2014 Q1 Form 10-K Financial Statement

#000108906315000020 Filed on March 27, 2015

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q4 2013 Q3
Revenue $1.947B $1.401B $1.531B
YoY Change 7.87% 6.75% 6.57%
Cost Of Revenue $1.319B $975.7M $1.052B
YoY Change 8.44% 7.7% 6.35%
Gross Profit $628.1M $424.9M $479.3M
YoY Change 6.69% 4.62% 7.05%
Gross Profit Margin 32.25% 30.34% 31.3%
Selling, General & Admin $405.0M $333.7M $337.0M
YoY Change 7.28% 6.07% 8.39%
% of Gross Profit 64.48% 78.54% 70.3%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $41.50M $37.10M $43.50M
YoY Change 13.7% 21.64% 43.09%
% of Gross Profit 6.61% 8.73% 9.08%
Operating Expenses $405.0M $333.7M $337.0M
YoY Change 7.28% 6.07% 8.39%
Operating Profit $223.0M $79.05M $137.1M
YoY Change 5.61% -3.82% 1.82%
Interest Expense -$800.0K $696.0K $716.0K
YoY Change 14.29% -19.07% -28.4%
% of Operating Profit -0.36% 0.88% 0.52%
Other Income/Expense, Net $1.500M $2.735M $1.735M
YoY Change -6.25% 145.73% -3312.96%
Pretax Income $223.7M $81.09M $138.1M
YoY Change 5.52% -1.64% 36.45%
Income Tax $85.10M $31.12M $53.95M
% Of Pretax Income 38.04% 38.37% 39.06%
Net Earnings $138.6M $50.00M $84.20M
YoY Change 6.78% -0.2% 56.8%
Net Earnings / Revenue 7.12% 3.57% 5.5%
Basic Earnings Per Share $1.13 $0.41 $0.68
Diluted Earnings Per Share $1.11 $0.40 $0.67
COMMON SHARES
Basic Shares Outstanding 122.7M shares 123.2M shares 122.9M shares
Diluted Shares Outstanding 125.2M shares 125.8M shares 125.6M shares

Balance Sheet

Concept 2014 Q1 2013 Q4 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $181.7M $65.60M $134.8M
YoY Change -47.36% -77.72% -61.53%
Cash & Equivalents $181.7M $65.65M $134.8M
Short-Term Investments
Other Short-Term Assets $138.2M $153.2M $155.2M
YoY Change 32.76% 146.3% 63.71%
Inventory $1.232B $1.570B $1.275B
Prepaid Expenses
Receivables $60.80M $81.40M $85.00M
Other Receivables $7.300M $34.60M $2.400M
Total Short-Term Assets $1.620B $1.905B $1.653B
YoY Change 1.52% 5.87% 0.69%
LONG-TERM ASSETS
Property, Plant & Equipment $1.085B $1.060B $937.3M
YoY Change 29.09% 24.5% 14.67%
Goodwill $200.6M $200.6M $200.6M
YoY Change 0.0% 0.0% 0.0%
Intangibles $98.26M $98.79M $97.86M
YoY Change -0.66% -0.24% 30.37%
Long-Term Investments
YoY Change
Other Assets $65.56M $80.43M $126.9M
YoY Change -55.67% -27.6% 15.23%
Total Long-Term Assets $1.451B $1.443B $1.367B
YoY Change 12.35% 13.59% 11.88%
TOTAL ASSETS
Total Short-Term Assets $1.620B $1.905B $1.653B
Total Long-Term Assets $1.451B $1.443B $1.367B
Total Assets $3.071B $3.348B $3.019B
YoY Change 6.36% 9.07% 5.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $562.4M $738.2M $598.3M
YoY Change 10.88% 10.91% 6.61%
Accrued Expenses $265.0M $316.4M $295.0M
YoY Change -1.8% 6.82% 7.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $900.0K $7.500M $8.300M
YoY Change -89.41% -12.79% -3.49%
Total Short-Term Liabilities $1.003B $1.169B $1.025B
YoY Change 0.18% 9.6% 8.36%
LONG-TERM LIABILITIES
Long-Term Debt $6.500M $123.0M $6.400M
YoY Change -16.67% 766.2% -73.98%
Other Long-Term Liabilities $79.77M $328.7M $314.8M
YoY Change -4.33% 15.82% 12.47%
Total Long-Term Liabilities $376.7M $480.9M $329.6M
YoY Change 25.69% 61.37% 8.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.003B $1.169B $1.025B
Total Long-Term Liabilities $376.7M $480.9M $329.6M
Total Liabilities $1.379B $1.650B $1.355B
YoY Change 6.06% 20.9% 8.33%
SHAREHOLDERS EQUITY
Retained Earnings $1.188B $1.065B $1.030B
YoY Change 30.25% 1.61% 1.68%
Common Stock $958.9M $937.7M $913.6M
YoY Change 9.69% 9.56% 14.54%
Preferred Stock
YoY Change
Treasury Stock (at cost) $455.5M $305.5M $280.5M
YoY Change 127.8% 52.8% 40.3%
Treasury Stock Shares 8.880M shares
Shareholders Equity $1.692B $1.698B $1.664B
YoY Change
Total Liabilities & Shareholders Equity $3.071B $3.348B $3.019B
YoY Change 6.36% 9.07% 5.47%

Cashflow Statement

Concept 2014 Q1 2013 Q4 2013 Q3
OPERATING ACTIVITIES
Net Income $138.6M $50.00M $84.20M
YoY Change 6.78% -0.2% 56.8%
Depreciation, Depletion And Amortization $41.50M $37.10M $43.50M
YoY Change 13.7% 21.64% 43.09%
Cash From Operating Activities $461.6M -$63.10M $80.80M
YoY Change 30.03% -487.12% -4.72%
INVESTING ACTIVITIES
Capital Expenditures -$93.30M -$113.0M -$75.30M
YoY Change 11.74% 55.43% 3.01%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $11.00M
YoY Change -100.0%
Cash From Investing Activities -$93.30M -$113.0M -$64.30M
YoY Change 16.48% 55.43% -12.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -252.2M 107.0M 4.400M
YoY Change 12.54% 26650.0% -102.41%
NET CHANGE
Cash From Operating Activities 461.6M -63.10M 80.80M
Cash From Investing Activities -93.30M -113.0M -64.30M
Cash From Financing Activities -252.2M 107.0M 4.400M
Net Change In Cash 116.1M -69.10M 20.90M
YoY Change 128.54% 23.39% -112.25%
FREE CASH FLOW
Cash From Operating Activities $461.6M -$63.10M $80.80M
Capital Expenditures -$93.30M -$113.0M -$75.30M
Free Cash Flow $554.9M $49.90M $156.1M
YoY Change 26.55% -43.93% -1.14%

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6400000 USD
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0.000
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32370000 USD
CY2012Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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0 USD
CY2013Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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0 USD
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12152000 USD
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8693000 USD
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7717000 USD
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4328000 USD
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9690000 USD
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103800000 USD
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100000 USD
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100200000 USD
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P5Y
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3436198000 USD
CY2013 us-gaap Liabilities Assumed1
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15000000 USD
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376721000 USD
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CY2015Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
8376000 USD
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
121238000 shares
CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
0 USD
CY2013 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
6405000 USD
CY2014 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
3559000 USD
CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
312000 USD
CY2015Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
1800000 USD
CY2013 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
800000 USD
CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
121629000 shares
CY2014 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
900000 USD
CY2015 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
300000 USD
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
125593000 shares
CY2013Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
125842000 shares
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
125214000 shares
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
125628000 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
123360000 shares
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
121840000 shares
CY2014Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
120002000 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
119749000 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
122702000 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
122901000 shares
CY2013Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
123221000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
122687000 shares
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
122878000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
121138000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
119950000 shares
CY2014Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
118142000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
117745000 shares
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
119244000 shares
CY2015 us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Fiscal Year &#8211;</font><font style="font-family:inherit;font-size:10pt;"> The Company's fiscal year ends on the Saturday closest to the end of January. Fiscal years </font><font style="font-family:inherit;font-size:10pt;">2014</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">2013</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2012</font><font style="font-family:inherit;font-size:10pt;"> ended on </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">January&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">February&#160;1, 2014</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">February&#160;2, 2013</font><font style="font-family:inherit;font-size:10pt;">, respectively. All fiscal years presented include </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">52 weeks</font><font style="font-family:inherit;font-size:10pt;"> of operations except fiscal 2012, which included </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">53 weeks</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;"></font></div></div>
CY2015 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications &#8211;</font><font style="font-family:inherit;font-size:10pt;"> Certain reclassifications have been made to prior year amounts within the Consolidated Statement of Cash Flows to conform to current year presentation.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;"></font></div></div>
CY2015 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates in the Preparation of Financial Statements &#8211;</font><font style="font-family:inherit;font-size:10pt;"> The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S.&#160;GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;"></font></div></div>

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