2015 Q3 Form 10-Q Financial Statement

#000106508815000252 Filed on October 28, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $2.099B $2.150B
YoY Change -2.37% -44.76%
Cost Of Revenue $433.0M $413.0M
YoY Change 4.84% -66.26%
Gross Profit $1.666B $1.737B
YoY Change -4.09% -34.9%
Gross Profit Margin 79.37% 80.79%
Selling, General & Admin $772.0M $827.0M
YoY Change -6.65% -29.32%
% of Gross Profit 46.34% 47.61%
Research & Development $241.0M $246.0M
YoY Change -2.03% -43.19%
% of Gross Profit 14.47% 14.16%
Depreciation & Amortization $182.0M -$237.0M
YoY Change -176.79% -166.39%
% of Gross Profit 10.92% -13.64%
Operating Expenses $1.088B $1.141B
YoY Change -4.65% -38.95%
Operating Profit $578.0M $596.0M
YoY Change -3.02% -25.41%
Interest Expense $87.00M $17.00M
YoY Change 411.76% -77.03%
% of Operating Profit 15.05% 2.85%
Other Income/Expense, Net
YoY Change
Pretax Income $665.0M $613.0M
YoY Change 8.48% -29.78%
Income Tax $120.0M $104.0M
% Of Pretax Income 18.05% 16.97%
Net Earnings $539.0M $673.0M
YoY Change -19.91% -2.32%
Net Earnings / Revenue 25.68% 31.3%
Basic Earnings Per Share $0.45 $0.54
Diluted Earnings Per Share $0.45 $0.54
COMMON SHARES
Basic Shares Outstanding 1.210B shares 1.242B shares
Diluted Shares Outstanding 1.223B shares 1.251B shares

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.271B $10.35B
YoY Change -49.09% 0.8%
Cash & Equivalents $2.387B $2.507B
Short-Term Investments $2.884B $5.563B
Other Short-Term Assets $1.152B $1.384B
YoY Change -16.76% 49.46%
Inventory
Prepaid Expenses
Receivables $595.0M $755.0M
Other Receivables $0.00 $13.12B
Total Short-Term Assets $8.280B $25.65B
YoY Change -67.72% 9.28%
LONG-TERM ASSETS
Property, Plant & Equipment $1.535B $2.825B
YoY Change -45.66% 2.24%
Goodwill $4.442B $9.220B
YoY Change -51.82% 7.63%
Intangibles
YoY Change
Long-Term Investments $3.572B $5.875B
YoY Change -39.2% 41.98%
Other Assets $419.0M $260.0M
YoY Change 61.15% -0.38%
Total Long-Term Assets $10.06B $18.82B
YoY Change -46.56% 13.45%
TOTAL ASSETS
Total Short-Term Assets $8.280B $25.65B
Total Long-Term Assets $10.06B $18.82B
Total Assets $18.34B $44.48B
YoY Change -58.77% 11.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $175.0M $339.0M
YoY Change -48.38% 17.71%
Accrued Expenses $3.074B $5.544B
YoY Change -44.55% 176.1%
Deferred Revenue
YoY Change
Short-Term Debt $625.0M $0.00
YoY Change
Long-Term Debt Due $625.0M $250.0M
YoY Change 150.0% -38.73%
Total Short-Term Liabilities $4.436B $16.49B
YoY Change -73.1% 37.11%
LONG-TERM LIABILITIES
Long-Term Debt $6.814B $7.346B
YoY Change -7.24% 78.17%
Other Long-Term Liabilities $85.00M $120.0M
YoY Change -29.17% -48.94%
Total Long-Term Liabilities $6.899B $120.0M
YoY Change 5649.17% -48.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.436B $16.49B
Total Long-Term Liabilities $6.899B $120.0M
Total Liabilities $11.85B $24.67B
YoY Change -51.97% 42.58%
SHAREHOLDERS EQUITY
Retained Earnings $7.255B $17.88B
YoY Change -59.42% -0.71%
Common Stock $2.000M $2.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $15.65B $12.87B
YoY Change 21.61% 40.82%
Treasury Stock Shares 423.0M shares 362.0M shares
Shareholders Equity $6.492B $19.81B
YoY Change
Total Liabilities & Shareholders Equity $18.34B $44.48B
YoY Change -58.77% 11.0%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $539.0M $673.0M
YoY Change -19.91% -2.32%
Depreciation, Depletion And Amortization $182.0M -$237.0M
YoY Change -176.79% -166.39%
Cash From Operating Activities $686.0M $1.368B
YoY Change -49.85% 2.55%
INVESTING ACTIVITIES
Capital Expenditures -$242.0M $53.00M
YoY Change -556.6% -116.72%
Acquisitions
YoY Change
Other Investing Activities -$625.0M -$2.669B
YoY Change -76.58% 3.17%
Cash From Investing Activities -$867.0M -$2.616B
YoY Change -66.86% -9.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.354B 2.281B
YoY Change -203.2% -2606.59%
NET CHANGE
Cash From Operating Activities 686.0M 1.368B
Cash From Investing Activities -867.0M -2.616B
Cash From Financing Activities -2.354B 2.281B
Net Change In Cash -2.535B 1.033B
YoY Change -345.4% -162.19%
FREE CASH FLOW
Cash From Operating Activities $686.0M $1.368B
Capital Expenditures -$242.0M $53.00M
Free Cash Flow $928.0M $1.315B
YoY Change -29.43% -20.35%

Facts In Submission

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SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y1M6D
CY2015Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y4M17D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y1M5D
CY2014Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
850000000 USD
CY2015Q3 us-gaap Short Term Borrowings
ShortTermBorrowings
625000000 USD
CY2014Q4 us-gaap Short Term Investments
ShortTermInvestments
3730000000 USD
CY2015Q3 us-gaap Short Term Investments
ShortTermInvestments
2914000000 USD
CY2014Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
985000000 USD
CY2015Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
2386000000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
19906000000 USD
CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
6492000000 USD
CY2014Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
125000000 USD
CY2015Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
57000000 USD
CY2014Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
384000000 shares
CY2015Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
423000000 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
39000000 shares
us-gaap Treasury Stock Shares Retired
TreasuryStockSharesRetired
0 shares
CY2014Q4 us-gaap Treasury Stock Value
TreasuryStockValue
14054000000 USD
CY2015Q3 us-gaap Treasury Stock Value
TreasuryStockValue
15653000000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
1599000000 USD
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1251000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1258000000 shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1223000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1226000000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1242000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1258000000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1210000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1214000000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of estimates </font></div><div style="line-height:120%;text-align:left;padding-left:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of condensed consolidated financial statements in conformity with U.S.&#160;generally accepted accounting principles (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 condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including those related to provisions for transaction losses, legal contingencies, income taxes, revenue recognition, stock-based compensation, goodwill and the recoverability of intangible assets. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ from those estimates.</font></div></div>

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