2019 Q3 Form 10-Q Financial Statement

#000161764019000038 Filed on November 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q3
Revenue $745.2M $599.6M $343.1M
YoY Change 117.2% 84.35% 21.73%
Cost Of Revenue $399.8M $271.2M $36.67M
YoY Change 990.3% 962.49% 65.55%
Gross Profit $345.4M $328.4M $306.4M
YoY Change 12.71% 9.55% 18.0%
Gross Profit Margin 46.35% 54.76% 89.31%
Selling, General & Admin $269.8M $270.3M $199.5M
YoY Change 35.27% 29.75% 23.64%
% of Gross Profit 78.13% 82.31% 65.1%
Research & Development $124.0M $120.3M $105.3M
YoY Change 17.72% 19.88% 26.29%
% of Gross Profit 35.9% 36.65% 34.37%
Depreciation & Amortization $22.20M $21.20M $23.40M
YoY Change -5.13% -18.46% -14.6%
% of Gross Profit 6.43% 6.46% 7.64%
Operating Expenses $393.8M $390.6M $304.8M
YoY Change 29.21% 26.54% 24.55%
Operating Profit -$48.45M -$62.54M -$10.30M
YoY Change 370.49% 551.78% -169.83%
Interest Expense -$26.50M -$18.90M -$12.70M
YoY Change 108.66% 162.5% 84.06%
% of Operating Profit
Other Income/Expense, Net $9.000M $9.500M $7.800M
YoY Change 15.38% 206.45% 457.14%
Pretax Income -$65.95M -$71.98M -$15.19M
YoY Change 334.1% 425.65% -264.29%
Income Tax -$1.300M $0.00 -$14.70M
% Of Pretax Income
Net Earnings -$64.65M -$71.98M -$492.0K
YoY Change 13040.04% 2227.09% -105.34%
Net Earnings / Revenue -8.68% -12.0% -0.14%
Basic Earnings Per Share -$0.31
Diluted Earnings Per Share -$0.31 -$349.9K -$2.470K
COMMON SHARES
Basic Shares Outstanding 207.0M shares 202.4M shares
Diluted Shares Outstanding 207.0M shares 202.4M shares

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.324B $1.440B $1.643B
YoY Change 41.42% 60.04% 141.27%
Cash & Equivalents $1.792B $766.7M $643.8M
Short-Term Investments $531.7M $673.0M $999.2M
Other Short-Term Assets $141.4M $106.0M $42.10M
YoY Change 235.87% 177.49% 40.33%
Inventory $879.4M $552.8M $43.30M
Prepaid Expenses
Receivables $77.67M $82.26M $66.34M
Other Receivables $36.70M $38.60M $0.00
Total Short-Term Assets $3.459B $2.219B $1.795B
YoY Change 92.72% 120.29% 134.62%
LONG-TERM ASSETS
Property, Plant & Equipment $154.3M $145.9M $124.3M
YoY Change 24.11% 23.42% 12.23%
Goodwill $1.985B $1.985B $1.931B
YoY Change 2.79% 2.79% -0.01%
Intangibles $197.5M $202.8M $290.9M
YoY Change -32.09% -32.22% -42.48%
Long-Term Investments
YoY Change
Other Assets $15.89M $16.50M $16.24M
YoY Change -2.17% -38.3% -39.86%
Total Long-Term Assets $2.617B $2.607B $2.408B
YoY Change 8.7% 7.77% -6.52%
TOTAL ASSETS
Total Short-Term Assets $3.459B $2.219B $1.795B
Total Long-Term Assets $2.617B $2.607B $2.408B
Total Assets $6.076B $4.826B $4.202B
YoY Change 44.58% 40.85% 25.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.717M $8.028M $5.846M
YoY Change 66.22% 35.43% 18.94%
Accrued Expenses $76.06M $68.52M $58.53M
YoY Change 29.95% 23.77% 5.28%
Deferred Revenue $41.96M $37.08M $35.96M
YoY Change 16.67% 3.23%
Short-Term Debt $728.4M $439.9M $24.70M
YoY Change 2848.99%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $907.6M $604.3M $153.2M
YoY Change 492.47% 390.3% 29.0%
LONG-TERM LIABILITIES
Long-Term Debt $1.479B $716.8M $690.3M
YoY Change 114.2% 81.74% 81.29%
Other Long-Term Liabilities $224.0M $211.6M $18.00M
YoY Change 1144.44% 1056.28% 1.12%
Total Long-Term Liabilities $1.479B $716.8M $690.3M
YoY Change 114.2% 81.74% 81.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $907.6M $604.3M $153.2M
Total Long-Term Liabilities $1.479B $716.8M $690.3M
Total Liabilities $2.624B $1.548B $883.4M
YoY Change 197.03% 170.36% 35.56%
SHAREHOLDERS EQUITY
Retained Earnings -$875.9M -$811.3M -$574.1M
YoY Change 52.58% 41.44% 11.46%
Common Stock $4.327B $4.088B $3.895B
YoY Change 11.1% 19.25% 21.54%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.452B $3.278B $3.319B
YoY Change
Total Liabilities & Shareholders Equity $6.076B $4.826B $4.202B
YoY Change 44.58% 40.85% 25.8%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q3
OPERATING ACTIVITIES
Net Income -$64.65M -$71.98M -$492.0K
YoY Change 13040.04% 2227.09% -105.34%
Depreciation, Depletion And Amortization $22.20M $21.20M $23.40M
YoY Change -5.13% -18.46% -14.6%
Cash From Operating Activities -$296.5M -$228.3M $29.40M
YoY Change -1108.5% -571.69% -68.04%
INVESTING ACTIVITIES
Capital Expenditures -$21.70M -$21.10M -$16.70M
YoY Change 29.94% 10.47% -26.11%
Acquisitions
YoY Change
Other Investing Activities $142.8M $110.6M -$531.5M
YoY Change -126.87% -360.85% 1116.25%
Cash From Investing Activities $121.1M $89.50M -$548.1M
YoY Change -122.09% -245.53% 727.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.232B 185.2M 734.6M
YoY Change 67.67% 296.57% 4050.28%
NET CHANGE
Cash From Operating Activities -296.5M -228.3M 29.40M
Cash From Investing Activities 121.1M 89.50M -548.1M
Cash From Financing Activities 1.232B 185.2M 734.6M
Net Change In Cash 1.056B 46.40M 215.9M
YoY Change 389.25% 38.1% 396.32%
FREE CASH FLOW
Cash From Operating Activities -$296.5M -$228.3M $29.40M
Capital Expenditures -$21.70M -$21.10M -$16.70M
Free Cash Flow -$274.8M -$207.2M $46.10M
YoY Change -696.1% -406.96% -59.77%

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<div style="line-height:120%;padding-top:8px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</span></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><span 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.</span></div>
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34200000 USD
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
31500000 USD
CY2019Q3 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P10Y
z Lessee Operatinglease Renewal Term Length Of Each Term
LesseeOperatingleaseRenewalTermLengthOfEachTerm
P5Y
z Lessee Operating Lease Number Of Renewal Options
LesseeOperatingLeaseNumberOfRenewalOptions
2 renewal_option
z Lessee Operatinglease Renewal Term Length Of Each Term
LesseeOperatingleaseRenewalTermLengthOfEachTerm
P5Y
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
10025000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
25552000 USD
CY2019Q3 us-gaap Variable Lease Cost
VariableLeaseCost
4631000 USD
us-gaap Variable Lease Cost
VariableLeaseCost
14377000 USD
CY2019Q3 us-gaap Lease Cost
LeaseCost
14656000 USD
us-gaap Lease Cost
LeaseCost
39929000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
7776000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
38891000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
43073000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
39686000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
39065000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
179179000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
347670000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
105744000 USD
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
241926000 USD
CY2018Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
5800000 USD
us-gaap Operating Lease Expense
OperatingLeaseExpense
17200000 USD
CY2018Q4 z Lessee Operating Lease Lease Notyet Commenced Amount
LesseeOperatingLeaseLeaseNotyetCommencedAmount
112900000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
29085000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
38060000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
40099000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
37721000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
36458000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
85462000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
266885000 USD
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1300000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-3800000 USD
CY2018Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-14700000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-22700000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-8000000.0 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-22700000 USD
us-gaap Other Tax Expense Benefit
OtherTaxExpenseBenefit
-1900000 USD
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.043
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-44900000 USD
us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-20800000 USD
CY2018Q3 z Tax Cutsand Jobs Actof2017 Measurement Period Adjustment Income Tax Expense Benefit
TaxCutsandJobsActof2017MeasurementPeriodAdjustmentIncomeTaxExpenseBenefit
-3300000 USD
z Tax Cutsand Jobs Actof2017 Measurement Period Adjustment Income Tax Expense Benefit
TaxCutsandJobsActof2017MeasurementPeriodAdjustmentIncomeTaxExpenseBenefit
-5900000 USD
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
27310110 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
34.04
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y2M23D
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
97941000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
7401975 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
39.52
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1891111 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
21.69
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
1840756 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
41.36
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
30980218 shares
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
35.67
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y4M13D
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
59722000 USD
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
18305093 shares
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
32.26
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P4Y9M10D
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
55130000 USD
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
42128000 USD
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
41682000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
151884000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
111366000 USD
CY2019Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
16900000 USD
CY2019Q3 z Surety Bonds Amount Outstanding
SuretyBondsAmountOutstanding
10100000 USD
CY2018Q4 z Surety Bonds Amount Outstanding
SuretyBondsAmountOutstanding
8900000 USD
z Self Insurance Plan Cumulative Medical Claim Percentage
SelfInsurancePlanCumulativeMedicalClaimPercentage
1.25
CY2019Q3 z Self Insurance Plan Individual Medical Claim Limit
SelfInsurancePlanIndividualMedicalClaimLimit
1000000.0 USD
z Self Insurance Plan Individual Claim Minimum Amount
SelfInsurancePlanIndividualClaimMinimumAmount
500000 USD
CY2019Q3 us-gaap Liability For Future Policy Benefits
LiabilityForFuturePolicyBenefits
3600000 USD
CY2018Q4 us-gaap Liability For Future Policy Benefits
LiabilityForFuturePolicyBenefits
3900000 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 Segment
CY2019Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-65949000 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
-207951000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-44876000 USD

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