2020 Q3 Form 10-Q Financial Statement

#000003877720000138 Filed on July 28, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q2 2019 Q2
Revenue $1.627B $1.188B $1.477B
YoY Change 20.78% -19.54% -5.25%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.581B $443.8M $566.2M
YoY Change 51.09% -21.62% -6.41%
% of Gross Profit
Research & Development $62.10M $65.70M
YoY Change -5.48% 5.12%
% of Gross Profit
Depreciation & Amortization $56.10M $22.20M $25.60M
YoY Change 115.77% -13.28% 25.49%
% of Gross Profit
Operating Expenses $1.581B $928.6M $1.102B
YoY Change 51.09% -15.72% 4.39%
Operating Profit $232.5M $374.9M
YoY Change -37.98% -25.48%
Interest Expense $170.2M $5.200M $5.600M
YoY Change 61.17% -7.14% -74.66%
% of Operating Profit 2.24% 1.49%
Other Income/Expense, Net -$17.00M $37.30M $38.60M
YoY Change 57.41% -3.37% -169.05%
Pretax Income $199.6M $269.8M $413.5M
YoY Change -49.57% -34.75% -7.54%
Income Tax $73.10M $16.10M $158.9M
% Of Pretax Income 36.62% 5.97% 38.43%
Net Earnings $78.90M $290.4M $245.9M
YoY Change -74.25% 18.1% -38.83%
Net Earnings / Revenue 4.85% 24.44% 16.65%
Basic Earnings Per Share $0.58 $0.48
Diluted Earnings Per Share $160.5K $0.58 $0.48
COMMON SHARES
Basic Shares Outstanding 495.4M shares 490.4M shares 501.6M shares
Diluted Shares Outstanding 490.7M shares 502.3M shares

Balance Sheet

Concept 2020 Q3 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.958B $6.976B $5.758B
YoY Change -33.57% 21.15% -13.47%
Cash & Equivalents $3.990B $7.030B $5.758B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $1.201B $928.0M $850.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.159B $7.904B $6.608B
YoY Change -24.1% 19.61% -13.06%
LONG-TERM ASSETS
Property, Plant & Equipment $813.8M $705.2M $684.8M
YoY Change 19.03% 2.98% 31.09%
Goodwill $4.501B $2.191B
YoY Change 111.28%
Intangibles $4.914B $904.1M
YoY Change 468.64%
Long-Term Investments $716.2M $470.2M $971.9M
YoY Change -23.27% -51.62% 13.17%
Other Assets
YoY Change
Total Long-Term Assets $16.53B $7.713B $7.855B
YoY Change 113.64% -1.81% -0.9%
TOTAL ASSETS
Total Short-Term Assets $5.159B $7.904B $6.608B
Total Long-Term Assets $16.53B $7.713B $7.855B
Total Assets $21.68B $15.62B $14.46B
YoY Change 49.22% 7.98% -6.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $794.0M $342.0M $260.0M
YoY Change 161.18% 31.54% 2.36%
Accrued Expenses $1.685B $740.0M $460.0M
YoY Change 235.66% 60.87% 13.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $686.0M $32.00M
YoY Change -100.0% 2043.75%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.326B $2.658B $1.740B
YoY Change 82.85% 52.76% -11.5%
LONG-TERM LIABILITIES
Long-Term Debt $4.351B $697.0M $697.0M
YoY Change 524.25% 0.0% -4.52%
Other Long-Term Liabilities $724.0M $467.0M $535.0M
YoY Change 37.9% -12.71% 11.0%
Total Long-Term Liabilities $5.075B $1.164B $1.232B
YoY Change 315.3% -5.52% 1.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.326B $2.658B $1.740B
Total Long-Term Liabilities $5.075B $1.164B $1.232B
Total Liabilities $10.27B $3.900B $3.091B
YoY Change 224.98% 26.16% -6.5%
SHAREHOLDERS EQUITY
Retained Earnings $10.47B $10.51B $10.24B
YoY Change 1.79% 2.67% 0.87%
Common Stock $49.50M $49.50M $50.40M
YoY Change -0.8% -1.79% -4.73%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.11B $10.11B $9.911B
YoY Change
Total Liabilities & Shareholders Equity $21.68B $15.62B $14.46B
YoY Change 49.22% 7.98% -6.86%

Cashflow Statement

Concept 2020 Q3 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $78.90M $290.4M $245.9M
YoY Change -74.25% 18.1% -38.83%
Depreciation, Depletion And Amortization $56.10M $22.20M $25.60M
YoY Change 115.77% -13.28% 25.49%
Cash From Operating Activities $374.8M $505.6M -$274.9M
YoY Change 1060.37% -283.92% -144.96%
INVESTING ACTIVITIES
Capital Expenditures -$18.40M -$11.80M -$130.4M
YoY Change -40.84% -90.95% 369.06%
Acquisitions
YoY Change
Other Investing Activities -$3.494B $274.8M -$144.2M
YoY Change 9291.94% -290.57% 127.09%
Cash From Investing Activities -$3.512B $263.0M -$274.6M
YoY Change 5042.31% -195.78% 200.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 97.80M 160.5M 360.8M
YoY Change -62.6% -55.52% -114.14%
NET CHANGE
Cash From Operating Activities 374.8M 505.6M -274.9M
Cash From Investing Activities -3.512B 263.0M -274.6M
Cash From Financing Activities 97.80M 160.5M 360.8M
Net Change In Cash -3.040B 929.1M -188.7M
YoY Change -1447.94% -592.37% -90.71%
FREE CASH FLOW
Cash From Operating Activities $374.8M $505.6M -$274.9M
Capital Expenditures -$18.40M -$11.80M -$130.4M
Free Cash Flow $393.2M $517.4M -$144.5M
YoY Change 520.19% -458.06% -122.6%

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<div style="line-height:174%;padding-top:12px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</span></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Company’s consolidated financial statements and accompanying notes are prepared in accordance with U.S. GAAP, which require the use of estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. Global concerns about the novel coronavirus (“COVID-19”) pandemic have adversely affected, and we expect will continue to adversely affect, our business, financial condition and results of operations including the estimates and assumptions made by management. Significant estimates and assumptions made relate to, among other things, valuations for certain investments which are carried at fair value including those of consolidated investment products, the review of goodwill and intangible assets for impairment, and the calculation of income taxes. Actual results could differ from the estimates, and such differences may be material to the Company’s consolidated financial statements.</span></div>
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