2023 Q2 Form 10-Q Financial Statement

#000162828023014872 Filed on May 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $115.4M $107.3M $96.26M
YoY Change 3.56% 11.5% 28.72%
Cost Of Revenue $17.39M $17.64M $17.81M
YoY Change -2.32% -0.97% 32.09%
Gross Profit $98.03M $89.70M $78.45M
YoY Change 4.68% 14.33% 27.97%
Gross Profit Margin 84.94% 83.57% 81.5%
Selling, General & Admin $91.60M $88.08M $82.97M
YoY Change 6.02% 6.17% 27.02%
% of Gross Profit 93.44% 98.2% 105.76%
Research & Development $46.14M $44.73M $43.57M
YoY Change 2.97% 2.67% 44.93%
% of Gross Profit 47.07% 49.87% 55.54%
Depreciation & Amortization $2.916M $2.891M $2.679M
YoY Change 16.73% 7.91% 14.05%
% of Gross Profit 2.97% 3.22% 3.41%
Operating Expenses $137.7M $132.8M $126.5M
YoY Change 4.98% 4.96% 32.67%
Operating Profit -$39.72M -$43.12M -$48.09M
YoY Change 5.72% -10.33% 41.12%
Interest Expense $8.465M $7.773M $736.0K
YoY Change 184.44% 956.11% -172.16%
% of Operating Profit
Other Income/Expense, Net $8.465M $7.773M $736.0K
YoY Change 184.44% 956.11% -172.02%
Pretax Income -$31.25M -$35.34M -$47.35M
YoY Change -9.66% -25.36% 34.91%
Income Tax $7.446M $2.961M $1.414M
% Of Pretax Income
Net Earnings -$38.70M -$38.30M -$48.76M
YoY Change 6.63% -21.45% 36.76%
Net Earnings / Revenue -33.53% -35.69% -50.66%
Basic Earnings Per Share -$0.35 -$0.35 -$0.45
Diluted Earnings Per Share -$0.35 -$0.35 -$0.45
COMMON SHARES
Basic Shares Outstanding 109.7M shares 107.6M shares 108.2M shares
Diluted Shares Outstanding 109.7M shares 108.4M shares 108.2M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $753.8M $756.3M $804.1M
YoY Change -4.44% -5.95% -2.42%
Cash & Equivalents $399.2M $248.6M $775.7M
Short-Term Investments $354.6M $507.7M $28.37M
Other Short-Term Assets $47.90M $44.38M $35.81M
YoY Change 41.3% 23.93% 45.58%
Inventory
Prepaid Expenses
Receivables $103.7M $75.39M $63.60M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $905.3M $876.0M $903.5M
YoY Change -0.14% -3.04% 0.41%
LONG-TERM ASSETS
Property, Plant & Equipment $90.52M $37.64M $39.50M
YoY Change 128.38% -4.69% 9.92%
Goodwill $23.14M $23.14M $23.14M
YoY Change 0.0% 0.0% 0.0%
Intangibles $2.025M $2.406M $3.931M
YoY Change -42.96% -38.79% -28.03%
Long-Term Investments
YoY Change
Other Assets $15.89M $16.40M $20.14M
YoY Change -15.77% -18.58% 3.59%
Total Long-Term Assets $131.6M $135.3M $148.1M
YoY Change -9.7% -8.63% 7.31%
TOTAL ASSETS
Total Short-Term Assets $905.3M $876.0M $903.5M
Total Long-Term Assets $131.6M $135.3M $148.1M
Total Assets $1.037B $1.011B $1.052B
YoY Change -1.46% -3.83% 1.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $680.0K $708.0K $4.771M
YoY Change -85.71% -85.16% 648.98%
Accrued Expenses $123.3M $107.3M $92.56M
YoY Change 16.6% 15.97% 6.39%
Deferred Revenue $130.7M $109.3M $98.76M
YoY Change 32.89% 10.67% 7.82%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $254.8M $217.3M $196.1M
YoY Change 21.94% 10.84% 9.39%
LONG-TERM LIABILITIES
Long-Term Debt $249.7M $249.3M $247.8M
YoY Change 0.6% 0.6% 12.61%
Other Long-Term Liabilities $61.72M $5.985M $3.680M
YoY Change 1280.1% 62.64% 12.4%
Total Long-Term Liabilities $311.4M $312.7M $319.7M
YoY Change -1.74% -2.19% 14.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $254.8M $217.3M $196.1M
Total Long-Term Liabilities $311.4M $312.7M $319.7M
Total Liabilities $566.2M $530.0M $515.8M
YoY Change 7.67% 2.76% 12.32%
SHAREHOLDERS EQUITY
Retained Earnings -$620.5M -$581.8M -$467.7M
YoY Change 23.11% 24.39% 35.02%
Common Stock $110.0K $110.0K $110.0K
YoY Change 0.0% 0.0% 3.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $470.7M $481.3M $535.8M
YoY Change
Total Liabilities & Shareholders Equity $1.037B $1.011B $1.052B
YoY Change -1.46% -3.83% 1.33%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$38.70M -$38.30M -$48.76M
YoY Change 6.63% -21.45% 36.76%
Depreciation, Depletion And Amortization $2.916M $2.891M $2.679M
YoY Change 16.73% 7.91% 14.05%
Cash From Operating Activities $5.806M $36.83M $24.54M
YoY Change -140.13% 50.07% 20.4%
INVESTING ACTIVITIES
Capital Expenditures $1.493M $1.110M $3.495M
YoY Change -156.57% -68.24% 213.17%
Acquisitions
YoY Change
Other Investing Activities $153.9M -$141.4M -$28.38M
YoY Change -2929.36% 398.34% 660.72%
Cash From Investing Activities $152.4M -$142.5M -$31.87M
YoY Change -1986.67% 347.18% 557.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.619M -$13.53M -$22.71M
YoY Change 761800.0% -40.43% -104.51%
NET CHANGE
Cash From Operating Activities 5.806M $36.83M $24.54M
Cash From Investing Activities 152.4M -$142.5M -$31.87M
Cash From Financing Activities -7.619M -$13.53M -$22.71M
Net Change In Cash 150.6M -$119.2M -$30.04M
YoY Change -767.99% 296.83% -105.78%
FREE CASH FLOW
Cash From Operating Activities $5.806M $36.83M $24.54M
Capital Expenditures $1.493M $1.110M $3.495M
Free Cash Flow $4.313M $35.72M $21.05M
YoY Change -136.46% 69.72% 9.24%

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OperatingLeaseWeightedAverageDiscountRatePercent
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CY2023Q1 us-gaap Operating Lease Expense
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CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
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CY2023Q1 us-gaap Sublease Income
SubleaseIncome
463000 usd
CY2022Q1 us-gaap Sublease Income
SubleaseIncome
100000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
6110000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3704000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2406000 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
381000 usd
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
381000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
1143000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
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CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
11347000 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
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CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
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CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
11971000 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
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CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
11874000 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
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CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
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CY2023Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
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CY2023Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
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CY2023Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
645311 shares
CY2023Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
7.610
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2022Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
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us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
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us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
58964000 usd
CY2023Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
41036000 usd
CY2023Q1 us-gaap Number Of Reportable Segments
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CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
107335000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
96261000 usd
CY2023Q1 us-gaap Noncurrent Assets
NoncurrentAssets
93335000 usd
CY2022Q4 us-gaap Noncurrent Assets
NoncurrentAssets
95815000 usd

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