2019 Q2 Form 10-Q Financial Statement

#000165130819000045 Filed on May 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q1
Revenue $243.3M $77.83M $32.54M
YoY Change 360.85% 139.16%
Cost Of Revenue $17.84M $15.26M $4.550M
YoY Change 185.15% 235.41%
Gross Profit $225.5M $62.57M $27.99M
YoY Change 384.46% 123.52%
Gross Profit Margin 92.67% 80.39% 86.02%
Selling, General & Admin $82.25M $57.65M $28.92M
YoY Change 82.13% 99.36%
% of Gross Profit 36.47% 92.13% 103.29%
Research & Development $228.8M $178.4M $109.7M
YoY Change 39.27% 62.58%
% of Gross Profit 101.44% 285.03% 391.87%
Depreciation & Amortization $3.363M $3.416M $2.244M
YoY Change 60.22% 52.23%
% of Gross Profit 1.49% 5.46% 8.02%
Operating Expenses $311.0M $236.0M $138.6M
YoY Change 48.52% 70.25%
Operating Profit -$85.83M -$173.8M -$110.8M
YoY Change -47.36% 56.81% 114.99%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$878.0K $1.728M $729.0K
YoY Change -1270.67% 137.04%
Pretax Income -$83.83M -$167.6M -$108.5M
YoY Change -47.96% 54.38%
Income Tax $2.129M $519.0K -$3.412M
% Of Pretax Income
Net Earnings -$85.57M -$167.6M -$104.6M
YoY Change -45.46% 60.27% 106.62%
Net Earnings / Revenue -35.16% -215.38% -321.4%
Basic Earnings Per Share -$0.16
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 777.7M shares 776.1M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $918.9M $764.5M $490.6M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $49.05M $13.14M
Prepaid Expenses
Receivables $58.11M $58.98M
Other Receivables
Total Short-Term Assets $1.756B $1.797B
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $212.7M $197.8M
YoY Change
Goodwill $109.0K $109.0K
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $60.16M $58.61M $14.33M
YoY Change 309.05%
Total Long-Term Assets $394.6M $375.5M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $1.756B $1.797B
Total Long-Term Assets $394.6M $375.5M
Total Assets $2.150B $2.172B
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $148.5M $105.3M
YoY Change
Accrued Expenses $99.53M
YoY Change
Deferred Revenue $0.00 $17.50M
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due $8.740M $8.940M
YoY Change
Total Short-Term Liabilities $271.7M $238.8M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $84.49M $77.48M
YoY Change
Other Long-Term Liabilities $38.10M $47.92M $21.97M
YoY Change 118.13%
Total Long-Term Liabilities $307.4M $310.7M $21.97M
YoY Change 1314.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $271.7M $238.8M
Total Long-Term Liabilities $307.4M $310.7M $21.97M
Total Liabilities $579.1M $549.6M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$1.260B -$1.175B -$333.4M
YoY Change 252.34%
Common Stock $78.00K $78.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.554B $1.609B
YoY Change
Total Liabilities & Shareholders Equity $2.150B $2.172B
YoY Change

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$85.57M -$167.6M -$104.6M
YoY Change -45.46% 60.27% 106.62%
Depreciation, Depletion And Amortization $3.363M $3.416M $2.244M
YoY Change 60.22% 52.23%
Cash From Operating Activities -$172.0M -$104.5M
YoY Change 64.57%
INVESTING ACTIVITIES
Capital Expenditures $21.83M $9.696M
YoY Change 125.12%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $172.4M -$394.4M
YoY Change -143.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $42.96M $763.9M
YoY Change -94.38%
NET CHANGE
Cash From Operating Activities -$172.0M -$104.5M
Cash From Investing Activities $172.4M -$394.4M
Cash From Financing Activities $42.96M $763.9M
Net Change In Cash $47.67M $268.5M
YoY Change -82.25%
FREE CASH FLOW
Cash From Operating Activities -$172.0M -$104.5M
Capital Expenditures $21.83M $9.696M
Free Cash Flow -$193.8M -$114.2M
YoY Change 69.71%

Facts In Submission

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CY2019Q1 us-gaap Share Based Compensation
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CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
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StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1753647000 USD
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1622679000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest Adjusted Balance1
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TaxesPayableCurrent
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TaxesPayableCurrent
6857000 USD
CY2018Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
8612000 USD
CY2019Q1 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
6114000 USD
CY2019Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2559000 USD
CY2018Q4 us-gaap Value Added Tax Receivable Noncurrent
ValueAddedTaxReceivableNoncurrent
14671000 USD
CY2019Q1 us-gaap Value Added Tax Receivable Noncurrent
ValueAddedTaxReceivableNoncurrent
19768000 USD
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
297000 USD
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
670510605 shares
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
774750255 shares
CY2019Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of estimates</font></div><div style="line-height:120%;padding-bottom:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Areas where management uses subjective judgment include, but are not limited to, estimating the useful lives of long-lived assets, estimating variable consideration in product sales and collaboration revenue arrangements, estimating the incremental borrowing rate for operating lease liabilities, identifying separate accounting units and the standalone selling price of each performance obligation in the Company&#8217;s revenue arrangements, estimating the fair value of net assets acquired in business combinations, assessing the impairment of long-lived assets, share-based compensation expenses, realizability of deferred tax assets, estimating uncertain tax positions and the fair value of financial instruments. Management bases the estimates on historical experience, known trends and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from these estimates.</font></div></div>

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