10-Q Filing

VERIFONE SYSTEMS, INC. CIK: 1312073 Q1 2011

Filing Information

Form Type	10-Q
Accession Number	`0001193125-11-062627`
Period End Date	20110131
Filing Date	20110311
Fiscal Year	2011
Fiscal Period	Q1
XBRL Instance	pay-20110131.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 96 Income Statement 46 Cash Flow Statement 70

Balance Sheet 96 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, reserves	`AllowanceForDoubtfulAccountsReceivableCurrent`	$5.86M	USD	Point-in-time
Accounts receivable, reserves	`AllowanceForDoubtfulAccountsReceivableCurrent`	$5.77M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$325.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$479.17M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$445.14M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$374.62M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net of reserves of $5,771 and $5,862	`AccountsReceivableNetCurrent`	$164.83M	USD	Point-in-time
Accounts receivable, net of reserves of $5,771 and $5,862	`AccountsReceivableNetCurrent`	$132.99M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventories	`InventoryNet`	$111.90M	USD	Point-in-time
Inventories	`InventoryNet`	$112.08M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$10.95M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$11.26M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$75.80M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$60.11M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	88.20M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	86.83M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$761.09M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$843.14M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	88.20M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	86.83M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$46.48M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$46.01M	USD	Point-in-time
Purchased intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$50.12M	USD	Point-in-time
Purchased intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$43.67M	USD	Point-in-time
Goodwill	`Goodwill`	$169.32M	USD	Point-in-time
Goodwill	`Goodwill`	$171.53M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$9.93M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$10.02M	USD	Point-in-time
Debt issuance costs, net	`UnamortizedDebtIssuanceExpense`	$5.07M	USD	Point-in-time
Debt issuance costs, net	`UnamortizedDebtIssuanceExpense`	$4.49M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$33.78M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$34.01M	USD	Point-in-time
Total assets	`Assets`	$1.15B	USD	Point-in-time
Total assets	`Assets`	$1.08B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$64.02M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$77.60M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$651.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$3.40M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$25.88M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$27.93M	USD	Point-in-time
Accrued warranty	`ProductWarrantyAccrualClassifiedCurrent`	$10.90M	USD	Point-in-time
Accrued warranty	`ProductWarrantyAccrualClassifiedCurrent`	$12.99M	USD	Point-in-time
Deferred revenue, net	`DeferredRevenueCurrent`	$54.70M	USD	Point-in-time
Deferred revenue, net	`DeferredRevenueCurrent`	$55.26M	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesCurrent`	$412.00K	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesCurrent`	$400.00K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$46.33M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$43.65M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$51.72M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$57.32M	USD	Point-in-time
Short-term debt	`DebtCurrent`	$5.28M	USD	Point-in-time
Short-term debt	`DebtCurrent`	$5.19M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$259.81M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$283.80M	USD	Point-in-time
Accrued warranty	`ProductWarrantyAccrualNoncurrent`	$1.85M	USD	Point-in-time
Accrued warranty	`ProductWarrantyAccrualNoncurrent`	$1.96M	USD	Point-in-time
Deferred revenue, net	`DeferredRevenueNoncurrent`	$23.80M	USD	Point-in-time
Deferred revenue, net	`DeferredRevenueNoncurrent`	$22.34M	USD	Point-in-time
Long-term debt	`LongTermDebtAndCapitalLeaseObligations`	$470.76M	USD	Point-in-time
Long-term debt	`LongTermDebtAndCapitalLeaseObligations`	$468.23M	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$62.78M	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$62.08M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$45.83M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$53.55M	USD	Point-in-time
Total liabilities	`Liabilities`	$867.86M	USD	Point-in-time
Total liabilities	`Liabilities`	$888.93M	USD	Point-in-time
Redeemable noncontrolling interest	`TemporaryEquityRedemptionValue`	$866.00K	USD	Point-in-time
Redeemable noncontrolling interest	`TemporaryEquityRedemptionValue`	$866.00K	USD	Point-in-time
Preferred stock: 10,000 shares authorized as of January 31, 2011 and October 31, 2010; no shares issued and outstanding as of January 31, 2011 and October 31, 2010	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock: 10,000 shares authorized as of January 31, 2011 and October 31, 2010; no shares issued and outstanding as of January 31, 2011 and October 31, 2010	`PreferredStockValue`	-	USD	Point-in-time
Common stock: $0.01 par value, 200,000 shares authorized as of January 31, 2011 and October 31, 2010; 88,197 and 86,832 shares issued and outstanding as of January 31, 2011 and October 31, 2010	`CommonStockValue`	$868.00K	USD	Point-in-time
Common stock: $0.01 par value, 200,000 shares authorized as of January 31, 2011 and October 31, 2010; 88,197 and 86,832 shares issued and outstanding as of January 31, 2011 and October 31, 2010	`CommonStockValue`	$882.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$763.21M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$786.13M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-519.43M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-551.46M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-6.59M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-4.56M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$263.03M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$206.03M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$572.00K	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$515.00K	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$206.60M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$263.54M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.08B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.15B	USD	Point-in-time

Income Statement 46 line items

Line Item	Tag	Value	Unit	Period
System Solutions	`SalesRevenueGoodsNet`	$225.71M	USD	1 Quarter
System Solutions	`SalesRevenueGoodsNet`	$188.01M	USD	1 Quarter
Services	`SalesRevenueServicesNet`	$35.39M	USD	1 Quarter
Services	`SalesRevenueServicesNet`	$58.06M	USD	1 Quarter
Total net revenues	`Revenues`	$283.76M	USD	1 Quarter
Total net revenues	`Revenues`	$223.40M	USD	1 Quarter
System Solutions	`CostOfGoodsSold`	$120.08M	USD	1 Quarter
System Solutions	`CostOfGoodsSold`	$140.14M	USD	1 Quarter
Services	`CostOfServices`	$32.13M	USD	1 Quarter
Services	`CostOfServices`	$21.41M	USD	1 Quarter
Total cost of net revenues	`CostOfRevenue`	$172.27M	USD	1 Quarter
Total cost of net revenues	`CostOfRevenue`	$141.49M	USD	1 Quarter
Gross profit	`GrossProfit`	$111.49M	USD	1 Quarter
Gross profit	`GrossProfit`	$81.91M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$21.64M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$17.10M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$28.31M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$20.48M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$20.48M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$24.02M	USD	1 Quarter
Amortization of purchased intangible assets	`AmortizationOfIntangibleAssets`	$4.49M	USD	1 Quarter
Amortization of purchased intangible assets	`AmortizationOfIntangibleAssets`	$2.32M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$76.28M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$62.55M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$19.36M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$35.21M	USD	1 Quarter
Interest expense	`InterestExpense`	$7.57M	USD	1 Quarter
Interest expense	`InterestExpense`	$7.25M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$296.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$283.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-1.76M	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$1.65M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$29.57M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$10.64M	USD	1 Quarter
Provision for (benefit from) income taxes	`IncomeTaxExpenseBenefit`	$19.00K	USD	1 Quarter
Provision for (benefit from) income taxes	`IncomeTaxExpenseBenefit`	$-2.46M	USD	1 Quarter
Net income	`NetIncomeLoss`	$32.03M	USD	1 Quarter
Net income	`NetIncomeLoss`	$10.62M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.13	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.37	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.35	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.12	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	87.09M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	84.69M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	86.61M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	91.32M	shares	1 Quarter

Cash Flow Statement 70 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$32.03M	USD	1 Quarter
Net income	`NetIncomeLoss`	$10.62M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$14.89M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$9.48M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$7.44M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$4.68M	USD	1 Quarter
Non-cash interest expense	`PaidInKindInterest`	$3.57M	USD	1 Quarter
Non-cash interest expense	`PaidInKindInterest`	$3.82M	USD	1 Quarter
Gain on bargain purchase of a business (Note 14)	`GainOnPurchaseOfBusiness`	$1.48M	USD	1 Quarter
Gain on bargain purchase of a business (Note 14)	`GainOnPurchaseOfBusiness`	-	USD	1 Quarter
Gain on adjustments to acquisition related balances	`OtherNoncashIncome`	$613.00K	USD	1 Quarter
Gain on adjustments to acquisition related balances	`OtherNoncashIncome`	$691.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$494.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-319.00K	USD	1 Quarter
Other non-cash items	`AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther`	$676.00K	USD	1 Quarter
Other non-cash items	`AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther`	$513.00K	USD	1 Quarter
Net cash provided by operating activities before changes in working capital	`AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$34.32M	USD	1 Quarter
Net cash provided by operating activities before changes in working capital	`AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$50.80M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-16.36M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$13.30M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-5.47M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-1.43M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpense`	$15.32M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpense`	$11.41M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$747.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$5.26M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-422.00K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$2.74M	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-4.47M	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-763.00K	USD	1 Quarter
Accrued warranty	`ProductWarrantyAccrualPeriodIncreaseDecrease`	$427.00K	USD	1 Quarter
Accrued warranty	`ProductWarrantyAccrualPeriodIncreaseDecrease`	$2.00M	USD	1 Quarter
Deferred revenue, net	`IncreaseDecreaseInDeferredRevenue`	$-664.00K	USD	1 Quarter
Deferred revenue, net	`IncreaseDecreaseInDeferredRevenue`	$1.58M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$13.06M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$-2.12M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$30.41M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$55.32M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.31M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.91M	USD	1 Quarter
Software development costs capitalized	`PaymentsToDevelopSoftware`	$261.00K	USD	1 Quarter
Software development costs capitalized	`PaymentsToDevelopSoftware`	$707.00K	USD	1 Quarter
Acquisitions of businesses, net of cash and cash equivalents acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$9.73M	USD	1 Quarter
Acquisitions of businesses, net of cash and cash equivalents acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Proceeds from disposal of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	1 Quarter
Proceeds from disposal of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.35M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.26M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-12.31M	USD	1 Quarter
Repayments of debt	`RepaymentOfDebt`	$6.10M	USD	1 Quarter
Repayments of debt	`RepaymentOfDebt`	$1.36M	USD	1 Quarter
Proceeds from issuance of common stock through employee equity incentive plans	`ProceedsFromStockOptionsExercised`	$2.72M	USD	1 Quarter
Proceeds from issuance of common stock through employee equity incentive plans	`ProceedsFromStockOptionsExercised`	$16.68M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$15.32M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-3.38M	USD	1 Quarter
Effect of foreign currency exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-1.05M	USD	1 Quarter
Effect of foreign currency exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$607.00K	USD	1 Quarter
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$34.03M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$49.62M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$325.00M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$479.17M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$445.14M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$374.62M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$325.00M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$479.17M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$445.14M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$374.62M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$3.65M	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$3.68M	USD	1 Quarter
Cash paid for income taxes, net of refunds	`IncomeTaxesPaidNet`	$5.54M	USD	1 Quarter
Cash paid for income taxes, net of refunds	`IncomeTaxesPaidNet`	$4.33M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.