2014 Q2 Form 10-Q Financial Statement

#000104746914006621 Filed on August 04, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q4 2013 Q2
Revenue $575.1M $536.0M $517.2M
YoY Change 11.19% 5.0% 7.3%
Cost Of Revenue $151.2M $143.8M $123.6M
YoY Change 22.33% 14.31% -4.78%
Gross Profit $423.9M $390.5M $393.6M
YoY Change 7.7% 1.51% 11.75%
Gross Profit Margin 73.71% 72.85% 76.1%
Selling, General & Admin $215.5M $186.6M $186.6M
YoY Change 15.49% 4.89% 2.3%
% of Gross Profit 50.84% 47.78% 47.41%
Research & Development $89.10M $78.60M $80.50M
YoY Change 10.68% 4.94% 8.78%
% of Gross Profit 21.02% 20.13% 20.45%
Depreciation & Amortization $16.10M $13.00M $14.70M
YoY Change 9.52% -13.91% 5.0%
% of Gross Profit 3.8% 3.33% 3.73%
Operating Expenses $304.6M $264.4M $267.1M
YoY Change 14.04% 4.96% 4.17%
Operating Profit $119.3M $126.1M $126.5M
YoY Change -5.69% -5.05% 32.05%
Interest Expense -$3.100M -$4.400M -$400.0K
YoY Change 675.0% 780.0% -500.0%
% of Operating Profit -2.6% -3.49% -0.32%
Other Income/Expense, Net
YoY Change
Pretax Income $813.2M $100.3M $120.5M
YoY Change 574.85% -17.92% 34.04%
Income Tax $266.2M $25.20M $27.20M
% Of Pretax Income 32.73% 25.12% 22.57%
Net Earnings $547.0M $75.10M $93.30M
YoY Change 486.28% -17.56% 37.61%
Net Earnings / Revenue 95.11% 14.01% 18.04%
Basic Earnings Per Share $2.59 $0.69 $0.83
Diluted Earnings Per Share $2.55 $0.68 $0.81
COMMON SHARES
Basic Shares Outstanding 105.6M shares 109.4M shares 112.6M shares
Diluted Shares Outstanding 107.4M shares 114.7M shares

Balance Sheet

Concept 2014 Q2 2013 Q4 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.484B $936.9M $575.0M
YoY Change 158.1% 79.69% 13.64%
Cash & Equivalents $498.6M $420.4M $372.7M
Short-Term Investments $985.5M $516.5M $202.3M
Other Short-Term Assets $60.30M $71.80M $97.70M
YoY Change -38.28% 25.96% 2.3%
Inventory $317.1M $308.9M $299.5M
Prepaid Expenses $46.30M $46.80M $42.70M
Receivables $327.5M $302.5M $341.8M
Other Receivables $0.00 $25.50M $0.00
Total Short-Term Assets $2.278B $1.726B $1.391B
YoY Change 63.82% 33.59% 8.74%
LONG-TERM ASSETS
Property, Plant & Equipment $422.5M $421.6M $399.2M
YoY Change 5.84% 12.94% 26.41%
Goodwill $384.3M $385.4M $381.5M
YoY Change 0.73% 0.18% 9.06%
Intangibles $29.50M $33.50M $64.60M
YoY Change -54.33% -50.0% 4.7%
Long-Term Investments $10.90M $11.40M $11.50M
YoY Change -5.22% -0.87% -12.88%
Other Assets $35.70M $35.40M $25.40M
YoY Change 40.55% 34.6% -1.55%
Total Long-Term Assets $1.049B $984.1M $949.1M
YoY Change 10.47% 5.86% 19.19%
TOTAL ASSETS
Total Short-Term Assets $2.278B $1.726B $1.391B
Total Long-Term Assets $1.049B $984.1M $949.1M
Total Assets $3.327B $2.710B $2.340B
YoY Change 42.18% 21.99% 12.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $533.4M $48.40M $314.2M
YoY Change 69.76% -35.21% 10.52%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $540.5M $345.6M $314.2M
YoY Change 72.02% -0.52% 10.52%
LONG-TERM LIABILITIES
Long-Term Debt $598.0M $593.1M $227.3M
YoY Change 163.09% 213.31% 22.8%
Other Long-Term Liabilities $273.2M $226.8M $218.4M
YoY Change 25.09% 139.24% 27.64%
Total Long-Term Liabilities $871.2M $819.9M $218.4M
YoY Change 298.9% 188.6% 27.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $540.5M $345.6M $314.2M
Total Long-Term Liabilities $871.2M $819.9M $218.4M
Total Liabilities $1.412B $1.166B $759.9M
YoY Change 85.77% 84.56% 18.64%
SHAREHOLDERS EQUITY
Retained Earnings $2.638B $2.031B $1.893B
YoY Change 39.37% 22.79% 26.73%
Common Stock $874.5M $797.2M $740.5M
YoY Change 18.1% 30.01% 36.88%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.557B $1.256B $1.006B
YoY Change 54.79% 67.49% 83.17%
Treasury Stock Shares 21.10M shares 16.70M shares 13.20M shares
Shareholders Equity $1.915B $1.544B $1.580B
YoY Change
Total Liabilities & Shareholders Equity $3.327B $2.710B $2.340B
YoY Change 42.18% 21.99% 12.75%

Cashflow Statement

Concept 2014 Q2 2013 Q4 2013 Q2
OPERATING ACTIVITIES
Net Income $547.0M $75.10M $93.30M
YoY Change 486.28% -17.56% 37.61%
Depreciation, Depletion And Amortization $16.10M $13.00M $14.70M
YoY Change 9.52% -13.91% 5.0%
Cash From Operating Activities $778.0M $111.3M $128.1M
YoY Change 507.34% -11.95% -12.74%
INVESTING ACTIVITIES
Capital Expenditures -$16.00M -$20.60M -$29.50M
YoY Change -45.76% -63.08% 4.61%
Acquisitions
YoY Change
Other Investing Activities -$454.4M -$226.3M -$43.50M
YoY Change 944.6% -416.5% 200.0%
Cash From Investing Activities -$470.4M -$246.9M -$73.00M
YoY Change 544.38% -1672.61% 70.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -103.8M 80.50M -89.30M
YoY Change 16.24% -154.8% 1650.98%
NET CHANGE
Cash From Operating Activities 778.0M 111.3M 128.1M
Cash From Investing Activities -470.4M -246.9M -73.00M
Cash From Financing Activities -103.8M 80.50M -89.30M
Net Change In Cash 203.8M -55.10M -34.20M
YoY Change -695.91% 1047.92% -134.55%
FREE CASH FLOW
Cash From Operating Activities $778.0M $111.3M $128.1M
Capital Expenditures -$16.00M -$20.60M -$29.50M
Free Cash Flow $794.0M $131.9M $157.6M
YoY Change 403.81% -27.61% -9.94%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
us-gaap Prior Period Reclassification Adjustment Description
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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="FONT-FAMILY: times;"><font size="2"><b>Cash Flow Statement Revision</b></font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In preparing the consolidated financial statements for the year ended December&#160;31, 2013, the Company determined that it had misclassified certain accrued capital expenditures in the consolidated condensed statements of cash flows for the six months ended June&#160;30, 2013. The Company has evaluated and concluded that this did not result in a material misstatement of the Company's previously issued consolidated financial statements. However, the Company has elected to revise its consolidated condensed statement of cash flows for the six months ended June&#160;30, 2013 to correct the presentation of accrued capital expenditures, resulting in an increase to net cash used in investing activities (with a corresponding increase to net cash provided by operating activities) of $14.9&#160;million.</font></p> </div>
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