2018 Q2 Form 10-Q Financial Statement

#000114498018000107 Filed on July 25, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $1.724B $1.632B
YoY Change 5.63% 0.27%
Cost Of Revenue $1.446B $1.365B
YoY Change 5.94% 0.36%
Gross Profit $277.8M $267.1M
YoY Change 4.01% -0.19%
Gross Profit Margin 16.12% 16.37%
Selling, General & Admin $190.6M $185.6M
YoY Change 2.69% 1.81%
% of Gross Profit 68.61% 69.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.500M $8.000M
YoY Change 6.25% 3.9%
% of Gross Profit 3.06% 3.0%
Operating Expenses $190.6M $185.6M
YoY Change 2.69% 1.81%
Operating Profit $79.60M $71.60M
YoY Change 11.17% -8.32%
Interest Expense -$21.40M -$20.10M
YoY Change 6.47% 4.69%
% of Operating Profit -26.88% -28.07%
Other Income/Expense, Net -$21.40M -$20.10M
YoY Change 6.47% 4.69%
Pretax Income $58.20M $51.50M
YoY Change 13.01% -12.56%
Income Tax $15.00M $19.60M
% Of Pretax Income 25.77% 38.06%
Net Earnings $43.20M $31.90M
YoY Change 35.42% -13.08%
Net Earnings / Revenue 2.51% 1.95%
Basic Earnings Per Share $2.13 $1.53
Diluted Earnings Per Share $2.11 $1.52
COMMON SHARES
Basic Shares Outstanding 20.30M shares 20.80M shares
Diluted Shares Outstanding 20.50M shares 21.00M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.500M $2.700M
YoY Change -7.41% 50.0%
Cash & Equivalents $2.500M $2.700M
Short-Term Investments
Other Short-Term Assets $130.7M $129.2M
YoY Change 1.16% 32.92%
Inventory $967.4M $930.4M
Prepaid Expenses
Receivables $111.9M $112.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.386B $1.318B
YoY Change 5.16% -4.46%
LONG-TERM ASSETS
Property, Plant & Equipment $871.9M $822.3M
YoY Change 6.03% 2.34%
Goodwill $181.2M $160.8M
YoY Change 12.69% 23.5%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.30M $11.20M
YoY Change 9.82% 7.69%
Total Long-Term Assets $1.135B $1.049B
YoY Change 8.19% 5.68%
TOTAL ASSETS
Total Short-Term Assets $1.386B $1.318B
Total Long-Term Assets $1.135B $1.049B
Total Assets $2.521B $2.367B
YoY Change 6.5% -0.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $283.3M $268.3M
YoY Change 5.59% -0.92%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $872.6M $820.7M
YoY Change 6.32% -7.12%
Long-Term Debt Due $13.10M $14.20M
YoY Change -7.75% -2.74%
Total Short-Term Liabilities $1.169B $1.103B
YoY Change 5.96% -6.02%
LONG-TERM LIABILITIES
Long-Term Debt $855.6M $905.2M
YoY Change -5.48% -2.45%
Other Long-Term Liabilities $29.20M $31.50M
YoY Change -7.3% -14.86%
Total Long-Term Liabilities $29.20M $31.50M
YoY Change -7.3% -14.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.169B $1.103B
Total Long-Term Liabilities $29.20M $31.50M
Total Liabilities $1.198B $1.135B
YoY Change 5.6% -6.29%
SHAREHOLDERS EQUITY
Retained Earnings $842.8M $677.1M
YoY Change 24.47% 32.25%
Common Stock $569.6M $556.8M
YoY Change 2.3% 2.37%
Preferred Stock
YoY Change
Treasury Stock (at cost) $963.9M $913.8M
YoY Change 5.48% 10.19%
Treasury Stock Shares 20.81M shares 20.06M shares
Shareholders Equity $450.5M $318.1M
YoY Change
Total Liabilities & Shareholders Equity $2.521B $2.367B
YoY Change 6.5% -0.21%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $43.20M $31.90M
YoY Change 35.42% -13.08%
Depreciation, Depletion And Amortization $8.500M $8.000M
YoY Change 6.25% 3.9%
Cash From Operating Activities -$6.700M $20.00M
YoY Change -133.5% -18.03%
INVESTING ACTIVITIES
Capital Expenditures -$8.900M -$6.400M
YoY Change 39.06% -81.61%
Acquisitions
YoY Change
Other Investing Activities -$45.80M $0.00
YoY Change
Cash From Investing Activities -$54.70M -$6.400M
YoY Change 754.69% -81.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 59.10M -14.00M
YoY Change -522.14% -279.49%
NET CHANGE
Cash From Operating Activities -6.700M 20.00M
Cash From Investing Activities -54.70M -6.400M
Cash From Financing Activities 59.10M -14.00M
Net Change In Cash -2.300M -400.0K
YoY Change 475.0% -84.62%
FREE CASH FLOW
Cash From Operating Activities -$6.700M $20.00M
Capital Expenditures -$8.900M -$6.400M
Free Cash Flow $2.200M $26.40M
YoY Change -91.67% -55.41%

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49600000 USD
CY2018Q2 us-gaap Indefinite Lived Franchise Rights
IndefiniteLivedFranchiseRights
69500000 USD
CY2017Q2 us-gaap Interest Expense Other
InterestExpenseOther
13400000 USD
us-gaap Interest Expense Other
InterestExpenseOther
26800000 USD
CY2018Q2 us-gaap Interest Expense Other
InterestExpenseOther
13200000 USD
us-gaap Interest Expense Other
InterestExpenseOther
26200000 USD
us-gaap Interest Paid
InterestPaid
37900000 USD
us-gaap Interest Paid
InterestPaid
39800000 USD
CY2017Q4 us-gaap Inventory Net
InventoryNet
826000000 USD
CY2018Q2 us-gaap Inventory Net
InventoryNet
967400000 USD
CY2018Q1 us-gaap Inventory Net
InventoryNet
821900000 USD
CY2017Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
5700000 USD
CY2018Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
6200000 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2356700000 USD
CY2018Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2520900000 USD
CY2017Q4 us-gaap Liabilities Current
LiabilitiesCurrent
1058200000 USD
CY2018Q2 us-gaap Liabilities Current
LiabilitiesCurrent
1169000000 USD
CY2017Q4 us-gaap Long Term Debt
LongTermDebt
882900000 USD
CY2018Q2 us-gaap Long Term Debt
LongTermDebt
875400000 USD
CY2017Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
862600000 USD
CY2018Q2 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
855600000 USD
CY2017Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
12900000 USD
CY2018Q2 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
13100000 USD
CY2017Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
900800000 USD
CY2018Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
854500000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-27100000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
87800000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-91900000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-119100000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
118300000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
29100000 USD
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
31900000 USD
us-gaap Net Income Loss
NetIncomeLoss
65900000 USD
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
43200000 USD
us-gaap Net Income Loss
NetIncomeLoss
83300000 USD
CY2017Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-20100000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-39300000 USD
CY2018Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-21400000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-41200000 USD
CY2018Q2 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
9 states
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
71600000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
143900000 USD
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
79600000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
152800000 USD
CY2017Q4 us-gaap Other Assets Current
OtherAssetsCurrent
119300000 USD
CY2018Q2 us-gaap Other Assets Current
OtherAssetsCurrent
130700000 USD
CY2018Q1 us-gaap Other Assets Current
OtherAssetsCurrent
135700000 USD
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
10000000 USD
CY2018Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
12300000 USD
CY2017Q2 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent
-200000 USD
us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent
100000 USD
CY2018Q2 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent
400000 USD
us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent
1100000 USD
CY2017Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
-500000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
200000 USD
CY2018Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
1200000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
4000000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
29200000 USD
CY2018Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
29200000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-1900000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-1600000 USD
CY2017Q2 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-1900000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-700000 USD
CY2018Q2 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
900000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
1100000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
34300000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
44800000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
80100000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
91300000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
11500000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
12200000 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
300000 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
17600000 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2018Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
0 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
2000000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
834200000 USD
CY2018Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
871900000 USD
CY2017Q4 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
30300000 USD
CY2018Q2 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
28300000 USD
CY2017Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
128500000 USD
CY2018Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
111900000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
7600000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
7100000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
750300000 USD
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
842800000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
759500000 USD
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1723600000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3332800000 USD
CY2017Q2 us-gaap Revenues
Revenues
1631800000 USD
us-gaap Revenues
Revenues
3183500000 USD
CY2018Q2 us-gaap Revenues
Revenues
1723600000 USD
us-gaap Revenues
Revenues
3332800000 USD
CY2017Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
200800000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
392300000 USD
CY2018Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
204500000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
403800000 USD
CY2017Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
185600000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
366700000 USD
CY2018Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
190600000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
374800000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
6400000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
5700000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
394200000 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
450500000 USD
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
20156962 shares
CY2018Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
20810183 shares
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
919100000 USD
CY2018Q2 us-gaap Treasury Stock Value
TreasuryStockValue
963900000 USD
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21100000 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20500000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20700000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20800000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20900000 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20300000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20400000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-indent:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the periods presented. Actual results could differ materially from these estimates. Estimates and assumptions are reviewed quarterly and the effects of any revisions are reflected in the consolidated financial statements in the period they are determined to be necessary. Significant estimates made in the accompanying Condensed Consolidated Financial Statements include, but are not limited to, those relating to inventory valuation reserves, variable consideration and constraint considerations related to retro-commission arrangements, reserves for chargebacks against revenue recognized from the sale of finance and insurance products, reserves for insurance programs, certain assumptions related to intangible and long-lived assets, and reserves for certain legal or similar proceedings relating to our business operations.</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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