2020 Q4 Form 10-Q Financial Statement

#000162836920000046 Filed on November 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q4
Revenue $2.273B $1.932B $2.608B
YoY Change -12.82% -8.84% 8.56%
Cost Of Revenue $1.803B $1.600B $2.038B
YoY Change -11.51% -5.47% 6.28%
Gross Profit $470.1M $332.0M $569.9M
YoY Change -17.51% -22.18% 17.58%
Gross Profit Margin 20.68% 17.19% 21.86%
Selling, General & Admin $254.3M
YoY Change -19.32%
% of Gross Profit 76.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $52.10M $64.90M $73.90M
YoY Change -29.5% -13.47% -4.03%
% of Gross Profit 11.08% 19.55% 12.97%
Operating Expenses $362.5M $254.3M $438.4M
YoY Change -17.31% -19.32% 0.16%
Operating Profit $107.6M -$300.0K $131.5M
YoY Change -18.17% -100.81% 204.4%
Interest Expense -$41.10M $44.90M -$37.20M
YoY Change 10.48% 20.05% 5.68%
% of Operating Profit -38.2% -28.29%
Other Income/Expense, Net $1.000M $500.0K $300.0K
YoY Change 233.33% 25.0% -62.5%
Pretax Income $55.40M -$41.90M $86.20M
YoY Change -35.73% -6085.71% 643.1%
Income Tax $82.70M -$4.600M $83.10M
% Of Pretax Income 149.28% 96.4%
Net Earnings -$27.30M -$37.30M $3.100M
YoY Change -980.65% -418.8% -117.22%
Net Earnings / Revenue -1.2% -1.93% 0.12%
Basic Earnings Per Share -$0.12 -$0.17 $0.01
Diluted Earnings Per Share -$0.12 -$0.17 $0.01
COMMON SHARES
Basic Shares Outstanding 221.6M shares 221.1M shares 219.2M shares
Diluted Shares Outstanding 221.1M shares

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.075B $916.8M $813.2M
YoY Change 32.17% 129.14% -9.17%
Cash & Equivalents $1.075B $916.8M $813.2M
Short-Term Investments
Other Short-Term Assets -$24.40M $449.2M $413.7M
YoY Change -105.9% 140.6% 126.31%
Inventory
Prepaid Expenses $223.2M $98.10M $70.70M
Receivables $1.797B $1.534B $1.838B
Other Receivables $43.50M $35.00M $39.00M
Total Short-Term Assets $2.891B $2.710B $2.861B
YoY Change 1.05% 18.33% 4.28%
LONG-TERM ASSETS
Property, Plant & Equipment $235.9M $243.3M $299.4M
YoY Change -21.21% -15.58% -4.59%
Goodwill $2.098B $2.060B $1.969B
YoY Change 6.55% 6.67% 10.72%
Intangibles $991.2M $991.8M $1.063B
YoY Change -6.72% -9.31% -5.81%
Long-Term Investments $114.9M $108.1M $7.900M
YoY Change 1354.43% 1251.25% -9.2%
Other Assets $507.6M $486.6M $386.3M
YoY Change 31.4% 5.69% -21.08%
Total Long-Term Assets $4.447B $4.419B $4.303B
YoY Change 3.36% 1.24% 13.15%
TOTAL ASSETS
Total Short-Term Assets $2.891B $2.710B $2.861B
Total Long-Term Assets $4.447B $4.419B $4.303B
Total Assets $7.338B $7.128B $7.163B
YoY Change 2.44% 7.12% 9.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.012B $974.2M $1.091B
YoY Change -7.27% 7.37% 11.21%
Accrued Expenses $835.0M $739.2M $1.007B
YoY Change -17.11% -5.57% 23.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $36.70M $36.00M $37.80M
YoY Change -2.91% -2.44% 2.16%
Total Short-Term Liabilities $2.066B $1.947B $2.323B
YoY Change -11.07% 0.16% 13.93%
LONG-TERM LIABILITIES
Long-Term Debt $3.236B $3.240B $2.620B
YoY Change 23.49% 23.4% -0.9%
Other Long-Term Liabilities $433.3M $402.8M $352.1M
YoY Change 23.06% 9.37% -3.96%
Total Long-Term Liabilities $3.669B $3.642B $2.972B
YoY Change 23.44% 21.67% -1.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.066B $1.947B $2.323B
Total Long-Term Liabilities $3.669B $3.642B $2.972B
Total Liabilities $6.242B $6.082B $5.862B
YoY Change 6.49% 12.2% 13.04%
SHAREHOLDERS EQUITY
Retained Earnings -$1.528B -$1.501B -$1.297B
YoY Change 17.83% 15.44% -0.11%
Common Stock $22.20M $22.20M $22.00M
YoY Change 0.91% 1.37% 1.38%
Preferred Stock
YoY Change
Treasury Stock (at cost) $400.0K
YoY Change
Treasury Stock Shares
Shareholders Equity $1.095B $1.046B $1.301B
YoY Change
Total Liabilities & Shareholders Equity $7.338B $7.128B $7.163B
YoY Change 2.44% 7.12% 9.43%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q4
OPERATING ACTIVITIES
Net Income -$27.30M -$37.30M $3.100M
YoY Change -980.65% -418.8% -117.22%
Depreciation, Depletion And Amortization $52.10M $64.90M $73.90M
YoY Change -29.5% -13.47% -4.03%
Cash From Operating Activities $184.3M $77.40M $369.9M
YoY Change -50.18% 34.14% 875.99%
INVESTING ACTIVITIES
Capital Expenditures -$14.10M -$9.100M -$32.90M
YoY Change -57.14% -46.78% 44.93%
Acquisitions
YoY Change
Other Investing Activities -$6.900M -$4.000M $77.40M
YoY Change -108.91% 90.48% -487.0%
Cash From Investing Activities -$21.00M -$13.10M $44.50M
YoY Change -147.19% -31.77% -204.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -9.600M -20.70M -18.70M
YoY Change -48.66% -46.92% 2.19%
NET CHANGE
Cash From Operating Activities 184.3M 77.40M 369.9M
Cash From Investing Activities -21.00M -13.10M 44.50M
Cash From Financing Activities -9.600M -20.70M -18.70M
Net Change In Cash 153.7M 43.60M 395.7M
YoY Change -61.16% -8820.0% -1812.99%
FREE CASH FLOW
Cash From Operating Activities $184.3M $77.40M $369.9M
Capital Expenditures -$14.10M -$9.100M -$32.90M
Free Cash Flow $198.4M $86.50M $402.8M
YoY Change -50.74% 15.64% 564.69%

Facts In Submission

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1896300000 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
833700000 USD
CY2019Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1062600000 USD
CY2020Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
36700000 USD
CY2019Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
47300000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
124600000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
142600000 USD
CY2020Q3 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
3275500000 USD
CY2019Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
2658100000 USD
CY2020Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
36000000.0 USD
CY2019Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
37800000 USD
CY2020Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
3239500000 USD
CY2019Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2620300000 USD
CY2020Q3 us-gaap Restructuring Charges
RestructuringCharges
12900000 USD
us-gaap Restructuring Charges
RestructuringCharges
42100000 USD
CY2019Q4 us-gaap Restructuring Reserve
RestructuringReserve
1200000 USD
us-gaap Restructuring Charges
RestructuringCharges
42100000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
32300000 USD
CY2020Q3 us-gaap Restructuring Reserve
RestructuringReserve
11000000.0 USD
CY2020Q3 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
10000000.0 USD
CY2019Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
1200000 USD
CY2020Q3 us-gaap Restructuring Reserve Noncurrent
RestructuringReserveNoncurrent
1000000.0 USD
cwk Guarantor Obligations Close Ended Term
GuarantorObligationsCloseEndedTerm
P7Y1M6D
CY2020Q3 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
41300000 USD
CY2020Q3 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
116100000 USD
CY2019Q4 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
74800000 USD
CY2020Q3 us-gaap Loss Contingency Accrual Carrying Value Noncurrent
LossContingencyAccrualCarryingValueNoncurrent
24400000 USD
CY2019Q4 us-gaap Loss Contingency Accrual Carrying Value Noncurrent
LossContingencyAccrualCarryingValueNoncurrent
22500000 USD
CY2020Q3 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
3200000000 USD
CY2019Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
2700000000 USD
CY2020Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
3300000000 USD
CY2019Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2700000000 USD
CY2017Q1 cwk Transferors Interests In Transferred Financial Assets Maximum Investment Limit
TransferorsInterestsInTransferredFinancialAssetsMaximumInvestmentLimit
100000000.0 USD
CY2018Q3 cwk Transferors Interests In Transferred Financial Assets Maximum Investment Limit
TransferorsInterestsInTransferredFinancialAssetsMaximumInvestmentLimit
125000000.0 USD
CY2019Q4 cwk Transferors Interests In Transferred Financial Assets Receivables Sold Percent
TransferorsInterestsInTransferredFinancialAssetsReceivablesSoldPercent
1
CY2020Q3 cwk Transferors Interests In Transferred Financial Assets Amount Drawn On Investment Limit
TransferorsInterestsInTransferredFinancialAssetsAmountDrawnOnInvestmentLimit
0 USD
CY2019Q4 cwk Transferors Interests In Transferred Financial Assets Amount Drawn On Investment Limit
TransferorsInterestsInTransferredFinancialAssetsAmountDrawnOnInvestmentLimit
85000000.0 USD
us-gaap Proceeds From Accounts Receivable Securitization
ProceedsFromAccountsReceivableSecuritization
846500000 USD
us-gaap Proceeds From Accounts Receivable Securitization
ProceedsFromAccountsReceivableSecuritization
837700000 USD
cwk Proceeds From Accounts Receivable Securitization Received From Trade Accounts Receivable Sold To Third Party
ProceedsFromAccountsReceivableSecuritizationReceivedFromTradeAccountsReceivableSoldToThirdParty
856800000 USD
cwk Proceeds From Accounts Receivable Securitization Received From Trade Accounts Receivable Sold To Third Party
ProceedsFromAccountsReceivableSecuritizationReceivedFromTradeAccountsReceivableSoldToThirdParty
848200000 USD
CY2020Q3 us-gaap Accounts Receivable From Securitization
AccountsReceivableFromSecuritization
177500000 USD
CY2019Q4 us-gaap Accounts Receivable From Securitization
AccountsReceivableFromSecuritization
187800000 USD
CY2020Q3 cwk Accounts Receivable Securitization Program Costs
AccountsReceivableSecuritizationProgramCosts
300000 USD
CY2019Q3 cwk Accounts Receivable Securitization Program Costs
AccountsReceivableSecuritizationProgramCosts
300000 USD
cwk Accounts Receivable Securitization Program Costs
AccountsReceivableSecuritizationProgramCosts
1200000 USD
cwk Accounts Receivable Securitization Program Costs
AccountsReceivableSecuritizationProgramCosts
1100000 USD
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
813200000 USD
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
895300000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
872300000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
965400000 USD
CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
916800000 USD
CY2019Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
400100000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
995100000 USD
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
469500000 USD
us-gaap Interest Paid Net
InterestPaidNet
72800000 USD
us-gaap Interest Paid Net
InterestPaidNet
115300000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
42400000 USD
us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
8000000.0 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
48700000 USD
us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
6500000 USD
us-gaap Liabilities Assumed1
LiabilitiesAssumed1
31500000 USD
us-gaap Liabilities Assumed1
LiabilitiesAssumed1
12300000 USD
cwk Increase Decrease In Beneficial Interest In Securitization Noncash
IncreaseDecreaseInBeneficialInterestInSecuritizationNoncash
13800000 USD
cwk Increase Decrease In Beneficial Interest In Securitization Noncash
IncreaseDecreaseInBeneficialInterestInSecuritizationNoncash
4100000 USD

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