2018 Q2 Form 10-Q Financial Statement

#000072361218000087 Filed on August 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $2.328B $2.238B
YoY Change 4.02% -0.22%
Cost Of Revenue $1.175B $1.108B
YoY Change 6.05% -1.25%
Gross Profit $1.153B $1.130B
YoY Change 2.04% 0.8%
Gross Profit Margin 49.53% 50.49%
Selling, General & Admin $321.0M $293.0M
YoY Change 9.56% -6.09%
% of Gross Profit 27.84% 25.93%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $603.0M $581.0M
YoY Change 3.79% 3.01%
% of Gross Profit 52.3% 51.42%
Operating Expenses $321.0M $293.0M
YoY Change 9.56% -6.09%
Operating Profit $832.0M $837.0M
YoY Change -0.6% 3.46%
Interest Expense $49.00M $48.00M
YoY Change 2.08% -14.29%
% of Operating Profit 5.89% 5.73%
Other Income/Expense, Net
YoY Change
Pretax Income $38.00M $11.00M
YoY Change 245.45% -82.54%
Income Tax $12.00M $8.000M
% Of Pretax Income 31.58% 72.73%
Net Earnings $26.00M $3.000M
YoY Change 766.67% -91.67%
Net Earnings / Revenue 1.12% 0.13%
Basic Earnings Per Share $0.33 $0.04
Diluted Earnings Per Share $0.32 $0.04
COMMON SHARES
Basic Shares Outstanding 80.70M shares 84.00M shares
Diluted Shares Outstanding 81.50M shares 85.20M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $489.0M $776.0M
YoY Change -36.98% 47.25%
Cash & Equivalents $489.0M $776.0M
Short-Term Investments
Other Short-Term Assets $832.0M $837.0M
YoY Change -0.6% -2.22%
Inventory
Prepaid Expenses $252.0M $204.0M
Receivables $902.0M $762.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.223B $2.375B
YoY Change -6.4% 10.83%
LONG-TERM ASSETS
Property, Plant & Equipment $715.0M $684.0M
YoY Change 4.53% 0.15%
Goodwill $1.049B $1.043B
YoY Change 0.58% 3.88%
Intangibles $843.0M $867.0M
YoY Change -2.77% -3.24%
Long-Term Investments $19.00M $0.00
YoY Change
Other Assets $243.0M $202.0M
YoY Change 20.3% -17.21%
Total Long-Term Assets $18.70B $18.46B
YoY Change 1.29% 0.64%
TOTAL ASSETS
Total Short-Term Assets $2.223B $2.375B
Total Long-Term Assets $18.70B $18.46B
Total Assets $20.92B $20.83B
YoY Change 0.42% 1.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $412.0M $438.0M
YoY Change -5.94% -74.87%
Accrued Expenses $737.0M $518.0M
YoY Change 42.28%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $24.00M $26.00M
YoY Change -7.69% -7.14%
Total Short-Term Liabilities $1.856B $1.875B
YoY Change -1.01% 5.87%
LONG-TERM LIABILITIES
Long-Term Debt $3.544B $3.546B
YoY Change -0.06% 1.26%
Other Long-Term Liabilities $745.0M $768.0M
YoY Change -2.99% -0.65%
Total Long-Term Liabilities $4.289B $4.314B
YoY Change -0.58% 0.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.856B $1.875B
Total Long-Term Liabilities $4.289B $4.314B
Total Liabilities $6.145B $6.189B
YoY Change -0.71% 2.37%
SHAREHOLDERS EQUITY
Retained Earnings -$1.316B -$1.687B
YoY Change -21.99% -7.15%
Common Stock $1.000M $1.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.020B $4.952B
YoY Change 1.37% 5.21%
Treasury Stock Shares 57.00M shares 54.00M shares
Shareholders Equity $372.0M $148.0M
YoY Change
Total Liabilities & Shareholders Equity $20.92B $20.83B
YoY Change 0.42% 1.7%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $26.00M $3.000M
YoY Change 766.67% -91.67%
Depreciation, Depletion And Amortization $603.0M $581.0M
YoY Change 3.79% 3.01%
Cash From Operating Activities $618.0M $692.0M
YoY Change -10.69% 14.0%
INVESTING ACTIVITIES
Capital Expenditures -$4.191B -$4.216B
YoY Change -0.59% -4.38%
Acquisitions
YoY Change
Other Investing Activities $2.179B $2.002B
YoY Change 8.84% -20.93%
Cash From Investing Activities -$2.012B -$2.214B
YoY Change -9.12% 17.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.365B 1.189B
YoY Change 14.8% 28.4%
NET CHANGE
Cash From Operating Activities 618.0M 692.0M
Cash From Investing Activities -2.012B -2.214B
Cash From Financing Activities 1.365B 1.189B
Net Change In Cash -29.00M -333.0M
YoY Change -91.29% -3.2%
FREE CASH FLOW
Cash From Operating Activities $618.0M $692.0M
Capital Expenditures -$4.191B -$4.216B
Free Cash Flow $4.809B $4.908B
YoY Change -2.02% -2.15%

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dei Document Period End Date
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us-gaap Cost Of Services Depreciation
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us-gaap Costs And Expenses
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CY2017Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
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us-gaap Derivative Gain Loss On Derivative Net
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us-gaap Earnings Per Share Basic
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CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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us-gaap Gains Losses On Extinguishment Of Debt
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us-gaap Gains Losses On Extinguishment Of Debt
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CY2017Q4 us-gaap Goodwill
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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us-gaap Income Loss From Equity Method Investments
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CY2018Q2 us-gaap Income Loss From Equity Method Investments
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us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
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us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Reclassification Adjustments Net Of Tax
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
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us-gaap Other Nonrecurring Expense
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments Of Financing Costs
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us-gaap Payments To Acquire Restricted Investments
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us-gaap Payments To Acquire Restricted Investments
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CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2018Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
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CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2018Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
196000000 USD
CY2018Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
252000000 USD
us-gaap Proceeds From Issuance Of Preferred Stock Preference Stock And Warrants
ProceedsFromIssuanceOfPreferredStockPreferenceStockAndWarrants
100 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
2000000 USD
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
0 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-1000000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-2000000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
4000000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
6000000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
704000000 USD
CY2018Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
715000000 USD
CY2017Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
922000000 USD
CY2018Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
902000000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
4000000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
2000000 USD
CY2018Q2 us-gaap Recorded Unconditional Purchase Obligation Due Within One Year
RecordedUnconditionalPurchaseObligationDueWithinOneYear
2800000000 USD
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
33000000 USD
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
22000000 USD
CY2017Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
7000000 USD
CY2018Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
11000000 USD
CY2017Q2 us-gaap Restructuring Charges
RestructuringCharges
38000000 USD
us-gaap Restructuring Charges
RestructuringCharges
45000000 USD
CY2018Q2 us-gaap Restructuring Charges
RestructuringCharges
4000000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P0Y7M0D
CY2018Q2 us-gaap Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
1000000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
186000 shares
us-gaap Restructuring Charges
RestructuringCharges
10000000 USD
CY2017Q4 us-gaap Restructuring Reserve
RestructuringReserve
4000000 USD
CY2018Q2 us-gaap Restructuring Reserve
RestructuringReserve
2000000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1222000000 USD
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1316000000 USD
CY2017Q2 us-gaap Revenues
Revenues
2238000000 USD
us-gaap Revenues
Revenues
4077000000 USD
CY2018Q2 us-gaap Revenues
Revenues
2328000000 USD
us-gaap Revenues
Revenues
4296000000 USD
CY2017Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
2238000000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
4077000000 USD
CY2018Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
2328000000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
4296000000 USD
CY2017Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
293000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
555000000 USD
CY2018Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
321000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
617000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
7000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
12000000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Accelerated Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardAcceleratedCompensationCost
2000000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
7000000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Grant Date Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValue
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
10000000 USD
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3000000 USD
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
273000 shares
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
87000 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.08
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.79
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
9.99
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0.00
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.00
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P1Y8M0D
us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
22000000 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
13000000 USD
CY2018Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
1500000000 USD
CY2018Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
33000000 USD
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
3400000 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
1600000 shares
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
100000000 USD
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
67000000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
573000000 USD
CY2018Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
372000000 USD
CY2018Q2 us-gaap Translation Adjustment For Net Investment Hedge Net Of Tax
TranslationAdjustmentForNetInvestmentHedgeNetOfTax
53000000 USD
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
56000000 shares
CY2018Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
57000000 shares
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
5002000000 USD
CY2018Q2 us-gaap Treasury Stock Value
TreasuryStockValue
5020000000 USD
CY2017Q4 us-gaap Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
174000000 USD
CY2018Q2 us-gaap Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
402000000 USD
CY2017Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1200000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2018Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
800000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
85200000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
84900000 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
81500000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
80800000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
84000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
84900000 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
80700000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
80800000 shares
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;padding-left:36px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">Reclassifications.</font><font style="font-family:Arial;font-size:10pt;"> Certain reclassifications have been made to prior years&#8217; Consolidated Condensed Financial Statements to conform to the current year presentation. These reclassifications have no impact on reported net income (loss) (see &#8220;Adoption of New Accounting Pronouncements&#8221; below). </font></div><div style="line-height:120%;text-align:left;padding-left:36px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div></div>

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