2014 Form 10-K Financial Statement

#000139898715000014 Filed on February 26, 2015

View on sec.gov

Income Statement

Concept 2014 2013 Q4 2013 Q3
Revenue $5.328B $1.246B $1.553B
YoY Change 0.74% 3.23% 21.23%
Cost Of Revenue $4.105B $969.0M $1.159B
YoY Change 1.06% 1.36% 19.61%
Gross Profit $1.223B $277.0M $394.0M
YoY Change -0.33% 10.36% 26.28%
Gross Profit Margin 22.95% 22.23% 25.37%
Selling, General & Admin $507.0M $129.0M $138.0M
YoY Change -3.61% -7.86% 16.95%
% of Gross Profit 41.46% 46.57% 35.03%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $74.00M $46.00M $44.00M
YoY Change 10.45% 9.52% 4.76%
% of Gross Profit 6.05% 16.61% 11.17%
Operating Expenses $507.0M $176.0M $138.0M
YoY Change -3.61% -67.29% 16.95%
Operating Profit $716.0M $101.0M $256.0M
YoY Change 2.14% -135.19% 31.96%
Interest Expense $267.0M -$51.00M $74.00M
YoY Change -4.98% -1120.0% -60.43%
% of Operating Profit 37.29% -50.5% 28.91%
Other Income/Expense, Net $2.000M $0.00
YoY Change -300.0%
Pretax Income $230.0M $54.00M $115.0M
YoY Change 19.79% -117.94% -419.44%
Income Tax $87.00M -$267.0M $9.000M
% Of Pretax Income 37.83% -494.44% 7.83%
Net Earnings $143.0M $320.0M $109.0M
YoY Change -67.35% -209.59% -420.59%
Net Earnings / Revenue 2.68% 25.68% 7.02%
Basic Earnings Per Share $0.98 $2.20 $0.75
Diluted Earnings Per Share $0.97 $2.18 $0.74
COMMON SHARES
Basic Shares Outstanding 146.0M shares 146.0M shares 145.6M shares
Diluted Shares Outstanding 147.2M shares 146.8M shares

Balance Sheet

Concept 2014 2013 Q4 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $313.0M $236.0M $173.0M
YoY Change 32.63% -37.23% 22.7%
Cash & Equivalents $313.0M $236.0M $173.0M
Short-Term Investments
Other Short-Term Assets $120.0M $104.0M $92.00M
YoY Change -58.62% 1.96% -12.38%
Inventory
Prepaid Expenses
Receivables $116.0M $121.0M $137.0M
Other Receivables $297.0M $270.0M $325.0M
Total Short-Term Assets $846.0M $917.0M $787.0M
YoY Change -7.74% -6.24% -9.33%
LONG-TERM ASSETS
Property, Plant & Equipment $233.0M $205.0M $191.0M
YoY Change 13.66% 9.04% 18.63%
Goodwill $3.335B $3.310B
YoY Change 0.94% 0.18%
Intangibles $732.0M $732.0M
YoY Change 0.0% -35.79%
Long-Term Investments $61.00M $57.00M
YoY Change 7.02% -21.92%
Other Assets $115.0M $210.0M $210.0M
YoY Change -24.84% -2.33% -9.48%
Total Long-Term Assets $6.458B $6.175B $6.395B
YoY Change 0.76% -4.52% -1.36%
TOTAL ASSETS
Total Short-Term Assets $846.0M $917.0M $787.0M
Total Long-Term Assets $6.458B $6.175B $6.395B
Total Assets $7.304B $7.092B $7.182B
YoY Change -0.3% -4.74% -2.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $179.0M $123.0M $153.0M
YoY Change -3.76% -16.89% -23.88%
Accrued Expenses $230.0M $454.0M $410.0M
YoY Change -13.86% 6.32% -36.63%
Deferred Revenue
YoY Change
Short-Term Debt $269.0M $252.0M $247.0M
YoY Change 6.75% -3.45% -20.32%
Long-Term Debt Due $19.00M $19.00M $64.00M
YoY Change 0.0% -82.73% -46.67%
Total Short-Term Liabilities $878.0M $911.0M $942.0M
YoY Change -3.62% -10.25% -30.33%
LONG-TERM LIABILITIES
Long-Term Debt $3.836B $3.886B $3.891B
YoY Change -1.29% -8.69% -45.36%
Other Long-Term Liabilities $236.0M $179.0M $217.0M
YoY Change 31.84% -15.17% 19.23%
Total Long-Term Liabilities $4.072B $4.065B $4.108B
YoY Change 0.17% -9.0% -43.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $878.0M $911.0M $942.0M
Total Long-Term Liabilities $4.072B $4.065B $4.108B
Total Liabilities $5.125B $5.313B $5.509B
YoY Change -3.59% -10.34% -39.41%
SHAREHOLDERS EQUITY
Retained Earnings -$3.607B -$3.927B
YoY Change -10.83% 4.64%
Common Stock $1.000M $1.000M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.179B $2.010B $1.670B
YoY Change
Total Liabilities & Shareholders Equity $7.304B $7.326B $7.182B
YoY Change -0.3% -1.6% -2.3%

Cashflow Statement

Concept 2014 2013 Q4 2013 Q3
OPERATING ACTIVITIES
Net Income $143.0M $320.0M $109.0M
YoY Change -67.35% -209.59% -420.59%
Depreciation, Depletion And Amortization $74.00M $46.00M $44.00M
YoY Change 10.45% 9.52% 4.76%
Cash From Operating Activities $429.0M $162.0M $232.0M
YoY Change -12.8% -258.82% 152.17%
INVESTING ACTIVITIES
Capital Expenditures $71.00M $22.00M $18.00M
YoY Change 14.52% 10.0% 20.0%
Acquisitions $215.0M
YoY Change 571.88%
Other Investing Activities $16.00M -$30.00M -$3.000M
YoY Change 433.33% -700.0% -50.0%
Cash From Investing Activities -$298.0M -$52.00M -$21.00M
YoY Change 192.16% 246.67% 0.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$6.000M
YoY Change -220.0%
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities -$52.00M -47.00M -226.0M
YoY Change -90.19% -113.35% 227.54%
NET CHANGE
Cash From Operating Activities $429.0M 162.0M 232.0M
Cash From Investing Activities -$298.0M -52.00M -21.00M
Cash From Financing Activities -$52.00M -47.00M -226.0M
Net Change In Cash $79.00M 63.00M -15.00M
YoY Change -156.43% -73.19% -850.0%
FREE CASH FLOW
Cash From Operating Activities $429.0M $162.0M $232.0M
Capital Expenditures $71.00M $22.00M $18.00M
Free Cash Flow $358.0M $140.0M $214.0M
YoY Change -16.74% -214.75% 177.92%

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CY2014 us-gaap Induced Conversion Of Convertible Debt Expense
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215000000 USD
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54000000 USD
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CY2013Q4 us-gaap Preferred Stock Shares Authorized
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CY2014 us-gaap Proceeds From Issuance Initial Public Offering
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CY2012 us-gaap Proceeds From Issuance Of Common Stock
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CY2014 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2013 us-gaap Proceeds From Issuance Of Senior Long Term Debt
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325000000 USD
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CY2014 us-gaap Proceeds From Issuance Of Subordinated Long Term Debt
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CY2012 us-gaap Revenue From Franchisor Owned Outlets
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CY2012 us-gaap Revenue From Related Parties
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6000000 USD
CY2013 us-gaap Revenue From Related Parties
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5000000 USD
CY2014 us-gaap Revenue From Related Parties
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CY2012 us-gaap Revenues
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CY2013Q1 us-gaap Revenues
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CY2013Q4 us-gaap Revenues
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CY2013 us-gaap Revenues
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CY2014Q1 us-gaap Revenues
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CY2014Q4 us-gaap Revenues
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CY2014 us-gaap Revenues
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CY2012 us-gaap Sales Commissions And Fees
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CY2014 us-gaap Sales Commissions And Fees
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2755000000 USD
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CY2013 us-gaap Sales Revenue Services Net
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CY2014 us-gaap Sales Revenue Services Net
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CY2013Q4 us-gaap Self Insurance Reserve
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CY2012 us-gaap Share Based Compensation
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CY2013 us-gaap Share Based Compensation
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CY2014 us-gaap Share Based Compensation
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42000000 USD
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
9600000 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2700000 shares
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
5000000 USD
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
55000000 USD
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y6M
CY2014Q4 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
3000000 USD
CY2013 us-gaap Stock Issued1
StockIssued1
22000000 USD
CY2012 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
2110000000 USD
CY2012 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1176000000 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
2010000000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
2179000000 USD
CY2011Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-1499000000 USD
CY2012Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1519000000 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2013000000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2183000000 USD
CY2013Q4 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
7000000 USD
CY2014Q4 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
6000000 USD
CY2011Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
42000000 USD
CY2012Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
111000000 USD
CY2013Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
113000000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
106000000 USD
CY2012 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
1000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
8000000 USD
CY2012 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
1000000 USD
CY2013 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
3000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
1000000 USD
CY2012 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
76000000 USD
CY2013 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
3000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
3000000 USD
CY2012 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
1000000 USD
CY2013 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
7000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
1000000 USD
CY2012 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
6000000 USD
CY2013 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
5000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
2000000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
59000000 USD
CY2013 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-341000000 USD
CY2012 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37700000 shares
CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
146600000 shares
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
147200000.0 shares
CY2012 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37700000 shares
CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
145400000 shares
CY2013 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
2000000 USD
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
146000000.0 shares
CY2014 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
3000000 USD
CY2014 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">USE OF ESTIMATES </font></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In presenting the consolidated financial statements, management makes estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ materially from those estimates. </font></div></div>

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