2020 Q1 Form 10-Q Financial Statement

#000161764020000054 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $1.126B $454.1M
YoY Change 147.92% 51.43%
Cost Of Revenue $761.7M $151.3M
YoY Change 403.26% 532.75%
Gross Profit $364.1M $302.8M
YoY Change 20.28% 9.71%
Gross Profit Margin 32.35% 66.67%
Selling, General & Admin $296.9M $257.4M
YoY Change 15.38% 33.1%
% of Gross Profit 81.54% 85.01%
Research & Development $134.9M $107.8M
YoY Change 25.19% 14.73%
% of Gross Profit 37.05% 35.6%
Depreciation & Amortization $29.03M $20.53M
YoY Change 41.42% -23.72%
% of Gross Profit 7.97% 6.78%
Operating Expenses $431.9M $365.1M
YoY Change 18.27% 27.09%
Operating Profit -$144.5M -$62.73M
YoY Change 130.37% 451.98%
Interest Expense -$37.60M -$16.50M
YoY Change 127.88% 132.39%
% of Operating Profit
Other Income/Expense, Net $9.600M $9.200M
YoY Change 4.35% 283.33%
Pretax Income -$172.5M -$70.03M
YoY Change 146.34% 337.9%
Income Tax -$9.200M -$2.500M
% Of Pretax Income
Net Earnings -$163.3M -$67.53M
YoY Change 141.8% 263.21%
Net Earnings / Revenue -14.5% -14.87%
Basic Earnings Per Share -$0.78
Diluted Earnings Per Share -$0.78 -$330.1K
COMMON SHARES
Basic Shares Outstanding 210.7M shares
Diluted Shares Outstanding 210.7M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.561B $1.517B
YoY Change 68.77% 84.39%
Cash & Equivalents $1.568B $736.5M
Short-Term Investments $993.3M $781.0M
Other Short-Term Assets $114.0M $96.90M
YoY Change 17.65% 116.78%
Inventory $534.0M $325.2M
Prepaid Expenses
Receivables $71.78M $66.10M
Other Receivables $36.80M $29.50M
Total Short-Term Assets $3.318B $2.040B
YoY Change 62.66% 121.15%
LONG-TERM ASSETS
Property, Plant & Equipment $188.0M $142.1M
YoY Change 32.28% 23.79%
Goodwill $1.985B $1.985B
YoY Change 0.0% 2.79%
Intangibles $112.3M $207.9M
YoY Change -46.0% -32.47%
Long-Term Investments
YoY Change
Other Assets $16.62M $16.76M
YoY Change -0.83% -34.52%
Total Long-Term Assets $2.554B $2.500B
YoY Change 2.16% 3.22%
TOTAL ASSETS
Total Short-Term Assets $3.318B $2.040B
Total Long-Term Assets $2.554B $2.500B
Total Assets $5.872B $4.540B
YoY Change 29.35% 35.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.82M $7.708M
YoY Change 131.18% 48.4%
Accrued Expenses $88.90M $63.21M
YoY Change 40.63% 14.86%
Deferred Revenue $35.35M $36.11M
YoY Change -2.1% 2.29%
Short-Term Debt $466.6M $274.0M
YoY Change 70.29%
Long-Term Debt Due $9.600M
YoY Change
Total Short-Term Liabilities $671.5M $430.9M
YoY Change 55.83% 257.01%
LONG-TERM LIABILITIES
Long-Term Debt $1.566B $707.9M
YoY Change 121.22% 81.68%
Other Long-Term Liabilities $216.1M $102.4M
YoY Change 111.04% 462.64%
Total Long-Term Liabilities $1.566B $707.9M
YoY Change 121.22% 81.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $671.5M $430.9M
Total Long-Term Liabilities $1.566B $707.9M
Total Liabilities $2.456B $1.256B
YoY Change 95.47% 118.25%
SHAREHOLDERS EQUITY
Retained Earnings -$1.140B -$739.3M
YoY Change 54.25% 29.59%
Common Stock $4.552B $4.022B
YoY Change 13.17% 20.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.416B $3.283B
YoY Change
Total Liabilities & Shareholders Equity $5.872B $4.540B
YoY Change 29.35% 35.75%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$163.3M -$67.53M
YoY Change 141.8% 263.21%
Depreciation, Depletion And Amortization $29.03M $20.53M
YoY Change 41.42% -23.72%
Cash From Operating Activities $302.0M -$145.5M
YoY Change -307.53% -690.27%
INVESTING ACTIVITIES
Capital Expenditures $32.97M $14.20M
YoY Change 132.12% -10.06%
Acquisitions
YoY Change
Other Investing Activities $291.8M $125.8M
YoY Change 131.96% -922.22%
Cash From Investing Activities $254.3M $108.3M
YoY Change 134.84% -436.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$163.1M $137.9M
YoY Change -218.3% 160.73%
NET CHANGE
Cash From Operating Activities $302.0M -$145.5M
Cash From Investing Activities $254.3M $108.3M
Cash From Financing Activities -$163.1M $137.9M
Net Change In Cash $393.2M $100.7M
YoY Change 290.65% 122.22%
FREE CASH FLOW
Cash From Operating Activities $302.0M -$145.5M
Capital Expenditures $32.97M $14.20M
Free Cash Flow $269.0M -$159.7M
YoY Change -268.44% -1902.46%

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2025000 USD
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CY2020Q1 us-gaap Use Of Estimates
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<div style="margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;">Use of Estimates</span></div><div style="text-indent:22.5pt;margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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. The COVID-19 pandemic has introduced significant additional uncertainty with respect to estimates, judgments and assumptions, which may materially impact the estimates previously listed, among others.</span></div>
CY2020Q1 us-gaap Mortgages Held For Sale Fair Value Disclosure
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36848000 USD
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2399898000 USD
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119000 USD
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120000 USD
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CapitalizedContractCostImpairmentLoss
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CY2020Q1 us-gaap Capitalized Contract Cost Amortization
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8400000 USD
CY2019Q1 us-gaap Capitalized Contract Cost Amortization
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8700000 USD
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373774000 USD
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345490000 USD
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185742000 USD
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175001000 USD
CY2020Q1 us-gaap Property Plant And Equipment Net
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188032000 USD
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
170489000 USD
CY2020Q1 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
11800000 USD
CY2019Q1 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
6000000.0 USD
CY2020Q1 us-gaap Capitalized Computer Software Additions
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12500000 USD
CY2019Q1 us-gaap Capitalized Computer Software Additions
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10000000.0 USD
CY2020Q1 us-gaap Finite Lived Intangible Assets Gross
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340399000 USD
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FiniteLivedIntangibleAssetsAccumulatedAmortization
228125000 USD
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FiniteLivedIntangibleAssetsNet
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CY2019Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
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FiniteLivedIntangibleAssetsAccumulatedAmortization
216849000 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Net
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CY2020Q1 us-gaap Amortization Of Intangible Assets
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11800000 USD
CY2019Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
11000000.0 USD
CY2019Q4 us-gaap Contract With Customer Liability Current
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39747000 USD
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ContractwithCustomerLiabilityRevenueDeferred
253729000 USD
CY2020Q1 z Contractwith Customer Liability Revenue Recognized Including Revenue Deferred During The Period
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258129000 USD
CY2020Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
35347000 USD
CY2020Q1 us-gaap Contract With Customer Liability Revenue Recognized
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36000000.0 USD
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CY2020Q1 z Variable Interest Entity Consolidated Increase Amount To Inventory
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CY2020Q1 z Variable Interest Entity Consolidation Increase Amount To Borrowings
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CY2019Q4 z Variable Interest Entity Consolidated Increase Amount To Inventory
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CY2019Q4 z Variable Interest Entity Consolidation Increase Amount To Borrowings
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CY2020Q1 us-gaap Income Tax Expense Benefit
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CY2020Q1 us-gaap Income Tax Expense Benefit
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CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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41.01
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38.57
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CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
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CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
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CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
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80208000 USD
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
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CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
66124000 USD
CY2020Q1 us-gaap Letters Of Credit Outstanding Amount
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16900000 USD
CY2020Q1 z Surety Bonds Amount Outstanding
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10000000.0 USD
CY2019Q4 z Surety Bonds Amount Outstanding
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10200000 USD
CY2020Q1 us-gaap Number Of Reportable Segments
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CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-70025000 USD

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