2019 Q1 Form 10-Q Financial Statement

#000100443419000022 Filed on May 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $543.1M $612.5M
YoY Change -11.33% 12.53%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $95.60M $106.4M
YoY Change -10.15% 19.95%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $34.80M $28.70M
YoY Change 21.25% 5.9%
% of Gross Profit
Operating Expenses $387.8M $435.4M
YoY Change -10.93% 11.16%
Operating Profit
YoY Change
Interest Expense $18.20M $21.60M
YoY Change -15.74% -4.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$194.8M $287.5M
YoY Change -167.76% 13.5%
Income Tax -$61.80M $63.50M
% Of Pretax Income 22.09%
Net Earnings -$200.8M $153.0M
YoY Change -231.24% 24.9%
Net Earnings / Revenue -36.97% 24.98%
Basic Earnings Per Share -$3.87 $2.80
Diluted Earnings Per Share -$3.87 $2.77
COMMON SHARES
Basic Shares Outstanding 51.90M shares 54.60M shares
Diluted Shares Outstanding 51.90M shares 57.00M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $341.6M $415.2M
YoY Change -17.73% 11.79%
Cash & Equivalents $305.2M $334.2M
Short-Term Investments $36.40M $81.00M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $535.5M $532.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $840.7M $866.4M
YoY Change -2.97% 16.67%
LONG-TERM ASSETS
Property, Plant & Equipment $102.3M $111.3M
YoY Change -8.09% 2.02%
Goodwill $2.642B $2.667B
YoY Change -0.93% 1.28%
Intangibles $1.290B $1.443B
YoY Change -10.64% -2.65%
Long-Term Investments $495.6M $3.258B
YoY Change -84.79% -8.56%
Other Assets
YoY Change
Total Long-Term Assets $6.836B $7.718B
YoY Change -11.42% -1.65%
TOTAL ASSETS
Total Short-Term Assets $840.7M $866.4M
Total Long-Term Assets $6.836B $7.718B
Total Assets $7.677B $8.584B
YoY Change -10.57% -0.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $576.5M $667.3M
YoY Change -13.61% 23.21%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $576.5M $667.3M
YoY Change -13.61% 23.21%
LONG-TERM LIABILITIES
Long-Term Debt $1.781B $1.862B
YoY Change -4.34% -8.12%
Other Long-Term Liabilities $386.2M $216.3M
YoY Change 78.55% -14.61%
Total Long-Term Liabilities $2.167B $2.078B
YoY Change 4.29% -8.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $576.5M $667.3M
Total Long-Term Liabilities $2.167B $2.078B
Total Liabilities $3.162B $3.220B
YoY Change -1.8% -7.67%
SHAREHOLDERS EQUITY
Retained Earnings $3.653B $3.835B
YoY Change -4.75% 21.15%
Common Stock $805.0M $664.8M
YoY Change 21.09% -28.19%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.210B $821.8M
YoY Change 47.27% 106.69%
Treasury Stock Shares
Shareholders Equity $3.140B $3.677B
YoY Change
Total Liabilities & Shareholders Equity $7.677B $8.584B
YoY Change -10.57% -0.07%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$200.8M $153.0M
YoY Change -231.24% 24.9%
Depreciation, Depletion And Amortization $34.80M $28.70M
YoY Change 21.25% 5.9%
Cash From Operating Activities -$17.90M $205.0M
YoY Change -108.73% 67.9%
INVESTING ACTIVITIES
Capital Expenditures $3.000M $5.500M
YoY Change -45.45% 34.15%
Acquisitions
YoY Change
Other Investing Activities $2.900M $1.600M
YoY Change 81.25% -92.16%
Cash From Investing Activities -$100.0K -$3.900M
YoY Change -97.44% -123.93%
FINANCING ACTIVITIES
Cash Dividend Paid $17.00M $16.40M
YoY Change 3.66% 45.13%
Common Stock Issuance & Retirement, Net $71.00M $167.1M
YoY Change -57.51% 179.9%
Debt Paid & Issued, Net $385.0M $435.0M
YoY Change -11.49% 171.88%
Cash From Financing Activities -$243.7M -$313.1M
YoY Change -22.17% 12.87%
NET CHANGE
Cash From Operating Activities -$17.90M $205.0M
Cash From Investing Activities -$100.0K -$3.900M
Cash From Financing Activities -$243.7M -$313.1M
Net Change In Cash -$257.7M -$112.0M
YoY Change 130.09% -19.42%
FREE CASH FLOW
Cash From Operating Activities -$17.90M $205.0M
Capital Expenditures $3.000M $5.500M
Free Cash Flow -$20.90M $199.5M
YoY Change -110.48% 69.07%

Facts In Submission

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67800000 USD
CY2018Q1 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
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7000000 USD
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8900000 USD
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0.041
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P7Y10M24D
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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23400000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
27700000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
34800000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
36900000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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75200000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Before Tax
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29400000 USD
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300000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Derivative Excluded Component Increase Decrease After Adjustments And Tax
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29100000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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7500000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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8700000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Tax
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0 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Tax
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CY2018Q1 us-gaap Other Cost And Expense Operating
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12000000 USD
CY2019Q1 us-gaap Other Cost And Expense Operating
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11000000 USD
CY2018Q4 us-gaap Other Investments
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201100000 USD
CY2019Q1 us-gaap Other Investments
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207500000 USD
CY2018Q4 us-gaap Other Liabilities
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162700000 USD
CY2018Q4 us-gaap Other Minority Interests
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677500000 USD
CY2019Q1 us-gaap Other Minority Interests
OtherMinorityInterests
619900000 USD
CY2019Q1 us-gaap Other Liabilities
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386200000 USD
CY2019Q1 us-gaap Payments To Acquire Marketable Securities
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8700000 USD
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
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5500000 USD
CY2018Q1 us-gaap Other Noncash Income Expense
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CY2019Q1 us-gaap Other Noncash Income Expense
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4400000 USD
CY2018Q1 us-gaap Payments For Proceeds From Investments
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-6600000 USD
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CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
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170100000 USD
CY2019Q1 us-gaap Payments For Repurchase Of Common Stock
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71000000 USD
CY2018Q1 us-gaap Payments Of Dividends
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16400000 USD
CY2019Q1 us-gaap Payments Of Dividends
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17000000 USD
CY2018Q1 us-gaap Payments Of Dividends Minority Interest
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112400000 USD
CY2019Q1 us-gaap Payments Of Dividends Minority Interest
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104600000 USD
CY2018Q1 us-gaap Payments To Acquire Businesses And Interest In Affiliates
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14500000 USD
CY2019Q1 us-gaap Payments To Acquire Businesses And Interest In Affiliates
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15400000 USD
CY2018Q1 us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
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0 USD
CY2019Q1 us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
34100000 USD
CY2018Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
5000000 USD
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
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3000000 USD
CY2018Q1 us-gaap Proceeds From Divestiture Of Businesses And Interests In Affiliates
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6200000 USD
CY2019Q1 us-gaap Proceeds From Divestiture Of Businesses And Interests In Affiliates
ProceedsFromDivestitureOfBusinessesAndInterestsInAffiliates
9400000 USD
CY2018Q1 us-gaap Proceeds From Divestiture Of Interest In Subsidiaries And Affiliates
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0 USD
CY2019Q1 us-gaap Proceeds From Divestiture Of Interest In Subsidiaries And Affiliates
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28800000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Long Term Debt
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440000000 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Long Term Debt
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336300000 USD
CY2018Q1 us-gaap Proceeds From Payments For Other Financing Activities
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CY2019Q1 us-gaap Proceeds From Payments For Other Financing Activities
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3600000 USD
CY2018Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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13800000 USD
CY2019Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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15100000 USD
CY2018Q1 us-gaap Profit Loss
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224000000 USD
CY2019Q1 us-gaap Profit Loss
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CY2018Q4 us-gaap Property Plant And Equipment Net
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104300000 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
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102300000 USD
CY2018Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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833700000 USD
CY2019Q1 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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754800000 USD
CY2018Q1 us-gaap Repayments Of Long Term Debt
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435000000 USD
CY2019Q1 us-gaap Repayments Of Long Term Debt
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385000000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
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3876800000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
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3652600000 USD
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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612400000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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543100000 USD
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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0 USD
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
106400000 USD
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
95600000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
30100000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
19500000 USD
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
400000 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
129.01
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
0 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
53.81
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
33.58
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
500000 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
500000 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
130.81
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
130.54
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
107.63
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
122.67
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
110.02
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y5M12D
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y8M12D
CY2019Q1 us-gaap Short Term Lease Cost
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500000 USD
CY2019Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2018Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-9500000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
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CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
3457400000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
3140400000 USD
CY2018Q4 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
4604000000 USD
CY2019Q1 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
4350700000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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4578500000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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4422600000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4134900000 USD
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3760300000 USD
CY2019Q1 us-gaap Sublease Income
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1000000 USD
CY2019Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
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106.09
CY2018Q4 us-gaap Treasury Stock Common Shares
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6500000 shares
CY2019Q1 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
7100000 shares
CY2019Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
900000 shares
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1146600000 USD
CY2019Q1 us-gaap Treasury Stock Value
TreasuryStockValue
1210300000 USD
CY2018Q1 us-gaap Treasury Stock Value Acquired Cost Method
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150800000 USD
CY2019Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
90600000 USD
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
100000 USD
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57000000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51900000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54600000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51900000 shares
CY2019Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:24px;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 and disclosures in the financial statements. Actual results could differ from those estimates. </font></div></div>

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