$COMM
CommScope Holding Company, Inc.

2019 Q1 Form 10-Q Financial Statement

#000156459019017382 Filed on May 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $1.100B $1.121B
YoY Change -1.87% -1.48%
Cost Of Revenue $701.5M $722.7M
YoY Change -2.93% 5.9%
Gross Profit $398.0M $397.8M
YoY Change 0.05% -12.34%
Gross Profit Margin 36.2% 35.5%
Selling, General & Admin $164.7M $170.0M
YoY Change -3.12% -19.64%
% of Gross Profit 41.38% 42.74%
Research & Development $50.20M $49.90M
YoY Change 0.6% 2.06%
% of Gross Profit 12.61% 12.54%
Depreciation & Amortization $17.70M $19.60M
YoY Change -9.69% -2.0%
% of Gross Profit 4.45% 4.93%
Operating Expenses $307.3M $307.7M
YoY Change -0.13% 18.14%
Operating Profit $90.70M $103.7M
YoY Change -12.54% -13.56%
Interest Expense $97.50M $59.80M
YoY Change 63.04% -14.02%
% of Operating Profit 107.5% 57.67%
Other Income/Expense, Net -$5.700M $1.000M
YoY Change -670.0% -105.98%
Pretax Income -$700.0K $46.30M
YoY Change -101.51% 28.84%
Income Tax $1.600M $12.60M
% Of Pretax Income 27.21%
Net Earnings -$2.300M $33.70M
YoY Change -106.82% 0.41%
Net Earnings / Revenue -0.21% 3.01%
Basic Earnings Per Share -$0.01 $0.18
Diluted Earnings Per Share -$0.01 $0.17
COMMON SHARES
Basic Shares Outstanding 192.8M 191.4M
Diluted Shares Outstanding 192.8M 195.5M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $176.0M $473.0M
YoY Change -62.79% 7.99%
Cash & Equivalents $176.4M $472.7M
Short-Term Investments
Other Short-Term Assets $152.0M $154.0M
YoY Change -1.3% -0.65%
Inventory $535.5M $470.9M
Prepaid Expenses
Receivables $957.6M $984.8M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.821B $2.082B
YoY Change -12.54% 2.46%
LONG-TERM ASSETS
Property, Plant & Equipment $453.8M $464.3M
YoY Change -2.26% -2.06%
Goodwill $2.860B $2.901B
YoY Change -1.42% 4.37%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $189.5M $125.0M
YoY Change 51.61% 16.84%
Total Long-Term Assets $8.553B $5.068B
YoY Change 68.76% -0.64%
TOTAL ASSETS
Total Short-Term Assets $1.821B $2.082B
Total Long-Term Assets $8.553B $5.068B
Total Assets $10.37B $7.150B
YoY Change 45.09% 0.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $475.3M $460.5M
YoY Change 3.21% 1.58%
Accrued Expenses $394.0M $301.4M
YoY Change 30.73% -20.88%
Deferred Revenue $9.900M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $904.9M $761.9M
YoY Change 18.77% -8.68%
LONG-TERM LIABILITIES
Long-Term Debt $7.460B $4.372B
YoY Change 70.63% -4.28%
Other Long-Term Liabilities $185.4M $131.2M
YoY Change 41.27% 17.05%
Total Long-Term Liabilities $7.645B $4.503B
YoY Change 69.77% -3.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $904.9M $761.9M
Total Long-Term Liabilities $7.645B $4.503B
Total Liabilities $8.630B $5.419B
YoY Change 59.25% -5.41%
SHAREHOLDERS EQUITY
Retained Earnings -$252.1M -$356.3M
YoY Change -29.24% -35.95%
Common Stock $2.396B $2.350B
YoY Change 1.93% 2.22%
Preferred Stock
YoY Change
Treasury Stock (at cost) $228.8M $221.0M
YoY Change 3.52% 132.7%
Treasury Stock Shares $7.061M $6.733M
Shareholders Equity $1.745B $1.731B
YoY Change
Total Liabilities & Shareholders Equity $10.37B $7.150B
YoY Change 45.09% 0.25%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$2.300M $33.70M
YoY Change -106.82% 0.41%
Depreciation, Depletion And Amortization $17.70M $19.60M
YoY Change -9.69% -2.0%
Cash From Operating Activities -$10.00M $35.20M
YoY Change -128.41% -65.76%
INVESTING ACTIVITIES
Capital Expenditures $21.40M $13.60M
YoY Change 57.35% 5.34%
Acquisitions
YoY Change
Other Investing Activities -$3.760B $3.000M
YoY Change -125446.67% -569.48%
Cash From Investing Activities -$3.782B -$10.60M
YoY Change 35577.36% -10.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $225.0M
YoY Change
Cash From Financing Activities 3.510B -11.50M
YoY Change -30617.39% -87.02%
NET CHANGE
Cash From Operating Activities -10.00M 35.20M
Cash From Investing Activities -3.782B -10.60M
Cash From Financing Activities 3.510B -11.50M
Net Change In Cash -282.3M 13.10M
YoY Change -2254.96% 469.57%
FREE CASH FLOW
Cash From Operating Activities -$10.00M $35.20M
Capital Expenditures $21.40M $13.60M
Free Cash Flow -$31.40M $21.60M
YoY Change -245.37% -75.97%

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CY2018Q1 comm Impact Of Excess Tax Benefits On Income Tax Expense
ImpactOfExcessTaxBenefitsOnIncomeTaxExpense
4300000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-2300000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
33700000
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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192800000
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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191400000
CY2018Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4100000
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
192800000
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
195500000
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2018Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.18
CY2019Q1 us-gaap Earnings Per Share Diluted
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-0.01
CY2018Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.17
CY2019Q1 comm Lease Operating Lease Option To Terminate Term
LeaseOperatingLeaseOptionToTerminateTerm
P1Y
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
12800000
CY2019Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
3600000
CY2018Q4 us-gaap Goodwill Gross
GoodwillGross
3063300000
CY2019Q1 comm Goodwill Foreign Exchange And Other
GoodwillForeignExchangeAndOther
7600000
CY2019Q1 us-gaap Goodwill Gross
GoodwillGross
3070900000
CY2019Q1 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
211000000.0
CY2019Q1 us-gaap Goodwill
Goodwill
2859900000
CY2019Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
0
CY2019Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
0
CY2019Q1 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
some of which may include options to extend the leases for up to 5 years
CY2019Q1 us-gaap Lessee Operating Lease Option To Terminate
LesseeOperatingLeaseOptionToTerminate
options to terminate the leases within 1 year
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
9600000
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2400000
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
97400000
CY2019Q1 us-gaap Operating Lease Liability Current
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29300000
CY2019Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
75200000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
104500000
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.058
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
27000000.0
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
31200000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
26500000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
14400000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
9000000.0
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
15100000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
123200000
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
18700000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
104500000
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1099500000
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1120500000
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1120500000
CY2018Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
17400000
CY2017Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
14000000.0
CY2019Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
2400000
CY2018Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1500000
CY2019Q1 comm Allowance For Doubtful Accounts Receivable Write Offs And Other
AllowanceForDoubtfulAccountsReceivableWriteOffsAndOther
-300000
CY2018Q1 comm Allowance For Doubtful Accounts Receivable Write Offs And Other
AllowanceForDoubtfulAccountsReceivableWriteOffsAndOther
-400000
CY2019Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
19500000
CY2018Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
15100000
CY2019Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
147000000.0
CY2018Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
146800000
CY2019Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
115900000
CY2018Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
98800000
CY2019Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
272600000
CY2018Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
227700000
CY2019Q1 us-gaap Inventory Net
InventoryNet
535500000
CY2018Q4 us-gaap Inventory Net
InventoryNet
473300000
CY2019Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
88500000
CY2019Q1 comm Purchase Price Payable Current
PurchasePricePayableCurrent
1100000
CY2019Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
7561300000
CY2018Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
4036300000
CY2019Q1 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
800000
CY2019Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
29300000
CY2019Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
9900000
CY2018Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
7600000
CY2019Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
14100000
CY2019Q1 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
14300000
CY2018Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
29900000
CY2019Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
11600000
CY2018Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
7700000
CY2018Q4 comm Purchase Price Payable Current
PurchasePricePayableCurrent
12200000
CY2019Q1 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
12800000
CY2018Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
12400000
CY2019Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
87000000.0
CY2018Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
19300000
CY2019Q1 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
74800000
CY2018Q4 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
73900000
CY2019Q1 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
429600000
CY2018Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
291400000
CY2019Q1 us-gaap Interest Paid Net
InterestPaidNet
23900000
CY2018Q1 us-gaap Interest Paid Net
InterestPaidNet
31900000
CY2019Q1 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
54700000
CY2018Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
1500000
CY2019Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
100900000
CY2018Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
48900000
CY2019Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
7459600000
CY2018Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
3985900000
CY2019Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
650000000.0
CY2019Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
261300000
CY2019Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
6650000000.0
CY2019Q1 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.0626
CY2018Q4 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.0573
CY2019Q1 us-gaap Assets
Assets
10374300000
CY2018Q4 us-gaap Assets
Assets
6630500000
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1099500000
CY2019Q1 comm Segment Adjusted Ebitda
SegmentAdjustedEBITDA
208400000
CY2018Q1 comm Segment Adjusted Ebitda
SegmentAdjustedEBITDA
208100000
CY2019Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
59300000
CY2018Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
67200000
CY2019Q1 us-gaap Restructuring Charges
RestructuringCharges
12400000
CY2018Q1 us-gaap Restructuring Charges
RestructuringCharges
5500000
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
7500000
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
10500000
CY2019Q1 comm Transaction And Integration Charges
TransactionAndIntegrationCharges
20800000
CY2018Q1 comm Transaction And Integration Charges
TransactionAndIntegrationCharges
1600000
CY2019Q1 us-gaap Depreciation
Depreciation
17700000
CY2018Q1 us-gaap Depreciation
Depreciation
19600000
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
90700000
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
103700000
CY2019Q1 us-gaap Depreciation
Depreciation
17700000
CY2018Q1 us-gaap Depreciation
Depreciation
19600000
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
21400000
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
13600000
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1099500000
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1120500000
CY2019Q1 us-gaap Restructuring Charges
RestructuringCharges
12400000
CY2019Q1 us-gaap Restructuring Reserve
RestructuringReserve
15700000
CY2018Q4 us-gaap Restructuring Reserve
RestructuringReserve
35100000
CY2019Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
71600000
CY2019Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y7M6D
CY2019Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
0
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7500000
CY2018Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10500000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0

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