2018 Q1 Form 10-Q Financial Statement

#000108404818000003 Filed on May 10, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $280.6M $254.7M
YoY Change 10.19% 27.02%
Cost Of Revenue $48.15M $40.80M
YoY Change 18.0% 18.95%
Gross Profit $232.5M $213.9M
YoY Change 8.71% 28.66%
Gross Profit Margin 82.84% 83.98%
Selling, General & Admin $174.1M $154.1M
YoY Change 12.96% 48.36%
% of Gross Profit 74.89% 72.07%
Research & Development $12.21M $11.75M
YoY Change 3.9% 30.75%
% of Gross Profit 5.25% 5.5%
Depreciation & Amortization $42.62M $39.32M
YoY Change 8.38% 44.71%
% of Gross Profit 18.33% 18.39%
Operating Expenses $186.3M $165.9M
YoY Change 12.32% 46.96%
Operating Profit $46.16M $47.98M
YoY Change -3.79% -10.05%
Interest Expense -$15.80M -$12.40M
YoY Change 27.42% 21.57%
% of Operating Profit -34.23% -25.85%
Other Income/Expense, Net -$4.519M -$323.0K
YoY Change 1299.07% 156.35%
Pretax Income -$8.700M $100.0K
YoY Change -8800.0% -99.19%
Income Tax $7.017M $9.422M
% Of Pretax Income 9422.0%
Net Earnings $18.87M $25.82M
YoY Change -26.91% -13.77%
Net Earnings / Revenue 6.72% 10.14%
Basic Earnings Per Share $0.39 $0.54
Diluted Earnings Per Share $0.38 $0.52
COMMON SHARES
Basic Shares Outstanding 47.87M shares 47.46M shares
Diluted Shares Outstanding 48.71M shares 48.77M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $331.4M $187.5M
YoY Change 76.75% -52.47%
Cash & Equivalents $331.4M $187.4M
Short-Term Investments $100.0K
Other Short-Term Assets $32.00M $24.20M
YoY Change 32.23% 22.84%
Inventory
Prepaid Expenses
Receivables $234.2M $172.1M
Other Receivables $0.00 $0.00
Total Short-Term Assets $537.8M $383.7M
YoY Change 40.15% -10.89%
LONG-TERM ASSETS
Property, Plant & Equipment $85.85M $69.71M
YoY Change 23.15% 23.67%
Goodwill $1.258B $1.139B
YoY Change 10.43% 37.36%
Intangibles
YoY Change
Long-Term Investments $64.90M
YoY Change
Other Assets $11.54M $6.313M
YoY Change 82.81% 17.52%
Total Long-Term Assets $1.914B $1.719B
YoY Change 11.38% 28.15%
TOTAL ASSETS
Total Short-Term Assets $537.8M $383.7M
Total Long-Term Assets $1.914B $1.719B
Total Assets $2.452B $2.103B
YoY Change 16.63% 18.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $127.7M $145.9M
YoY Change -12.47% 76.21%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $224.1M
YoY Change -100.0%
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $241.9M $477.1M
YoY Change -49.29% 184.48%
LONG-TERM LIABILITIES
Long-Term Debt $1.005B $604.3M
YoY Change 66.28% 1.66%
Other Long-Term Liabilities $35.51M $2.987M
YoY Change 1088.78% -82.98%
Total Long-Term Liabilities $1.040B $607.3M
YoY Change 71.31% -0.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $241.9M $477.1M
Total Long-Term Liabilities $1.040B $607.3M
Total Liabilities $1.421B $1.172B
YoY Change 21.24% 35.7%
SHAREHOLDERS EQUITY
Retained Earnings $724.7M $668.6M
YoY Change 8.39% 4.46%
Common Stock $479.0K $475.0K
YoY Change 0.84% -1.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.031B $930.4M
YoY Change
Total Liabilities & Shareholders Equity $2.452B $2.103B
YoY Change 16.63% 18.67%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $18.87M $25.82M
YoY Change -26.91% -13.77%
Depreciation, Depletion And Amortization $42.62M $39.32M
YoY Change 8.38% 44.71%
Cash From Operating Activities $103.9M $51.19M
YoY Change 102.98% -20.66%
INVESTING ACTIVITIES
Capital Expenditures $13.17M $9.660M
YoY Change 36.28% 123.56%
Acquisitions $80.22M $3.563M
YoY Change 2151.56% -92.58%
Other Investing Activities -$93.60M -$3.600M
YoY Change 2500.0% -91.67%
Cash From Investing Activities -$107.0M -$13.37M
YoY Change 700.04% -72.03%
FINANCING ACTIVITIES
Cash Dividend Paid $19.88M $17.58M
YoY Change 13.14% 11.11%
Common Stock Issuance & Retirement, Net $611.0K $314.0K
YoY Change 94.59% -82.42%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$20.08M $25.53M
YoY Change -178.66% -184.03%
NET CHANGE
Cash From Operating Activities $103.9M $51.19M
Cash From Investing Activities -$107.0M -$13.37M
Cash From Financing Activities -$20.08M $25.53M
Net Change In Cash -$23.14M $63.35M
YoY Change -136.52% -563.76%
FREE CASH FLOW
Cash From Operating Activities $103.9M $51.19M
Capital Expenditures $13.17M $9.660M
Free Cash Flow $90.75M $41.53M
YoY Change 118.5% -31.02%

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2017-06-02
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2017-09-01
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2017-12-05
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2017-05-04
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2017-08-02
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2017-10-31
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2018-02-02
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75.03
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
16140653 USD
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y2M12D
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y3M22D
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P5Y5M19D
CY2018Q1 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
7942 shares
CY2018Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
27679 shares
CY2018Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
2100000 shares
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
1020305000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
1031168000 USD
CY2018Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
58600000 USD
CY2017Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
7654000 USD
CY2018Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
7251000 USD
CY2017Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
309000 USD
CY2018Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
217000 USD
CY2017Q1 us-gaap Unrealized Gain Loss On Securities
UnrealizedGainLossOnSecurities
0 USD
CY2017 us-gaap Unrealized Gain Loss On Securities
UnrealizedGainLossOnSecurities
0 USD
CY2018Q1 us-gaap Unrealized Gain Loss On Securities
UnrealizedGainLossOnSecurities
-3678000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
52200000 USD
CY2018Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
53300000 USD
CY2018Q1 us-gaap Variable Interest Entity Activity Between Vie And Entity Other Measure Of Activity Amount
VariableInterestEntityActivityBetweenVIEAndEntityOtherMeasureOfActivityAmount
13400000 USD
CY2018Q1 us-gaap Variable Interest Entity Entity Maximum Loss Exposure Amount
VariableInterestEntityEntityMaximumLossExposureAmount
13400000 USD
CY2018Q1 us-gaap Variable Interest Entity Financial Or Other Support Amount
VariableInterestEntityFinancialOrOtherSupportAmount
200000000 USD
CY2018Q1 us-gaap Variable Interest Entity Ownership Percentage
VariableInterestEntityOwnershipPercentage
0.667
CY2018Q1 us-gaap Variable Interest Entity Qualitative Or Quantitative Information Date Involvement Began1
VariableInterestEntityQualitativeOrQuantitativeInformationDateInvolvementBegan1
2017-09-25
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48766031 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48706717 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47463231 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47873007 shares
CY2018Q1 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:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior year reported amounts have been reclassified to conform to the 2018 presentation.</font></div></div>
CY2018Q1 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:48px;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 (&#8220;GAAP&#8221;) 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 the valuation of investments and 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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