2019 Q2 Form 10-Q Financial Statement

#000119312519133112 Filed on May 01, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q4
Revenue $1.994B $2.204B $2.013B
YoY Change -7.64% 4.21% 19.4%
Cost Of Revenue $1.301B
YoY Change -0.76%
Gross Profit $903.0M
YoY Change 12.31%
Gross Profit Margin 40.97%
Selling, General & Admin $229.0M $251.0M $249.0M
YoY Change -9.49% 4.58% 0.81%
% of Gross Profit 27.8%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $95.00M $91.00M $92.00M
YoY Change -15.18% -12.5% -22.69%
% of Gross Profit 10.08%
Operating Expenses $1.710B $251.0M $2.306B
YoY Change 575.89% 4.58% 21.3%
Operating Profit $121.0M
YoY Change -3.2%
Interest Expense -$60.00M $72.00M -$61.00M
YoY Change -177.92% -5.26% -18.67%
% of Operating Profit 59.5%
Other Income/Expense, Net
YoY Change
Pretax Income $224.0M $342.0M -$382.0M
YoY Change -37.78% 50.0% 31.72%
Income Tax $66.00M $112.0M -$99.00M
% Of Pretax Income 29.46% 32.75%
Net Earnings $218.0M $174.0M -$329.0M
YoY Change 14.74% 55.36% -193.2%
Net Earnings / Revenue 10.93% 7.89% -16.34%
Basic Earnings Per Share $0.33 $0.35 -$0.66
Diluted Earnings Per Share $330.3K $0.34 -$0.66
COMMON SHARES
Basic Shares Outstanding 503.3M 501.2M 500.8M
Diluted Shares Outstanding 508.6M 500.8M

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $1.938B $2.221B $2.177B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $60.00M $60.00M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $74.77B $72.00B $65.37B
YoY Change 5.83% 0.63% -10.6%
Other Assets $383.0M $573.0M $5.751B
YoY Change -36.27% -4.82% 1041.07%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $104.3B $102.2B $100.9B
YoY Change 1.78% -1.53% -4.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $63.00M $63.00M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $63.00M $63.00M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $4.355B $4.346B $4.018B
YoY Change -0.68% -13.01% -12.16%
Other Long-Term Liabilities $2.438B $2.350B $4.379B
YoY Change -7.41% -6.15% 68.88%
Total Long-Term Liabilities $6.793B $6.696B $8.397B
YoY Change -3.21% -10.72% 17.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $63.00M $63.00M
Total Long-Term Liabilities $6.793B $6.696B $8.397B
Total Liabilities $90.55B $87.31B $86.73B
YoY Change 3.21% -1.81% -3.6%
SHAREHOLDERS EQUITY
Retained Earnings $1.292B $1.118B
YoY Change 16.29% 0.45%
Common Stock $1.000M $1.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.700B $2.700B
YoY Change 0.0% 0.0%
Treasury Stock Shares $88.00M $88.00M
Shareholders Equity $13.76B $13.07B $12.45B
YoY Change
Total Liabilities & Shareholders Equity $104.3B $102.2B $100.9B
YoY Change 1.78% -1.53% -4.15%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q4
OPERATING ACTIVITIES
Net Income $218.0M $174.0M -$329.0M
YoY Change 14.74% 55.36% -193.2%
Depreciation, Depletion And Amortization $95.00M $91.00M $92.00M
YoY Change -15.18% -12.5% -22.69%
Cash From Operating Activities $661.0M $134.0M $660.0M
YoY Change 46.24% 22.94% 6.11%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$628.0M -$17.00M -$691.0M
YoY Change 1925.81% -83.65% 753.09%
Cash From Investing Activities -$628.0M $277.0M -$691.0M
YoY Change 1925.81% -265.87% 753.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -320.0M -375.0M -271.0M
YoY Change -67.68% -897.87% -45.58%
NET CHANGE
Cash From Operating Activities 661.0M 134.0M 660.0M
Cash From Investing Activities -628.0M 277.0M -691.0M
Cash From Financing Activities -320.0M -375.0M -271.0M
Net Change In Cash -287.0M 44.00M -302.0M
YoY Change -49.56% -237.5% -802.33%
FREE CASH FLOW
Cash From Operating Activities $661.0M $134.0M $660.0M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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We are in process of evaluating the new guidance and the impact it will have on our </div>condensed&#160;<div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">consolidated financial statements. </div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 12pt;text-indent: 0.79in;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In August 2018, the FASB issued new accounting guidance related to disclosure requirements for defined benefit plans as part of its disclosure framework project. The guidance adds, eliminates and modifies certain disclosure requirements for defined benefit pension and other postretirement benefit plans. The guidance is currently effective for us on January&#160;1, 2020 using the retrospective method, with early adoption permitted. We do not expect any significant impact from this guidance on our </div>condensed&#160;<div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">consolidated financial statements and disclosures. </div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 12pt;text-indent: 0.79in;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In August 2018, the FASB issued new accounting guidance related to fair value disclosure requirements as part of its disclosure framework project. The guidance adds, eliminates and modifies certain disclosure requirements for fair value measurements. The guidance includes new disclosure requirements related to the change in unrealized gains and losses included in other comprehensive income (loss) for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted-average of significant unobservable inputs used to develop Level 3 fair value measurements. The guidance is currently effective for us on January&#160;1, 2020 using the prospective method for certain disclosures and the retrospective method for all other disclosures. Early adoption of either the entire standard or only the provisions that eliminate or modify the requirements is permitted. We are in process of evaluating the impact the guidance may have on our&#160;</div>condensed<div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> consolidated financial statements and disclosures. </div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 12pt;text-indent: 0.79in;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In June 2016, the FASB issued new accounting guidance related to accounting for credit losses on financial instruments. The guidance requires that entities recognize an allowance equal to its estimate of lifetime expected credit losses and applies to most debt instruments not measured at fair value, which would primarily include our commercial mortgage loans and reinsurance receivables. The new guidance retains most of the existing impairment guidance for available-for-sale debt securities but amends the presentation of credit losses to be presented as an allowance as opposed to a write-down and permits the reversal of credit losses when reassessing changes in the credit losses each reporting period. The new guidance is effective for us on January&#160;1, 2020, with early adoption permitted beginning January&#160;1, 2019. Upon adoption, the modified retrospective method will be used and a cumulative effect adjustment in retained earnings as of the beginning of the year of adoption will be recorded. 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