2017 Q3 Form 10-Q Financial Statement

#000154934617000034 Filed on October 31, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $141.1M $123.1M
YoY Change 14.62% 14.74%
Cost Of Revenue $58.81M $50.18M
YoY Change 17.19% 12.74%
Gross Profit $82.25M $72.89M
YoY Change 12.84% 16.16%
Gross Profit Margin 58.31% 59.22%
Selling, General & Admin $63.34M $50.00M
YoY Change 26.69% 14.06%
% of Gross Profit 77.01% 68.59%
Research & Development $13.34M $11.60M
YoY Change 14.96% 7.18%
% of Gross Profit 16.22% 15.92%
Depreciation & Amortization $7.900M $3.900M
YoY Change 102.56% 50.0%
% of Gross Profit 9.6% 5.35%
Operating Expenses $76.68M $61.60M
YoY Change 24.48% 12.7%
Operating Profit $5.570M $11.29M
YoY Change -50.66% 39.58%
Interest Expense $322.0K $40.00K
YoY Change 705.0% 135.29%
% of Operating Profit 5.78% 0.35%
Other Income/Expense, Net $130.0K $102.0K
YoY Change 27.45% -113.3%
Pretax Income $5.700M $11.39M
YoY Change -49.96% 55.6%
Income Tax $698.0K $1.999M
% Of Pretax Income 12.25% 17.55%
Net Earnings $5.002M $9.391M
YoY Change -46.74% 128.88%
Net Earnings / Revenue 3.55% 7.63%
Basic Earnings Per Share $0.14 $0.27
Diluted Earnings Per Share $0.14 $0.26
COMMON SHARES
Basic Shares Outstanding 34.64M shares 35.04M shares
Diluted Shares Outstanding 35.18M shares 35.82M shares

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $235.3M $290.4M
YoY Change -18.98% 2.94%
Cash & Equivalents $212.8M $238.0M
Short-Term Investments $22.50M $52.41M
Other Short-Term Assets $35.90M $23.30M
YoY Change 54.08% 25.27%
Inventory
Prepaid Expenses
Receivables $44.90M $34.06M
Other Receivables $0.00 $4.200M
Total Short-Term Assets $316.1M $351.9M
YoY Change -10.19% 6.56%
LONG-TERM ASSETS
Property, Plant & Equipment $77.77M $49.81M
YoY Change 56.12% 66.73%
Goodwill $90.52M $50.52M
YoY Change 79.17% -3.16%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.842M $2.807M
YoY Change 143.75% 46.73%
Total Long-Term Assets $236.5M $155.4M
YoY Change 52.16% 15.33%
TOTAL ASSETS
Total Short-Term Assets $316.1M $351.9M
Total Long-Term Assets $236.5M $155.4M
Total Assets $552.5M $507.3M
YoY Change 8.91% 9.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.21M $15.30M
YoY Change -33.28% 69.19%
Accrued Expenses $51.99M $39.13M
YoY Change 32.88% 39.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $230.4M $202.8M
YoY Change 13.58% 30.98%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $13.14M $8.967M
YoY Change 46.53% -32.24%
Total Long-Term Liabilities $13.14M $8.967M
YoY Change 46.53% -32.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $230.4M $202.8M
Total Long-Term Liabilities $13.14M $8.967M
Total Liabilities $245.2M $214.0M
YoY Change 14.57% 24.33%
SHAREHOLDERS EQUITY
Retained Earnings $143.1M $119.2M
YoY Change 20.02% 33.09%
Common Stock $268.9M $244.7M
YoY Change 9.9% 18.12%
Preferred Stock
YoY Change
Treasury Stock (at cost) $100.0M $59.73M
YoY Change 67.47%
Treasury Stock Shares 2.559M shares 1.739M shares
Shareholders Equity $307.4M $293.3M
YoY Change
Total Liabilities & Shareholders Equity $552.5M $507.3M
YoY Change 8.91% 9.1%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $5.002M $9.391M
YoY Change -46.74% 128.88%
Depreciation, Depletion And Amortization $7.900M $3.900M
YoY Change 102.56% 50.0%
Cash From Operating Activities $31.10M $34.60M
YoY Change -10.12% 79.27%
INVESTING ACTIVITIES
Capital Expenditures -$11.80M -$10.40M
YoY Change 13.46% 173.68%
Acquisitions
YoY Change
Other Investing Activities -$19.50M -$2.100M
YoY Change 828.57% -210.53%
Cash From Investing Activities -$31.30M -$12.50M
YoY Change 150.4% 525.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -300.0K 5.700M
YoY Change -105.26% 338.46%
NET CHANGE
Cash From Operating Activities 31.10M 34.60M
Cash From Investing Activities -31.30M -12.50M
Cash From Financing Activities -300.0K 5.700M
Net Change In Cash -500.0K 27.80M
YoY Change -101.8% 49.46%
FREE CASH FLOW
Cash From Operating Activities $31.10M $34.60M
Capital Expenditures -$11.80M -$10.40M
Free Cash Flow $42.90M $45.00M
YoY Change -4.67% 94.81%

Facts In Submission

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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2016Q3 us-gaap Interest Income Expense Nonoperating Net
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us-gaap Interest Income Expense Nonoperating Net
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CY2017Q3 us-gaap Liabilities
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CY2016Q4 us-gaap Liabilities And Stockholders Equity
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CY2017Q3 us-gaap Letters Of Credit Outstanding Amount
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2600000 USD
CY2016Q4 us-gaap Liabilities
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CY2016Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
2100000 USD
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
5000000 USD
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us-gaap Lease And Rental Expense
LeaseAndRentalExpense
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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CY2017Q3 us-gaap Nonoperating Income Expense
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OtherAssetsNoncurrent
3398000 USD
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OtherAssetsNoncurrent
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CY2017Q3 us-gaap Other Commitment
OtherCommitment
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CY2017Q3 us-gaap Other Commitment Due In Fourth Year
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CY2017Q3 us-gaap Other Commitment Due In Second Year
OtherCommitmentDueInSecondYear
16200000 USD
CY2017Q3 us-gaap Other Commitment Due In Third Year
OtherCommitmentDueInThirdYear
11700000 USD
CY2017Q3 us-gaap Other Commitments Future Minimum Payments Remainder Of Fiscal Year
OtherCommitmentsFutureMinimumPaymentsRemainderOfFiscalYear
5600000 USD
CY2016Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-2236000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-4641000 USD
CY2017Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
4325000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
12460000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
34000 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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CY2017Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
0 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
0 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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-4389000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
4325000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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5182000 USD
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1665000 USD
CY2016Q4 us-gaap Other Liabilities Noncurrent
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CY2017Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
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us-gaap Payments For Advance To Affiliate
PaymentsForAdvanceToAffiliate
0 USD
us-gaap Payments For Advance To Affiliate
PaymentsForAdvanceToAffiliate
3101000 USD
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PaymentsForProceedsFromInvestments
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
44916000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
24977000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
5791000 USD
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
0 USD
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
49512000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
26747000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
37626000 USD
us-gaap Payments To Acquire Software
PaymentsToAcquireSoftware
6214000 USD
us-gaap Payments To Acquire Software
PaymentsToAcquireSoftware
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CY2017Q3 us-gaap Prepaid Expense And Other Assets Current
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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PropertyPlantAndEquipmentGross
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PropertyPlantAndEquipmentNet
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CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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us-gaap Provision For Doubtful Accounts
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3338000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
981000 USD
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11604000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
34800000 USD
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
13340000 USD
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ResearchAndDevelopmentExpense
37276000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
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129065000 USD
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
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CY2016Q3 us-gaap Sales Revenue Services Net
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SalesRevenueServicesNet
364144000 USD
CY2017Q3 us-gaap Sales Revenue Services Net
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us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
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CY2016Q3 us-gaap Selling And Marketing Expense
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32977000 USD
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 Selling And Marketing Expense
SellingAndMarketingExpense
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
1000000 USD
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
300000 USD
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
2110000 shares
CY2017Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
2559000 shares
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
77567000 USD
CY2017Q3 us-gaap Treasury Stock Value
TreasuryStockValue
100027000 USD
CY2017Q3 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
12800000 USD
CY2016Q3 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
1000000 USD
us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
1000000 USD
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35177000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35339000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35036000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35123000 shares
us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
1000000 USD
CY2016Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2097000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1940000 shares
CY2017Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1066000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1543000 shares
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35824000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35855000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34643000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34607000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:italic;font-weight:bold;text-decoration:none;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates. Such estimates include, but are not limited to, the determination of the allowance for doubtful accounts, the assessment of recoverability of property and equipment, the fair value of acquired goodwill and intangible assets, the grant-date fair value of non-cash equity-based compensation, the assessment of recoverability of deferred tax assets and the measurement of certain contingent non-income tax liabilities.</font></div></div>

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