2018 Q4 Form 10-Q Financial Statement

#000138282118000128 Filed on November 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $124.1M $140.3M $109.5M
YoY Change 29.54% 28.11% 35.05%
Cost Of Revenue $97.90M $97.95M $70.17M
YoY Change 47.0% 39.6% 39.92%
Gross Profit $26.20M $42.31M $39.31M
YoY Change -10.27% 7.61% 27.16%
Gross Profit Margin 21.11% 30.16% 35.91%
Selling, General & Admin $38.70M $24.71M $17.58M
YoY Change 22.86% 40.51% 13.64%
% of Gross Profit 147.71% 58.4% 44.73%
Research & Development $14.31M $11.48M
YoY Change 24.62% 17.4%
% of Gross Profit 33.83% 29.21%
Depreciation & Amortization $2.350M $2.099M $1.665M
YoY Change 27.03% 26.07% 12.88%
% of Gross Profit 8.97% 4.96% 4.24%
Operating Expenses $38.70M $39.02M $29.07M
YoY Change 22.86% 34.23% 15.09%
Operating Profit -$12.50M $3.289M $10.25M
YoY Change 443.48% -67.9% 80.95%
Interest Expense $300.0K $1.610M $0.00
YoY Change -40.0%
% of Operating Profit 48.95% 0.0%
Other Income/Expense, Net $0.00 $0.00 $311.0K
YoY Change -100.0% -100.0% 740.54%
Pretax Income -$12.20M $3.500M $10.60M
YoY Change 577.78% -66.98%
Income Tax
% Of Pretax Income
Net Earnings -$12.20M $3.475M $10.56M
YoY Change 577.78% -67.09% 85.23%
Net Earnings / Revenue -9.83% 2.48% 9.64%
Basic Earnings Per Share $0.04 -$0.50
Diluted Earnings Per Share -$136.0K $0.04 -$0.50
COMMON SHARES
Basic Shares Outstanding 89.53M shares 87.74M shares 58.87M shares
Diluted Shares Outstanding 94.64M shares 58.87M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $432.6M $449.0M $213.7M
YoY Change 107.68% 110.11% 178.26%
Cash & Equivalents $432.6M $449.0M $212.4M
Short-Term Investments $1.300M
Other Short-Term Assets $2.307M $989.0K $5.623M
YoY Change 603.35% -82.41% -55.02%
Inventory $22.69M $25.16M
Prepaid Expenses $11.92M $5.933M $4.472M
Receivables $15.36M $13.25M $13.34M
Other Receivables $4.900M $5.900M $800.0K
Total Short-Term Assets $496.2M $512.2M $248.0M
YoY Change 106.59% 106.57% 147.21%
LONG-TERM ASSETS
Property, Plant & Equipment $25.19M $23.36M $21.60M
YoY Change 12.86% 8.15% 157.14%
Goodwill $9.186M $9.186M $9.186M
YoY Change 0.0% 0.0%
Intangibles $11.99M $2.928M $3.416M
YoY Change 264.06% -14.29%
Long-Term Investments
YoY Change
Other Assets $9.395M $7.248M $6.931M
YoY Change 35.16% 4.57% -3.74%
Total Long-Term Assets $46.57M $42.72M $41.13M
YoY Change 11.56% 3.87% 43.32%
TOTAL ASSETS
Total Short-Term Assets $496.2M $512.2M $248.0M
Total Long-Term Assets $46.57M $42.72M $41.13M
Total Assets $542.8M $554.9M $289.1M
YoY Change 92.52% 91.96% 124.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.516M $2.601M $3.343M
YoY Change 32.35% -22.2% 1.3%
Accrued Expenses $30.84M $37.53M $30.20M
YoY Change 15.91% 24.27% 37.28%
Deferred Revenue $6.226M
YoY Change
Short-Term Debt $4.700M $5.800M $700.0K
YoY Change 135.0% 728.57%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $46.22M $59.78M $45.21M
YoY Change 28.9% 32.22% 34.16%
LONG-TERM LIABILITIES
Long-Term Debt $113.6M $112.1M $0.00
YoY Change
Other Long-Term Liabilities $11.10M $10.30M $10.40M
YoY Change 3.74% -0.96% 766.67%
Total Long-Term Liabilities $124.7M $122.4M $10.40M
YoY Change 1065.42% 1076.92% 766.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $46.22M $59.78M $45.21M
Total Long-Term Liabilities $124.7M $122.4M $10.40M
Total Liabilities $170.9M $182.2M $55.58M
YoY Change 267.29% 227.78% 59.25%
SHAREHOLDERS EQUITY
Retained Earnings -$171.0M -$158.8M -$127.2M
YoY Change 32.54% 24.81%
Common Stock $90.00K $89.00K $81.00K
YoY Change 11.11% 9.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $371.9M $372.7M $233.5M
YoY Change
Total Liabilities & Shareholders Equity $542.8M $554.9M $289.1M
YoY Change 92.52% 91.96% 124.1%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$12.20M $3.475M $10.56M
YoY Change 577.78% -67.09% 85.23%
Depreciation, Depletion And Amortization $2.350M $2.099M $1.665M
YoY Change 27.03% 26.07% 12.88%
Cash From Operating Activities -$15.89M $5.430M $10.92M
YoY Change 193.72% -50.27% -10.05%
INVESTING ACTIVITIES
Capital Expenditures -$2.770M -$1.480M -$1.060M
YoY Change 72.05% 39.62% -56.91%
Acquisitions
YoY Change
Other Investing Activities -$2.000M $0.00 $240.0K
YoY Change -258.73% -100.0%
Cash From Investing Activities -$4.770M -$1.480M -$820.0K
YoY Change 1262.86% 80.49% -66.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.210M 245.3M 146.4M
YoY Change -70.56% 67.6% 23896.72%
NET CHANGE
Cash From Operating Activities -15.89M 5.430M 10.92M
Cash From Investing Activities -4.770M -1.480M -820.0K
Cash From Financing Activities -1.210M 245.3M 146.4M
Net Change In Cash -21.87M 249.3M 156.5M
YoY Change 121.58% 59.31% 1420.7%
FREE CASH FLOW
Cash From Operating Activities -$15.89M $5.430M $10.92M
Capital Expenditures -$2.770M -$1.480M -$1.060M
Free Cash Flow -$13.12M $6.910M $11.98M
YoY Change 245.26% -42.32% -17.95%

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us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;color:#231f20;font-weight:bold;">Use of Estimates</font><font style="font-family:Arial;font-size:10pt;color:#231f20;">&#8212;</font><font style="font-family:Arial;font-size:10pt;">The preparation of consolidated financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and results of operations during the respective periods. The Company&#8217;s more significant estimates include, but are not limited to, valuation of deferred income taxes, stock-based compensation, net realizable value of inventory, prior to its conversion on August 2, 2017 the fair value of common stock and redeemable convertible preferred stock, capitalization of website development costs, recoverability of intangible assets with finite lives, fair value of reporting units for purposes of evaluating goodwill for impairment, and the fair value of the convertible feature related to the Notes (see Note 15). The amounts ultimately realized from the affected assets or ultimately recognized as liabilities will depend on, among other factors, general business conditions and could differ materially in the near term from the carrying amounts reflected in the consolidated financial statements.</font></div></div>

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