2015 Q4 Form 10-K Financial Statement

#000130051417000005 Filed on February 24, 2017

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2015 Q2
Revenue $2.862B $2.894B $2.921B
YoY Change -16.22% -18.09% -19.41%
Cost Of Revenue $1.472B $1.499B $1.562B
YoY Change -17.25% -20.42% -19.58%
Gross Profit $1.390B $1.394B $1.359B
YoY Change -15.11% -15.46% -19.18%
Gross Profit Margin 48.55% 48.18% 46.53%
Selling, General & Admin $409.2M $314.1M $315.6M
YoY Change 19.96% -8.02% -3.64%
% of Gross Profit 29.45% 22.53% 23.22%
Research & Development $3.300M $3.147M $2.348M
YoY Change -38.89% 3.42% -44.32%
% of Gross Profit 0.24% 0.23% 0.17%
Depreciation & Amortization $258.3M $257.5M $258.0M
YoY Change -2.89% -1.38% -5.84%
% of Gross Profit 18.59% 18.47% 18.98%
Operating Expenses $671.0M $317.3M $318.0M
YoY Change 9.55% -7.92% -4.16%
Operating Profit $702.0M $739.0M $689.0M
YoY Change -31.35% -23.93% -28.34%
Interest Expense -$63.70M $66.96M $65.80M
YoY Change 9.45% 0.27% -5.44%
% of Operating Profit -9.07% 9.06% 9.55%
Other Income/Expense, Net -$1.000M $16.28M -$151.0K
YoY Change -123.26% 17031.58% -106.88%
Pretax Income $637.2M $690.5M $627.4M
YoY Change -34.22% -23.98% -30.27%
Income Tax $62.20M $72.35M $45.93M
% Of Pretax Income 9.76% 10.48% 7.32%
Net Earnings $466.0M $519.0M $469.0M
YoY Change -35.39% -22.73% -30.15%
Net Earnings / Revenue 16.28% 17.93% 16.06%
Basic Earnings Per Share $0.59 $0.65 $0.59
Diluted Earnings Per Share $0.59 $0.65 $0.59
COMMON SHARES
Basic Shares Outstanding 795.9M shares 796.6M shares 797.7M shares
Diluted Shares Outstanding 797.3M shares 798.6M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.179B $1.855B $2.819B
YoY Change -37.85% -41.05% -14.39%
Cash & Equivalents $2.179B $1.855B $2.819B
Short-Term Investments
Other Short-Term Assets $119.0M $119.0M $118.0M
YoY Change -9.85% -9.16% 7.27%
Inventory $43.00M $39.76M $39.82M
Prepaid Expenses
Receivables $1.268B $1.315B $1.342B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.609B $3.329B $4.319B
YoY Change -30.47% -30.89% -13.25%
LONG-TERM ASSETS
Property, Plant & Equipment $15.73B $15.51B $15.53B
YoY Change 2.34% 1.01% 0.79%
Goodwill
YoY Change
Intangibles $71.00M $74.87M $78.85M
YoY Change -17.69% -17.48% -17.01%
Long-Term Investments
YoY Change
Other Assets $165.0M $116.0M $122.9M
YoY Change 35.19% -8.8% 0.61%
Total Long-Term Assets $17.25B $17.17B $17.29B
YoY Change 1.4% -0.21% 0.11%
TOTAL ASSETS
Total Short-Term Assets $3.609B $3.329B $4.319B
Total Long-Term Assets $17.25B $17.17B $17.29B
Total Assets $20.86B $20.50B $21.61B
YoY Change -6.05% -6.92% -2.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $111.0M $96.03M $93.62M
YoY Change -1.53% -12.6% -21.02%
Accrued Expenses $1.696B $1.653B $1.980B
YoY Change 43.97% -17.68% 5.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $95.00M $95.00M $98.00M
YoY Change -5.0% -7.77% -77.52%
Total Short-Term Liabilities $2.464B $2.365B $2.691B
YoY Change -8.74% -9.73% -5.84%
LONG-TERM LIABILITIES
Long-Term Debt $9.249B $9.034B $9.720B
YoY Change -6.51% -8.15% -2.24%
Other Long-Term Liabilities $113.0M $122.8M $127.6M
YoY Change -9.32% -1.93% 9.8%
Total Long-Term Liabilities $113.0M $122.8M $127.6M
YoY Change -9.32% -1.93% 9.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.464B $2.365B $2.691B
Total Long-Term Liabilities $113.0M $122.8M $127.6M
Total Liabilities $12.45B $12.12B $13.14B
YoY Change -6.66% -8.01% -2.75%
SHAREHOLDERS EQUITY
Retained Earnings $2.840B $2.891B $2.889B
YoY Change -3.59% 10.25% 22.85%
Common Stock $1.000M $830.0K $830.0K
YoY Change 20.63% 0.12% 0.12%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.443B $2.383B $2.303B
YoY Change 9.16% 19.13% 35.42%
Treasury Stock Shares 35.00M shares 34.06M shares 32.31M shares
Shareholders Equity $6.817B $6.892B $7.071B
YoY Change
Total Liabilities & Shareholders Equity $20.86B $20.50B $21.61B
YoY Change -6.67% -6.92% -2.88%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2015 Q2
OPERATING ACTIVITIES
Net Income $466.0M $519.0M $469.0M
YoY Change -35.39% -22.73% -30.15%
Depreciation, Depletion And Amortization $258.3M $257.5M $258.0M
YoY Change -2.89% -1.38% -5.84%
Cash From Operating Activities $1.010B $859.0M $847.2M
YoY Change -16.93% -29.97% -32.67%
INVESTING ACTIVITIES
Capital Expenditures -$415.6M -$393.8M -$351.9M
YoY Change 7.78% 47.88% 27.92%
Acquisitions
YoY Change
Other Investing Activities $300.0K -$200.0K $0.00
YoY Change 50.0% -200.0% -100.0%
Cash From Investing Activities -$415.4M -$394.0M -$351.8M
YoY Change 7.78% 48.12% 27.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -273.1M -1.404B -84.30M
YoY Change -38.64% 27.72% -91.54%
NET CHANGE
Cash From Operating Activities 1.010B 859.0M 847.2M
Cash From Investing Activities -415.4M -394.0M -351.8M
Cash From Financing Activities -273.1M -1.404B -84.30M
Net Change In Cash 321.0M -938.9M 411.1M
YoY Change -16.58% 577.91% -3286.82%
FREE CASH FLOW
Cash From Operating Activities $1.010B $859.0M $847.2M
Capital Expenditures -$415.6M -$393.8M -$351.9M
Free Cash Flow $1.425B $1.253B $1.199B
YoY Change -10.98% -16.09% -21.8%

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75000000 USD
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35000000 USD
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3833000000 USD
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2255000000 USD
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3800000000 USD
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2547000000 USD
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UnrecognizedTaxBenefits
74000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Decreases Resulting From Foreign Currency Translation
UnrecognizedTaxBenefitsDecreasesResultingFromForeignCurrencyTranslation
0 USD
CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Foreign Currency Translation
UnrecognizedTaxBenefitsDecreasesResultingFromForeignCurrencyTranslation
1000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Foreign Currency Translation
UnrecognizedTaxBenefitsDecreasesResultingFromForeignCurrencyTranslation
0 USD
CY2014 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
0 USD
CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
1000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
10000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
6000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
4000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
7000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
1000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
2000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
14000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
1000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
2000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
2000000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
52000000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
53000000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
65000000 USD
CY2015Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
79000000 USD
CY2016Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
79000000 USD
CY2015Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
148000000 USD
CY2016Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
173000000 USD
CY2014 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2000000 shares
CY2015 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1000000 shares
CY2016 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
808000000 shares
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
798000000 shares
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
795000000 shares
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
806000000 shares
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
797000000 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
795000000 shares
CY2016 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Reclassification</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain amounts in the consolidated balance sheet as of December 31, 2015 and the consolidated statements of cash flows for the years ended December 31, 2015 and 2014, have been reclassified to be consistent with the current year presentation. The reclassification had no impact on the Company's financial condition, results of operations or cash flows.</font></div></div>
CY2016 us-gaap Revenue Recognition Loyalty Programs
RevenueRecognitionLoyaltyPrograms
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Frequent Players Program</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has established promotional clubs to encourage repeat business from frequent and active slot machine customers and table games patrons. Members earn points primarily based on gaming activity and such points can be redeemed for cash, free play and other free goods and services. The Company accrues for club points expected to be redeemed for cash and free play as a reduction to gaming revenue and accrues for club points expected to be redeemed for free goods and services primarily as casino expense. The accruals are based on estimates and assumptions regarding the mix of cash, free play and other free goods and services that will be redeemed and the costs of providing those benefits. Historical data is used to assist in the determination of the estimated accruals.</font></div></div>
CY2016 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. These estimates and judgments are based on historical information, information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could vary from those estimates.</font></div></div>

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