2020 Q1 Form 10-Q Financial Statement

#000114519720000009 Filed on May 08, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $1.500M $1.800M
YoY Change -16.67% -98.54%
Cost Of Revenue $71.10M $52.90M
YoY Change 34.4% 10.76%
Gross Profit $126.9M $106.7M
YoY Change 18.93% 40.77%
Gross Profit Margin 8460.0% 5927.78%
Selling, General & Admin $83.90M $92.76M
YoY Change -9.55% 66.99%
% of Gross Profit 66.12% 86.94%
Research & Development $35.50M $32.50M
YoY Change 9.23% 60.36%
% of Gross Profit 27.97% 30.46%
Depreciation & Amortization $8.900M $5.100M
YoY Change 74.51% 44.8%
% of Gross Profit 7.01% 4.78%
Operating Expenses $35.50M $99.43M
YoY Change -64.3% 31.15%
Operating Profit $7.500M $7.300M
YoY Change 2.74%
Interest Expense $11.60M $6.600M
YoY Change 75.76% -206.45%
% of Operating Profit 154.67% 90.41%
Other Income/Expense, Net $0.00 -$2.561M
YoY Change -100.0% -58.93%
Pretax Income -$2.600M $4.700M
YoY Change -155.32% -175.37%
Income Tax -$500.0K $300.0K
% Of Pretax Income 6.38%
Net Earnings -$2.100M $4.400M
YoY Change -147.73% -166.67%
Net Earnings / Revenue -140.0% 244.44%
Basic Earnings Per Share -$0.03 $0.07
Diluted Earnings Per Share -$0.03 $0.07
COMMON SHARES
Basic Shares Outstanding 62.88M shares 59.36M shares
Diluted Shares Outstanding 62.88M shares 61.15M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $321.6M $316.4M
YoY Change 1.64% -10.11%
Cash & Equivalents $201.4M $129.3M
Short-Term Investments $120.2M $187.1M
Other Short-Term Assets $46.80M $28.00M
YoY Change 67.14% 60.92%
Inventory $95.70M $73.82M
Prepaid Expenses $20.12M
Receivables $80.10M $68.66M
Other Receivables $0.00 $0.00
Total Short-Term Assets $541.3M $496.4M
YoY Change 9.05% -9.27%
LONG-TERM ASSETS
Property, Plant & Equipment $412.4M $299.6M
YoY Change 37.65% 95.78%
Goodwill $39.60M $39.70M
YoY Change -0.25% -0.18%
Intangibles
YoY Change
Long-Term Investments $60.80M $76.80M
YoY Change -20.83% -53.2%
Other Assets $41.70M $3.161M
YoY Change 1219.2% -79.33%
Total Long-Term Assets $566.9M $456.2M
YoY Change 24.26% 55.76%
TOTAL ASSETS
Total Short-Term Assets $541.3M $496.4M
Total Long-Term Assets $566.9M $456.2M
Total Assets $1.108B $952.6M
YoY Change 16.33% 13.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $36.40M $26.83M
YoY Change 35.65% -20.72%
Accrued Expenses $94.00M $85.95M
YoY Change 9.37% 87.82%
Deferred Revenue $3.800M $1.195M
YoY Change 217.99% -76.01%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $130.4M $114.0M
YoY Change 14.41% 28.57%
LONG-TERM LIABILITIES
Long-Term Debt $899.0M $599.6M
YoY Change 49.93% 5.22%
Other Long-Term Liabilities $19.80M $15.41M
YoY Change 28.5% 144.53%
Total Long-Term Liabilities $918.8M $615.0M
YoY Change 49.4% 6.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $130.4M $114.0M
Total Long-Term Liabilities $918.8M $615.0M
Total Liabilities $1.049B $729.0M
YoY Change 43.93% 10.26%
SHAREHOLDERS EQUITY
Retained Earnings -$675.2M -$679.2M
YoY Change -0.59% -1.12%
Common Stock $100.0K $60.00K
YoY Change 66.67% 1.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $59.00M $223.6M
YoY Change
Total Liabilities & Shareholders Equity $1.108B $952.6M
YoY Change 16.33% 13.41%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$2.100M $4.400M
YoY Change -147.73% -166.67%
Depreciation, Depletion And Amortization $8.900M $5.100M
YoY Change 74.51% 44.8%
Cash From Operating Activities -$3.600M $6.500M
YoY Change -155.38% -252.37%
INVESTING ACTIVITIES
Capital Expenditures $26.90M $44.40M
YoY Change -39.41% 25.52%
Acquisitions
YoY Change
Other Investing Activities $40.80M $52.88M
YoY Change -22.84% -356.57%
Cash From Investing Activities $13.40M $7.600M
YoY Change 76.32% -113.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$8.761M
YoY Change 287.48%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$19.00M $1.500M
YoY Change -1366.67% -116.91%
NET CHANGE
Cash From Operating Activities -$3.600M $6.500M
Cash From Investing Activities $13.40M $7.600M
Cash From Financing Activities -$19.00M $1.500M
Net Change In Cash -$12.30M $15.40M
YoY Change -179.87% -122.28%
FREE CASH FLOW
Cash From Operating Activities -$3.600M $6.500M
Capital Expenditures $26.90M $44.40M
Free Cash Flow -$30.50M -$37.90M
YoY Change -19.53% -4.39%

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CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
7500000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-19000000.0 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1500000 USD
CY2020Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-3100000 USD
CY2019Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-200000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-12300000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
15400000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
213700000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
113900000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
201400000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
129300000 USD
CY2020Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
8400000 USD
CY2019Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
12700000 USD
CY2020Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="line-height:120%;padding-top:0px;text-indent:0px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassification of Prior Period Amounts</span></div>Certain reclassifications have been made to prior period amounts to conform to the current period financial statement presentation. A portion of facility costs and certain information technology costs have been allocated from selling, general and administrative to research and development expenses based on square foot and system usage, respectively. In addition, certain quality assurance costs were reclassified from research and development expenses to selling, general and administrative expenses.
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
3800000 USD
CY2020Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
4900000 USD
CY2020Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
600000 USD
CY2020Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
1500000 USD
CY2020Q1 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
100000 USD
CY2020Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
4100000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
198000000.0 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
159600000 USD
CY2020Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
3800000 USD
CY2019Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
3200000 USD
CY2020Q1 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
900000 USD
CY2019Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
1000000.0 USD
CY2020Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
4700000 USD
CY2019Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
4200000 USD
CY2020Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1400000 USD
CY2019Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
900000 USD
CY2020Q1 us-gaap Capitalized Contract Cost Net Current
CapitalizedContractCostNetCurrent
9900000 USD
CY2019Q4 us-gaap Capitalized Contract Cost Net Current
CapitalizedContractCostNetCurrent
9500000 USD
CY2020Q1 us-gaap Capitalized Contract Cost Net Noncurrent
CapitalizedContractCostNetNoncurrent
20600000 USD
CY2019Q4 us-gaap Capitalized Contract Cost Net Noncurrent
CapitalizedContractCostNetNoncurrent
19900000 USD
CY2020Q1 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
30500000 USD
CY2019Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
29400000 USD
CY2020Q1 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
2500000 USD
CY2019Q1 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
2000000.0 USD
CY2020Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
201400000 USD
CY2019Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
213700000 USD
CY2020Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
29700000 USD
CY2019Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
23300000 USD
CY2020Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
21800000 USD
CY2019Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
40300000 USD
CY2020Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
44200000 USD
CY2019Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
37400000 USD
CY2020Q1 us-gaap Inventory Net
InventoryNet
95700000 USD
CY2019Q4 us-gaap Inventory Net
InventoryNet
101000000.0 USD
CY2019Q4 us-gaap Goodwill
Goodwill
39800000 USD
CY2020Q1 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-200000 USD
CY2020Q1 us-gaap Goodwill
Goodwill
39600000 USD
CY2020Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
22900000 USD
CY2020Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
10500000 USD
CY2020Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
12400000 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
22900000 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
9700000 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
13200000 USD
CY2020Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
800000 USD
CY2019Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
600000 USD
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
2400000 USD
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
2400000 USD
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
1900000 USD
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
1200000 USD
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
1000000.0 USD
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
3500000 USD
CY2020Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
12400000 USD
CY2020Q1 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
32600000 USD
CY2019Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
45800000 USD
CY2020Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
15300000 USD
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
19300000 USD
CY2020Q1 us-gaap Accrued Exchange Fee Rebate Current And Noncurrent
AccruedExchangeFeeRebateCurrentAndNoncurrent
8400000 USD
CY2019Q4 us-gaap Accrued Exchange Fee Rebate Current And Noncurrent
AccruedExchangeFeeRebateCurrentAndNoncurrent
7500000 USD
CY2020Q1 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
7100000 USD
CY2019Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
2400000 USD
CY2020Q1 podd Value Added Tax Current
ValueAddedTaxCurrent
2700000 USD
CY2019Q4 podd Value Added Tax Current
ValueAddedTaxCurrent
1800000 USD
CY2020Q1 us-gaap Interest Payable Current
InterestPayableCurrent
2300000 USD
CY2019Q4 us-gaap Interest Payable Current
InterestPayableCurrent
1700000 USD
CY2020Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
25600000 USD
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
24700000 USD
CY2020Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
94000000.0 USD
CY2019Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
103200000 USD
CY2019Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
8500000 USD
CY2018Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
6400000 USD
CY2019Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
2300000 USD
CY2020Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
8300000 USD
CY2019Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
6300000 USD
CY2020Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
2500000 USD
CY2019Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
2200000 USD
CY2020Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
2700000 USD
CY2020Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
284500000 USD
CY2019Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
294800000 USD
CY2020Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
19000000.0 USD
CY2019Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
19800000 USD
CY2020Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
899000000.0 USD
CY2019Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
887900000 USD
CY2015Q2 us-gaap Loss Contingency New Claims Filed Number
LossContingencyNewClaimsFiledNumber
3 lawsuit
CY2015Q2 us-gaap Loss Contingency Claims Dismissed Number
LossContingencyClaimsDismissedNumber
2 lawsuit
CY2020Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-2600000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-200000 USD
CY2020Q1 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
2100000 USD
CY2019Q1 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
2500000 USD
CY2020Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
10400000 USD
CY2019Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
6900000 USD
CY2020Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
700000 USD
CY2019Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
700000 USD
CY2020Q1 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
1600000 USD
CY2019Q1 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
3500000 USD
CY2020Q1 us-gaap Interest Expense
InterestExpense
11600000 USD
CY2019Q1 us-gaap Interest Expense
InterestExpense
6600000 USD
CY2020Q1 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
1500000 USD
CY2019Q1 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
1800000 USD
CY2020Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-10100000 USD
CY2019Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-4800000 USD
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7900000 USD
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5800000 USD
CY2020Q1 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.184
CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.069
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
62883672 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
59355031 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
62883672 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
61148428 shares
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9999687 shares
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10871548 shares

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