2014 Q3 Form 10-Q Financial Statement

#000157791614000020 Filed on November 12, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2013 Q3
Revenue $229.3M $240.6M
YoY Change -4.68% 21.16%
Cost Of Revenue $90.02M $67.53M
YoY Change 33.31% 24.59%
Gross Profit $139.3M $173.1M
YoY Change -19.51% 19.9%
Gross Profit Margin 60.74% 71.93%
Selling, General & Admin $71.17M $62.64M
YoY Change 13.61% 12.46%
% of Gross Profit 51.09% 36.2%
Research & Development $1.073M $852.0K
YoY Change 25.94% -76.33%
% of Gross Profit 0.77% 0.49%
Depreciation & Amortization $11.21M $8.957M
YoY Change 25.16% 31.72%
% of Gross Profit 8.05% 5.18%
Operating Expenses $73.14M $64.10M
YoY Change 14.11% 7.18%
Operating Profit $66.15M $109.0M
YoY Change -39.29% 28.89%
Interest Expense $5.100M $4.300M
YoY Change 18.6% 43.33%
% of Operating Profit 7.71% 3.95%
Other Income/Expense, Net $4.553M $4.338M
YoY Change 4.96%
Pretax Income $70.70M $113.3M
YoY Change -37.6% 29.33%
Income Tax $5.811M $764.0K
% Of Pretax Income 8.22% 0.67%
Net Earnings $9.273M -$476.0K
YoY Change -2048.11% -121.1%
Net Earnings / Revenue 4.04% -0.2%
Basic Earnings Per Share -$11.53 -$0.08
Diluted Earnings Per Share -$11.53 -$0.08
COMMON SHARES
Basic Shares Outstanding 32.38M shares 5.627M shares
Diluted Shares Outstanding 32.38M shares 5.627M shares

Balance Sheet

Concept 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $268.6M $132.9M
YoY Change 102.11%
Cash & Equivalents $94.52M $75.35M
Short-Term Investments $174.1M $57.50M
Other Short-Term Assets $53.10M $42.30M
YoY Change 25.53%
Inventory $22.48M $13.00M
Prepaid Expenses
Receivables $81.03M $62.00M
Other Receivables $1.400M $800.0K
Total Short-Term Assets $426.6M $250.9M
YoY Change 70.03%
LONG-TERM ASSETS
Property, Plant & Equipment $139.3M $119.5M
YoY Change 16.55%
Goodwill $214.6M
YoY Change
Intangibles $45.97M
YoY Change
Long-Term Investments $129.6M $10.80M
YoY Change 1100.0%
Other Assets $43.93M $126.8K
YoY Change 34547.73%
Total Long-Term Assets $856.3M -$250.8M
YoY Change -441.48%
TOTAL ASSETS
Total Short-Term Assets $426.6M $250.9M
Total Long-Term Assets $856.3M -$250.8M
Total Assets $1.283B $126.8K
YoY Change 1011869.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.99M $16.90M
YoY Change 53.8%
Accrued Expenses $27.80M $47.90M
YoY Change -41.96%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $17.90M $67.40M
YoY Change -73.44%
Total Short-Term Liabilities $211.2M $157.2M
YoY Change 34.34%
LONG-TERM LIABILITIES
Long-Term Debt $17.20M $238.9M
YoY Change -92.8%
Other Long-Term Liabilities $2.216M $48.90M
YoY Change -95.47%
Total Long-Term Liabilities $2.216M $287.8M
YoY Change -99.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $211.2M $157.2M
Total Long-Term Liabilities $2.216M $287.8M
Total Liabilities $460.0M $443.0M
YoY Change 3.83%
SHAREHOLDERS EQUITY
Retained Earnings -$2.837B -$198.3K
YoY Change 1430569.22%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $823.0M $126.8K
YoY Change
Total Liabilities & Shareholders Equity $1.283B $521.8M
YoY Change 145.87%

Cashflow Statement

Concept 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $9.273M -$476.0K
YoY Change -2048.11% -121.1%
Depreciation, Depletion And Amortization $11.21M $8.957M
YoY Change 25.16% 31.72%
Cash From Operating Activities $45.87M $66.79M
YoY Change -31.32% 16.57%
INVESTING ACTIVITIES
Capital Expenditures $14.36M $12.30M
YoY Change 16.76% -199.99%
Acquisitions
YoY Change
Other Investing Activities -$481.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$60.59M -$41.22M
YoY Change 47.0% -231.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $300.0K
YoY Change -100.0%
Debt Paid & Issued, Net $322.0K $1.475M
YoY Change -78.17%
Cash From Financing Activities -$22.55M -$148.5M
YoY Change -84.82% -18.71%
NET CHANGE
Cash From Operating Activities $45.87M $66.79M
Cash From Investing Activities -$60.59M -$41.22M
Cash From Financing Activities -$22.55M -$148.5M
Net Change In Cash -$37.26M -$122.9M
YoY Change -69.69% 30.79%
FREE CASH FLOW
Cash From Operating Activities $45.87M $66.79M
Capital Expenditures $14.36M $12.30M
Free Cash Flow $31.51M $54.49M
YoY Change -42.17% -21.71%

Facts In Submission

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CY2013Q3 us-gaap Other Operating Activities Cash Flow Statement
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CY2014Q3 us-gaap Prior Period Reclassification Adjustment Description
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has reclassified certain prior period amounts to be consistent with the current period presentation and corrected certain classification differences in the consolidated statements of cash flows.</font></div></div>
CY2013Q3 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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CY2014Q3 us-gaap Selling General And Administrative Expense
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CY2014Q3 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2013Q3 us-gaap Share Based Compensation
ShareBasedCompensation
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49000 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2014Q3 us-gaap Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
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CY2014Q2 us-gaap Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
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CY2013Q4 us-gaap Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
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CY2014Q3 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:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates in the Preparation of Financial Statements</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the Company's consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. Estimates are evaluated on an ongoing basis, including allowances for doubtful accounts, useful lives of property and equipment, stock-based compensation, payables under the tax receivable agreement, values of investments not publicly traded, the valuation allowance on deferred tax assets and the fair value of purchased intangible assets and goodwill. These estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.</font></div></div>
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32376000 shares
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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5627000 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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5627000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32376000 shares
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382694000 USD
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173700000 USD
CY2014Q3 pinc Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
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30000 USD
CY2014Q3 pinc Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2014Q2 pinc Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2013Q3 pinc Business Combination Provisional Information Initial Accounting Incomplete Adjustment Deferred Revenue
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0 USD
CY2014Q3 pinc Business Combination Provisional Information Initial Accounting Incomplete Adjustment Deferred Revenue
BusinessCombinationProvisionalInformationInitialAccountingIncompleteAdjustmentDeferredRevenue
2065000 USD
CY2014Q3 pinc Decreasein Deferred Tax Assets Netof Valuation Allowance
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10200000 USD
CY2014Q3 pinc Decreasein Payable Pursuantto Tax Receivable Agreement
DecreaseinPayablePursuanttoTaxReceivableAgreement
1100000 USD
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DeferredCompensationPlanExpense
509000 USD
CY2013Q3 pinc Deferred Compensation Plan Expense
DeferredCompensationPlanExpense
0 USD
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DeferredTaxExpenseBenefitEmployeeServiceSharebasedCompensation
-2400000 USD
CY2013Q4 pinc Effective Income Tax Rate Estimated
EffectiveIncomeTaxRateEstimated
0.39
CY2014Q3 pinc Effective Income Tax Rate Estimated
EffectiveIncomeTaxRateEstimated
0.38
CY2014Q3 pinc Increase Decreasein Accounts Payable Accrued Liabilitiesand Other Current Liabilities
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-17732000 USD
CY2013Q3 pinc Increase Decreasein Accounts Payable Accrued Liabilitiesand Other Current Liabilities
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-44205000 USD
CY2013Q3 pinc Increase Decreasein Accounts Receivable Prepaid Expenseand Other Current Assets
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17590000 USD
CY2014Q3 pinc Issuanceof Limited Partnership Interestfor Notes Receivable
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CY2013Q3 pinc Issuanceof Limited Partnership Interestfor Notes Receivable
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CY2013Q3 pinc Limited Partners Capital Account Decreasedueto Distribution Payable
LimitedPartnersCapitalAccountDecreaseduetoDistributionPayable
0 USD
CY2014Q3 pinc Limited Partners Capital Account Decreasedueto Distribution Payable
LimitedPartnersCapitalAccountDecreaseduetoDistributionPayable
22691000 USD
CY2014Q3 pinc Limited Partners Capital Account Distribution Payable
LimitedPartnersCapitalAccountDistributionPayable
22691000 USD
CY2014Q2 pinc Limited Partners Capital Account Distribution Payable
LimitedPartnersCapitalAccountDistributionPayable
22351000 USD
CY2014Q3 pinc Net Income Loss Attributableto Parent After Adjustment Of Redeemable Limited Partners Capital To Redemption Amount
NetIncomeLossAttributabletoParentAfterAdjustmentOfRedeemableLimitedPartnersCapitalToRedemptionAmount
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CY2013Q3 pinc Net Income Loss Attributableto Parent After Adjustment Of Redeemable Limited Partners Capital To Redemption Amount
NetIncomeLossAttributabletoParentAfterAdjustmentOfRedeemableLimitedPartnersCapitalToRedemptionAmount
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CY2013Q3 pinc Noncash Distributions
NoncashDistributions
6186000 USD
CY2014Q3 pinc Noncash Distributions
NoncashDistributions
3112000 USD
CY2013Q4 pinc Participation Agreements Term
ParticipationAgreementsTerm
P5Y
CY2014Q3 pinc Payable Pursuantto Tax Receivable Agreement
PayablePursuanttoTaxReceivableAgreement
191200000 USD
CY2014Q2 pinc Payable Pursuantto Tax Receivable Agreement
PayablePursuanttoTaxReceivableAgreement
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CY2014Q3 pinc Payable Pursuantto Tax Receivable Agreement Current
PayablePursuanttoTaxReceivableAgreementCurrent
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CY2014Q2 pinc Payable Pursuantto Tax Receivable Agreement Current
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CY2013Q4 pinc Payable Pursuantto Tax Receivable Agreement Current
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CY2014Q3 pinc Payable Pursuantto Tax Receivable Agreement Noncurrent
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180248000 USD
CY2014Q2 pinc Payable Pursuantto Tax Receivable Agreement Noncurrent
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181256000 USD
CY2013Q4 pinc Payable Pursuantto Tax Receivable Agreement Noncurrent
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179111000 USD
CY2013Q3 pinc Payableincurredfor Repurchaseof Ownership Interest
PayableincurredforRepurchaseofOwnershipInterest
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CY2014Q3 pinc Payableincurredfor Repurchaseof Ownership Interest
PayableincurredforRepurchaseofOwnershipInterest
1515000 USD
CY2013Q3 pinc Paymentsfor Initial Public Offering Fees
PaymentsforInitialPublicOfferingFees
2822000 USD
CY2014Q3 pinc Paymentsfor Initial Public Offering Fees
PaymentsforInitialPublicOfferingFees
0 USD
CY2013Q4 pinc Proceedsfrom Issuance Initial Public Offering Net Expensesand Purchase Of Common Units
ProceedsfromIssuanceInitialPublicOfferingNetExpensesandPurchaseOfCommonUnits
277814000 USD
CY2013Q4 pinc Redeemable Limited Partners Capital Account Decrease To Retained Earnings
RedeemableLimitedPartnersCapitalAccountDecreaseToRetainedEarnings
50100000 USD
CY2014Q3 pinc Redeemable Limited Partners Capital Account Increase Decrease Due To Adjustmentto Redemption Amount
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382657000 USD
CY2013Q3 pinc Redeemable Limited Partners Capital Account Increase Decrease Due To Adjustmentto Redemption Amount
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0 USD
CY2013Q4 pinc Redeemable Limited Partners Capital Account Increase Decrease Due To Adjustmentto Redemption Amount
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2575500000 USD
CY2013Q4 pinc Redeemable Limited Partners Capital Account Increase In Accumulated Deficit
RedeemableLimitedPartnersCapitalAccountIncreaseInAccumulatedDeficit
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CY2013Q3 pinc Reductionin Prepaid Expensesand Other Current Assetsfor Ipo Costs Capitalizedto Additional Paidin Capital
ReductioninPrepaidExpensesandOtherCurrentAssetsforIPOCostsCapitalizedtoAdditionalPaidinCapital
2822000 USD
CY2014Q3 pinc Reductionin Prepaid Expensesand Other Current Assetsfor Ipo Costs Capitalizedto Additional Paidin Capital
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0 USD
CY2014Q3 pinc Reductionin Redeemable Limited Partners Capital Through Noncash Transactions
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0 USD
CY2013Q3 pinc Reductionin Redeemable Limited Partners Capital Through Noncash Transactions
ReductioninRedeemableLimitedPartnersCapitalThroughNoncashTransactions
28009000 USD
CY2014Q3 pinc Reductionto Selling Generaland Administrative Expenses
ReductiontoSellingGeneralandAdministrativeExpenses
1100000 USD
CY2014Q3 pinc Restricted Stock Vested Repurchased During Period Value
RestrictedStockVestedRepurchasedDuringPeriodValue
19000 USD
CY2014Q2 pinc Revenue Sharing Payable Current
RevenueSharingPayableCurrent
56531000 USD
CY2014Q3 pinc Revenue Sharing Payable Current
RevenueSharingPayableCurrent
51962000 USD
CY2014Q3 pinc Segment Adjusted Earnings Before Interest Taxes Depreciationand Amortization
SegmentAdjustedEarningsBeforeInterestTaxesDepreciationandAmortization
90518000 USD
CY2013Q3 pinc Segment Adjusted Earnings Before Interest Taxes Depreciationand Amortization
SegmentAdjustedEarningsBeforeInterestTaxesDepreciationandAmortization
124334000 USD
CY2014Q3 pinc Sharebased Compensation Arrangementby Sharebased Payment Award Fair Value Assumptions Weighted Average Option Grant Date Fair Value
SharebasedCompensationArrangementbySharebasedPaymentAwardFairValueAssumptionsWeightedAverageOptionGrantDateFairValue
12.82
CY2013Q3 pinc Sharebased Compensation Arrangementby Sharebased Payment Award Fair Value Assumptions Weighted Average Option Grant Date Fair Value
SharebasedCompensationArrangementbySharebasedPaymentAwardFairValueAssumptionsWeightedAverageOptionGrantDateFairValue
11.46
CY2014Q3 pinc Tax Receivable Agreement Liability Adjustment
TaxReceivableAgreementLiabilityAdjustment
1073000 USD
CY2013Q3 pinc Tax Receivable Agreement Liability Adjustment
TaxReceivableAgreementLiabilityAdjustment
0 USD
CY2013Q4 pinc Tax Receivable Agreement Termof Agreement
TaxReceivableAgreementTermofAgreement
P15Y
CY2013Q3 pinc Temporary Equity Increase Decrease To Redemption Amount
TemporaryEquityIncreaseDecreaseToRedemptionAmount
0 USD
CY2014Q3 pinc Temporary Equity Increase Decrease To Redemption Amount
TemporaryEquityIncreaseDecreaseToRedemptionAmount
-382657000 USD
CY2014Q3 dei Amendment Flag
AmendmentFlag
false
CY2014Q3 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
CY2014Q3 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q3 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2014Q3 dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
CY2014Q3 dei Document Type
DocumentType
10-Q
CY2014Q3 dei Entity Central Index Key
EntityCentralIndexKey
0001577916
CY2014Q3 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2014Q3 dei Entity Registrant Name
EntityRegistrantName
PREMIER, INC.

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