2016 Q2 Form 10-Q Financial Statement

#000108404816000023 Filed on August 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $211.8M $176.0M
YoY Change 20.31% 21.62%
Cost Of Revenue $35.60M $29.50M
YoY Change 20.68% 15.23%
Gross Profit $176.2M $146.5M
YoY Change 20.24% 22.95%
Gross Profit Margin 83.2% 83.25%
Selling, General & Admin $108.1M $87.51M
YoY Change 23.47% 31.1%
% of Gross Profit 61.32% 59.72%
Research & Development $9.213M $8.969M
YoY Change 2.72% 18.01%
% of Gross Profit 5.23% 6.12%
Depreciation & Amortization $31.00M $21.90M
YoY Change 41.55% 42.21%
% of Gross Profit 17.59% 14.94%
Operating Expenses $117.3M $96.48M
YoY Change 21.54% 29.77%
Operating Profit $58.95M $50.07M
YoY Change 17.73% 11.66%
Interest Expense -$10.30M -$10.90M
YoY Change -5.5% 91.23%
% of Operating Profit -17.47% -21.77%
Other Income/Expense, Net $213.0K -$88.00K
YoY Change -342.05% -147.57%
Pretax Income $48.86M $39.10M
YoY Change 24.96% -0.62%
Income Tax $15.09M $181.0K
% Of Pretax Income 30.88% 0.46%
Net Earnings $33.77M $38.92M
YoY Change -13.22% 11.03%
Net Earnings / Revenue 15.94% 22.11%
Basic Earnings Per Share $0.69 $0.81
Diluted Earnings Per Share $0.69 $0.80
COMMON SHARES
Basic Shares Outstanding 48.06M shares 47.54M shares
Diluted Shares Outstanding 48.27M shares 47.85M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $407.2M $567.3M
YoY Change -28.22% -19.93%
Cash & Equivalents $313.8M $415.9M
Short-Term Investments $93.45M $151.4M
Other Short-Term Assets $22.50M $31.60M
YoY Change -28.8% -14.59%
Inventory
Prepaid Expenses
Receivables $106.4M $87.32M
Other Receivables $0.00 $0.00
Total Short-Term Assets $493.5M $632.1M
YoY Change -21.92% -16.99%
LONG-TERM ASSETS
Property, Plant & Equipment $60.05M $36.78M
YoY Change 63.29% -9.55%
Goodwill $840.9M $674.1M
YoY Change 24.75% 31.01%
Intangibles
YoY Change
Long-Term Investments $42.50M $54.20M
YoY Change -21.59% -1.28%
Other Assets $5.369M $13.51M
YoY Change -60.26% 0.99%
Total Long-Term Assets $1.300B $1.095B
YoY Change 18.72% 24.63%
TOTAL ASSETS
Total Short-Term Assets $493.5M $632.1M
Total Long-Term Assets $1.300B $1.095B
Total Assets $1.793B $1.727B
YoY Change 3.84% 5.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $106.5M $87.10M
YoY Change 22.27% 32.77%
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 $185.2M $164.3M
YoY Change 12.72% 26.2%
LONG-TERM LIABILITIES
Long-Term Debt $596.8M $597.2M
YoY Change -0.07% 1.29%
Other Long-Term Liabilities $5.124M $19.24M
YoY Change -73.37% 225.31%
Total Long-Term Liabilities $601.9M $616.5M
YoY Change -2.35% 3.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $185.2M $164.3M
Total Long-Term Liabilities $601.9M $616.5M
Total Liabilities $874.8M $877.6M
YoY Change -0.32% 3.71%
SHAREHOLDERS EQUITY
Retained Earnings $657.0M $584.8M
YoY Change 12.35% 12.39%
Common Stock $481.0K $476.0K
YoY Change 1.05% 1.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 0.000 shares 0.000 shares
Shareholders Equity $918.4M $849.2M
YoY Change
Total Liabilities & Shareholders Equity $1.793B $1.727B
YoY Change 3.84% 5.3%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $33.77M $38.92M
YoY Change -13.22% 11.03%
Depreciation, Depletion And Amortization $31.00M $21.90M
YoY Change 41.55% 42.21%
Cash From Operating Activities $67.60M $51.90M
YoY Change 30.25% -4.77%
INVESTING ACTIVITIES
Capital Expenditures $6.400M $4.500M
YoY Change 42.22% -2.17%
Acquisitions
YoY Change
Other Investing Activities $31.90M -$12.70M
YoY Change -351.18% -63.82%
Cash From Investing Activities $25.50M -$17.20M
YoY Change -248.26% -56.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -18.80M -12.90M
YoY Change 45.74% -103.5%
NET CHANGE
Cash From Operating Activities 67.60M 51.90M
Cash From Investing Activities 25.50M -17.20M
Cash From Financing Activities -18.80M -12.90M
Net Change In Cash 74.30M 21.80M
YoY Change 240.83% -94.31%
FREE CASH FLOW
Cash From Operating Activities $67.60M $51.90M
Capital Expenditures $6.400M $4.500M
Free Cash Flow $61.20M $47.40M
YoY Change 29.11% -5.01%

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CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
213000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
87000 USD
us-gaap Other Payments To Acquire Businesses
OtherPaymentsToAcquireBusinesses
20000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2302000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
3356000 USD
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
0 USD
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
0 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
28610000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
32202000 USD
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
57465000 USD
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
47207000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
74308000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
76725000 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
866000 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
1815000 USD
us-gaap Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
62000 USD
us-gaap Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6955000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9186000 USD
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
25722000 USD
CY2016Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
22472000 USD
CY2015Q4 us-gaap Prepaid Taxes
PrepaidTaxes
11600000 USD
CY2016Q2 us-gaap Prepaid Taxes
PrepaidTaxes
9400000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-180000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-254000 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
56095000 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
112631000 USD
us-gaap Proceeds From Sale And Maturity Of Other Investments
ProceedsFromSaleAndMaturityOfOtherInvestments
65000 USD
us-gaap Proceeds From Sale And Maturity Of Other Investments
ProceedsFromSaleAndMaturityOfOtherInvestments
0 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
57442000 USD
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
60053000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
3544000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
5009000 USD
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8969000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
17415000 USD
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9213000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
18201000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
626789000 USD
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
657035000 USD
CY2015Q2 us-gaap Revenues
Revenues
176038000 USD
us-gaap Revenues
Revenues
337291000 USD
CY2016Q2 us-gaap Revenues
Revenues
211800000 USD
us-gaap Revenues
Revenues
412302000 USD
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
40421000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
78011000 USD
CY2016Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
48617000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
96729000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
6173000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
6248000 USD
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
421570 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
26.00
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 Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
2500000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
9700 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
16228340 USD
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
566428 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
485670 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
29.74
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
30.29
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
16185217 USD
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
471653 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
29.29
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
26.38
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
26.92
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.00
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
15721070 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y4M24D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y0M11D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P3Y10M24D
CY2016Q2 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
24314 shares
CY2015Q4 us-gaap Short Term Investments
ShortTermInvestments
79655000 USD
CY2016Q2 us-gaap Short Term Investments
ShortTermInvestments
50915000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
71058 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
2100000 shares
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
890208000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
918393000 USD
CY2015Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
5589000 USD
CY2016Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
4147000 USD
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
0 shares
CY2016Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
0 shares
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
58600000 USD
CY2015Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
9149000 USD
CY2016Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
8469000 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
CY2016Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
494000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
905000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
35900000 USD
CY2016Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
40400000 USD
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
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48265298 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48251698 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
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48055783 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48011250 shares
us-gaap Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
<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;">Reclassifications</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;">Certain prior year reported amounts have been reclassified to conform with the 2016 presentation.</font></div></div>
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 and 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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