2018 Q2 Form 10-Q Financial Statement

#000161764018000017 Filed on August 06, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2018 Q1 2017 Q2
Revenue $325.2M $299.9M $266.9M
YoY Change 21.88% 22.01% 28.05%
Cost Of Revenue $25.53M $23.92M $20.26M
YoY Change 26.0% 18.22% 20.99%
Gross Profit $299.7M $276.0M $246.6M
YoY Change 21.55% 22.35% 28.66%
Gross Profit Margin 92.15% 92.02% 92.41%
Selling, General & Admin $208.3M $193.4M $184.6M
YoY Change 12.86% 27.71% -34.87%
% of Gross Profit 69.5% 70.07% 74.85%
Research & Development $100.4M $93.93M $78.54M
YoY Change 27.8% 28.91% 23.89%
% of Gross Profit 33.49% 34.04% 31.85%
Depreciation & Amortization $26.00M $26.91M $27.10M
YoY Change -4.06% -0.84% 5.86%
% of Gross Profit 8.67% 9.75% 10.99%
Operating Expenses $308.7M $287.3M $263.1M
YoY Change 17.32% 28.1% -24.13%
Operating Profit -$9.595M -$11.36M -$16.56M
YoY Change -42.05% -1076.29% -89.34%
Interest Expense -$7.200M -$7.100M -$6.900M
YoY Change 4.35% 5.97% 331.25%
% of Operating Profit
Other Income/Expense, Net $3.100M $2.400M $1.600M
YoY Change 93.75% 140.0% 100.0%
Pretax Income -$13.69M -$15.99M -$21.85M
YoY Change -37.32% 247.18% -86.01%
Income Tax -$10.60M $2.600M $0.00
% Of Pretax Income
Net Earnings -$3.093M -$18.59M -$21.85M
YoY Change -85.84% 303.63% -86.01%
Net Earnings / Revenue -0.95% -6.2% -8.19%
Basic Earnings Per Share
Diluted Earnings Per Share -$15.96K -$97.13K -$117.6K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q2 2018 Q1 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $899.6M $823.0M $598.9M
YoY Change 50.2% 47.21% 42.55%
Cash & Equivalents $431.0M $397.4M $276.5M
Short-Term Investments $468.5M $425.6M $322.5M
Other Short-Term Assets $38.20M $44.70M $40.00M
YoY Change -4.5% 51.01% 154.78%
Inventory $5.700M
Prepaid Expenses
Receivables $64.08M $54.56M $47.72M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.008B $922.2M $686.6M
YoY Change 46.73% 46.28% 45.67%
LONG-TERM ASSETS
Property, Plant & Equipment $118.2M $114.8M $103.0M
YoY Change 14.79% 20.94% 4.26%
Goodwill $1.931B $1.931B $1.927B
YoY Change 0.19% 0.19% 0.4%
Intangibles $299.2M $307.9M $514.5M
YoY Change -41.84% -41.43% -4.71%
Long-Term Investments
YoY Change
Other Assets $26.74M $25.60M $27.44M
YoY Change -2.56% 47.1% 346.79%
Total Long-Term Assets $2.419B $2.422B $2.573B
YoY Change -6.01% -5.64% 0.3%
TOTAL ASSETS
Total Short-Term Assets $1.008B $922.2M $686.6M
Total Long-Term Assets $2.419B $2.422B $2.573B
Total Assets $3.426B $3.344B $3.260B
YoY Change 5.09% 4.6% 7.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.928M $5.194M $2.037M
YoY Change 191.02% 24.95% -88.12%
Accrued Expenses $55.36M $55.03M $43.27M
YoY Change 27.93% 25.82% -10.73%
Deferred Revenue $35.92M $35.30M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $123.2M $120.7M $102.5M
YoY Change 20.21% 12.99% -12.21%
LONG-TERM LIABILITIES
Long-Term Debt $394.4M $389.6M $376.3M
YoY Change 4.83% 4.81% 63.59%
Other Long-Term Liabilities $18.30M $18.20M $16.60M
YoY Change 10.24% 18.18% 10.67%
Total Long-Term Liabilities $394.4M $389.6M $376.3M
YoY Change 4.83% 4.81% 63.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $123.2M $120.7M $102.5M
Total Long-Term Liabilities $394.4M $389.6M $376.3M
Total Liabilities $572.5M $575.7M $629.6M
YoY Change -9.07% -8.34% 27.36%
SHAREHOLDERS EQUITY
Retained Earnings -$573.6M -$570.5M -$524.3M
YoY Change 9.41% 13.55% 9.14%
Common Stock $3.429B $3.340B $3.155B
YoY Change 8.66% 8.75% 4.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.854B $2.768B $2.631B
YoY Change
Total Liabilities & Shareholders Equity $3.426B $3.344B $3.260B
YoY Change 5.09% 4.6% 7.34%

Cashflow Statement

Concept 2018 Q2 2018 Q1 2017 Q2
OPERATING ACTIVITIES
Net Income -$3.093M -$18.59M -$21.85M
YoY Change -85.84% 303.63% -86.01%
Depreciation, Depletion And Amortization $26.00M $26.91M $27.10M
YoY Change -4.06% -0.84% 5.86%
Cash From Operating Activities $48.40M $24.65M $17.90M
YoY Change 170.39% -63.18% -122.54%
INVESTING ACTIVITIES
Capital Expenditures -$19.10M $15.79M -$18.90M
YoY Change 1.06% 11.49% -4.55%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities -$42.40M -$15.30M -$35.30M
YoY Change 20.11% -62.03% -317.9%
Cash From Investing Activities -$61.50M -$32.23M -$54.20M
YoY Change 13.47% -46.1% 1364.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 46.70M $52.88M 51.20M
YoY Change -8.79% 391.02% 767.8%
NET CHANGE
Cash From Operating Activities 48.40M $24.65M 17.90M
Cash From Investing Activities -61.50M -$32.23M -54.20M
Cash From Financing Activities 46.70M $52.88M 51.20M
Net Change In Cash 33.60M $45.30M 14.90M
YoY Change 125.5% 152.61% -119.3%
FREE CASH FLOW
Cash From Operating Activities $48.40M $24.65M $17.90M
Capital Expenditures -$19.10M $15.79M -$18.90M
Free Cash Flow $67.50M $8.861M $36.80M
YoY Change 83.42% -83.22% -161.74%

Facts In Submission

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z Write Off Of Fully Amortized Intangible Assets
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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Concentrations of Credit Risk </font></div><div style="line-height:120%;padding-top:6px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments, which potentially subject us to concentrations of credit risk, consist primarily of cash and cash equivalents, investments and accounts receivable. We place cash and cash equivalents and investments with major financial institutions, which management assesses to be of high credit quality, in order to limit exposure of our investments. </font></div><div style="line-height:120%;padding-top:16px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Credit risk with respect to accounts receivable is dispersed due to the large number of customers. Further, our credit risk on accounts receivable is mitigated by the relatively short payment terms that we offer. Collateral is not required for accounts receivable. We maintain an allowance for doubtful accounts such that receivables are stated at net realizable value.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:6px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the financial statements, as well as the reported amounts of revenue and expenses during the periods presented. On an ongoing basis, we evaluate our estimates, including those related to the net realizable value of inventory, amortization period and recoverability of contract cost assets, website and software development costs, recoverability of long-lived assets and intangible assets with definite lives, share-based compensation, income taxes, business combinations, and the recoverability of goodwill and indefinite-lived intangible assets, among others. To the extent there are material differences between these estimates, judgments, or assumptions and actual results, our financial statements will be affected.</font></div></div>

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