2019 Q1 Form 10-Q Financial Statement

#000163622219000080 Filed on May 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $48.05M $37.39M
YoY Change 28.52%
Cost Of Revenue $9.730M $7.397M
YoY Change 31.54%
Gross Profit $38.32M $29.99M
YoY Change 27.78%
Gross Profit Margin 79.75% 80.22%
Selling, General & Admin $12.54M $10.83M
YoY Change 15.78%
% of Gross Profit 32.73% 36.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.276M $950.0K
YoY Change 34.32%
% of Gross Profit 3.33% 3.17%
Operating Expenses $36.28M $27.82M
YoY Change 30.4%
Operating Profit $11.77M $9.566M
YoY Change 23.05%
Interest Expense -$4.410M -$1.736M
YoY Change 154.03%
% of Operating Profit -37.46% -18.15%
Other Income/Expense, Net
YoY Change
Pretax Income $7.361M $7.830M
YoY Change -5.99%
Income Tax $800.0K $1.662M
% Of Pretax Income 10.87% 21.23%
Net Earnings $6.606M $6.168M
YoY Change 7.1%
Net Earnings / Revenue 13.75% 16.5%
Basic Earnings Per Share $0.23 $0.21
Diluted Earnings Per Share $0.22 $0.21
COMMON SHARES
Basic Shares Outstanding 29.34M shares 29.12M shares
Diluted Shares Outstanding 29.64M shares 29.50M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.60M $3.800M
YoY Change 257.89%
Cash & Equivalents $13.63M $3.848M
Short-Term Investments
Other Short-Term Assets $15.80M $7.100M
YoY Change 122.54%
Inventory
Prepaid Expenses
Receivables $4.918M $3.860M
Other Receivables $0.00 $0.00
Total Short-Term Assets $34.42M $14.84M
YoY Change 131.84%
LONG-TERM ASSETS
Property, Plant & Equipment $8.299M $5.768M
YoY Change 43.88%
Goodwill $49.66M $1.331M
YoY Change 3630.65%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.48M $4.249M
YoY Change 193.69%
Total Long-Term Assets $117.0M $105.8M
YoY Change 10.58%
TOTAL ASSETS
Total Short-Term Assets $34.42M $14.84M
Total Long-Term Assets $117.0M $105.8M
Total Assets $151.5M $120.7M
YoY Change 25.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.190M $2.214M
YoY Change -1.08%
Accrued Expenses $1.800M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.200M $5.000M
YoY Change -36.0%
Total Short-Term Liabilities $29.02M $20.24M
YoY Change 43.37%
LONG-TERM LIABILITIES
Long-Term Debt $308.9M $217.8M
YoY Change 41.85%
Other Long-Term Liabilities $8.138M $2.101M
YoY Change 287.34%
Total Long-Term Liabilities $317.1M $219.9M
YoY Change 44.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.02M $20.24M
Total Long-Term Liabilities $317.1M $219.9M
Total Liabilities $371.9M $267.2M
YoY Change 39.2%
SHAREHOLDERS EQUITY
Retained Earnings -$221.0M -$146.8M
YoY Change 50.48%
Common Stock $294.0K $292.0K
YoY Change 0.68%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$220.5M -$146.5M
YoY Change
Total Liabilities & Shareholders Equity $151.5M $120.7M
YoY Change 25.5%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $6.606M $6.168M
YoY Change 7.1%
Depreciation, Depletion And Amortization $1.276M $950.0K
YoY Change 34.32%
Cash From Operating Activities $9.598M $9.456M
YoY Change 1.5%
INVESTING ACTIVITIES
Capital Expenditures $641.0K $426.0K
YoY Change 50.47%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$1.900M
YoY Change -100.0%
Cash From Investing Activities -$641.0K -$2.326M
YoY Change -72.44%
FINANCING ACTIVITIES
Cash Dividend Paid $2.571M $93.10M
YoY Change -97.24%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00 $139.5M
YoY Change -100.0%
Cash From Financing Activities -$3.246M -$5.947M
YoY Change -45.42%
NET CHANGE
Cash From Operating Activities $9.598M $9.456M
Cash From Investing Activities -$641.0K -$2.326M
Cash From Financing Activities -$3.246M -$5.947M
Net Change In Cash $5.711M $1.183M
YoY Change 382.76%
FREE CASH FLOW
Cash From Operating Activities $9.598M $9.456M
Capital Expenditures $641.0K $426.0K
Free Cash Flow $8.957M $9.030M
YoY Change -0.81%

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CY2019Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P7Y4M17D
CY2018Q1 us-gaap Revenues
Revenues
37389000 USD
CY2019Q1 us-gaap Revenues
Revenues
48053000 USD
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
10833000 USD
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
12542000 USD
CY2018Q4 us-gaap Senior Notes
SeniorNotes
320000000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
514000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
838000 USD
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
3500000 USD
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
1000 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
236000 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
181000 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.04
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.43
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
13848000 USD
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
12526000 USD
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.92
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
40.98
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.00
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P4Y9M4D
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P4Y8M12D
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
200000 USD
CY2019Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
54000 shares
CY2018Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
165000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
158000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
-58418000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
-146510000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
-224830000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
-220478000 USD
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
125000 USD
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29503000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29637000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29116000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29337000 shares
CY2018Q4 wing Advertising Fund Assets Restricted
AdvertisingFundAssetsRestricted
5131000 USD
CY2019Q1 wing Advertising Fund Assets Restricted
AdvertisingFundAssetsRestricted
9407000 USD
CY2018Q4 wing Advertising Fund Liabilities Restricted
AdvertisingFundLiabilitiesRestricted
5131000 USD
CY2019Q1 wing Advertising Fund Liabilities Restricted
AdvertisingFundLiabilitiesRestricted
9407000 USD
CY2018Q4 wing Contractwith Customer Portionof Liabilitynotyetbeing Amortized
ContractwithCustomerPortionofLiabilitynotyetbeingAmortized
9200000 USD
CY2019Q1 wing Contractwith Customer Portionof Liabilitynotyetbeing Amortized
ContractwithCustomerPortionofLiabilitynotyetbeingAmortized
8000000 USD
CY2018Q1 wing Franchise Advertising Fund Expenses
FranchiseAdvertisingFundExpenses
8643000 USD
CY2019Q1 wing Franchise Advertising Fund Expenses
FranchiseAdvertisingFundExpenses
12734000 USD
CY2018Q1 wing Franchise Advertising Fund Income
FranchiseAdvertisingFundIncome
8605000 USD
CY2019Q1 wing Franchise Advertising Fund Income
FranchiseAdvertisingFundIncome
13210000 USD
CY2018Q1 wing Increase Decreasein Advertising Fund Assetsand Liabilitiesnet
IncreaseDecreaseinAdvertisingFundAssetsandLiabilitiesnet
1398000 USD
CY2019Q1 wing Increase Decreasein Advertising Fund Assetsand Liabilitiesnet
IncreaseDecreaseinAdvertisingFundAssetsandLiabilitiesnet
4217000 USD
CY2018 wing Percentageof Revenue Collectedfor Advertising Fund
PercentageofRevenueCollectedforAdvertisingFund
0.03
CY2019Q1 wing Percentageof Revenue Collectedfor Advertising Fund
PercentageofRevenueCollectedforAdvertisingFund
0.04
CY2018Q4 wing Restrictedcashincludedin Advertisingfundassetsrestricted
RestrictedcashincludedinAdvertisingfundassetsrestricted
3985000 USD
CY2019Q1 wing Restrictedcashincludedin Advertisingfundassetsrestricted
RestrictedcashincludedinAdvertisingfundassetsrestricted
8202000 USD
CY2019Q1 us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company uses a 52/53-week fiscal year that ends on the last Saturday of the calendar year. Fiscal years </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;"> have 52 weeks</font></div></div>

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