2018 Q4 Form 10-Q Financial Statement

#000114421519000025 Filed on January 09, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2017 Q4
Revenue $932.6M $842.8M
YoY Change 10.65% -0.99%
Cost Of Revenue $565.1M $492.9M
YoY Change 14.65% 0.26%
Gross Profit $367.5M $349.9M
YoY Change 5.03% -2.7%
Gross Profit Margin 39.41% 41.52%
Selling, General & Admin $250.1M $229.5M
YoY Change 8.98% -0.99%
% of Gross Profit 68.05% 65.59%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $21.30M $19.00M
YoY Change 12.11% 10.47%
% of Gross Profit 5.8% 5.43%
Operating Expenses $250.1M $229.5M
YoY Change 8.98% -0.99%
Operating Profit $116.4M $120.2M
YoY Change -3.16% -5.06%
Interest Expense $9.200M $8.700M
YoY Change 5.75% 1.16%
% of Operating Profit 7.9% 7.24%
Other Income/Expense, Net -$10.00M -$9.300M
YoY Change 7.53% 3000.0%
Pretax Income $106.4M $110.9M
YoY Change -4.06% -12.19%
Income Tax $26.80M $39.40M
% Of Pretax Income 25.19% 35.53%
Net Earnings $79.60M $71.50M
YoY Change 11.33% -12.48%
Net Earnings / Revenue 8.54% 8.48%
Basic Earnings Per Share $1.99 $1.71
Diluted Earnings Per Share $1.98 $1.70
COMMON SHARES
Basic Shares Outstanding 40.00M shares 41.90M shares
Diluted Shares Outstanding 40.10M shares 42.10M shares

Balance Sheet

Concept 2018 Q4 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $214.8M $428.6M
YoY Change -49.88% -5.01%
Cash & Equivalents $214.8M $428.6M
Short-Term Investments
Other Short-Term Assets $60.10M $41.30M
YoY Change 45.52% -14.14%
Inventory $420.2M $339.6M
Prepaid Expenses
Receivables $556.7M $514.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.252B $1.324B
YoY Change -5.44% -2.39%
LONG-TERM ASSETS
Property, Plant & Equipment $283.0M $286.1M
YoY Change -1.08% 4.61%
Goodwill $966.9M $896.5M
YoY Change 7.85% -4.81%
Intangibles $489.5M $439.9M
YoY Change 11.28% 18.0%
Long-Term Investments $0.00 $0.00
YoY Change
Other Assets $24.10M $15.10M
YoY Change 59.6% -20.94%
Total Long-Term Assets $1.764B $1.638B
YoY Change 7.69% 1.89%
TOTAL ASSETS
Total Short-Term Assets $1.252B $1.324B
Total Long-Term Assets $1.764B $1.638B
Total Assets $3.015B $2.961B
YoY Change 1.82% -0.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $389.7M $364.6M
YoY Change 6.88% -6.73%
Accrued Expenses $261.9M $229.9M
YoY Change 13.92% 5.17%
Deferred Revenue $4.400M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $400.0K $400.0K
YoY Change 0.0% 33.33%
Total Short-Term Liabilities $652.0M $594.9M
YoY Change 9.6% -2.44%
LONG-TERM LIABILITIES
Long-Term Debt $356.3M $356.5M
YoY Change -0.06% 0.22%
Other Long-Term Liabilities $96.80M $71.10M
YoY Change 36.15% 4.25%
Total Long-Term Liabilities $453.1M $427.6M
YoY Change 5.96% 0.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $652.0M $594.9M
Total Long-Term Liabilities $453.1M $427.6M
Total Liabilities $1.264B $1.235B
YoY Change 2.36% 0.16%
SHAREHOLDERS EQUITY
Retained Earnings $2.061B $1.726B
YoY Change 19.39% 20.12%
Common Stock $910.7M $884.8M
YoY Change 2.93% 2.74%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.099B $776.0M
YoY Change 41.68% 85.38%
Treasury Stock Shares 13.87M shares 11.68M shares
Shareholders Equity $1.751B $1.726B
YoY Change
Total Liabilities & Shareholders Equity $3.015B $2.961B
YoY Change 1.82% -0.07%

Cashflow Statement

Concept 2018 Q4 2017 Q4
OPERATING ACTIVITIES
Net Income $79.60M $71.50M
YoY Change 11.33% -12.48%
Depreciation, Depletion And Amortization $21.30M $19.00M
YoY Change 12.11% 10.47%
Cash From Operating Activities $131.8M $139.8M
YoY Change -5.72% 150.54%
INVESTING ACTIVITIES
Capital Expenditures $14.00M $10.30M
YoY Change 35.92% -47.18%
Acquisitions $0.00
YoY Change
Other Investing Activities -$2.700M $0.00
YoY Change -100.0%
Cash From Investing Activities -$11.30M -$10.30M
YoY Change 9.71% 836.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $25.00M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $100.0K $100.0K
YoY Change 0.0%
Cash From Financing Activities -$34.10M -$10.80M
YoY Change 215.74% -25.52%
NET CHANGE
Cash From Operating Activities $131.8M $139.8M
Cash From Investing Activities -$11.30M -$10.30M
Cash From Financing Activities -$34.10M -$10.80M
Net Change In Cash $85.70M $118.7M
YoY Change -27.8% 195.27%
FREE CASH FLOW
Cash From Operating Activities $131.8M $139.8M
Capital Expenditures $14.00M $10.30M
Free Cash Flow $117.8M $129.5M
YoY Change -9.03% 256.75%

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CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
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CY2018Q3 us-gaap Other Assets Current
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CY2018Q4 us-gaap Other Assets Current
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CY2017Q4 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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-1600000 USD
CY2018Q4 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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-2600000 USD
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0 USD
CY2018Q4 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
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900000 USD
CY2017Q4 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
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0 USD
CY2018Q4 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodTax
400000 USD
CY2017Q4 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-10500000 USD
CY2018Q4 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-8800000 USD
CY2017Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2018Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-6200000 USD
CY2017Q4 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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CY2018Q4 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-6200000 USD
CY2017Q4 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Net Unamortized Gain Loss Arising During Period Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax
0 USD
CY2018Q4 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Net Unamortized Gain Loss Arising During Period Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax
1300000 USD
CY2018Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
67900000 USD
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
96800000 USD
CY2017Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1200000 USD
CY2018Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1300000 USD
CY2017Q4 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
0 USD
CY2018Q4 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-2700000 USD
CY2017Q4 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2018Q4 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
25000000 USD
CY2018Q4 us-gaap Payments For Restructuring
PaymentsForRestructuring
2800000 USD
CY2017Q4 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
5500000 USD
CY2018Q4 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
5200000 USD
CY2017Q4 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
6000000 USD
CY2018Q4 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
3900000 USD
CY2017Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
10300000 USD
CY2018Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
14000000 USD
CY2018Q3 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
64600000 USD
CY2018Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
62500000 USD
CY2018Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q3 us-gaap Preferred Stock Shares Authorized
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50000000 shares
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2018Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q3 us-gaap Prepaid Expense And Other Assets Current
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32300000 USD
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
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60100000 USD
CY2017Q4 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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800000 USD
CY2018Q4 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
100000 USD
CY2017Q4 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0 USD
CY2018Q4 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
55400000 USD
CY2017Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
22000000 USD
CY2017Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
23900000 USD
CY2018Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
27300000 USD
CY2018Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
12300000 USD
CY2017Q4 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
6700000 USD
CY2018Q4 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
5600000 USD
CY2017Q4 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
8600000 USD
CY2018Q4 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
5400000 USD
CY2018Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
728600000 USD
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
732400000 USD
CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
286700000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
283000000 USD
CY2017Q4 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 USD
CY2018Q4 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
55400000 USD
CY2017Q4 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
100000 USD
CY2018Q4 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
100000 USD
CY2018Q4 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
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CY2017Q4 us-gaap Restructuring Charges
RestructuringCharges
200000 USD
CY2018Q4 us-gaap Restructuring Charges
RestructuringCharges
1000000 USD
CY2018Q3 us-gaap Restructuring Reserve
RestructuringReserve
10100000 USD
CY2018Q4 us-gaap Restructuring Reserve
RestructuringReserve
6800000 USD
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1999200000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2060600000 USD
CY2017Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
842800000 USD
CY2018Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
932600000 USD
CY2018Q3 us-gaap Self Insurance Reserve Noncurrent
SelfInsuranceReserveNoncurrent
7900000 USD
CY2018Q4 us-gaap Self Insurance Reserve Noncurrent
SelfInsuranceReserveNoncurrent
8100000 USD
CY2017Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
229500000 USD
CY2018Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
250100000 USD
CY2017Q4 us-gaap Share Based Compensation
ShareBasedCompensation
8500000 USD
CY2018Q4 us-gaap Share Based Compensation
ShareBasedCompensation
7800000 USD
CY2017Q4 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
6156 shares
CY2018Q4 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2017Q4 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
200000 USD
CY2018Q4 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
100000 USD
CY2017Q4 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
2600000 USD
CY2018Q4 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
3800000 USD
CY2017Q4 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
600000 USD
CY2018Q4 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
25000000 USD
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
1665600000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
1726100000 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
1716800000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
1750900000 USD
CY2017Q4 us-gaap Temporary Equity Interest In Subsidiary Earnings
TemporaryEquityInterestInSubsidiaryEarnings
0 USD
CY2018Q4 us-gaap Temporary Equity Interest In Subsidiary Earnings
TemporaryEquityInterestInSubsidiaryEarnings
0 USD
CY2018Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
13676689 shares
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
13874079 shares
CY2018Q3 us-gaap Treasury Stock Value
TreasuryStockValue
1074400000 USD
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1099400000 USD
CY2017Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
200000 shares
CY2018Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
100000 shares
CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42100000 shares
CY2018Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40100000 shares
CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41900000 shares
CY2018Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
40000000 shares
CY2018Q4 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:17px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;padding-top:9px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Certain prior-period amounts have been reclassified to conform to the current year presentation. No material reclassifications occurred during the current period.</font></div></div>
CY2018Q4 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:17px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:9px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The preparation of financial statements and related disclosures in conformity with U.S.&#160;GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates.</font></div></div>

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