2017 Q4 Form 10-Q Financial Statement

#000167486218000013 Filed on January 30, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2016 Q4
Revenue $842.0M $704.0M
YoY Change 19.6% -39.47%
Cost Of Revenue $402.0M $515.0M
YoY Change -21.94% -33.2%
Gross Profit $179.0M $189.0M
YoY Change -5.29% -51.79%
Gross Profit Margin 21.26% 26.85%
Selling, General & Admin $154.0M $157.0M
YoY Change -1.91% -29.91%
% of Gross Profit 86.03% 83.07%
Research & Development $19.00M $20.00M
YoY Change -5.0% -20.0%
% of Gross Profit 10.61% 10.58%
Depreciation & Amortization $70.00M $68.00M
YoY Change 2.94% -18.07%
% of Gross Profit 39.11% 35.98%
Operating Expenses $173.0M $177.0M
YoY Change -2.26% -28.92%
Operating Profit $5.000M $15.00M
YoY Change -66.67% -90.07%
Interest Expense -$14.00M -$114.0M
YoY Change -87.72% 216.67%
% of Operating Profit -280.0% -760.0%
Other Income/Expense, Net -$1.000M $2.000M
YoY Change -150.0% -200.0%
Pretax Income -$22.00M -$106.0M
YoY Change -79.25% -195.5%
Income Tax $10.00M -$41.00M
% Of Pretax Income
Net Earnings -$4.000M -$1.000M
YoY Change 300.0% -101.12%
Net Earnings / Revenue -0.48% -0.14%
Basic Earnings Per Share -$0.07 -$0.01
Diluted Earnings Per Share -$0.07 -$0.01
COMMON SHARES
Basic Shares Outstanding 62.00M 62.00M shares
Diluted Shares Outstanding 62.00M 62.00M shares

Balance Sheet

Concept 2017 Q4 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $601.0M $704.0M
YoY Change -14.63% -32.24%
Cash & Equivalents $601.0M $704.0M
Short-Term Investments
Other Short-Term Assets $92.00M $106.0M
YoY Change -13.21% -66.77%
Inventory $674.0M $666.0M
Prepaid Expenses
Receivables $597.0M $858.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.964B $2.334B
YoY Change -15.85% -20.4%
LONG-TERM ASSETS
Property, Plant & Equipment $1.945B $2.186B
YoY Change -11.02% 1.39%
Goodwill $2.475B $2.348B
YoY Change 5.41%
Intangibles $1.298B $1.026B
YoY Change 26.51%
Long-Term Investments $60.00M
YoY Change -6.25%
Other Assets $425.0M $419.0M
YoY Change 1.43% -45.51%
Total Long-Term Assets $6.691B $6.729B
YoY Change -0.56% -0.18%
TOTAL ASSETS
Total Short-Term Assets $1.964B $2.334B
Total Long-Term Assets $6.691B $6.729B
Total Assets $8.655B $9.063B
YoY Change -4.5% -6.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $382.0M $458.0M
YoY Change -16.59% -0.65%
Accrued Expenses $266.0M $451.0M
YoY Change -41.02% 4.64%
Deferred Revenue
YoY Change
Short-Term Debt $355.0M $92.00M
YoY Change 285.87% -85.74%
Long-Term Debt Due $16.00M $15.00M
YoY Change 6.67% -72.73%
Total Short-Term Liabilities $1.003B $1.016B
YoY Change -1.28% -36.26%
LONG-TERM LIABILITIES
Long-Term Debt $2.584B $2.825B
YoY Change -8.53% -15.34%
Other Long-Term Liabilities $409.0M $438.0M
YoY Change -6.62% -79.28%
Total Long-Term Liabilities $4.253B $5.046B
YoY Change -15.72% -7.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.003B $1.016B
Total Long-Term Liabilities $4.253B $5.046B
Total Liabilities $5.256B $6.062B
YoY Change -13.3% -14.93%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.399B $3.175B
YoY Change
Total Liabilities & Shareholders Equity $8.655B $9.063B
YoY Change -4.5% -6.31%

Cashflow Statement

Concept 2017 Q4 2016 Q4
OPERATING ACTIVITIES
Net Income -$4.000M -$1.000M
YoY Change 300.0% -101.12%
Depreciation, Depletion And Amortization $70.00M $68.00M
YoY Change 2.94% -18.07%
Cash From Operating Activities -$40.00M $10.00M
YoY Change -500.0% -82.14%
INVESTING ACTIVITIES
Capital Expenditures $21.00M $33.00M
YoY Change -36.36% -37.74%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities -$3.000M -$4.000M
YoY Change -25.0% -33.33%
Cash From Investing Activities -$24.00M -$41.00M
YoY Change -41.46% -6.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $2.000M $239.0M
YoY Change -99.16% 1607.14%
Cash From Financing Activities 99.00M -444.0M
YoY Change -122.3% 102.74%
NET CHANGE
Cash From Operating Activities -40.00M 10.00M
Cash From Investing Activities -24.00M -41.00M
Cash From Financing Activities 99.00M -444.0M
Net Change In Cash 35.00M -475.0M
YoY Change -107.37% 129.47%
FREE CASH FLOW
Cash From Operating Activities -$40.00M $10.00M
Capital Expenditures $21.00M $33.00M
Free Cash Flow -$61.00M -$23.00M
YoY Change 165.22% -866.67%

Facts In Submission

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171000000 USD
CY2016Q4 us-gaap Share Based Compensation
ShareBasedCompensation
5000000 USD
CY2017Q4 us-gaap Share Based Compensation
ShareBasedCompensation
7000000 USD
CY2017Q3 us-gaap Short Term Borrowings
ShortTermBorrowings
235000000 USD
CY2017Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
355000000 USD
CY2017Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
111400 shares
CY2017Q4 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
0 USD
CY2015Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
1000000000 USD
CY2017Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
500000000 USD
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
3406000000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
3399000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
2000000 USD
CY2016Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
62000000 shares
CY2017Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3406000000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3399000000 USD
us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
2.745338
CY2017Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
194000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
199000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
3000000 USD
CY2017Q4 us-gaap Derivatives Methods Of Accounting Nonhedging Derivatives
DerivativesMethodsOfAccountingNonhedgingDerivatives
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;padding-left:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Ashland conducts business in a variety of foreign currencies.&#160;&#160;Accordingly, Ashland regularly uses foreign currency derivative instruments to manage exposure on certain transactions denominated in foreign currencies to curtail potential earnings volatility effects on certain assets and liabilities, including short-term inter-company loans, denominated in currencies other than Ashland&#8217;s functional currency of an entity. These derivative contracts generally require exchange of one foreign currency for another at a fixed rate at a future date and generally have maturities of less than twelve months.&#160;&#160;All contracts are valued at fair value with net changes in fair value recorded within the selling, general and administrative expense caption.&#160;&#160;The impacts of these contracts were largely offset by gains and losses resulting from the impact of changes in exchange rates on transactions denominated in non-functional currencies.</font></div></div>
CY2017Q4 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;padding-left:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Use of estimates, risks and uncertainties </font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;padding-left:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The preparation of Ashland&#8217;s Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosures of contingent assets and liabilities.&#160;&#160;Significant items that are subject to such estimates and assumptions include, but are not limited to, long-lived assets (including goodwill and other intangible assets), income taxes and liabilities and receivables associated with asbestos litigation and environmental remediation.&#160;&#160;Although management bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, actual results could differ significantly from the estimates under different assumptions or conditions. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;padding-left:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Ashland&#8217;s results are affected by domestic and international economic, political, legislative, regulatory and legal actions.&#160;&#160;Economic conditions, such as recessionary trends, inflation, interest and monetary exchange rates, government fiscal policies and changes in the prices of certain key raw materials, can have a significant effect on operations.&#160;&#160;While Ashland maintains reserves for anticipated liabilities and carries various levels of insurance, Ashland could be affected by civil, criminal, regulatory or administrative actions, claims or proceedings relating to asbestos, environmental remediation or other matters.</font></div></div>

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0001674862-18-000013.txt Edgar Link pending
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a12312017ash10q.htm Edgar Link pending
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