2021 Q4 Form 10-K Financial Statement

#000155837022001601 Filed on February 22, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2021
Revenue $59.15M $52.28M $214.5M
YoY Change 11.76% 1.63% -0.56%
Cost Of Revenue $24.90M $14.86M $71.55M
YoY Change 82.14% -4.02% 5.79%
Gross Profit $37.47M $36.40M $142.9M
YoY Change -1.96% 4.12% -3.46%
Gross Profit Margin 63.34% 69.62% 66.64%
Selling, General & Admin $27.11M $25.66M $115.8M
YoY Change -7.18% 5.55% 12.39%
% of Gross Profit 72.37% 70.49% 80.99%
Research & Development $11.72M $11.36M $47.41M
YoY Change 16.92% 6.73% 15.1%
% of Gross Profit 31.27% 31.21% 33.17%
Depreciation & Amortization $2.166M $800.0K $8.926M
YoY Change -22.92% 14.29% -25.64%
% of Gross Profit 5.78% 2.2% 6.24%
Operating Expenses $43.43M $38.41M $169.1M
YoY Change 7.87% 2.95% 10.27%
Operating Profit -$5.959M -$2.016M -$26.13M
YoY Change 191.96% -14.39% 396.92%
Interest Expense $297.0K -$104.0K $99.00K
YoY Change -84.53% -69.41% -92.93%
% of Operating Profit
Other Income/Expense, Net -$1.264M $283.0K -$14.00K
YoY Change -6.37% -60.47% -100.98%
Pretax Income -$6.926M -$1.737M -$26.14M
YoY Change 367.97% 9.73% 664.42%
Income Tax $6.847M -$762.0K $4.441M
% Of Pretax Income
Net Earnings -$13.77M -$975.0K -$30.58M
YoY Change 684.34% -41.9% 460.66%
Net Earnings / Revenue -23.28% -1.87% -14.26%
Basic Earnings Per Share -$0.35 -$0.02 -$0.77
Diluted Earnings Per Share -$0.35 -$0.02 -$0.77
COMMON SHARES
Basic Shares Outstanding 39.97M 39.63K 39.61K
Diluted Shares Outstanding 39.63K 39.61K

Balance Sheet

Concept 2021 Q4 2021 Q3 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $98.49M $97.82M $98.49M
YoY Change -14.58% -13.21% -14.58%
Cash & Equivalents $63.38M $58.63M $63.38M
Short-Term Investments $35.11M $39.18M $35.11M
Other Short-Term Assets $9.356M $10.99M $16.95M
YoY Change 49.55% 40.37% 20.21%
Inventory $10.35M $11.72M $10.35M
Prepaid Expenses $7.594M $8.362M
Receivables $56.61M $44.75M $61.31M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $187.1M $178.3M $187.1M
YoY Change -9.7% -11.81% -9.71%
LONG-TERM ASSETS
Property, Plant & Equipment $10.76M $10.96M $19.95M
YoY Change -9.11% -9.1% -13.99%
Goodwill $96.17M $96.22M
YoY Change -1.41% 2.19%
Intangibles $22.03M $22.61M
YoY Change -21.14% -21.32%
Long-Term Investments
YoY Change
Other Assets $13.80M $12.97M $17.59M
YoY Change 23.47% 24.11% -3.36%
Total Long-Term Assets $155.2M $163.1M $155.2M
YoY Change -7.64% -2.58% -7.63%
TOTAL ASSETS
Total Short-Term Assets $187.1M $178.3M $187.1M
Total Long-Term Assets $155.2M $163.1M $155.2M
Total Assets $342.3M $341.3M $342.3M
YoY Change -8.78% -7.63% -8.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.204M $7.881M $8.204M
YoY Change 44.33% 48.7% 43.93%
Accrued Expenses $24.28M $21.38M $24.28M
YoY Change 10.34% 2.29% 10.34%
Deferred Revenue $54.62M $42.38M
YoY Change 25.8% 15.76%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change
Total Short-Term Liabilities $89.08M $73.33M $89.08M
YoY Change 18.29% 10.03% 18.29%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.770M $10.12M $32.13M
YoY Change -25.45% 22.97% -20.86%
Total Long-Term Liabilities $7.770M $10.12M $32.13M
YoY Change -25.45% 22.97% -20.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $89.08M $73.33M $89.08M
Total Long-Term Liabilities $7.770M $10.12M $32.13M
Total Liabilities $122.5M $110.7M $122.5M
YoY Change 3.93% 0.37% 3.89%
SHAREHOLDERS EQUITY
Retained Earnings $143.2M $156.9M
YoY Change -17.59% -10.57%
Common Stock $100.3M $99.06M
YoY Change 1.45% 1.68%
Preferred Stock
YoY Change
Treasury Stock (at cost) $12.50M $12.50M
YoY Change 148.53%
Treasury Stock Shares
Shareholders Equity $219.8M $230.6M $219.8M
YoY Change
Total Liabilities & Shareholders Equity $342.3M $341.3M $342.3M
YoY Change -8.78% -7.63% -8.78%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2021
OPERATING ACTIVITIES
Net Income -$13.77M -$975.0K -$30.58M
YoY Change 684.34% -41.9% 460.66%
Depreciation, Depletion And Amortization $2.166M $800.0K $8.926M
YoY Change -22.92% 14.29% -25.64%
Cash From Operating Activities $1.684M -$5.613M -$2.745M
YoY Change -77.52% -284.03% -118.4%
INVESTING ACTIVITIES
Capital Expenditures -$640.0K -$321.0K $2.169M
YoY Change 64.1% -40.56% -30.05%
Acquisitions $0.00
YoY Change
Other Investing Activities $3.959M $3.400M -$8.811M
YoY Change -2739.33% -5766.67% -6724.81%
Cash From Investing Activities $3.319M $3.079M -$10.98M
YoY Change -714.63% -613.17% 135.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $7.471M
YoY Change 48.53%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -141.0K -5.115M -10.39M
YoY Change -97.24% 555.77% 47.22%
NET CHANGE
Cash From Operating Activities 1.684M -5.613M -2.745M
Cash From Investing Activities 3.319M 3.079M -10.98M
Cash From Financing Activities -141.0K -5.115M -10.39M
Net Change In Cash 4.862M -7.649M -25.01M
YoY Change 162.81% -558.02% -708.32%
FREE CASH FLOW
Cash From Operating Activities $1.684M -$5.613M -$2.745M
Capital Expenditures -$640.0K -$321.0K $2.169M
Free Cash Flow $2.324M -$5.292M -$4.914M
YoY Change -70.51% -247.41% -141.57%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Estimates and Assumptions</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</p>
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CY2019Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
200000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
500000
CY2019 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
2500000
CY2020 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
37000
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
500000
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2900000
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
500000
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2923000
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
427000
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
12000
CY2020 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
277000
CY2019 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
4000
CY2020 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
2663000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
512000
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
500000
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2923000
CY2021Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
500000
CY2021Q4 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
500000
CY2021 us-gaap Restricted Stock Expense
RestrictedStockExpense
4354000
CY2020 us-gaap Restricted Stock Expense
RestrictedStockExpense
4740000
CY2019 us-gaap Restricted Stock Expense
RestrictedStockExpense
3368000
CY2021 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
848000
CY2020 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
1262000
CY2019 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
1955000
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5202000
CY2020 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6002000
CY2019 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5323000
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
9000
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
14.91
CY2021Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
4400000
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39614
CY2019 us-gaap Net Income Loss
NetIncomeLoss
7864000
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-30584000
CY2020 us-gaap Net Income Loss
NetIncomeLoss
-5455000
CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
40035
CY2019 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
40050
CY2019 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
86
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39614
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40035
CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40136
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.77
CY2020 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.14
CY2019 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.20
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.77
CY2020 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.14
CY2019 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.20
CY2018 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2019 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2020 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2021 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
214481000
CY2021 us-gaap Gross Profit
GrossProfit
142935000
CY2021Q4 us-gaap Noncurrent Assets
NoncurrentAssets
19954000
CY2020 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
215691000
CY2020 us-gaap Gross Profit
GrossProfit
148059000
CY2020Q4 us-gaap Noncurrent Assets
NoncurrentAssets
23191000
CY2019 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
253484000
CY2019 us-gaap Gross Profit
GrossProfit
167838000
CY2019Q4 us-gaap Noncurrent Assets
NoncurrentAssets
22034000
CY2021Q4 us-gaap Recorded Unconditional Purchase Obligation
RecordedUnconditionalPurchaseObligation
45600000

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