2019 Form 10-K Financial Statement

#000104734020000020 Filed on February 20, 2020

View on sec.gov

Income Statement

Concept 2019 2018 Q4 2018 Q3
Revenue $4.489B $1.046B $1.070B
YoY Change -0.11% 9.67% 12.26%
Cost Of Revenue $4.183B $1.004B $1.017B
YoY Change -0.6% 11.17% 13.7%
Gross Profit $306.4M $42.40M $52.60M
YoY Change 7.17% -16.86% -9.78%
Gross Profit Margin 6.83% 4.05% 4.92%
Selling, General & Admin $201.5M $46.80M $49.40M
YoY Change 0.35% 10.9% 19.9%
% of Gross Profit 65.76% 110.38% 93.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $97.90M $28.00M $28.20M
YoY Change -2.59% 42.13% 39.6%
% of Gross Profit 31.95% 66.04% 53.61%
Operating Expenses $201.5M $46.80M $49.40M
YoY Change 0.35% 10.9% 19.9%
Operating Profit $114.1M -$4.400M -$11.30M
YoY Change 195.6% -150.0% -167.66%
Interest Expense $25.40M -$6.600M $7.000M
YoY Change 7.63% 247.37% 400.0%
% of Operating Profit 22.26%
Other Income/Expense, Net $900.0K -$2.600M -$2.400M
YoY Change -105.73% 85.71% 140.0%
Pretax Income $90.70M -$29.60M -$20.50M
YoY Change 45250.0% 4128.57% -239.46%
Income Tax $21.40M $2.700M $700.0K
% Of Pretax Income 23.59%
Net Earnings $66.50M -$34.00M -$21.50M
YoY Change -403.65% 439.68% -286.96%
Net Earnings / Revenue 1.48% -3.25% -2.01%
Basic Earnings Per Share $1.38 -$0.70 -$0.44
Diluted Earnings Per Share $1.37 -$0.70 -$0.44
COMMON SHARES
Basic Shares Outstanding 48.29M shares 48.38M shares 48.57M shares
Diluted Shares Outstanding 48.39M shares 48.57M shares

Balance Sheet

Concept 2019 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $33.30M $21.30M $22.50M
YoY Change 56.34% -15.14% -24.75%
Cash & Equivalents $33.30M $21.30M $22.50M
Short-Term Investments
Other Short-Term Assets $27.40M $78.70M $68.60M
YoY Change -65.18% 283.9% 111.08%
Inventory $551.8M $565.3M $545.8M
Prepaid Expenses
Receivables $363.9M $378.3M $362.9M
Other Receivables $75.10M $95.20M $88.80M
Total Short-Term Assets $1.052B $1.139B $1.089B
YoY Change -7.67% 11.67% 11.43%
LONG-TERM ASSETS
Property, Plant & Equipment $1.565B $1.392B $1.410B
YoY Change 12.43% 4.81% 6.64%
Goodwill $423.4M $421.4M
YoY Change 61.66% 61.02%
Intangibles $198.8M $177.4M
YoY Change 122.87%
Long-Term Investments $1.900M $5.700M $6.100M
YoY Change -68.85% 256.25% 221.05%
Other Assets $149.3M $59.70M $63.40M
YoY Change 16.82% 19.64% -35.04%
Total Long-Term Assets $2.298B $2.116B $2.133B
YoY Change 8.6% 21.14% 22.36%
TOTAL ASSETS
Total Short-Term Assets $1.052B $1.139B $1.089B
Total Long-Term Assets $2.298B $2.116B $2.133B
Total Assets $3.350B $3.255B $3.222B
YoY Change 2.91% 17.65% 18.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $284.9M $575.8M $544.3M
YoY Change -13.88% 51.13% 55.12%
Accrued Expenses $246.1M $55.10M
YoY Change 11.06% 193.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $300.0K $500.0K $500.0K
YoY Change -40.0% -16.67% 0.0%
Total Short-Term Liabilities $562.9M $586.0M $557.9M
YoY Change -3.94% 48.81% 50.95%
LONG-TERM LIABILITIES
Long-Term Debt $586.8M $661.9M $629.0M
YoY Change -11.35% 85.41% 124.8%
Other Long-Term Liabilities $271.7M $53.40M $45.50M
YoY Change 87.77% 25.94% 8.85%
Total Long-Term Liabilities $858.5M $53.40M $45.50M
YoY Change 6.43% 25.94% 8.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $562.9M $586.0M $557.9M
Total Long-Term Liabilities $858.5M $53.40M $45.50M
Total Liabilities $1.631B $1.486B $1.411B
YoY Change 4.32% 52.26% 60.88%
SHAREHOLDERS EQUITY
Retained Earnings $1.206B $1.247B
YoY Change -5.41% -5.62%
Common Stock $527.6M $524.8M
YoY Change 0.88% -1.54%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.719B $1.692B $1.743B
YoY Change
Total Liabilities & Shareholders Equity $3.350B $3.255B $3.222B
YoY Change 2.91% 17.65% 18.43%

Cashflow Statement

Concept 2019 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income $66.50M -$34.00M -$21.50M
YoY Change -403.65% 439.68% -286.96%
Depreciation, Depletion And Amortization $97.90M $28.00M $28.20M
YoY Change -2.59% 42.13% 39.6%
Cash From Operating Activities $169.1M -$24.00M $108.3M
YoY Change -31.43% -340.0% 951.46%
INVESTING ACTIVITIES
Capital Expenditures -$122.3M -$31.40M -$37.30M
YoY Change -18.74% -12.04% 20.71%
Acquisitions
YoY Change
Other Investing Activities $0.00 $22.60M $2.400M
YoY Change 3128.57% 118.18%
Cash From Investing Activities -$52.20M -$8.800M -$34.90M
YoY Change -89.45% -74.86% 17.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $17.90M
YoY Change -39.12%
Debt Paid & Issued, Net $811.2M
YoY Change 1.64%
Cash From Financing Activities -$108.9M 26.60M -88.20M
YoY Change -145.0% 22.58% -452.8%
NET CHANGE
Cash From Operating Activities $169.1M -24.00M 108.3M
Cash From Investing Activities -$52.20M -8.800M -34.90M
Cash From Financing Activities -$108.9M 26.60M -88.20M
Net Change In Cash $12.00M -6.200M -14.80M
YoY Change -415.79% 87.88% -369.09%
FREE CASH FLOW
Cash From Operating Activities $169.1M -$24.00M $108.3M
Capital Expenditures -$122.3M -$31.40M -$37.30M
Free Cash Flow $291.4M $7.400M $145.6M
YoY Change -26.62% -83.81% 253.4%

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CY2019 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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79900000 USD
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12100000 USD
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300000 USD
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5700000 USD
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2800000 USD
CY2017 us-gaap Increase Decrease In Inventories
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49400000 USD
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CY2018 us-gaap Net Cash Provided By Used In Financing Activities
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CY2017 us-gaap Cash And Cash Equivalents Period Increase Decrease
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21300000 USD
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25100000 USD
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20100000 USD
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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21300000 USD
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25100000 USD
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CY2019 us-gaap Stock Repurchased And Retired During Period Value
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CY2018 us-gaap Dividends Stock
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<div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> </span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The preparation of our Consolidated Financial Statements in accordance with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the amounts reported in our Consolidated Financial Statements and accompanying notes. Actual results could differ from these estimates.</span></div>
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CY2018Q4 us-gaap Inventory Net
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CY2019 us-gaap Finite Lived Intangible Asset Useful Life
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CY2018 us-gaap Asset Impairment Charges
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CY2019 us-gaap Marketing And Advertising Expense
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CY2019 us-gaap Depreciation
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CY2019Q4 us-gaap Goodwill
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150400000 USD
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135000000.0 USD
CY2019Q4 fdp Goodwill And Intangible Assets Net
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581900000 USD
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590300000 USD
CY2017Q4 us-gaap Goodwill
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7800000 USD
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55100000 USD
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23700000 USD
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24200000 USD
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5200000 USD
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CY2019 us-gaap Income Tax Expense Benefit
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CY2018 us-gaap Income Tax Expense Benefit
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16100000 USD
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2100000 USD
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CY2017 us-gaap Current Federal Tax Expense Benefit
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8400000 USD
CY2019 us-gaap Current State And Local Tax Expense Benefit
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1900000 USD
CY2018 us-gaap Current State And Local Tax Expense Benefit
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100000 USD
CY2017 us-gaap Current State And Local Tax Expense Benefit
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12200000 USD
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12800000 USD
CY2017 us-gaap Current Foreign Tax Expense Benefit
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13400000 USD
CY2019 us-gaap Current Income Tax Expense Benefit
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16200000 USD
CY2018 us-gaap Current Income Tax Expense Benefit
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CY2017 us-gaap Current Income Tax Expense Benefit
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CY2019 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2018 us-gaap Deferred State And Local Income Tax Expense Benefit
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1300000 USD
CY2017 us-gaap Deferred State And Local Income Tax Expense Benefit
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500000 USD
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1100000 USD
CY2018 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2017 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2017 us-gaap Income Tax Expense Benefit
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24900000 USD
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1800000 USD
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600000 USD
CY2017 fdp Income Tax Reconciliation Nondeductible Differences
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6000000.0 USD
CY2019 us-gaap Income Tax Reconciliation Tax Exempt Income
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2500000 USD
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1500000 USD
CY2017 us-gaap Income Tax Reconciliation Tax Exempt Income
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400000 USD
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700000 USD
CY2019 fdp Income Tax Reconciliation Nondeductible And Taxable Income
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1900000 USD
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2300000 USD
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2400000 USD
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3700000 USD
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11500000 USD
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3600000 USD
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32000000.0 USD
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11900000 USD
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31100000 USD
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113000000.0 USD
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90700000 USD
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200000 USD
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144100000 USD
CY2019 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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19100000 USD
CY2018 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2017 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2017 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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CY2019 fdp Income Tax Reconciliation Nondeductible Intercompany Charges
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100000 USD
CY2018 fdp Income Tax Reconciliation Nondeductible Intercompany Charges
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CY2019 us-gaap Income Tax Reconciliation Tax Settlements
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CY2018 us-gaap Income Tax Reconciliation Tax Settlements
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100000 USD
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2400000 USD
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2200000 USD
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2900000 USD
CY2018 fdp Income Tax Reconciliation Other Taxes In Lieu Of Income
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2400000 USD
CY2017 fdp Income Tax Reconciliation Other Taxes In Lieu Of Income
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1800000 USD
CY2019 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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CY2017 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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1500000 USD
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100000 USD
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100000 USD
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21500000 USD
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25300000 USD
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CY2019Q4 fdp Operating Loss Carryforwards No Expiration
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CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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100000 USD
CY2019 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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100000 USD
CY2018 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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CY2019 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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0 USD
CY2018 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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300000 USD
CY2017 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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100000 USD
CY2019 fdp Unrecognized Tax Benefits Cumulative Translation Adjustment
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0 USD
CY2018 fdp Unrecognized Tax Benefits Cumulative Translation Adjustment
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100000 USD
CY2017 fdp Unrecognized Tax Benefits Cumulative Translation Adjustment
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CY2019Q4 us-gaap Unrecognized Tax Benefits
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CY2018Q4 us-gaap Unrecognized Tax Benefits
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2900000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits
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3200000 USD
CY2019Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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5000000.0 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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4200000 USD
CY2019Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
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1400000 USD
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1300000 USD
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
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162100000 USD
CY2019Q4 us-gaap Finance Lease Right Of Use Asset
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CY2019Q4 fdp Leased Assets
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32500000 USD
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300000 USD
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CY2019Q4 us-gaap Finance Lease Liability Noncurrent
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200000 USD
CY2019Q4 fdp Lease Liabilities
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135700000 USD
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P8Y4M24D
CY2019Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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P1Y10M24D
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CY2019 us-gaap Operating Lease Cost
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92500000 USD
CY2019 us-gaap Short Term Lease Cost
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7500000 USD
CY2019 us-gaap Variable Lease Cost
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CY2019Q4 us-gaap Finance Lease Liability Payments Due Year Four
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CY2018 us-gaap Interest Costs Capitalized
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16000000.0 USD
CY2019 us-gaap Lease Cost
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106200000 USD
CY2019 fdp Operating Lease Cost Including Ship Charter Agreements
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100000000.0 USD
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84300000 USD
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CY2019 us-gaap Operating Lease Payments
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82100000 USD
CY2019 us-gaap Finance Lease Principal Payments
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500000 USD
CY2019 fdp Increase Decreasein Operating Lease Rightof Use Assets
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40000000.0 USD
CY2019 fdp Increase Decreasein Operating Lease Liabilities
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29600000 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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42100000 USD
CY2019Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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300000 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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30900000 USD
CY2019Q4 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
200000 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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21900000 USD
CY2019Q4 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
0 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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