2019 Q1 Form 10-Q Financial Statement

#000095012319003618 Filed on April 26, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $3.598B $3.830B
YoY Change -6.06% 3.54%
Cost Of Revenue $2.879B $2.976B
YoY Change -3.26% 7.83%
Gross Profit $719.0M $854.0M
YoY Change -15.81% -9.05%
Gross Profit Margin 19.98% 22.3%
Selling, General & Admin $547.0M $591.0M
YoY Change -7.45% 2.6%
% of Gross Profit 76.08% 69.2%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $193.0M $199.0M
YoY Change -3.02% 7.57%
% of Gross Profit 26.84% 23.3%
Operating Expenses $547.0M $591.0M
YoY Change -7.45% 2.6%
Operating Profit $172.0M $263.0M
YoY Change -34.6% -27.55%
Interest Expense $85.00M $76.00M
YoY Change 11.84% -12.64%
% of Operating Profit 49.42% 28.9%
Other Income/Expense, Net -$22.00M -$37.00M
YoY Change -40.54% 362.5%
Pretax Income -$38.00M $113.0M
YoY Change -133.63% -52.72%
Income Tax $6.000M $33.00M
% Of Pretax Income 29.2%
Net Earnings -$61.00M $75.00M
YoY Change -181.33% -54.82%
Net Earnings / Revenue -1.7% 1.96%
Basic Earnings Per Share -$0.26 $0.31
Diluted Earnings Per Share -$0.26 $0.31
COMMON SHARES
Basic Shares Outstanding 232.0M 240.0M shares
Diluted Shares Outstanding 232.0M 244.0M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $860.0M $837.0M
YoY Change 2.75% -12.9%
Cash & Equivalents $860.0M $837.0M
Short-Term Investments
Other Short-Term Assets $278.0M $267.0M
YoY Change 4.12% 2.3%
Inventory $2.940B $2.895B
Prepaid Expenses
Receivables $2.446B $2.028B
Other Receivables $0.00 $0.00
Total Short-Term Assets $6.492B $6.488B
YoY Change 0.06% 2.58%
LONG-TERM ASSETS
Property, Plant & Equipment $7.243B $7.502B
YoY Change -3.45% 5.14%
Goodwill $563.0M $606.0M
YoY Change -7.1% 11.19%
Intangibles $136.0M $140.0M
YoY Change -2.86% 2.94%
Long-Term Investments $0.00 $0.00
YoY Change
Other Assets $1.160B $805.0M
YoY Change 44.1% 18.04%
Total Long-Term Assets $11.78B $11.09B
YoY Change 6.21% 2.05%
TOTAL ASSETS
Total Short-Term Assets $6.492B $6.488B
Total Long-Term Assets $11.78B $11.09B
Total Assets $18.27B $17.58B
YoY Change 3.94% 2.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.737B $2.814B
YoY Change -2.74% 6.96%
Accrued Expenses $695.0M $534.0M
YoY Change 30.15% -5.99%
Deferred Revenue $37.00M $50.00M
YoY Change -26.0%
Short-Term Debt $495.0M $332.0M
YoY Change 49.1% 53.0%
Long-Term Debt Due $466.0M $327.0M
YoY Change 42.51% -28.76%
Total Short-Term Liabilities $5.087B $4.941B
YoY Change 2.95% 0.53%
LONG-TERM LIABILITIES
Long-Term Debt $5.545B $5.600B
YoY Change -0.98% 6.52%
Other Long-Term Liabilities $465.0M $498.0M
YoY Change -6.63% -14.73%
Total Long-Term Liabilities $465.0M $498.0M
YoY Change -6.63% -14.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.087B $4.941B
Total Long-Term Liabilities $465.0M $498.0M
Total Liabilities $13.24B $12.62B
YoY Change 4.95% 3.14%
SHAREHOLDERS EQUITY
Retained Earnings $6.574B $6.041B
YoY Change 8.82% 1.55%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares $45.99M 38.63M shares
Shareholders Equity $4.808B $4.737B
YoY Change
Total Liabilities & Shareholders Equity $18.27B $17.58B
YoY Change 3.94% 2.24%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$61.00M $75.00M
YoY Change -181.33% -54.82%
Depreciation, Depletion And Amortization $193.0M $199.0M
YoY Change -3.02% 7.57%
Cash From Operating Activities -$364.0M -$389.0M
YoY Change -6.43% 36.01%
INVESTING ACTIVITIES
Capital Expenditures $221.0M $248.0M
YoY Change -10.89% -8.49%
Acquisitions
YoY Change
Other Investing Activities $16.00M $0.00
YoY Change -100.0%
Cash From Investing Activities -$244.0M -$248.0M
YoY Change -1.61% -8.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $25.00M
YoY Change -100.0% 0.0%
Debt Paid & Issued, Net $1.223B $1.226B
YoY Change -0.24% -10.45%
Cash From Financing Activities 645.0M $399.0M
YoY Change 61.65% 0.25%
NET CHANGE
Cash From Operating Activities -364.0M -$389.0M
Cash From Investing Activities -244.0M -$248.0M
Cash From Financing Activities 645.0M $399.0M
Net Change In Cash 37.00M -$222.0M
YoY Change -116.67% 60.87%
FREE CASH FLOW
Cash From Operating Activities -$364.0M -$389.0M
Capital Expenditures $221.0M $248.0M
Free Cash Flow -$585.0M -$637.0M
YoY Change -8.16% 14.36%

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ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
0 USD
CY2018Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-13000000 USD
CY2019Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-31000000 USD
CY2018Q1 us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
8000000 USD
CY2019Q1 us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
31000000 USD
CY2018Q1 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
584000000 USD
CY2019Q1 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
571000000 USD
CY2018Q1 us-gaap Profit Loss
ProfitLoss
80000000 USD
CY2019Q1 us-gaap Profit Loss
ProfitLoss
-44000000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7259000000 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7196000000 USD
CY2019Q1 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
485000000 USD
CY2018Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
51000000 USD
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
50000000 USD
CY2018Q4 us-gaap Restructuring And Related Cost Cost Incurred To Date1
RestructuringAndRelatedCostCostIncurredToDate1
720000000 USD
CY2019Q1 us-gaap Restructuring And Related Cost Expected Cost Remaining1
RestructuringAndRelatedCostExpectedCostRemaining1
45000000 USD
CY2019Q1 us-gaap Restructuring And Related Cost Expected Number Of Positions Eliminated
RestructuringAndRelatedCostExpectedNumberOfPositionsEliminated
1450 employee
CY2018Q1 us-gaap Restructuring Charges
RestructuringCharges
37000000 USD
CY2019Q1 us-gaap Restructuring Charges
RestructuringCharges
103000000 USD
CY2018Q4 us-gaap Restructuring Reserve
RestructuringReserve
81000000 USD
CY2019Q1 us-gaap Restructuring Reserve
RestructuringReserve
162000000 USD
CY2018Q1 us-gaap Restructuring Reserve Accelerated Depreciation
RestructuringReserveAcceleratedDepreciation
1000000 USD
CY2019Q1 us-gaap Restructuring Reserve Accelerated Depreciation
RestructuringReserveAcceleratedDepreciation
0 USD
CY2018Q1 us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
-5000000 USD
CY2019Q1 us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
-2000000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
6597000000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
6476000000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
6574000000 USD
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3830000000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3598000000 USD
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
28000000 USD
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
37000000 USD
CY2018Q1 us-gaap Royalty Income Nonoperating
RoyaltyIncomeNonoperating
5000000 USD
CY2019Q1 us-gaap Royalty Income Nonoperating
RoyaltyIncomeNonoperating
5000000 USD
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
591000000 USD
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
547000000 USD
CY2018Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
410000000 USD
CY2019Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
495000000 USD
CY2019Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1000000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
4000000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
4000000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
1000000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
-1000000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
4864000000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
4808000000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4850000000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4962000000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
5070000000 USD
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
5031000000 USD
CY2019Q1 us-gaap Sublease Income
SubleaseIncome
4000000 USD
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
38308825 shares
CY2018Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
38634545 shares
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
46292384 shares
CY2019Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
45992714 shares
CY2018Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
25000000 USD
CY2018Q1 us-gaap Unrealized Gain Loss On Foreign Currency Derivatives Net Before Tax
UnrealizedGainLossOnForeignCurrencyDerivativesNetBeforeTax
-6000000 USD
CY2019Q1 us-gaap Unrealized Gain Loss On Foreign Currency Derivatives Net Before Tax
UnrealizedGainLossOnForeignCurrencyDerivativesNetBeforeTax
5000000 USD
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
2000000 USD
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
244000000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
232000000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
240000000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
232000000 shares
CY2018Q4 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
224000000 USD
CY2019Q1 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
226000000 USD
CY2019Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain items previously reported in specific financial statement captions have been reclassified to conform to the current presentation.</font></div></div>

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