2017 Q2 Form 10-Q Financial Statement

#000158568917000168 Filed on July 26, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $2.076B $1.950B
YoY Change 6.46% 5.69%
Cost Of Revenue $1.213B $1.130B
YoY Change 7.35% 6.5%
Gross Profit $863.0M $820.0M
YoY Change 5.24% -55.94%
Gross Profit Margin 41.57% 42.05%
Selling, General & Admin $445.0M $446.0M
YoY Change -0.22% -64.55%
% of Gross Profit 51.56% 54.39%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $83.00M $171.0M
YoY Change -51.46% -1.16%
% of Gross Profit 9.62% 20.85%
Operating Expenses $539.0M $548.0M
YoY Change -1.64% -61.71%
Operating Profit $324.0M $273.0M
YoY Change 18.68% 102.22%
Interest Expense $86.00M $99.00M
YoY Change -13.13% -33.56%
% of Operating Profit 26.54% 36.26%
Other Income/Expense, Net $11.00M $11.00M
YoY Change 0.0% -38.89%
Pretax Income $250.0M $163.0M
YoY Change 53.37% -47.76%
Income Tax $99.00M $63.00M
% Of Pretax Income 39.6% 38.65%
Net Earnings $150.0M $239.0M
YoY Change -37.24% 48.45%
Net Earnings / Revenue 7.23% 12.26%
Basic Earnings Per Share $0.46 $0.73
Diluted Earnings Per Share $0.46 $0.72
COMMON SHARES
Basic Shares Outstanding 327.0M shares 329.0M shares
Diluted Shares Outstanding 329.0M shares 330.0M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $784.0M $810.0M
YoY Change -3.21% 58.51%
Cash & Equivalents $784.0M $810.0M
Short-Term Investments
Other Short-Term Assets $46.00M $52.00M
YoY Change -11.54% 0.0%
Inventory $459.0M
Prepaid Expenses $123.0M $186.0M
Receivables $921.0M $1.005B
Other Receivables $0.00 $147.0M
Total Short-Term Assets $1.999B $2.930B
YoY Change -31.77% 17.15%
LONG-TERM ASSETS
Property, Plant & Equipment $338.0M $9.107B
YoY Change -96.29% -0.91%
Goodwill $5.164B $5.862B
YoY Change -11.91% -1.4%
Intangibles $1.362B
YoY Change
Long-Term Investments $120.0M
YoY Change -16.08%
Other Assets $452.0M $313.0M
YoY Change 44.41% -12.57%
Total Long-Term Assets $12.27B $22.92B
YoY Change -46.47% -2.66%
TOTAL ASSETS
Total Short-Term Assets $1.999B $2.930B
Total Long-Term Assets $12.27B $22.92B
Total Assets $14.27B $25.85B
YoY Change -44.81% -0.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.878B $2.370B
YoY Change -20.76% 4.87%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $48.00M $186.0M
YoY Change -74.19% 27.4%
Total Short-Term Liabilities $1.989B $2.663B
YoY Change -25.31% 9.77%
LONG-TERM LIABILITIES
Long-Term Debt $6.572B $10.26B
YoY Change -35.93% -7.13%
Other Long-Term Liabilities $1.537B $1.060B
YoY Change 45.0% -10.25%
Total Long-Term Liabilities $1.537B $1.060B
YoY Change 45.0% -10.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.989B $2.663B
Total Long-Term Liabilities $1.537B $1.060B
Total Liabilities $12.75B $19.51B
YoY Change -34.62% -7.03%
SHAREHOLDERS EQUITY
Retained Earnings -$7.514B -$2.984B
YoY Change 151.81% -31.35%
Common Stock $10.00M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $352.0M
YoY Change
Treasury Stock Shares 5.681M shares
Shareholders Equity $1.515B $6.375B
YoY Change
Total Liabilities & Shareholders Equity $14.27B $25.85B
YoY Change -44.81% -0.76%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $150.0M $239.0M
YoY Change -37.24% 48.45%
Depreciation, Depletion And Amortization $83.00M $171.0M
YoY Change -51.46% -1.16%
Cash From Operating Activities $294.0M $335.0M
YoY Change -12.24% -7.46%
INVESTING ACTIVITIES
Capital Expenditures -$29.00M -$118.0M
YoY Change -75.42% 25.53%
Acquisitions
YoY Change
Other Investing Activities $1.000M -$8.000M
YoY Change -112.5% -92.92%
Cash From Investing Activities -$28.00M -$126.0M
YoY Change -77.78% -39.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -345.0M -103.0M
YoY Change 234.95% -46.07%
NET CHANGE
Cash From Operating Activities 294.0M 335.0M
Cash From Investing Activities -28.00M -126.0M
Cash From Financing Activities -345.0M -103.0M
Net Change In Cash -79.00M 106.0M
YoY Change -174.53% -394.44%
FREE CASH FLOW
Cash From Operating Activities $294.0M $335.0M
Capital Expenditures -$29.00M -$118.0M
Free Cash Flow $323.0M $453.0M
YoY Change -28.7% -0.66%

Facts In Submission

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us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Software
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us-gaap Payments To Minority Shareholders
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CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
3000000000 shares
CY2017Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
3000000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
89000000 USD
CY2017Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
123000000 USD
us-gaap Prior Period Reclassification Adjustment
PriorPeriodReclassificationAdjustment
7000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt And Capital Securities Net
ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet
0 USD
us-gaap Proceeds From Issuance Of Long Term Debt And Capital Securities Net
ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet
1823000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1000000 USD
CY2016 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1000000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
CY2016Q2 us-gaap Profit Loss
ProfitLoss
244000000 USD
us-gaap Profit Loss
ProfitLoss
554000000 USD
CY2017Q2 us-gaap Profit Loss
ProfitLoss
167000000 USD
us-gaap Profit Loss
ProfitLoss
242000000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
341000000 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
338000000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-2000000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-7000000 USD
CY2016Q2 us-gaap Reimbursement Revenue
ReimbursementRevenue
1130000000 USD
us-gaap Reimbursement Revenue
ReimbursementRevenue
2171000000 USD
CY2017Q2 us-gaap Reimbursement Revenue
ReimbursementRevenue
1436000000 USD
us-gaap Reimbursement Revenue
ReimbursementRevenue
2831000000 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
64000000 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
1836000000 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
121000000 USD
CY2017Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
125000000 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
121000000 USD
CY2017Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
125000000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-3323000000 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-7514000000 USD
CY2016Q2 us-gaap Revenue From Owned Hotels
RevenueFromOwnedHotels
398000000 USD
us-gaap Revenue From Owned Hotels
RevenueFromOwnedHotels
717000000 USD
CY2017Q2 us-gaap Revenue From Owned Hotels
RevenueFromOwnedHotels
377000000 USD
us-gaap Revenue From Owned Hotels
RevenueFromOwnedHotels
677000000 USD
CY2016Q2 us-gaap Revenues
Revenues
1950000000 USD
us-gaap Revenues
Revenues
3676000000 USD
CY2017Q2 us-gaap Revenues
Revenues
2346000000 USD
us-gaap Revenues
Revenues
4507000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
27000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
36000000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
0 USD
CY2017Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
1000000000 USD
CY2017Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
648000000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
5899000000 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
1515000000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
5951000000 USD
CY2016Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
6346000000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
5849000000 USD
CY2017Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1515000000 USD
us-gaap Stockholders Equity Note Spinoff Transaction
StockholdersEquityNoteSpinoffTransaction
-4219000000 USD
us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1-for-3
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
9589 shares
CY2017Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
5681061 shares
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
0 USD
CY2017Q2 us-gaap Treasury Stock Value
TreasuryStockValue
352000000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
352000000 USD
CY2017Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
173000000 USD
CY2017Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
35000000 USD
CY2017Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
171000000 USD
CY2016Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
766000000 USD
CY2017Q2 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
270000000 USD
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
330000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
330000000 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
329000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
330000000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
329000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
329000000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
327000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
328000000 shares

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