2018 Q2 Form 10-Q Financial Statement

#000162828018007756 Filed on June 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $255.9M $182.6M
YoY Change 40.13% 30.51%
Cost Of Revenue $89.63M $63.55M
YoY Change 41.04% 35.27%
Gross Profit $166.3M $119.1M
YoY Change 39.65% 28.11%
Gross Profit Margin 64.98% 65.21%
Selling, General & Admin $149.7M $111.9M
YoY Change 33.83% 6.86%
% of Gross Profit 90.01% 93.92%
Research & Development $78.49M $65.43M
YoY Change 19.97% 23.59%
% of Gross Profit 47.19% 54.94%
Depreciation & Amortization $16.00M $14.40M
YoY Change 11.11% 42.57%
% of Gross Profit 9.62% 12.09%
Operating Expenses $228.2M $177.3M
YoY Change 28.71% 12.48%
Operating Profit -$61.87M -$58.19M
YoY Change 6.33% -9.99%
Interest Expense $1.498M
YoY Change
% of Operating Profit
Other Income/Expense, Net -$999.0K $1.995M
YoY Change -150.08% 55.62%
Pretax Income -$62.87M -$56.20M
YoY Change 11.88% -11.32%
Income Tax $1.431M $964.0K
% Of Pretax Income
Net Earnings -$64.30M -$57.16M
YoY Change 12.5% -10.39%
Net Earnings / Revenue -25.12% -31.3%
Basic Earnings Per Share
Diluted Earnings Per Share -$287.3K -$277.9K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.098B $536.0M
YoY Change 104.85% -11.7%
Cash & Equivalents $735.1M $168.8M
Short-Term Investments $362.8M $367.2M
Other Short-Term Assets $55.80M $45.00M
YoY Change 24.0% 27.48%
Inventory $38.54M $39.48M
Prepaid Expenses
Receivables $195.9M $132.1M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.388B $752.6M
YoY Change 84.45% -1.16%
LONG-TERM ASSETS
Property, Plant & Equipment $94.28M $82.29M
YoY Change 14.57% 15.49%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.305M $30.97M
YoY Change -82.87% 43.83%
Total Long-Term Assets $187.9M $120.2M
YoY Change 56.24% 20.19%
TOTAL ASSETS
Total Short-Term Assets $1.388B $752.6M
Total Long-Term Assets $187.9M $120.2M
Total Assets $1.576B $872.9M
YoY Change 80.56% 1.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $63.99M $51.02M
YoY Change 25.44% 20.19%
Accrued Expenses $25.63M $15.98M
YoY Change 60.37% 0.07%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $320.0M $251.9M
YoY Change 27.06% 33.42%
LONG-TERM LIABILITIES
Long-Term Debt $430.3M $0.00
YoY Change
Other Long-Term Liabilities $5.171M $3.268M
YoY Change 58.23% 98.9%
Total Long-Term Liabilities $5.171M $3.268M
YoY Change 58.23% 98.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $320.0M $251.9M
Total Long-Term Liabilities $5.171M $3.268M
Total Liabilities $944.4M $407.6M
YoY Change 131.73% 27.34%
SHAREHOLDERS EQUITY
Retained Earnings -$967.9M -$864.9M
YoY Change 11.91% 39.76%
Common Stock $1.602B $1.331B
YoY Change 20.41% 14.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $631.6M $465.3M
YoY Change
Total Liabilities & Shareholders Equity $1.576B $872.9M
YoY Change 80.56% 1.32%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$64.30M -$57.16M
YoY Change 12.5% -10.39%
Depreciation, Depletion And Amortization $16.00M $14.40M
YoY Change 11.11% 42.57%
Cash From Operating Activities $18.60M -$14.30M
YoY Change -230.03% -304.5%
INVESTING ACTIVITIES
Capital Expenditures $22.30M $12.77M
YoY Change 74.61% -47.62%
Acquisitions $0.00
YoY Change
Other Investing Activities -$10.20M -$4.300M
YoY Change 137.21% -98.65%
Cash From Investing Activities -$32.52M -$17.04M
YoY Change 90.85% -95.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $20.00M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $506.7M $16.42M
YoY Change 2985.58% -9.61%
NET CHANGE
Cash From Operating Activities $18.60M -$14.30M
Cash From Investing Activities -$32.52M -$17.04M
Cash From Financing Activities $506.7M $16.42M
Net Change In Cash $492.8M -$14.92M
YoY Change -3403.52% -95.32%
FREE CASH FLOW
Cash From Operating Activities $18.60M -$14.30M
Capital Expenditures $22.30M $12.77M
Free Cash Flow -$3.700M -$27.07M
YoY Change -86.33% 55.73%

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CY2018Q1 us-gaap Letters Of Credit Outstanding Amount
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CY2018Q1 us-gaap Liabilities
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CY2018Q2 us-gaap Liabilities
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CY2018Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
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CY2018Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
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CY2018Q2 us-gaap Liabilities Current
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CY2017Q2 us-gaap Net Cash Provided By Used In Financing Activities
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CY2018Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2017Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2018Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2017Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2018Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
-57159000 USD
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2017Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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CY2018Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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CY2018Q2 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2018Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2017Q2 us-gaap Operating Expenses
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177287000 USD
CY2018Q2 us-gaap Operating Expenses
OperatingExpenses
228189000 USD
CY2017Q2 us-gaap Operating Income Loss
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-58190000 USD
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-61874000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
113000000 USD
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due
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154900000 USD
CY2018Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
12463000 USD
CY2018Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
13017000 USD
CY2018Q1 us-gaap Other Assets Noncurrent
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4264000 USD
CY2018Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
5305000 USD
CY2017Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
117000 USD
CY2018Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-716000 USD
CY2018Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
4025000 USD
CY2018Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
5171000 USD
CY2017Q2 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-451000 USD
CY2018Q2 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-152000 USD
CY2017Q2 us-gaap Payments For Derivative Instrument Financing Activities
PaymentsForDerivativeInstrumentFinancingActivities
0 USD
CY2018Q2 us-gaap Payments For Derivative Instrument Financing Activities
PaymentsForDerivativeInstrumentFinancingActivities
64630000 USD
CY2017Q2 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2018Q2 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
20000000 USD
CY2017Q2 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
55976000 USD
CY2018Q2 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
81702000 USD
CY2017Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
12769000 USD
CY2018Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
22296000 USD
CY2018Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2018Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2018Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2018Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2018Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
47552000 USD
CY2018Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
35652000 USD
CY2017Q2 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
0 USD
CY2018Q2 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
562062000 USD
CY2017Q2 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
14166000 USD
CY2018Q2 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
19698000 USD
CY2017Q2 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
46321000 USD
CY2018Q2 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
61023000 USD
CY2017Q2 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
5384000 USD
CY2018Q2 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
10454000 USD
CY2017Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2257000 USD
CY2018Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
9614000 USD
CY2018Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
235035000 USD
CY2018Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
254291000 USD
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
89142000 USD
CY2018Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
94280000 USD
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
65428000 USD
CY2018Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
78492000 USD
CY2018Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
14800000 USD
CY2018Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
14763000 USD
CY2018Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
16499000 USD
CY2018Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
16500000 USD
CY2017Q2 us-gaap Restricted Cash And Investments Noncurrent
RestrictedCashAndInvestmentsNoncurrent
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CY2018Q1 us-gaap Restricted Cash And Investments Noncurrent
RestrictedCashAndInvestmentsNoncurrent
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CY2018Q2 us-gaap Restricted Cash And Investments Noncurrent
RestrictedCashAndInvestmentsNoncurrent
16499000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-903587000 USD
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-967891000 USD
CY2018Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod
P1Y
CY2018Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
4052000 USD
CY2018Q2 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
3790000 USD
CY2017Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
142850000 USD
CY2018Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
195449000 USD
CY2017Q2 us-gaap Sales Revenue Net
SalesRevenueNet
182645000 USD
CY2018Q2 us-gaap Sales Revenue Net
SalesRevenueNet
255945000 USD
CY2017Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
39795000 USD
CY2018Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
60496000 USD
CY2017Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
91763000 USD
CY2018Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
122367000 USD
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
32219000 USD
CY2018Q2 us-gaap Share Based Compensation
ShareBasedCompensation
43955000 USD
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
28635271 shares
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
5.66
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
1019718 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
574224000 USD
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
531452000 USD
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
46359949 shares
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
43146573 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.75
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.91
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
417279000 USD
CY2018Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.40
CY2018Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
8.25
CY2018Q2 us-gaap Share Price
SharePrice
20.23
CY2018Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y7M6D
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y3M18D
CY2018Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y1M6D
CY2018Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
2193658 shares
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
631620000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
574401000 USD
CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
205783000 shares
CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
223768000 shares
CY2018Q2 us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<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;">Deferred Revenue</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;">Deferred revenue primarily consists of amounts that have been invoiced but that have not yet been recognized as revenue and consists of performance obligations pertaining to support subscription services. The current portion of deferred revenue represents the amounts that are expected to be recognized as revenue within one year of the condensed consolidated balance sheet dates. </font></div></div>
CY2018Q2 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 standalone selling price for revenue arrangements with multiple performance obligations, useful lives of intangible assets, property and equipment and deferred sales commissions, 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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