Q2 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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3000000 USD
CY2017Q2 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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10335000 USD
CY2016Q2 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
0 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
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13180000 USD
CY2016Q2 us-gaap Repayments Of Long Term Debt
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71000 USD
CY2017Q2 us-gaap Repayments Of Long Term Debt
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207000 USD
CY2016Q2 us-gaap Research And Development Expense
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8766000 USD
CY2017Q2 us-gaap Research And Development Expense
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15359000 USD
CY2016Q2 us-gaap Restricted Cash And Cash Equivalents
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3883000 USD
CY2017Q2 us-gaap Restricted Cash And Cash Equivalents
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263000 USD
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
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-287909000 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-317010000 USD
CY2016Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
31787000 USD
CY2017Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
53007000 USD
CY2016Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
26401000 USD
CY2017Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
37180000 USD
CY2016Q2 us-gaap Share Based Compensation
ShareBasedCompensation
3369000 USD
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
8906000 USD
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
12656317 shares
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
3.57
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
300000 USD
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
14100000 USD
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
501308 shares
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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2596568 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.65
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.36
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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145570000 USD
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
664506000 USD
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
32866862 shares
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.47
CY2017Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
4600000 USD
CY2017Q1 us-gaap Short Term Investments
ShortTermInvestments
14390000 USD
CY2017Q2 us-gaap Short Term Investments
ShortTermInvestments
2500000 USD
CY2017Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
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1022650 shares
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
33939472 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.01
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
-243605000 USD
CY2017Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.75
CY2017Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
7.53
CY2017Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
11.03
CY2017Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
284473000 USD
CY2017Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y9M18D
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y2M16D
CY2017Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y1M13D
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
2700000 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
165919000 USD
CY2016Q2 us-gaap Technology Services Costs
TechnologyServicesCosts
4919000 USD
CY2017Q2 us-gaap Technology Services Costs
TechnologyServicesCosts
6306000 USD
CY2016Q2 us-gaap Technology Services Revenue
TechnologyServicesRevenue
4224000 USD
CY2017Q2 us-gaap Technology Services Revenue
TechnologyServicesRevenue
4650000 USD
CY2017Q1 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
227954000 USD
CY2017Q2 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
0 USD
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
18574000 shares
CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
39783000 shares
CY2017Q2 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:8px;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. The Company bases its estimates on historical experience and on other assumptions that its management believes are reasonable under the circumstances. Actual results could vary from those estimates. The Company&#8217;s most significant estimates and judgments involve revenue recognition with respect to the determination of the relative selling prices for the Company&#8217;s services, determination of the fair value of the Company&#8217;s common stock prior to the completion of the IPO, valuation of the Company&#8217;s stock-based awards, valuation of deferred income tax assets and contingencies.</font></div></div>

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