2020 Q2 Form 10-Q Financial Statement

#000161764020000072 Filed on August 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2020 Q1 2019 Q2
Revenue $768.4M $1.126B $599.6M
YoY Change 28.15% 147.92% 84.35%
Cost Of Revenue $487.5M $761.7M $271.2M
YoY Change 79.74% 403.26% 962.49%
Gross Profit $280.9M $364.1M $328.4M
YoY Change -14.46% 20.28% 9.55%
Gross Profit Margin 36.55% 32.35% 54.76%
Selling, General & Admin $246.0M $296.9M $270.3M
YoY Change -8.96% 15.38% 29.75%
% of Gross Profit 87.6% 81.54% 82.31%
Research & Development $97.51M $134.9M $120.3M
YoY Change -18.97% 25.19% 19.88%
% of Gross Profit 34.72% 37.05% 36.65%
Depreciation & Amortization $26.20M $29.03M $21.20M
YoY Change 23.58% 41.42% -18.46%
% of Gross Profit 9.33% 7.97% 6.46%
Operating Expenses $343.6M $431.9M $390.6M
YoY Change -12.04% 18.27% 26.54%
Operating Profit -$62.69M -$144.5M -$62.54M
YoY Change 0.24% 130.37% 551.78%
Interest Expense -$37.60M -$37.60M -$18.90M
YoY Change 98.94% 127.88% 162.5%
% of Operating Profit
Other Income/Expense, Net $10.10M $9.600M $9.500M
YoY Change 6.32% 4.35% 206.45%
Pretax Income -$83.77M -$172.5M -$71.98M
YoY Change 16.38% 146.34% 425.65%
Income Tax $700.0K -$9.200M $0.00
% Of Pretax Income
Net Earnings -$84.45M -$163.3M -$71.98M
YoY Change 17.33% 141.8% 2227.09%
Net Earnings / Revenue -10.99% -14.5% -12.0%
Basic Earnings Per Share -$0.38 -$0.78
Diluted Earnings Per Share -$0.38 -$0.78 -$349.9K
COMMON SHARES
Basic Shares Outstanding 219.5M shares 210.7M shares
Diluted Shares Outstanding 219.5M shares 210.7M shares

Balance Sheet

Concept 2020 Q2 2020 Q1 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.537B $2.561B $1.440B
YoY Change 145.65% 68.77% 60.04%
Cash & Equivalents $2.045B $1.568B $766.7M
Short-Term Investments $1.491B $993.3M $673.0M
Other Short-Term Assets $90.00M $114.0M $106.0M
YoY Change -15.09% 17.65% 177.49%
Inventory $135.4M $534.0M $552.8M
Prepaid Expenses
Receivables $66.88M $71.78M $82.26M
Other Receivables $75.00M $36.80M $38.60M
Total Short-Term Assets $3.904B $3.318B $2.219B
YoY Change 75.9% 62.66% 120.29%
LONG-TERM ASSETS
Property, Plant & Equipment $195.7M $188.0M $145.9M
YoY Change 34.14% 32.28% 23.42%
Goodwill $1.985B $1.985B $1.985B
YoY Change 0.0% 0.0% 2.79%
Intangibles $107.0M $112.3M $202.8M
YoY Change -47.25% -46.0% -32.22%
Long-Term Investments
YoY Change
Other Assets $11.04M $16.62M $16.50M
YoY Change -33.08% -0.83% -38.3%
Total Long-Term Assets $2.546B $2.554B $2.607B
YoY Change -2.33% 2.16% 7.77%
TOTAL ASSETS
Total Short-Term Assets $3.904B $3.318B $2.219B
Total Long-Term Assets $2.546B $2.554B $2.607B
Total Assets $6.450B $5.872B $4.826B
YoY Change 33.65% 29.35% 40.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.31M $17.82M $8.028M
YoY Change 78.21% 131.18% 35.43%
Accrued Expenses $74.65M $88.90M $68.52M
YoY Change 8.94% 40.63% 23.77%
Deferred Revenue $44.51M $35.35M $37.08M
YoY Change 20.05% -2.1% 3.23%
Short-Term Debt $187.0M $466.6M $439.9M
YoY Change -57.49% 70.29%
Long-Term Debt Due $9.600M $9.600M
YoY Change
Total Short-Term Liabilities $387.4M $671.5M $604.3M
YoY Change -35.88% 55.83% 390.3%
LONG-TERM LIABILITIES
Long-Term Debt $1.810B $1.566B $716.8M
YoY Change 152.55% 121.22% 81.74%
Other Long-Term Liabilities $214.8M $216.1M $211.6M
YoY Change 1.51% 111.04% 1056.28%
Total Long-Term Liabilities $1.810B $1.566B $716.8M
YoY Change 152.55% 121.22% 81.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $387.4M $671.5M $604.3M
Total Long-Term Liabilities $1.810B $1.566B $716.8M
Total Liabilities $2.427B $2.456B $1.548B
YoY Change 56.78% 95.47% 170.36%
SHAREHOLDERS EQUITY
Retained Earnings -$1.225B -$1.140B -$811.3M
YoY Change 50.98% 54.25% 41.44%
Common Stock $5.246B $4.552B $4.088B
YoY Change 28.32% 13.17% 19.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.023B $3.416B $3.278B
YoY Change
Total Liabilities & Shareholders Equity $6.450B $5.872B $4.826B
YoY Change 33.65% 29.35% 40.85%

Cashflow Statement

Concept 2020 Q2 2020 Q1 2019 Q2
OPERATING ACTIVITIES
Net Income -$84.45M -$163.3M -$71.98M
YoY Change 17.33% 141.8% 2227.09%
Depreciation, Depletion And Amortization $26.20M $29.03M $21.20M
YoY Change 23.58% 41.42% -18.46%
Cash From Operating Activities $390.6M $302.0M -$228.3M
YoY Change -271.09% -307.53% -571.69%
INVESTING ACTIVITIES
Capital Expenditures -$28.60M $32.97M -$21.10M
YoY Change 35.55% 132.12% 10.47%
Acquisitions
YoY Change
Other Investing Activities -$490.4M $291.8M $110.6M
YoY Change -543.4% 131.96% -360.85%
Cash From Investing Activities -$518.9M $254.3M $89.50M
YoY Change -679.78% 134.84% -245.53%
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 583.3M -$163.1M 185.2M
YoY Change 214.96% -218.3% 296.57%
NET CHANGE
Cash From Operating Activities 390.6M $302.0M -228.3M
Cash From Investing Activities -518.9M $254.3M 89.50M
Cash From Financing Activities 583.3M -$163.1M 185.2M
Net Change In Cash 455.0M $393.2M 46.40M
YoY Change 880.6% 290.65% 38.1%
FREE CASH FLOW
Cash From Operating Activities $390.6M $302.0M -$228.3M
Capital Expenditures -$28.60M $32.97M -$21.10M
Free Cash Flow $419.2M $269.0M -$207.2M
YoY Change -302.32% -268.44% -406.96%

Facts In Submission

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<div style="margin-top:10pt;"><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:10pt;"><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, 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>
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CY2020Q2 us-gaap Contract With Customer Liability Current
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44514000 USD
CY2019Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
39747000 USD
z Contractwith Customer Liability Revenue Deferred
ContractwithCustomerLiabilityRevenueDeferred
476624000 USD
z Contractwith Customer Liability Revenue Recognized Including Revenue Deferred During The Period
ContractwithCustomerLiabilityRevenueRecognizedIncludingRevenueDeferredDuringThePeriod
471857000 USD
CY2020Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
44514000 USD
CY2020Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
33800000 USD
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
36600000 USD
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CY2019Q4 us-gaap Debt Longterm And Shortterm Combined Amount
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CY2020Q2 z Variable Interest Entity Consolidated Increase Amount To Inventory
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135400000 USD
CY2020Q2 z Variable Interest Entity Consolidation Increase Amount To Borrowings
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117200000 USD
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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691500000 USD
CY2020Q2 us-gaap Income Tax Expense Benefit
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700000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2020Q2 us-gaap Preferred Stock Shares Issued
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0 shares
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
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0 shares
CY2020Q2 us-gaap Preferred Stock Shares Outstanding
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0 shares
CY2019Q4 us-gaap Preferred Stock Shares Issued
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0 shares
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
35.95
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P6Y3M10D
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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331107000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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4833605 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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49.24
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6324858 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
29.25
CY2019Q4 z Surety Bonds Amount Outstanding
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10200000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
674462 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
40.76
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
27468581 shares
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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39.71
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P6Y8M26D
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493801000 USD
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14708916 shares
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35.84
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P4Y11M15D
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
320951000 USD
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
52351000 USD
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
43632000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
96146000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
109756000 USD
CY2020Q2 us-gaap Recorded Unconditional Purchase Obligation Due In Remainder Of Fiscal Year
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8254000 USD
CY2020Q2 us-gaap Recorded Unconditional Purchase Obligation Due Within One Year
RecordedUnconditionalPurchaseObligationDueWithinOneYear
17627000 USD
CY2020Q2 us-gaap Recorded Unconditional Purchase Obligation Due In Second Year
RecordedUnconditionalPurchaseObligationDueInSecondYear
3043000 USD
CY2020Q2 us-gaap Recorded Unconditional Purchase Obligation Due In Third Year
RecordedUnconditionalPurchaseObligationDueInThirdYear
507000 USD
CY2020Q2 us-gaap Recorded Unconditional Purchase Obligation
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29431000 USD
CY2020Q2 us-gaap Letters Of Credit Outstanding Amount
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16900000 USD
CY2020Q2 z Surety Bonds Amount Outstanding
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9800000 USD
us-gaap Number Of Reportable Segments
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3 Segment
CY2020Q2 us-gaap Gains Losses On Extinguishment Of Debt
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6391000 USD
CY2019Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
6391000 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-83769000 USD
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-71977000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-256270000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-142002000 USD

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