2021 Q1 Form 10-Q Financial Statement

#000162828021008893 Filed on May 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $74.79M $54.18M
YoY Change 38.04% -3.88%
Cost Of Revenue $13.48M $10.18M
YoY Change 32.44% 22.27%
Gross Profit $61.30M $44.00M
YoY Change 39.34% -8.41%
Gross Profit Margin 81.97% 81.21%
Selling, General & Admin $65.32M $53.98M
YoY Change 21.0% 5.29%
% of Gross Profit 106.55% 122.69%
Research & Development $30.06M $22.69M
YoY Change 32.5% 20.89%
% of Gross Profit 49.04% 51.57%
Depreciation & Amortization $2.349M $2.098M
YoY Change 11.96% 56.92%
% of Gross Profit 3.83% 4.77%
Operating Expenses $95.38M $76.67M
YoY Change 24.41% 9.47%
Operating Profit -$34.08M -$32.67M
YoY Change 4.3% 48.49%
Interest Expense -$1.020M $1.450M
YoY Change -170.34% -1215.38%
% of Operating Profit
Other Income/Expense, Net -$1.022M $1.453M
YoY Change -170.34% -1235.16%
Pretax Income -$35.10M -$31.22M
YoY Change 12.43% 41.07%
Income Tax $559.0K $213.0K
% Of Pretax Income
Net Earnings -$35.66M -$31.43M
YoY Change 13.45% 38.83%
Net Earnings / Revenue -47.68% -58.01%
Basic Earnings Per Share -$0.36
Diluted Earnings Per Share -$0.36 -$339.1K
COMMON SHARES
Basic Shares Outstanding 100.2M shares 30.61M shares
Diluted Shares Outstanding 100.2M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $824.0M $126.3M
YoY Change 552.41% 23.46%
Cash & Equivalents $753.6M $77.53M
Short-Term Investments $70.40M $48.70M
Other Short-Term Assets $24.60M $12.80M
YoY Change 92.19% -14.09%
Inventory
Prepaid Expenses
Receivables $51.30M $38.27M
Other Receivables $0.00 $0.00
Total Short-Term Assets $899.8M $177.3M
YoY Change 407.52% -19.53%
LONG-TERM ASSETS
Property, Plant & Equipment $35.93M $36.85M
YoY Change -2.49% 74.93%
Goodwill $23.14M
YoY Change
Intangibles $5.462M
YoY Change
Long-Term Investments
YoY Change
Other Assets $19.44M $19.03M
YoY Change 2.2% 56.21%
Total Long-Term Assets $138.0M $109.7M
YoY Change 25.79% 28.86%
TOTAL ASSETS
Total Short-Term Assets $899.8M $177.3M
Total Long-Term Assets $138.0M $109.7M
Total Assets $1.038B $287.0M
YoY Change 261.63% -6.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $637.0K $823.0K
YoY Change -22.6% 31.89%
Accrued Expenses $87.00M $60.00M
YoY Change 45.0% 19.28%
Deferred Revenue $91.60M $84.33M
YoY Change 8.61% 3.04%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $179.3M $145.1M
YoY Change 23.5% 9.32%
LONG-TERM LIABILITIES
Long-Term Debt $220.1M $0.00
YoY Change
Other Long-Term Liabilities $3.274M $2.712M
YoY Change 20.72% -9.51%
Total Long-Term Liabilities $280.0M $61.79M
YoY Change 353.06% -1.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $179.3M $145.1M
Total Long-Term Liabilities $280.0M $61.79M
Total Liabilities $459.2M $206.9M
YoY Change 121.91% 5.88%
SHAREHOLDERS EQUITY
Retained Earnings -$346.4M -$248.2M
YoY Change 39.59% 54.52%
Common Stock $106.0K $31.00K
YoY Change 241.94% 3.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $578.6M $80.04M
YoY Change
Total Liabilities & Shareholders Equity $1.038B $287.0M
YoY Change 261.63% -6.04%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$35.66M -$31.43M
YoY Change 13.45% 38.83%
Depreciation, Depletion And Amortization $2.349M $2.098M
YoY Change 11.96% 56.92%
Cash From Operating Activities $20.38M $3.874M
YoY Change 426.15% -72.44%
INVESTING ACTIVITIES
Capital Expenditures $1.116M $2.609M
YoY Change -57.22% -48.87%
Acquisitions
YoY Change
Other Investing Activities -$3.730M $3.020M
YoY Change -223.51% -72.64%
Cash From Investing Activities -$4.845M $414.0K
YoY Change -1270.29% -93.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $500.0M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $504.0M $4.316M
YoY Change 11576.92% -201.94%
NET CHANGE
Cash From Operating Activities $20.38M $3.874M
Cash From Investing Activities -$4.845M $414.0K
Cash From Financing Activities $504.0M $4.316M
Net Change In Cash $519.5M $8.604M
YoY Change 5938.05% -45.39%
FREE CASH FLOW
Cash From Operating Activities $20.38M $3.874M
Capital Expenditures $1.116M $2.609M
Free Cash Flow $19.27M $1.265M
YoY Change 1423.08% -85.87%

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CY2021Q1 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
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CY2020Q4 us-gaap Goodwill
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CY2021Q1 us-gaap Goodwill
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CY2021Q1 us-gaap Finite Lived Intangible Assets Gross
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CY2021Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2021Q1 us-gaap Finite Lived Intangible Assets Net
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CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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1263000 USD
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5462000 USD
CY2021Q1 us-gaap Interest Expense Debt Excluding Amortization
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790000 USD
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1389000 USD
CY2021Q1 us-gaap Amortization Of Financing Costs
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CY2021Q1 us-gaap Interest Expense Debt
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CY2021Q1 vrns Derivative Percentage Premium Over The Last Reported Sale Price Of Company Common Stock
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1
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CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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7.008
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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42327000 USD
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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41191000 USD
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
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732000 USD
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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954759 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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7.008
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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7.043
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
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21379000 USD
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
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12883000 USD
CY2021Q1 us-gaap Number Of Reportable Segments
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1 segment
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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74785000 USD
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54176000 USD
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CY2020Q4 us-gaap Noncurrent Assets
NoncurrentAssets
85087000 USD

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