2019 Q1 Form 10-Q Financial Statement

#000104327719000019 Filed on May 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $3.751B $3.925B
YoY Change -4.44% 14.94%
Cost Of Revenue $3.072B $257.8M
YoY Change 1091.78% -8.8%
Gross Profit $678.8M $3.668B
YoY Change -81.49% 17.08%
Gross Profit Margin 18.1% 93.43%
Selling, General & Admin $454.3M $106.0M
YoY Change 328.41% 17.69%
% of Gross Profit 66.93% 2.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $24.60M $24.20M
YoY Change 1.65% 8.04%
% of Gross Profit 3.62% 0.66%
Operating Expenses $454.3M $106.0M
YoY Change 328.41% 17.69%
Operating Profit $224.6M $191.6M
YoY Change 17.21% 1.93%
Interest Expense -$17.10M -$10.70M
YoY Change 59.81% 15.05%
% of Operating Profit -7.62% -5.58%
Other Income/Expense, Net
YoY Change
Pretax Income $207.4M $180.9M
YoY Change 14.66% 1.25%
Income Tax $45.62M $38.59M
% Of Pretax Income 22.0% 21.33%
Net Earnings $161.8M $142.3M
YoY Change 13.7% 16.56%
Net Earnings / Revenue 4.31% 3.63%
Basic Earnings Per Share $1.17 $1.02
Diluted Earnings Per Share $1.16 $1.01
COMMON SHARES
Basic Shares Outstanding 137.9M shares 140.0M shares
Diluted Shares Outstanding 139.0M shares 141.3M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $445.5M $349.8M
YoY Change 27.36% 52.22%
Cash & Equivalents $445.5M $349.8M
Short-Term Investments
Other Short-Term Assets $59.40M $60.90M
YoY Change -2.46% 1.5%
Inventory
Prepaid Expenses $67.14M
Receivables $2.224B $2.180B
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.728B $2.591B
YoY Change 5.3% 23.82%
LONG-TERM ASSETS
Property, Plant & Equipment $225.7M $230.6M
YoY Change -2.14% -1.89%
Goodwill $1.284B $1.274B
YoY Change 0.8% 2.65%
Intangibles $116.4M $140.9M
YoY Change -17.4% -13.55%
Long-Term Investments
YoY Change
Other Assets $72.54M $60.30M
YoY Change 20.3% 48.34%
Total Long-Term Assets $1.969B $1.717B
YoY Change 14.7% 2.0%
TOTAL ASSETS
Total Short-Term Assets $2.728B $2.591B
Total Long-Term Assets $1.969B $1.717B
Total Assets $4.697B $4.308B
YoY Change 9.05% 14.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $996.0M $943.8M
YoY Change 5.53% 5.66%
Accrued Expenses $175.0M $123.7M
YoY Change 41.47% 11.34%
Deferred Revenue
YoY Change
Short-Term Debt $63.50M $74.90M
YoY Change -15.22% 1.22%
Long-Term Debt Due $0.00 $651.0M
YoY Change -100.0% -12.03%
Total Short-Term Liabilities $1.430B $1.994B
YoY Change -28.32% 6.23%
LONG-TERM LIABILITIES
Long-Term Debt $1.342B $750.0M
YoY Change 78.88% 50.0%
Other Long-Term Liabilities $370.0K $596.0K
YoY Change -37.92% 155.79%
Total Long-Term Liabilities $1.342B $750.6M
YoY Change 78.79% 322044.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.430B $1.994B
Total Long-Term Liabilities $1.342B $750.6M
Total Liabilities $3.045B $2.823B
YoY Change 7.86% 14.77%
SHAREHOLDERS EQUITY
Retained Earnings $3.938B $3.446B
YoY Change 14.26% 6.11%
Common Stock $527.1M $452.0M
YoY Change 16.62% 8.22%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.759B $2.485B
YoY Change 11.02% 7.14%
Treasury Stock Shares 42.51M shares 39.75M shares
Shareholders Equity $1.653B $1.485B
YoY Change
Total Liabilities & Shareholders Equity $4.697B $4.308B
YoY Change 9.05% 14.09%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $161.8M $142.3M
YoY Change 13.7% 16.56%
Depreciation, Depletion And Amortization $24.60M $24.20M
YoY Change 1.65% 8.04%
Cash From Operating Activities $256.9M $200.6M
YoY Change 28.1% 116.37%
INVESTING ACTIVITIES
Capital Expenditures $8.619M $11.72M
YoY Change -26.45% -13.43%
Acquisitions $44.14M $0.00
YoY Change -100.0%
Other Investing Activities -$8.000K $726.0K
YoY Change -101.1% -1396.43%
Cash From Investing Activities -$58.00M -$16.19M
YoY Change 258.27% -12.23%
FINANCING ACTIVITIES
Cash Dividend Paid $69.74M $65.38M
YoY Change 6.67% 1.22%
Common Stock Issuance & Retirement, Net $67.62M $47.70M
YoY Change 41.77% 64.49%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$134.8M -$170.7M
YoY Change -21.02% 76.45%
NET CHANGE
Cash From Operating Activities $256.9M $200.6M
Cash From Investing Activities -$58.00M -$16.19M
Cash From Financing Activities -$134.8M -$170.7M
Net Change In Cash $66.86M $15.89M
YoY Change 320.7% -170.71%
FREE CASH FLOW
Cash From Operating Activities $256.9M $200.6M
Capital Expenditures $8.619M $11.72M
Free Cash Flow $248.3M $188.9M
YoY Change 31.49% 138.57%

Facts In Submission

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CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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CY2019Q1 us-gaap Other Assets Noncurrent
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CY2019Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2018Q4 us-gaap Other Liabilities Noncurrent
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CY2019Q1 us-gaap Other Liabilities Noncurrent
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0 USD
CY2019Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.10
CY2019Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.10
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2018Q4 us-gaap Preferred Stock Shares Issued
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0 shares
CY2019Q1 us-gaap Preferred Stock Shares Issued
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CY2019Q1 us-gaap Preferred Stock Shares Outstanding
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CY2018Q4 us-gaap Preferred Stock Value
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0 USD
CY2019Q1 us-gaap Preferred Stock Value
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CY2018Q1 us-gaap Proceeds From Short Term Debt
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14000000 USD
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6630000 USD
CY2019Q1 us-gaap Provision For Doubtful Accounts
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CY2019Q1 us-gaap Receivables Net Current
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CY2018Q1 us-gaap Repayments Of Short Term Debt
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2183000000 USD
CY2019Q1 us-gaap Repayments Of Short Term Debt
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19000000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
3845593000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2018Q1 us-gaap Share Based Compensation
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CY2019Q1 us-gaap Share Based Compensation
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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Discount From Market Price Purchase Date
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0.15
CY2019Q1 us-gaap Short Term Lease Cost
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2341000 USD
CY2019Q1 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
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86588 shares
CY2018Q1 us-gaap Stock Issued During Period Value Employee Benefit Plan
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6406000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Employee Benefit Plan
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7573000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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0 USD
CY2019Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0 USD
CY2018Q1 us-gaap Stock Issued During Period Value Share Based Compensation
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18134000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation
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17123000 USD
CY2017Q4 us-gaap Stockholders Equity
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1425745000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
1484672000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
1595087000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
1652561000 USD
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
42116000 shares
CY2019Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
42509000 shares
CY2018Q4 us-gaap Treasury Stock Value
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2713785000 USD
CY2019Q1 us-gaap Treasury Stock Value
TreasuryStockValue
2759277000 USD
CY2018Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
51200000 USD
CY2019Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
64624000 USD
CY2019Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
39300000 USD
CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1238000 shares
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1101000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
141270000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
138955000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
140032000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
137854000 shares
CY2019Q1 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">LITIGATION</font></div><div style="line-height:120%;padding-top:12px;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 certain contingent auto liability cases. For some 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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