2015 Q1 Form 10-Q Financial Statement

#000119312515170727 Filed on May 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $8.002B $16.05B
YoY Change -50.14% 11.16%
Cost Of Revenue $5.083B $9.243B
YoY Change -45.01% 19.95%
Gross Profit $2.679B $5.986B
YoY Change -55.25% -11.07%
Gross Profit Margin 33.48% 37.3%
Selling, General & Admin $159.0M $182.0M
YoY Change -12.64% -82.78%
% of Gross Profit 5.94% 3.04%
Research & Development $482.0M $296.0M
YoY Change 62.84% 6.86%
% of Gross Profit 17.99% 4.94%
Depreciation & Amortization $2.131B $1.892B
YoY Change 12.63% 4.7%
% of Gross Profit 79.54% 31.61%
Operating Expenses $159.0M $182.0M
YoY Change -12.64% -94.39%
Operating Profit $2.520B $5.804B
YoY Change -56.58% 66.59%
Interest Expense $46.00M $842.0M
YoY Change -94.54% 240.89%
% of Operating Profit 1.83% 14.51%
Other Income/Expense, Net
YoY Change
Pretax Income -$356.0M $3.698B
YoY Change -109.63% -2.35%
Income Tax -$642.0M $1.581B
% Of Pretax Income 42.75%
Net Earnings $272.0M $2.123B
YoY Change -87.19% -1.39%
Net Earnings / Revenue 3.4% 13.23%
Basic Earnings Per Share $0.22 $1.72
Diluted Earnings Per Share $0.22 $1.71
COMMON SHARES
Basic Shares Outstanding 1.241M shares 1.235M shares
Diluted Shares Outstanding 1.246M shares 1.243M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.664B $7.730B
YoY Change -65.54% 41.97%
Cash & Equivalents $2.664B $7.520B
Short-Term Investments $210.0M
Other Short-Term Assets $1.564B $2.798B
YoY Change -44.1% -68.06%
Inventory $1.233B $1.221B
Prepaid Expenses
Receivables $5.379B $8.651B
Other Receivables $0.00 $0.00
Total Short-Term Assets $10.84B $20.40B
YoY Change -46.86% -15.82%
LONG-TERM ASSETS
Property, Plant & Equipment $74.22B $74.03B
YoY Change 0.26% 9.04%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $23.22B $23.26B
YoY Change -0.16% -0.23%
Other Assets $1.008B $1.050B
YoY Change -4.0% 18.64%
Total Long-Term Assets $99.20B $99.63B
YoY Change -0.42% 6.5%
TOTAL ASSETS
Total Short-Term Assets $10.84B $20.40B
Total Long-Term Assets $99.20B $99.63B
Total Assets $110.0B $120.0B
YoY Change -8.32% 1.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.706B $9.604B
YoY Change -30.17% -7.84%
Accrued Expenses -$1.855B $1.178B
YoY Change -257.47% -59.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $193.0M $1.712B
YoY Change -88.73% 26.72%
Total Short-Term Liabilities $9.563B $17.12B
YoY Change -44.13% -6.54%
LONG-TERM LIABILITIES
Long-Term Debt $22.32B $19.49B
YoY Change 14.49% -4.06%
Other Long-Term Liabilities $15.11B $14.25B
YoY Change 6.01% -12.55%
Total Long-Term Liabilities $37.43B $33.75B
YoY Change 10.91% -7.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.563B $17.12B
Total Long-Term Liabilities $37.43B $33.75B
Total Liabilities $61.03B $66.40B
YoY Change -8.09% -3.12%
SHAREHOLDERS EQUITY
Retained Earnings $43.87B $42.43B
YoY Change 3.39% 15.73%
Common Stock $46.15B $45.77B
YoY Change 0.83% 0.72%
Preferred Stock
YoY Change
Treasury Stock (at cost) $36.78B $36.78B
YoY Change 0.0% 0.0%
Treasury Stock Shares 542.2M shares 542.2M shares
Shareholders Equity $48.65B $53.22B
YoY Change
Total Liabilities & Shareholders Equity $110.0B $120.0B
YoY Change -8.32% 1.91%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $272.0M $2.123B
YoY Change -87.19% -1.39%
Depreciation, Depletion And Amortization $2.131B $1.892B
YoY Change 12.63% 4.7%
Cash From Operating Activities $2.068B $6.336B
YoY Change -67.36% 33.95%
INVESTING ACTIVITIES
Capital Expenditures -$3.332B -$3.895B
YoY Change -14.45% 14.86%
Acquisitions
YoY Change
Other Investing Activities $9.000M -$46.00M
YoY Change -119.57% -319.05%
Cash From Investing Activities -$3.314B -$3.698B
YoY Change -10.38% 51.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$34.00M -$32.00M
YoY Change 6.25% 220.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.019B -1.354B
YoY Change -24.74% 310.3%
NET CHANGE
Cash From Operating Activities $2.068B $6.336B
Cash From Investing Activities -$3.314B -$3.698B
Cash From Financing Activities -$1.019B -1.354B
Net Change In Cash -$2.265B $1.284B
YoY Change -276.4% -34.72%
FREE CASH FLOW
Cash From Operating Activities $2.068B $6.336B
Capital Expenditures -$3.332B -$3.895B
Free Cash Flow $5.400B $10.23B
YoY Change -47.22% 25.98%

Facts In Submission

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<div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10.5pt;font-weight:bold;margin-left:0pt;' >Note </font><font style='font-family:Times New Roman;font-size:10.5pt;font-weight:bold;color:#FF00FF;' >18</font><font style='font-family:Times New Roman;font-size:10.5pt;font-weight:bold;' >&#8212;</font><font style='font-family:Times New Roman;font-size:10.5pt;font-weight:bold;' >New Accounting Standards</font></p><p style='text-align:left;line-height:12pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10.5pt;margin-left:0pt;' >In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, &#8220;Revenue from Contracts with Customers,&#8221; which outlines a single comprehensive model for entities to </font><font style='font-family:Times New Roman;font-size:10.5pt;' >use in accounting for revenue arising from contracts with customers. This ASU supersedes the revenue recognition requirements in FASB Accounting Standards Codification (ASC) Topic 605, &#8220;Revenue Recognition,&#8221; and most industry-specific guidance. This ASU </font><font style='font-family:Times New Roman;font-size:10.5pt;' >sets forth a five-step model for determining when and how revenue is recognized. Under the model, an entity will be required to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expect</font><font style='font-family:Times New Roman;font-size:10.5pt;' >s to receive in exchange for those goods or services. Additional disclosures will be required to describe the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. The ASU is currently effective for interim and</font><font style='font-family:Times New Roman;font-size:10.5pt;' > annual periods beginning after December 15, 2016. Early adoption is not permitted. Entities may choose to adopt the standard using either a full retrospective approach or a modified retrospective approach. We are currently evaluating the impact of the </font><font style='font-family:Times New Roman;font-size:10.5pt;' >adoption of this ASU.</font></p><p style='text-align:left;line-height:12pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10.5pt;margin-left:0pt;' >In February 2015, the FASB issued ASU No. 2015-02, &#8220;Amendments to the Consolidation Analysis,&#8221; which amends existing requirements applicable to reporting entities that are required to evaluate whether certain legal entities should be</font><font style='font-family:Times New Roman;font-size:10.5pt;' > consolidated. The ASU is effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted. Entities may choose to adopt the standard using either a full retrospective approach or a modified retrospective approach.</font><font style='font-family:Times New Roman;font-size:10.5pt;' > We are currently evaluating the impact of the adoption of this ASU.</font></p><p style='text-align:left;line-height:12pt;' ></p></div>

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