$FTV
Fortive Corp

2018 Q2 Form 10-Q Financial Statement

#000165916618000198 Filed on July 26, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $1.856B $1.629B
YoY Change 13.95% 10.45%
Cost Of Revenue $771.0M $823.7M
YoY Change -6.4% 5.67%
Gross Profit $830.8M $708.8M
YoY Change 17.21% 1.96%
Gross Profit Margin 44.76% 43.52%
Selling, General & Admin $404.5M $356.9M
YoY Change 13.34% 5.44%
% of Gross Profit 48.69% 50.35%
Research & Development $101.9M $99.10M
YoY Change 2.83% 5.76%
% of Gross Profit 12.27% 13.98%
Depreciation & Amortization $54.20M $37.10M
YoY Change 46.09% 72.56%
% of Gross Profit 6.52% 5.23%
Operating Expenses $506.4M $456.0M
YoY Change 11.05% 5.51%
Operating Profit $324.4M $292.9M
YoY Change 10.75% 11.37%
Interest Expense $23.90M $22.70M
YoY Change 5.29%
% of Operating Profit 7.37% 7.75%
Other Income/Expense, Net -$1.100M
YoY Change
Pretax Income $299.4M $325.6M
YoY Change -8.05% 23.8%
Income Tax $49.20M $85.50M
% Of Pretax Income 16.43% 26.26%
Net Earnings $295.0M $240.1M
YoY Change 22.87% 31.92%
Net Earnings / Revenue 15.89% 14.74%
Basic Earnings Per Share $0.84 $0.69
Diluted Earnings Per Share $0.83 $0.68
COMMON SHARES
Basic Shares Outstanding 349.2M shares 347.2M shares
Diluted Shares Outstanding 355.0M shares 352.2M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.368B $968.0M
YoY Change 144.63%
Cash & Equivalents $2.368B $968.4M
Short-Term Investments
Other Short-Term Assets $305.0M $188.0M
YoY Change 62.23% 113.64%
Inventory $642.3M $560.6M
Prepaid Expenses
Receivables $1.188B $985.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $4.503B $2.702B
YoY Change 66.69% 71.86%
LONG-TERM ASSETS
Property, Plant & Equipment $690.4M $562.8M
YoY Change 22.67% 8.44%
Goodwill $5.082B $4.032B
YoY Change 26.04%
Intangibles $1.231B $729.8M
YoY Change 68.66%
Long-Term Investments
YoY Change
Other Assets $479.5M $440.7M
YoY Change 8.8% 10.45%
Total Long-Term Assets $7.483B $5.765B
YoY Change 29.79% 2.21%
TOTAL ASSETS
Total Short-Term Assets $4.503B $2.702B
Total Long-Term Assets $7.483B $5.765B
Total Assets $11.99B $8.467B
YoY Change 41.56% 17.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $764.0M $649.0M
YoY Change 17.72% 3.67%
Accrued Expenses $735.9M $722.2M
YoY Change 1.9% 16.67%
Deferred Revenue $210.5M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $799.3M
YoY Change
Total Short-Term Liabilities $2.299B $1.371B
YoY Change 67.69% 10.19%
LONG-TERM LIABILITIES
Long-Term Debt $2.927B $3.208B
YoY Change -8.75%
Other Long-Term Liabilities $1.118B $715.2M
YoY Change 56.33% 1.16%
Total Long-Term Liabilities $4.046B $3.923B
YoY Change 3.11% 454.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.299B $1.371B
Total Long-Term Liabilities $4.046B $3.923B
Total Liabilities $6.344B $5.294B
YoY Change 19.84% 170.8%
SHAREHOLDERS EQUITY
Retained Earnings $1.854B $794.2M
YoY Change 133.43%
Common Stock $3.500M $3.500M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.625B $3.170B
YoY Change
Total Liabilities & Shareholders Equity $11.99B $8.467B
YoY Change 41.56% 17.39%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $295.0M $240.1M
YoY Change 22.87% 31.92%
Depreciation, Depletion And Amortization $54.20M $37.10M
YoY Change 46.09% 72.56%
Cash From Operating Activities $341.9M $245.7M
YoY Change 39.15% 38.66%
INVESTING ACTIVITIES
Capital Expenditures -$21.80M -$28.80M
YoY Change -24.31% -201.41%
Acquisitions
YoY Change
Other Investing Activities -$3.400M -$2.400M
YoY Change 41.67% 20.0%
Cash From Investing Activities -$25.20M -$31.20M
YoY Change -19.23% -20.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.073B -80.70M
YoY Change -1429.62% -41.52%
NET CHANGE
Cash From Operating Activities 341.9M 245.7M
Cash From Investing Activities -25.20M -31.20M
Cash From Financing Activities 1.073B -80.70M
Net Change In Cash 1.390B 133.8M
YoY Change 938.64%
FREE CASH FLOW
Cash From Operating Activities $341.9M $245.7M
Capital Expenditures -$21.80M -$28.80M
Free Cash Flow $363.7M $274.5M
YoY Change 32.5% 84.48%

Facts In Submission

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CY2018Q2 us-gaap Preferred Stock Shares Outstanding
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us-gaap Profit Loss
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us-gaap Research And Development Expense
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us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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4700000 shares
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Revenue Recognition Customer Acquisitions
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Contract Costs</font><font style="font-family:inherit;font-size:10pt;"> &#8212; We incur direct incremental costs to obtain certain contracts, typically sales-related commissions. Deferred sales-related commissions are generally not capitalized as the amortization period is one year or less, and we elected to use the practical expedient to expense these sales commissions as incurred.</font></div></div>

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