Company Quick10K Filing
Insight Enterprises
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 36 $1,891
10-Q 2019-11-06 Quarter: 2019-09-30
10-Q 2019-08-06 Quarter: 2019-06-30
10-Q 2019-05-01 Quarter: 2019-03-31
10-K 2019-02-22 Annual: 2018-12-31
10-Q 2018-11-07 Quarter: 2018-09-30
10-Q 2018-08-13 Quarter: 2018-06-30
10-Q 2018-05-03 Quarter: 2018-03-31
10-K 2018-02-26 Annual: 2017-12-31
10-Q 2017-11-08 Quarter: 2017-09-30
10-Q 2017-08-03 Quarter: 2017-06-30
10-Q 2017-05-05 Quarter: 2017-03-31
10-K 2017-02-17 Annual: 2016-12-31
10-Q 2016-10-31 Quarter: 2016-09-30
10-Q 2016-08-04 Quarter: 2016-06-30
10-Q 2016-04-29 Quarter: 2016-03-31
10-K 2016-02-19 Annual: 2015-12-31
10-Q 2015-10-29 Quarter: 2015-09-30
10-Q 2015-07-30 Quarter: 2015-06-30
10-Q 2015-05-07 Quarter: 2015-03-31
10-K 2015-02-20 Annual: 2014-12-31
10-Q 2014-10-30 Quarter: 2014-09-30
10-Q 2014-08-01 Quarter: 2014-06-30
10-Q 2014-05-02 Quarter: 2014-03-31
10-K 2014-02-21 Annual: 2013-12-31
10-Q 2013-10-31 Quarter: 2013-09-30
10-Q 2013-08-09 Quarter: 2013-06-30
10-Q 2013-05-02 Quarter: 2013-03-31
10-K 2013-02-22 Annual: 2012-12-31
10-Q 2012-11-01 Quarter: 2012-09-30
10-Q 2012-08-02 Quarter: 2012-06-30
10-Q 2012-05-03 Quarter: 2012-03-31
10-K 2012-02-24 Annual: 2011-12-31
10-Q 2011-11-03 Quarter: 2011-09-30
10-Q 2011-08-04 Quarter: 2011-06-30
10-Q 2011-05-05 Quarter: 2011-03-31
10-K 2011-02-23 Annual: 2010-12-31
10-Q 2010-11-04 Quarter: 2010-09-30
10-Q 2010-08-05 Quarter: 2010-06-30
10-Q 2010-05-06 Quarter: 2010-03-31
10-K 2010-02-25 Annual: 2009-12-31
8-K 2019-12-12
8-K 2019-11-06 Earnings, Exhibits
8-K 2019-08-30 Enter Agreement, Leave Agreement, M&A, Regulation FD, Exhibits
8-K 2019-08-21 Enter Agreement, Off-BS Arrangement, Sale of Shares
8-K 2019-08-15 Enter Agreement, Off-BS Arrangement, Sale of Shares, Other Events, Exhibits
8-K 2019-08-12 Other Events, Exhibits
8-K 2019-08-12 Other Events, Exhibits
8-K 2019-08-09 Enter Agreement, Exhibits
8-K 2019-08-06 Earnings, Exhibits
8-K 2019-06-24 Enter Agreement, Regulation FD, Exhibits
8-K 2019-05-22 Shareholder Vote
8-K 2019-05-01 Earnings, Exhibits
8-K 2019-02-14 Earnings, Exhibits
8-K 2018-09-12 Officers
8-K 2018-08-01 Earnings, Exhibits
8-K 2018-06-27 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-05-10 Shareholder Vote
8-K 2018-05-02 Earnings, Exhibits
8-K 2018-03-23 Enter Agreement, Off-BS Arrangement, Officers, Exhibits
8-K 2018-02-14 Earnings, Exhibits
8-K 2018-02-12 Officers, Regulation FD, Exhibits
NSIT 2019-09-30
Part I - Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 nsit-ex311_6.htm
EX-31.2 nsit-ex312_7.htm
EX-32.1 nsit-ex321_8.htm

Insight Enterprises Earnings 2019-09-30

NSIT 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
SFIX 3,101 591 216 1,145 654 48 56 2,945 57% 53.0 8%
NSIT 1,891 3,286 2,206 7,018 1,013 169 275 1,823 14% 6.6 5%
NTRI 1,304 204 58 691 366 59 93 1,222 53% 13.2 29%
CNXN 896 912 352 2,742 424 71 117 826 15% 7.1 8%
VIPS 728 43,563 26,352 0 0 0 0 -9,310 0%
OSTK 459 449 250 1,635 315 -154 -123 335 19% -2.7 -34%
PCMI 333 776 608 2,157 344 25 55 445 16% 8.1 3%
LITB 172 104 111 0 0 0 0 132 0%
YGYI 169 137 86 185 97 -29 -25 177 53% -7.1 -22%
APRN 92 339 227 552 0 -71 -36 79 0% -2.2 -21%

nsit-10q_20190930.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: September 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to            

Commission File Number:  0-25092

INSIGHT ENTERPRISES, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

86-0766246

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification Number)

 

6820 South Harl Avenue, Tempe, Arizona 85283

(Address of principal executive offices) (Zip Code)

(480) 333-3000

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

Common stock, par value $0.01

 

NSIT

 

The NASDAQ Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

Yes     

 

No     

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 

Yes     

 

No     

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

Non-accelerated filer            

 

 

Smaller reporting company

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Yes     

 

No     

 

The number of shares outstanding of the issuer’s common stock as of November 1, 2019 was 35,256,041.

 

 

 

 


 

INSIGHT ENTERPRISES, INC.

QUARTERLY REPORT ON FORM 10-Q

Three Months Ended September 30, 2019

 

TABLE OF CONTENTS

 

 

 

 

 

Page

PART I -

 

Financial Information

 

 

 

 

 

 

 

Item 1 –

 

Financial Statements:

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheets (unaudited) – September 30, 2019 and December 31, 2018

 

1

 

 

 

 

 

 

 

Consolidated Statements of Operations (unaudited) – Three and Nine Months Ended September 30, 2019 and 2018

 

2

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income (unaudited) – Three and Nine Months Ended September 30, 2019 and 2018

 

3

 

 

 

 

 

 

 

Consolidated Statements of Stockholders’ Equity (unaudited) – Three and Nine Months Ended September 30, 2019 and 2018

 

4

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows (unaudited) – Nine Months Ended September 30, 2019 and 2018

 

6

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (unaudited)

 

7

 

 

 

 

 

Item 2 –

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

28

 

 

 

 

 

Item 3 –

 

Quantitative and Qualitative Disclosures About Market Risk

 

43

 

 

 

 

 

Item 4 –

 

Controls and Procedures

 

43

 

 

 

 

 

PART II -

 

Other Information

 

 

 

 

 

 

 

Item 1 –

 

Legal Proceedings

 

44

 

 

 

 

 

Item 1A –

 

Risk Factors

 

44

 

 

 

 

 

Item 2 –

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

46

 

 

 

 

 

Item 3 –

 

Defaults Upon Senior Securities

 

47

 

 

 

 

 

Item 4 –

 

Mine Safety Disclosures

 

47

 

 

 

 

 

Item 5 –

 

Other Information

 

47

 

 

 

 

 

Item 6 –

 

Exhibits

 

48

 

 

 

 

 

Signatures

 

50

 

 

 

 


INSIGHT ENTERPRISES, INC.

 

Forward-Looking Information

References to “the Company,” “Insight,” “we,” “us,” “our” and other similar words refer to Insight Enterprises, Inc. and its consolidated subsidiaries, unless the context suggests otherwise.  Certain statements in this Quarterly Report on Form 10-Q, including statements in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part I, Item 2 of this report, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements may include: expectations regarding net sales, gross profit, gross margin, operating expenses, earnings from operations, non-operating income and expenses, net earnings or cash flows, cash needs and the payment of accrued expenses and liabilities; expectations about future benefits relating to the PCM, Inc. (“PCM”) acquisition; the expected effects of seasonality on our business; expectations of further consolidation in the Information Technology (“IT”) industry; our intentions concerning the payment of dividends; our acquisition strategy; projections of capital expenditures; the sufficiency of our capital resources, the availability of financing and our needs and plans relating thereto; the estimated effect of new accounting principles and expected dates of adoption; the effect of indemnification obligations; projections about the outcome of ongoing tax audits; expectations regarding future employee termination benefits; estimates regarding future asset-retirement activities; adequate provisions for and our positions and strategies with respect to ongoing and threatened litigation; our expectations regarding the use of cash flow from operations for working capital, to pay down debt, repurchase shares of our common stock, make capital expenditures and fund acquisitions; our expectations regarding stock-based compensation and future income tax expense; our compliance with leverage ratio requirements; our exposure to off-balance sheet arrangements; statements of belief; and statements of assumptions underlying any of the foregoing.  Forward-looking statements are identified by such words as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “plan,” “project,” “will,” “may” and variations of such words and similar expressions and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified.  Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.  There can be no assurances that results described in forward-looking statements will be achieved, and actual results could differ materially from those suggested by the forward-looking statements.  Some of the important factors that could cause our actual results to differ materially from those projected in any forward-looking statements include, but are not limited to, the following, which are discussed in “Risk Factors” in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, in “Cautionary Note Regarding Forward-looking Statements” in the Company’s Current Report on Form 8-K filed on June 24, 2019 and in “Risk Factors” in Part II, Item 1A of this report:

 

 

actions of our competitors, including manufacturers and publishers of products we sell;

 

our reliance on our partners for product availability, competitive products to sell and marketing funds and purchasing incentives, which can change significantly in the amounts made available and the requirements year over year;

 

changes in the IT industry and/or rapid changes in technology;

 

risks associated with the integration and operation of acquired businesses, including PCM;

 

possible significant fluctuations in our future operating results as well as seasonality and variability of customer demands;

 

the risks associated with our international operations;

 

general economic conditions, economic uncertainties and changes in geopolitical conditions;

 

increased debt and interest expense and decreased availability of funds under our financing facilities;

 

the security of our electronic and other confidential information;

 

disruptions in our IT systems and voice and data networks;

 

failure to comply with the terms and conditions of our commercial and public sector contracts;

 

 


INSIGHT ENTERPRISES, INC.

 

 

legal proceedings, including PCM related litigation, client audits and failure to comply with laws and regulations;

 

accounts receivable risks, including increased credit loss experience or extended payment terms with our clients;

 

our reliance on independent shipping companies;

 

our dependence on certain key personnel;

 

natural disasters or other adverse occurrences;

 

exposure to changes in, interpretations of, or enforcement trends related to tax rules and regulations;

 

intellectual property infringement claims and challenges to our registered trademarks and trade names;

 

unexpected costs or liabilities in connection with the acquisition of PCM;

 

the Company’s inability to achieve expected synergies and operating efficiencies as a result of the acquisition of PCM, whether within the expected time frames, without undue difficulty, cost or expense, or at all;

 

the Company’s ability to successfully integrate PCM’s operations into its own, whether within expected time frames, without undue difficulty, cost or expense, or at all;

 

the level of revenues following the acquisition of PCM, which may be lower than expected;

 

operating costs, customer loss and business disruptions arising from the acquisition of PCM (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers), which may be greater than expected;

 

cyber attacks or breaches of data privacy and security regulations;

 

uncertainties surrounding the acquisition of PCM;

 

the outcome of any legal proceedings related to the acquisition of PCM;

 

other adverse economic, business, and/or competitive factors;

 

risks that the acquisition of PCM distracts management of the Company or PCM or disrupts current plans and operations;

 

the Company’s ability to retain key PCM and Company employees;

 

the senior convertible notes (the “notes”) are effectively subordinated to the Company’s secured debt and are structurally subordinated to any liabilities of our subsidiaries, other than the subsidiary guarantor;

 

the debt may restrict the Company’s future operations and impair its ability to meet business obligations under the notes;

 

the conditional conversion feature of the notes, if triggered, may adversely affect the Company’s financial condition and operating results;

 

the accounting method for convertible debt securities that may be settled in cash, such as the notes, could have a material effect on the Company’s reported financial results;

 

future sales of the Company’s common stock or equity-linked securities in the public market could lower the market price for our common stock and adversely impact the trading price of the notes; and

 

the Company is subject to counterparty risk with respect to the convertible note hedge transactions.

 

Additionally, there may be other risks that are otherwise described from time to time in the reports that we file with the Securities and Exchange Commission (the “SEC”).  Any forward-looking statements in this report should be considered in light of various important factors, including the risks and uncertainties listed above, as well as others.  We assume no obligation to update, and, except as may be required by law, do not intend to update, any forward-looking statements.  We do not endorse any projections regarding future performance that may be made by third parties.

 

 

 


 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

INSIGHT ENTERPRISES, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

(unaudited)

 

 

 

September 30,

2019

 

 

December 31,

2018

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

140,549

 

 

$

142,655

 

Accounts receivable, net of allowance for doubtful accounts

   of $10,243 and $10,462, respectively

 

 

2,320,681

 

 

 

1,931,736

 

Inventories

 

 

219,932

 

 

 

148,503

 

Other current assets

 

 

120,972

 

 

 

115,683

 

Total current assets

 

 

2,802,134

 

 

 

2,338,577

 

Property and equipment, net of accumulated depreciation and

   amortization of $255,916 and $331,700, respectively

 

 

169,996

 

 

 

72,954

 

Goodwill

 

 

358,384

 

 

 

166,841

 

Intangible assets, net of accumulated amortization of

   $65,922 and $52,942, respectively

 

 

350,342

 

 

 

112,179

 

Deferred income taxes

 

 

3,027

 

 

 

7,967

 

Other assets

 

 

298,477

 

 

 

77,429

 

 

 

$

3,982,360

 

 

$

2,775,947

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable—trade

 

$

1,220,678

 

 

$

978,104

 

Accounts payable—inventory financing facilities

 

 

207,658

 

 

 

304,130

 

Accrued expenses and other current liabilities

 

 

254,677

 

 

 

190,733

 

Current portion of long-term debt

 

 

1,142

 

 

 

1,395

 

Deferred revenue

 

 

67,819

 

 

 

62,300

 

Total current liabilities

 

 

1,751,974

 

 

 

1,536,662

 

Long-term debt

 

 

835,714

 

 

 

195,525

 

Deferred income taxes

 

 

58,665

 

 

 

683

 

Other liabilities

 

 

233,369

 

 

 

56,088

 

 

 

 

2,879,722

 

 

 

1,788,958

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value, 3,000 shares authorized;

   no shares issued

 

 

 

 

 

 

Common stock, $0.01 par value, 100,000 shares authorized;

   35,251 shares at September 30, 2019 and 35,482 shares at

   December 31, 2018 issued and outstanding

 

 

353

 

 

 

355

 

Additional paid-in capital

 

 

353,069

 

 

 

323,622

 

Retained earnings

 

 

798,147

 

 

 

704,665

 

Accumulated other comprehensive loss – foreign currency

   translation adjustments

 

 

(48,931

)

 

 

(41,653

)

Total stockholders’ equity

 

 

1,102,638

 

 

 

986,989

 

 

 

$

3,982,360

 

 

$

2,775,947

 

 

See accompanying notes to consolidated financial statements.

1


 

INSIGHT ENTERPRISES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

$

1,668,880

 

 

$

1,548,273

 

 

$

4,729,887

 

 

$

4,724,888

 

Services

 

 

243,667

 

 

 

199,453

 

 

 

704,147

 

 

 

606,202

 

Total net sales

 

 

1,912,547

 

 

 

1,747,726

 

 

 

5,434,034

 

 

 

5,331,090

 

Costs of goods sold:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

 

1,519,240

 

 

 

1,415,808

 

 

 

4,315,464

 

 

 

4,319,181

 

Services

 

 

117,112

 

 

 

97,004

 

 

 

318,454

 

 

 

272,355

 

Total costs of goods sold

 

 

1,636,352

 

 

 

1,512,812

 

 

 

4,633,918

 

 

 

4,591,536

 

Gross profit

 

 

276,195

 

 

 

234,914

 

 

 

800,116

 

 

 

739,554

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling and administrative expenses

 

 

223,215

 

 

 

184,095

 

 

 

613,767

 

 

 

561,739

 

Severance and restructuring expenses, net

 

 

2,662

 

 

 

683

 

 

 

3,712

 

 

 

2,709

 

Acquisition related expenses

 

 

5,896

 

 

 

188

 

 

 

9,059

 

 

 

282

 

Earnings from operations

 

 

44,422

 

 

 

49,948

 

 

 

173,578

 

 

 

174,824

 

Non-operating (income) expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

(393

)

 

 

(330

)

 

 

(930

)

 

 

(653

)

Interest expense

 

 

8,087

 

 

 

6,132

 

 

 

17,511

 

 

 

17,249

 

Net foreign currency exchange (gain) loss

 

 

(391

)

 

 

539

 

 

 

(10

)

 

 

19

 

Other (income) expense, net

 

 

(147

)

 

 

393

 

 

 

868

 

 

 

1,019

 

Earnings before income taxes

 

 

37,266

 

 

 

43,214

 

 

 

156,139

 

 

 

157,190

 

Income tax expense

 

 

10,134

 

 

 

11,060

 

 

 

39,682

 

 

 

40,554

 

Net earnings

 

$

27,132

 

 

$

32,154

 

 

$

116,457

 

 

$

116,636

 

Net earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.76

 

 

$

0.91

 

 

$

3.27

 

 

$

3.27

 

Diluted

 

$

0.76

 

 

$

0.89

 

 

$

3.23

 

 

$

3.24

 

Shares used in per share calculations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

35,512

 

 

 

35,468

 

 

 

35,631

 

 

 

35,622

 

Diluted

 

 

35,868

 

 

 

35,957

 

 

 

36,027

 

 

 

36,012

 

 

See accompanying notes to consolidated financial statements.

2

 


 

INSIGHT ENTERPRISES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(unaudited)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net earnings

 

$

27,132

 

 

$

32,154

 

 

$

116,457

 

 

$

116,636

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(8,903

)

 

 

657

 

 

 

(7,278

)

 

 

(9,774

)

Total comprehensive income

 

$

18,229

 

 

$

32,811

 

 

$

109,179

 

 

$

106,862

 

 

See accompanying notes to consolidated financial statements.

 


3

 


 

INSIGHT ENTERPRISES, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands)

(unaudited)

 

 

 

 

Common Stock

 

 

Treasury Stock

 

 

Additional

Paid-in

 

 

Accumulated

Other

Comprehensive

 

 

Retained

 

 

Total

Stockholders'

 

 

 

Shares

 

 

Par Value

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Earnings

 

 

Equity

 

Balances at June 30, 2018

 

 

35,459

 

 

$

355

 

 

 

 

 

$

 

 

$

315,619

 

 

$

(34,695

)

 

$

625,470

 

 

$

906,749

 

Issuance of common stock under employee stock plans, net of shares withheld for payroll taxes

 

 

17

 

 

 

 

 

 

 

 

 

 

 

 

(270

)

 

 

 

 

 

 

 

 

(270

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,716

 

 

 

 

 

 

1

 

 

 

3,717

 

Foreign currency translation adjustments, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

657

 

 

 

 

 

 

657

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

32,154

 

 

 

32,154

 

Balances at September 30, 2018

 

 

35,476

 

 

$

355

 

 

 

 

 

$

 

 

$

319,065

 

 

$

(34,038

)

 

$

657,625

 

 

$

943,007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at June 30, 2019

 

 

35,781

 

 

$

358

 

 

 

 

 

$

 

 

$

325,263

 

 

$

(40,028

)

 

$

793,990

 

 

$

1,079,583

 

Issuance of common stock under employee stock plans, net of shares withheld for payroll taxes

 

 

11

 

 

 

 

 

 

 

 

 

 

 

 

(266

)

 

 

 

 

 

 

 

 

(266

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,098

 

 

 

 

 

 

 

 

 

4,098

 

Equity component of convertible senior notes, net of deferred tax of $14,819 and issuance costs of $1,700

 

 

 

 

 

 

 

 

 

 

 

 

 

 

44,731

 

 

 

 

 

 

 

 

 

44,731

 

Issuance of warrants related to convertible senior notes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

34,440

 

 

 

 

 

 

 

 

 

34,440

 

Purchase of note hedge related to convertible senior notes, net of deferred tax of $16,047

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(50,278

)

 

 

 

 

 

 

 

 

(50,278

)

Repurchase of common stock

 

 

 

 

 

 

 

 

(541

)

 

 

(27,899

)