2016 Q3 Form 10-Q Financial Statement

#000109087216000076 Filed on September 07, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q4 2015 Q3
Revenue $1.044B $1.035B $1.014B
YoY Change 2.96% -0.77% 0.5%
Cost Of Revenue $502.0M $504.0M $501.0M
YoY Change 0.2% -10.8% -1.18%
Gross Profit $542.0M $531.0M $513.0M
YoY Change 5.65% 11.09% 2.19%
Gross Profit Margin 51.92% 51.3% 50.59%
Selling, General & Admin $310.0M $293.0M $290.0M
YoY Change 6.9% -0.68% 1.75%
% of Gross Profit 57.2% 55.18% 56.53%
Research & Development $86.00M $78.00M $79.00M
YoY Change 8.86% -14.29% -8.14%
% of Gross Profit 15.87% 14.69% 15.4%
Depreciation & Amortization $60.00M $60.00M $62.00M
YoY Change -3.23% -35.48% -36.73%
% of Gross Profit 11.07% 11.3% 12.09%
Operating Expenses $396.0M $371.0M $369.0M
YoY Change 7.32% -3.89% -0.54%
Operating Profit $146.0M $160.0M $144.0M
YoY Change 1.39% 73.91% 9.92%
Interest Expense $17.00M -$12.00M $17.00M
YoY Change 0.0% -66.67% -39.29%
% of Operating Profit 11.64% -7.5% 11.81%
Other Income/Expense, Net $2.000M $3.000M -$1.000M
YoY Change -300.0% -105.45% -95.24%
Pretax Income $212.0M $143.0M $199.0M
YoY Change 6.53% -750.0% 4.74%
Income Tax $10.00M $0.00 $15.00M
% Of Pretax Income 4.72% 0.0% 7.54%
Net Earnings $124.0M $143.0M $111.0M
YoY Change 11.71% 110.29% -24.49%
Net Earnings / Revenue 11.88% 13.82% 10.95%
Basic Earnings Per Share $0.38 $0.33
Diluted Earnings Per Share $0.38 $430.7K $0.33
COMMON SHARES
Basic Shares Outstanding 325.0M shares 332.2M shares 332.0M shares
Diluted Shares Outstanding 328.0M shares 334.0M shares

Balance Sheet

Concept 2016 Q3 2015 Q4 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.199B $2.003B $2.075B
YoY Change 5.98% -9.69% -13.22%
Cash & Equivalents $2.199B $2.003B $2.075B
Short-Term Investments
Other Short-Term Assets $198.0M $294.0M $274.0M
YoY Change -27.74% 11.79% -39.51%
Inventory $543.0M $541.0M $545.0M
Prepaid Expenses
Receivables $590.0M $606.0M $584.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.530B $3.686B $3.478B
YoY Change 1.5% -33.09% -28.05%
LONG-TERM ASSETS
Property, Plant & Equipment $623.0M $604.0M $587.0M
YoY Change 6.13% -4.28% -48.6%
Goodwill $2.525B $2.366B $2.366B
YoY Change 6.72% -5.62% -21.45%
Intangibles $442.0M $445.0M $484.0M
YoY Change -8.68% -31.43% -36.15%
Long-Term Investments $155.0M $28.00M $88.00M
YoY Change 76.14% -22.22% -46.34%
Other Assets $459.0M $292.0M $248.0M
YoY Change 85.08% 8.96% -47.23%
Total Long-Term Assets $4.204B $3.793B $3.773B
YoY Change 11.42% -28.51% -31.97%
TOTAL ASSETS
Total Short-Term Assets $3.530B $3.686B $3.478B
Total Long-Term Assets $4.204B $3.793B $3.773B
Total Assets $7.734B $7.479B $7.251B
YoY Change 6.66% -30.85% -30.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $261.0M $279.0M $248.0M
YoY Change 5.24% -7.62% -38.31%
Accrued Expenses $368.0M $434.0M $332.0M
YoY Change 10.84% -13.72% -51.6%
Deferred Revenue
YoY Change
Short-Term Debt $235.0M $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $235.0M
YoY Change
Total Short-Term Liabilities $1.151B $976.0M $853.0M
YoY Change 34.94% -42.32% -45.98%
LONG-TERM LIABILITIES
Long-Term Debt $1.652B $1.655B $1.655B
YoY Change -0.18% -0.48% -24.12%
Other Long-Term Liabilities $356.0M $414.0M $469.0M
YoY Change -24.09% -19.3% -37.05%
Total Long-Term Liabilities $2.008B $2.069B $2.124B
YoY Change -5.46% -4.92% -27.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.151B $976.0M $853.0M
Total Long-Term Liabilities $2.008B $2.069B $2.124B
Total Liabilities $3.388B $3.309B $3.145B
YoY Change 7.73% -39.96% -33.65%
SHAREHOLDERS EQUITY
Retained Earnings $6.000B $5.581B $5.474B
YoY Change 9.61% -13.73% -15.62%
Common Stock $6.000M $6.000M $6.000M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $10.46B $10.07B $10.07B
YoY Change 3.85% 2.72% 2.72%
Treasury Stock Shares 289.0M shares 279.0M shares 279.0M shares
Shareholders Equity $4.343B $4.167B $4.103B
YoY Change
Total Liabilities & Shareholders Equity $7.734B $7.479B $7.251B
YoY Change 6.66% -30.85% -30.14%

Cashflow Statement

Concept 2016 Q3 2015 Q4 2015 Q3
OPERATING ACTIVITIES
Net Income $124.0M $143.0M $111.0M
YoY Change 11.71% 110.29% -24.49%
Depreciation, Depletion And Amortization $60.00M $60.00M $62.00M
YoY Change -3.23% -35.48% -36.73%
Cash From Operating Activities $199.0M $241.0M $108.0M
YoY Change 84.26% 46.95% 285.71%
INVESTING ACTIVITIES
Capital Expenditures -$24.00M -$27.00M -$19.00M
YoY Change 26.32% -37.21% -70.31%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$248.0M -$68.00M
YoY Change -100.0% 1553.33% 1033.33%
Cash From Investing Activities -$24.00M -$275.0M -$87.00M
YoY Change -72.41% 374.14% 24.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -110.0M -33.00M -127.0M
YoY Change -13.39% -105.88% -75.48%
NET CHANGE
Cash From Operating Activities 199.0M 241.0M 108.0M
Cash From Investing Activities -24.00M -275.0M -87.00M
Cash From Financing Activities -110.0M -33.00M -127.0M
Net Change In Cash 65.00M -67.00M -106.0M
YoY Change -161.32% -110.04% -81.07%
FREE CASH FLOW
Cash From Operating Activities $199.0M $241.0M $108.0M
Capital Expenditures -$24.00M -$27.00M -$19.00M
Free Cash Flow $223.0M $268.0M $127.0M
YoY Change 75.59% 29.47% 38.04%

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us-gaap Goodwill Impairment Loss
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us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
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us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
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us-gaap Impairment Of Investments
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us-gaap Impairment Of Investments
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us-gaap Impairment Of Long Lived Assets Held For Use
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us-gaap Impairment Of Long Lived Assets Held For Use
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us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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us-gaap Income Loss From Discontinued Operations Net Of Tax
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us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
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us-gaap Prior Period Reclassification Adjustment Description
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revision of Services and Other and Product Net Revenues and related Cost of Sales.</font><font style="font-family:inherit;font-size:11pt;">&#160;&#160; </font><font style="font-family:inherit;font-size:10pt;">In 2015, we revised amounts shown in our condensed consolidated statement of operations to more accurately reflect the character of items delivered to customers.&#160;&#160; Our diagnostic and genomics segment identified a stream of service revenues that had been presented as product revenue in the prior year.&#160; We have now revised prior year's presentation to show the revenue within services and other.&#160;&#160; The cost of sales associated with these newly identified service revenues has also been revised to align with the new presentation. For the </font><font style="font-family:inherit;font-size:10pt;">three and nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">July&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;"> services and other revenue increased </font><font style="font-family:inherit;font-size:10pt;">$11 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$26 million</font><font style="font-family:inherit;font-size:10pt;"> and services and other cost of sales increased </font><font style="font-family:inherit;font-size:10pt;">$7 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$18 million</font><font style="font-family:inherit;font-size:10pt;"> with corresponding reductions in product revenue and cost of sales. These corrections to the classifications are not considered to be material to current or prior periods and had no impact to our results of operations previously reported in our condensed consolidated statement of operations. </font></div></div>
us-gaap Use Of Estimates
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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 and accounting for income taxes.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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