2019 Q1 Form 10-Q Financial Statement

#000108404819000007 Filed on May 10, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $299.9M $280.6M
YoY Change 6.87% 10.19%
Cost Of Revenue $51.01M $48.15M
YoY Change 5.96% 18.0%
Gross Profit $248.9M $232.5M
YoY Change 7.06% 8.71%
Gross Profit Margin 82.99% 82.84%
Selling, General & Admin $185.0M $174.1M
YoY Change 6.27% 12.96%
% of Gross Profit 74.35% 74.89%
Research & Development $12.98M $12.21M
YoY Change 6.34% 3.9%
% of Gross Profit 5.22% 5.25%
Depreciation & Amortization $49.21M $42.62M
YoY Change 15.47% 8.38%
% of Gross Profit 19.77% 18.33%
Operating Expenses $198.0M $186.3M
YoY Change 6.28% 12.32%
Operating Profit $50.86M $46.16M
YoY Change 10.19% -3.79%
Interest Expense -$16.00M -$15.80M
YoY Change 1.27% 27.42%
% of Operating Profit -31.46% -34.23%
Other Income/Expense, Net -$2.202M -$4.519M
YoY Change -51.27% 1299.07%
Pretax Income $2.500M -$8.700M
YoY Change -128.74% -8800.0%
Income Tax -$295.0K $7.017M
% Of Pretax Income -11.8%
Net Earnings $32.45M $18.87M
YoY Change 71.95% -26.91%
Net Earnings / Revenue 10.82% 6.72%
Basic Earnings Per Share $0.67 $0.39
Diluted Earnings Per Share $0.66 $0.38
COMMON SHARES
Basic Shares Outstanding 47.56M shares 47.87M shares
Diluted Shares Outstanding 48.51M shares 48.71M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $226.6M $331.4M
YoY Change -31.62% 76.75%
Cash & Equivalents $226.6M $331.4M
Short-Term Investments
Other Short-Term Assets $32.20M $32.00M
YoY Change 0.63% 32.23%
Inventory
Prepaid Expenses
Receivables $176.7M $234.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $435.6M $537.8M
YoY Change -19.01% 40.15%
LONG-TERM ASSETS
Property, Plant & Equipment $104.6M $85.85M
YoY Change 21.88% 23.15%
Goodwill $1.416B $1.258B
YoY Change 12.57% 10.43%
Intangibles
YoY Change
Long-Term Investments $40.32M $64.90M
YoY Change -37.88%
Other Assets $10.61M $11.54M
YoY Change -8.08% 82.81%
Total Long-Term Assets $2.207B $1.914B
YoY Change 15.3% 11.38%
TOTAL ASSETS
Total Short-Term Assets $435.6M $537.8M
Total Long-Term Assets $2.207B $1.914B
Total Assets $2.643B $2.452B
YoY Change 7.78% 16.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $187.0M $127.7M
YoY Change 46.44% -12.47%
Accrued Expenses $18.90M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $348.5M $241.9M
YoY Change 44.05% -49.29%
LONG-TERM LIABILITIES
Long-Term Debt $1.016B $1.005B
YoY Change 1.11% 66.28%
Other Long-Term Liabilities $21.43M $35.51M
YoY Change -39.65% 1088.78%
Total Long-Term Liabilities $1.037B $1.040B
YoY Change -0.28% 71.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $348.5M $241.9M
Total Long-Term Liabilities $1.037B $1.040B
Total Liabilities $1.586B $1.421B
YoY Change 11.63% 21.24%
SHAREHOLDERS EQUITY
Retained Earnings $742.2M $724.7M
YoY Change 2.42% 8.39%
Common Stock $477.0K $479.0K
YoY Change -0.42% 0.84%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change
Treasury Stock Shares 0.000 shares
Shareholders Equity $1.057B $1.031B
YoY Change
Total Liabilities & Shareholders Equity $2.643B $2.452B
YoY Change 7.78% 16.63%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $32.45M $18.87M
YoY Change 71.95% -26.91%
Depreciation, Depletion And Amortization $49.21M $42.62M
YoY Change 15.47% 8.38%
Cash From Operating Activities $116.9M $103.9M
YoY Change 12.46% 102.98%
INVESTING ACTIVITIES
Capital Expenditures $12.53M $13.17M
YoY Change -4.82% 36.28%
Acquisitions $59.34M $80.22M
YoY Change -26.03% 2151.56%
Other Investing Activities -$69.10M -$93.60M
YoY Change -26.18% 2500.0%
Cash From Investing Activities -$81.66M -$107.0M
YoY Change -23.65% 700.04%
FINANCING ACTIVITIES
Cash Dividend Paid $21.76M $19.88M
YoY Change 9.42% 13.14%
Common Stock Issuance & Retirement, Net $1.177M $611.0K
YoY Change 92.64% 94.59%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$19.28M -$20.08M
YoY Change -4.0% -178.66%
NET CHANGE
Cash From Operating Activities $116.9M $103.9M
Cash From Investing Activities -$81.66M -$107.0M
Cash From Financing Activities -$19.28M -$20.08M
Net Change In Cash $15.91M -$23.14M
YoY Change -168.78% -136.52%
FREE CASH FLOW
Cash From Operating Activities $116.9M $103.9M
Capital Expenditures $12.53M $13.17M
Free Cash Flow $104.3M $90.75M
YoY Change 14.96% 118.5%

Facts In Submission

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CY2019Q1 us-gaap Depreciation And Amortization
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CY2018Q1 us-gaap Depreciation Depletion And Amortization
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42618000 USD
CY2019Q1 us-gaap Depreciation Depletion And Amortization
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CY2018Q4 us-gaap Derivative Liabilities
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2018-03-09
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2018-06-01
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2018-09-04
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2018-12-05
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2019-03-12
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CY2019Q1 us-gaap Dividends Common Stock Cash
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2018-02-02
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2018-05-03
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2018-08-08
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2018-10-29
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2019-02-06
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2018-02-22
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2018-05-18
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2018-08-20
CY2018Q4 us-gaap Dividends Payable Date Of Record Day Month And Year
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2018-11-19
CY2019Q1 us-gaap Dividends Payable Date Of Record Day Month And Year
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2019-02-25
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0.66
CY2018Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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3960000 USD
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1224000 USD
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107900000 USD
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137100000 USD
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34500000 USD
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42900000 USD
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64400000 USD
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95000000 USD
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2500000 USD
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34600000 USD
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30100000 USD
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25888000 USD
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32628000 USD
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3210000 USD
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CY2019Q1 us-gaap Operating Lease Right Of Use Asset
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177000 USD
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175000 USD
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12531000 USD
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64000 USD
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0 USD
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13165000 USD
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12531000 USD
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104635000 USD
CY2018Q1 us-gaap Provision For Doubtful Accounts
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4134000 USD
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2888000 USD
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2748000 USD
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6420000 USD
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193039 shares
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
41.91
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1500000 USD
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
8000000 USD
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
0 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
12853259 USD
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
707777 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
552239 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
56.84
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
63.33
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
11318687 USD
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
420068 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
59.66
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
33.81
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0.00
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.00
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
8626659 USD
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y10M2D
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y11M27D
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P6Y5M9D
CY2019Q1 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
16400 shares
CY2019Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
155538 shares
CY2018Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
64000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0 USD
CY2018Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
594000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
5259000 USD
CY2018Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
611000 USD
CY2019Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
1177000 USD
CY2019Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
2700000 shares
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
1020305000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
1031168000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
1035744000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
1056654000 USD
CY2018Q1 us-gaap Sublease Income
SubleaseIncome
600000 USD
CY2019Q1 us-gaap Sublease Income
SubleaseIncome
900000 USD
CY2018Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
12915000 USD
CY2019Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
10641000 USD
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
600000 shares
CY2019Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
0 shares
CY2019Q1 us-gaap Treasury Stock Shares Retired
TreasuryStockSharesRetired
600000 shares
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
42543000 USD
CY2019Q1 us-gaap Treasury Stock Value
TreasuryStockValue
0 USD
CY2019Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
101100000 USD
CY2018Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
6180000 USD
CY2019Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
5886000 USD
CY2018Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
217000 USD
CY2019Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
424000 USD
CY2018Q1 us-gaap Unrealized Gain Loss On Securities
UnrealizedGainLossOnSecurities
-3678000 USD
CY2019Q1 us-gaap Unrealized Gain Loss On Securities
UnrealizedGainLossOnSecurities
-628000 USD
CY2018 us-gaap Unrealized Loss On Securities
UnrealizedLossOnSecurities
3678000 USD
CY2019Q1 us-gaap Unrealized Loss On Securities
UnrealizedLossOnSecurities
3678000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
59600000 USD
CY2019Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
54100000 USD
CY2019Q1 us-gaap Variable Interest Entity Activity Between Vie And Entity Other Measure Of Activity Amount
VariableInterestEntityActivityBetweenVIEAndEntityOtherMeasureOfActivityAmount
9800000 USD
CY2019Q1 us-gaap Variable Interest Entity Activity Between Vie And Entity Purchases
VariableInterestEntityActivityBetweenVIEAndEntityPurchases
9800000 USD
CY2018Q4 us-gaap Variable Interest Entity Entity Maximum Loss Exposure Amount
VariableInterestEntityEntityMaximumLossExposureAmount
31151000 USD
CY2019Q1 us-gaap Variable Interest Entity Entity Maximum Loss Exposure Amount
VariableInterestEntityEntityMaximumLossExposureAmount
40317000 USD
CY2019Q1 us-gaap Variable Interest Entity Financial Or Other Support Amount
VariableInterestEntityFinancialOrOtherSupportAmount
200000000 USD
CY2019Q1 us-gaap Variable Interest Entity Ownership Percentage
VariableInterestEntityOwnershipPercentage
0.667
CY2019Q1 us-gaap Variable Interest Entity Qualitative Or Quantitative Information Date Involvement Began1
VariableInterestEntityQualitativeOrQuantitativeInformationDateInvolvementBegan1
2017-09-25
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48706717 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48509181 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47873007 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47560749 shares
CY2019Q1 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 2019 presentation.</font></div></div>
CY2019Q1 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 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. The Company believes that its most significant estimates are those related to revenue recognition, valuation and impairment of investments, its assessment of ownership interests as variable interest entities and the related determination of consolidation, share-based compensation expense, 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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