2021 Q2 Form 10-Q Financial Statement

#000156032721000133 Filed on August 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2 2020 Q1
Revenue $126.4M $98.91M $94.34M
YoY Change 27.81% 25.27% 28.91%
Cost Of Revenue $39.31M $29.08M $27.71M
YoY Change 35.17% 31.11% 38.76%
Gross Profit $87.11M $69.83M $66.63M
YoY Change 24.75% 22.99% 25.21%
Gross Profit Margin 68.91% 70.6% 70.62%
Selling, General & Admin $73.73M $59.44M $62.24M
YoY Change 24.04% 20.5% 38.04%
% of Gross Profit 84.64% 85.12% 93.42%
Research & Development $35.31M $26.12M $24.20M
YoY Change 35.16% 33.09% 35.47%
% of Gross Profit 40.53% 37.4% 36.33%
Depreciation & Amortization $3.100M $2.700M $4.843M
YoY Change 14.81% 28.57% 41.32%
% of Gross Profit 3.56% 3.87% 7.27%
Operating Expenses $109.0M $85.56M $86.45M
YoY Change 27.44% 24.08% 37.31%
Operating Profit -$21.93M -$15.73M -$19.82M
YoY Change 39.37% 29.16% 103.41%
Interest Expense $3.059M $5.917M $3.462M
YoY Change -48.3% 78.65% 7.22%
% of Operating Profit
Other Income/Expense, Net $148.0K $210.0K -$447.0K
YoY Change -29.52% -824.14% 116.99%
Pretax Income -$24.72M -$21.23M -$22.68M
YoY Change 16.41% 52.31% 98.12%
Income Tax $9.449M $235.0K $243.0K
% Of Pretax Income
Net Earnings -$34.16M -$21.47M -$22.92M
YoY Change 59.15% 59.96% 96.38%
Net Earnings / Revenue -27.02% -21.7% -24.3%
Basic Earnings Per Share -$0.62 -$0.42
Diluted Earnings Per Share -$0.62 -$0.42 -$457.1K
COMMON SHARES
Basic Shares Outstanding 55.39M shares 50.70M shares 50.21M shares
Diluted Shares Outstanding 55.39M shares 50.70M shares

Balance Sheet

Concept 2021 Q2 2020 Q2 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $607.9M $315.7M $240.8M
YoY Change 92.54% 28.49% -4.25%
Cash & Equivalents $493.6M $279.3M $204.4M
Short-Term Investments $114.3M $36.30M $36.40M
Other Short-Term Assets $51.52M $39.10M $37.10M
YoY Change 31.75% 35.76% 30.63%
Inventory
Prepaid Expenses
Receivables $98.48M $76.80M $64.40M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $757.9M $431.6M $342.3M
YoY Change 75.58% 25.38% 0.7%
LONG-TERM ASSETS
Property, Plant & Equipment $49.43M $48.90M $50.08M
YoY Change 1.08% -5.7% 52.8%
Goodwill $254.4M $213.7M $97.90M
YoY Change 19.06% 118.35% 10.72%
Intangibles $54.18M $47.71M $27.87M
YoY Change 13.57% 60.49% 16.21%
Long-Term Investments $5.377M $5.400M $12.80M
YoY Change -0.43% -71.12% -61.9%
Other Assets $55.58M $41.10M $39.80M
YoY Change 35.24% 19.13% 35.84%
Total Long-Term Assets $482.5M $428.8M $291.4M
YoY Change 12.52% 46.84% 30.09%
TOTAL ASSETS
Total Short-Term Assets $757.9M $431.6M $342.3M
Total Long-Term Assets $482.5M $428.8M $291.4M
Total Assets $1.240B $860.4M $633.7M
YoY Change 44.15% 35.23% 12.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.063M $7.078M $10.06M
YoY Change -70.85% -45.45% 59.79%
Accrued Expenses $55.63M $36.17M $26.49M
YoY Change 53.83% 9.36% 5.68%
Deferred Revenue $302.2M $227.3M $219.4M
YoY Change 32.94% 14.2% 18.96%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $44.73M
YoY Change
Total Short-Term Liabilities $414.2M $280.0M $264.9M
YoY Change 47.93% 11.43% 15.96%
LONG-TERM LIABILITIES
Long-Term Debt $810.1M $368.2M $187.9M
YoY Change 120.01% 104.78% 6.04%
Other Long-Term Liabilities $9.596M $8.204M $1.325M
YoY Change 16.97% 701.96% 29.77%
Total Long-Term Liabilities $9.596M $8.204M $1.325M
YoY Change 16.97% 701.96% 29.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $414.2M $280.0M $264.9M
Total Long-Term Liabilities $9.596M $8.204M $1.325M
Total Liabilities $1.336B $769.7M $557.4M
YoY Change 73.53% 40.27% 17.33%
SHAREHOLDERS EQUITY
Retained Earnings -$653.7M -$562.8M -$541.4M
YoY Change 16.15% 14.94% 13.67%
Common Stock $557.0K $509.0K $504.0K
YoY Change 9.43% 4.3% 4.56%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.764M $4.764M $4.764M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares 486.8K shares 486.8K shares 486.8K shares
Shareholders Equity -$95.40M $90.69M $76.30M
YoY Change
Total Liabilities & Shareholders Equity $1.240B $860.4M $633.7M
YoY Change 44.15% 35.23% 12.37%

Cashflow Statement

Concept 2021 Q2 2020 Q2 2020 Q1
OPERATING ACTIVITIES
Net Income -$34.16M -$21.47M -$22.92M
YoY Change 59.15% 59.96% 96.38%
Depreciation, Depletion And Amortization $3.100M $2.700M $4.843M
YoY Change 14.81% 28.57% 41.32%
Cash From Operating Activities $9.181M $450.0K -$7.215M
YoY Change 1940.22% -81.93% -46.82%
INVESTING ACTIVITIES
Capital Expenditures -$4.146M -$2.670M $2.756M
YoY Change 55.28% -75.28% -67.43%
Acquisitions $0.00
YoY Change
Other Investing Activities -$9.580M -$118.1M $0.00
YoY Change -91.89% -371.2% -100.0%
Cash From Investing Activities -$13.73M -$120.8M $85.42M
YoY Change -88.63% -468.7% -24162.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.300M
YoY Change 26.92%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.904M 196.3M $3.374M
YoY Change -103.01% 13160.14% -22.84%
NET CHANGE
Cash From Operating Activities 9.181M 450.0K -$7.215M
Cash From Investing Activities -13.73M -120.8M $85.42M
Cash From Financing Activities -5.904M 196.3M $3.374M
Net Change In Cash -10.45M 75.95M $81.02M
YoY Change -113.76% 106.84% -935.61%
FREE CASH FLOW
Cash From Operating Activities $9.181M $450.0K -$7.215M
Capital Expenditures -$4.146M -$2.670M $2.756M
Free Cash Flow $13.33M $3.120M -$9.971M
YoY Change 327.15% -76.52% -54.74%

Facts In Submission

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<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The management estimates include, but are not limited to the determination of the estimated economic life of perpetual licenses for revenue recognition, the determination of standalone selling prices in revenue transactions with multiple performance obligations, the estimated period of benefit for deferred contract acquisition and fulfillment costs, the useful lives and recoverability of long-lived assets, the valuation of allowance for doubtful accounts, the valuation of stock-based compensation, the fair value of assets acquired and liabilities assumed in business combinations, the incremental borrowing rate for operating leases and the valuation for deferred tax assets. We base our estimates on historical experience and on various other assumptions that we believe are reasonable. Actual results could differ from those estimates. </span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The COVID-19 pandemic has resulted in a sustained global slowdown of economic activity that has decreased demand for a broad variety of goods and services, including from our customers. While we have not experienced significant disruptions from the COVID-19 pandemic during the three and six months ended June 30, 2021, we are unable to accurately predict the extent to which the COVID-19 pandemic may impact our business, results of operations and financial condition going forward. Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment. As of the date of issuance of these financial statements, we are not aware of any specific event or circumstance that would require us to update our estimates, assumptions and judgments or revise the carrying value of our assets or liabilities. These estimates may change as new events occur and additional information is obtained and will be recognized in the consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to our financial statements.</span></div>
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us-gaap Depreciation
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4000000.0 USD
CY2020Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2800000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
7700000 USD
us-gaap Amortization Of Intangible Assets
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5000000.0 USD
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FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
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FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
12792000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
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8400000 USD
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CY2020Q4 us-gaap Additional Paid In Capital
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P5Y
rp Lessee Operating Lease Termination Period
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P6Y2M12D
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CY2020Q2 us-gaap Operating Lease Cost
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3881000 USD
us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
OperatingLeaseCost
7252000 USD
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CY2020Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
224000 USD
us-gaap Short Term Lease Cost
ShortTermLeaseCost
319000 USD
us-gaap Short Term Lease Cost
ShortTermLeaseCost
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1317000 USD
CY2020Q2 us-gaap Variable Lease Cost
VariableLeaseCost
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us-gaap Variable Lease Cost
VariableLeaseCost
2780000 USD
us-gaap Variable Lease Cost
VariableLeaseCost
2289000 USD
CY2021Q2 us-gaap Lease Cost
LeaseCost
5250000 USD
CY2020Q2 us-gaap Lease Cost
LeaseCost
5472000 USD
us-gaap Lease Cost
LeaseCost
10644000 USD
us-gaap Lease Cost
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10055000 USD
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P7Y6M
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P7Y10M24D
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CY2020Q2 us-gaap Operating Lease Payments
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us-gaap Operating Lease Payments
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CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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41697000 USD
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103969000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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22993000 USD
CY2021Q2 us-gaap Operating Lease Liability
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CY2021Q2 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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29793000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1933013 shares
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.07
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
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us-gaap Stock Issued During Period Shares Stock Options Exercised
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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9.04
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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20586000 USD
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300 shares
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
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CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.24
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y7M6D
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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139567000 USD
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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10.09
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y7M6D
CY2021Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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54169464 shares
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CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15621674 shares
CY2018Q4 us-gaap Loss Contingency Patents Allegedly Infringed Number
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7 patent
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1 segment
CY2021Q2 us-gaap Revenues
Revenues
126421000 USD
CY2020Q2 us-gaap Revenues
Revenues
98912000 USD
us-gaap Revenues
Revenues
243872000 USD
us-gaap Revenues
Revenues
193252000 USD
CY2021Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
49431000 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
53114000 USD

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