2020 Q1 Form 10-Q Financial Statement

#000089056420000019 Filed on May 11, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $865.4M $923.7M
YoY Change -6.31% 34.81%
Cost Of Revenue $709.6M $659.8M
YoY Change 7.55% 41.13%
Gross Profit $242.6M $263.9M
YoY Change -8.07% 21.22%
Gross Profit Margin 28.03% 28.57%
Selling, General & Admin $197.9M $187.4M
YoY Change 5.6% 13.99%
% of Gross Profit 81.57% 71.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $21.40M $23.50M
YoY Change -8.94% 63.19%
% of Gross Profit 8.82% 8.9%
Operating Expenses $197.9M $187.4M
YoY Change 5.6% 13.99%
Operating Profit $70.90M $62.70M
YoY Change 13.08% 37.2%
Interest Expense $11.40M $14.50M
YoY Change -21.38% 119.7%
% of Operating Profit 16.08% 23.13%
Other Income/Expense, Net
YoY Change
Pretax Income $59.50M $48.20M
YoY Change 23.44% 23.27%
Income Tax $15.70M $13.30M
% Of Pretax Income 26.39% 27.59%
Net Earnings $43.80M $34.90M
YoY Change 25.5% 19.93%
Net Earnings / Revenue 5.06% 3.78%
Basic Earnings Per Share $0.83 $0.66
Diluted Earnings Per Share $0.82 $0.66
COMMON SHARES
Basic Shares Outstanding 52.80M shares 52.60M shares
Diluted Shares Outstanding 53.30M shares 53.20M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $64.00M $35.60M
YoY Change 79.78% -54.3%
Cash & Equivalents $64.00M $35.60M
Short-Term Investments
Other Short-Term Assets $21.10M $5.000M
YoY Change 322.0% -0.97%
Inventory
Prepaid Expenses $21.60M $16.90M
Receivables $683.0M $618.7M
Other Receivables $0.00 $15.20M
Total Short-Term Assets $789.7M $691.4M
YoY Change 14.22% 25.19%
LONG-TERM ASSETS
Property, Plant & Equipment $80.00M $77.00M
YoY Change 3.9% 34.93%
Goodwill $1.547B $1.446B
YoY Change 7.02% 61.53%
Intangibles $746.0M $755.5M
YoY Change -1.26% 27.76%
Long-Term Investments
YoY Change
Other Assets $18.30M $15.90M
YoY Change 15.09% 85.68%
Total Long-Term Assets $2.228B $2.123B
YoY Change 4.93% 62.59%
TOTAL ASSETS
Total Short-Term Assets $789.7M $691.4M
Total Long-Term Assets $2.228B $2.123B
Total Assets $3.018B $2.815B
YoY Change 7.21% 51.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $33.70M $27.80M
YoY Change 21.22% 92.16%
Accrued Expenses $242.6M $231.8M
YoY Change 4.66% 68.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $361.2M $313.7M
YoY Change 15.14% 71.66%
LONG-TERM LIABILITIES
Long-Term Debt $1.066B $1.108B
YoY Change -3.81% 95.73%
Other Long-Term Liabilities $17.70M $15.60M
YoY Change 13.46% 58.75%
Total Long-Term Liabilities $1.083B $1.123B
YoY Change -3.57% 95.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $361.2M $313.7M
Total Long-Term Liabilities $1.083B $1.123B
Total Liabilities $1.618B $1.587B
YoY Change 1.93% 91.72%
SHAREHOLDERS EQUITY
Retained Earnings $769.8M $621.0M
YoY Change 23.96% 35.73%
Common Stock $639.2M $613.7M
YoY Change 4.16% 6.75%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.400B $1.227B
YoY Change
Total Liabilities & Shareholders Equity $3.018B $2.815B
YoY Change 7.21% 51.47%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $43.80M $34.90M
YoY Change 25.5% 19.93%
Depreciation, Depletion And Amortization $21.40M $23.50M
YoY Change -8.94% 63.19%
Cash From Operating Activities $64.10M $44.00M
YoY Change 45.68% -19.56%
INVESTING ACTIVITIES
Capital Expenditures $15.30M $7.500M
YoY Change 104.0% 20.97%
Acquisitions $85.50M $48.80M
YoY Change 75.2%
Other Investing Activities $200.0K $700.0K
YoY Change -71.43%
Cash From Investing Activities -$101.0M -$57.00M
YoY Change 77.19% 819.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $27.90M $0.00
YoY Change
Debt Paid & Issued, Net $32.50M $38.00M
YoY Change -14.47% 280.0%
Cash From Financing Activities $6.100M $7.400M
YoY Change -17.57% -196.1%
NET CHANGE
Cash From Operating Activities $64.10M $44.00M
Cash From Investing Activities -$101.0M -$57.00M
Cash From Financing Activities $6.100M $7.400M
Net Change In Cash -$31.20M -$6.200M
YoY Change 403.23% -115.2%
FREE CASH FLOW
Cash From Operating Activities $64.10M $44.00M
Capital Expenditures $15.30M $7.500M
Free Cash Flow $48.80M $36.50M
YoY Change 33.7% -24.74%

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CY2020Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
65500000 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
44000000.0 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-6200000 USD
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
95200000 USD
CY2020Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
32500000 USD
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
41800000 USD
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
64000000.0 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
9000000.0 USD
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
102100000 USD
CY2020Q1 us-gaap Lessee Operating Lease Lease Not Yet Commenced Term Of Contract1
LesseeOperatingLeaseLeaseNotYetCommencedTermOfContract1
P4Y7M6D
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
6100000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
7400000 USD
CY2020Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-400000 USD
CY2019Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-600000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-31200000 USD
CY2019Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
35600000 USD
CY2020Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1200000 USD
CY2019Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1600000 USD
CY2020Q1 us-gaap Interest Paid Net
InterestPaidNet
4700000 USD
CY2019Q1 us-gaap Interest Paid Net
InterestPaidNet
12800000 USD
CY2020Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
3600000 USD
CY2019Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1200000 USD
CY2020Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
5600000 USD
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
5100000 USD
CY2020Q1 us-gaap Hosting Arrangement Service Contract Implementation Cost Capitalized Before Accumulated Amortization
HostingArrangementServiceContractImplementationCostCapitalizedBeforeAccumulatedAmortization
1200000 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
307100000 USD
CY2019Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
476500000 USD
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
7900000 USD
CY2020Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1900000 USD
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
8200000 USD
CY2019Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
400000 USD
CY2020Q1 us-gaap Variable Lease Cost
VariableLeaseCost
2400000 USD
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
1100000 USD
CY2020Q1 us-gaap Lease Cost
LeaseCost
12500000 USD
CY2019Q1 us-gaap Lease Cost
LeaseCost
9400000 USD
CY2020Q1 asgn Number Of Leased Properties Owned By Related Parties
NumberOfLeasedPropertiesOwnedByRelatedParties
2 property
CY2020Q1 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
200000 USD
CY2019Q1 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
300000 USD
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
8400000 USD
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
8500000 USD
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y1M6D
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.041 Rate
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
22700000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
30200000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
24000000.0 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
17600000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
10700000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
5900000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
111100000 USD
CY2018Q4 us-gaap Goodwill Gross
GoodwillGross
1421100000 USD
CY2019 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-300000 USD
CY2019Q4 us-gaap Goodwill Gross
GoodwillGross
1486900000 USD
CY2020Q1 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-1000000.0 USD
CY2020Q1 us-gaap Goodwill Gross
GoodwillGross
1547000000.0 USD
CY2020Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
547200000 USD
CY2020Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
319000000.0 USD
CY2020Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
228200000 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
524700000 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
307100000 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
217600000 USD
CY2020Q1 us-gaap Indefinite Lived Trademarks
IndefiniteLivedTrademarks
258900000 USD
CY2020Q1 us-gaap Indefinite Lived Trademarks
IndefiniteLivedTrademarks
258900000 USD
CY2019Q4 us-gaap Indefinite Lived Trademarks
IndefiniteLivedTrademarks
258900000 USD
CY2019Q4 us-gaap Indefinite Lived Trademarks
IndefiniteLivedTrademarks
258900000 USD
CY2020Q1 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
806100000 USD
CY2020Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
319000000.0 USD
CY2020Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
487100000 USD
CY2019Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
783600000 USD
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
37700000 USD
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
41000000.0 USD
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
32600000 USD
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
28000000.0 USD
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
21200000 USD
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
67700000 USD
CY2020Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
228200000 USD
CY2020Q1 us-gaap Senior Notes
SeniorNotes
550000000.0 USD
CY2019Q4 us-gaap Senior Notes
SeniorNotes
550000000.0 USD
CY2020Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1073800000 USD
CY2019Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1040800000 USD
CY2020Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
8300000 USD
CY2019Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
8500000 USD
CY2020Q1 us-gaap Long Term Debt
LongTermDebt
1065500000 USD
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
1032300000 USD
CY2020Q1 asgn Leverage Ratio
LeverageRatio
1.14
CY2020Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
3900000 USD
CY2020Q1 us-gaap Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
10600000 USD
CY2019Q4 us-gaap Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
11800000 USD
CY2020Q1 us-gaap Deferred Revenue
DeferredRevenue
14500000 USD
CY2019Q4 us-gaap Deferred Revenue
DeferredRevenue
8400000 USD
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
52800000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
52600000 shares
CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
500000 shares
CY2019Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
600000 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53300000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53200000 shares
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
300000 shares
CY2020Q1 us-gaap Revenues
Revenues
990500000 USD
CY2019Q1 us-gaap Revenues
Revenues
923700000 USD
CY2020Q1 us-gaap Gross Profit
GrossProfit
280900000 USD
CY2019Q1 us-gaap Gross Profit
GrossProfit
263900000 USD
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
70900000 USD
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
62700000 USD
CY2020Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
12100000 USD
CY2019Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
13800000 USD
CY2020Q1 us-gaap Revenues
Revenues
990500000 USD
CY2019Q1 us-gaap Revenues
Revenues
923700000 USD
CY2020Q1 us-gaap Revenues
Revenues
990500000 USD
CY2020Q1 asgn Revenueas Percentageof Consolidated Revenue
RevenueasPercentageofConsolidatedRevenue
1.000
CY2019Q1 us-gaap Revenues
Revenues
923700000 USD
CY2019Q1 asgn Revenueas Percentageof Consolidated Revenue
RevenueasPercentageofConsolidatedRevenue
1.000
CY2020Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
8300000 USD

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