2018 Q1 Form 10-K Financial Statement

#000073326918000016 Filed on May 25, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2018 2017 Q4
Revenue $244.8M $917.4M $234.9M
YoY Change 8.86% 4.22% 5.18%
Cost Of Revenue $23.80M $96.40M $24.53M
YoY Change -79.88% -3.58% -78.94%
Gross Profit $36.41M $123.7M $34.60M
YoY Change -65.84% 65.42% -67.62%
Gross Profit Margin 14.87% 13.48% 14.73%
Selling, General & Admin $47.60M $193.8M $48.76M
YoY Change -44.78% 27.36% -34.7%
% of Gross Profit 130.73% 156.66% 140.95%
Research & Development $16.00M $60.71M $14.31M
YoY Change -31.91% 22.98% -31.69%
% of Gross Profit 43.94% 49.08% 41.37%
Depreciation & Amortization $9.300M $37.65M $9.400M
YoY Change -56.94% 17.78% -52.76%
% of Gross Profit 25.54% 30.43% 27.17%
Operating Expenses $63.60M $257.2M $62.28M
YoY Change -42.02% 24.75% -36.27%
Operating Profit -$19.01M -$133.5M $3.117M
YoY Change 118.28% 1.61% -65.8%
Interest Expense $10.13M $2.566M
YoY Change 37.26% 47.22%
% of Operating Profit 82.32%
Other Income/Expense, Net $400.0K $502.0K $432.0K
YoY Change 100.0% -23.01% -125.29%
Pretax Income -$27.50M -$133.0M -$27.26M
YoY Change 159.43% 1.73% -467.99%
Income Tax -$10.40M -$65.72M -$29.79M
% Of Pretax Income
Net Earnings $5.200M $23.50M $22.90M
YoY Change -164.2% 473.17% 1981.82%
Net Earnings / Revenue 2.12% 2.56% 9.75%
Basic Earnings Per Share $0.07 $0.30 $0.29
Diluted Earnings Per Share $0.07 $0.30 $0.28
COMMON SHARES
Basic Shares Outstanding 79.10M shares 78.89M shares 79.04M shares
Diluted Shares Outstanding 78.89M shares 81.87M shares

Balance Sheet

Concept 2018 Q1 2018 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $140.0M $140.0M $177.8M
YoY Change -17.79% -17.79% 28.93%
Cash & Equivalents $140.0M $140.0M $176.4M
Short-Term Investments
Other Short-Term Assets $20.17M $158.5M $42.36M
YoY Change -58.24% 257.79% -3.73%
Inventory
Prepaid Expenses $6.622M $28.25M
Receivables $52.05M $52.00M $155.6M
Other Receivables $10.00M $10.00M $6.400M
Total Short-Term Assets $360.6M $360.6M $382.2M
YoY Change -2.15% -2.14% 17.99%
LONG-TERM ASSETS
Property, Plant & Equipment $32.34M $32.30M $153.0M
YoY Change -79.27% -79.29% -12.05%
Goodwill $203.6M $592.8M
YoY Change 1.62%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $37.85M $599.0M $43.58M
YoY Change -26.42% 3265.17% 211.26%
Total Long-Term Assets $848.9M $848.9M $844.3M
YoY Change -1.98% -1.97% -4.7%
TOTAL ASSETS
Total Short-Term Assets $360.6M $360.6M $382.2M
Total Long-Term Assets $848.9M $848.9M $844.3M
Total Assets $1.209B $1.210B $1.226B
YoY Change -2.03% -2.03% 1.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.80M $18.80M $46.20M
YoY Change -53.23% -53.23% 7.19%
Accrued Expenses $53.40M $53.40M $90.60M
YoY Change -52.79% -52.79% -11.44%
Deferred Revenue $4.506M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.583M $1.600M $1.837M
YoY Change -96.02% -95.98% -94.91%
Total Short-Term Liabilities $178.6M $178.6M $172.8M
YoY Change -22.42% -22.42% -19.29%
LONG-TERM LIABILITIES
Long-Term Debt $227.8M $227.8M $227.9M
YoY Change 20.4% 20.4% 13.5%
Other Long-Term Liabilities $10.02M $13.70M $17.33M
YoY Change -43.51% -22.6% 17.88%
Total Long-Term Liabilities $10.02M $241.5M $17.33M
YoY Change -43.51% 16.72% -91.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $178.6M $178.6M $172.8M
Total Long-Term Liabilities $10.02M $241.5M $17.33M
Total Liabilities $188.6M $460.4M $190.1M
YoY Change -23.93% -7.1% -60.94%
SHAREHOLDERS EQUITY
Retained Earnings $628.3M $623.2M
YoY Change 4.27%
Common Stock $1.249B $1.230B
YoY Change 6.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $749.1M $749.1M $774.1M
YoY Change
Total Liabilities & Shareholders Equity $1.209B $1.210B $1.226B
YoY Change -2.03% -2.03% 1.37%

Cashflow Statement

Concept 2018 Q1 2018 2017 Q4
OPERATING ACTIVITIES
Net Income $5.200M $23.50M $22.90M
YoY Change -164.2% 473.17% 1981.82%
Depreciation, Depletion And Amortization $9.300M $37.65M $9.400M
YoY Change -56.94% 17.78% -52.76%
Cash From Operating Activities $35.00M $111.8M $43.40M
YoY Change 14.38% -2.87% -11.43%
INVESTING ACTIVITIES
Capital Expenditures -$5.600M $9.375M -$3.100M
YoY Change -73.58% -59.43% -75.97%
Acquisitions $4.478M
YoY Change -96.74%
Other Investing Activities -$19.80M -$47.70M -$13.70M
YoY Change -182.16% -63.53% -90.04%
Cash From Investing Activities -$25.40M -$60.30M -$16.80M
YoY Change -1007.14% -62.15% -88.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $69.16M
YoY Change 634.77%
Debt Paid & Issued, Net $227.3M
YoY Change 605.02%
Cash From Financing Activities -46.40M -$81.54M -18.90M
YoY Change 5055.56% -416.05% -129.26%
NET CHANGE
Cash From Operating Activities 35.00M 111.8M 43.40M
Cash From Investing Activities -25.40M -60.30M -16.80M
Cash From Financing Activities -46.40M -$81.54M -18.90M
Net Change In Cash -36.80M -$28.66M 7.700M
YoY Change -213.23% 43.4% -120.92%
FREE CASH FLOW
Cash From Operating Activities $35.00M $111.8M $43.40M
Capital Expenditures -$5.600M $9.375M -$3.100M
Free Cash Flow $40.60M $102.4M $46.50M
YoY Change -21.62% 11.34% -24.88%

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293000 USD
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4534000 USD
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2351000 USD
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2896000 USD
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2468000 USD
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614000 USD
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223000 USD
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661000 USD
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1857000 USD
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3308000 USD
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3590000 USD
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246000 USD
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3025000 USD
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1028000 USD
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25529000 USD
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4302000 USD
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957000 USD
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435000 USD
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CY2018 us-gaap Income Tax Reconciliation State And Local Income Taxes
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1203000 USD
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4027000 USD
CY2017 us-gaap Income Tax Reconciliation Tax Credits
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2285000 USD
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466000 USD
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208000 USD
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1330000 USD
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0 USD
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0 USD
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500000 USD
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2035000 USD
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2123000 USD
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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3172000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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1717000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
307000 USD
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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1134000 USD
CY2016 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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0 USD
CY2017 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
0 USD
CY2018 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
1553000 USD
CY2018Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
15400000 USD
CY2018 us-gaap Unrecorded Unconditional Purchase Obligation Term
UnrecordedUnconditionalPurchaseObligationTerm
P22Y
CY2016 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2017 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2239000 shares
CY2018 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2625000 shares
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
77616000 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
79848000 shares
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
81516000 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
77616000 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
77609000 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
78891000 shares
CY2016 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
0 USD
CY2017 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
0 USD
CY2018 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
720000 USD
CY2018 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-decoration:underline;">Concentration of Credit Risk -</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Financial instruments that potentially subject us to concentrations of credit risk consist primarily of trade accounts, unbilled and notes receivable.&#160;&#160;The Company&#8217;s receivables are from a large number of customers.&#160;&#160;Accordingly, the Company&#8217;s credit risk is affected by general economic conditions.&#160;&#160;The Company maintains deposits in federally insured financial institutions more than federally insured limits. Management, however, believes the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.</font></div></div>
CY2018 us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-decoration:underline;">Guarantees -</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company accounts for the guarantees of indebtedness of others under applicable accounting standards which require a guarantor to recognize, at the inception of the guarantee, a liability for the fair value of the obligation undertaken in issuing the guarantee.&#160;&#160;A guarantor is also required to make additional disclosures in its financial statements about obligations under certain guarantees issued.&#160;&#160;The Company&#8217;s liability for the fair value of guarantees is not material (see Note 11 &#8211; Commitments and Contingencies).</font></div></div>
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-decoration:underline;">Use of Estimates -</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In preparing Consolidated Financial Statements and related disclosures in conformity with GAAP and pursuant to the rules and regulations of the SEC, we must make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Estimates are used in determining, among other items, the fair value of acquired assets and assumed liabilities, projected cash flows associated with recoverability of assets, restructuring and impairment accruals, litigation and facilities lease loss accruals, stock-based compensation, and the recognition and measurement of current and deferred income taxes, including the measurement of uncertain tax positions. Actual results may differ materially from these estimates.</font></div></div>

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