2021 Q2 Form 10-Q Financial Statement

#000161764021000055 Filed on August 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2 2020 Q1
Revenue $1.310B $768.4M $1.126B
YoY Change 70.49% 28.15% 147.92%
Cost Of Revenue $772.0M $487.5M $761.7M
YoY Change 58.36% 79.74% 403.26%
Gross Profit $538.0M $280.9M $364.1M
YoY Change 91.55% -14.46% 20.28%
Gross Profit Margin 41.07% 36.55% 32.35%
Selling, General & Admin $343.0M $246.0M $296.9M
YoY Change 39.4% -8.96% 15.38%
% of Gross Profit 63.75% 87.6% 81.54%
Research & Development $129.0M $97.51M $134.9M
YoY Change 32.3% -18.97% 25.19%
% of Gross Profit 23.98% 34.72% 37.05%
Depreciation & Amortization $28.98M $26.20M $29.03M
YoY Change 10.62% 23.58% 41.42%
% of Gross Profit 5.39% 9.33% 7.97%
Operating Expenses $472.0M $343.6M $431.9M
YoY Change 37.39% -12.04% 18.27%
Operating Profit $62.00M -$62.69M -$144.5M
YoY Change -198.91% 0.24% 130.37%
Interest Expense -$39.43M -$37.60M -$37.60M
YoY Change 4.87% 98.94% 127.88%
% of Operating Profit -63.6%
Other Income/Expense, Net $1.587M $10.10M $9.600M
YoY Change -84.29% 6.32% 4.35%
Pretax Income $23.00M -$83.77M -$172.5M
YoY Change -127.46% 16.38% 146.34%
Income Tax $13.00M $700.0K -$9.200M
% Of Pretax Income 56.52%
Net Earnings $10.00M -$84.45M -$163.3M
YoY Change -111.84% 17.33% 141.8%
Net Earnings / Revenue 0.76% -10.99% -14.5%
Basic Earnings Per Share $0.04 -$0.38 -$0.78
Diluted Earnings Per Share $0.04 -$0.38 -$0.78
COMMON SHARES
Basic Shares Outstanding 248.2M shares 219.5M shares 210.7M shares
Diluted Shares Outstanding 261.5M shares 219.5M shares 210.7M shares

Balance Sheet

Concept 2021 Q2 2020 Q2 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.594B $3.537B $2.561B
YoY Change 29.9% 145.65% 68.77%
Cash & Equivalents $3.713B $2.045B $1.568B
Short-Term Investments $880.9M $1.491B $993.3M
Other Short-Term Assets $370.2M $90.00M $114.0M
YoY Change 311.29% -15.09% 17.65%
Inventory $1.170B $135.4M $534.0M
Prepaid Expenses
Receivables $101.9M $66.88M $71.78M
Other Receivables $0.00 $75.00M $36.80M
Total Short-Term Assets $6.286B $3.904B $3.318B
YoY Change 61.01% 75.9% 62.66%
LONG-TERM ASSETS
Property, Plant & Equipment $190.0M $195.7M $188.0M
YoY Change -2.96% 34.14% 32.28%
Goodwill $1.985B $1.985B $1.985B
YoY Change 0.0% 0.0% 0.0%
Intangibles $81.36M $107.0M $112.3M
YoY Change -23.95% -47.25% -46.0%
Long-Term Investments
YoY Change
Other Assets $10.49M $11.04M $16.62M
YoY Change -5.03% -33.08% -0.83%
Total Long-Term Assets $2.490B $2.546B $2.554B
YoY Change -2.21% -2.33% 2.16%
TOTAL ASSETS
Total Short-Term Assets $6.286B $3.904B $3.318B
Total Long-Term Assets $2.490B $2.546B $2.554B
Total Assets $8.775B $6.450B $5.872B
YoY Change 36.06% 33.65% 29.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.64M $14.31M $17.82M
YoY Change 9.32% 78.21% 131.18%
Accrued Expenses $175.9M $74.65M $88.90M
YoY Change 135.61% 8.94% 40.63%
Deferred Revenue $53.55M $44.51M $35.35M
YoY Change 20.29% 20.05% -2.1%
Short-Term Debt $987.8M $187.0M $466.6M
YoY Change 428.25% -57.49% 70.29%
Long-Term Debt Due $330.1M $9.600M $9.600M
YoY Change 3338.49%
Total Short-Term Liabilities $1.647B $387.4M $671.5M
YoY Change 324.97% -35.88% 55.83%
LONG-TERM LIABILITIES
Long-Term Debt $1.276B $1.810B $1.566B
YoY Change -29.49% 152.55% 121.22%
Other Long-Term Liabilities $14.41M $214.8M $216.1M
YoY Change -93.29% 1.51% 111.04%
Total Long-Term Liabilities $14.41M $1.810B $1.566B
YoY Change -99.2% 152.55% 121.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.647B $387.4M $671.5M
Total Long-Term Liabilities $14.41M $1.810B $1.566B
Total Liabilities $3.131B $2.427B $2.456B
YoY Change 29.03% 56.78% 95.47%
SHAREHOLDERS EQUITY
Retained Earnings -$1.078B -$1.225B -$1.140B
YoY Change -12.02% 50.98% 54.25%
Common Stock $6.721B $5.246B $4.552B
YoY Change 28.12% 28.32% 13.17%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.644B $4.023B $3.416B
YoY Change
Total Liabilities & Shareholders Equity $8.775B $6.450B $5.872B
YoY Change 36.06% 33.65% 29.35%

Cashflow Statement

Concept 2021 Q2 2020 Q2 2020 Q1
OPERATING ACTIVITIES
Net Income $10.00M -$84.45M -$163.3M
YoY Change -111.84% 17.33% 141.8%
Depreciation, Depletion And Amortization $28.98M $26.20M $29.03M
YoY Change 10.62% 23.58% 41.42%
Cash From Operating Activities -$399.2M $390.6M $302.0M
YoY Change -202.2% -271.09% -307.53%
INVESTING ACTIVITIES
Capital Expenditures -$18.54M -$28.60M $32.97M
YoY Change -35.16% 35.55% 132.12%
Acquisitions
YoY Change
Other Investing Activities $409.3M -$490.4M $291.8M
YoY Change -183.45% -543.4% 131.96%
Cash From Investing Activities $390.7M -$518.9M $254.3M
YoY Change -175.3% -679.78% 134.84%
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 340.2M 583.3M -$163.1M
YoY Change -41.67% 214.96% -218.3%
NET CHANGE
Cash From Operating Activities -399.2M 390.6M $302.0M
Cash From Investing Activities 390.7M -518.9M $254.3M
Cash From Financing Activities 340.2M 583.3M -$163.1M
Net Change In Cash 331.7M 455.0M $393.2M
YoY Change -27.09% 880.6% 290.65%
FREE CASH FLOW
Cash From Operating Activities -$399.2M $390.6M $302.0M
Capital Expenditures -$18.54M -$28.60M $32.97M
Free Cash Flow -$380.7M $419.2M $269.0M
YoY Change -190.81% -302.32% -268.44%

Facts In Submission

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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%">Reclassifications</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%">Certain reclassifications have been made in the condensed consolidated statements of operations to conform data for prior periods to the current format. Beginning with the three and six month periods ended June 30, 2021, we present a gross profit subtotal in our condensed consolidated statements of operations, which requires certain depreciation expense and amortization expense to be included within cost of revenue. We believe the presentation of gross profit is preferable as it facilitates investors’ ability to model across our segments and enhances comparability with our public company peers. To effect the presentation of gross profit, we present the amortization expense for certain intangible assets and data acquisition costs within cost of revenue and have reclassified certain amounts in prior periods in the condensed consolidated statements of operations from technology and development expenses to cost of revenue. Additionally, we reclassified the amortization expense for trade names and trademarks and customer relationship intangible assets from technology and development expenses to sales and marketing expenses. This change has no impact on income (loss) from operations or net income (loss).</span></div>
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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 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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14100000 USD
CY2020Q2 us-gaap Capitalized Computer Software Additions
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15400000 USD
us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
26500000 USD
us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
27900000 USD
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307900000 USD
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226538000 USD
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81362000 USD
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FiniteLivedIntangibleAssetsGross
298472000 USD
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203705000 USD
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94767000 USD
CY2021Q2 us-gaap Amortization Of Intangible Assets
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13400000 USD
CY2020Q2 us-gaap Amortization Of Intangible Assets
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13100000 USD
us-gaap Amortization Of Intangible Assets
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26300000 USD
us-gaap Amortization Of Intangible Assets
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24900000 USD
us-gaap Restructuring Costs And Asset Impairment Charges
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0 USD
CY2021Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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108000000.0 USD
CY2021Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill Fair Value Disclosure
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36500000 USD
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2594414000 USD
CY2020Q4 us-gaap Debt Longterm And Shortterm Combined Amount
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2283732000 USD
CY2021Q2 us-gaap Income Tax Expense Benefit
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13300000 USD
us-gaap Income Tax Expense Benefit
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10400000 USD
CY2020Q2 us-gaap Income Tax Expense Benefit
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700000 USD
CY2021Q2 us-gaap Preferred Stock Shares Issued
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0 shares
CY2021Q2 us-gaap Preferred Stock Shares Outstanding
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0 shares
CY2020Q4 us-gaap Preferred Stock Shares Outstanding
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0 shares
CY2020Q4 us-gaap Preferred Stock Shares Issued
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0 shares
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
42.68
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P7Y2M19D
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64.27
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215070000 shares
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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260484000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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215070000 shares
CY2021Q2 us-gaap Letters Of Credit Outstanding Amount
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16900000 USD
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10600000 USD
CY2020Q4 z Surety Bonds Amount Outstanding
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10100000 USD
CY2019Q3 z Number Of Patents Infringed
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7 patent
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4 petition
CY2020Q3 z Number Of Patents Infringed
NumberOfPatentsInfringed
3 patent
CY2021Q1 z Number Of Patents Infringed
NumberOfPatentsInfringed
2 patent
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NumberOfPatentsInfringed
3 patent
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NumberOfPatentsInfringed
3 patent
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4 petition
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5 patent
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3 Segment
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3 Segment
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6391000 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
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us-gaap Gains Losses On Extinguishment Of Debt
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6391000 USD
CY2021Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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22951000 USD
CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-83769000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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72025000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-256270000 USD

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