2019 Q4 Form 10-Q Financial Statement

#000001784320000004 Filed on January 30, 2020

View on sec.gov

Income Statement

Concept 2019 Q4 2018 Q4 2018 Q3
Revenue $573.0M $556.5M $572.4M
YoY Change 2.96% 14.08% 19.3%
Cost Of Revenue $460.4M $449.5M $480.7M
YoY Change 2.42% 11.79% 21.97%
Gross Profit $112.6M $107.0M $91.70M
YoY Change 5.23% 24.85% 7.13%
Gross Profit Margin 19.65% 19.23% 16.02%
Selling, General & Admin $55.30M $51.60M $46.70M
YoY Change 7.17% 16.48% 7.36%
% of Gross Profit 49.11% 48.22% 50.93%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $30.50M $30.30M $29.70M
YoY Change 0.66% 3.77% 3.48%
% of Gross Profit 27.09% 28.32% 32.39%
Operating Expenses $55.30M $51.60M $46.70M
YoY Change 7.17% 16.48% 7.36%
Operating Profit $55.00M $55.40M $45.00M
YoY Change -0.72% 33.82% 6.64%
Interest Expense $5.300M $7.000M $6.300M
YoY Change -24.29% -4.11% -12.5%
% of Operating Profit 9.64% 12.64% 14.0%
Other Income/Expense, Net $800.0K -$3.200M $1.600M
YoY Change -125.0% 700.0% 700.0%
Pretax Income $50.50M $45.20M $40.30M
YoY Change 11.73% 34.12% 14.49%
Income Tax $11.70M $9.700M $8.800M
% Of Pretax Income 23.17% 21.46% 21.84%
Net Earnings $38.80M $35.50M $31.50M
YoY Change 9.3% -61.45% 34.62%
Net Earnings / Revenue 6.77% 6.38% 5.5%
Basic Earnings Per Share $0.80 $0.73 $0.66
Diluted Earnings Per Share $0.79 $0.73 $0.65
COMMON SHARES
Basic Shares Outstanding 48.10M shares 47.70M shares 47.60M shares
Diluted Shares Outstanding 48.50M shares 48.00M shares 48.20M shares

Balance Sheet

Concept 2019 Q4 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.90M $28.50M $17.00M
YoY Change 4.91% 37.68% -31.73%
Cash & Equivalents $29.90M $28.50M $17.00M
Short-Term Investments
Other Short-Term Assets $52.90M $49.10M $49.00M
YoY Change 7.74% -29.66% -10.75%
Inventory $896.6M $844.2M $740.5M
Prepaid Expenses
Receivables $378.3M $339.6M $381.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.358B $1.261B $1.188B
YoY Change 7.63% 8.79% 6.87%
LONG-TERM ASSETS
Property, Plant & Equipment $1.386B $1.336B $1.317B
YoY Change 3.76% 2.84% 0.62%
Goodwill $328.9M $337.2M $268.7M
YoY Change -2.46% 28.02% 2.01%
Intangibles $63.80M $60.00M $61.70M
YoY Change 6.33% -2.6% -2.37%
Long-Term Investments
YoY Change
Other Assets $263.3M $163.0M $167.9M
YoY Change 61.53% 3.95% 21.67%
Total Long-Term Assets $2.046B $1.900B $1.820B
YoY Change 7.66% 6.49% 2.18%
TOTAL ASSETS
Total Short-Term Assets $1.358B $1.261B $1.188B
Total Long-Term Assets $2.046B $1.900B $1.820B
Total Assets $3.404B $3.162B $3.008B
YoY Change 7.65% 7.39% 3.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $233.9M $266.4M $255.9M
YoY Change -12.2% 29.89% 20.42%
Accrued Expenses $146.6M $131.3M $107.5M
YoY Change 11.65% 10.9% -2.98%
Deferred Revenue $14.50M $14.20M $12.50M
YoY Change 2.11%
Short-Term Debt $118.9M $100.6M $0.00
YoY Change 18.19% 981.72% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $499.4M $498.3M $363.4M
YoY Change 0.22% 28.49% -4.77%
LONG-TERM LIABILITIES
Long-Term Debt $550.6M $547.7M $545.5M
YoY Change 0.53% -0.11% -0.78%
Other Long-Term Liabilities $112.2M $63.10M $58.60M
YoY Change 77.81% 26.2% 35.33%
Total Long-Term Liabilities $662.8M $610.8M $604.1M
YoY Change 8.51% 2.09% 1.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $499.4M $498.3M $363.4M
Total Long-Term Liabilities $662.8M $610.8M $604.1M
Total Liabilities $1.800B $1.656B $1.517B
YoY Change 8.69% 3.05% -8.7%
SHAREHOLDERS EQUITY
Retained Earnings $1.666B $1.525B $1.499B
YoY Change 9.27% 7.36% 12.14%
Common Stock $602.2M $594.0M $588.9M
YoY Change 1.38% 3.9% 3.88%
Preferred Stock
YoY Change
Treasury Stock (at cost) $328.4M $335.6M $335.9M
YoY Change -2.15% -1.27% -1.61%
Treasury Stock Shares 8.215M shares 8.418M shares 8.423M shares
Shareholders Equity $1.603B $1.506B $1.491B
YoY Change
Total Liabilities & Shareholders Equity $3.404B $3.162B $3.008B
YoY Change 7.65% 7.39% 3.98%

Cashflow Statement

Concept 2019 Q4 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income $38.80M $35.50M $31.50M
YoY Change 9.3% -61.45% 34.62%
Depreciation, Depletion And Amortization $30.50M $30.30M $29.70M
YoY Change 0.66% 3.77% 3.48%
Cash From Operating Activities $21.90M $37.80M $9.400M
YoY Change -42.06% 53.04% -227.03%
INVESTING ACTIVITIES
Capital Expenditures -$46.80M -$40.10M -$41.60M
YoY Change 16.71% 49.63% 43.94%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$79.00M $3.000M
YoY Change -100.0%
Cash From Investing Activities -$46.80M -$119.1M -$38.60M
YoY Change -60.71% 344.4% 33.56%
FINANCING ACTIVITIES
Cash Dividend Paid $9.600M
YoY Change 11.63%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 33.00M 91.10M -$10.50M
YoY Change -63.78% -10222.22% 156.1%
NET CHANGE
Cash From Operating Activities 21.90M 37.80M $9.400M
Cash From Investing Activities -46.80M -119.1M -$38.60M
Cash From Financing Activities 33.00M 91.10M -$10.50M
Net Change In Cash 8.100M 9.800M -$39.20M
YoY Change -17.35% -426.67% -2.97%
FREE CASH FLOW
Cash From Operating Activities $21.90M $37.80M $9.400M
Capital Expenditures -$46.80M -$40.10M -$41.60M
Free Cash Flow $68.70M $77.90M $51.00M
YoY Change -11.81% 51.26% 137.21%

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us-gaap Interest Costs Incurred
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P7Y10M24D
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us-gaap Variable Lease Cost
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200000 USD
CY2019Q4 us-gaap Lease Cost
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us-gaap Lease Cost
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8800000 USD
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0.037
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59000000.0 USD
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7300000 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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12200000 USD
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10400000 USD
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9000000.0 USD
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7300000 USD
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26300000 USD
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72500000 USD
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11100000 USD
CY2019Q4 us-gaap Operating Lease Liability
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61400000 USD
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12700000 USD
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10400000 USD
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8300000 USD
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6600000 USD
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5000000.0 USD
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23500000 USD
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66500000 USD
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16100000 USD
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21700000 USD
CY2019Q4 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
0 USD
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22100000 USD
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-19600000 USD
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3000000.0 USD
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us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
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8300000 USD
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
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-1000000.0 USD
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573000000.0 USD
us-gaap Life Insurance Corporate Or Bank Owned Change In Value
LifeInsuranceCorporateOrBankOwnedChangeInValue
-1900000 USD
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0 USD
us-gaap Life Insurance Corporate Or Bank Owned Change In Value
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1500000 USD
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1400000 USD
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5300000 USD
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933100000 USD
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10700000 USD
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1128900000 USD
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CostOfGoodsAndServicesSold
930200000 USD
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InterestExpense
13200000 USD
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4200000 USD
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1500000 USD
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1600000 USD
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
200000 USD
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
100000 USD
CY2019Q4 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
700000 USD
CY2018Q4 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
0 USD
CY2018Q4 us-gaap Effective Income Tax Rate Continuing Operations
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0.215
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
24600000 USD
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.235
CY2018Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9700000 USD
CY2018Q4 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-300000 USD
us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
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1400000 USD
us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
0 USD
CY2019Q4 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
100000 USD
CY2018Q4 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
0 USD
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
200000 USD
us-gaap Other Nonoperating Income
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100000 USD
CY2019Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
800000 USD
CY2018Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
500000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1700000 USD
CY2019Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11700000 USD
CY2019Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.232
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
18500000 USD
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.216
CY2018Q4 us-gaap Income Tax Reconciliation Prior Year Income Taxes
IncomeTaxReconciliationPriorYearIncomeTaxes
1800000 USD
CY2018Q4 us-gaap Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of2017 Transition Tax On Accumulated Foreign Earnings Amount
EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017TransitionTaxOnAccumulatedForeignEarningsAmount
-200000 USD
CY2018Q4 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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200000 USD
us-gaap Payments To Acquire Productive Assets
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81700000 USD
us-gaap Number Of Reportable Segments
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2 segment
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573000000.0 USD
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556500000 USD
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1158400000 USD
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1128900000 USD
CY2019Q4 us-gaap Operating Income Loss
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55000000.0 USD
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55400000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
114800000 USD
us-gaap Operating Income Loss
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100400000 USD
CY2019Q4 us-gaap Depreciation Depletion And Amortization
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30500000 USD
CY2018Q4 us-gaap Depreciation Depletion And Amortization
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30300000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
61000000.0 USD
us-gaap Depreciation Depletion And Amortization
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60100000 USD
CY2019Q4 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
46700000 USD
CY2018Q4 us-gaap Payments To Acquire Productive Assets
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40100000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
94300000 USD
CY2019Q4 us-gaap Assets
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3403600000 USD
CY2019Q2 us-gaap Assets
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3187800000 USD
CY2019Q4 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
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-9400000 USD
CY2019Q4 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
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-700000 USD
CY2019Q4 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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-8700000 USD
CY2018Q4 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
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-17600000 USD
CY2018Q4 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
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-1200000 USD
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us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
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15800000 USD
us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
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300000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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15500000 USD
us-gaap New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Quantification
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-1000000.0 USD
us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
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-40800000 USD
us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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-37700000 USD

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