2015 Q2 Form 10-Q Financial Statement

#000119312515279920 Filed on August 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2 2013 Q4
Revenue $799.9M $717.9M $651.9M
YoY Change 11.43% -1.07% 6.61%
Cost Of Revenue $326.2M $284.5M $259.0M
YoY Change 14.66% -3.4% 8.5%
Gross Profit $473.7M $433.3M $392.9M
YoY Change 9.32% 0.49% 5.39%
Gross Profit Margin 59.22% 60.36% 60.27%
Selling, General & Admin $198.2M $190.3M $192.2M
YoY Change 4.15% 3.54% 11.03%
% of Gross Profit 41.84% 43.92% 48.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $46.57M $43.88M $43.80M
YoY Change 6.13% 13.29% 16.18%
% of Gross Profit 9.83% 10.13% 11.15%
Operating Expenses $329.9M $312.8M $311.9M
YoY Change 5.47% 4.69% 11.0%
Operating Profit $134.5M $116.9M $80.65M
YoY Change 15.08% -12.8% -6.38%
Interest Expense $28.30M $28.29M -$14.20M
YoY Change 0.06% -17.91% -4.7%
% of Operating Profit 21.04% 24.2% -17.61%
Other Income/Expense, Net -$20.83M -$20.65M
YoY Change 0.86% -80.23%
Pretax Income $113.7M $96.22M $66.50M
YoY Change 18.14% 225.05% 1.37%
Income Tax $42.77M $24.08M $50.60M
% Of Pretax Income 37.63% 25.03% 76.09%
Net Earnings $70.26M $71.73M $15.59M
YoY Change -2.05% 253.96% -43.96%
Net Earnings / Revenue 8.78% 9.99% 2.39%
Basic Earnings Per Share $0.61 $0.62 $0.13
Diluted Earnings Per Share $0.61 $0.62 $0.13
COMMON SHARES
Basic Shares Outstanding 115.1M shares 114.8M shares 115.3M shares
Diluted Shares Outstanding 115.3M shares 115.0M shares

Balance Sheet

Concept 2015 Q2 2014 Q2 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $576.3M $578.1M $599.9M
YoY Change -0.31% 12.14% -19.23%
Cash & Equivalents $576.3M $578.1M $599.9M
Short-Term Investments
Other Short-Term Assets $25.30M $29.90M $33.70M
YoY Change -15.38% 4.18% 31.13%
Inventory $13.97M $13.32M $13.74M
Prepaid Expenses
Receivables $96.92M $80.50M $81.50M
Other Receivables $1.800M $2.200M $700.0K
Total Short-Term Assets $714.3M $704.0M $729.6M
YoY Change 1.45% 9.71% -13.67%
LONG-TERM ASSETS
Property, Plant & Equipment $1.484B $1.446B $1.427B
YoY Change 2.68% 3.56% 9.37%
Goodwill $1.266B $1.287B $1.288B
YoY Change -1.6% -4.17% 11.93%
Intangibles $344.0M $352.1M $356.1M
YoY Change -2.3% -5.24% 7.68%
Long-Term Investments $272.5M $252.4M $238.5M
YoY Change 7.96% 12.23% 105.07%
Other Assets $82.63M $75.33M $104.3M
YoY Change 9.69% -38.12% 2.21%
Total Long-Term Assets $3.450B $3.412B $3.415B
YoY Change 1.09% -1.66% 13.14%
TOTAL ASSETS
Total Short-Term Assets $714.3M $704.0M $729.6M
Total Long-Term Assets $3.450B $3.412B $3.415B
Total Assets $4.164B $4.116B $4.144B
YoY Change 1.16% 0.12% 7.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $368.5M $293.0M $93.70M
YoY Change 25.77% -12.2% 32.28%
Accrued Expenses $255.2M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $8.423M $8.389M $9.856M
YoY Change 0.41% 2.92% 3.25%
Total Short-Term Liabilities $419.1M $341.8M $395.7M
YoY Change 22.62% -11.33% 17.0%
LONG-TERM LIABILITIES
Long-Term Debt $1.811B $1.819B $1.823B
YoY Change -0.46% 0.0% 3.9%
Other Long-Term Liabilities $65.69M $71.50M $74.69M
YoY Change -8.13% -12.92% 25.88%
Total Long-Term Liabilities $2.609B $2.618B $2.646B
YoY Change -0.34% -1.29% 8.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $419.1M $341.8M $395.7M
Total Long-Term Liabilities $2.609B $2.618B $2.646B
Total Liabilities $3.029B $2.960B $3.042B
YoY Change 2.31% -2.56% 9.88%
SHAREHOLDERS EQUITY
Retained Earnings $278.9M $196.9M $147.8M
YoY Change 41.65% 78.51% 39.25%
Common Stock $1.104B $1.090B $1.079B
YoY Change 1.3% 1.42% 1.44%
Preferred Stock
YoY Change
Treasury Stock (at cost) $66.56M $61.72M $51.95M
YoY Change 7.83% 18.82% 7.14%
Treasury Stock Shares 4.177M shares 4.041M shares 3.695M shares
Shareholders Equity $1.124B $1.147B $1.102B
YoY Change
Total Liabilities & Shareholders Equity $4.164B $4.116B $4.144B
YoY Change 1.16% 0.12% 7.27%

Cashflow Statement

Concept 2015 Q2 2014 Q2 2013 Q4
OPERATING ACTIVITIES
Net Income $70.26M $71.73M $15.59M
YoY Change -2.05% 253.96% -43.96%
Depreciation, Depletion And Amortization $46.57M $43.88M $43.80M
YoY Change 6.13% 13.29% 16.18%
Cash From Operating Activities $155.7M $97.80M $131.2M
YoY Change 59.2% 37.94% 8.43%
INVESTING ACTIVITIES
Capital Expenditures $69.97M $49.76M -$100.2M
YoY Change 40.61% -6.99% 35.04%
Acquisitions
YoY Change
Other Investing Activities $1.500M $600.0K $129.4M
YoY Change 150.0% -100.24% 11663.64%
Cash From Investing Activities -$68.50M -$49.20M $29.20M
YoY Change 39.23% -83.77% -139.95%
FINANCING ACTIVITIES
Cash Dividend Paid $396.0K $1.341M
YoY Change -70.47%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -42.00M -34.50M -37.50M
YoY Change 21.74% -217.35% -124.21%
NET CHANGE
Cash From Operating Activities 155.7M 97.80M 131.2M
Cash From Investing Activities -68.50M -49.20M 29.20M
Cash From Financing Activities -42.00M -34.50M -37.50M
Net Change In Cash 45.20M 14.10M 122.9M
YoY Change 220.57% -106.95% -39.4%
FREE CASH FLOW
Cash From Operating Activities $155.7M $97.80M $131.2M
Capital Expenditures $69.97M $49.76M -$100.2M
Free Cash Flow $85.74M $48.04M $231.4M
YoY Change 78.45% 176.09% 18.55%

Facts In Submission

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dei Document Type
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2015-06-30
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left"><b>2.</b></td> <td valign="top" align="left"><b>New Accounting Pronouncements</b></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> In January 2015, the Financial Accounting Standards Board (&#x201C;FASB&#x201D;) issued Accounting Standards Update 2015-01, <i>Income Statement &#x2013; Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items</i>, (&#x201C;ASU 2015-01&#x201D;). ASU 2015-01 eliminates the concept of an extraordinary item from GAAP. With this update, there is no longer a need to segregate extraordinary items from the results of ordinary operations, separately present an extraordinary item on its income statement, net of tax, after income from continuing operations or disclose income taxes and earnings-per-share data applicable to an extraordinary item. However, presentation and disclosure requirements for items that are unusual in nature and occur infrequently still apply. ASU 2015-01 is effective for fiscal years beginning after December&#xA0;15, 2015. Early adoption is permitted. The Company has elected to early adopt ASU 2015-01. There is no impact of adoption on the condensed consolidated financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In February 2015, the FASB issued Accounting Standards Update 2015-02, <i>Consolidation (Topic 810): Amendments to the Consolidation Analysis</i>, (&#x201C;ASU 2015-02&#x201D;). ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership and affects the consolidation analysis of reporting entities that are involved with certain VIEs. ASU 2015-02 also provides a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. ASU 2015-02 is effective for fiscal years beginning after December&#xA0;15, 2015. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2015-02 on its condensed consolidated financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 4%"> In April 2015, the FASB issued Accounting Standards Update 2015-03, <i>Interest &#x2013; Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs</i>, (&#x201C;ASU 2015-03&#x201D;). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU 2015-03. ASU 2015-03 is effective for fiscal years beginning after December&#xA0;15, 2015. Early adoption is permitted. The Company plans to adopt this ASU effective January&#xA0;1, 2016 and will revise its presentation of debt issue costs at that time.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In April 2015, the FASB issued Accounting Standards Update 2015-05, <i>Intangibles &#x2013; Goodwill and Other &#x2013; Internal Use Software (Subtopic 350-40): Customer&#x2019;s Accounting for Fees Paid in Cloud Computing Arrangement</i>, (&#x201C;ASU 2015-05&#x201D;). ASU 2015-05 provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance will not change GAAP for a customer&#x2019;s accounting for service contracts. In addition, the guidance in this Update supersedes paragraph 350-40-25-16. Consequently, all software licenses within the scope of Subtopic 350-40 will be accounted for consistent with other licenses of intangible assets. ASU 2015-05 is effective for fiscal years beginning after December&#xA0;15, 2015. Early adoption is permitted. The Company has elected to early adopt ASU 2015-05. There is no impact of adoption on the condensed consolidated financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In July 2015, the FASB issued Accounting Standards Update 2015-11, <i>Inventory (Topic 330): Simplifying the Measurement of Inventory,</i> (&#x201C;ASU 2015-11&#x201D;). ASU 2015-11 affects reporting entities that measure inventory using first-in, first-out (FIFO) or average cost. Specifically, ASU 2015-11 requires that inventory be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. ASU 2015-11 is effective for fiscal years beginning after December&#xA0;15, 2016. Early adoption is permitted. The Company does not expect ASU 2015-11 to have an impact on its condensed consolidated financial statements.</p> </div>
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