2014 Q4 Form 10-Q Financial Statement

#000151173715000009 Filed on February 05, 2015

View on sec.gov

Income Statement

Concept 2014 Q4 2013 Q4
Revenue $153.1M $138.4M
YoY Change 10.62% 84.83%
Cost Of Revenue $84.12M $77.47M
YoY Change 8.58% 74.41%
Gross Profit $69.02M $60.97M
YoY Change 13.2% 100.0%
Gross Profit Margin 45.07% 44.04%
Selling, General & Admin $5.362M $5.774M
YoY Change -7.14% 8.66%
% of Gross Profit 7.77% 9.47%
Research & Development $12.94M $8.077M
YoY Change 60.16% 59.88%
% of Gross Profit 18.74% 13.25%
Depreciation & Amortization $1.000M $600.0K
YoY Change 66.67% 20.0%
% of Gross Profit 1.45% 0.98%
Operating Expenses $18.30M $13.85M
YoY Change 32.11% 33.62%
Operating Profit $50.72M $47.12M
YoY Change 7.65% 134.21%
Interest Expense $0.00 -$200.0K
YoY Change -100.0% 0.0%
% of Operating Profit 0.0% -0.42%
Other Income/Expense, Net $17.00K -$249.0K
YoY Change -106.83%
Pretax Income $50.74M $46.87M
YoY Change 8.25% 135.27%
Income Tax $4.475M $5.079M
% Of Pretax Income 8.82% 10.84%
Net Earnings $46.27M $41.79M
YoY Change 10.7% 134.75%
Net Earnings / Revenue 30.21% 30.19%
Basic Earnings Per Share $0.52 $0.48
Diluted Earnings Per Share $0.52 $0.47
COMMON SHARES
Basic Shares Outstanding 88.20M shares 87.66M shares
Diluted Shares Outstanding 89.74M shares 89.65M shares

Balance Sheet

Concept 2014 Q4 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $388.6M $305.6M
YoY Change 27.16% 106.07%
Cash & Equivalents $388.6M $305.6M
Short-Term Investments
Other Short-Term Assets $5.543M $2.879M
YoY Change 92.53% 3.9%
Inventory $37.51M $32.32M
Prepaid Expenses
Receivables $72.57M $36.81M
Other Receivables $1.200M $1.600M
Total Short-Term Assets $536.6M $382.6M
YoY Change 40.23% 71.99%
LONG-TERM ASSETS
Property, Plant & Equipment $13.76M $6.793M
YoY Change 102.55% 19.93%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.765M $3.105M
YoY Change -43.16% 72.12%
Total Long-Term Assets $16.78M $9.902M
YoY Change 69.45% 28.6%
TOTAL ASSETS
Total Short-Term Assets $536.6M $382.6M
Total Long-Term Assets $16.78M $9.902M
Total Assets $553.4M $392.5M
YoY Change 40.97% 70.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $54.94M $49.69M
YoY Change 10.57% 79.08%
Accrued Expenses $10.72M $12.95M
YoY Change -17.26% -13.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $5.642M
YoY Change -100.0% 12.64%
Long-Term Debt Due $5.600M
YoY Change 12.0%
Total Short-Term Liabilities $70.29M $73.11M
YoY Change -3.86% 32.33%
LONG-TERM LIABILITIES
Long-Term Debt $72.25M $68.01M
YoY Change 6.25% -7.6%
Other Long-Term Liabilities $1.000M $3.000M
YoY Change -66.67%
Total Long-Term Liabilities $72.25M $68.01M
YoY Change 6.25% -7.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $70.29M $73.11M
Total Long-Term Liabilities $72.25M $68.01M
Total Liabilities $161.0M $157.5M
YoY Change 2.23% 15.33%
SHAREHOLDERS EQUITY
Retained Earnings $382.2M $218.6M
YoY Change 74.86% 152.01%
Common Stock $88.00K $88.00K
YoY Change 0.0% 1.15%
Preferred Stock
YoY Change
Treasury Stock (at cost) $138.9M $123.9M
YoY Change 12.11% 0.0%
Treasury Stock Shares 44.77M shares 44.24M shares
Shareholders Equity $392.4M $235.0M
YoY Change
Total Liabilities & Shareholders Equity $553.4M $392.5M
YoY Change 40.97% 70.54%

Cashflow Statement

Concept 2014 Q4 2013 Q4
OPERATING ACTIVITIES
Net Income $46.27M $41.79M
YoY Change 10.7% 134.75%
Depreciation, Depletion And Amortization $1.000M $600.0K
YoY Change 66.67% 20.0%
Cash From Operating Activities $32.70M $27.60M
YoY Change 18.48% 2.99%
INVESTING ACTIVITIES
Capital Expenditures -$4.900M -$1.500M
YoY Change 226.67% 25.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$4.900M -$1.500M
YoY Change 226.67% 25.0%
FINANCING ACTIVITIES
Cash Dividend Paid $15.00M
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -30.10M -300.0K
YoY Change 9933.33% -96.97%
NET CHANGE
Cash From Operating Activities 32.70M 27.60M
Cash From Investing Activities -4.900M -1.500M
Cash From Financing Activities -30.10M -300.0K
Net Change In Cash -2.300M 25.80M
YoY Change -108.91% 64.33%
FREE CASH FLOW
Cash From Operating Activities $32.70M $27.60M
Capital Expenditures -$4.900M -$1.500M
Free Cash Flow $37.60M $29.10M
YoY Change 29.21% 3.93%

Facts In Submission

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NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
79504000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
79618000 USD
CY2013Q4 us-gaap Net Income Loss
NetIncomeLoss
41792000 USD
us-gaap Net Income Loss
NetIncomeLoss
82320000 USD
CY2014Q4 us-gaap Net Income Loss
NetIncomeLoss
46265000 USD
us-gaap Net Income Loss
NetIncomeLoss
84008000 USD
CY2014Q2 us-gaap Nontrade Receivables Current
NontradeReceivablesCurrent
292000 USD
CY2014Q4 us-gaap Nontrade Receivables Current
NontradeReceivablesCurrent
1255000 USD
us-gaap Number Of Operating Segments
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1 segment
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2013Q4 us-gaap Operating Expenses
OperatingExpenses
13851000 USD
us-gaap Operating Expenses
OperatingExpenses
25978000 USD
CY2014Q4 us-gaap Operating Expenses
OperatingExpenses
18298000 USD
us-gaap Operating Expenses
OperatingExpenses
35715000 USD
CY2013Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
47120000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
93016000 USD
CY2014Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
50723000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
94357000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
7422000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
1690000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
53000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
506000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1903000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
3270000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
0 USD
CY2014Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3548000 USD
CY2014Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
5956000 USD
CY2014Q2 us-gaap Other Assets Current
OtherAssetsCurrent
4932000 USD
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OtherAssetsCurrent
5543000 USD
CY2014Q2 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
1113000 USD
CY2014Q4 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
1076000 USD
CY2014Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1912000 USD
CY2014Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1765000 USD
CY2014Q4 us-gaap Other Commitment
OtherCommitment
487000 USD
CY2014Q2 us-gaap Other Liabilities Current
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9830000 USD
CY2014Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
10717000 USD
CY2013Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-249000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2014Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
17000 USD
CY2014Q4 us-gaap Payments Of Dividends
PaymentsOfDividends
15000000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
0 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
15020000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1962000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8391000 USD
CY2014Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2014Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2014Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
13267000 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
32517000 USD
CY2014Q2 us-gaap Prepaid Taxes
PrepaidTaxes
3256000 USD
CY2014Q4 us-gaap Prepaid Taxes
PrepaidTaxes
4512000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1002000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
497000 USD
CY2014Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
12369000 USD
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
20670000 USD
CY2014Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7260000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
13759000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-303000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 USD
CY2013Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8077000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
14394000 USD
CY2014Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
12936000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
24657000 USD
us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
RestrictedStockValueSharesIssuedNetOfTaxWithholdings
908000 USD
us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
RestrictedStockValueSharesIssuedNetOfTaxWithholdings
985000 USD
CY2014Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
313168000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
382156000 USD
CY2014Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
2850000 USD
CY2014Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
2750000 USD
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
9834899 shares
CY2013Q4 us-gaap Sales Revenue Net
SalesRevenueNet
138439000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
268126000 USD
CY2014Q4 us-gaap Sales Revenue Net
SalesRevenueNet
153137000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
303224000 USD
CY2013Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5774000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
11584000 USD
CY2014Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5362000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
11058000 USD
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
67740000 USD
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2657142 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2533666 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.96
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.90
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
62581000 USD
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
2254737 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
1.88
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
67491000 USD
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
2519861 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
2.86
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.04
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y6M15D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P4Y1M21D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P4Y6M7D
CY2013Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
2913000 USD
CY2013Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
3575000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
2036000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
1818000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
2698000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1718000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
122973 shares
CY2014Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
75000000 USD
CY2014Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
60000000 USD
CY2014Q4 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
529779 shares
CY2014Q4 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
15000000 USD
CY2014Q2 us-gaap Stockholders Equity
StockholdersEquity
335264000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
392354000 USD
CY2014Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
2499000 USD
CY2014Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
972000 USD
CY2014Q4 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
28.29
CY2014Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
44238960 shares
CY2014Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
44768739 shares
CY2014Q2 us-gaap Treasury Stock Value
TreasuryStockValue
123864000 USD
CY2014Q4 us-gaap Treasury Stock Value
TreasuryStockValue
138864000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
17000000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
1200000 USD
CY2013Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
89653000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
89593000 shares
CY2014Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
89737000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
89838000 shares
CY2013Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
87661000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
87536000 shares
CY2014Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
88196000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
88218000 shares

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