2014 Q4 Form 10-K Financial Statement

#000076642115000009 Filed on February 11, 2015

View on sec.gov

Income Statement

Concept 2014 Q4 2014 2013 Q4
Revenue $1.306B $0.00 $1.210B
YoY Change 7.93% 6.86%
Cost Of Revenue $558.0M $2.359B $578.0M
YoY Change -3.46% 0.38% -2.81%
Gross Profit $748.0M $3.009B $632.0M
YoY Change 18.35% 7.23% 17.56%
Gross Profit Margin 57.27% 52.23%
Selling, General & Admin $381.0M $1.451B $359.0M
YoY Change 6.13% 5.91% 8.46%
% of Gross Profit 50.94% 48.22% 56.8%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $76.00M $294.0M $67.00M
YoY Change 13.43% 8.89% -2.33%
% of Gross Profit 10.16% 9.77% 10.6%
Operating Expenses $536.0M $4.406B $502.0M
YoY Change 6.77% 2.04% 8.35%
Operating Profit $212.0M $962.0M $130.0M
YoY Change 63.08% 14.8% 74.97%
Interest Expense $0.00 $48.00M -$4.000M
YoY Change -100.0% -14.29% -20.0%
% of Operating Profit 0.0% 4.99% -3.08%
Other Income/Expense, Net $0.00 $13.00M -$1.000M
YoY Change -100.0% -159.09% -129.41%
Pretax Income $242.0M $975.0M $125.0M
YoY Change 93.6% 19.49% 71.94%
Income Tax $94.00M $370.0M $47.00M
% Of Pretax Income 38.84% 37.95% 37.6%
Net Earnings $148.0M $605.0M $78.00M
YoY Change 89.74% 19.09% 76.07%
Net Earnings / Revenue 11.33% 6.45%
Basic Earnings Per Share $4.47
Diluted Earnings Per Share $1.107M $4.42 $553.6K
COMMON SHARES
Basic Shares Outstanding 132.6M shares 135.4M shares 69.54M shares
Diluted Shares Outstanding 136.8M shares

Balance Sheet

Concept 2014 Q4 2014 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.217B $1.217B $1.330B
YoY Change -8.5% -8.5% 6.23%
Cash & Equivalents $107.0M $107.0M $80.00M
Short-Term Investments $1.110B $1.110B $1.250B
Other Short-Term Assets $105.0M $105.0M $220.0M
YoY Change -52.27% -52.27% -25.93%
Inventory $58.00M $58.00M $60.00M
Prepaid Expenses
Receivables $259.0M $259.0M $152.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.639B $1.639B $1.762B
YoY Change -6.98% -6.98% 1.44%
LONG-TERM ASSETS
Property, Plant & Equipment $4.299B $4.299B $3.893B
YoY Change 10.43% 10.43% 7.87%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $4.000M $4.000M $4.000M
YoY Change 0.0% 0.0% -89.74%
Other Assets $126.0M $122.0M $183.0M
YoY Change -31.15% -31.84% 52.5%
Total Long-Term Assets $4.425B $4.425B $4.076B
YoY Change 8.56% 8.56% 8.17%
TOTAL ASSETS
Total Short-Term Assets $1.639B $1.639B $1.762B
Total Long-Term Assets $4.425B $4.425B $4.076B
Total Assets $6.064B $6.064B $5.838B
YoY Change 3.87% 3.87% 6.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $62.00M $62.00M $64.00M
YoY Change -3.13% -3.13% -1.54%
Accrued Expenses $585.0M $855.0M $624.0M
YoY Change -6.25% 3.26% 15.77%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $117.0M $117.0M $117.0M
YoY Change 0.0% 0.0% -27.33%
Total Short-Term Liabilities $1.671B $1.671B $1.580B
YoY Change 5.76% 5.76% 5.26%
LONG-TERM LIABILITIES
Long-Term Debt $686.0M $686.0M $754.0M
YoY Change -9.02% -9.02% -13.43%
Other Long-Term Liabilities $327.0M $947.0M $308.0M
YoY Change 6.17% 23.63% -7.78%
Total Long-Term Liabilities $1.697B $1.633B $1.475B
YoY Change 15.05% 7.43% -13.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.671B $1.671B $1.580B
Total Long-Term Liabilities $1.697B $1.633B $1.475B
Total Liabilities $3.368B $3.937B $3.055B
YoY Change 10.25% 3.36% -4.92%
SHAREHOLDERS EQUITY
Retained Earnings $2.144B $1.607B
YoY Change 33.42% 42.59%
Common Stock $297.0M $607.0M
YoY Change -51.07% -16.85%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.000M $2.000M
YoY Change 100.0%
Treasury Stock Shares 75.10K shares 41.48K shares
Shareholders Equity $2.127B $2.127B $2.029B
YoY Change
Total Liabilities & Shareholders Equity $6.064B $6.064B $5.838B
YoY Change 3.87% 3.87% 6.05%

Cashflow Statement

Concept 2014 Q4 2014 2013 Q4
OPERATING ACTIVITIES
Net Income $148.0M $605.0M $78.00M
YoY Change 89.74% 19.09% 76.07%
Depreciation, Depletion And Amortization $76.00M $294.0M $67.00M
YoY Change 13.43% 8.89% -2.33%
Cash From Operating Activities $138.0M $1.030B $159.0M
YoY Change -13.21% 4.99% 37.42%
INVESTING ACTIVITIES
Capital Expenditures -$131.0M $694.0M -$171.0M
YoY Change -23.39% 22.61% -4.09%
Acquisitions $0.00
YoY Change
Other Investing Activities $208.0M -$10.00M $153.0M
YoY Change 35.95% -433.33% 226.92%
Cash From Investing Activities $77.00M -$541.0M -$18.00M
YoY Change -527.78% -22.49% -86.31%
FINANCING ACTIVITIES
Cash Dividend Paid $68.00M
YoY Change 142.86%
Common Stock Issuance & Retirement, Net $321.0M
YoY Change 137.78%
Debt Paid & Issued, Net $119.0M
YoY Change -26.09%
Cash From Financing Activities -142.0M -$462.0M -102.0M
YoY Change 39.22% 42.15% -192.31%
NET CHANGE
Cash From Operating Activities 138.0M $1.030B 159.0M
Cash From Investing Activities 77.00M -$541.0M -18.00M
Cash From Financing Activities -142.0M -$462.0M -102.0M
Net Change In Cash 73.00M $27.00M 39.00M
YoY Change 87.18% -164.29% -58.82%
FREE CASH FLOW
Cash From Operating Activities $138.0M $1.030B $159.0M
Capital Expenditures -$131.0M $694.0M -$171.0M
Free Cash Flow $269.0M $336.0M $330.0M
YoY Change -18.48% -19.04% 12.24%

Facts In Submission

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39000000 USD
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42000000 USD
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60000000 USD
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159000000 USD
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68000000 USD
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949000000 USD
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24000000 USD
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41000000 USD
CY2014 us-gaap Payments To Acquire Other Productive Assets
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131000000 USD
CY2012 us-gaap Payments To Acquire Other Property Plant And Equipment
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39000000 USD
CY2013 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
38000000 USD
CY2014 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
65000000 USD
CY2012 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
518000000 USD
CY2013 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
566000000 USD
CY2014 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
694000000 USD
CY2012 us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
114000000 USD
CY2013 us-gaap Pension And Other Postretirement Benefit Contributions
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87000000 USD
CY2014 us-gaap Pension And Other Postretirement Benefit Contributions
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0 USD
CY2013Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
123000000 USD
CY2014Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
246000000 USD
CY2013Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2013Q4 us-gaap Preferred Stock Shares Authorized
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5000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Authorized
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5000000 shares
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0 shares
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0 shares
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0 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
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0 shares
CY2013Q4 us-gaap Preferred Stock Value
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0 USD
CY2014Q4 us-gaap Preferred Stock Value
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0 USD
CY2013Q4 us-gaap Prepaid Expense And Other Assets Current
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107000000 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
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105000000 USD
CY2014Q4 us-gaap Price Risk Cash Flow Hedge Unrealized Gain Loss To Be Reclassified During Next12 Months
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24000000 USD
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27000000 USD
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0 USD
CY2014 us-gaap Proceeds From Issuance Of Debt
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CY2013 us-gaap Revenues
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36000000 shares
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16914785 shares
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4000000 USD
CY2013 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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6000000 USD
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CY2012 us-gaap Stock Issued During Period Value Treasury Stock Reissued
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141878000 shares
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2014 us-gaap Advertising Cost Policy Expensed Advertising Cost
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#4bacc6;font-style:italic;font-weight:bold;">Selling Expenses</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Selling expenses include credit card fees, global distribution systems charges, the estimated cost of Mileage Plan&#8482; travel awards earned through air travel, advertising, promotional costs, commissions, and incentives. Advertising production costs are expensed the first time the advertising takes place. </font></div></div>
CY2014 us-gaap Loss Contingency Disclosures
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#4bacc6;font-style:italic;font-weight:bold;">Contingencies</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is a party to routine litigation matters incidental to its business and with respect to which no material liability is expected. Management believes the ultimate disposition of these matters is not likely to materially affect the Company's financial position or results of operations. This forward-looking statement is based on management's current understanding of the relevant law and facts, and it is subject to various contingencies, including the potential costs and risks associated with litigation and the actions of arbitrators, judges and juries.</font></div></div>
CY2014 us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#4bacc6;font-style:italic;font-weight:bold;">Deferred Revenue</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deferred revenue results primarily from the sale of Mileage Plan&#8482; miles to third-parties. This revenue is recognized when award transportation is provided or over the term of the applicable agreement.</font></div></div>

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