2015 Q2 Form 10-Q Financial Statement

#000108404815000009 Filed on August 10, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $176.0M $144.7M
YoY Change 21.62% 2.39%
Cost Of Revenue $29.50M $25.60M
YoY Change 15.23% 12.78%
Gross Profit $146.5M $119.2M
YoY Change 22.95% 0.42%
Gross Profit Margin 83.25% 82.34%
Selling, General & Admin $87.51M $66.75M
YoY Change 31.1% 11.83%
% of Gross Profit 59.72% 56.0%
Research & Development $8.969M $7.600M
YoY Change 18.01% 18.97%
% of Gross Profit 6.12% 6.38%
Depreciation & Amortization $21.90M $15.40M
YoY Change 42.21% 63.83%
% of Gross Profit 14.94% 12.92%
Operating Expenses $96.48M $74.35M
YoY Change 29.77% 12.52%
Operating Profit $50.07M $44.84M
YoY Change 11.66% -14.77%
Interest Expense -$10.90M -$5.700M
YoY Change 91.23% 16.33%
% of Operating Profit -21.77% -12.71%
Other Income/Expense, Net -$88.00K $185.0K
YoY Change -147.57% 340.48%
Pretax Income $39.10M $39.34M
YoY Change -0.62% -17.68%
Income Tax $181.0K $4.292M
% Of Pretax Income 0.46% 10.91%
Net Earnings $38.92M $35.05M
YoY Change 11.03% -2.75%
Net Earnings / Revenue 22.11% 24.21%
Basic Earnings Per Share $0.81 $0.73
Diluted Earnings Per Share $0.80 $0.73
COMMON SHARES
Basic Shares Outstanding 47.54M shares 46.75M shares
Diluted Shares Outstanding 47.85M shares 47.07M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $567.3M $708.5M
YoY Change -19.93% 121.39%
Cash & Equivalents $415.9M $591.9M
Short-Term Investments $151.4M $116.6M
Other Short-Term Assets $31.60M $37.00M
YoY Change -14.59% 77.88%
Inventory
Prepaid Expenses
Receivables $87.32M $70.83M
Other Receivables $0.00 $0.00
Total Short-Term Assets $632.1M $761.5M
YoY Change -16.99% 87.09%
LONG-TERM ASSETS
Property, Plant & Equipment $36.78M $40.66M
YoY Change -9.55% 42.91%
Goodwill $674.1M $514.5M
YoY Change 31.01% 18.57%
Intangibles
YoY Change
Long-Term Investments $54.20M $54.90M
YoY Change -1.28% 89.31%
Other Assets $13.51M $13.38M
YoY Change 0.99% 327.14%
Total Long-Term Assets $1.095B $878.3M
YoY Change 24.63% 26.04%
TOTAL ASSETS
Total Short-Term Assets $632.1M $761.5M
Total Long-Term Assets $1.095B $878.3M
Total Assets $1.727B $1.640B
YoY Change 5.3% 48.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $87.10M $65.60M
YoY Change 32.77% -2.24%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $164.3M $130.2M
YoY Change 26.2% 14.64%
LONG-TERM LIABILITIES
Long-Term Debt $597.2M $589.6M
YoY Change 1.29% 140.24%
Other Long-Term Liabilities $19.24M $5.915M
YoY Change 225.31% 412.12%
Total Long-Term Liabilities $616.5M $595.5M
YoY Change 3.52% 141.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $164.3M $130.2M
Total Long-Term Liabilities $616.5M $595.5M
Total Liabilities $877.6M $846.2M
YoY Change 3.71% 84.17%
SHAREHOLDERS EQUITY
Retained Earnings $584.8M $520.4M
YoY Change 12.39% 12.9%
Common Stock $476.0K $468.0K
YoY Change 1.71% 2.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 0.000 shares 0.000 shares
Shareholders Equity $849.2M $793.6M
YoY Change
Total Liabilities & Shareholders Equity $1.727B $1.640B
YoY Change 5.3% 48.55%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $38.92M $35.05M
YoY Change 11.03% -2.75%
Depreciation, Depletion And Amortization $21.90M $15.40M
YoY Change 42.21% 63.83%
Cash From Operating Activities $51.90M $54.50M
YoY Change -4.77% -21.01%
INVESTING ACTIVITIES
Capital Expenditures $4.500M $4.600M
YoY Change -2.17% -8.0%
Acquisitions
YoY Change
Other Investing Activities -$12.70M -$35.10M
YoY Change -63.82% -3.31%
Cash From Investing Activities -$17.20M -$39.90M
YoY Change -56.89% -3.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -12.90M 368.6M
YoY Change -103.5% -6801.82%
NET CHANGE
Cash From Operating Activities 51.90M 54.50M
Cash From Investing Activities -17.20M -39.90M
Cash From Financing Activities -12.90M 368.6M
Net Change In Cash 21.80M 383.2M
YoY Change -94.31% 1618.39%
FREE CASH FLOW
Cash From Operating Activities $51.90M $54.50M
Capital Expenditures $4.500M $4.600M
Free Cash Flow $47.40M $49.90M
YoY Change -5.01% -22.03%

Facts In Submission

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us-gaap Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
62000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4631000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6955000 USD
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2015Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
22602000 USD
CY2015Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
27140000 USD
CY2014Q4 us-gaap Prepaid Taxes
PrepaidTaxes
5800000 USD
CY2015Q2 us-gaap Prepaid Taxes
PrepaidTaxes
14500000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
402500000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-217000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-180000 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
51929000 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
56095000 USD
us-gaap Proceeds From Sale And Maturity Of Other Investments
ProceedsFromSaleAndMaturityOfOtherInvestments
14520000 USD
us-gaap Proceeds From Sale And Maturity Of Other Investments
ProceedsFromSaleAndMaturityOfOtherInvestments
65000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
608000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
0 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
5247000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3009000 USD
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
123000 USD
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
126000 USD
CY2014Q2 us-gaap Profit Loss
ProfitLoss
35049000 USD
us-gaap Profit Loss
ProfitLoss
63814000 USD
CY2015Q2 us-gaap Profit Loss
ProfitLoss
38916000 USD
us-gaap Profit Loss
ProfitLoss
60794000 USD
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
4631000 USD
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
6955000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
38217000 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
36778000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1810000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
3544000 USD
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7600000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
14814000 USD
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8969000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
17415000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
553584000 USD
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
584831000 USD
CY2014Q2 us-gaap Revenues
Revenues
144744000 USD
us-gaap Revenues
Revenues
278868000 USD
CY2015Q2 us-gaap Revenues
Revenues
176038000 USD
us-gaap Revenues
Revenues
337291000 USD
CY2014Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
35329000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
68288000 USD
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
40421000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
78011000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
4347000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
6173000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0178
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.0000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.2812
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0161
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.0000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.2812
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
544675 shares
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
24.08
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
12800000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
5600000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
62000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
15.22
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
26032294 USD
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
725649 shares
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
659811 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
24.29
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
28.49
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
25752888 USD
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
633034 shares
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
27.26
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
23.53
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0.00
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
67.35
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P0D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y2M1D
CY2015Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
23891847 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y6M22D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y4M13D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P4Y2M5D
CY2015Q2 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
23711 shares
CY2014Q4 us-gaap Short Term Investments
ShortTermInvestments
96206000 USD
CY2015Q2 us-gaap Short Term Investments
ShortTermInvestments
97188000 USD
CY2012 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
2100000 shares
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
820235000 USD
CY2015Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
849203000 USD
CY2014Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
0 USD
CY2015Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
1215000 USD
CY2014Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
0 shares
CY2015Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
0 shares
CY2012 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
58600000 USD
CY2014Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
701000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
1418000 USD
CY2015Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
637000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
1006000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
37600000 USD
CY2015Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
25100000 USD
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47067767 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46911574 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47853574 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47737006 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46745596 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46556428 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47537597 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47480315 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:60px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, including judgments about investment classifications, and the reported amounts of net revenue and expenses during the reporting period. We believe that our most significant estimates are those related to valuation and impairment of marketable securities, valuation of assets acquired and liabilities assumed in connection with business combinations, long-lived and intangible asset impairment, contingent consideration, income taxes, contingencies and allowances for doubtful accounts. On an ongoing basis, management evaluates its estimates based on historical experience and on various other factors that the Company believes to be reasonable under the circumstances. Actual results could materially differ from those estimates.</font></div><div style="line-height:120%;text-align:justify;text-indent:60px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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