2016 Q2 Form 10-Q Financial Statement

#000006721516000081 Filed on May 27, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $664.6M $492.4M
YoY Change 34.99% 15.5%
Cost Of Revenue $520.4M $388.2M
YoY Change 34.05% 10.79%
Gross Profit $144.2M $104.1M
YoY Change 38.52% 37.13%
Gross Profit Margin 21.7% 21.15%
Selling, General & Admin $56.50M $44.70M
YoY Change 26.4% 14.03%
% of Gross Profit 39.17% 42.93%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $31.58M $23.99M
YoY Change 31.68% 5.54%
% of Gross Profit 21.9% 23.04%
Operating Expenses $88.10M $456.9M
YoY Change -80.72% 10.84%
Operating Profit $56.14M -$352.8M
YoY Change -115.91% 4.91%
Interest Expense -$8.000M -$6.600M
YoY Change 21.21% 0.0%
% of Operating Profit -14.25%
Other Income/Expense, Net $4.323M $3.471M
YoY Change 24.55% -37.94%
Pretax Income $52.45M $32.26M
YoY Change 62.6% 146.73%
Income Tax $19.37M $12.00M
% Of Pretax Income 36.93% 37.2%
Net Earnings $33.08M $20.26M
YoY Change 63.31% 156.59%
Net Earnings / Revenue 4.98% 4.11%
Basic Earnings Per Share $1.02 $0.59
Diluted Earnings Per Share $1.00 $0.58
COMMON SHARES
Basic Shares Outstanding 32.43M shares 34.11M shares
Diluted Shares Outstanding 33.05M shares 35.03M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.30M $22.50M
YoY Change -14.22% 20.32%
Cash & Equivalents $19.33M $22.54M
Short-Term Investments
Other Short-Term Assets $18.73M $20.11M
YoY Change -6.87% 7.8%
Inventory $61.30M $45.21M
Prepaid Expenses
Receivables $355.3M $265.8M
Other Receivables $45.70M $19.90M
Total Short-Term Assets $848.8M $620.9M
YoY Change 36.7% 14.73%
LONG-TERM ASSETS
Property, Plant & Equipment $309.8M $226.3M
YoY Change 36.87% 10.03%
Goodwill $281.4M $269.5M
YoY Change 4.45% 0.62%
Intangibles $124.9M $110.0M
YoY Change 13.51% -1.6%
Long-Term Investments
YoY Change
Other Assets $34.38M $30.40M
YoY Change 13.07% 87.06%
Total Long-Term Assets $750.5M $636.2M
YoY Change 17.96% 5.76%
TOTAL ASSETS
Total Short-Term Assets $848.8M $620.9M
Total Long-Term Assets $750.5M $636.2M
Total Assets $1.599B $1.257B
YoY Change 27.22% 10.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $92.96M $64.46M
YoY Change 44.21% 2.35%
Accrued Expenses $129.0M $116.3M
YoY Change 10.92% 13.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $9.400M $0.00
YoY Change -100.0%
Total Short-Term Liabilities $242.5M $195.0M
YoY Change 24.39% 3.24%
LONG-TERM LIABILITIES
Long-Term Debt $724.0M $446.7M
YoY Change 62.07% 10.82%
Other Long-Term Liabilities $4.141M $4.942M
YoY Change -16.21% -17.08%
Total Long-Term Liabilities $728.1M $4.942M
YoY Change 14632.76% -17.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $242.5M $195.0M
Total Long-Term Liabilities $728.1M $4.942M
Total Liabilities $1.098B $734.9M
YoY Change 49.34% 8.42%
SHAREHOLDERS EQUITY
Retained Earnings $488.5M $392.4M
YoY Change 24.48% 20.58%
Common Stock $14.33M $130.6M
YoY Change -89.03% -6.52%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $501.7M $522.2M
YoY Change
Total Liabilities & Shareholders Equity $1.599B $1.257B
YoY Change 27.22% 10.01%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $33.08M $20.26M
YoY Change 63.31% 156.59%
Depreciation, Depletion And Amortization $31.58M $23.99M
YoY Change 31.68% 5.54%
Cash From Operating Activities $32.50M $40.30M
YoY Change -19.35% 36.15%
INVESTING ACTIVITIES
Capital Expenditures -$47.80M -$38.00M
YoY Change 25.79% 77.57%
Acquisitions
YoY Change
Other Investing Activities $3.600M -$1.300M
YoY Change -376.92% -135.14%
Cash From Investing Activities -$44.20M -$39.30M
YoY Change 12.47% 123.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $100.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.80M 3.100M
YoY Change 248.39% -131.96%
NET CHANGE
Cash From Operating Activities 32.50M 40.30M
Cash From Investing Activities -44.20M -39.30M
Cash From Financing Activities 10.80M 3.100M
Net Change In Cash -900.0K 4.100M
YoY Change -121.95% 78.26%
FREE CASH FLOW
Cash From Operating Activities $32.50M $40.30M
Capital Expenditures -$47.80M -$38.00M
Free Cash Flow $80.30M $78.30M
YoY Change 2.55% 53.53%

Facts In Submission

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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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447000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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91000 USD
CY2015Q2 us-gaap Other Income
OtherIncome
404000 USD
us-gaap Other Income
OtherIncome
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OtherIncome
262000 USD
us-gaap Other Income
OtherIncome
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OtherNonoperatingIncomeExpense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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4000000 USD
us-gaap Proceeds From Issuance Of Warrants
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us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
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us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
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CY2015Q2 us-gaap Share Based Compensation
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us-gaap Payments For Repurchase Of Common Stock
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PaymentsForRepurchaseOfCommonStock
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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PreferredStockSharesOutstanding
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PreferredStockValue
0 USD
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PreferredStockValue
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CY2015Q3 us-gaap Prepaid Expense And Other Assets
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PropertyPlantAndEquipmentGross
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PropertyPlantAndEquipmentNet
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us-gaap Provision For Doubtful Accounts
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308000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1005000 USD
us-gaap Repayments Of Long Term Debt
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277500000 USD
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us-gaap Share Based Compensation
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10773000 USD
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ShareBasedCompensation
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us-gaap Share Based Compensation
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us-gaap Shares Paid For Tax Withholding For Share Based Compensation
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us-gaap Shares Paid For Tax Withholding For Share Based Compensation
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CY2015 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
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CY2015Q4 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
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StockRepurchasedAndRetiredDuringPeriodShares
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CY2015Q3 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
10000000 USD
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CY2015Q3 us-gaap Stockholders Equity
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CY2015Q2 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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CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Write Off Of Deferred Debt Issuance Cost
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us-gaap Write Off Of Deferred Debt Issuance Cost
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us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Accounting Period &#8211; </font><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s fiscal year ends on the last Saturday in July. As a result, each fiscal year consists of either fifty-two weeks or fifty-three weeks of operations (with an additional week of operations occurring in the fourth quarter). Fiscal 2015 contained </font><font style="font-family:inherit;font-size:10pt;">fifty-two</font><font style="font-family:inherit;font-size:10pt;"> weeks and fiscal 2016 will contain </font><font style="font-family:inherit;font-size:10pt;">fifty-three</font><font style="font-family:inherit;font-size:10pt;"> weeks of operations.</font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates &#8211; </font><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. These estimates are based on the Company&#8217;s historical experience and management&#8217;s understanding of current facts and circumstances. At the time they are made, the Company believes that such estimates are fair when considered in conjunction with the consolidated financial position and results of operations taken as a whole. However, actual results could differ materially from those estimates. There have been no material changes to the Company&#8217;s significant accounting policies and critical accounting estimates described in the Company&#8217;s Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;">July 25, 2015</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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