2016 Q1 Form 10-Q Financial Statement

#000089615916000030 Filed on May 10, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $6.877B $4.389B
YoY Change 56.69% 0.0%
Cost Of Revenue $3.674B $2.122B
YoY Change 73.14% 0.0%
Gross Profit $3.203B $2.267B
YoY Change 41.29% 0.0%
Gross Profit Margin 46.58% 51.65%
Selling, General & Admin $773.0M $557.0M
YoY Change 38.78% 3.34%
% of Gross Profit 24.13% 24.57%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.413B $707.0M
YoY Change 99.86% -2.88%
% of Gross Profit 44.11% 31.19%
Operating Expenses $5.994B $3.560B
YoY Change 68.37% -0.2%
Operating Profit -$2.791B -$1.293B
YoY Change 115.85% -0.54%
Interest Expense -$161.0M -$35.00M
YoY Change 360.0% 118.75%
% of Operating Profit
Other Income/Expense, Net -$28.00M $35.00M
YoY Change -180.0% 105.88%
Pretax Income $563.0M $801.0M
YoY Change -29.71% -3.14%
Income Tax $124.0M $120.0M
% Of Pretax Income 22.02% 14.98%
Net Earnings $439.0M $681.0M
YoY Change -35.54% 0.0%
Net Earnings / Revenue 6.38% 15.52%
Basic Earnings Per Share $0.98 $2.08
Diluted Earnings Per Share $0.97 $2.05
COMMON SHARES
Basic Shares Outstanding 446.7M shares 328.2M shares
Diluted Shares Outstanding 450.0M shares 331.7M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $1.091B $948.0M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill $15.40B
YoY Change
Intangibles $7.955B
YoY Change
Long-Term Investments $98.24B $64.48B
YoY Change 52.35% 3.16%
Other Assets $0.00 $224.0M
YoY Change -100.0% -56.59%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $156.6B $98.40B
YoY Change 59.19% 3.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.050B $6.194B
YoY Change 46.11% 18.7%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $500.0M $2.552B
YoY Change -80.41% 34.25%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.28B $12.94B
YoY Change 10.34% 19.27%
LONG-TERM LIABILITIES
Long-Term Debt $12.94B $4.466B
YoY Change 189.83% 8.48%
Other Long-Term Liabilities $1.122B $716.0M
YoY Change 56.7% 48.24%
Total Long-Term Liabilities $14.07B $5.182B
YoY Change 171.44% 12.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.28B $12.94B
Total Long-Term Liabilities $14.07B $5.182B
Total Liabilities $110.7B $68.70B
YoY Change 61.21% 4.39%
SHAREHOLDERS EQUITY
Retained Earnings $19.92B $17.33B
YoY Change 14.96% 19.28%
Common Stock $11.12B $7.833B
YoY Change 41.98% -10.21%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.648B $1.645B
YoY Change 0.18% 271.33%
Treasury Stock Shares 15.50M shares 15.75M shares
Shareholders Equity $45.90B $29.70B
YoY Change
Total Liabilities & Shareholders Equity $156.6B $98.40B
YoY Change 59.19% 3.38%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $439.0M $681.0M
YoY Change -35.54% 0.0%
Depreciation, Depletion And Amortization $1.413B $707.0M
YoY Change 99.86% -2.88%
Cash From Operating Activities $1.020B $1.075B
YoY Change -5.12% -14.0%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions $14.26B $0.00
YoY Change
Other Investing Activities -$59.00M $153.0M
YoY Change -138.56% 206.0%
Cash From Investing Activities -$1.615B -$1.020B
YoY Change 58.33% 102.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $347.0M
YoY Change -100.0% 3.58%
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities -$102.0M $333.0M
YoY Change -130.63% -170.55%
NET CHANGE
Cash From Operating Activities $1.020B $1.075B
Cash From Investing Activities -$1.615B -$1.020B
Cash From Financing Activities -$102.0M $333.0M
Net Change In Cash -$697.0M $388.0M
YoY Change -279.64% 41.09%
FREE CASH FLOW
Cash From Operating Activities $1.020B $1.075B
Capital Expenditures
Free Cash Flow
YoY Change

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CY2016Q1 us-gaap Due To Affiliate Current And Noncurrent
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CY2016Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
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480000000 USD
CY2015Q1 us-gaap Increase Decrease In Future Policy Benefit Reserves
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CY2016Q1 us-gaap Increase Decrease In Future Policy Benefit Reserves
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CY2015Q1 us-gaap Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve
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CY2015Q1 us-gaap Increase Decrease In Premiums Receivable
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CY2016Q1 us-gaap Increase Decrease In Premiums Receivable
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CY2015Q1 us-gaap Increase Decrease In Prepaid Reinsurance Premiums
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32000000 USD
CY2016Q1 us-gaap Increase Decrease In Prepaid Reinsurance Premiums
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CY2015Q1 us-gaap Increase Decrease In Reinsurance Payables
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;font-weight:bold;">c) Accounting guidance not yet adopted</font></div><div style="line-height:120%;font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;font-style:italic;font-weight:bold;">Revenue from Contracts with Customers</font></div><div style="line-height:120%;text-align:left;font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;">In May 2014, the FASB issued an accounting standard that supersedes most existing revenue recognition guidance. The standard excludes from its scope the accounting for insurance contracts, leases, financial instruments, and certain other agreements that are governed under other GAAP guidance, but could affect the revenue recognition for certain of our claims management and risk control services. The updated guidance requires an entity to recognize revenue as performance obligations are met, in order to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration the entity is entitled to receive for those goods or services. The standard is effective for us in the first quarter of 2018 with early adoption permitted. The adoption of this guidance is not expected to have a material impact on our financial condition or results of operations.</font></div><div style="line-height:120%;font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;font-style:italic;font-weight:bold;">Short-Duration Contracts</font></div><div style="line-height:120%;text-align:left;font-size:9.75pt;"><font style="font-family:News Gothic,sans-serif;font-size:9.75pt;">In May 2015, the FASB issued&#160;guidance that requires additional disclosures for short-duration insurance contracts. New disclosure will be required to provide more information about initial claim estimates and subsequent adjustments to those estimates, the methodologies and judgments used to estimate claims, and the timing, frequency, and severity of claims. The guidance is effective for us beginning with our 2016 annual reporting on Form 10-K. The guidance requires a change in disclosure only and adoption of this guidance will not have an impact on our financial condition or results of operations.</font></div></div>

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