2019 Q2 Form 10-Q Financial Statement

#000071203419000164 Filed on July 31, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $518.7M $498.8M
YoY Change 3.99% 1.8%
Cost Of Revenue $352.9M $336.4M
YoY Change 4.9% 4.73%
Gross Profit $165.8M $162.4M
YoY Change 2.09% -3.79%
Gross Profit Margin 31.96% 32.56%
Selling, General & Admin $95.50M $100.0M
YoY Change -4.5% -4.03%
% of Gross Profit 57.6% 61.58%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.60M $17.00M
YoY Change 3.53% -4.49%
% of Gross Profit 10.62% 10.47%
Operating Expenses $104.4M $110.6M
YoY Change -5.61% -11.87%
Operating Profit $61.40M $51.80M
YoY Change 18.53% 19.63%
Interest Expense $11.70M $9.900M
YoY Change 18.18% -8.33%
% of Operating Profit 19.06% 19.11%
Other Income/Expense, Net -$1.200M -$1.600M
YoY Change -25.0% -206.67%
Pretax Income $51.20M $44.00M
YoY Change 16.36% 15.49%
Income Tax $15.30M $18.30M
% Of Pretax Income 29.88% 41.59%
Net Earnings $35.90M $25.70M
YoY Change 39.69% 9.36%
Net Earnings / Revenue 6.92% 5.15%
Basic Earnings Per Share $0.35 $0.24
Diluted Earnings Per Share $0.35 $0.24
COMMON SHARES
Basic Shares Outstanding 101.3M shares 106.1M shares
Diluted Shares Outstanding 102.2M shares 108.0M shares

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $94.10M $139.2M
YoY Change -32.4% 36.2%
Cash & Equivalents $94.10M $139.2M
Short-Term Investments
Other Short-Term Assets $47.90M $53.40M
YoY Change -10.3% 11.02%
Inventory $370.7M $319.2M
Prepaid Expenses
Receivables $460.5M $432.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $973.2M $944.0M
YoY Change 3.09% 4.69%
LONG-TERM ASSETS
Property, Plant & Equipment $260.0M $266.3M
YoY Change -2.37% -5.63%
Goodwill $708.3M $685.1M
YoY Change 3.39% -0.32%
Intangibles $771.8M $801.1M
YoY Change -3.66% -4.85%
Long-Term Investments
YoY Change
Other Assets $32.60M $33.00M
YoY Change -1.21% 5.1%
Total Long-Term Assets $1.980B $1.904B
YoY Change 3.99% -3.94%
TOTAL ASSETS
Total Short-Term Assets $973.2M $944.0M
Total Long-Term Assets $1.980B $1.904B
Total Assets $2.953B $2.848B
YoY Change 3.69% -1.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $200.6M $231.2M
YoY Change -13.24% 0.96%
Accrued Expenses $149.9M $148.6M
YoY Change 0.87% 2.48%
Deferred Revenue
YoY Change
Short-Term Debt $3.300M $200.0K
YoY Change 1550.0%
Long-Term Debt Due $45.80M $59.50M
YoY Change -23.03% 104.47%
Total Short-Term Liabilities $500.6M $543.8M
YoY Change -7.94% 9.35%
LONG-TERM LIABILITIES
Long-Term Debt $1.050B $1.011B
YoY Change 3.81% -5.25%
Other Long-Term Liabilities $114.4M $125.4M
YoY Change -8.77% 32.0%
Total Long-Term Liabilities $1.164B $1.137B
YoY Change 2.42% -2.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $500.6M $543.8M
Total Long-Term Liabilities $1.164B $1.137B
Total Liabilities $2.175B $2.099B
YoY Change 3.6% -3.09%
SHAREHOLDERS EQUITY
Retained Earnings -$633.4M -$714.8M
YoY Change -11.39% -15.28%
Common Stock $1.000M $1.100M
YoY Change -9.09% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $38.20M $33.90M
YoY Change 12.68% 28.9%
Treasury Stock Shares
Shareholders Equity $778.0M $748.3M
YoY Change
Total Liabilities & Shareholders Equity $2.953B $2.848B
YoY Change 3.69% -1.24%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $35.90M $25.70M
YoY Change 39.69% 9.36%
Depreciation, Depletion And Amortization $17.60M $17.00M
YoY Change 3.53% -4.49%
Cash From Operating Activities -$54.40M -$66.90M
YoY Change -18.68% 16.35%
INVESTING ACTIVITIES
Capital Expenditures -$7.300M -$9.000M
YoY Change -18.89% 15.38%
Acquisitions
YoY Change
Other Investing Activities $200.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$7.100M -$9.000M
YoY Change -21.11% 16.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 54.30M 99.10M
YoY Change -45.21% 112.21%
NET CHANGE
Cash From Operating Activities -54.40M -66.90M
Cash From Investing Activities -7.100M -9.000M
Cash From Financing Activities 54.30M 99.10M
Net Change In Cash -7.200M 23.20M
YoY Change -131.03% -225.41%
FREE CASH FLOW
Cash From Operating Activities -$54.40M -$66.90M
Capital Expenditures -$7.300M -$9.000M
Free Cash Flow -$47.10M -$57.90M
YoY Change -18.65% 16.5%

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6800000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
6600000 USD
us-gaap Restructuring Reserve Translation And Other Adjustment
RestructuringReserveTranslationAndOtherAdjustment
-400000 USD
CY2018Q2 us-gaap Restructuring Reserve
RestructuringReserve
13100000 USD
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
15300000 USD
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
51200000 USD
CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
44000000.0 USD
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.299
CY2018Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
18300000 USD
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
101800000 shares
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
14000000.0 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
50100000 USD
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.279
CY2019Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
99100000 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
106100000 shares
CY2018Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.416
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
25900000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
61200000 USD
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.423
us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
800000 USD
CY2018Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
104600000 shares
CY2019Q2 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
3400000 shares
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
4700000 shares
CY2018Q2 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
3300000 shares
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
4100000 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
500000 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
600000 shares
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
101300000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
106400000 shares
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
102200000 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
108000000.0 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
103300000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
109000000.0 shares
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5600000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4500000 shares
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3800000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3500000 shares
CY2019Q2 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
12000000.0 USD
CY2018Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
16600000 USD
CY2019Q2 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
12600000 USD
CY2018Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
14500000 USD
CY2019Q2 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
1104800000 USD
CY2018Q4 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
888000000.0 USD
CY2018Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-461700000 USD
us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
2500000 USD
us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
-300000 USD
CY2019Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-458900000 USD
CY2018Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
5000000.0 USD
CY2019Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1300000 USD
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
2900000 USD
CY2019Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
4600000 USD
CY2019Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
4000000.0 USD
CY2019Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2019Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
600000 USD
CY2019Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
518700000 USD
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
498800000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
912600000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
904600000 USD
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
518700000 USD
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
498800000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
912600000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
904600000 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 segment
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 segment
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 segment
CY2019Q2 us-gaap Revenues
Revenues
518700000 USD
CY2018Q2 us-gaap Revenues
Revenues
498800000 USD
us-gaap Revenues
Revenues
912600000 USD
us-gaap Revenues
Revenues
904600000 USD
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
61400000 USD
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
51800000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
79300000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
63500000 USD
CY2019Q2 us-gaap Interest Expense
InterestExpense
11700000 USD
CY2018Q2 us-gaap Interest Expense
InterestExpense
9900000 USD
us-gaap Interest Expense
InterestExpense
22100000 USD
us-gaap Interest Expense
InterestExpense
19300000 USD
CY2019Q2 us-gaap Interest Income Other
InterestIncomeOther
1300000 USD
CY2018Q2 us-gaap Interest Income Other
InterestIncomeOther
1400000 USD
us-gaap Interest Income Other
InterestIncomeOther
2200000 USD
us-gaap Interest Income Other
InterestIncomeOther
2400000 USD
CY2019Q2 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
-1400000 USD
CY2018Q2 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
-2300000 USD
us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
-2800000 USD
us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
-4500000 USD
CY2019Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1200000 USD
CY2018Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1600000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1000000.0 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1000000.0 USD
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
51200000 USD
CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
44000000.0 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
61200000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
50100000 USD

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