2017 Q3 Form 10-Q Financial Statement

#000106508817000051 Filed on October 20, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $2.409B $2.217B
YoY Change 8.66% 5.62%
Cost Of Revenue $556.0M $498.0M
YoY Change 11.65% 15.01%
Gross Profit $1.941B $1.719B
YoY Change 12.91% 3.18%
Gross Profit Margin 80.57% 77.54%
Selling, General & Admin $881.0M $824.0M
YoY Change 6.92% 6.74%
% of Gross Profit 45.39% 47.93%
Research & Development $316.0M $288.0M
YoY Change 9.72% 19.5%
% of Gross Profit 16.28% 16.75%
Depreciation & Amortization $173.0M $172.0M
YoY Change 0.58% -5.49%
% of Gross Profit 8.91% 10.01%
Operating Expenses $1.367B $1.177B
YoY Change 16.14% 8.18%
Operating Profit $574.0M $542.0M
YoY Change 5.9% -6.23%
Interest Expense $120.0M -$9.000M
YoY Change -1433.33% -110.34%
% of Operating Profit 20.91% -1.66%
Other Income/Expense, Net
YoY Change
Pretax Income $694.0M $533.0M
YoY Change 30.21% -19.85%
Income Tax $174.0M $115.0M
% Of Pretax Income 25.07% 21.58%
Net Earnings $520.0M $413.0M
YoY Change 25.91% -23.38%
Net Earnings / Revenue 21.59% 18.63%
Basic Earnings Per Share $0.49 $0.37
Diluted Earnings Per Share $0.48 $0.36
COMMON SHARES
Basic Shares Outstanding 1.062B shares 1.126B shares
Diluted Shares Outstanding 1.078B shares 1.139B shares

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.008B $8.021B
YoY Change -25.1% 52.17%
Cash & Equivalents $1.760B $1.753B
Short-Term Investments $4.248B $6.268B
Other Short-Term Assets $1.202B $1.112B
YoY Change 8.09% -3.47%
Inventory
Prepaid Expenses
Receivables $626.0M $626.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $7.858B $9.783B
YoY Change -19.68% 18.15%
LONG-TERM ASSETS
Property, Plant & Equipment $1.546B $1.526B
YoY Change 1.31% -0.59%
Goodwill $4.669B $4.727B
YoY Change -1.23% 6.42%
Intangibles
YoY Change
Long-Term Investments $6.302B $3.921B
YoY Change 60.72% 9.77%
Other Assets $276.0M $428.0M
YoY Change -35.51% 2.15%
Total Long-Term Assets $18.09B $10.72B
YoY Change 68.72% 6.57%
TOTAL ASSETS
Total Short-Term Assets $7.858B $9.783B
Total Long-Term Assets $18.09B $10.72B
Total Assets $25.94B $20.50B
YoY Change 26.54% 11.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $260.0M $278.0M
YoY Change -6.47% 58.86%
Accrued Expenses $1.901B $1.770B
YoY Change 7.4% -42.42%
Deferred Revenue
YoY Change
Short-Term Debt $781.0M $1.449B
YoY Change -46.1% 131.84%
Long-Term Debt Due $750.0M $1.450B
YoY Change -48.28% 132.0%
Total Short-Term Liabilities $3.190B $3.763B
YoY Change -15.23% -15.17%
LONG-TERM LIABILITIES
Long-Term Debt $9.234B $7.582B
YoY Change 21.79% 11.27%
Other Long-Term Liabilities $64.00M $70.00M
YoY Change -8.57% -17.65%
Total Long-Term Liabilities $9.298B $7.652B
YoY Change 21.51% 10.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.190B $3.763B
Total Long-Term Liabilities $9.298B $7.652B
Total Liabilities $14.66B $13.68B
YoY Change 7.14% 15.51%
SHAREHOLDERS EQUITY
Retained Earnings $16.54B $9.036B
YoY Change 83.09% 24.55%
Common Stock $2.000M $2.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $20.97B $18.21B
YoY Change 15.19% 16.3%
Treasury Stock Shares 607.0M shares 523.0M shares
Shareholders Equity $11.28B $6.819B
YoY Change
Total Liabilities & Shareholders Equity $25.94B $20.50B
YoY Change 26.54% 11.8%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $520.0M $413.0M
YoY Change 25.91% -23.38%
Depreciation, Depletion And Amortization $173.0M $172.0M
YoY Change 0.58% -5.49%
Cash From Operating Activities $877.0M $802.0M
YoY Change 9.35% 16.91%
INVESTING ACTIVITIES
Capital Expenditures -$157.0M -$185.0M
YoY Change -15.14% -23.55%
Acquisitions
YoY Change
Other Investing Activities $771.0M -$410.0M
YoY Change -288.05% -34.4%
Cash From Investing Activities $614.0M -$595.0M
YoY Change -203.19% -31.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.402B -503.0M
YoY Change 377.53% -78.63%
NET CHANGE
Cash From Operating Activities 877.0M 802.0M
Cash From Investing Activities 614.0M -595.0M
Cash From Financing Activities -2.402B -503.0M
Net Change In Cash -911.0M -296.0M
YoY Change 207.77% -88.32%
FREE CASH FLOW
Cash From Operating Activities $877.0M $802.0M
Capital Expenditures -$157.0M -$185.0M
Free Cash Flow $1.034B $987.0M
YoY Change 4.76% 6.36%

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22000000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
14959000000 USD
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
16544000000 USD
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
2217000000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
6584000000 USD
CY2017Q3 us-gaap Sales Revenue Net
SalesRevenueNet
2409000000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
6954000000 USD
CY2016Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
600000000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1760000000 USD
CY2017Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
627000000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1826000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
306000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
356000000 USD
CY2016Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
1451000000 USD
CY2017Q3 us-gaap Short Term Borrowings
ShortTermBorrowings
749000000 USD
CY2016Q4 us-gaap Short Term Investments
ShortTermInvestments
5333000000 USD
CY2017Q3 us-gaap Short Term Investments
ShortTermInvestments
4270000000 USD
CY2016Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
1336000000 USD
CY2017Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
2572000000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
10539000000 USD
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
11283000000 USD
CY2016Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
110000000 USD
CY2017Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
100000000 USD
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
34.93
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
557000000 shares
CY2017Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
607000000 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
50000000 shares
us-gaap Treasury Stock Shares Retired
TreasuryStockSharesRetired
0 shares
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
19205000000 USD
CY2017Q3 us-gaap Treasury Stock Value
TreasuryStockValue
20970000000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
1764000000 USD
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1139000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1153000000 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1078000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1091000000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1126000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1143000000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1062000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1074000000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The preparation of condensed consolidated financial statements in conformity with U.S.&#160;generally accepted accounting principles (&#8220;GAAP&#8221;) 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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