2019 Q2 Form 10-Q Financial Statement

#000004288819000016 Filed on April 24, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q1
Revenue $428.3M $404.9M $406.3M
YoY Change 0.89% -0.36% 19.31%
Cost Of Revenue $201.4M $188.8M $183.9M
YoY Change 3.45% 2.66% 18.86%
Gross Profit $227.0M $216.0M $222.4M
YoY Change -1.28% -2.87% 19.68%
Gross Profit Margin 52.99% 53.36% 54.74%
Selling, General & Admin $97.27M $94.95M $95.44M
YoY Change -3.13% -0.51% 13.41%
% of Gross Profit 42.86% 43.95% 42.91%
Research & Development $17.32M $16.57M $15.29M
YoY Change 7.52% 8.37% 7.22%
% of Gross Profit 7.63% 7.67% 6.87%
Depreciation & Amortization $12.10M $12.01M $12.65M
YoY Change 9.01% -5.04% 14.03%
% of Gross Profit 5.33% 5.56% 5.69%
Operating Expenses $114.6M $111.5M $110.7M
YoY Change -1.66% 0.71% 12.51%
Operating Profit $112.4M $104.5M $111.7M
YoY Change -0.9% -6.42% 27.75%
Interest Expense $3.431M $3.535M $3.233M
YoY Change -11.82% 9.34% -20.27%
% of Operating Profit 3.05% 3.38% 2.89%
Other Income/Expense, Net -$1.119M -$269.0K -$1.035M
YoY Change -73.68% -74.01% -42.66%
Pretax Income $107.8M $100.7M $107.4M
YoY Change 2.45% -6.24% 31.69%
Income Tax $19.67M $13.97M $21.92M
% Of Pretax Income 18.25% 13.87% 20.4%
Net Earnings $88.14M $86.75M $85.51M
YoY Change -1.13% 1.45% 40.8%
Net Earnings / Revenue 20.58% 21.43% 21.04%
Basic Earnings Per Share $0.53 $0.52 $0.51
Diluted Earnings Per Share $0.51 $0.51 $0.49
COMMON SHARES
Basic Shares Outstanding 166.5M shares 165.3M shares 169.4M shares
Diluted Shares Outstanding 172.0M shares 170.9M shares 175.6M shares

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $180.9M $119.7M $113.8M
YoY Change 64.6% 5.18% 48.56%
Cash & Equivalents $180.9M $119.7M $113.8M
Short-Term Investments
Other Short-Term Assets $29.46M $27.29M $42.96M
YoY Change -19.86% -36.47% 107.15%
Inventory $297.5M $297.5M $267.3M
Prepaid Expenses
Receivables $291.0M $289.0M $292.1M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $798.9M $733.5M $716.2M
YoY Change 12.63% 2.41% 28.67%
LONG-TERM ASSETS
Property, Plant & Equipment $286.5M $256.8M $207.7M
YoY Change 33.27% 23.64% 8.19%
Goodwill $296.3M $295.1M $298.1M
YoY Change 0.66% -0.99% 10.68%
Intangibles $163.6M $166.6M $186.8M
YoY Change -6.11% -10.82% 2.18%
Long-Term Investments
YoY Change
Other Assets $30.44M $29.92M $30.59M
YoY Change -3.23% -2.18% 18.07%
Total Long-Term Assets $841.7M $815.5M $775.3M
YoY Change 10.21% 5.19% 2.39%
TOTAL ASSETS
Total Short-Term Assets $798.9M $733.5M $716.2M
Total Long-Term Assets $841.7M $815.5M $775.3M
Total Assets $1.641B $1.549B $1.492B
YoY Change 11.38% 3.86% 13.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $61.96M $67.28M $60.10M
YoY Change 13.03% 11.95% 36.87%
Accrued Expenses $82.50M $75.90M $60.90M
YoY Change 12.24% 24.63% 26.88%
Deferred Revenue $41.51M $39.92M
YoY Change
Short-Term Debt $7.300M $7.600M $11.90M
YoY Change 12.31% -36.13% 26.6%
Long-Term Debt Due $75.00M $75.00M
YoY Change
Total Short-Term Liabilities $359.6M $354.0M $280.6M
YoY Change 34.42% 26.16% 10.61%
LONG-TERM LIABILITIES
Long-Term Debt $179.1M $173.7M $285.2M
YoY Change -39.76% -39.08% -5.77%
Other Long-Term Liabilities $0.00 $0.00 $5.481M
YoY Change -100.0% -100.0% -36.98%
Total Long-Term Liabilities $179.1M $173.7M $290.7M
YoY Change -40.64% -40.23% -6.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $359.6M $354.0M $280.6M
Total Long-Term Liabilities $179.1M $173.7M $290.7M
Total Liabilities $538.7M $527.8M $571.3M
YoY Change -5.36% -7.62% 1.11%
SHAREHOLDERS EQUITY
Retained Earnings $342.3M $281.0M $176.5M
YoY Change 84.63% 59.21% 7.0%
Common Stock $723.0M $705.4M $683.7M
YoY Change 7.51% 3.17% 27.39%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $926.0M $844.4M $727.2M
YoY Change
Total Liabilities & Shareholders Equity $1.641B $1.549B $1.492B
YoY Change 11.38% 3.86% 13.52%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $88.14M $86.75M $85.51M
YoY Change -1.13% 1.45% 40.8%
Depreciation, Depletion And Amortization $12.10M $12.01M $12.65M
YoY Change 9.01% -5.04% 14.03%
Cash From Operating Activities $113.3M $50.55M $58.75M
YoY Change 1.16% -13.97% 16.98%
INVESTING ACTIVITIES
Capital Expenditures -$39.80M $30.43M $8.961M
YoY Change 116.3% 239.62% 9.28%
Acquisitions $5.353M $10.88M
YoY Change -50.8% 9.15%
Other Investing Activities -$1.300M $367.0K -$5.000K
YoY Change -533.33% -7440.0% -108.06%
Cash From Investing Activities -$41.00M -$36.15M -$19.84M
YoY Change 125.27% 82.26% 12.76%
FINANCING ACTIVITIES
Cash Dividend Paid $26.44M $22.45M
YoY Change 17.79% 11.57%
Common Stock Issuance & Retirement, Net -$22.41M $67.40M
YoY Change -133.25% 12.28%
Debt Paid & Issued, Net $34.54M $58.83M
YoY Change -41.29% -50.63%
Cash From Financing Activities -11.70M -$27.38M -$28.16M
YoY Change -88.22% -2.79% 255.57%
NET CHANGE
Cash From Operating Activities 113.3M $50.55M $58.75M
Cash From Investing Activities -41.00M -$36.15M -$19.84M
Cash From Financing Activities -11.70M -$27.38M -$28.16M
Net Change In Cash 60.60M -$12.41M $10.15M
YoY Change -1201.82% -222.25% -58.93%
FREE CASH FLOW
Cash From Operating Activities $113.3M $50.55M $58.75M
Capital Expenditures -$39.80M $30.43M $8.961M
Free Cash Flow $153.1M $20.11M $49.79M
YoY Change 17.41% -59.61% 18.48%

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1169000 USD
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111696000 USD
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104527000 USD
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2800000 USD
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0 USD
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0 USD
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2700000 USD
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0 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
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33726000 USD
CY2018Q4 us-gaap Operating Lease Right Of Use Asset
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35000000 USD
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0.042
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y0M
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
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38280000 USD
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3721000 USD
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5102000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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6745000 USD
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8759000 USD
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2340000 USD
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-1826000 USD
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-2127000 USD
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-401000 USD
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4700000 USD
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0 USD
CY2018Q1 us-gaap Other Nonoperating Income Expense
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-1035000 USD
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15289000 USD
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0 USD
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5353000 USD
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8961000 USD
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2018Q4 us-gaap Product Warranty Accrual
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2998000 USD
CY2019Q1 us-gaap Product Warranty Expense
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2429000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
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CY2019Q1 us-gaap Property Plant And Equipment Net
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256776000 USD
CY2018Q4 us-gaap Receivables Net Current
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274608000 USD
CY2019Q1 us-gaap Receivables Net Current
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289047000 USD
CY2018Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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1425000 USD
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1657000 USD
CY2018Q1 us-gaap Repayments Of Long Term Debt
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58828000 USD
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34540000 USD
CY2018Q1 us-gaap Restricted Cash And Cash Equivalents
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9221000 USD
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0 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
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220734000 USD
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281038000 USD
CY2018Q1 us-gaap Revenues
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CY2019Q1 us-gaap Revenues
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404870000 USD
CY2018Q4 us-gaap Self Insurance Reserve Current
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7870000 USD
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7795000 USD
CY2018Q1 us-gaap Selling And Marketing Expense
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62522000 USD
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CY2018Q1 us-gaap Share Based Compensation
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6622000 USD
CY2019Q1 us-gaap Share Based Compensation
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7221000 USD
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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7312000 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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8029000 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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20.17
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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22.74
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
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10000 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
30.25
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1200000 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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12270000 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
12645000 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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24.67
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
27.41
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
12.75
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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45.55
CY2018Q4 us-gaap Short Term Bank Loans And Notes Payable
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11083000 USD
CY2019Q1 us-gaap Short Term Bank Loans And Notes Payable
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7557000 USD
CY2019Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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815000 shares
CY2018Q1 us-gaap Stock Issued During Period Value New Issues
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18088000 USD
CY2019Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
23579000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-772000 USD
CY2018Q1 us-gaap Stock Repurchased During Period Value
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91513000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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723063000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
727179000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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751873000 USD
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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844438000 USD
CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
6576000 shares
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
5243000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
175649000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
170859000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
169073000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
165616000 shares

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