2020 Q4 Form 10-K Financial Statement

#000110121521000036 Filed on February 26, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2020 2019 Q4
Revenue $1.110B $4.521B $1.461B
YoY Change -24.04% -18.99% -0.24%
Cost Of Revenue $396.0M $2.077B -$1.452B
YoY Change -127.28% -22.71% -308.03%
Gross Profit $3.401B $2.444B $2.019B
YoY Change 68.42% -15.53% 163.34%
Gross Profit Margin 306.45% 54.06% 138.21%
Selling, General & Admin $752.0M $248.7M $833.1M
YoY Change -9.73% -30.06% 3445.11%
% of Gross Profit 22.11% 10.18% 41.26%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $183.8M $184.0M $42.90M
YoY Change 328.44% -26.1% -64.57%
% of Gross Profit 5.4% 7.53% 2.12%
Operating Expenses $2.601B $248.7M $1.719B
YoY Change 51.3% -30.06% 614.8%
Operating Profit $258.7M $301.0M $309.0M
YoY Change -16.28% -54.53% -39.23%
Interest Expense $112.5M $499.0M $141.6M
YoY Change -20.55% -21.79% -2.14%
% of Operating Profit 43.49% 165.78% 45.83%
Other Income/Expense, Net $381.4M $427.4M
YoY Change -10.76%
Pretax Income $146.2M $301.0M $167.4M
YoY Change -12.66% -54.53% -53.99%
Income Tax $52.90M $93.00M $37.00M
% Of Pretax Income 36.18% 30.9% 22.1%
Net Earnings $12.00M $214.0M $97.50M
YoY Change -87.69% -23.02% -65.78%
Net Earnings / Revenue 1.08% 4.73% 6.67%
Basic Earnings Per Share $0.25 $4.47 $2.03
Diluted Earnings Per Share $0.25 $4.46 $2.05
COMMON SHARES
Basic Shares Outstanding 47.72M 47.80M 46.06M
Diluted Shares Outstanding 47.90M

Balance Sheet

Concept 2020 Q4 2020 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.082B $3.082B $3.874B
YoY Change -20.46% -20.47% 1.49%
Cash & Equivalents $2.796B $3.082B $3.874B
Short-Term Investments
Other Short-Term Assets $534.9M $268.4M
YoY Change 99.29% -8.46%
Inventory $164.3M $164.3M $218.0M
Prepaid Expenses
Receivables $383.8M $15.16B $451.1M
Other Receivables $0.00 $0.00 $408.0M
Total Short-Term Assets $19.63B $18.41B $24.11B
YoY Change -18.57% -20.81% -2.42%
LONG-TERM ASSETS
Property, Plant & Equipment $213.0M $544.1M $282.3M
YoY Change -24.55% -0.46% -2.05%
Goodwill $1.370B $954.9M
YoY Change 43.43% 0.01%
Intangibles $77.00M $153.3M
YoY Change -49.77% -29.48%
Long-Term Investments
YoY Change
Other Assets $558.1M $359.2M $682.1M
YoY Change -18.18% 694.69% 7.18%
Total Long-Term Assets $2.913B $4.141B $2.382B
YoY Change 22.27% 27.37% -58.03%
TOTAL ASSETS
Total Short-Term Assets $19.63B $18.41B $24.11B
Total Long-Term Assets $2.913B $4.141B $2.382B
Total Assets $22.55B $22.55B $26.49B
YoY Change -14.9% -14.9% -12.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $328.2M $328.2M $300.8M
YoY Change 9.11% 9.11% -38.13%
Accrued Expenses $444.7M $410.7M $327.8M
YoY Change 35.66% 23.59% 1.74%
Deferred Revenue $898.5M $807.9M
YoY Change 11.21% 5.46%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $8.506B $8.506B $10.08B
YoY Change -15.57% -15.57% 7.25%
Total Short-Term Liabilities $10.42B $10.20B $11.87B
YoY Change -12.21% -11.55% 3.38%
LONG-TERM LIABILITIES
Long-Term Debt $9.802B $9.802B $12.21B
YoY Change -19.73% -19.73% -22.6%
Other Long-Term Liabilities $419.5M $1.022B $337.7M
YoY Change 24.22% -5.5% -13.94%
Total Long-Term Liabilities $419.5M $10.82B $337.7M
YoY Change 24.22% -18.57% -13.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.42B $10.20B $11.87B
Total Long-Term Liabilities $419.5M $10.82B $337.7M
Total Liabilities $21.03B $21.03B $24.91B
YoY Change -15.58% -15.58% -11.22%
SHAREHOLDERS EQUITY
Retained Earnings $4.832B $5.163B
YoY Change -6.42% 3.01%
Common Stock $3.428B $3.259B
YoY Change 5.19% 2.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.521B $1.522B $1.589B
YoY Change
Total Liabilities & Shareholders Equity $22.55B $22.55B $26.49B
YoY Change -14.9% -14.9% -12.81%

Cashflow Statement

Concept 2020 Q4 2020 2019 Q4
OPERATING ACTIVITIES
Net Income $12.00M $214.0M $97.50M
YoY Change -87.69% -23.02% -65.78%
Depreciation, Depletion And Amortization $183.8M $184.0M $42.90M
YoY Change 328.44% -26.1% -64.57%
Cash From Operating Activities $1.883B $1.883B -$312.5M
YoY Change -702.46% 54.6% -142.84%
INVESTING ACTIVITIES
Capital Expenditures -$54.00M -$54.00M $23.10M
YoY Change -333.77% -62.05% -54.26%
Acquisitions $267.0M
YoY Change 3714.29%
Other Investing Activities $1.828B $1.000M -$766.6M
YoY Change -338.49% -105.26% -20.21%
Cash From Investing Activities $1.774B $1.774B -$789.7M
YoY Change -324.68% -37.99% -21.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.000M
YoY Change -99.69%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.167B -4.167B 4.400M
YoY Change -94793.18% 1.83% -98.47%
NET CHANGE
Cash From Operating Activities 1.883B 1.883B -312.5M
Cash From Investing Activities 1.774B 1.774B -789.7M
Cash From Financing Activities -4.167B -4.167B 4.400M
Net Change In Cash -509.5M -495.0M -1.098B
YoY Change -53.59% 4850.0% -17525.4%
FREE CASH FLOW
Cash From Operating Activities $1.883B $1.883B -$312.5M
Capital Expenditures -$54.00M -$54.00M $23.10M
Free Cash Flow $1.937B $1.937B -$335.6M
YoY Change -677.09% 42.4% -149.43%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Derivative Instruments</span>—The Company uses derivatives to manage its exposure to various financial risks. The Company does not enter into derivatives for trading or other speculative purposes. Certain derivatives used to manage the Company’s exposure to foreign currency exchange rate movements are not designated as hedges and do not qualify for hedge accounting.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;"><i style="font-style:italic;">Derivatives Designated as Hedging Instruments</i>—The Company assesses both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in the hedging transaction, including net investment hedges, have been highly effective in offsetting changes in the cash flows or remeasurement of the hedged items and whether the derivatives may be expected to remain highly effective in future periods. The Company discontinues hedge accounting prospectively when (1) it determines that the derivative is no longer highly effective in offsetting changes in cash flow of the hedged item; (2) the derivative expires or is sold, terminated, or exercised; (3) it is no longer probable that the forecasted transaction will occur; or (4) it determines that designating the derivative as a hedging instrument is no longer appropriate. Changes in the fair value of derivative instruments designated as hedging instruments, excluding any ineffective portion, are recorded in other comprehensive income (loss) until the hedged transactions affect net income. The ineffective portion of this hedging instrument is recognized through net income when the ineffectiveness occurs.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;"><i style="font-style:italic;">Derivatives not Designated as Hedging Instruments</i>—Certain foreign currency exchange forward contracts are not designated as hedges as they do not meet the specific hedge accounting requirements of ASC 815, “Derivatives and Hedging.” Changes in the fair value of the derivative instruments not designated as hedging instruments are recorded in the consolidated statements of income as they occur.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;">The Company’s derivative instruments were immaterial to the consolidated balance sheets and statements of income for the periods presented.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Management Estimates</span>—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p>
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CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.81
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.79
CY2020Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.25
CY2019Q1 us-gaap Revenues
Revenues
1334200000
CY2019Q2 us-gaap Revenues
Revenues
1348500000
CY2019Q3 us-gaap Revenues
Revenues
1437600000
CY2019Q4 us-gaap Revenues
Revenues
1461000000.0
CY2019Q1 us-gaap Costs And Expenses
CostsAndExpenses
977300000
CY2019Q2 us-gaap Costs And Expenses
CostsAndExpenses
1011200000
CY2019Q3 us-gaap Costs And Expenses
CostsAndExpenses
1133400000
CY2019Q4 us-gaap Costs And Expenses
CostsAndExpenses
1152000000.0
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
356900000
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
337300000
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
304200000
CY2019Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
309000000.0
CY2019Q1 us-gaap Interest Expense
InterestExpense
143900000
CY2019Q2 us-gaap Interest Expense
InterestExpense
143500000
CY2019Q3 us-gaap Interest Expense
InterestExpense
140000000.0
CY2019Q4 us-gaap Interest Expense
InterestExpense
141600000
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
213000000.0
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
193800000
CY2019Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
164200000
CY2019Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
167400000
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
34800000
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
51400000
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
42600000
CY2019Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
37000000.0
CY2019Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
178200000
CY2019Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
142400000
CY2019Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
121600000
CY2019Q4 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
130400000
CY2019Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-29100000
CY2019Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-3400000
CY2019Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-229200000
CY2019Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-32900000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
149100000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
139000000.0
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-107600000
CY2019Q4 us-gaap Net Income Loss
NetIncomeLoss
97500000
CY2019Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
3.36
CY2019Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
2.72
CY2019Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
2.47
CY2019Q4 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
2.73
CY2019Q1 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
-0.55
CY2019Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
-0.07
CY2019Q3 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
-4.69
CY2019Q4 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
-0.70
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.81
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.65
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.22
CY2019Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.03
CY2019Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
3.35
CY2019Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
2.71
CY2019Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
2.41
CY2019Q4 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
2.74
CY2019Q1 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare
-0.55
CY2019Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare
-0.07
CY2019Q3 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare
-4.54
CY2019Q4 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare
-0.69
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.80
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.64
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.13
CY2019Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.05

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