2019 Q3 Form 10-Q Financial Statement

#000162747519000025 Filed on August 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q2
Revenue $78.02M $73.78M $62.68M
YoY Change 21.68% 17.71% 28.44%
Cost Of Revenue $22.49M $21.59M $20.46M
YoY Change 9.71% 5.53% 28.66%
Gross Profit $55.52M $52.20M $42.22M
YoY Change 27.32% 23.61% 28.34%
Gross Profit Margin 71.17% 70.74% 67.36%
Selling, General & Admin $41.79M $38.54M $27.63M
YoY Change 36.24% 39.48% 37.48%
% of Gross Profit 75.27% 73.84% 65.44%
Research & Development $16.21M $15.70M $12.81M
YoY Change 12.74% 22.51% 19.74%
% of Gross Profit 29.19% 30.07% 30.34%
Depreciation & Amortization $700.0K $600.0K $500.0K
YoY Change 16.67% 20.0% -76.19%
% of Gross Profit 1.26% 1.15% 1.18%
Operating Expenses $59.21M $55.09M $41.90M
YoY Change 26.14% 31.5% 36.02%
Operating Profit -$3.692M -$2.899M $329.0K
YoY Change 10.74% -981.16% -84.33%
Interest Expense $317.0K $357.0K $556.0K
YoY Change -46.18% -35.79% -378.0%
% of Operating Profit 169.0%
Other Income/Expense, Net $462.0K $832.0K -$173.0K
YoY Change -113.5% -580.92%
Pretax Income -$3.547M -$2.424M -$400.0K
YoY Change -51.72% 506.0% -121.05%
Income Tax $0.00 $27.00K $12.00K
% Of Pretax Income
Net Earnings -$3.547M -$2.451M -$412.0K
YoY Change -51.72% 494.9% -121.68%
Net Earnings / Revenue -4.55% -3.32% -0.66%
Basic Earnings Per Share
Diluted Earnings Per Share -$31.47K -$23.00K -$3.842K
COMMON SHARES
Basic Shares Outstanding 110.8M shares 107.2M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $131.6M $129.5M $31.30M
YoY Change 385.61% 313.74%
Cash & Equivalents $188.5M $188.0M $31.33M
Short-Term Investments $60.40M $62.40M
Other Short-Term Assets $122.2M $124.9M $86.70M
YoY Change 8.33% 44.06%
Inventory
Prepaid Expenses
Receivables $32.03M $51.45M $36.80M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $285.8M $305.8M $154.9M
YoY Change 57.51% 97.44%
LONG-TERM ASSETS
Property, Plant & Equipment $20.67M $19.21M $6.000M
YoY Change 230.16% 220.12%
Goodwill $118.2M $118.2M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $904.0K $976.0K $3.800M
YoY Change -85.51% -74.32%
Total Long-Term Assets $143.8M $143.1M $135.4M
YoY Change 4.66% 5.67%
TOTAL ASSETS
Total Short-Term Assets $285.8M $305.8M $154.9M
Total Long-Term Assets $143.8M $143.1M $135.4M
Total Assets $429.6M $448.9M $290.3M
YoY Change 34.73% 54.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.934M $1.521M $1.900M
YoY Change -46.37% -19.95%
Accrued Expenses $21.90M $19.10M $33.90M
YoY Change 29.59% -43.66%
Deferred Revenue $1.587M $1.130M
YoY Change 121.34%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $7.579M $32.57M $12.80M
YoY Change -74.39% 154.48%
Total Short-Term Liabilities $148.6M $172.7M $130.8M
YoY Change -7.23% 32.0%
LONG-TERM LIABILITIES
Long-Term Debt $12.58M $14.47M $21.10M
YoY Change -34.81% -31.43%
Other Long-Term Liabilities $5.816M $4.148M $2.500M
YoY Change -4.81% 65.92%
Total Long-Term Liabilities $18.40M $18.62M $23.60M
YoY Change -27.6% -21.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $148.6M $172.7M $130.8M
Total Long-Term Liabilities $18.40M $18.62M $23.60M
Total Liabilities $167.0M $191.3M $154.4M
YoY Change -10.02% 23.88%
SHAREHOLDERS EQUITY
Retained Earnings -$153.1M -$150.3M
YoY Change 10.82%
Common Stock $415.7M $407.9M
YoY Change 296.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $249.2M $245.0M -$30.61M
YoY Change
Total Liabilities & Shareholders Equity $429.6M $448.9M $290.3M
YoY Change 34.73% 54.64%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$3.547M -$2.451M -$412.0K
YoY Change -51.72% 494.9% -121.68%
Depreciation, Depletion And Amortization $700.0K $600.0K $500.0K
YoY Change 16.67% 20.0% -76.19%
Cash From Operating Activities $29.83M $1.570M $5.400M
YoY Change -260.46% -70.93% -40.53%
INVESTING ACTIVITIES
Capital Expenditures -$4.660M -$4.810M -$2.150M
YoY Change 352.43% 123.72% 165.43%
Acquisitions
YoY Change
Other Investing Activities $2.320M $9.940M $0.00
YoY Change 23100.0%
Cash From Investing Activities -$2.350M $5.150M -$2.150M
YoY Change 130.39% -339.53% 165.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -43.37M 9.480M 1.620M
YoY Change -382.91% 485.19% -220.9%
NET CHANGE
Cash From Operating Activities 29.83M 1.570M 5.400M
Cash From Investing Activities -2.350M 5.150M -2.150M
Cash From Financing Activities -43.37M 9.480M 1.620M
Net Change In Cash -15.89M 16.20M 4.870M
YoY Change 271.26% 232.65% -29.73%
FREE CASH FLOW
Cash From Operating Activities $29.83M $1.570M $5.400M
Capital Expenditures -$4.660M -$4.810M -$2.150M
Free Cash Flow $34.49M $6.380M $7.550M
YoY Change -296.41% -15.5% -23.66%

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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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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:0px;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-bottom:8px;padding-top:0px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods presented. Such estimates include, but are not limited to: the useful lives of assets; assessment of the recoverability of long-lived assets; goodwill impairment; allowance for doubtful accounts; liabilities relating to transaction losses; the valuation of warrants; stock-based compensation; and accounting for income taxes. Management bases its estimates on historical experience and on various other assumptions that management believes to be reasonable under the circumstances. The Company evaluates its estimates, assumptions, and judgments on an ongoing basis using historical experience and other factors and revises them when facts and circumstances dictate. Actual results could materially differ from these estimates.</font></div></div>

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