2015 Q1 Form 10-Q Financial Statement

#000104327715000004 Filed on May 11, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $3.301B $3.143B
YoY Change 5.04% 4.95%
Cost Of Revenue $323.7M $309.0M
YoY Change 4.76% -13.21%
Gross Profit $2.977B $2.834B
YoY Change 5.07% 7.4%
Gross Profit Margin 90.19% 90.17%
Selling, General & Admin $88.04M $79.97M
YoY Change 10.1% 7.52%
% of Gross Profit 2.96% 2.82%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.20M $14.50M
YoY Change 11.72% 5.07%
% of Gross Profit 0.54% 0.51%
Operating Expenses $88.04M $79.97M
YoY Change 10.1% 7.52%
Operating Profit $181.9M $157.0M
YoY Change 15.9% -6.96%
Interest Expense -$9.600M -$6.100M
YoY Change 57.38% 6000.0%
% of Operating Profit -5.28% -3.89%
Other Income/Expense, Net
YoY Change
Pretax Income $172.3M $150.8M
YoY Change 14.24% -10.56%
Income Tax $65.84M $57.65M
% Of Pretax Income 38.21% 38.22%
Net Earnings $106.5M $93.19M
YoY Change 14.26% -9.83%
Net Earnings / Revenue 3.23% 2.97%
Basic Earnings Per Share $0.73 $0.63
Diluted Earnings Per Share $0.73 $0.63
COMMON SHARES
Basic Shares Outstanding 146.2M shares 148.5M shares
Diluted Shares Outstanding 146.4M shares 149.0M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $135.8M $142.8M
YoY Change -4.9% -10.69%
Cash & Equivalents $135.8M $144.2M
Short-Term Investments
Other Short-Term Assets $59.70M $68.30M
YoY Change -12.59% 12.15%
Inventory
Prepaid Expenses $51.32M $60.86M
Receivables $1.651B $1.612B
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.847B $1.823B
YoY Change 1.31% 7.84%
LONG-TERM ASSETS
Property, Plant & Equipment $191.1M $164.0M
YoY Change 16.58% 8.66%
Goodwill $1.097B $829.1M
YoY Change 32.34% 0.47%
Intangibles $149.0M $114.5M
YoY Change 30.19% -14.66%
Long-Term Investments
YoY Change
Other Assets $35.36M $31.45M
YoY Change 12.44% -0.59%
Total Long-Term Assets $1.462B $1.137B
YoY Change 28.6% -0.25%
TOTAL ASSETS
Total Short-Term Assets $1.847B $1.823B
Total Long-Term Assets $1.462B $1.137B
Total Assets $3.309B $2.960B
YoY Change 11.79% 4.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $791.7M $782.9M
YoY Change 1.13% 11.56%
Accrued Expenses $110.0M $82.50M
YoY Change 33.33% -8.44%
Deferred Revenue
YoY Change
Short-Term Debt $66.50M $60.10M
YoY Change 10.65% 5.44%
Long-Term Debt Due $630.0M $410.0M
YoY Change 53.66% 4.97%
Total Short-Term Liabilities $1.651B $1.380B
YoY Change 19.6% 10.49%
LONG-TERM LIABILITIES
Long-Term Debt $500.0M $500.0M
YoY Change 0.0%
Other Long-Term Liabilities $230.0K $912.0K
YoY Change -74.78% -3.49%
Total Long-Term Liabilities $230.0K $912.0K
YoY Change -74.78% -3.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.651B $1.380B
Total Long-Term Liabilities $230.0K $912.0K
Total Liabilities $2.251B $1.979B
YoY Change 13.78% 47.56%
SHAREHOLDERS EQUITY
Retained Earnings $2.698B $2.455B
YoY Change 9.9% 8.37%
Common Stock $337.0M $278.8M
YoY Change 20.85% -4.72%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.949B $1.756B
YoY Change 11.03% 63.7%
Treasury Stock Shares 32.66M shares 29.81M shares
Shareholders Equity $1.058B $981.6M
YoY Change
Total Liabilities & Shareholders Equity $3.309B $2.960B
YoY Change 11.79% 4.58%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $106.5M $93.19M
YoY Change 14.26% -9.83%
Depreciation, Depletion And Amortization $16.20M $14.50M
YoY Change 11.72% 5.07%
Cash From Operating Activities $100.4M $14.44M
YoY Change 595.26% -124.88%
INVESTING ACTIVITIES
Capital Expenditures $3.895M $11.12M
YoY Change -64.99% 27.2%
Acquisitions $369.1M $0.00
YoY Change
Other Investing Activities -$462.0K -$268.0K
YoY Change 72.39% 523.26%
Cash From Investing Activities -$15.96M -$12.33M
YoY Change 29.46% 21.64%
FINANCING ACTIVITIES
Cash Dividend Paid $57.34M $52.42M
YoY Change 9.38% -7.18%
Common Stock Issuance & Retirement, Net $37.93M $2.000M
YoY Change 1796.5% -95.55%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$67.83M -$21.43M
YoY Change 216.52% -215.05%
NET CHANGE
Cash From Operating Activities $100.4M $14.44M
Cash From Investing Activities -$15.96M -$12.33M
Cash From Financing Activities -$67.83M -$21.43M
Net Change In Cash $16.60M -$19.32M
YoY Change -185.95% -61.02%
FREE CASH FLOW
Cash From Operating Activities $100.4M $14.44M
Capital Expenditures $3.895M $11.12M
Free Cash Flow $96.50M $3.316M
YoY Change 2810.13% -104.96%

Facts In Submission

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ProceedsFromShortTermDebt
1225000000 USD
CY2015Q1 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
2025000000 USD
CY2014Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
4686000 USD
CY2015Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
6914000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
152471000 USD
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
191141000 USD
CY2014Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
6270000 USD
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
79967000 USD
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
88041000 USD
CY2015Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
3991000 USD
CY2014Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
1571591000 USD
CY2015Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
1651427000 USD
CY2014Q1 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
1190000000 USD
CY2015Q1 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
2000000000 USD
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
359388000 USD
CY2015Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
0 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2648539000 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2697680000 USD
CY2014Q1 us-gaap Revenues
Revenues
3142585000 USD
CY2015Q1 us-gaap Revenues
Revenues
3300890000 USD
CY2014Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
335808000 USD
CY2015Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
353633000 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
4793000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
15336000 USD
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Discount From Market Price Purchase Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardDiscountFromMarketPricePurchaseDate
0.15
CY2015Q1 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
81318 shares
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
1047015000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
1058020000 USD
CY2014Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
32163000 shares
CY2015Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
32661000 shares
CY2014Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1909528000 USD
CY2015Q1 us-gaap Treasury Stock Value
TreasuryStockValue
1949395000 USD
CY2014Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
491000 shares
CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
179000 shares
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
149008000 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
146383000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
148517000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
146204000 shares
CY2015Q1 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">LITIGATION</font></div><div style="line-height:120%;padding-top:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We are not subject to any pending or threatened litigation other than routine litigation arising in the ordinary course of our business operations, including </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">21</font><font style="font-family:inherit;font-size:10pt;"> contingent auto liability cases. For such legal proceedings, we have accrued an amount that reflects the aggregate liability deemed probable and estimable, but this amount is not material to our condensed consolidated financial position, results of operations, or cash flows. Because of the preliminary nature of many of these proceedings, the difficulty in ascertaining the applicable facts relating to many of these proceedings, the inconsistent treatment of claims made in many of these proceedings, and the difficulty of predicting the settlement value of many of these proceedings, we are often unable to estimate an amount or range of any reasonably possible additional losses. However, based upon our historical experience, the resolution of these proceedings is not expected to have a material effect on our consolidated financial position, results of operations, or cash flows.</font></div></div>

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