2018 Q2 Form 10-Q Financial Statement

#000004288818000029 Filed on April 25, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2018 Q1 2017 Q1
Revenue $424.6M $406.3M $340.6M
YoY Change 11.88% 19.31% 11.7%
Cost Of Revenue $194.7M $183.9M $154.7M
YoY Change 11.26% 18.86% 8.13%
Gross Profit $229.9M $222.4M $185.8M
YoY Change 12.42% 19.68% 14.86%
Gross Profit Margin 54.15% 54.74% 54.57%
Selling, General & Admin $100.4M $95.44M $84.15M
YoY Change 12.27% 13.41% -2.33%
% of Gross Profit 43.68% 42.91% 45.28%
Research & Development $16.11M $15.29M $14.26M
YoY Change 9.89% 7.22% -2.91%
% of Gross Profit 7.01% 6.87% 7.67%
Depreciation & Amortization $11.10M $12.65M $11.09M
YoY Change -1.77% 14.03% -7.63%
% of Gross Profit 4.83% 5.69% 5.97%
Operating Expenses $116.5M $110.7M $98.41M
YoY Change 11.94% 12.51% -2.42%
Operating Profit $113.4M $111.7M $87.44M
YoY Change 12.92% 27.75% 43.46%
Interest Expense $3.891M $3.233M $4.055M
YoY Change -6.33% -20.27% -9.75%
% of Operating Profit 3.43% 2.89% 4.64%
Other Income/Expense, Net -$4.251M -$1.035M -$1.805M
YoY Change 551.99% -42.66% -257.5%
Pretax Income $105.2M $107.4M $81.58M
YoY Change 10.07% 31.69% 41.62%
Income Tax $16.10M $21.92M $20.84M
% Of Pretax Income 15.3% 20.4% 25.55%
Net Earnings $89.14M $85.51M $60.73M
YoY Change 11.67% 40.8% 53.55%
Net Earnings / Revenue 21.0% 21.04% 17.83%
Basic Earnings Per Share $0.53 $0.51 $0.36
Diluted Earnings Per Share $0.51 $0.49 $0.35
COMMON SHARES
Basic Shares Outstanding 167.6M shares 169.4M shares 56.00M shares
Diluted Shares Outstanding 173.3M shares 175.6M shares 173.1M shares

Balance Sheet

Concept 2018 Q2 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $109.9M $113.8M $76.60M
YoY Change 45.76% 48.56% 109.86%
Cash & Equivalents $109.9M $113.8M $76.57M
Short-Term Investments
Other Short-Term Assets $36.76M $42.96M $20.74M
YoY Change 60.38% 107.15% -1.21%
Inventory $271.7M $267.3M $214.9M
Prepaid Expenses
Receivables $290.9M $292.1M $244.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $709.3M $716.2M $556.6M
YoY Change 22.35% 28.67% 12.26%
LONG-TERM ASSETS
Property, Plant & Equipment $215.0M $207.7M $191.9M
YoY Change 11.05% 8.19% 4.2%
Goodwill $294.3M $298.1M $269.3M
YoY Change 7.78% 10.68% -35.79%
Intangibles $174.2M $186.8M $182.8M
YoY Change -5.26% 2.18% -26.52%
Long-Term Investments
YoY Change
Other Assets $31.45M $30.59M $25.91M
YoY Change 21.22% 18.07% 7.96%
Total Long-Term Assets $763.7M $775.3M $757.2M
YoY Change 0.21% 2.39% -19.03%
TOTAL ASSETS
Total Short-Term Assets $709.3M $716.2M $556.6M
Total Long-Term Assets $763.7M $775.3M $757.2M
Total Assets $1.473B $1.492B $1.314B
YoY Change 9.78% 13.52% -8.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $54.81M $60.10M $43.91M
YoY Change 23.32% 36.87% 8.87%
Accrued Expenses $73.50M $60.90M $48.00M
YoY Change 17.6% 26.88% -1.23%
Deferred Revenue
YoY Change
Short-Term Debt $6.500M $11.90M $9.400M
YoY Change -41.44% 26.6% -35.17%
Long-Term Debt Due $75.00M
YoY Change
Total Short-Term Liabilities $267.5M $280.6M $253.7M
YoY Change 1.3% 10.61% 56.84%
LONG-TERM LIABILITIES
Long-Term Debt $297.3M $285.2M $302.7M
YoY Change 25.96% -5.77% -33.87%
Other Long-Term Liabilities $4.400M $5.481M $8.697M
YoY Change -48.82% -36.98% -0.38%
Total Long-Term Liabilities $301.7M $290.7M $311.4M
YoY Change 23.34% -6.64% -33.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $267.5M $280.6M $253.7M
Total Long-Term Liabilities $301.7M $290.7M $311.4M
Total Liabilities $569.2M $571.3M $565.1M
YoY Change 11.9% 1.11% -10.04%
SHAREHOLDERS EQUITY
Retained Earnings $185.4M $176.5M $165.0M
YoY Change -17.53% 7.0% -37.72%
Common Stock $672.5M $683.7M $536.7M
YoY Change 22.42% 27.39% 12.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $711.8M $727.2M $567.0M
YoY Change
Total Liabilities & Shareholders Equity $1.473B $1.492B $1.314B
YoY Change 9.78% 13.52% -8.19%

Cashflow Statement

Concept 2018 Q2 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $89.14M $85.51M $60.73M
YoY Change 11.67% 40.8% 53.55%
Depreciation, Depletion And Amortization $11.10M $12.65M $11.09M
YoY Change -1.77% 14.03% -7.63%
Cash From Operating Activities $112.0M $58.75M $50.22M
YoY Change 30.99% 16.98% 73.92%
INVESTING ACTIVITIES
Capital Expenditures -$18.40M $8.961M $8.200M
YoY Change 119.05% 9.28% -37.5%
Acquisitions $10.88M $9.968M
YoY Change 9.15% -79.61%
Other Investing Activities $300.0K -$5.000K $62.00K
YoY Change -175.0% -108.06% -119.38%
Cash From Investing Activities -$18.20M -$19.84M -$17.59M
YoY Change 106.82% 12.76% -71.07%
FINANCING ACTIVITIES
Cash Dividend Paid $22.45M $20.12M
YoY Change 11.57% 9.74%
Common Stock Issuance & Retirement, Net $67.40M $60.03M
YoY Change 12.28% 114.87%
Debt Paid & Issued, Net $58.83M $119.2M
YoY Change -50.63% -49.02%
Cash From Financing Activities -99.30M -$28.16M -$7.920M
YoY Change 24.91% 255.57% -145.93%
NET CHANGE
Cash From Operating Activities 112.0M $58.75M $50.22M
Cash From Investing Activities -18.20M -$19.84M -$17.59M
Cash From Financing Activities -99.30M -$28.16M -$7.920M
Net Change In Cash -5.500M $10.15M $24.71M
YoY Change 96.43% -58.93% -268.28%
FREE CASH FLOW
Cash From Operating Activities $112.0M $58.75M $50.22M
Capital Expenditures -$18.40M $8.961M $8.200M
Free Cash Flow $130.4M $49.79M $42.02M
YoY Change 38.87% 18.48% 166.7%

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CY2018Q1 us-gaap Noncurrent Assets
NoncurrentAssets
207676000 USD
CY2018Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
87435000 USD
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
111696000 USD
CY2018Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
150287000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
6017000 USD
CY2018Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
5481000 USD
CY2017Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1805000 USD
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1035000 USD
CY2017Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
62000 USD
CY2018Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-5000 USD
CY2017Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
90160000 USD
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
31628000 USD
CY2018Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
35478000 USD
CY2017Q4 us-gaap Other Assets Current
OtherAssetsCurrent
34247000 USD
CY2018Q1 us-gaap Other Assets Current
OtherAssetsCurrent
42960000 USD
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
30220000 USD
CY2018Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
30587000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
6318000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
8746000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
6318000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
8746000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
7552000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
10171000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-2000000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-1826000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
-766000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
-401000 USD
CY2017Q4 us-gaap Other Employee Related Liabilities Current
OtherEmployeeRelatedLiabilitiesCurrent
10053000 USD
CY2018Q1 us-gaap Other Employee Related Liabilities Current
OtherEmployeeRelatedLiabilitiesCurrent
2314000 USD
CY2017Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
112368000 USD
CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
84719000 USD
CY2017Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
20118000 USD
CY2018Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
22445000 USD
CY2017Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
9968000 USD
CY2018Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
10880000 USD
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8200000 USD
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8961000 USD
CY2017Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
172411000 USD
CY2018Q1 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
175349000 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
30127000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
17316000 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
191120000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
115465000 USD
CY2017Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
261000 USD
CY2018Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
5050000 USD
CY2017Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
10535000 USD
CY2018Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
11108000 USD
CY2018Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
2483000 USD
CY2018Q1 us-gaap Product Warranty Expense
ProductWarrantyExpense
2003000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
204298000 USD
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
207676000 USD
CY2017Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
266080000 USD
CY2018Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
292144000 USD
CY2017Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
1234000 USD
CY2018Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
1425000 USD
CY2017Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
119150000 USD
CY2018Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
58828000 USD
CY2017Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
14259000 USD
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
15289000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
181599000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
176524000 USD
CY2017 us-gaap Revenue Recognition Sales Returns Reserve For Sales Returns
RevenueRecognitionSalesReturnsReserveForSalesReturns
9700000 USD
CY2017Q1 us-gaap Sales Revenue Net
SalesRevenueNet
340590000 USD
CY2018Q1 us-gaap Sales Revenue Net
SalesRevenueNet
406348000 USD
CY2017Q4 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
7956000 USD
CY2018Q1 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
7780000 USD
CY2017Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
54389000 USD
CY2018Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
62522000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
5477000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
6622000 USD
CY2017Q4 us-gaap Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
6578000 USD
CY2018Q1 us-gaap Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
11931000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
723063000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
727179000 USD
CY2017Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
5833000 shares
CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
6576000 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
173137000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
175649000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
167304000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
169073000 shares
CY2018Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:13px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In February 2016, FASB issued a final standard on leases contained in Accounting Standards Codification Topic 842 (&#8220;ASC 842&#8221;). The new standard is effective for the Company in the first quarter of 2019 and requires most leases to be recorded on the balance sheet. The Company plans to adopt the new accounting standard using the modified retrospective transition approach and will elect to use the package of practical expedients. The modified retrospective transition approach will recognize any changes from the beginning of the year of initial application through retained earnings with no restatement of comparative periods. </font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">We have established an implementation team that has started the process of gathering and analyzing our lease contracts. Based on preliminary results of the process, which has not been completed, nothing has come to our attention that would indicate that adoption of the new standard will have a material impact on our earnings or shareholders equity. We expect that the recording of right-of-use assets and associated lease liabilities will be material to our consolidated balance sheet; however, we are unable to determine an amount at this time. </font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">We are in the process of evaluating changes to our business processes, systems and controls needed to support recognition and disclosure under the new standard. Further, we are continuing to assess any incremental disclosures that will be required in our consolidated financial statements.</font></div></div>

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