2014 Q4 Form 10-K Financial Statement

#000139898716000164 Filed on February 24, 2016

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2014 Q2
Revenue $1.278B $1.531B $1.512B
YoY Change 2.57% -1.42% -1.37%
Cost Of Revenue $990.0M $1.135B $1.144B
YoY Change 2.17% -2.07% -0.78%
Gross Profit $288.0M $396.0M $368.0M
YoY Change 3.97% 0.51% -3.16%
Gross Profit Margin 22.54% 25.87% 24.34%
Selling, General & Admin $138.0M $131.0M $117.0M
YoY Change 6.98% -5.07% -17.61%
% of Gross Profit 47.92% 33.08% 31.79%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $50.00M $48.00M $46.00M
YoY Change 8.7% 9.09% 4.55%
% of Gross Profit 17.36% 12.12% 12.5%
Operating Expenses $188.0M $131.0M $117.0M
YoY Change 6.82% -5.07% -17.61%
Operating Profit $100.0M $265.0M $251.0M
YoY Change -0.99% 3.52% 5.46%
Interest Expense -$70.00M $54.00M $73.00M
YoY Change 37.25% -27.03% 8.96%
% of Operating Profit -70.0% 20.38% 29.08%
Other Income/Expense, Net $1.000M $1.000M
YoY Change
Pretax Income $19.00M $167.0M $116.0M
YoY Change -64.81% 45.22% 41.46%
Income Tax -$1.000M $71.00M $51.00M
% Of Pretax Income -5.26% 42.51% 43.97%
Net Earnings $21.00M $100.0M $68.00M
YoY Change -93.44% -8.26% -19.05%
Net Earnings / Revenue 1.64% 6.53% 4.5%
Basic Earnings Per Share $0.14 $0.68 $0.47
Diluted Earnings Per Share $0.14 $0.68 $0.46
COMMON SHARES
Basic Shares Outstanding 146.2M shares 146.0M shares 145.9M shares
Diluted Shares Outstanding 147.0M shares 146.8M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $313.0M $268.0M $209.0M
YoY Change 32.63% 54.91% 11.76%
Cash & Equivalents $313.0M $268.0M $209.0M
Short-Term Investments
Other Short-Term Assets $120.0M $108.0M $110.0M
YoY Change 15.38% 17.39% 18.28%
Inventory
Prepaid Expenses
Receivables $116.0M $174.0M $165.0M
Other Receivables $297.0M $356.0M $349.0M
Total Short-Term Assets $846.0M $1.128B $1.033B
YoY Change -7.74% 43.33% 17.52%
LONG-TERM ASSETS
Property, Plant & Equipment $233.0M $224.0M $203.0M
YoY Change 13.66% 17.28% 8.56%
Goodwill $3.477B $3.463B $3.360B
YoY Change 4.26% 4.62% 1.57%
Intangibles $736.0M $736.0M $736.0M
YoY Change 0.55% 0.55% 0.55%
Long-Term Investments $61.00M
YoY Change 7.02%
Other Assets $176.0M $231.0M $230.0M
YoY Change -16.19% 10.0% 6.98%
Total Long-Term Assets $6.458B $6.518B $6.410B
YoY Change 4.58% 1.92% -0.16%
TOTAL ASSETS
Total Short-Term Assets $846.0M $1.128B $1.033B
Total Long-Term Assets $6.458B $6.518B $6.410B
Total Assets $7.304B $7.646B $7.443B
YoY Change 2.99% 6.46% 1.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $128.0M $171.0M $157.0M
YoY Change 4.07% 11.76% -24.15%
Accrued Expenses $411.0M $411.0M $397.0M
YoY Change -9.47% 0.24% -1.24%
Deferred Revenue
YoY Change
Short-Term Debt $269.0M $281.0M $252.0M
YoY Change 6.75% 13.77% -3.08%
Long-Term Debt Due $19.00M $19.00M $19.00M
YoY Change 0.0% -70.31% -88.2%
Total Short-Term Liabilities $878.0M $942.0M $889.0M
YoY Change -3.62% 0.0% -18.96%
LONG-TERM LIABILITIES
Long-Term Debt $3.891B $3.927B $3.932B
YoY Change 0.13% 0.93% -1.58%
Other Long-Term Liabilities $236.0M $207.0M $204.0M
YoY Change 31.84% -4.61% -1.92%
Total Long-Term Liabilities $4.127B $4.134B $4.136B
YoY Change 1.53% 0.63% -1.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $878.0M $942.0M $889.0M
Total Long-Term Liabilities $4.127B $4.134B $4.136B
Total Liabilities $5.121B $5.481B $5.386B
YoY Change -3.61% -0.51% -6.38%
SHAREHOLDERS EQUITY
Retained Earnings -$3.464B -$3.485B -$3.585B
YoY Change -3.96% -11.26% -11.17%
Common Stock $1.000M $1.000M $1.000M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.179B $2.161B $2.054B
YoY Change
Total Liabilities & Shareholders Equity $7.304B $7.646B $7.443B
YoY Change -0.3% 6.46% 1.97%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2014 Q2
OPERATING ACTIVITIES
Net Income $21.00M $100.0M $68.00M
YoY Change -93.44% -8.26% -19.05%
Depreciation, Depletion And Amortization $50.00M $48.00M $46.00M
YoY Change 8.7% 9.09% 4.55%
Cash From Operating Activities $158.0M $223.0M $158.0M
YoY Change -2.47% -3.88% 12.06%
INVESTING ACTIVITIES
Capital Expenditures $22.00M $18.00M $18.00M
YoY Change 0.0% 0.0% 80.0%
Acquisitions
YoY Change
Other Investing Activities -$23.00M -$170.0M -$10.00M
YoY Change -23.33% 5566.67% 233.33%
Cash From Investing Activities -$45.00M -$188.0M -$28.00M
YoY Change -13.46% 795.24% 115.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -67.00M 25.00M -40.00M
YoY Change 42.55% -111.06% -86.97%
NET CHANGE
Cash From Operating Activities 158.0M 223.0M 158.0M
Cash From Investing Activities -45.00M -188.0M -28.00M
Cash From Financing Activities -67.00M 25.00M -40.00M
Net Change In Cash 46.00M 60.00M 90.00M
YoY Change -26.98% -500.0% -150.28%
FREE CASH FLOW
Cash From Operating Activities $158.0M $223.0M $158.0M
Capital Expenditures $22.00M $18.00M $18.00M
Free Cash Flow $136.0M $205.0M $140.0M
YoY Change -2.86% -4.21% 6.87%

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CY2014 us-gaap Earnings Per Share Basic
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CY2014 us-gaap Earnings Per Share Diluted
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CY2015 us-gaap Earnings Per Share Diluted
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1.24
CY2013 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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CY2013 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2013 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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0.01
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0.01
CY2014 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
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CY2015 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
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CY2013 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2015 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2014Q4 us-gaap Employee Related Liabilities Current
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P1Y2M
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271000000 USD
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290000000 USD
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175000000 USD
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116000000 USD
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167000000 USD
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19000000 USD
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225000000 USD
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157000000 USD
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182000000 USD
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1000000 USD
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282000000 USD
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CY2013 us-gaap Income Tax Expense Benefit
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CY2015 us-gaap Income Tax Expense Benefit
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110000000 USD
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10000000 USD
CY2015 us-gaap Income Taxes Paid Net
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17000000 USD
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CY2013 us-gaap Increase Decrease In Accounts Receivable
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5000000 USD
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25000000 USD
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2000000 USD
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3000000 USD
CY2013 us-gaap Increase Decrease In Restricted Cash
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5000000 USD
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CY2013 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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1200000 shares
CY2014 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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1200000 shares
CY2015 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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1600000 shares
CY2015Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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CY2014Q4 us-gaap Indefinite Lived Trademarks
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745000000 USD
CY2013 us-gaap Interest Expense
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281000000 USD
CY2014 us-gaap Interest Expense
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267000000 USD
CY2015 us-gaap Interest Expense
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231000000 USD
CY2013 us-gaap Interest Paid Net
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312000000 USD
CY2014 us-gaap Interest Paid Net
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249000000 USD
CY2015 us-gaap Interest Paid Net
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244000000 USD
CY2014Q4 us-gaap Interest Payable Current
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44000000 USD
CY2015Q4 us-gaap Interest Payable Current
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13000000 USD
CY2015Q4 us-gaap Letters Of Credit Outstanding Amount
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134000000 USD
CY2014Q4 us-gaap Liabilities
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5121000000 USD
CY2015Q4 us-gaap Liabilities
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CY2014Q4 us-gaap Liabilities And Stockholders Equity
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19000000 USD
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CY2014 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
1000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
23000000 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
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
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
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
CY2015 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
2000000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
34000000 USD
CY2013 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-341000000 USD
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 shares
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
148100000 shares
CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
145400000 shares
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
146000000 shares
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
146500000 shares
CY2013 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
2000000 USD
CY2014 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
3000000 USD
CY2015 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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