2015 Q3 Form 10-Q Financial Statement

#000109087215000039 Filed on September 02, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $1.014B $1.009B
YoY Change 0.5% -38.92%
Cost Of Revenue $501.0M $507.0M
YoY Change -1.18% -36.31%
Gross Profit $513.0M $502.0M
YoY Change 2.19% -41.36%
Gross Profit Margin 50.59% 49.75%
Selling, General & Admin $290.0M $285.0M
YoY Change 1.75% -36.53%
% of Gross Profit 56.53% 56.77%
Research & Development $79.00M $86.00M
YoY Change -8.14% -49.71%
% of Gross Profit 15.4% 17.13%
Depreciation & Amortization $62.00M $98.00M
YoY Change -36.73% 7.69%
% of Gross Profit 12.09% 19.52%
Operating Expenses $369.0M $371.0M
YoY Change -0.54% -40.16%
Operating Profit $144.0M $131.0M
YoY Change 9.92% -44.49%
Interest Expense $17.00M $28.00M
YoY Change -39.29% 3.7%
% of Operating Profit 11.81% 21.37%
Other Income/Expense, Net -$1.000M -$21.00M
YoY Change -95.24% -2200.0%
Pretax Income $199.0M $190.0M
YoY Change 4.74% -37.29%
Income Tax $15.00M $22.00M
% Of Pretax Income 7.54% 11.58%
Net Earnings $111.0M $147.0M
YoY Change -24.49% -12.5%
Net Earnings / Revenue 10.95% 14.57%
Basic Earnings Per Share $0.33 $0.44
Diluted Earnings Per Share $0.33 $0.43
COMMON SHARES
Basic Shares Outstanding 332.0M shares 334.0M shares
Diluted Shares Outstanding 334.0M shares 338.0M shares

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.075B $2.391B
YoY Change -13.22% 2.62%
Cash & Equivalents $2.075B $2.391B
Short-Term Investments
Other Short-Term Assets $274.0M $453.0M
YoY Change -39.51% 39.38%
Inventory $545.0M $1.099B
Prepaid Expenses
Receivables $584.0M $891.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.478B $4.834B
YoY Change -28.05% 5.45%
LONG-TERM ASSETS
Property, Plant & Equipment $587.0M $1.142B
YoY Change -48.6% 0.26%
Goodwill $2.366B $3.012B
YoY Change -21.45% 0.57%
Intangibles $484.0M $758.0M
YoY Change -36.15% -19.79%
Long-Term Investments $88.00M $164.0M
YoY Change -46.34% 32.26%
Other Assets $248.0M $470.0M
YoY Change -47.23% -4.28%
Total Long-Term Assets $3.773B $5.546B
YoY Change -31.97% -2.6%
TOTAL ASSETS
Total Short-Term Assets $3.478B $4.834B
Total Long-Term Assets $3.773B $5.546B
Total Assets $7.251B $10.38B
YoY Change -30.14% 0.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $248.0M $402.0M
YoY Change -38.31% -1.23%
Accrued Expenses $332.0M $686.0M
YoY Change -51.6% 2.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $35.00M
YoY Change -100.0%
Long-Term Debt Due $35.00M
YoY Change
Total Short-Term Liabilities $853.0M $1.579B
YoY Change -45.98% 1.87%
LONG-TERM LIABILITIES
Long-Term Debt $1.655B $2.181B
YoY Change -24.12% -19.25%
Other Long-Term Liabilities $469.0M $745.0M
YoY Change -37.05% -3.75%
Total Long-Term Liabilities $2.124B $2.926B
YoY Change -27.41% -15.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $853.0M $1.579B
Total Long-Term Liabilities $2.124B $2.926B
Total Liabilities $3.145B $4.740B
YoY Change -33.65% -13.63%
SHAREHOLDERS EQUITY
Retained Earnings $5.474B $6.487B
YoY Change -15.62% 9.93%
Common Stock $6.000M $6.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $10.07B $9.807B
YoY Change 2.72% 2.08%
Treasury Stock Shares 279.0M shares 273.0M shares
Shareholders Equity $4.103B $5.637B
YoY Change
Total Liabilities & Shareholders Equity $7.251B $10.38B
YoY Change -30.14% 0.99%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $111.0M $147.0M
YoY Change -24.49% -12.5%
Depreciation, Depletion And Amortization $62.00M $98.00M
YoY Change -36.73% 7.69%
Cash From Operating Activities $108.0M $28.00M
YoY Change 285.71% -86.98%
INVESTING ACTIVITIES
Capital Expenditures -$19.00M -$64.00M
YoY Change -70.31% 20.75%
Acquisitions
YoY Change
Other Investing Activities -$68.00M -$6.000M
YoY Change 1033.33% 500.0%
Cash From Investing Activities -$87.00M -$70.00M
YoY Change 24.29% 29.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -127.0M -518.0M
YoY Change -75.48% 56.02%
NET CHANGE
Cash From Operating Activities 108.0M 28.00M
Cash From Investing Activities -87.00M -70.00M
Cash From Financing Activities -127.0M -518.0M
Net Change In Cash -106.0M -560.0M
YoY Change -81.07% 227.49%
FREE CASH FLOW
Cash From Operating Activities $108.0M $28.00M
Capital Expenditures -$19.00M -$64.00M
Free Cash Flow $127.0M $92.00M
YoY Change 38.04% -65.67%

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates.</font><font style="font-family:inherit;font-size:10pt;"> The preparation of condensed consolidated financial statements in accordance with GAAP in the U.S. requires management to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Although these estimates are based on management&#8217;s best knowledge of current events and actions that may impact the company in the future, actual results may be different from the estimates. Our critical accounting policies are those that affect our financial statements materially and involve difficult, subjective or complex judgments by management. Those policies are revenue recognition, valuation of goodwill and purchased intangible assets, inventory valuation, share-based compensation, retirement and post-retirement plan assumptions, restructuring and accounting for income taxes.</font></div><div style="line-height:120%;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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