2018 Q2 Form 10-Q Financial Statement

#000082281818000042 Filed on August 01, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $849.1M $752.8M
YoY Change 12.8% 7.93%
Cost Of Revenue $583.6M $519.8M
YoY Change 12.27% 8.29%
Gross Profit $265.6M $233.0M
YoY Change 13.98% 7.12%
Gross Profit Margin 31.27% 30.95%
Selling, General & Admin $126.0M $112.3M
YoY Change 12.2% 4.89%
% of Gross Profit 47.45% 48.2%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $72.76M $71.53M
YoY Change 1.72% -2.54%
% of Gross Profit 27.4% 30.7%
Operating Expenses $126.0M $112.3M
YoY Change 12.2% 4.89%
Operating Profit $64.35M $46.74M
YoY Change 37.67% 35.47%
Interest Expense -$20.77M -$22.49M
YoY Change -7.66% 3.9%
% of Operating Profit -32.27% -48.12%
Other Income/Expense, Net $846.0K -$833.0K
YoY Change -201.56% 340.74%
Pretax Income $44.43M $49.10M
YoY Change -9.5% 287.56%
Income Tax $13.68M $23.22M
% Of Pretax Income 30.8% 47.29%
Net Earnings $30.75M $25.88M
YoY Change 18.81% 552.55%
Net Earnings / Revenue 3.62% 3.44%
Basic Earnings Per Share $0.55 $0.45
Diluted Earnings Per Share $0.54 $0.45
COMMON SHARES
Basic Shares Outstanding 56.41M shares 57.19M shares
Diluted Shares Outstanding 56.51M shares 57.34M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $233.9M $446.4M
YoY Change -47.6% 26.49%
Cash & Equivalents $197.1M $446.4M
Short-Term Investments $36.90M
Other Short-Term Assets $312.0M $276.0M
YoY Change 13.04% 5.16%
Inventory $193.5M $172.5M
Prepaid Expenses
Receivables $590.6M $512.4M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.136B $1.235B
YoY Change -7.96% 10.33%
LONG-TERM ASSETS
Property, Plant & Equipment $1.609B $1.602B
YoY Change 0.43% 0.47%
Goodwill $497.3M $472.8M
YoY Change 5.17% 2.45%
Intangibles $455.9M $482.8M
YoY Change -5.57% -1.91%
Long-Term Investments
YoY Change
Other Assets $16.43M $13.45M
YoY Change 22.14% -41.87%
Total Long-Term Assets $2.579B $2.572B
YoY Change 0.29% -0.07%
TOTAL ASSETS
Total Short-Term Assets $1.136B $1.235B
Total Long-Term Assets $2.579B $2.572B
Total Assets $3.715B $3.806B
YoY Change -2.39% 3.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $247.8M $224.2M
YoY Change 10.53% 0.86%
Accrued Expenses $200.1M $191.5M
YoY Change 4.51% -6.04%
Deferred Revenue $68.71M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.000M $107.8M
YoY Change -96.29%
Total Short-Term Liabilities $543.7M $619.3M
YoY Change -12.21% 19.0%
LONG-TERM LIABILITIES
Long-Term Debt $1.625B $1.627B
YoY Change -0.11% -0.33%
Other Long-Term Liabilities $163.8M $162.3M
YoY Change 0.92% -1.87%
Total Long-Term Liabilities $2.011B $2.086B
YoY Change -3.61% 1.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $543.7M $619.3M
Total Long-Term Liabilities $2.011B $2.086B
Total Liabilities $2.554B $2.705B
YoY Change -5.58% 5.02%
SHAREHOLDERS EQUITY
Retained Earnings $689.6M $576.8M
YoY Change 19.56% -3.18%
Common Stock $665.5M $717.3M
YoY Change -7.22% -1.91%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.161B $1.101B
YoY Change
Total Liabilities & Shareholders Equity $3.715B $3.806B
YoY Change -2.39% 3.08%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $30.75M $25.88M
YoY Change 18.81% 552.55%
Depreciation, Depletion And Amortization $72.76M $71.53M
YoY Change 1.72% -2.54%
Cash From Operating Activities $77.80M $59.80M
YoY Change 30.1% -25.99%
INVESTING ACTIVITIES
Capital Expenditures -$50.70M -$46.80M
YoY Change 8.33% -2.9%
Acquisitions
YoY Change
Other Investing Activities -$1.000M $48.30M
YoY Change -102.07% -308.19%
Cash From Investing Activities -$51.70M $1.500M
YoY Change -3546.67% -102.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -14.20M 86.10M
YoY Change -116.49% -842.24%
NET CHANGE
Cash From Operating Activities 77.80M 59.80M
Cash From Investing Activities -51.70M 1.500M
Cash From Financing Activities -14.20M 86.10M
Net Change In Cash 11.90M 147.4M
YoY Change -91.93% -6800.0%
FREE CASH FLOW
Cash From Operating Activities $77.80M $59.80M
Capital Expenditures -$50.70M -$46.80M
Free Cash Flow $128.5M $106.6M
YoY Change 20.54% -17.36%

Facts In Submission

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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Gains Losses On Extinguishment Of Debt
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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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30404000 USD
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44430000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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34852000 USD
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25917000 USD
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us-gaap Income Tax Expense Benefit
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16736000 USD
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8948000 USD
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us-gaap Increase Decrease In Outstanding Checks Financing Activities
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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100000 USD
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100000 USD
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400000 USD
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us-gaap Investment Income Interest
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1350000 USD
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0 USD
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us-gaap Net Cash Provided By Used In Investing Activities
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20847000 USD
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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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0 USD
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 Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
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us-gaap Other Comprehensive Income Loss Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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159000 USD
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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2132000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments To Acquire Available For Sale Securities Debt
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0 USD
us-gaap Payments To Acquire Available For Sale Securities Debt
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us-gaap Payments To Acquire Property Plant And Equipment
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46391000 USD
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399000000 USD
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399000000 USD
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0 USD
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376000 USD
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11214000 USD
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376000 USD
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25880000 USD
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30747000 USD
us-gaap Profit Loss
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18116000 USD
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1587365000 USD
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1609382000 USD
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3580000 USD
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us-gaap Repayments Of Unsecured Debt
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2000000 USD
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2018Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Revenues
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1441729000 USD
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us-gaap Revenues
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224515000 USD
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125995000 USD
us-gaap Selling General And Administrative Expense
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241083000 USD
us-gaap Share Based Compensation
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5172000 USD
us-gaap Share Based Compensation
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us-gaap Stock Issued During Period Value Share Based Compensation
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6639000 USD
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300000000 USD
CY2017Q4 us-gaap Stock Repurchase Program Authorized Amount1
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600000000 USD
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StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
324700000 USD
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
5300000 shares
CY2017Q2 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
100000 shares
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
200000 shares
CY2018Q2 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
200000 shares
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
500000 shares
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
275300000 USD
CY2017Q2 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
5500000 USD
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
12300000 USD
CY2018Q2 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
12200000 USD
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
26482000 USD
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
26500000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1188202000 USD
CY2018Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1161048000 USD
us-gaap Subsidiary Or Equity Method Investee Cumulative Percentage Ownership After All Transactions
SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions
1
CY2017Q4 us-gaap Supplies
Supplies
176012000 USD
CY2018Q2 us-gaap Supplies
Supplies
193544000 USD
CY2017Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
27330000 USD
CY2018Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
27116000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
5100000 USD
CY2018Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
5000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
900000 USD
CY2018Q2 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
1000000 USD
us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
1400000 USD
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57336000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57349000 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56505000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56399000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
57190000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
57226000 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56410000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56304000 shares
us-gaap Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassifications</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the first quarter of fiscal year 2018, certain of the Company's businesses undertook a reorganization which included changes to the underlying business and management structures. The reorganization resulted in combining the Environmental Services businesses from an operational and management perspective and is expected to deepen customer relationships and allow for efficiencies across the Company's operations through the sharing of resources, namely labor and equipment which will reduce third party spend and promote the cross selling of such business offerings. In connection with this reorganization, the Company&#8217;s chief operating decision maker also requested changes in the information that he regularly reviews for purposes of allocating resources and assessing performance. These changes required a reconsideration of the Company&#8217;s operating segments in the first quarter of 2018 and resulted in a change in the Company&#8217;s assessment of its operating segments. Upon reconsideration of the identification of the Company&#8217;s operating segments, the Company concluded that there are now </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> operating segments for disclosure in accordance with ASC 280 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Segment reporting;</font><font style="font-family:inherit;font-size:10pt;"> (i) the Environmental Services segment which consists of the Company&#8217;s historical Technical Services, Industrial Services, Field Services and Oil, Gas and Lodging businesses and (ii) the Safety-Kleen segment. See Note 18, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&quot;</font><font style="font-family:inherit;font-size:10pt;">Segment Reporting</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">,"</font><font style="font-family:inherit;font-size:10pt;"> for more information. The amounts presented for the three and six months ended June 30, 2017 have been recast to reflect the impact of such changes. These reclassifications and adjustments had no effect on the consolidated statements of operations, consolidated statements of comprehensive loss, consolidated statements of cash flows or consolidated statements of stockholders' equity for any of the periods presented.</font></div></div>

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