CRAY INC
CIK:0000949158|SEC Filings
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Revenue: | ||||
| Total revenue | $ 68,699 | $ 120,203 | $ 140,245 | $ 199,797 |
| Cost of revenue: | ||||
| Total cost of revenue | 44,752 | 82,396 | 90,274 | 135,038 |
| Gross profit | 23,947 | 37,807 | 49,971 | 64,759 |
| Operating expenses: | ||||
| Research and development, net | 37,171 | 29,382 | 72,957 | 59,274 |
| Sales and marketing | 14,919 | 15,218 | 29,194 | 30,883 |
| General and administrative | 15,890 | 5,624 | 21,832 | 11,403 |
| Restructuring | 0 | 0 | 0 | 476 |
| Total operating expenses | 67,980 | 50,224 | 123,983 | 102,036 |
| Loss from operations | (44,033) | (12,417) | (74,012) | (37,277) |
| Other income, net | 272 | 430 | 25 | 48 |
| Interest income, net | 1,223 | 667 | 2,148 | 1,380 |
| Loss before income taxes | (42,538) | (11,320) | (71,839) | (35,849) |
| Income tax benefit (expense) | (22) | 370 | (141) | (109) |
| Net loss | $ (42,560) | $ (10,950) | $ (71,980) | $ (35,958) |
| Basic net loss per common share (in dollars per share) | $ (1.03) | $ (0.27) | $ (1.75) | $ (0.89) |
| Diluted net loss per common share (in dollars per share) | $ (1.03) | $ (0.27) | $ (1.75) | $ (0.89) |
| Basic weighted average shares outstanding (in shares) | 41,191 | 40,616 | 41,069 | 40,527 |
| Diluted weighted average shares outstanding (in shares) | 41,191 | 40,616 | 41,069 | 40,527 |
| Product | ||||
| Revenue: | ||||
| Total revenue | $ 29,924 | $ 83,379 | $ 64,082 | $ 127,833 |
| Cost of revenue: | ||||
| Total cost of revenue | 23,424 | 65,274 | 49,526 | 99,319 |
| Service | ||||
| Revenue: | ||||
| Total revenue | 38,775 | 36,824 | 76,163 | 71,964 |
| Cost of revenue: | ||||
| Total cost of revenue | $ 21,328 | $ 17,122 | $ 40,748 | $ 35,719 |
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
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|---|---|---|---|---|---|
| Current assets: | |||||
| Cash and cash equivalents | $ 147,533 | $ 228,434 | |||
| Restricted cash | [1] | 3,772 | 1,300 | ||
| Accounts and other receivables, net | 76,501 | 87,819 | |||
| Inventory | 88,035 | 80,360 | |||
| Prepaid expenses and other current assets | 25,053 | 22,331 | |||
| Total current assets | 340,894 | 420,244 | |||
| Long-term restricted cash | [1] | 13,847 | 16,030 | ||
| Property and equipment, net | 38,290 | 35,737 | |||
| Operating lease right-of-use assets | 32,656 | 0 | |||
| Goodwill | 14,182 | 14,182 | |||
| Intangible assets other than goodwill, net | 2,602 | 3,178 | |||
| Other non-current assets | 17,200 | 27,761 | |||
| TOTAL ASSETS | 459,671 | 517,132 | |||
| Current liabilities: | |||||
| Accounts payable | 30,098 | 32,847 | |||
| Accrued payroll and related expenses | 20,462 | 23,703 | |||
| Accrued and other liabilities | 13,206 | 10,805 | |||
| Customer contract liabilities | 54,353 | 61,983 | |||
| Total current liabilities | 118,119 | 129,338 | |||
| Long-term customer contract liabilities | 23,077 | 32,021 | |||
| Long-term operating lease liabilities | 39,845 | 0 | |||
| Other non-current liabilities | 2,384 | 12,394 | |||
| TOTAL LIABILITIES | 183,425 | 173,753 | |||
| Shareholders’ equity: | |||||
| Preferred stock — Authorized and undesignated, 5,000,000 shares; no shares issued or outstanding | 0 | 0 | |||
| Common stock and additional paid-in capital, par value $.01 per share — Authorized, 75,000,000 shares; issued and outstanding 41,337,879 and 40,893,807 shares, respectively | 654,948 | 647,045 | |||
| Accumulated other comprehensive income | 1,534 | 3,208 | |||
| Accumulated deficit | (380,236) | (306,874) | |||
| TOTAL SHAREHOLDERS’ EQUITY | 276,246 | 343,379 | |||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 459,671 | $ 517,132 | |||
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