2019 Q4 Form 10-Q Financial Statement

#000105829019000036 Filed on October 31, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $4.284B $4.248B $4.078B
YoY Change 3.75% 4.17% 8.28%
Cost Of Revenue $2.749B $2.681B $2.480B
YoY Change 8.23% 8.1% 7.45%
Gross Profit $1.535B $1.567B $1.598B
YoY Change -3.4% -1.94% 9.6%
Gross Profit Margin 35.83% 36.89% 39.19%
Selling, General & Admin $676.0M $706.0M $723.0M
YoY Change -12.09% -2.35% 7.27%
% of Gross Profit 44.04% 45.05% 45.24%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $133.0M $127.0M $127.0M
YoY Change 1.53% 0.0% 11.4%
% of Gross Profit 8.66% 8.1% 7.95%
Operating Expenses $676.0M $706.0M $723.0M
YoY Change -12.09% -2.35% 7.27%
Operating Profit $626.0M $669.0M $745.0M
YoY Change -9.67% -10.2% 14.97%
Interest Expense -$2.000M $7.000M $6.000M
YoY Change -101.64% 16.67% 0.0%
% of Operating Profit -0.32% 1.05% 0.81%
Other Income/Expense, Net $2.000M -$11.00M -$83.00M
YoY Change -86.75% -930.0%
Pretax Income $626.0M $658.0M $662.0M
YoY Change -23.19% -0.6% 0.61%
Income Tax $174.0M $160.0M $185.0M
% Of Pretax Income 27.8% 24.32% 27.95%
Net Earnings $395.0M $497.0M $477.0M
YoY Change -39.04% 4.19% -3.64%
Net Earnings / Revenue 9.22% 11.7% 11.7%
Basic Earnings Per Share $0.72 $0.90 $0.82
Diluted Earnings Per Share $0.72 $0.90 $0.82
COMMON SHARES
Basic Shares Outstanding 547.6M shares 551.0M shares 579.0M shares
Diluted Shares Outstanding 551.0M shares 580.0M shares

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.424B $3.077B $4.763B
YoY Change -24.1% -35.4% 1.06%
Cash & Equivalents $2.645B $2.343B $1.339B
Short-Term Investments $779.0M $734.0M $3.424B
Other Short-Term Assets $931.0M $876.0M $777.0M
YoY Change 2.42% 12.74% 40.76%
Inventory
Prepaid Expenses
Receivables $3.256B $3.438B $3.187B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $7.611B $7.391B $8.727B
YoY Change -11.6% -15.31% 1.99%
LONG-TERM ASSETS
Property, Plant & Equipment $1.309B $1.318B $1.362B
YoY Change -6.1% -3.23% 4.45%
Goodwill $3.979B $3.694B $3.037B
YoY Change 14.31% 21.63% 16.45%
Intangibles $1.041B $1.192B $1.021B
YoY Change -9.48% 16.75% 6.69%
Long-Term Investments $9.000M $79.00M $93.00M
YoY Change -86.36% -15.05% -64.5%
Other Assets $736.0M $773.0M $643.0M
YoY Change 6.82% 20.22% 50.23%
Total Long-Term Assets $8.593B $8.453B $6.547B
YoY Change 18.75% 29.11% 8.7%
TOTAL ASSETS
Total Short-Term Assets $7.611B $7.391B $8.727B
Total Long-Term Assets $8.593B $8.453B $6.547B
Total Assets $16.20B $15.84B $15.27B
YoY Change 2.26% 3.73% 4.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $239.0M $246.0M $223.0M
YoY Change 11.16% 10.31% 19.89%
Accrued Expenses $1.853B $1.877B $1.572B
YoY Change 12.71% 19.4% -6.48%
Deferred Revenue
YoY Change
Short-Term Debt $38.00M $0.00 $0.00
YoY Change
Long-Term Debt Due $49.00M $48.00M $100.0M
YoY Change 444.44% -52.0% 0.0%
Total Short-Term Liabilities $2.983B $2.919B $2.693B
YoY Change 10.07% 8.39% 3.58%
LONG-TERM LIABILITIES
Long-Term Debt $700.0M $709.0M $624.0M
YoY Change -4.89% 13.62% -13.69%
Other Long-Term Liabilities $218.0M $181.0M $260.0M
YoY Change -13.83% -30.38% 63.52%
Total Long-Term Liabilities $918.0M $890.0M $884.0M
YoY Change -7.18% 0.68% 0.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.983B $2.919B $2.693B
Total Long-Term Liabilities $918.0M $890.0M $884.0M
Total Liabilities $5.182B $5.142B $4.296B
YoY Change 17.19% 19.69% 19.3%
SHAREHOLDERS EQUITY
Retained Earnings $11.02B $10.82B $11.04B
YoY Change -4.03% -2.0% 2.98%
Common Stock $5.000M $6.000M $6.000M
YoY Change -16.67% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.02B $10.70B $10.98B
YoY Change
Total Liabilities & Shareholders Equity $16.20B $15.84B $15.27B
YoY Change 2.26% 3.73% 4.76%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income $395.0M $497.0M $477.0M
YoY Change -39.04% 4.19% -3.64%
Depreciation, Depletion And Amortization $133.0M $127.0M $127.0M
YoY Change 1.53% 0.0% 11.4%
Cash From Operating Activities $938.0M $717.0M $862.0M
YoY Change 33.62% -16.82% 11.51%
INVESTING ACTIVITIES
Capital Expenditures -$93.00M -$97.00M -$94.00M
YoY Change -3.13% 3.19% 20.51%
Acquisitions
YoY Change
Other Investing Activities -$282.0M $437.0M -$172.0M
YoY Change -37.89% -354.07% 273.91%
Cash From Investing Activities -$375.0M $340.0M -$266.0M
YoY Change -31.82% -227.82% 114.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -253.0M -340.0M -146.0M
YoY Change -22.15% 132.88% -36.8%
NET CHANGE
Cash From Operating Activities 938.0M 717.0M 862.0M
Cash From Investing Activities -375.0M 340.0M -266.0M
Cash From Financing Activities -253.0M -340.0M -146.0M
Net Change In Cash 310.0M 717.0M 450.0M
YoY Change -279.19% 59.33% 7.66%
FREE CASH FLOW
Cash From Operating Activities $938.0M $717.0M $862.0M
Capital Expenditures -$93.00M -$97.00M -$94.00M
Free Cash Flow $1.031B $814.0M $956.0M
YoY Change 29.2% -14.85% 12.34%

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CY2018Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Accumulated Loss
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1000000 USD
CY2019Q3 us-gaap Heldtomaturity Securities Debt Maturities Next Rolling Twelve Months Amortized Cost
HeldtomaturitySecuritiesDebtMaturitiesNextRollingTwelveMonthsAmortizedCost
224000000 USD
CY2019Q3 us-gaap Held To Maturity Securities Debt Maturities Next Rolling Twelve Months Fair Value
HeldToMaturitySecuritiesDebtMaturitiesNextRollingTwelveMonthsFairValue
225000000 USD
CY2019Q3 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
HeldToMaturitySecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
0 USD
CY2019Q3 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Fair Value
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionFairValue
21000000 USD
CY2019Q3 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Accumulated Loss
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionAccumulatedLoss
0 USD
CY2018Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
531000000 USD
CY2018Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
1000000 USD
CY2018Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
57000000 USD
CY2018Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
HeldToMaturitySecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
0 USD
CY2018Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Fair Value
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionFairValue
588000000 USD
CY2019Q3 ctsh Held To Maturity Securities Debt Securities Rolling After Year One Through Two Amortized Cost
HeldToMaturitySecuritiesDebtSecuritiesRollingAfterYearOneThroughTwoAmortizedCost
6000000 USD
CY2019Q3 ctsh Held To Maturity Securities Debt Securities Rolling After Year One Through Two Fair Value
HeldToMaturitySecuritiesDebtSecuritiesRollingAfterYearOneThroughTwoFairValue
6000000 USD
CY2019Q3 us-gaap Held To Maturity Securities
HeldToMaturitySecurities
230000000 USD
CY2019Q3 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
231000000 USD
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
905000000 USD
CY2019Q3 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
15000000 USD
CY2019Q3 ctsh Lease Rightof Use Asset
LeaseRightofUseAsset
920000000 USD
CY2019Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
195000000 USD
CY2019Q3 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
10000000 USD
CY2019Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
734000000 USD
CY2019Q3 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
14000000 USD
CY2019Q3 ctsh Lease Liability
LeaseLiability
953000000 USD
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
68000000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
195000000 USD
CY2019Q3 us-gaap Variable Lease Cost
VariableLeaseCost
5000000 USD
us-gaap Variable Lease Cost
VariableLeaseCost
14000000 USD
CY2019Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
2000000 USD
us-gaap Short Term Lease Cost
ShortTermLeaseCost
10000000 USD
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y1M6D
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.060
us-gaap Operating Lease Payments
OperatingLeasePayments
173000000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
203000000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
62000000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
238000000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
203000000 USD
CY2019Q3 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
0 USD
CY2018Q4 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
28000000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
158000000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
124000000 USD
CY2019Q3 ctsh Lessee Operating Lease Liability Payments Due Year Six
LesseeOperatingLeaseLiabilityPaymentsDueYearSix
87000000 USD
CY2019Q3 ctsh Lessee Operating Lease Liability Payments Dueafter Year Six
LesseeOperatingLeaseLiabilityPaymentsDueafterYearSix
242000000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1114000000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
185000000 USD
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
929000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
226000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
197000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
157000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
121000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
90000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
197000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
988000000 USD
CY2019Q3 ctsh Lessee Operating Lease Lease Notyet Commenced Amount
LesseeOperatingLeaseLeaseNotyetCommencedAmount
363000000 USD
CY2019Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1158000000 USD
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1216000000 USD
CY2019Q3 ctsh Customer Volumeand Other Incentives Current
CustomerVolumeandOtherIncentivesCurrent
366000000 USD
CY2018Q4 ctsh Customer Volumeand Other Incentives Current
CustomerVolumeandOtherIncentivesCurrent
323000000 USD
CY2019Q3 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
16000000 USD
CY2018Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
25000000 USD
CY2019Q3 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
111000000 USD
CY2018Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
162000000 USD
CY2019Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
111000000 USD
CY2018Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
110000000 USD
CY2019Q3 ctsh Accrued Travel And Entertainment Current
AccruedTravelAndEntertainmentCurrent
47000000 USD
CY2018Q4 ctsh Accrued Travel And Entertainment Current
AccruedTravelAndEntertainmentCurrent
34000000 USD
CY2019Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
366000000 USD
CY2018Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
369000000 USD
CY2019Q3 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
2175000000 USD
CY2018Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
2267000000 USD
CY2019Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.243
CY2018Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.279
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.245
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.267
CY2019Q3 us-gaap Restricted Investments
RestrictedInvestments
419000000 USD
CY2018Q4 us-gaap Restricted Investments
RestrictedInvestments
423000000 USD
CY2019Q3 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
40000000 USD
CY2019Q3 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
20000000 USD
CY2018Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
27000000 USD
CY2018Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
34000000 USD
us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
13000000 USD
CY2019Q3 us-gaap Restricted Investments
RestrictedInvestments
419000000 USD
CY2018Q4 us-gaap Restricted Investments
RestrictedInvestments
423000000 USD
CY2019Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-65000000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-76000000 USD
CY2019Q3 us-gaap Insurance Receivable For Malpractice
InsuranceReceivableForMalpractice
18000000 USD
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
669000000 USD
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
745000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
1827000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
2108000000 USD
CY2019Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1318000000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1394000000 USD

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