2019 Q1 Form 10-Q Financial Statement

#000010488919000019 Filed on May 01, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $692.2M $659.4M
YoY Change 4.97% 13.17%
Cost Of Revenue $477.2M $365.2M
YoY Change 30.67% 12.13%
Gross Profit $215.0M $294.3M
YoY Change -26.95% 14.51%
Gross Profit Margin 31.06% 44.63%
Selling, General & Admin $148.4M $225.0M
YoY Change -34.06% -0.11%
% of Gross Profit 69.02% 76.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.58M $25.03M
YoY Change 6.22% 16.47%
% of Gross Profit 12.36% 8.5%
Operating Expenses $175.0M $225.0M
YoY Change -22.24% -0.11%
Operating Profit $40.00M $44.21M
YoY Change -9.52% 331.23%
Interest Expense $7.425M $8.071M
YoY Change -8.0% -0.71%
% of Operating Profit 18.56% 18.25%
Other Income/Expense, Net $29.35M $9.187M
YoY Change 219.48% 982.1%
Pretax Income $109.3M $56.57M
YoY Change 93.23% 137.81%
Income Tax $27.60M $13.60M
% Of Pretax Income 25.25% 24.04%
Net Earnings $81.75M $42.89M
YoY Change 90.59% 103.41%
Net Earnings / Revenue 11.81% 6.5%
Basic Earnings Per Share $15.38 $7.84
Diluted Earnings Per Share $15.26 $7.78
COMMON SHARES
Basic Shares Outstanding 5.284M shares 5.436M shares
Diluted Shares Outstanding 5.326M shares 5.473M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $698.8M $807.2M
YoY Change -13.43% -25.9%
Cash & Equivalents $170.9M $315.8M
Short-Term Investments $527.9M $491.4M
Other Short-Term Assets $77.13M $72.60M
YoY Change 6.24% 5.64%
Inventory $107.3M $66.90M
Prepaid Expenses
Receivables $503.8M $499.2M
Other Receivables $50.40M $46.70M
Total Short-Term Assets $1.478B $1.521B
YoY Change -2.89% -13.55%
LONG-TERM ASSETS
Property, Plant & Equipment $319.4M $258.7M
YoY Change 23.47% 6.31%
Goodwill $1.340B $1.301B
YoY Change 2.95% 10.35%
Intangibles
YoY Change
Long-Term Investments $140.1M $131.9M
YoY Change 6.22% 118.74%
Other Assets $129.3M $123.6M
YoY Change 4.58% 67.54%
Total Long-Term Assets $3.720B $3.240B
YoY Change 14.82% 21.96%
TOTAL ASSETS
Total Short-Term Assets $1.478B $1.521B
Total Long-Term Assets $3.720B $3.240B
Total Assets $5.197B $4.761B
YoY Change 9.16% 7.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $422.4M $435.5M
YoY Change -3.01% -2.07%
Accrued Expenses $82.40M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $9.600M $406.7M
YoY Change -97.64% 6459.68%
Total Short-Term Liabilities $829.8M $1.153B
YoY Change -28.01% 47.96%
LONG-TERM LIABILITIES
Long-Term Debt $500.2M $91.08M
YoY Change 449.24% -81.31%
Other Long-Term Liabilities $17.40M $63.71M
YoY Change -72.69% -6.1%
Total Long-Term Liabilities $517.6M $154.8M
YoY Change 234.41% -72.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $829.8M $1.153B
Total Long-Term Liabilities $517.6M $154.8M
Total Liabilities $2.194B $1.871B
YoY Change 17.23% -3.31%
SHAREHOLDERS EQUITY
Retained Earnings $6.303B $5.799B
YoY Change 8.7% 3.62%
Common Stock $20.00M $20.00M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.918B $3.882B
YoY Change 0.94% 3.42%
Treasury Stock Shares
Shareholders Equity $2.994B $2.885B
YoY Change
Total Liabilities & Shareholders Equity $5.197B $4.761B
YoY Change 9.16% 7.81%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $81.75M $42.89M
YoY Change 90.59% 103.41%
Depreciation, Depletion And Amortization $26.58M $25.03M
YoY Change 6.22% 16.47%
Cash From Operating Activities -$37.92M $18.95M
YoY Change -300.11% -79.38%
INVESTING ACTIVITIES
Capital Expenditures $28.25M $17.51M
YoY Change 61.38% 11.76%
Acquisitions $83.72M $2.619M
YoY Change 3096.68% -96.93%
Other Investing Activities -$45.60M $6.000M
YoY Change -860.0% -107.12%
Cash From Investing Activities -$73.88M -$11.53M
YoY Change 540.75% -88.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $79.00M
YoY Change -100.0% 19900.25%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $37.03M -$90.97M
YoY Change -140.71% 848.72%
NET CHANGE
Cash From Operating Activities -$37.92M $18.95M
Cash From Investing Activities -$73.88M -$11.53M
Cash From Financing Activities $37.03M -$90.97M
Net Change In Cash -$72.99M -$79.38M
YoY Change -8.05% 489.14%
FREE CASH FLOW
Cash From Operating Activities -$37.92M $18.95M
Capital Expenditures $28.25M $17.51M
Free Cash Flow -$66.17M $1.445M
YoY Change -4679.52% -98.1%

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CY2019Q1 us-gaap Equity Securities Fv Ni Cost
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CY2019Q1 us-gaap Equity Securities Fv Ni Gain Loss
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24066000 USD
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CY2019Q1 us-gaap Equity Securities Fv Ni Realized Gain Loss
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2982000 USD
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CY2019Q1 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
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21084000 USD
CY2018Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
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CY2019Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
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190405000 USD
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54000000 USD
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38000000 USD
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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30000000 USD
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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37000000 USD
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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43000000 USD
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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48000000 USD
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CY2019Q1 us-gaap Finite Lived Intangible Assets Gross
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440661000 USD
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177000 USD
CY2019Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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514000 USD
CY2018Q1 us-gaap Gain Loss On Disposition Of Assets1
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8739000 USD
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29204000 USD
CY2018Q1 us-gaap Gain Loss On Sale Of Business
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5907000 USD
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189000 USD
CY2018Q4 us-gaap Goodwill
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CY2019Q1 us-gaap Goodwill
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33062000 USD
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9048000 USD
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1644164000 USD
CY2019Q1 us-gaap Goodwill Gross
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346452000 USD
CY2019Q1 us-gaap Goodwill Impaired Accumulated Impairment Loss
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346452000 USD
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56565000 USD
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109302000 USD
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2579000 USD
CY2019Q1 us-gaap Income Loss From Equity Method Investments
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1679000 USD
CY2018Q1 us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
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2115000 USD
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CY2018Q1 us-gaap Income Tax Expense Benefit
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13600000 USD
CY2019Q1 us-gaap Income Tax Expense Benefit
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27600000 USD
CY2018Q4 us-gaap Income Taxes Receivable
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19166000 USD
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2591000 USD
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-84663000 USD
CY2018Q1 us-gaap Increase Decrease In Accounts Receivable
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CY2019Q1 us-gaap Increase Decrease In Accounts Receivable
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CY2018Q1 us-gaap Increase Decrease In Income Taxes
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18718000 USD
CY2019Q1 us-gaap Increase Decrease In Income Taxes
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17964000 USD
CY2018Q1 us-gaap Increase Decrease In Inventories
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5429000 USD
CY2019Q1 us-gaap Increase Decrease In Inventories
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8807000 USD
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35757000 USD
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45327000 USD
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99052000 USD
CY2019Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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128557000 USD
CY2018Q1 us-gaap Interest Expense
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8071000 USD
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-5700000 USD
CY2019Q1 us-gaap Interest Income Expense Net
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17861000 USD
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58520000 USD
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2735000 USD
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1745000 USD
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35178000 USD
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11633000 USD
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69477000 USD
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107344000 USD
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37248000 USD
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11901000 USD
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1700000 USD
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143813000 USD
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140127000 USD
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CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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57865000 USD
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73800000 USD
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60744000 USD
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CY2019Q1 us-gaap Liabilities
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2193832000 USD
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4764041000 USD
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28500000 USD
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9700000 USD
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5938000 USD
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550000 USD
CY2018Q4 us-gaap Money Market Funds At Carrying Value
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73000 USD
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16000 USD
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42596000 USD
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81283000 USD
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0 USD
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25010000 USD
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CY2019Q1 us-gaap Operating Lease Liability Current
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CY2019Q1 us-gaap Operating Lease Liability Noncurrent
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331520000 USD
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CY2019Q1 us-gaap Operating Lease Right Of Use Asset
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P6Y9M18D
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11564000 USD
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10033000 USD
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76000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
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10509000 USD
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7671000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
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236000 USD
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10812000 USD
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8290000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
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1367000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
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548000 USD
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1291000 USD
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1895000 USD
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17401000 USD
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258000 USD
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29351000 USD
CY2018Q1 us-gaap Other Operating Activities Cash Flow Statement
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404000 USD
CY2019Q1 us-gaap Other Operating Activities Cash Flow Statement
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380000 USD
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44259000 USD
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47864000 USD
CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
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79001000 USD
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0 USD
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7319000 USD
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7391000 USD
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2619000 USD
CY2019Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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83721000 USD
CY2018Q1 us-gaap Payments To Acquire Marketable Securities
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0 USD
CY2018Q1 us-gaap Payments To Acquire Marketable Securities
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0 USD
CY2019Q1 us-gaap Payments To Acquire Marketable Securities
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7499000 USD
CY2019Q1 us-gaap Payments To Acquire Marketable Securities
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7500000 USD
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
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17506000 USD
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
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28252000 USD
CY2018Q4 us-gaap Preferred Stock Value
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0 USD
CY2019Q1 us-gaap Preferred Stock Value
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0 USD
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1402000 USD
CY2019Q1 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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615000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Long Term Debt
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0 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Long Term Debt
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30000000 USD
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0 USD
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6000000 USD
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-4653000 USD
CY2019Q1 us-gaap Proceeds From Payments For Other Financing Activities
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-1104000 USD
CY2018Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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50500000 USD
CY2019Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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17200000 USD
CY2018Q1 us-gaap Proceeds From Sale Of Available For Sale Securities Equity
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49635000 USD
CY2019Q1 us-gaap Proceeds From Sale Of Available For Sale Securities Equity
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17162000 USD
CY2018Q1 us-gaap Profit Loss
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42965000 USD
CY2019Q1 us-gaap Profit Loss
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81702000 USD
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293085000 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
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319408000 USD
CY2018Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
5800000 USD
CY2019Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
200000 USD
CY2017Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
4607000 USD
CY2018Q1 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
4680000 USD
CY2018Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
4346000 USD
CY2019Q1 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
3866000 USD
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
10859000 USD
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
20243000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
6236125000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
6303094000 USD
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
659436000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
692199000 USD
CY2018Q1 us-gaap Revenues
Revenues
659436000 USD
CY2019Q1 us-gaap Revenues
Revenues
692199000 USD
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
30410000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2111000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1611000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-70000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-28000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
2916782000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
2993598000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2915145000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2884388000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2916782000 USD
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2999536000 USD
CY2019Q1 us-gaap Sublease Income
SubleaseIncome
4652000 USD
CY2018Q1 us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
73000 USD
CY2019Q1 us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
16000 USD
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
3922009000 USD
CY2019Q1 us-gaap Treasury Stock Value
TreasuryStockValue
3918254000 USD
CY2018Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
79001000 USD
CY2018Q1 us-gaap Undistributed Earnings
UndistributedEarnings
28253000 USD
CY2019Q1 us-gaap Undistributed Earnings
UndistributedEarnings
66969000 USD
CY2018Q1 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-14102000 USD
CY2019Q1 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
25357000 USD
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
4356000 USD
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5473000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5326000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5436000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5284000 shares
CY2019Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:110%;padding-bottom:12px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Use of Estimates in the Preparation of the Condensed Consolidated Financial Statements</font><font style="font-family:Arial;font-size:10pt;"> &#8211; The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and judgments that affect the amounts reported herein. Management bases its estimates and assumptions on historical experience and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in those estimates.</font></div></div>

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