2018 Q3 Form 10-Q Financial Statement

#000161764018000023 Filed on November 06, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2018 Q2 2017 Q3
Revenue $343.1M $325.2M $281.8M
YoY Change 21.73% 21.88% 25.49%
Cost Of Revenue $36.67M $25.53M $22.15M
YoY Change 65.55% 26.0% 25.81%
Gross Profit $306.4M $299.7M $259.7M
YoY Change 18.0% 21.55% 25.46%
Gross Profit Margin 89.31% 92.15% 92.14%
Selling, General & Admin $199.5M $208.3M $161.3M
YoY Change 23.64% 12.86% 18.8%
% of Gross Profit 65.1% 69.5% 62.13%
Research & Development $105.3M $100.4M $83.39M
YoY Change 26.29% 27.8% 29.29%
% of Gross Profit 34.37% 33.49% 32.11%
Depreciation & Amortization $23.40M $26.00M $27.40M
YoY Change -14.6% -4.06% 7.45%
% of Gross Profit 7.64% 8.67% 10.55%
Operating Expenses $304.8M $308.7M $244.7M
YoY Change 24.55% 17.32% 22.18%
Operating Profit -$10.30M -$9.595M $14.75M
YoY Change -169.83% -42.05% 88.06%
Interest Expense -$12.70M -$7.200M -$6.900M
YoY Change 84.06% 4.35% 331.25%
% of Operating Profit -46.79%
Other Income/Expense, Net $7.800M $3.100M $1.400M
YoY Change 457.14% 93.75% 133.33%
Pretax Income -$15.19M -$13.69M $9.247M
YoY Change -264.29% -37.32% 35.85%
Income Tax -$14.70M -$10.60M $41.00K
% Of Pretax Income 0.44%
Net Earnings -$492.0K -$3.093M $9.206M
YoY Change -105.34% -85.84% 35.24%
Net Earnings / Revenue -0.14% -0.95% 3.27%
Basic Earnings Per Share
Diluted Earnings Per Share -$2.470K -$15.96K $46.84K
COMMON SHARES
Basic Shares Outstanding 202.4M shares 187.7M shares
Diluted Shares Outstanding 202.4M shares 196.4M shares

Balance Sheet

Concept 2018 Q3 2018 Q2 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.643B $899.6M $681.0M
YoY Change 141.27% 50.2% 53.17%
Cash & Equivalents $643.8M $431.0M $319.9M
Short-Term Investments $999.2M $468.5M $361.0M
Other Short-Term Assets $42.10M $38.20M $30.00M
YoY Change 40.33% -4.5% 74.42%
Inventory $43.30M $5.700M
Prepaid Expenses
Receivables $66.34M $64.08M $53.95M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.795B $1.008B $764.9M
YoY Change 134.62% 46.73% 52.45%
LONG-TERM ASSETS
Property, Plant & Equipment $124.3M $118.2M $110.7M
YoY Change 12.23% 14.79% 17.75%
Goodwill $1.931B $1.931B $1.931B
YoY Change -0.01% 0.19% 0.4%
Intangibles $290.9M $299.2M $505.7M
YoY Change -42.48% -41.84% -5.86%
Long-Term Investments
YoY Change
Other Assets $16.24M $26.74M $27.01M
YoY Change -39.86% -2.56% 287.63%
Total Long-Term Assets $2.408B $2.419B $2.576B
YoY Change -6.52% -6.01% 0.51%
TOTAL ASSETS
Total Short-Term Assets $1.795B $1.008B $764.9M
Total Long-Term Assets $2.408B $2.419B $2.576B
Total Assets $4.202B $3.426B $3.341B
YoY Change 25.8% 5.09% 9.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.846M $5.928M $4.915M
YoY Change 18.94% 191.02% -26.61%
Accrued Expenses $58.53M $55.36M $55.60M
YoY Change 5.28% 27.93% 60.02%
Deferred Revenue $35.96M $35.92M
YoY Change
Short-Term Debt $24.70M $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $153.2M $123.2M $118.8M
YoY Change 29.0% 20.21% 25.94%
LONG-TERM LIABILITIES
Long-Term Debt $690.3M $394.4M $380.8M
YoY Change 81.29% 4.83% 65.56%
Other Long-Term Liabilities $18.00M $18.30M $17.80M
YoY Change 1.12% 10.24% 27.14%
Total Long-Term Liabilities $690.3M $394.4M $380.8M
YoY Change 81.29% 4.83% 65.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $153.2M $123.2M $118.8M
Total Long-Term Liabilities $690.3M $394.4M $380.8M
Total Liabilities $883.4M $572.5M $651.7M
YoY Change 35.56% -9.07% 37.84%
SHAREHOLDERS EQUITY
Retained Earnings -$574.1M -$573.6M -$515.1M
YoY Change 11.46% 9.41% 8.77%
Common Stock $3.895B $3.429B $3.204B
YoY Change 21.54% 8.66% 4.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.319B $2.854B $2.689B
YoY Change
Total Liabilities & Shareholders Equity $4.202B $3.426B $3.341B
YoY Change 25.8% 5.09% 9.01%

Cashflow Statement

Concept 2018 Q3 2018 Q2 2017 Q3
OPERATING ACTIVITIES
Net Income -$492.0K -$3.093M $9.206M
YoY Change -105.34% -85.84% 35.24%
Depreciation, Depletion And Amortization $23.40M $26.00M $27.40M
YoY Change -14.6% -4.06% 7.45%
Cash From Operating Activities $29.40M $48.40M $92.00M
YoY Change -68.04% 170.39% 205.65%
INVESTING ACTIVITIES
Capital Expenditures -$16.70M -$19.10M -$22.60M
YoY Change -26.11% 1.06% 33.73%
Acquisitions
YoY Change
Other Investing Activities -$531.5M -$42.40M -$43.70M
YoY Change 1116.25% 20.11% -550.52%
Cash From Investing Activities -$548.1M -$61.50M -$66.20M
YoY Change 727.95% 13.47% 845.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 734.6M 46.70M 17.70M
YoY Change 4050.28% -8.79% 41.6%
NET CHANGE
Cash From Operating Activities 29.40M 48.40M 92.00M
Cash From Investing Activities -548.1M -61.50M -66.20M
Cash From Financing Activities 734.6M 46.70M 17.70M
Net Change In Cash 215.9M 33.60M 43.50M
YoY Change 396.32% 125.5% 22.19%
FREE CASH FLOW
Cash From Operating Activities $29.40M $48.40M $92.00M
Capital Expenditures -$16.70M -$19.10M -$22.60M
Free Cash Flow $46.10M $67.50M $114.6M
YoY Change -59.77% 83.42% 143.83%

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CY2018Q3 us-gaap Comprehensive Income Net Of Tax
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CY2017Q3 us-gaap Comprehensive Income Net Of Tax
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us-gaap Comprehensive Income Net Of Tax
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us-gaap Comprehensive Income Net Of Tax
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us-gaap Capitalized Contract Cost Amortization
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27227000 USD
us-gaap Capitalized Contract Cost Amortization
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us-gaap Amortization Of Financing Costs And Discounts
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17990000 USD
us-gaap Amortization Of Financing Costs And Discounts
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10000000 USD
us-gaap Gain Loss On Disposition Of Assets
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us-gaap Gain Loss On Disposition Of Assets
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us-gaap Provision For Doubtful Accounts
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us-gaap Provision For Doubtful Accounts
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z Increase Decrease In Amortization Of Deferred Rent
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us-gaap Amortization Of Debt Discount Premium
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us-gaap Amortization Of Debt Discount Premium
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451000 USD
us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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z Increase Decreasein Capitalized Contract Cost
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us-gaap Increase Decrease In Accounts Payable
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2254000 USD
us-gaap Increase Decrease In Accounts Payable
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224000 USD
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us-gaap Increase Decrease In Employee Related Liabilities
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1194000 USD
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4041000 USD
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1775000 USD
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0 USD
us-gaap Increase Decrease In Other Noncurrent Liabilities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Available For Sale Securities Debt
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z Proceeds From Payments To Divestiture Of Businesses
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Net Cash Provided By Used In Financing Activities
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834181000 USD
us-gaap Proceeds From Issuance Of Senior Long Term Debt
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0 USD
us-gaap Payments For Derivative Instrument Financing Activities
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29414000 USD
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Lines Of Credit
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us-gaap Proceeds From Lines Of Credit
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Interest Paid Net
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us-gaap Production Related Impairments Or Charges
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z Write Off Of Fully Amortized Intangible Assets
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z Write Off Of Fully Amortized Intangible Assets
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us-gaap Use Of Estimates
UseOfEstimates
Use of EstimatesThe 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.
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CY2018Q3 us-gaap Restricted Cash
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2000 USD
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1685000 USD
CY2018Q3 us-gaap Cash Cash Equivalents And Short Term Investments
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CY2017Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
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3000 USD
CY2017Q4 z Cash Cash Equivalents And Shortterm Investments Accumulated Gross Unrealized Loss Before Tax
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CY2017Q4 us-gaap Cash Cash Equivalents And Short Term Investments
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CY2018Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
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CY2018Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
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CY2018Q3 z Debt Securities Availableforsale Securities Debt Maturities After One Through Two Years Amortized Cost
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CY2018Q3 z Debt Securities Availablefor Sale Securities Debt Maturitiesafter One Through Two Years Fair Value
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us-gaap Capitalized Computer Software Additions
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us-gaap Capitalized Computer Software Additions
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us-gaap Allocated Share Based Compensation Expense
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CY2018Q3 z Surety Bonds Amount Outstanding
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CY2017Q4 z Surety Bonds Amount Outstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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OperatingLeasesRentExpenseNet
5800000 USD
CY2017Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
5700000 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
17200000 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
15800000 USD
z Self Insurance Plan Cumulative Medical Claim Percentage
SelfInsurancePlanCumulativeMedicalClaimPercentage
1.25
us-gaap Costs And Expenses
CostsAndExpenses
999475000 USD
CY2018Q3 z Self Insurance Plan Individual Medical Claim Limit
SelfInsurancePlanIndividualMedicalClaimLimit
1000000.0 USD
z Self Insurance Plan Individual Claim Minimum Amount
SelfInsurancePlanIndividualClaimMinimumAmount
150000 USD
CY2018Q3 us-gaap Liability For Future Policy Benefits
LiabilityForFuturePolicyBenefits
3000000.0 USD
CY2017Q4 us-gaap Liability For Future Policy Benefits
LiabilityForFuturePolicyBenefits
2000000.0 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
343094000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
968219000 USD
CY2018Q3 us-gaap Cost Of Revenue
CostOfRevenue
36672000 USD
us-gaap Cost Of Revenue
CostOfRevenue
86118000 USD
CY2018Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
128734000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
413752000 USD
CY2018Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
105314000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
299623000 USD
CY2018Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
70743000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
187395000 USD
CY2018Q3 us-gaap Equity Securities Without Readily Determinable Fair Value Impairment Loss Annual Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueImpairmentLossAnnualAmount
10000000 USD
us-gaap Equity Securities Without Readily Determinable Fair Value Impairment Loss Annual Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueImpairmentLossAnnualAmount
10000000 USD
CY2018Q3 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
1405000 USD
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
2064000 USD
CY2018Q3 us-gaap Business Combination Integration Related Costs
BusinessCombinationIntegrationRelatedCosts
523000 USD
us-gaap Business Combination Integration Related Costs
BusinessCombinationIntegrationRelatedCosts
523000 USD
CY2018Q3 us-gaap Costs And Expenses
CostsAndExpenses
353391000 USD
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-10297000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-31256000 USD
CY2018Q3 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
7773000 USD
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
13308000 USD
CY2018Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
12668000 USD
us-gaap Interest Expense Debt
InterestExpenseDebt
26928000 USD
CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-15192000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-44876000 USD
CY2017 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment

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