Q1 2021 Earnings

Reported March 30, 2021

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Metric	Q1 2021	Q4 2020	Q1 2020	QoQ Change	YoY Change
Revenue	$430M	$443M	$365M	-2.9%	17.7%
Op. Income	$112M	$140M	-$46M	-19.7%	345.7%
Gross Margin	46.5%	50.1%	6.7%	-3.6pp	39.8pp
Net Margin	24.2%	16.8%	-27.1%	7.4pp	51.3pp
EPS (Diluted)	$0.51	$0.37	$-0.55	37.0%	193.3%

Revenue Flow

Item	Amount
REVENUE	$430M
Cost of Revenue	$230M
GROSS PROFIT	$200M
R&D Expenses	$18M
Selling & Marketing	$50M
General & Administrative	$19M
SG&A Expenses	$70M
Other Expenses	$0
Operating Expenses	$88M
Cost & Expenses	$318M
OPERATING INCOME	$112M
Interest Income	$0
Interest Expense	$3M
Other Income/Expenses	$11M
INCOME BEFORE TAX	$123M
Income Tax Expense	$19M
Net Income from Continuing Ops	$104M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$104M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$104M
D&A	$0
EBIT	$126M
EBITDA	$126M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$430M
Cost of Revenue	$230M
GROSS PROFIT	$200M
R&D Expenses	$18M
Selling & Marketing	$50M
General & Administrative	$19M
SG&A Expenses	$70M
Other Expenses	$0
Operating Expenses	$88M
Cost & Expenses	$318M
OPERATING INCOME	$112M
Interest Income	$0
Interest Expense	$3M
Other Income/Expenses	$11M
INCOME BEFORE TAX	$123M
Income Tax Expense	$19M
Net Income from Continuing Ops	$104M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$104M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$104M
D&A	$0
EBIT	$126M
EBITDA	$126M
EPS	$1
EPS Diluted	$1

Balance Sheet

Item	Amount
Cash & Equivalents	$342M
Short-Term Investments	$0
Net Receivables	$680M
Inventory	$10M
Other Current Assets	$1.1B
TOTAL CURRENT ASSETS	$2.3B
PP&E (Net)	$18M
Goodwill	$0
Intangible Assets	$145M
Long-Term Investments	$77M
Tax Assets	$114M
Other Non-Current Assets	$213M
TOTAL NON-CURRENT ASSETS	$567M
TOTAL ASSETS	$2.9B
Account Payables	$6M
Short-Term Debt	$929M
Deferred Revenue	$73M
Other Current Liabilities	$223M
TOTAL CURRENT LIABILITIES	$1.6B
Long-Term Debt	$314M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$4M
Other Non-Current Liabilities	$3M
TOTAL NON-CURRENT LIABILITIES	$321M
TOTAL LIABILITIES	$1.9B
Common Stock	$34.3K
Additional Paid-In Capital	$406M
Retained Earnings	$413M
Treasury Stock	$0
Accum. Other Comp. Income	$95M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$914M
Minority Interest	$6M
TOTAL EQUITY	$919M
TOTAL LIABILITIES & EQUITY	$2.9B
Total Debt	$1.2B
Net Debt	$901M