2019 Q2 Form 10-Q Financial Statement

#000001673219000040 Filed on June 05, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $1.953B $1.618B
YoY Change 20.7% -12.68%
Cost Of Revenue $1.298B $1.263B
YoY Change 2.77% 6.31%
Gross Profit $655.0M $533.0M
YoY Change 22.89% -19.85%
Gross Profit Margin 33.54% 32.94%
Selling, General & Admin $365.0M $373.0M
YoY Change -2.14% 5.37%
% of Gross Profit 55.73% 69.98%
Research & Development $23.00M $25.00M
YoY Change -8.0% -10.71%
% of Gross Profit 3.51% 4.69%
Depreciation & Amortization $108.0M $105.0M
YoY Change 2.86% 31.25%
% of Gross Profit 16.49% 19.7%
Operating Expenses $388.0M $398.0M
YoY Change -2.51% 4.19%
Operating Profit $245.0M $158.0M
YoY Change 55.06% -46.98%
Interest Expense $89.00M $44.00M
YoY Change 102.27% 51.72%
% of Operating Profit 36.33% 27.85%
Other Income/Expense, Net $8.000M -$35.00M
YoY Change -122.86% -333.33%
Pretax Income $156.0M $116.0M
YoY Change 34.48% -57.04%
Income Tax $33.00M $43.00M
% Of Pretax Income 21.15% 37.07%
Net Earnings $84.00M -$393.0M
YoY Change -121.37% -323.3%
Net Earnings / Revenue 4.3% -24.29%
Basic Earnings Per Share $0.28 -$1.31
Diluted Earnings Per Share $0.28 -$1.31
COMMON SHARES
Basic Shares Outstanding 301.0M shares 301.0M shares
Diluted Shares Outstanding 302.0M shares 301.0M shares

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $202.0M $199.0M
YoY Change 1.51% -36.42%
Cash & Equivalents $45.00M $195.0M
Short-Term Investments
Other Short-Term Assets $102.0M $181.0M
YoY Change -43.65% 166.18%
Inventory $884.0M $1.076B
Prepaid Expenses
Receivables $753.0M $873.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.161B $2.329B
YoY Change -7.21% 30.11%
LONG-TERM ASSETS
Property, Plant & Equipment $2.769B $3.174B
YoY Change -12.76% 33.81%
Goodwill $4.702B $4.608B
YoY Change 2.04% 124.02%
Intangibles $3.587B $4.273B
YoY Change -16.05% 283.92%
Long-Term Investments
YoY Change
Other Assets $203.0M $182.0M
YoY Change 11.54% 52.94%
Total Long-Term Assets $11.61B $12.24B
YoY Change -5.15% 116.16%
TOTAL ASSETS
Total Short-Term Assets $2.161B $2.329B
Total Long-Term Assets $11.61B $12.24B
Total Assets $13.77B $14.57B
YoY Change -5.48% 95.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $841.0M $848.0M
YoY Change -0.83% 49.3%
Accrued Expenses $672.0M $671.0M
YoY Change 0.15% 24.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.773B $1.763B
YoY Change 0.57% 57.13%
Total Short-Term Liabilities $3.511B $3.403B
YoY Change 3.17% 44.69%
LONG-TERM LIABILITIES
Long-Term Debt $7.507B $8.080B
YoY Change -7.09% 255.95%
Other Long-Term Liabilities $519.0M $736.0M
YoY Change -29.48% -20.6%
Total Long-Term Liabilities $519.0M $736.0M
YoY Change -29.48% -20.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.511B $3.403B
Total Long-Term Liabilities $519.0M $736.0M
Total Liabilities $12.53B $13.16B
YoY Change -4.74% 120.68%
SHAREHOLDERS EQUITY
Retained Earnings $2.107B $2.236B
YoY Change -5.77% 2.9%
Common Stock $372.0M $348.0M
YoY Change 6.9% -3.33%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.077B $1.104B
YoY Change -2.45% 18.2%
Treasury Stock Shares
Shareholders Equity $1.228B $1.404B
YoY Change
Total Liabilities & Shareholders Equity $13.77B $14.57B
YoY Change -5.48% 95.49%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $84.00M -$393.0M
YoY Change -121.37% -323.3%
Depreciation, Depletion And Amortization $108.0M $105.0M
YoY Change 2.86% 31.25%
Cash From Operating Activities $302.0M $364.0M
YoY Change -17.03% 5.81%
INVESTING ACTIVITIES
Capital Expenditures -$76.00M -$91.00M
YoY Change -16.48% 19.74%
Acquisitions
YoY Change
Other Investing Activities $57.00M -$6.092B
YoY Change -100.94% 609100.0%
Cash From Investing Activities -$19.00M -$6.183B
YoY Change -99.69% 7929.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -278.0M 5.827B
YoY Change -104.77% -2324.05%
NET CHANGE
Cash From Operating Activities 302.0M 364.0M
Cash From Investing Activities -19.00M -6.183B
Cash From Financing Activities -278.0M 5.827B
Net Change In Cash 5.000M 8.000M
YoY Change -37.5% 60.0%
FREE CASH FLOW
Cash From Operating Activities $302.0M $364.0M
Capital Expenditures -$76.00M -$91.00M
Free Cash Flow $378.0M $455.0M
YoY Change -16.92% 8.33%

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us-gaap Selling And Marketing Expense
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us-gaap Selling And Marketing Expense
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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302000000 shares
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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302000000 shares
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2018Q3 us-gaap Other Commitments Description
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On August 29, 2018, we provided notice of termination of the investment period and have </font><font style="font-family:inherit;font-size:10pt;">no</font><font style="font-family:inherit;font-size:10pt;"> obligation to make any further capital contributions to Acre for new investments, but are required to pay obligations made prior to the notice of termination, the management fee and permitted partnership expenses.</font></div></div>

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