2021 Q1 Form 10-Q Financial Statement

#000161764021000031 Filed on May 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $1.218B $1.126B
YoY Change 8.19% 147.92%
Cost Of Revenue $711.0M $761.7M
YoY Change -6.65% 403.26%
Gross Profit $507.0M $364.1M
YoY Change 39.23% 20.28%
Gross Profit Margin 41.63% 32.35%
Selling, General & Admin $298.0M $296.9M
YoY Change 0.36% 15.38%
% of Gross Profit 58.78% 81.54%
Research & Development $120.0M $134.9M
YoY Change -11.06% 25.19%
% of Gross Profit 23.67% 37.05%
Depreciation & Amortization $29.00M $29.03M
YoY Change -0.09% 41.42%
% of Gross Profit 5.72% 7.97%
Operating Expenses $418.0M $431.9M
YoY Change -3.21% 18.27%
Operating Profit $88.00M -$144.5M
YoY Change -160.9% 130.37%
Interest Expense -$39.60M -$37.60M
YoY Change 5.32% 127.88%
% of Operating Profit -45.0%
Other Income/Expense, Net $2.400M $9.600M
YoY Change -75.0% 4.35%
Pretax Income $49.00M -$172.5M
YoY Change -128.41% 146.34%
Income Tax -$3.000M -$9.200M
% Of Pretax Income -6.12%
Net Earnings $52.00M -$163.3M
YoY Change -131.85% 141.8%
Net Earnings / Revenue 4.27% -14.5%
Basic Earnings Per Share $0.21 -$0.78
Diluted Earnings Per Share $0.20 -$0.78
COMMON SHARES
Basic Shares Outstanding 243.2M shares 210.7M shares
Diluted Shares Outstanding 259.3M shares 210.7M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.696B $2.561B
YoY Change 83.36% 68.77%
Cash & Equivalents $3.402B $1.568B
Short-Term Investments $1.294B $993.3M
Other Short-Term Assets $228.6M $114.0M
YoY Change 100.53% 17.65%
Inventory $472.4M $534.0M
Prepaid Expenses
Receivables $82.46M $71.78M
Other Receivables $274.3M $36.80M
Total Short-Term Assets $5.754B $3.318B
YoY Change 73.42% 62.66%
LONG-TERM ASSETS
Property, Plant & Equipment $190.2M $188.0M
YoY Change 1.17% 32.28%
Goodwill $1.985B $1.985B
YoY Change 0.0% 0.0%
Intangibles $87.71M $112.3M
YoY Change -21.88% -46.0%
Long-Term Investments
YoY Change
Other Assets $8.678M $16.62M
YoY Change -47.8% -0.83%
Total Long-Term Assets $2.502B $2.554B
YoY Change -2.03% 2.16%
TOTAL ASSETS
Total Short-Term Assets $5.754B $3.318B
Total Long-Term Assets $2.502B $2.554B
Total Assets $8.256B $5.872B
YoY Change 40.6% 29.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.04M $17.82M
YoY Change -4.35% 131.18%
Accrued Expenses $121.7M $88.90M
YoY Change 36.89% 40.63%
Deferred Revenue $54.19M $35.35M
YoY Change 53.31% -2.1%
Short-Term Debt $662.2M $466.6M
YoY Change 41.92% 70.29%
Long-Term Debt Due $9.600M
YoY Change
Total Short-Term Liabilities $933.4M $671.5M
YoY Change 39.01% 55.83%
LONG-TERM LIABILITIES
Long-Term Debt $1.597B $1.566B
YoY Change 2.0% 121.22%
Other Long-Term Liabilities $14.49M $216.1M
YoY Change -93.3% 111.04%
Total Long-Term Liabilities $14.49M $1.566B
YoY Change -99.08% 121.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $933.4M $671.5M
Total Long-Term Liabilities $14.49M $1.566B
Total Liabilities $2.746B $2.456B
YoY Change 11.8% 95.47%
SHAREHOLDERS EQUITY
Retained Earnings -$1.087B -$1.140B
YoY Change -4.66% 54.25%
Common Stock $6.597B $4.552B
YoY Change 44.93% 13.17%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.510B $3.416B
YoY Change
Total Liabilities & Shareholders Equity $8.256B $5.872B
YoY Change 40.6% 29.35%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $52.00M -$163.3M
YoY Change -131.85% 141.8%
Depreciation, Depletion And Amortization $29.00M $29.03M
YoY Change -0.09% 41.42%
Cash From Operating Activities $241.0M $302.0M
YoY Change -20.2% -307.53%
INVESTING ACTIVITIES
Capital Expenditures $12.00M $32.97M
YoY Change -63.6% 132.12%
Acquisitions
YoY Change
Other Investing Activities $920.3M $291.8M
YoY Change 215.39% 131.96%
Cash From Investing Activities $904.0M $254.3M
YoY Change 255.43% 134.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$545.0M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $598.0M -$163.1M
YoY Change -466.64% -218.3%
NET CHANGE
Cash From Operating Activities $241.0M $302.0M
Cash From Investing Activities $904.0M $254.3M
Cash From Financing Activities $598.0M -$163.1M
Net Change In Cash $1.743B $393.2M
YoY Change 343.25% 290.65%
FREE CASH FLOW
Cash From Operating Activities $241.0M $302.0M
Capital Expenditures $12.00M $32.97M
Free Cash Flow $229.0M $269.0M
YoY Change -14.88% -268.44%

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<div style="margin-top:10pt"><span style="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="margin-top:10pt;text-indent:22.5pt"><span style="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 accounting for certain revenue offerings, 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, 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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