2019 Q1 Form 10-Q Financial Statement

#000112336019000016 Filed on May 02, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1 2017 Q4
Revenue $883.0M $795.0M $1.054B
YoY Change 11.08% -13.57% 10.95%
Cost Of Revenue $305.2M $252.4M $509.1M
YoY Change 20.94% -44.64% 8.69%
Gross Profit $577.8M $542.6M $545.2M
YoY Change 6.49% 16.98% 13.16%
Gross Profit Margin 65.43% 68.25% 51.71%
Selling, General & Admin $378.3M $386.4M $395.6M
YoY Change -2.1% 7.68% 7.45%
% of Gross Profit 65.47% 71.22% 72.56%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $148.6M $121.7M $121.2M
YoY Change 22.09% 11.66% 11.52%
% of Gross Profit 25.72% 22.44% 22.23%
Operating Expenses $378.3M $386.4M $395.6M
YoY Change -2.1% 7.68% 7.45%
Operating Profit $199.5M $156.2M $149.6M
YoY Change 27.74% 48.78% 86.44%
Interest Expense -$52.50M -$33.60M -$41.60M
YoY Change 56.25% -15.37% -18.59%
% of Operating Profit -26.32% -21.52% -27.81%
Other Income/Expense, Net -$56.15M -$33.91M
YoY Change 65.57% -14.56%
Pretax Income $143.3M $122.3M $108.0M
YoY Change 17.25% 87.28% 99.36%
Income Tax $24.14M $24.67M $16.40M
% Of Pretax Income 16.84% 20.18% 15.19%
Net Earnings $112.3M $91.40M $242.0M
YoY Change 22.91% 87.24% 903.95%
Net Earnings / Revenue 12.72% 11.5% 22.95%
Basic Earnings Per Share $0.71 $0.57 $1.52
Diluted Earnings Per Share $0.71 $0.57 $1.51
COMMON SHARES
Basic Shares Outstanding 157.5M shares 159.3M shares 159.1M shares
Diluted Shares Outstanding 158.0M shares 160.0M shares

Balance Sheet

Concept 2019 Q1 2018 Q1 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.278B $1.006B $1.336B
YoY Change 27.04% -20.29% 34.14%
Cash & Equivalents $1.278B $1.006B $1.336B
Short-Term Investments
Other Short-Term Assets $236.0M $214.0M $207.0M
YoY Change 10.28% 87.72% 11.29%
Inventory
Prepaid Expenses
Receivables $381.6M $288.1M $301.9M
Other Receivables $2.775B $2.650B $2.459B
Total Short-Term Assets $4.670B $4.158B $4.304B
YoY Change 12.31% 73.3% 38.11%
LONG-TERM ASSETS
Property, Plant & Equipment $674.2M $599.8M $588.3M
YoY Change 12.41% 8.66% 11.77%
Goodwill $6.346B $5.715B $5.704B
YoY Change 11.04% 17.61% 18.65%
Intangibles $2.405B $2.096B $2.182B
YoY Change 14.74% 4.95% 4.62%
Long-Term Investments
YoY Change
Other Assets $647.1M $323.0M $207.3M
YoY Change 100.31% 137.62% 82.96%
Total Long-Term Assets $10.08B $8.745B $8.694B
YoY Change 15.26% 15.67% 15.18%
TOTAL ASSETS
Total Short-Term Assets $4.670B $4.158B $4.304B
Total Long-Term Assets $10.08B $8.745B $8.694B
Total Assets $14.75B $12.90B $13.00B
YoY Change 14.31% 29.55% 21.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.580B $2.314B $2.041B
YoY Change 11.5% 184.62% 131.14%
Accrued Expenses $36.00M
YoY Change
Deferred Revenue $140.8M $100.6M $101.0M
YoY Change 39.97%
Short-Term Debt $642.0M $448.0M $635.0M
YoY Change 43.3% 62.32% 35.97%
Long-Term Debt Due $133.0M $107.5M $100.3M
YoY Change 23.76% -39.96% -43.58%
Total Short-Term Liabilities $4.516B $3.909B $3.816B
YoY Change 15.54% 86.77% 33.79%
LONG-TERM LIABILITIES
Long-Term Debt $5.170B $4.177B $4.559B
YoY Change 23.79% -1.05% 7.01%
Other Long-Term Liabilities $351.4M $225.3M $221.0M
YoY Change 55.99% 70.15% 130.76%
Total Long-Term Liabilities $5.522B $4.402B $4.780B
YoY Change 25.43% 1.11% 9.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.516B $3.909B $3.816B
Total Long-Term Liabilities $5.522B $4.402B $4.780B
Total Liabilities $10.61B $8.764B $9.033B
YoY Change 21.04% 23.72% 14.56%
SHAREHOLDERS EQUITY
Retained Earnings $2.112B $1.739B $1.598B
YoY Change 21.47% 45.79% 40.51%
Common Stock $0.00 $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.951B $3.952B $3.795B
YoY Change
Total Liabilities & Shareholders Equity $14.75B $12.90B $13.00B
YoY Change 14.31% 29.55% 21.88%

Cashflow Statement

Concept 2019 Q1 2018 Q1 2017 Q4
OPERATING ACTIVITIES
Net Income $112.3M $91.40M $242.0M
YoY Change 22.91% 87.24% 903.95%
Depreciation, Depletion And Amortization $148.6M $121.7M $121.2M
YoY Change 22.09% 11.66% 11.52%
Cash From Operating Activities $229.7M $284.5M $152.3M
YoY Change -19.26% -3.21% 302.91%
INVESTING ACTIVITIES
Capital Expenditures -$55.10M -$43.80M -$45.30M
YoY Change 25.8% -5.19% 8.11%
Acquisitions $74.83M $0.00
YoY Change
Other Investing Activities -$13.67M $1.586M $19.40M
YoY Change -962.04% -496.5% -2871.43%
Cash From Investing Activities -$116.3M -$45.36M -$25.80M
YoY Change 156.35% -2.74% -39.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $156.0M $0.00
YoY Change
Debt Paid & Issued, Net $173.1M $687.8M
YoY Change -74.84% 262.52%
Cash From Financing Activities -$49.21M -$572.0M 19.20M
YoY Change -91.4% 257.55% -56.76%
NET CHANGE
Cash From Operating Activities $229.7M $284.5M 152.3M
Cash From Investing Activities -$116.3M -$45.36M -25.80M
Cash From Financing Activities -$49.21M -$572.0M 19.20M
Net Change In Cash $66.76M -$332.8M 145.7M
YoY Change -120.06% -480.93% 267.93%
FREE CASH FLOW
Cash From Operating Activities $229.7M $284.5M $152.3M
Capital Expenditures -$55.10M -$43.80M -$45.30M
Free Cash Flow $284.8M $328.3M $197.6M
YoY Change -13.25% -3.48% 147.93%

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52000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
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0 USD
CY2018Q1 us-gaap Payments Of Dividends Common Stock
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CY2019Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2018Q4 us-gaap Long Term Debt
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CY2019Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2019Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
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CY2018Q4 us-gaap Long Term Debt Noncurrent
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CY2018Q4 us-gaap Minority Interest
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CY2019Q1 us-gaap Minority Interest
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CY2019Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
284541000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2018Q1 us-gaap Net Income Loss
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91399000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
112341000 USD
CY2018Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
6187000 USD
CY2019Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
6864000 USD
CY2018Q1 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
97586000 USD
CY2019Q1 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
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119205000 USD
CY2018Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-33911000 USD
CY2019Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-56147000 USD
CY2019Q1 us-gaap Number Of Countries In Which Entity Operates
NumberOfCountriesInWhichEntityOperates
32 Country
CY2019Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
156170000 USD
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2019Q1 us-gaap Operating Lease Cost
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15700000 USD
CY2019Q1 us-gaap Operating Lease Liability
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CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
274036000 USD
CY2019Q1 us-gaap Operating Lease Liability Current
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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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CY2019Q1 us-gaap Operating Lease Payments
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12500000 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
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CY2018Q1 us-gaap Profit Loss
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97586000 USD
CY2019Q1 us-gaap Profit Loss
ProfitLoss
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CY2018Q4 us-gaap Property Plant And Equipment Net
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653542000 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
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CY2018Q1 us-gaap Repayments Of Long Term Debt
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CY2019Q1 us-gaap Repayments Of Long Term Debt
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CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
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CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2018Q1 us-gaap Selling General And Administrative Expense
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CY2019Q1 us-gaap Selling General And Administrative Expense
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378317000 USD
CY2018Q4 us-gaap Settlement Assets Current
SettlementAssetsCurrent
1600222000 USD
CY2019Q1 us-gaap Settlement Assets Current
SettlementAssetsCurrent
2775371000 USD
CY2018Q4 us-gaap Settlement Liabilities Current
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CY2019Q1 us-gaap Settlement Liabilities Current
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CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2018Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
2613000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
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CY2018Q1 us-gaap Stock Repurchased And Retired During Period Value
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CY2019Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
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CY2018Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
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CY2019Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
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CY2018Q4 us-gaap Stockholders Equity
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CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2018Q4 us-gaap Unamortized Debt Issuance Expense
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CY2019Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
9086000 USD
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
2400000 USD
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
159321000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
157519000 shares
CY2019Q1 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>

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