2017 Q3 Form 10-Q Financial Statement

#000162828017009061 Filed on September 05, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $224.7M $163.2M
YoY Change 37.65% 92.79%
Cost Of Revenue $76.45M $56.85M
YoY Change 34.49% 61.78%
Gross Profit $148.2M $106.4M
YoY Change 39.35% 114.78%
Gross Profit Margin 65.97% 65.17%
Selling, General & Admin $139.7M $107.2M
YoY Change 30.31% 43.44%
% of Gross Profit 94.26% 100.8%
Research & Development $69.36M $58.64M
YoY Change 18.29% 53.54%
% of Gross Profit 46.8% 55.13%
Depreciation & Amortization $14.80M $11.60M
YoY Change 27.59% 61.11%
% of Gross Profit 9.99% 10.91%
Operating Expenses $209.1M $165.8M
YoY Change 26.06% 46.86%
Operating Profit -$60.86M -$59.48M
YoY Change 2.31% -6.19%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $3.266M $37.00K
YoY Change 8727.03% -109.97%
Pretax Income -$57.59M -$59.44M
YoY Change -3.12% -6.8%
Income Tax $821.0K $106.0K
% Of Pretax Income
Net Earnings -$58.41M -$59.55M
YoY Change -1.91% -6.72%
Net Earnings / Revenue -26.0% -36.49%
Basic Earnings Per Share
Diluted Earnings Per Share -$279.2K -$309.3K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $523.0M $570.2M
YoY Change -8.28% 344.43%
Cash & Equivalents $171.9M $205.8M
Short-Term Investments $351.1M $364.4M
Other Short-Term Assets $44.20M $34.90M
YoY Change 26.65% 31.2%
Inventory $33.66M $22.63M
Prepaid Expenses
Receivables $168.4M $118.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $769.3M $746.3M
YoY Change 3.08% 188.48%
LONG-TERM ASSETS
Property, Plant & Equipment $81.85M $78.52M
YoY Change 4.24% 63.59%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $32.32M $29.26M
YoY Change 10.46% 31.81%
Total Long-Term Assets $120.9M $115.9M
YoY Change 4.27% 48.8%
TOTAL ASSETS
Total Short-Term Assets $769.3M $746.3M
Total Long-Term Assets $120.9M $115.9M
Total Assets $890.1M $862.2M
YoY Change 3.24% 156.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $52.09M $30.53M
YoY Change 70.65% 124.46%
Accrued Expenses $18.31M $20.46M
YoY Change -10.53% -35.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $283.4M $216.1M
YoY Change 31.16% 94.48%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.373M $2.209M
YoY Change 52.69% -96.82%
Total Long-Term Liabilities $3.373M $2.209M
YoY Change 52.69% -96.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $283.4M $216.1M
Total Long-Term Liabilities $3.373M $2.209M
Total Liabilities $444.7M $348.1M
YoY Change 27.74% 92.67%
SHAREHOLDERS EQUITY
Retained Earnings -$926.6M -$680.8M
YoY Change 36.11%
Common Stock $1.372B $1.194B
YoY Change 14.93%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $445.4M $514.1M
YoY Change
Total Liabilities & Shareholders Equity $890.1M $862.2M
YoY Change 3.24% 156.15%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income -$58.41M -$59.55M
YoY Change -1.91% -6.72%
Depreciation, Depletion And Amortization $14.80M $11.60M
YoY Change 27.59% 61.11%
Cash From Operating Activities -$200.0K -$11.60M
YoY Change -98.28% -61.84%
INVESTING ACTIVITIES
Capital Expenditures -$17.30M -$22.70M
YoY Change -23.79% 50.33%
Acquisitions
YoY Change
Other Investing Activities $16.20M -$49.30M
YoY Change -132.86%
Cash From Investing Activities -$1.200M -$72.00M
YoY Change -98.33% 376.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.600M 3.200M
YoY Change 43.75% 540.0%
NET CHANGE
Cash From Operating Activities -200.0K -11.60M
Cash From Investing Activities -1.200M -72.00M
Cash From Financing Activities 4.600M 3.200M
Net Change In Cash 3.200M -80.40M
YoY Change -103.98% 78.67%
FREE CASH FLOW
Cash From Operating Activities -$200.0K -$11.60M
Capital Expenditures -$17.30M -$22.70M
Free Cash Flow $17.10M $11.10M
YoY Change 54.05% -172.55%

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us-gaap Increase Decrease In Restricted Cash
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us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2016Q3 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Nonoperating Income Expense
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us-gaap Number Of Reportable Segments
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165848000 USD
us-gaap Operating Expenses
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323465000 USD
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us-gaap Operating Expenses
OperatingExpenses
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5191000 USD
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OtherAssetsNoncurrent
32322000 USD
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45000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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CY2017Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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165000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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282000 USD
CY2017Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
3159000 USD
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OtherLiabilitiesNoncurrent
3373000 USD
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OtherNoncashIncomeExpense
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OtherNoncashIncomeExpense
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PaymentsToAcquireAvailableForSaleSecuritiesDebt
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PaymentsToAcquireAvailableForSaleSecuritiesDebt
95358000 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
1000000 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
46118000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
30100000 USD
CY2017Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2017Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
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CY2017Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
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PreferredStockSharesAuthorized
20000000 shares
CY2017Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
25157000 USD
CY2017Q3 us-gaap Prepaid Expense And Other Assets Current
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24494000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
15079000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
14166000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
5800000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
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us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
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us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
33529000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
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CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
58635000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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us-gaap Sales Revenue Net
SalesRevenueNet
407092000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
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PropertyPlantAndEquipmentGross
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CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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CY2016Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
32294000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
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us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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CY2017Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
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CY2017Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
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us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
93654000 USD
CY2016Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
87583000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
303161000 USD
CY2017Q3 us-gaap Sales Revenue Net
SalesRevenueNet
224461000 USD
CY2017Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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RestrictedCashAndCashEquivalentsNoncurrent
12700000 USD
CY2017Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
12700000 USD
CY2017Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
12734000 USD
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-802480000 USD
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2017Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
540000 USD
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SalesAndExciseTaxPayableCurrent
298000 USD
CY2016Q3 us-gaap Sales Commissions And Fees
SalesCommissionsAndFees
19600000 USD
us-gaap Sales Commissions And Fees
SalesCommissionsAndFees
37200000 USD
CY2017Q3 us-gaap Sales Commissions And Fees
SalesCommissionsAndFees
25500000 USD
us-gaap Sales Commissions And Fees
SalesCommissionsAndFees
46000000 USD
CY2016Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
130920000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
242658000 USD
CY2017Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
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us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
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CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
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us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
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SellingAndMarketingExpense
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us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
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us-gaap Share Based Compensation
ShareBasedCompensation
50894000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
69057000 USD
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
31539259 shares
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.67
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
1266826 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
315502000 USD
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
315252000 USD
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
56840189 shares
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
52803982 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.15
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.23
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
248932000 USD
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.53
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
14.04
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.00
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y9M18D
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y5M23D
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
2769381 shares
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
478430000 USD
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
445406000 USD
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
192730000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
191026000 shares
CY2017Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
209193000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
207515000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:24px;text-align:justify;text-indent:37px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:37px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying notes. Actual results could differ from these estimates. Such estimates include, but are not limited to, the determination of best estimate of selling price included in multiple-element revenue arrangements, sales commissions, useful lives of intangible assets and property and equipment, fair values of stock-based awards, provision for income taxes, including related reserves, and contingent liabilities, among others. Management bases its estimates on historical experience and on various other assumptions which management believes to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.</font></div></div>

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