Q3 2019 Earnings

Reported November 18, 2019

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Metric	Q3 2019	Q2 2019	Q3 2018	QoQ Change	YoY Change
Revenue	$466M	$364M	$270M	27.9%	72.3%
Op. Income	$140M	$86M	$68M	62.9%	106.1%
Gross Margin	53.3%	44.1%	41.5%	9.3pp	11.9pp
Net Margin	22.7%	25.2%	24.2%	-2.5pp	-1.5pp
EPS (Diluted)	$0.57	$0.51	$0.25	13.3%	127.9%

Revenue Flow

Item	Amount
REVENUE	$466M
Cost of Revenue	$217M
GROSS PROFIT	$249M
R&D Expenses	$18M
Selling & Marketing	$74M
General & Administrative	$16M
SG&A Expenses	$90M
Other Expenses	$0
Operating Expenses	$108M
Cost & Expenses	$325M
OPERATING INCOME	$140M
Interest Income	$0
Interest Expense	$1M
Other Income/Expenses	-$16M
INCOME BEFORE TAX	$124M
Income Tax Expense	$18M
Net Income from Continuing Ops	$106M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$106M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$106M
D&A	$0
EBIT	$125M
EBITDA	$125M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$466M
Cost of Revenue	$217M
GROSS PROFIT	$249M
R&D Expenses	$18M
Selling & Marketing	$74M
General & Administrative	$16M
SG&A Expenses	$90M
Other Expenses	$0
Operating Expenses	$108M
Cost & Expenses	$325M
OPERATING INCOME	$140M
Interest Income	$0
Interest Expense	$1M
Other Income/Expenses	-$16M
INCOME BEFORE TAX	$124M
Income Tax Expense	$18M
Net Income from Continuing Ops	$106M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$106M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$106M
D&A	$0
EBIT	$125M
EBITDA	$125M
EPS	$1
EPS Diluted	$1

Balance Sheet

Item	Amount
Cash & Equivalents	$409M
Short-Term Investments	$0
Net Receivables	$950M
Inventory	$20M
Other Current Assets	$405M
TOTAL CURRENT ASSETS	$2.1B
PP&E (Net)	$13M
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$75M
Tax Assets	$17M
Other Non-Current Assets	$295M
TOTAL NON-CURRENT ASSETS	$401M
TOTAL ASSETS	$2.5B
Account Payables	$30M
Short-Term Debt	$666M
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$1.2B
Long-Term Debt	$321M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$44M
Other Non-Current Liabilities	$5M
TOTAL NON-CURRENT LIABILITIES	$370M
TOTAL LIABILITIES	$1.6B
Common Stock	$33.6K
Additional Paid-In Capital	$359M
Retained Earnings	$492M
Treasury Stock	$0
Accum. Other Comp. Income	$29M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$880M
Minority Interest	$0
TOTAL EQUITY	$880M
TOTAL LIABILITIES & EQUITY	$2.5B
Total Debt	$987M
Net Debt	$578M