2015 Q1 Form 10-Q Financial Statement

#000127449415000012 Filed on May 01, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $469.2M $950.2M
YoY Change -50.62% 25.81%
Cost Of Revenue $430.2M $713.4M
YoY Change -39.7% 21.77%
Gross Profit $38.98M $236.7M
YoY Change -83.53% 39.8%
Gross Profit Margin 8.31% 24.91%
Selling, General & Admin $67.69M $58.66M
YoY Change 15.38% -21.22%
% of Gross Profit 173.64% 24.78%
Research & Development $34.76M $38.77M
YoY Change -10.36% 29.54%
% of Gross Profit 89.16% 16.38%
Depreciation & Amortization $63.23M $61.11M
YoY Change 3.47% 7.94%
% of Gross Profit 162.2% 25.82%
Operating Expenses $109.1M $97.44M
YoY Change 11.96% -9.88%
Operating Profit -$70.11M $139.3M
YoY Change -150.34% 127.55%
Interest Expense $194.0K $410.0K
YoY Change -52.68% -45.33%
% of Operating Profit 0.29%
Other Income/Expense, Net -$1.259M -$1.774M
YoY Change -29.03% 112.97%
Pretax Income -$66.72M $140.8M
YoY Change -147.38% 112.77%
Income Tax -$5.980M $28.85M
% Of Pretax Income 20.49%
Net Earnings -$60.92M $112.0M
YoY Change -154.39% 89.39%
Net Earnings / Revenue -12.98% 11.79%
Basic Earnings Per Share -$0.61 $1.12
Diluted Earnings Per Share -$0.61 $1.10
COMMON SHARES
Basic Shares Outstanding 100.4M shares 99.59M shares
Diluted Shares Outstanding 100.4M shares 101.8M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.485B $1.379B
YoY Change 7.64% 36.32%
Cash & Equivalents $779.9M $975.2M
Short-Term Investments $704.7M $404.0M
Other Short-Term Assets $75.21M $70.62M
YoY Change 6.5% 21.52%
Inventory $496.6M $387.1M
Prepaid Expenses $109.1M $30.73M
Receivables $254.2M $233.8M
Other Receivables $67.90M $0.00
Total Short-Term Assets $3.150B $3.036B
YoY Change 3.74% -2.38%
LONG-TERM ASSETS
Property, Plant & Equipment $1.368B $1.371B
YoY Change -0.15% -11.76%
Goodwill $84.99M $84.99M
YoY Change 0.0% 23.47%
Intangibles $118.4M
YoY Change
Long-Term Investments $250.6M $12.63M
YoY Change 1884.71% -95.59%
Other Assets $59.87M $79.51M
YoY Change -24.71% 35.07%
Total Long-Term Assets $3.525B $3.340B
YoY Change 5.53% 4.89%
TOTAL ASSETS
Total Short-Term Assets $3.150B $3.036B
Total Long-Term Assets $3.525B $3.340B
Total Assets $6.675B $6.376B
YoY Change 4.68% 1.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $202.8M $186.3M
YoY Change 8.85% -10.88%
Accrued Expenses $436.9M $321.3M
YoY Change 35.97% -25.36%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $42.10M $60.70M
YoY Change -30.64% -0.65%
Total Short-Term Liabilities $984.9M $997.9M
YoY Change -1.31% -34.92%
LONG-TERM LIABILITIES
Long-Term Debt $200.4M $138.2M
YoY Change 45.01% -72.42%
Other Long-Term Liabilities $266.1M $365.4M
YoY Change -27.17% -11.63%
Total Long-Term Liabilities $266.1M $365.4M
YoY Change -27.17% -11.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $984.9M $997.9M
Total Long-Term Liabilities $266.1M $365.4M
Total Liabilities $1.688B $1.743B
YoY Change -3.18% -33.49%
SHAREHOLDERS EQUITY
Retained Earnings $2.217B $1.995B
YoY Change 11.16% 25.55%
Common Stock $2.698B $2.646B
YoY Change 1.96% 26.37%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.987B $4.633B
YoY Change
Total Liabilities & Shareholders Equity $6.675B $6.376B
YoY Change 4.68% 1.3%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$60.92M $112.0M
YoY Change -154.39% 89.39%
Depreciation, Depletion And Amortization $63.23M $61.11M
YoY Change 3.47% 7.94%
Cash From Operating Activities -$424.6M -$318.2M
YoY Change 33.45% -578.78%
INVESTING ACTIVITIES
Capital Expenditures $55.34M $50.81M
YoY Change 8.91% -29.1%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $688.0K $1.502M
YoY Change -54.19% -39.92%
Cash From Investing Activities -$290.6M -$20.38M
YoY Change 1326.0% -85.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $21.12M $25.11M
YoY Change -15.88% -92.4%
Cash From Financing Activities $27.26M -$13.88M
YoY Change -296.4% -164.99%
NET CHANGE
Cash From Operating Activities -$424.6M -$318.2M
Cash From Investing Activities -$290.6M -$20.38M
Cash From Financing Activities $27.26M -$13.88M
Net Change In Cash -$688.0M -$352.4M
YoY Change 95.21% 555.21%
FREE CASH FLOW
Cash From Operating Activities -$424.6M -$318.2M
Capital Expenditures $55.34M $50.81M
Free Cash Flow -$480.0M -$369.0M
YoY Change 30.07% 6979.6%

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0 USD
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38287000 USD
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1662000 USD
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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2057000 USD
CY2014Q4 us-gaap Other Liabilities Current
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88702000 USD
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CY2015Q1 us-gaap Other Noncash Income Expense
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-2980000 USD
CY2014Q1 us-gaap Other Noncash Income Expense
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CY2014Q1 us-gaap Other Nonoperating Income Expense
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-1774000 USD
CY2015Q1 us-gaap Other Nonoperating Income Expense
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33700000 USD
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153401000 USD
CY2015Q1 us-gaap Product Warranty Accrual Noncurrent
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CY2014Q1 us-gaap Product Warranty Accrual Warranties Issued
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11269000 USD
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6740000 USD
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25110000 USD
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13298000 USD
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13400000 USD
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StandardProductWarrantyAccrual
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CY2014Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
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CY2015Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
220405000 USD
CY2014Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
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CY2015Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
70031000 USD
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CY2015Q1 us-gaap Standard Product Warranty Accrual Noncurrent
StandardProductWarrantyAccrualNoncurrent
150374000 USD
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4079000 USD
CY2015Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
2749000 USD
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StandardProductWarrantyAccrualPreexistingIncreaseDecrease
3063000 USD
CY2015Q1 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
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CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
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UnbilledReceivablesCurrent
41868000 USD
CY2015Q1 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
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CY2014Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2231000 shares
CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
101822000 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
100375000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
99591000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
100375000 shares
CY2015Q1 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:26px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates.</font><font style="font-family:inherit;font-size:10pt;"> The preparation of condensed consolidated financial statements in conformity with U.S.&#160;GAAP requires us to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and the accompanying notes. On an ongoing basis, we evaluate our estimates, including those related to percentage-of-completion revenue recognition, inventory valuation, recoverability of project assets, estimates of future cash flows from and the economic useful lives of long-lived assets, asset retirement obligations, certain accrued liabilities, income taxes and tax valuation allowances, reportable segment allocations, product warranties and manufacturing excursions, accrued collection and recycling expense, and applying the acquisition method of accounting for business combinations and goodwill. Despite our intention to establish accurate estimates and reasonable assumptions, actual results could differ materially from these estimates and assumptions.</font></div></div>

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