2018 Q1 Form 10-Q Financial Statement

#000112336018000016 Filed on May 03, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $795.0M $919.8M
YoY Change -13.57% 46.87%
Cost Of Revenue $252.4M $455.9M
YoY Change -44.64% 83.71%
Gross Profit $542.6M $463.8M
YoY Change 16.98% 22.68%
Gross Profit Margin 68.25% 50.43%
Selling, General & Admin $386.4M $358.9M
YoY Change 7.68% 26.58%
% of Gross Profit 71.22% 77.37%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $121.7M $109.0M
YoY Change 11.66% 177.35%
% of Gross Profit 22.44% 23.51%
Operating Expenses $386.4M $358.9M
YoY Change 7.68% 26.58%
Operating Profit $156.2M $105.0M
YoY Change 48.78% 10.99%
Interest Expense -$33.60M -$39.70M
YoY Change -15.37% 225.41%
% of Operating Profit -21.52% -37.82%
Other Income/Expense, Net -$33.91M -$39.69M
YoY Change -14.56% 236.56%
Pretax Income $122.3M $65.28M
YoY Change 87.28% -21.14%
Income Tax $24.67M $12.32M
% Of Pretax Income 20.18% 18.87%
Net Earnings $91.40M $48.81M
YoY Change 87.24% -18.52%
Net Earnings / Revenue 11.5% 5.31%
Basic Earnings Per Share $0.57 $0.32
Diluted Earnings Per Share $0.57 $0.32
COMMON SHARES
Basic Shares Outstanding 159.3M shares 152.3M shares
Diluted Shares Outstanding 160.0M shares 153.3M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.006B $1.262B
YoY Change -20.29% 52.78%
Cash & Equivalents $1.006B $1.262B
Short-Term Investments
Other Short-Term Assets $214.0M $114.0M
YoY Change 87.72% 96.55%
Inventory
Prepaid Expenses
Receivables $288.1M $264.0M
Other Receivables $2.650B $7.961M
Total Short-Term Assets $4.158B $2.399B
YoY Change 73.3% 16.18%
LONG-TERM ASSETS
Property, Plant & Equipment $599.8M $552.0M
YoY Change 8.66% 50.62%
Goodwill $5.715B $4.859B
YoY Change 17.61% 212.12%
Intangibles $2.096B $1.997B
YoY Change 4.95% 209.42%
Long-Term Investments
YoY Change
Other Assets $323.0M $135.9M
YoY Change 137.62% 235.17%
Total Long-Term Assets $8.745B $7.561B
YoY Change 15.67% 187.04%
TOTAL ASSETS
Total Short-Term Assets $4.158B $2.399B
Total Long-Term Assets $8.745B $7.561B
Total Assets $12.90B $9.960B
YoY Change 29.55% 111.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.314B $813.0M
YoY Change 184.62% -29.97%
Accrued Expenses
YoY Change
Deferred Revenue $100.6M
YoY Change
Short-Term Debt $448.0M $276.0M
YoY Change 62.32% 45.26%
Long-Term Debt Due $107.5M $179.0M
YoY Change -39.96% 107.18%
Total Short-Term Liabilities $3.909B $2.093B
YoY Change 86.77% 19.72%
LONG-TERM LIABILITIES
Long-Term Debt $4.177B $4.221B
YoY Change -1.05% 136.13%
Other Long-Term Liabilities $225.3M $132.4M
YoY Change 70.15% 771.61%
Total Long-Term Liabilities $4.402B $4.354B
YoY Change 1.11% 141.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.909B $2.093B
Total Long-Term Liabilities $4.402B $4.354B
Total Liabilities $8.764B $7.083B
YoY Change 23.72% 89.08%
SHAREHOLDERS EQUITY
Retained Earnings $1.739B $1.193B
YoY Change 45.79% 21.56%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.952B $2.731B
YoY Change
Total Liabilities & Shareholders Equity $12.90B $9.960B
YoY Change 29.55% 111.95%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $91.40M $48.81M
YoY Change 87.24% -18.52%
Depreciation, Depletion And Amortization $121.7M $109.0M
YoY Change 11.66% 177.35%
Cash From Operating Activities $284.5M $294.0M
YoY Change -3.21% 41.18%
INVESTING ACTIVITIES
Capital Expenditures -$43.80M -$46.20M
YoY Change -5.19% 116.9%
Acquisitions $0.00
YoY Change
Other Investing Activities $1.586M -$400.0K
YoY Change -496.5% 300.0%
Cash From Investing Activities -$45.36M -$46.64M
YoY Change -2.74% 90.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net $687.8M $189.7M
YoY Change 262.52% 20.85%
Cash From Financing Activities -$572.0M -$160.0M
YoY Change 257.55% -0.92%
NET CHANGE
Cash From Operating Activities $284.5M $294.0M
Cash From Investing Activities -$45.36M -$46.64M
Cash From Financing Activities -$572.0M -$160.0M
Net Change In Cash -$332.8M $87.36M
YoY Change -480.93% 291.39%
FREE CASH FLOW
Cash From Operating Activities $284.5M $294.0M
Capital Expenditures -$43.80M -$46.20M
Free Cash Flow $328.3M $340.2M
YoY Change -3.48% 48.21%

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CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
284541000 USD
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
48813000 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
91399000 USD
CY2017Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
4146000 USD
CY2018Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
6187000 USD
CY2017Q1 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
52959000 USD
CY2018Q1 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
97586000 USD
CY2017Q1 us-gaap Noncontrolling Interest Decrease From Deconsolidation
NoncontrollingInterestDecreaseFromDeconsolidation
0 USD
CY2017Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-39690000 USD
CY2018Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-33911000 USD
CY2018Q1 us-gaap Number Of Countries In Which Entity Operates
NumberOfCountriesInWhichEntityOperates
30 Country
CY2018Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
104970000 USD
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
156170000 USD
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
207297000 USD
CY2018Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
323019000 USD
CY2017Q1 us-gaap Other Comprehensive Income Foreign Currency Translation Adjustment Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToNoncontrollingInterest
-700000 USD
CY2018Q1 us-gaap Other Comprehensive Income Foreign Currency Translation Adjustment Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToNoncontrollingInterest
-11300000 USD
CY2017Q1 us-gaap Other Comprehensive Income Foreign Currency Translation Gain Loss Arising During Period Tax
OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax
0 USD
CY2018Q1 us-gaap Other Comprehensive Income Foreign Currency Translation Gain Loss Arising During Period Tax
OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax
-399000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
910000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
1865000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
34336000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
19319000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
217000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
52000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-1596000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
169000 USD
CY2017Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
827000 USD
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
7682000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
220961000 USD
CY2018Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
225267000 USD
CY2017Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-4692000 USD
CY2018Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
1937000 USD
CY2017Q1 us-gaap Other Payments To Acquire Businesses
OtherPaymentsToAcquireBusinesses
422000 USD
CY2018Q1 us-gaap Other Payments To Acquire Businesses
OtherPaymentsToAcquireBusinesses
1586000 USD
CY2017Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
896000 USD
CY2018Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
586000 USD
CY2017Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1522000 USD
CY2018Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1593000 USD
CY2017Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
46219000 USD
CY2018Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
43775000 USD
CY2017Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
8000 USD
CY2018Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
0 USD
CY2017Q4 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0
CY2018Q1 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2018Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
206545000 USD
CY2018Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
213841000 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
149000000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
309000000 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
1149000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
2613000 USD
CY2017Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-117789000 USD
CY2018Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-192517000 USD
CY2017Q1 us-gaap Profit Loss
ProfitLoss
52959000 USD
CY2018Q1 us-gaap Profit Loss
ProfitLoss
97586000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
588348000 USD
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
599774000 USD
CY2017Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
189732000 USD
CY2018Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
687820000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1597897000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1738545000 USD
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
794977000 USD
CY2017Q1 us-gaap Revenues
Revenues
919762000 USD
CY2018Q1 us-gaap Revenues
Revenues
794977000 USD
CY2017Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
358856000 USD
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
386421000 USD
CY2017Q4 us-gaap Settlement Assets Current
SettlementAssetsCurrent
2459292000 USD
CY2018Q1 us-gaap Settlement Assets Current
SettlementAssetsCurrent
2650113000 USD
CY2017Q4 us-gaap Settlement Liabilities Current
SettlementLiabilitiesCurrent
2040509000 USD
CY2018Q1 us-gaap Settlement Liabilities Current
SettlementLiabilitiesCurrent
2314444000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
8816000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
14898000 USD
CY2017Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
1149000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
2613000 USD
CY2018Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
980000 USD
CY2017Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
77000 USD
CY2018Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
6411000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
3794527000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
3951606000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2779342000 USD
CY2017Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2876291000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3965231000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4139790000 USD
CY2017Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
8671000 USD
CY2018Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
8351000 USD
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
153255000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
160035000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
152304000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
159321000 shares
CY2018Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;text-decoration:underline;">Use of estimates</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#8212; </font><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reported period. Actual results could differ materially from those estimates. </font></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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