2017 Q3 Form 10-Q Financial Statement

#000115817218000053 Filed on March 23, 2018

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q4 2016 Q3
Revenue $100.3M $106.9M $100.7M
YoY Change -0.4% -35740.0% 9.0%
Cost Of Revenue $48.80M $46.82M $45.21M
YoY Change 7.94% 69.63% 46.51%
Gross Profit $51.52M $60.10M $55.51M
YoY Change -7.19% -314.65% -9.81%
Gross Profit Margin 51.35% 56.21% 55.11%
Selling, General & Admin $52.20M $50.41M $46.53M
YoY Change 12.2% 38.49% 15.68%
% of Gross Profit 101.33% 83.87% 83.82%
Research & Development $21.58M $21.23M $22.56M
YoY Change -4.34% 658.04% 50.09%
% of Gross Profit 41.89% 35.31% 40.64%
Depreciation & Amortization $14.72M $14.90M $15.16M
YoY Change -2.9% 168.47% 57.42%
% of Gross Profit 28.57% 24.79% 27.31%
Operating Expenses $185.5M $71.63M $69.09M
YoY Change 168.45% 88.51% 25.04%
Operating Profit -$133.9M -$34.11M -$33.13M
YoY Change 304.26% -48.33% -1577.22%
Interest Expense -$148.0K -$147.0K -$242.0K
YoY Change -38.84% -83.67% -81.38%
% of Operating Profit
Other Income/Expense, Net $6.619M $2.468M $3.196M
YoY Change 107.1% -907.07%
Pretax Income -$127.8M -$31.04M -$30.76M
YoY Change 315.33% -53.19% -3440.28%
Income Tax $2.296M $853.0K $432.0K
% Of Pretax Income
Net Earnings -$130.1M -$31.89M -$31.20M
YoY Change 316.94% -52.47% -3346.2%
Net Earnings / Revenue -129.65% -29.83% -30.97%
Basic Earnings Per Share -$2.26 -$0.56 -$0.55
Diluted Earnings Per Share -$2.26 -$0.56 -$0.55
COMMON SHARES
Basic Shares Outstanding 57.55M shares 57.28M shares 57.19M shares
Diluted Shares Outstanding 57.55M shares 57.28M shares 57.19M shares

Balance Sheet

Concept 2017 Q3 2016 Q4 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $68.20M $112.5M
YoY Change
Cash & Equivalents $54.78M $84.11M $93.71M
Short-Term Investments $13.40M $28.40M
Other Short-Term Assets $25.70M $23.70M
YoY Change
Inventory
Prepaid Expenses
Receivables $74.30M $96.23M
Other Receivables $37.20M $0.00
Total Short-Term Assets $205.4M $232.4M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $31.83M $42.00M
YoY Change
Goodwill $642.3M $639.9M
YoY Change 485.87%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.911M $7.176M
YoY Change
Total Long-Term Assets $854.3M $888.4M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $205.4M $232.4M
Total Long-Term Assets $854.3M $888.4M
Total Assets $1.060B $1.121B
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.79M $7.204M
YoY Change
Accrued Expenses $56.12M $52.91M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $9.100M $12.90M
YoY Change
Total Short-Term Liabilities $212.9M $175.9M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $2.900M $8.000M
YoY Change
Other Long-Term Liabilities $8.226M $12.63M
YoY Change
Total Long-Term Liabilities $8.226M $12.63M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $212.9M $175.9M
Total Long-Term Liabilities $8.226M $12.63M
Total Liabilities $337.1M $215.9M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$537.2M -$327.7M
YoY Change
Common Stock $1.404B $1.381B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $136.0M $136.0M
YoY Change
Treasury Stock Shares 2.765M shares 2.765M shares
Shareholders Equity $722.6M $904.9M
YoY Change
Total Liabilities & Shareholders Equity $1.060B $1.121B
YoY Change

Cashflow Statement

Concept 2017 Q3 2016 Q4 2016 Q3
OPERATING ACTIVITIES
Net Income -$130.1M -$31.89M -$31.20M
YoY Change 316.94% -52.47% -3346.2%
Depreciation, Depletion And Amortization $14.72M $14.90M $15.16M
YoY Change -2.9% 168.47% 57.42%
Cash From Operating Activities -$5.440M -$6.260M -$20.74M
YoY Change -73.77% -154.34% -382.95%
INVESTING ACTIVITIES
Capital Expenditures -$3.580M -$2.160M -$250.0K
YoY Change 1332.0% 94.59% -66.22%
Acquisitions
YoY Change
Other Investing Activities $15.00M $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $11.42M -$2.160M -$240.0K
YoY Change -4858.33% 94.59% -80.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.150M 110.0K -4.270M
YoY Change -73.07% -102.28% -91.76%
NET CHANGE
Cash From Operating Activities -5.440M -6.260M -20.74M
Cash From Investing Activities 11.42M -2.160M -240.0K
Cash From Financing Activities -1.150M 110.0K -4.270M
Net Change In Cash 4.830M -8.310M -25.25M
YoY Change -119.13% -248.66% -44.77%
FREE CASH FLOW
Cash From Operating Activities -$5.440M -$6.260M -$20.74M
Capital Expenditures -$3.580M -$2.160M -$250.0K
Free Cash Flow -$1.860M -$4.100M -$20.49M
YoY Change -90.92% -132.46% -353.9%

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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
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OtherComprehensiveIncomeLossTransfersFromHeldToMaturityToAvailableForSaleSecuritiesNetOfTax
33000 USD
us-gaap Other Comprehensive Income Loss Transfers From Held To Maturity To Available For Sale Securities Net Of Tax
OtherComprehensiveIncomeLossTransfersFromHeldToMaturityToAvailableForSaleSecuritiesNetOfTax
236000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Transfers From Held To Maturity To Available For Sale Securities Net Of Tax
OtherComprehensiveIncomeLossTransfersFromHeldToMaturityToAvailableForSaleSecuritiesNetOfTax
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us-gaap Other Comprehensive Income Loss Transfers From Held To Maturity To Available For Sale Securities Net Of Tax
OtherComprehensiveIncomeLossTransfersFromHeldToMaturityToAvailableForSaleSecuritiesNetOfTax
33000 USD
CY2016Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
2860000 USD
CY2017Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
2963000 USD
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
12629000 USD
CY2017Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
8226000 USD
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3196000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Payments To Acquire Business Two Net Of Cash Acquired
PaymentsToAcquireBusinessTwoNetOfCashAcquired
27328000 USD
us-gaap Payments To Acquire Business Two Net Of Cash Acquired
PaymentsToAcquireBusinessTwoNetOfCashAcquired
0 USD
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PaymentsToAcquireBusinessesNetOfCashAcquired
-37086000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
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OtherNonoperatingIncomeExpense
12486000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
18292000 USD
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PaymentsForRepurchaseOfCommonStock
1514000 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001000
CY2017Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
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CY2017Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
19450000 USD
CY2017Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
16967000 USD
us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
ProceedsFromDivestitureOfBusinessesNetOfCashDivested
42980000 USD
us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
ProceedsFromDivestitureOfBusinessesNetOfCashDivested
0 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
2188000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
15000000 USD
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ProceedsFromStockOptionsExercised
4139000 USD
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ProceedsFromStockOptionsExercised
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PropertyPlantAndEquipmentNet
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us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1102000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
14417000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
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12699000 USD
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
22559000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
65750000 USD
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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CY2016Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
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CY2016Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
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CY2017Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
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us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
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CY2017Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
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us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
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CY2016Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
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us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
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us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
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CY2017Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
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us-gaap Share Based Compensation
ShareBasedCompensation
44007000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
15366000 USD
CY2016Q3 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
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CY2017Q3 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
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CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
722613000 USD
CY2016Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
0.00
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
40.39
CY2017Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
0.00
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
0.00
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
2764796 shares
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TreasuryStockShares
2764796 shares
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
135970000 USD
CY2017Q3 us-gaap Treasury Stock Value
TreasuryStockValue
135970000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
3600000 USD
CY2017Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2500000 USD
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-6900000 USD
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57194716 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55216413 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57547863 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57442180 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
57194716 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55216413 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
57547863 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
57442180 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenue and expense during the reporting periods. Significant estimates and assumptions are inherent in the analysis and the measurement of management's best estimate of selling price, deferred tax assets, the identification and quantification of income tax liabilities due to uncertain tax positions, the valuation and recoverability of goodwill and intangible assets, the assessment of potential loss from contingencies, the valuation of assets and liabilities acquired in a business combination, and the allowance for doubtful accounts. Management bases its estimates and assumptions on historical experience and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in those estimates. On an ongoing basis, the Company evaluates its estimates and assumptions.</font></div></div>

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